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Corporate Governance Capital Markets And Capital Budgeting
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Book Synopsis Corporate Governance, Capital Markets, and Capital Budgeting by : Baliira Kalyebara
Download or read book Corporate Governance, Capital Markets, and Capital Budgeting written by Baliira Kalyebara and published by Springer Science & Business Media. This book was released on 2013-07-31 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary contribution of this book is to integrate the important disciplines which simultaneously impact the investment appraisal process. The book presents a study that develops a new approach to investment appraisal which uses a multiple objective linear programming (MOLP) model to integrate the selected disciplines which include capital markets, corporate governance and capital budgeting. The research covers two case studies, one in the e-commerce sector and another in the airline industry in which the above disciplines are integrated. Readers from the areas of corporate governance, regulation, and accounting would find the survey of different approaches and the new integrated optimization approach particularly useful.
Book Synopsis Governing the Modern Corporation: Capital Markets, Corporate Control, and Economic Performance by : Roy C. Smith
Download or read book Governing the Modern Corporation: Capital Markets, Corporate Control, and Economic Performance written by Roy C. Smith and published by Oxford University Press, USA. This book was released on 2005-12-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nearly seventy years after the last great stock market bubble and crash, another bubble emerged and burst, despite a thick layer of regulation designed since the 1930s to prevent such things. This time the bubble was enormous, reflecting nearly twenty years of double-digit stock market growth, and its bursting had painful consequence. The search for culprits soon began, and many were discovered, including not only a number of overreaching corporations, but also their auditors, investment bankers, lawyers and indeed, their investors. In Governing the Modern Corporation, Smith and Walter analyze the structure of market capitalism to see what went wrong. They begin by examining the developments that have made modern financial markets--now capitalized globally at about $70 trillion--so enormous, so volatile and such a source of wealth (and temptation) for all players. Then they report on the evolving role and function of the business corporation, the duties of its officers and directors and the power of its Chief Executive Officer who seeks to manage the company to achieve as favorable a stock price as possible. They next turn to the investing market itself, which comprises mainly financial institutions that own about two-thirds of all American stocks and trade about 90% of these stocks. These investors are well informed, highly trained professionals capable of making intelligent investment decisions on behalf of their clients, yet the best and brightest ultimately succumbed to the bubble and failed to carry out an appropriate governance role. In what follows, the roles and business practices of the principal financial intermediaries--notably auditors and bankers--are examined in detail. All, corporations, investors and intermediaries, are found to have been infected by deep-seated conflicts of interest, which add significant agency costs to the free-market system. The imperfect, politicized role of the regulators is also explored, with disappointing results. The entire system is seen to have been compromised by a variety of bacteria that crept in, little by little, over the years and were virtually invisible during the bubble years. These issues are now being addressed, in part by new regulation, in part by prosecutions and class action lawsuits, and in part by market forces responding to revelations of misconduct. But the authors note that all of the market's professional players--executives, investors, experts and intermediaries themselves--carry fiduciary obligations to the shareholders, clients, and investors whom they represent. More has to be done to find ways for these fiduciaries to be held accountable for the correct discharge of their duties.
Book Synopsis The Embedded Firm by : Cynthia A. Williams
Download or read book The Embedded Firm written by Cynthia A. Williams and published by Cambridge University Press. This book was released on 2011-08-11 with total page 499 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of capital markets since the 1980s has been accompanied by a vigorous debate over the convergence of corporate governance standards around the world towards the shareholder model. But even before the financial and economic crisis of 2008/2009, the dominance of the shareholder model was challenged with regard to persisting divergences and national differences in corporate law, labor law and industrial relations. This collection explores this debate at an important crossroads, echoing Karl Polanyi's famous observation in 1944 of the disembeddedness of the market from society. Drawing on pertinent insights from scholars, practitioners and regulators in corporate and labor law, securities regulation as well as economic sociology and management theory, the contributions shed important light on the empirical effects on the economy of the shift to shareholder primacy, in light of a comprehensive reconsideration of the global context, policy goals and regulatory forms which characterize market governance today.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Publisher : ISBN 13 : Total Pages :420 pages Book Rating :4.:/5 (327 download)
Book Synopsis Corporate Governance and Shareholder Empowerment by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Download or read book Corporate Governance and Shareholder Empowerment written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2010 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Finance by : Michelle R. Clayman
Download or read book Corporate Finance written by Michelle R. Clayman and published by John Wiley & Sons. This book was released on 2012-02-23 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate finance In today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance. Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy: Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts Explanations and examples are rigorous and global, but make minimal use of mathematics Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible Written by the experts at CFA Institute, the world's largest association of professional investment managers Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world.
