FM11 Ch 15 Corporate Valuation, Value-Based Management, and Corporate Governance

... is reported on balance sheets 15 - Total Corporate Value  Total corporate value is sum of: Value of operations Value of nonoperating assets 15 - Claims on Corporate Value  Debtholders have ... share = $376.94 /10 = $37.69 15 - 25 Value-Based Management (VBM)  VBM is the systematic application of the corporate valuation model to all corporate decisions and strategic in...

Ngày tải lên: 06/04/2015, 19:41

... FX and Interest-Rate Options Riccardo Rebonato Risk Management and Analysis vol 1: Measuring and Modelling Financial Risk Carol Alexander (ed) Risk Management and Analysis vol 2: New Markets and ... Fixed-Income Securities Valuation, Risk Management and Portfolio Strategies Lionel Martellini Philippe Priaulet and St´ phane Priaulet e Fixed-Income Securiti...

Ngày tải lên: 29/03/2014, 13:20

... convertibles would be exercised Debt would remain outstanding 21 - 43 Recap the differences between warrants and convertibles  Warrants bring in new capital, while convertibles not  Most convertibles ... equity and 20% convertibles or bonds with warrants What effect will the two financing alternatives have on the firm’s WACC? 21 - 35 Convertibles Step 1: Find the after-t...

Ngày tải lên: 06/04/2015, 19:41

... ordering costs increase  If Q > EOQ, total carrying costs increase, but ordering costs decrease 28 - 15 Suppose delivery takes weeks Assuming certainty in delivery and usage, at what inventory ... if you view cash as an operating assets, just like inventory  In this view, cash has a carrying cost, which is the opportunity cost for investing the funds, and an order cost, wh...

Ngày tải lên: 06/04/2015, 19:41

... portfolio risk management 23 - 20 How are risk exposures identified and measured?  Large corporations have risk management personnel which have the responsibility to identify and measure risks facing ... substantially in the interim 23 - 19 Chapter 23 Extension: Insurance and Bond Portfolio Risk Management  Risk identification and measurement  Property loss, l...

Ngày tải lên: 06/04/2015, 19:41

... leverage provided by options as the underlying stock price increases, and the greater loss potential of options at higher option prices 8 - 13 What are the assumptions of the Black-Scholes Option Pricing ... for the sale/purchase of either the stock or the option  RRF is known and constant during the option’s life (More ) - 14  Security buyers may borrow any fraction of the purchas...

Ngày tải lên: 06/04/2015, 19:41

... rs = rRF + (RPM)bi could change  Inflation expectations  Risk aversion  Company risk  g could change 7 - 35 Stock value vs changes in rs and g D1 = $2, rs = 10%, and g = 5%: P0 = D1 / (rs-g) ... 0.06 0 .07 - 15 What is the stock’s market value one year from now, ^ 1? P  D1 will have been paid, so expected dividends are D2, D3, D4 and so on Thus, D2 P1 = rs - g = $2.2427 = $32.10...

Ngày tải lên: 06/04/2015, 19:41

Ngày tải lên: 12/12/2013, 23:15

... The Due Diligence Handbook This page intentionally left blank The Due Diligence Handbook Corporate Governance, Risk Management and Business Planning Linda S Spedding ... data and representations’ 4 The Due Diligence Handbook: Corporate Governance, Risk Management and Business Planning A variation on that definition is to: ‘Assist management...

Ngày tải lên: 16/03/2014, 17:20

... 274 Example: Quality Management and Six Sigma Cost Costs Poor Quality Costs Evaluation Costs External Failure Costs Failure Costs Internal Failure Costs Higher Education Costs Poor Quality Costs ... percentage of accuracy and response achieved with descriptors 276 Quality Management and Six Sigma References Aitchison, J.; Gilchrist, A & Bawden, D (2000) Thesaurus co...

Ngày tải lên: 20/06/2014, 11:20

... Supply Chain Management Risk and supply chains 7.1 Risk in supply chains 7.2 Risk practice in supply chains 7.3 Supply chain risks and money 7.4 Risk valuation 7.5 Selected cases and problems ... management 1.6 Quality and supply chain management 1.7 Games and supply chain management 1.8 Risk and supply chain management Appendix: ess...

Ngày tải lên: 28/06/2014, 21:20

... chain operations: a metamorphosis 1. 2 Motivations and organization 1. 3 Supply chains: needs and risks 1. 4 Supply chains and operations management 1. 5 Supply chains and inventory management 1. 6 ... 3 .1. 1 The stocking game in a multi-period formulation 3 .1. 2 The two-period system-wide optimal solution 3 .1. 3 Game analysis 10 12 16 23 29 35 43 47 51 51...

Ngày tải lên: 10/08/2014, 07:21

... a 22 a 12 a21 a 12 a 22 a11 a 22 a 12 a 12 a21 a 22 In this case, the value of the game is: Va a11 a 12 a21 a 22 xy Vb b11 b 12 b21 b 22 xy x* a A y* b B a11 b 12 b 22 x a21 a 22 y a 22 b21 b 22 y b 22 a 22 a 12 ... xB Vb For example, consider the 2* 2 bimatrix game We see that Va a11 a 12 a 21 a 22 xy Vb b11 b 12 b21 b 22 xy a 12 b 12 a 22 x b 22 x a 21 a 22 y...

Ngày tải lên: 10/08/2014, 07:21

... 41 (33 ): 261-269 Leng M, Parlar M (2005) Game Theoretic Applications in Supply Chain Management: A Review, INFOR 43( 3): 187220 Li L, Whang S (2001) Game theory models in operations management and ... hr c s2c= A m hr hr 3. 1 STOCKING GAME 133 Based on (3. 37), we find s w2 ( x1 ) s s (x ) 1 (3. 38) hr ) and (m hr x1 x1 2A Next, we consider the retailer's best response (3. 30)...

Ngày tải lên: 10/08/2014, 07:21

... p, t ) , then and if , then p t p t t t that Proposition 4. 2 In intertemporal centralized pricing (4. 2)- (4. 3), (4. 5)- (4. 6) and (4. 7), if the supply chain is profitable, i.e., P>p>c, and there is ... neither of the two 4. 2 INTERTEMPORAL PRODUCTION/PRICING COMPETITION 167 Proposition 4. 1 In intertemporal centralized pricing (4. 2)- (4. 3), (4. 5) (4. 6) and (4. 7), if t...

Ngày tải lên: 10/08/2014, 07:21