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  • 1.
    Söderholm, Samuel
    et al.
    Södertörn University College, School of Business Studies.
    Granstrand, erika
    Södertörn University College, School of Business Studies.
    Hur står sig Modigliani och Millers teori om kapitalstruktur under hög- kontra lågkonjunkturer?: en studie av 30 börsnoterade bolag på den svenska marknaden2011Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Problem formulation: This paper will examine how the capital structure of firms affects their market valuation by applying the Modigliani-Miller theory on Swedish listed companies in a boom and a recession. The study will examine whether it is possible to draw any conclusions as to whether companies with high debt to equity ratios are valued lower in a recession, in comparison to companies with low debt to equity ratios.

    Purpose: To empirically test the Modigliani-Miller theory of capital structure in a boom and a recession in order to see if the companies’ market value is affected differently depending on whether they have a high or a low debt to equity ratios.

    Methodology: The essay has a deductive and a quantitative methodological approach. Data analysis was done through a correlation analysis, a regression analysis and a hypothesis testing.

    Theory: The Modigliani-Miller theory of capital structure with taxes states that companies with a high debt to equity ratios has a higher value. One of the risks with a high level of debt could be that during a financial downturn companies have more difficulty realizing capital and are thus more likely to go bankrupt.

    Conclusions: The study shows results that are contrary to the Modigliani-Miller's theory; all the correlation analyses between debt to equity ratios and market value are negative. The strongest negative correlation can be found in the measurements at the end of 2009 when the impact of the recession is noted in the companies' financial reports. It should also be noted that companies with low debt to equity ratios fared proportionately better than the highly leveraged, with respect to the market valuation. The study also shows that high debt to equity ratios has a negative impact on return on equity during the recession.

  • 2.
    Viliberg, Pontus
    et al.
    Södertörn University, School of Business Studies.
    Söderholm, Samuel
    Södertörn University, School of Business Studies.
    Person-till-person-utlåning som finansieringsform för små- och nyföretagare2012Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Purpose: The purpose of this study is to describe and analyze P2P lending, its formation and development and evaluate how it has worked for small businesses and start-ups.

    Problem statement: The study examines how person-to-person lending through the Internet has emerged. Furthermore, the study examines the development of the P2P platform Lending Club since its inception in 2007 until 2011. Finally, the study examines the characteristics of the borrowers at Lending Club who are applying for loans to small businesses and start-ups, as well as how they perform in terms of their ability to repay their loans.       

    Theoretical framework: The theoretical framework consists mainly of scientific articles regarding the financial gap, information asymmetries and credit rating. Furthermore, studies on social lending and P2P-lending are presented in a background chapter.

    Conclusions: The study concludes that P2P lending through the Internet has its origins in social lending and made ​​possible by foremost technological development of rating tools. The development of Lending Club has shifted from more of a social network to more of a financial intermediary with creditworthy borrowers and institutional investors. Members on Lending Club that borrow to small businesses and start-ups are characterized by having a higher credit rating compared to other borrowers, while they perform less well in terms of ability to repay.   

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