Book Synopsis Corporate Finance Workbook by : Michelle R. Clayman
Download or read book Corporate Finance Workbook written by Michelle R. Clayman and published by John Wiley & Sons. This book was released on 2012-02-14 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The workbook to accompany Corporate Finance: A Practical Approach, Second Edition
Book Synopsis Capital Markets, Financial Intermediaries, and Corporate Governance: An Empirical Assessment of the Top Ten Voucher Fund by : Roland Egerer
Download or read book Capital Markets, Financial Intermediaries, and Corporate Governance: An Empirical Assessment of the Top Ten Voucher Fund written by Roland Egerer and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: December 1995 Many expected mass privatization to result in widely dispersed ownership and weak external governance of firms. But Czech investment funds -- now key players in equity markets -- are monitoring and influencing corporations on behalf of small investors. Meanwhile, a close relationship between Czech banks and corporations (with banks as both lenders and shareholders in investment funds) has reduced banks? risk and their cost of getting information about and monitoring firms' performance. Voucher privatization was expected to result in widely dispersed ownership with little effect on firms' governance. But in the first wave of privatization, more than 70 percent of Czech vouchers went to investment funds and the 10 largest Czech and Slovak investment funds (surveyed for this study) acquired roughly half of all voucher points. And the large funds can influence corporate governance. A fund holding large stakes (up to 20 percent) in a single enterprise can appoint directors to the board, help select management, and otherwise monitor corporate decision-making. A fund's actual role depends on the sponsoring institution's or individual's incentive structure. Foreign bank-sponsored and nonbank funds are stronger corporate monitors than funds sponsored by domestic banks. Banks and investment funds lack the skills and incentives to initiate corporate restructuring, but funds with significant stakes can readily compare managers' performance and remove underperform-ing executives and can counterbalance the control of management and employees. Funds can also effectively monitor firms on behalf of groups of small investors. After privatization, most Czech assets are now owned by funds affiliated with banks. In market economies, a close relationship between banks and enterprises may be seen as a conflict of interest. In transition economies -- where information costs are high because corporate performance is not transparent and where collateral-based lending remains fraught with uncertainty -- banks and funds have spontaneously developed a relationship as a way for banks to get information about firm performance. Bank-sponsored funds reduce banks' information and monitoring costs and hence lending risk and costs. They also facilitate the informal workout of problem loans. This paper -- a product of the Finance and Private Sector Development Team, Technical Department, Europe and Central Asia, and Middle East and North Africa Regions -- is part of a larger effort in the Bank to analyze the restructuring in transition economies.
Book Synopsis Corporate Governance and Finance Law by : R. Girasa
Download or read book Corporate Governance and Finance Law written by R. Girasa and published by Springer. This book was released on 2013-08-20 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and Finance Law is designed to educate students, researchers, and practitioners on the legal aspects of corporate financial markets within the United States, the Eurozone, and China.
Book Synopsis Essays on Corporate Governance, Capital Markets and Developments of Accounting Quality by : Christoph Wallek
Download or read book Essays on Corporate Governance, Capital Markets and Developments of Accounting Quality written by Christoph Wallek and published by . This book was released on 2014 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of the Economics of Finance by : George M. Constantinides
Download or read book Handbook of the Economics of Finance written by George M. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :220 pages Book Rating :4.F/5 ( download)
Book Synopsis United States System of Allocating Investment Capital by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book United States System of Allocating Investment Capital written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1992 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Empirical Corporate Finance SET by : Bjørn Espen Eckbo
Download or read book Handbook of Empirical Corporate Finance SET written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2008-12-23 with total page 1137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
Book Synopsis Global Corporate Finance by : Suk H. Kim
Download or read book Global Corporate Finance written by Suk H. Kim and published by John Wiley & Sons. This book was released on 2009-02-09 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Corporate Finance, sixth edition provides studentswith the practical skills needed to understand global financialproblems and techniques. Retains the user-friendly format of previous editions whileoffering expanded material on corporate finance and governance,international markets, global financial dynamics and strategies,and risk management techniques Each chapter begins with a real-world case study to be explainedby theories and research findings presented throughout thechapter End-of-chapter mini-cases further reinforce students’understanding of the material covered This edition is supported by a comprehensive Study Guide and anInstructor's Manual, available atwww.blackwellpublishing.com/kim.
