发布求助
文献互助 智能选刊 最新文献

EduRN: Financial Economics Education (FEN) (Topic)最新文献

筛选
英文 中文
The Case of Sovereign Wealth Funds: A New (Old) Force in the Capital Markets 主权财富基金案例:资本市场的新(旧)力量
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-02-07 DOI: 10.1108/CASE.DARDEN.2016.000295
G. Allayannis, Rachel Loeffler
{"title":"The Case of Sovereign Wealth Funds: A New (Old) Force in the Capital Markets","authors":"G. Allayannis, Rachel Loeffler","doi":"10.1108/CASE.DARDEN.2016.000295","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000295","url":null,"abstract":"In mid-January 2008, Merrill Lynch announced a $6.6 billion mandatory convertible-preferred share issuance, much of which was placed privately with the Kuwait Investment Authority (KIA), the Korean Investment Corporation (KIC), and the Mizuho Corporate Bank. The case is set amid the subprime-mortgage crisis, which plagued banks and depleted their capital. It focuses on the decision of John Thain to issue capital and place it with sovereign wealth funds (SWFs) in an effort to stabilize the company and put it on the road of growth and profitability again. The case describes the various types and origins of SWFs, their orientation, and their recent intensive investment activity in the global financial-services sector. The case also discusses the transparency of SWFs and their role in the global financial system as liquidity-providing long-term players. Finally, Merrill Lynch’s decision to issue the specific financial instrument to replenish its capital (mandatory convertible-preferred) and its terms are analyzed.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131558313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Hilton-Itt Wars 希尔顿-伊特战争
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-02-02 DOI: 10.1108/CASE.DARDEN.2016.000306
R. Bruner, S. Vakharia, S. Carr
{"title":"The Hilton-Itt Wars","authors":"R. Bruner, S. Vakharia, S. Carr","doi":"10.1108/CASE.DARDEN.2016.000306","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000306","url":null,"abstract":"This case provides a vehicle for discussing analytical approaches to understanding bidding strategies in a hostile tender offer setting. In 1997, Hilton Hotels Corporation offered to acquire ITT Corporation in an unsolicited tender offer. ITT resisted in several ways. At the date of the case (July 17, 1997), ITT announces a restructuring of the firm aimed at delivering about $70 a share to its shareholders. The task for the student is to understand why Hilton's takeover attempt has failed thus far, and what the possible responses might be at this stage. The case contains a completed valuation analysis of ITT (prepared by the casewriter), which suggests that ITT is worth, at most, $89 a share to Hilton. In preparing a possibly higher bid for the firm, the student must weigh the probability of another bidder's entering the fray and that competitor's bid price. The instructor can use this setting to compare the target shareholders' outlook with the classic \"prisoner's dilemma\" and to discuss the expected value of not tendering--both concepts are important in devising a bidding response.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116835462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Rosario Acero S.A 罗萨里奥·阿塞罗
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-02-02 DOI: 10.1108/CASE.DARDEN.2016.000267
Robert F. Bruner, Casey Opitz, R. Weaver
{"title":"Rosario Acero S.A","authors":"Robert F. Bruner, Casey Opitz, R. Weaver","doi":"10.1108/CASE.DARDEN.2016.000267","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000267","url":null,"abstract":"In March 1997, the board chair of this small steel mill is pondering how to finance the growth of his firm: either with an initial public offering of equity or a private placement of 8-year senior notes with warrants. The task for the student is to sort out the comparative advantages and disadvantages of each alternative\u0014including valuing the possible securities\u0014and recommend a course of action.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127997355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Teletech Corporation, 1996 电信公司，1996年
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-31 DOI: 10.1108/CASE.DARDEN.2016.000291
R. Bruner
{"title":"Teletech Corporation, 1996","authors":"R. Bruner","doi":"10.1108/CASE.DARDEN.2016.000291","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000291","url":null,"abstract":"In January 1996, the chief financial officer must fashion a response to a raider who claims that a major business segment of the company should be sold because it is not earning a satisfactory rate of return (ROR). The case recounts the debate within the company over the use of a single hurdle rate to evaluate all segments of the company versus a risk-adjusted hurdle rate system. The students' tasks are to resolve the debate, estimate weighted-average costs of capital (WACC) for the two business segments, and respond to the raider. Because the case was prepared to serve as part of an introduction to estimating investors' required rates of return, it would best follow one or two class sessions introducing techniques for estimating WACC. Although the numerical calculations required are light, some of the subtleties about the use of risk-adjusted hurdle rates will require time for the novice to absorb. The case can be used to pursue a variety of teaching objectives, including (1) extending risk return (i.e., mean variance) analysis to corporate finance; (2) surveying classic arguments for and against the use of risk-adjusted hurdle rate systems; (3) assessing the assumptions and limitations of risk-adjusted hurdle rate systems; (4) exercising the estimation of segment WACCs; and (5) considering possible organizational barriers to the implementation of risk-adjusted hurdle rates.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122419692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Chrysler's Warrants: September 1983 克莱斯勒认股权证:1983年9月
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-30 DOI: 10.1108/CASE.DARDEN.2016.000070
R. Bruner
{"title":"Chrysler's Warrants: September 1983","authors":"R. Bruner","doi":"10.1108/CASE.DARDEN.2016.000070","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000070","url":null,"abstract":"This case is a vehicle for discussing the theory and practice of option pricing through the valuation of warrants of Chrysler held by the U.S. government and of the loan guarantee provided by the U.S. government to Chrysler.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121782143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
