FM11 Ch 24 Bankruptcy, Reorganization, and Liquidation
FM11 Ch 24 Bankruptcy, Reorganization, and Liquidation
... creditors when liquidation does occur Companies in bankruptcy can hurt other companies in industry 24 - 24 Chapter 24 Extension MDA to predict bankruptcy Recent business failures 24 - 25 What ... or assignee, and then the assets are sold off 24 - 10 Describe the following terms related to U.S bankruptcy law: Chapter 11: Business reorganization guidelines Chapter 7: Li...
FM11 Ch 14 Financial Planning and Forecasting Pro Forma Financial Statements
... 14 - Financial Planning and Pro Forma Statements Three important uses: Forecast the amount of external financing that will be required Evaluate the impact that changes in the ... Set appropriate targets for compensation plans 14 - Steps in Financial Forecasting Forecast sales Project the assets needed to support sales Project internally generated funds Project...
FM11 Ch 08 Financial Options and Their Valuation
... 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...
FM11 Ch 28 Advanced Issues in Cash Management and Inventory Control
... 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...
FM11 Ch 25 Mergers, LBOs, Divestitures, and Holding Companies
... losses)(More ) 25 - Break-up value: Assets would be more valuable if broken up and sold to other companies 25 - What are some questionable reasons for mergers? Diversification Purchase of assets ... rate would change the discount rate 25 - 26 Assume the target company has 20 million shares outstanding The stock last traded at $11 per share, which reflects the target’s value on...
FM11 Ch 23 Derivatives and Risk Management
... 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...
FM11 Ch 21 Hybrid Financing_Preferred Stock,Warrants, and Convertibles
... 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...
FM11 Ch 19 Initial Public Offerings, Investment Banking, and Financial Restructuring
... 19 - What agencies regulate securities markets? The Securities and Exchange Commission (SEC) regulates: Interstate public offerings National stock exchanges Trading ... fund 19 - Differentiate between a private placement and a public offering In a private placement, such as to angels or VCs, securities are sold to a few investors rather than to the public ... in final...
FM11 Ch 18 Distributions to Shareholders_Dividends and Repurchases
... investors 18 - 28 New Stock Plan Firm issues new stock to DRIP enrollees, keeps money and uses it to buy assets No fees are charged, plus sells stock at discount of 5% from market price, which is ... increases risk, and doesn’t appeal to any specific clientele Conclusion: Consider residual policy when setting target payout, but don’t follow it rigidly 18 - 19 Stock Repurc...
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...
FM11 Ch 11 Cash Flow Estimation and Risk Analysis
... capital = 10% 11 - Incremental Cash Flow for a Project Project’s incremental cash flow is: Corporate cash flow with the project Minus Corporate cash flow without the project 11 - Should you ... judgments 11 - 28 What three types of risk are relevant in capital budgeting? Stand-alone risk Corporate risk Market (or beta) risk 11 - 29 How is each type of...
FM11 Ch 07 Stocks and Their Valuation
... 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...
FM11 Ch 05 Risk and Return_ Portfolio Theory and Asset Pricing Models
... 5-2 Portfolio Theory Suppose Asset A has an expected return of 10 percent and a standard deviation of 20 percent Asset B has an expected return of 16 percent and a standard deviation ... the correlation between A and B is 0.6, what are the expected return and standard deviation for a portfolio comprised of 30 percent Asset A and 70 percent Asset B? 5-3 Portfolio Ex...
FM11 Ch 04 Risk and Return_The Basics
... (Diversifiable) Risk 35 Stand-Alone Risk, σ p 20 Market Risk 10 20 30 40 2,000+ # Stocks in Portfolio - 27 Stand-alone Market Diversifiable = risk + risk risk Market risk is that part of a security’s stand-alone ... market risk, so prices and returns reflect this lower risk The one-stock investor bears higher (stand-alone) risk, so the return is less than that required by t...
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