managinginternalequityandse-文庫吧資料
2025-05-31 16:09本頁面
【正文】 se selection costs: negative mkt reaction ? Warrants to underwriter SEO ? Underwrite methods Firm mitment Best effort ? Issuing methods traditional shelf registration: matching with capital expenditures。 + reaction Tax advantages。 a relatively bigger discount。 otherwise, tend to be diversified. SEO infant star dog cash cow Investment opportunities Profitability of existing business If internal CF is Insufficient, SEO may have a positive react If SEO, MKT may have a negative react SEO ? What’s the influence of SEO? ownership structure capital structure interest shift between old and new shareholders SEO ? Methods of SEO private placement。Managing Internal Equity and SEO Chapter Objective ? The equity management perspective ? Internal capital market theory ? The process of issuing SEO ? Underwriter fee in SEO ? Mkt effect of SEO announcement The equity management perspective ? Principalagency problem: management private benefits such as perks or slack off ? Solutions: dividends or stock repurchases monitoring: collude between auditor and manager such as Enron and Arthur Anderson incentive pensation All solutions are imperfect Internal capital MKT theory ? The traditional capital budgeting paradigm if a project should invest: positive NPV rule what to do when facing budgeting limitation: select the set offering the highest Total NPV ? Limitations of traditional paradigm why is capital budget limited? who and how is the forecast of PV made? what are the roles of headquarters and division managers Internal capital M
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