FM11 Ch 15 Corporate Valuation, Value-Based Management, and Corporate Governance
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 initiatives The ... and/ or improving profitability The expected ROIC of Division B is greater than the WACC, so the division should continue with its growth plans 15 - 39 Two Primary Mechanisms of Corporate Governance...
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Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies pdf
... 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 Securities Wiley Finance Series Country Risk ... Bouchet, Ephra¨m Clark and Bertrand Groslambert ı The Simple Rules of Risk: Revisiting the Art of Risk Management Measuring Market Risk Kevin Dowd An Introduction to Market Risk Management Behavioural...
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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-tax cost of the convertibles ... -1,269.50 -1,332.50 21 - 36 Convertibles Step 2: Find the after-tax cost of straight debt rd (AT) = 12%(0.06) = 7.2% 21 - 37 Convertibles Step 3: Calculate the WACC WACC (with convertibles) = 0.4(7.2%)...
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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, which is the cost ... liquidating marketable securities and transferring the money to a checking account 28 - 24 C = cash raised each time by selling securities or borrowing r = opportunity cost of holding cash ...
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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, liability loss, and financial loss exposures ... using risk management techniques in their own portfolios 23 - How can risk management increase the value of a corporation? Risk management allows firms to: Have greater debt capacity, which has...
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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 purchase price at the ... 12.00 40 16.50 45 21.00 50 25.50 8-9 Create a table which shows (a) stock price, (b) strike price, (c) exercise value, (d) option price, and (e) premium of option price over the exercise value...
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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 0 .07 - ... dividend yield and capital gains yield at t = and at t = 3? D1 2.00 t = 0: P = $25.72= 7.8% CGY = 13.0% - 7.8% = 5.2% t = 3: Now have constant growth with g = capital gains yield = 6% and dividend...
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The Due Diligence Handbook: Corporate Governance, Risk Management and Business Planning pptx
... 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 to justify the price ... 6 The Due Diligence Handbook: Corporate Governance, Risk Management and Business Planning ● ● ● ● A potential joint venture partner – the investigation of the assets being transferred to the...
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Quality Management and Six Sigma Part 15 docx
... 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 construction and use: A practical ... which 2.013 are descriptors and 412 are non-descriptors The nine semantic fields are also subdivided into more specific sub-fields, within which we find particular words and terms with their respective...
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SUPPLY CHAIN GAMES: OPERATIONS MANAGEMENT AND RISK VALUATION potx
... 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: essentials of game theory References Supply chain games: modeling ... supply chain management in a tractable and strategic setting CONTENTS Preface vii Part I: Supply Chains and Operations Modeling and Management Supply chain operations management 1.1 Supply chain...
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SUPPLY CHAIN GAMES: OPERATIONS MANAGEMENT AND RISK VALUATION phần 1 pot
... 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 57 57 69 81 81 92 10 2 10 2 10 9 11 6 11 9 11 9 ... 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...
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SUPPLY CHAIN GAMES: OPERATIONS MANAGEMENT AND RISK VALUATION phần 2 doc
... 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 a 22 b21 b 22 y b 22 Then, for an admissible solution ... centralized problem max J(q1,q2) = max [J1(q1,q2)+J2(q1,q2)]= q1 , q2 q1 , q2 max q1[p(q1+q2)-c]+ q2[p(q1+q2)-c] q1 , q2 s.t q1 0, q2 0, p(q1+q2) c (2. 19) 72 SUPPLY CHAIN GAMES: MODELING IN A STATIC...
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SUPPLY CHAIN GAMES: OPERATIONS MANAGEMENT AND RISK VALUATION phần 3 doc
... 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) when there are two ... equations of (3. 32) in w1 We thus derived a system of two equations (3. 36) and (3. 30) A solution of this system with two unknowns, s1 and w1, provides a Stackelberg equilibrium s1s and w1s for...
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SUPPLY CHAIN GAMES: OPERATIONS MANAGEMENT AND RISK VALUATION phần 4 doc
... 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 the supply chain is profitable, ... m(t ), t dt m m (4. 4) s.t m(t) 0, q(w(t)+m(t),t) (4. 5) (4. 6) Formulations (4. 1)- (4. 6) assume non-cooperative behavior of the supply chain members which affects the overall supply chain performance...
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