Finance D--------------------------39-entreprise Pierre Vernimmen.pdf Exclusive Official

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In reality, the text argues that creates value primarily through the "tax shield"—the fact that interest payments are tax-deductible. However, this benefit is not infinite. As debt increases, the risk of Financial Distress (bankruptcy costs) rises. The optimal capital structure is thus a balancing act: borrowing enough to enjoy the tax shield, but not so much that the costs of potential bankruptcy outweigh the benefits. As debt increases, the risk of Financial Distress

Pierre Vernimmen (1945–1996) was a French investment banker, professor, and author. A graduate of HEC Paris, he spent most of his career at Paribas (now BNP Paribas), where he became a leading figure in mergers & acquisitions (M&A) and corporate strategy. His practical experience on the trading floor and in boardrooms gave him a unique, pragmatic view of financial theory. A graduate of HEC Paris, he spent most

The "39" in your query likely refers to , which focuses on Implementing Dividend Policy (La mise en œuvre de la politique de distribution). 📘 Key Content of Chapter 39