How Long to Read Mezzanine Capital in Europe

How Long Does it Take to Read Mezzanine Capital in Europe?

It takes the average reader 1 hour and 57 minutes to read Mezzanine Capital in Europe by Markus Herbert Tyl

Assuming a reading speed of 250 words per minute. Learn more

Description

Inhaltsangabe:Abstract: In corporate finance two major decisions have to be made. One is the investment decision which means companies must decide which available opportunities they should invest in. The other one, the financing decision, also known as the capital structure decision, tries to answer the question of from where the money to finance investment projects should come. Money can either be raised internally, through retained earnings, or externally. Mezzanine capital, as a special type of external finance, therefore falls into the area of the financing decision. Although the use of mezzanine capital has increased in Europe in recent years, this special type of finance is still relatively unknown in some countries. Therefore, the purpose of my thesis is to familiarise the reader with this particular type of finance. It is structured in a way that it sequentially deals with the following questions: How did mezzanine develop? Can it offer an advantage compared to financing only with debt and equity? Which basic types of mezzanine instruments exist and how are they valued? When and where is mezzanine used? At the end, an example of a management buy-out in which mezzanine is used is provided. This will give important insights into the practical use of multiples to structure the deal, the mezzanine investment process, the investment criteria and the various exit routes that exist. The paper will be concluded with an overview on the European mezzanine landscape and on how recent stock market developments and the new Basel capital accord (Basel II) may impact the future of mezzanine capital. Special terminology or important information that is used in the private equity area is written in bold letters if mentioned for the first time in the text. The issue of a convertible promissory note to raise funds to build a canal in the UK is believed to be the first mezzanine instrument. It was issued in 1798 by the Company of proprietors to the Canal Navigation from Manchester to or near Ashton-under-Lyne and Oldham . However, the idea of converting debt into equity was already used after the War of Spanish Succession when in 1711 the British government had a heavy debt burden. As the debt was trading at a substantial discount it made the refinancing more difficult. A solution was found in creating a new body, the South Sea Company , whose newly issued shares were to be swapped for £9.5m of floating debt - thereby reducing the interest [...]

How long is Mezzanine Capital in Europe?

Mezzanine Capital in Europe by Markus Herbert Tyl is 115 pages long, and a total of 29,325 words.

This makes it 39% the length of the average book. It also has 36% more words than the average book.

How Long Does it Take to Read Mezzanine Capital in Europe Aloud?

The average oral reading speed is 183 words per minute. This means it takes 2 hours and 40 minutes to read Mezzanine Capital in Europe aloud.

What Reading Level is Mezzanine Capital in Europe?

Mezzanine Capital in Europe is suitable for students ages 10 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Mezzanine Capital in Europe?

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