Book Synopsis Contingent Capital by : Michel Goyer
Download or read book Contingent Capital written by Michel Goyer and published by OUP Oxford. This book was released on 2011-10-27 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance has become a major topic of interest for both academics and policy-makers in recent years. The advent of major financial scandals in the early 2000s (Enron, WorldCom, Ahold, Parmalat) was followed by turmoil in the financial markets at the end of the decade. The increased power of finance was a common factor singled out in the development of these events - especially shareholder value oriented institutional investors - across advanced capitalist economies. Will the pressures of financial market globalization force companies to converge on a shareholder-based model of corporate governance? In Contingent Capital Michel Goyer highlights the importance of the institutional context in which companies are embedded, focusing on the divergence in the allocation of capital by shareholder-value oriented institutional investors in Europe's two largest non-liberal market economies: France and Germany. The major difference between these two economies is that France has proven to be twice as attractive to short-term, impatient shareholders with a short-term horizon as compared to Germany - a disparity that disappears for investors with a longer-term term horizon. These empirical findings highlight the importance of providing a sophisticated differentiation between different categories of institutional investors in order to assess the impact associated with the greater prominence of finance. Goyer points to the importance of firm-level institutional arrangements in the process by which companies coordinate their activities as the key variable for understanding the investment allocation of impatient investors. The implication is that the governing of corporations is not about whether or not strategies of shareholder value are being adopted - but rather what types of strategies of shareholder value are being pursued.
Book Synopsis Fundamentals of Corporate Finance by : Jonathan B. Berk
Download or read book Fundamentals of Corporate Finance written by Jonathan B. Berk and published by . This book was released on 2019-04-05 with total page 928 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamentals of Corporate Finance's applied perspective cements students' understanding of the modern-day core principles by equipping students with a problem-solving methodology and profiling real-life financial management practices--all within a clear valuation framework. KEY TOPICS: Corporate Finance and the Financial Manager;Introduction to Financial Statement Analysis;The Valuation Principle: The Foundation of Financial Decision Making;The Time Value of Money;Interest Rates;Bonds;Valuing Stocks;Investment Decision Rules;Fundamentals of Capital Budgeting;Risk and Return in Capital Markets;Systematic Risk and the Equity Risk Premium;Determining the Cost of Capital;Risk and the Pricing of Options;Raising Equity Capital;Debt Financing;Capital Structure;Payout Policy;Financial Modeling and Pro Forma Analysis;Working Capital Management;Short-Term Financial Planning;Risk Management;International Corporate Finance; Leasing;Mergers and Acquisitions;Corporate Governance MARKET: Appropriate for Undergraduate Corporate Finance courses.
Book Synopsis Firms' Investment and Finance Decisions by : Paul Butzen
Download or read book Firms' Investment and Finance Decisions written by Paul Butzen and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.
Book Synopsis Strategic Corporate Finance by : Justin Pettit
Download or read book Strategic Corporate Finance written by Justin Pettit and published by Wiley. This book was released on 2007-01-06 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential guidance for the corporate finance professional — advisor, Board Director, CFO, Treasurer, business development executive, or M&A expert—to ask the right questions and make the critical decisions. Strategic Corporate Finance is a practical guide to the key issues, their context, and their solutions. From performance measurement and capital planning to risk management and capital structure, Strategic Corporate Finance, translates principles of corporate finance theory into practical methods for implementing them. Filled with in-depth insights, expert advice, and detailed case studies, Strategic Corporate Finance will prepare you for the issues involved in raising, allocating and managing capital, and its associated risks. Justin Pettit (New York, NY) draws on his 15 years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.
