Corporate Finance: Lecture Note Packet 1 The Objective and Investment Analysis

... from 16 to 20 in the 19 70s to between and 11 in 19 98 The smaller boards are less unwieldy and more effective than the larger boards There are fewer insiders on the board In contrast to the or ... maximizing the price of the common stock The Objective in Decision Making In traditional corporate finance, the objective in decision making is to maximize the val...

Ngày tải lên: 05/12/2016, 20:59

... The essence of intrinsic value    In intrinsic valuation, you value an asset based upon its intrinsic characteristics For cash flow generating assets, the intrinsic value will be ... growth and higher cash flows to compensate Aswath Damodaran DCF Choices: Equity Valuation versus Firm Valuation Firm Valuation: Value the entire business A sse ts E x is tin g In v e s tm e n t...

Ngày tải lên: 08/06/2016, 15:05

... Explain the goal of the firm, corporate governance, the role of ethics and the agency issue  Understand the financial institutions and markets and the role they play in managerial finance  Discuss ... 97 814 42 518 193/ Gitman et al / Principles of Managerial Finance / 6th edition Finance and Business  Strengths of the basic legal forms of busi...

Ngày tải lên: 16/12/2013, 14:45

... (1) þ (2) 19 96 10 0,000 10 ,000 11 0,000 19 97 11 0,000 11 ,000 12 1,000 19 98 12 1,000 12 ,10 0 13 3 ,10 0 19 99 13 3 ,10 0 13 , 310 14 6, 410 2000 14 6, 410 14 ,6 41 1 61, 0 51 20 01 1 61, 0 51 16 ,10 5 17 7 ,15 6 2002 17 7 ,15 6 17 , 716 ... Exercises 1/ 10 0 /1. 05 ¼ ¼ 86.4; 10 0 /1. 1 ¼ ¼ 75 .1; 10 0 /1. 2 ¼ ¼ 57.9 C C C 2/¼ 75 .1; ¼ 62 .1; ¼ 38.6; 0.7 51; 0...

Ngày tải lên: 24/12/2013, 02:17

... Exercises 1/ P0 ¼ DIV1 = 1 þ kÞ þ DIV2 = 1 þ kÞ þ DIV3 = 1 þ kÞ þ P3 = 1 þ kÞ , where P3 ¼ DIV4 = ðk À gÞ ¼ Â 1: 04=ð0 :11 À 0:04Þ ¼ ¼ 32:6; P0 ¼ 1= 1 :11 Þ þ ð2 =1: 11 Þ þ ð3 þ 32:6Þ= C 1: 11 ¼ ¼ 37:3; P1 ... event of interest rate fluctuations? Market interest rates A B C 1% 11 9.4 15 5.5 320.7 5% 10 0 10 0 10 0 10 % 81. 0 62.0 24.8 15 % 66.5 41. 5 6.5 Note that the longer t...

Ngày tải lên: 24/12/2013, 02:17

... Chemicals 10 .3 9.8 Aerospace and defence 10 .3 Industry services 10 .5 9.4 Electronics 10 .8 10 .3 Food retail 10 .9 10 .1 Other retail 11 — Media 11 .2 10 .2 Food and beverage 11 .5 10 .5 Luxury 12 10 .2 Utilities ... 3,000 3,075 3 ,16 1 3,259 3,355 3, 415 3,472 3,492 Operating margin after 35% tax 6.0% 6.7% 7.4% 8 .1% 9.0% 9.9% 10 .7% 11 .8% ROCE after 35% tax 10 .0% 11...

Ngày tải lên: 24/12/2013, 02:17

... Brealey−Meyers: Principles of Corporate Finance, Seventh Edition Front Matter x © The McGraw−Hill Companies, 2003 Preface PREFACE same time we have rewritten Chapter 14 as a free- Of course, ... Educational Version of Other examples of expanded coverage include be- Market Insight In total there are now over a thou- havioral finance (Chapter 13 ) and new international sa...

Ngày tải lên: 06/07/2014, 08:20

... WHAT IS ESP? I/ THE ORIGIN OF ESP ESP came into being because of main reasons: 1- THE DEMAND OF THE POST- WORLD WAR  enormous and unprecedented expansion of scientific, technical and economic ... motivation to learn and the effectiveness of learning  ESP COURSES RELEVANT TO NEEDS & INTERESTS II /THE DEVELOPMENT OF ESP ESP IN THE WORLD HAS DEVELOPED THR...

Ngày tải lên: 01/07/2016, 07:58

... of word meal in English and words relating to it (in contrast with Vietnamese equivalents) - Definition of word meal - Field of word meal in English and in Vietnamese equivalents - Cultural and ... with the notion of meal are called field of word meal In our opinion, field of word meal is all the words relating to it mai...

Ngày tải lên: 15/04/2013, 15:11

... Emilia I the first is the suffix itself the second is the stem of the suffix (the access key to the table) the third is the ending class of the suffix the fourth is the syntactic class of the suffix ... syntax They are recognized by means of a context-free grammar, the first is the stem of the alteration (the access key in the tablc l the second...

Ngày tải lên: 24/03/2014, 05:21

... the analysis, while sunk costs should not be included 27 Incremental cash flows Answer: d Diff: M 28 Incremental cash flows Answer: d Diff: M 29 Cash flow estimation Answer: b Diff: M 30 Cash flow ... incremental cash flows, and therefore, relevant cash flows e None of the statements above is an example of an incremental cash flow Chapter 11 - Page Incremental ca...

Ngày tải lên: 22/11/2016, 11:02

... KPMG Corporate Finance 11 3 11 5 Part Five: Mergers and Acquisitions 5 .1 Buying a Business David Houghton, TMG Corporate Finance 5.2 Thinking of Selling Your Business? Tony Sharp, KPMG Corporate Finance ... 225 13 7 14 5 15 3 16 3 18 1 18 7 19 7 203 215 235 245 Contents ix 6.4 HR Issues Arising from Acquisitions Judy Brown 6.5 Effective Environmental Due Diligence Willi...

Ngày tải lên: 14/12/2013, 15:15

... and equivalents 3,6 41 3,4 51 7,095 5,247 4 ,12 4 þ þ À À 1, 311 1, 465 1, 702 1, 690 2,050 1, 837 2,805 3,935 3,589 1, 4 71 5,268 1, 9 61 1,038 6 ,18 1 1, 811 ¼ NET DEBT 1, 785 1, 254 2,375 À 510 À2,830 ¼ INVESTED ... 532 1, 122 3 ,16 0 70 22 2,886 2, 319 Decrease in net debt can be broken down as follows : 19 99 2000 20 01 2002 2003 1, 032 1, 2 21 586 13 5 756 3,240 5, 5...

Ngày tải lên: 14/12/2013, 15:15

... 13.8 12. 8 9.0 10.0 12. 1 11.7 11.0 Personal care 11.1 11.4 11,7 11.6 12. 1 11.7 12. 2 12. 9 14.1 14.4 14.9 Pharmaceuticals 20 .0 19.1 21 .2 21.3 22 .5 23 .9 25 .0 24 .6 25 .6 26 .5 27 .2 Software 22 .5 25 .6 21 .5 ... 10.0 11.7 11.5 11.8 10 .2 9.7 11.0 11.5 10.6 Luxury goods 24 .0 22 .6 20 .4 21 .7 21 .1 17.3 19.1 21 .9 22 .4 23 .6 24 .5 Media 12. 6 13.6 16 .2 16.1 1...

Ngày tải lên: 24/12/2013, 02:17