J. C. Penney Company 彭尼公司
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-30 DOI: 10.1108/CASE.DARDEN.2016.000173
Kenneth M. Eades, David Glazer, Shachar Eyal
{"title":"J. C. Penney Company","authors":"Kenneth M. Eades, David Glazer, Shachar Eyal","doi":"10.1108/CASE.DARDEN.2016.000173","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000173","url":null,"abstract":"The case examines the liquidity issues that J. C. Penney (JCP) experienced in 2012 and 2013 following a decline in sales and profits over several years. Despite once being a highly profitable and growing company, the increasing pressures of competition led to changes in strategy and in management that were insufficient to return the company to the consistent financial results it had previously enjoyed. While sales and profits waned, the cash balance also suffered, and Wall Street analysts began expressing liquidity concerns as the company wrestled with having enough cash on hand to cover daily operating needs. \u0000 \u0000Students are asked to calculate a time series of quarterly liquidity and leverage ratios to illustrate the declining financial condition of the company. They are further challenged to weigh the benefits and drawbacks of raising equity versus debt as a solution for the company's lack of liquidity. To assess the amount of external capital required, students are asked to use a sources and uses analysis that provides intuition for the cash flow challenges facing the company. Set against the background of an iconic retailer, the case provides an engaging context in which to discuss the need for a major capital structure decision due to operational challenges.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123480883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Alex Laats and Nbx Corporation Alex Laats和Nbx公司
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-26 DOI: 10.1108/CASE.DARDEN.2016.000015
S. Shane
{"title":"Alex Laats and Nbx Corporation","authors":"S. Shane","doi":"10.1108/CASE.DARDEN.2016.000015","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000015","url":null,"abstract":"This case describes the evolution of an entrepreneur's venture-capital fundraising, from seed-stage financing through later-round efforts. The case focuses on where the \"action\" is in venture finance: the exploitation of social capital by an entrepreneur and investors. Much of the teaching materials on venture finance focus on the economics of financing; while these materials provide useful information about the mechanics of valuation and how to structure venture-capital agreements, they miss the social side of venture-capital investing. The case illustrates the theoretical concept that social capital (i.e., a person's relationship to other people in society) influences venture finance. The case can be used in a class on entrepreneurship or venture finance.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"119 22","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132483221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Goodyear Tire & Rubber Company: Follow-On Equity Issue 固特异轮胎橡胶公司:增发股票
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-20 DOI: 10.1108/CASE.DARDEN.2016.000139
Susan J. Chaplinsky, Warren Estey
{"title":"Goodyear Tire & Rubber Company: Follow-On Equity Issue","authors":"Susan J. Chaplinsky, Warren Estey","doi":"10.1108/CASE.DARDEN.2016.000139","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000139","url":null,"abstract":"This case explains marketing process for follow-on equity offerings, the direct and indirect costs of issue, and the long-run performance of equity issuers. Students use analysts’ projections from which to estimate the intrinsic value of the company’s share -- including the cost savings from the VEBA and financial improvements over the next several years. It is appropriate for use in corporate finance courses covering the topics of capital raising, equity financing, capital structure, costs of financing, funding alternatives, investment banking, and valuation. It presents the classic profile on an equity issuer -- a firm whose stock price has risen to new heights in recent months. Will the issue lead to additional value that creates opportunities for shareholders, or is it a sign the firm is overvalued? The case explores the thinking of a prominent investment manager who had accumulated a large stake in Goodyear and who did not see the need for Goodyear to make an equity issue at this time. The company’s position was that the high stock would allow it to further strengthen its balance sheet and pursue international growth opportunities. Students are asked to decide what the investor should do with respect to the current offer -- buy, sell, or hold.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132271045","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Danaher—The Making of a Conglomerate 丹纳赫——企业集团的形成
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-20 DOI: 10.1108/CASE.DARDEN.2016.000083
L. Bourgeois, S. Nadathur
{"title":"Danaher—The Making of a Conglomerate","authors":"L. Bourgeois, S. Nadathur","doi":"10.1108/CASE.DARDEN.2016.000083","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000083","url":null,"abstract":"Prudential Equity Group had downgraded Danaher to underweight status, citing concerns over its inadequate organic growth. By March 2009, its CEO wondered how to keep growing a company that faced changing worldwide economic circumstances, pressure from low-cost competitors, new competitors, flat or declining demand for company products, price increases for certain raw materials, and criticism from market analysts.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123279361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Note on Taxation of Municipal Bonds 关于市政债券征税问题的说明
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2017-01-11 DOI: 10.2139/ssrn.2906850
A. Nozari
{"title":"A Note on Taxation of Municipal Bonds","authors":"A. Nozari","doi":"10.2139/ssrn.2906850","DOIUrl":"https://doi.org/10.2139/ssrn.2906850","url":null,"abstract":"U.S. Municipal bonds offer tax free investments to U.S. investors. Yet, they could become subject to taxation if they are purchased or sold in the secondary market. The tax rules are complex. We define four key principles that govern the taxation of municipal bonds.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122739829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信