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Author: Paul M. Healy
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 19
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Book Description
Author: Paul M. Healy
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 19
Get Book Here
Book Description
Author: Paul M. Healy
Publisher: Forgotten Books
ISBN: 9780267417711
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
Excerpt from Corporate Financial Decisions and Future Earnings Performance: The Case of Initiating Dividends Dividend policy has several attractive aspects as an information transmission mechanism. Unlike the detailed focus of other announcements, dividends can be used as a simple, comprehensive signal of management's interpretation of the firm's recent performance and its future prospects. Unlike most announcements, dividend announcements must be backed with hard cold cash. The firm must either generate this cash or convince the capital markets to supply it. In addition to the credibility of cash signals, dividends are also highly visible compared with other announcements. (p.9é) A second dividend hypothesis proposed in the literature competes with the information signaling hypothesis and also predicts a positive stock price reaction to dividend announcements. Graham and Dodd Gordon and Gordon and Bradford suggest that the investors prefer returns in the form of dividends, possibly because of institutional constraints. This proposition is consistent with a positive wealth impact of dividend announcements and with the results of Long's (1978) examination of the returns on the dual series common stock of a single firm. A key distinction between the information signaling hypothesis and this other explanation of the dividend announcement effect is that, while the signaling hypothesis explicitly links the announcement of dividends and the firm's current and future performance, no such link is implied by the competing explanation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Paul M. Healy
Publisher: Forgotten Books
ISBN: 9781330359389
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
Excerpt from Corporate Financial Decisions and Future Earnings Performance: The Case of Initiating Dividends The impact of a firm's dividend policy on its value has been a subject of long-standing debate in the finance literature. In their seminal work, Miller and Modigliani (1961) show that, absent mark-imperfections, dividend policy should not affect shareholders' wealth. Contrary to this proposition, however, a number of recent empirical studies report a significant positive stock price reaction to corporate dividend announcements. Examples of such studies include Aharoney and Swary (1980), Asquith and Mullins (1983), and Brickley (1982). To account for the observed dividend announcement effect, Miller and Rock (1985) propose a modification to the Miller-Modigliani assumption that investors and managers possess the same information. Miller and Rock hypothesize that when managers know more than outside investors about the firm's current and future performance, dividends provide a vehicle for communicating management's superior information to the shareholders. In a world of rational expectations, the firm's dividend (or financing) announcements provide just enough pieces of the firm's sources and uses statements for the market to deduce the unobserved piece, to wit, the firm's current earnings. The market's estimate of current earnings contributes in turn to the estimate of the expected future earnings on which the firm's market value largely hinges. (p.1032) Ross (1977) and Bhattacharya (1979, 1980) also present asymmetric Information models in which dividends serve as signals of the firm's current and future expected performance. A number of researchers question the information signaling role of dividends. They suggest that cheaper and equally efficient alternatives exist for managers to communicate information to shareholders (for example, see Miller and Modigliani (1961), Pettit (1972), Black (1976), and Stern (1979)). About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Paul M Healy
Publisher: Nabu Press
ISBN: 9781293512517
Category :
Languages : en
Pages : 30
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Book Description
This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.
Author: Diana R. Harrington
Publisher: Irwin Professional Publishing
ISBN:
Category : Corporations
Languages : en
Pages : 408
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Book Description
Corporate Financial Analysis provides the necessary tools to improve decision-making with practical, current examples of financial analysis in business situation. It focuses on today's global business environment to allow planning for the future.
Author: Douglas P. McCormick
Publisher: John Wiley & Sons
ISBN: 1119577411
Category : Business & Economics
Languages : en
Pages : 272
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Book Description
Actionable, intelligent CFO training for the Chief Family Financial Officer Family Inc. is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's proven, time-tested principles in the context of your family's financial situation. You'll learn the key principles of wealth creation and management, and learn how to make your intellectual and real capital work for you. Your family situation is unique, and your principles must sometimes differ from the standard financial advice—and that's okay. Life is not a template, and even the best strategy must be able to adapt to real-life situations. You'll learn to chart your own path to financial security, utilizing the author's own tools that he developed over 15 years as an active board member, chairman of the board, or chief financial officer of multiple companies. Oversimplified wealth management advice does not leave you equipped to manage your real-world finances. This guide is written with intellectual rigor, but in the language of family discussion, to give you a real, practical guide to being an effective family CFO. Create your own financial prosperity and security Align financial acumen with your family's specific situation Adapt to real-world situations and make your financial advisor work for you Utilize powerful financial tools to help you build financial independence Every family needs a CFO to manage wealth, and the principles of corporate finance apply from the boardroom to the living room. Family Inc. delivers actionable advice in the form of CFO training to help you plot a real-world family financial plan.
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 1118022947
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Author: David E. Vance
Publisher: McGraw Hill Professional
ISBN: 0071415599
Category : Business & Economics
Languages : en
Pages : 428
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Book Description
A solid understanding of financial analysis is an essentialbut often overlookedprerequisite to making key strategic decisions.Financial Analysis and Decision Making explains how all professionals can use the tools and techniques of financial analysis to define problems, gather and organize relevant information, and improve problem-solving skills. David E. Vance, C.P.A., is an instructor in the M.B.A. program at Rutgers University School of Business and director of executive development for the Rohrer Center for Management and Entrepreneurship.
Author: Glen Arnold
Publisher: Pearson UK
ISBN: 1292140488
Category : Corporations
Languages : en
Pages : 1836
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Book Description
Explore how finance theory works in practice with Corporate Financial Management, 6th edition. Find out how financial decisions are made within a firm, how projects are appraised to make investment decisions, how to evaluate risk and return, where to raise finance from and how, ultimately, to create value. Need extra support? Join over 10 million students benefiting from Pearson MyLabs. This title is supported by MyLab Finance, an online homework and tutorial system which can be used by students for self-directed study or instructors can choose to fully integrate this eLearning technology into.
Author: Frank J. Fabozzi
Publisher: John Wiley & Sons
ISBN: 0470407352
Category : Business & Economics
Languages : en
Pages : 832
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Book Description
FINANCE Financial managers and investment professionals need a solid foundation in finance principles and applications in order to make the best decisions in today's ever-changing financial world. Written by the experienced author team of Frank Fabozzi and Pamela Peterson Drake, Finance examines the essential elements of this discipline and makes them understandable to a wide array of individuals, from seasoned professionals looking to fine-tune their financial skills to newcomers seeking genuine guidance through the dynamic world of finance. Divided into four comprehensive parts, this reliable resource opens with an informative introduction to the basic tools of investing and financing decision-making—financial mathematics and financial analysis (Part I). From here, you'll become familiar with the fundamentals of capital market theory, including financial markets, financial intermediaries, and regulators of financial activities (Part II). You'll also gain a better understanding of interest rates, bond and stock valuation, asset pricing theory, and derivative instruments in this section. Part III moves on to detail decision-making within a business enterprise. Topics touched upon here include capital budgeting—that is, whether or not to invest in specific long-lived projects—and capital structure. Management of current assets and risk management are also addressed. By covering the basics of investment decision-making, Part IV skillfully wraps up this accessible overview of finance. Beginning with the determination of an investment objective, this part proceeds to demonstrate portfolio theory and performance evaluation, and also takes the time to outline techniques for managing equity and bond portfolios as well as discuss the best ways to use derivatives in the portfolio management process. Filled with in-depth insights and practical advice, Finance puts this field in perspective. And while a lot of ground is covered in this book, this information will help you appreciate and understand the complex financial issues that today's companies and investors constantly face.
