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Author: Ishac Diwan Publisher: World Bank Publications ISBN: Category : Debt equity conversion Languages : en Pages : 42
Book Description
Two debt- reduction mechanisms - market buybacks and concerted debt- reduction agreements - run into coordination problems. The menu approach captures some of the advantages of both but not their inconveniences.
Author: Ishac Diwan Publisher: World Bank Publications ISBN: Category : Debt equity conversion Languages : en Pages : 42
Book Description
Two debt- reduction mechanisms - market buybacks and concerted debt- reduction agreements - run into coordination problems. The menu approach captures some of the advantages of both but not their inconveniences.
Author: Publisher: ISBN: 9781846632563 Category : Corporations Languages : en Pages : 83
Book Description
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Author: Joseph Abbott Publisher: Yri Press ISBN: 9781948025041 Category : Business & Economics Languages : en Pages : 90
Book Description
Several Progressive politicians have pounced on corporate share buybacks lately. They see buybacks as a major source of income and wealth inequality, subpar capital spending, and lackluster productivity. In their opinion, buybacks have contributed greatly to the stagnation of the standards of living of most Americans in recent years. So they want to limit buybacks or even ban them. Some of Wall Street's stock-market bears have been growling about buybacks as well. They've been arguing that buybacks have rigged the stock market in favor of the bulls. They claim that companies buy back their stock to boost their share prices, using debt to finance this dubious activity. As a result, corporate balance sheets have become increasingly leveraged, which makes them vulnerable to a recession. Widespread corporate leverage, in turn, would exacerbate any economic downturn. The bears therefore remain bearish and expect to be vindicated with a vengeance, eventually. In this study, Edward Yardeni and Joseph Abbott show that the facts don't support either narrative. The most common reason that S&P 500 companies buy back their shares is to offset the dilution in the number of shares outstanding that results when employee compensation takes the form of stock options and stock grants that vest over time, not just for top executives but for many employees. In effect, the ultimate source of funds for most stock buybacks is the employee compensation expense item on corporate income statements, not bond issuance as the bears contend. The authors explain that the bull market in stocks has boosted buybacks to a greater extent than buybacks have boosted the market, whereas the opposite is more widely believed. Rising stock prices increase the attractiveness of paying some of employees' compensation with stock grants. Buybacks then are necessary to offset the dilution of earnings per share. While the latest bull market, like previous ones, has been driven by rising earnings, it's a Wall Street legend that earnings per share have been boosted artificially and significantly by stock buybacks. It may seem that way only because what lift buybacks have provided to stock prices is highly visible, occurring in the open market, whereas companies' need to offset stock issuance with stock repurchases is less apparent. The authors also refute Progressives' pervasive narrative that most Americans' standards of living have stagnated in recent decades and that buybacks per se have worsened income inequality.
Author: Bob Steiner Publisher: Pearson UK ISBN: 0273750283 Category : Business & Economics Languages : en Pages : 361
Book Description
Key Financial Market Concepts is the ultimate reference tool for anyone working in the finance industry, explaining the 100 essential financial market terms. It provides you with a definition of what each concept is, how it works, when it is likely to arise, how it’s calculated and how best to use it. You’ll also get access to many of the formulas used, already programmed into a Microsoft Excel spreadsheet. From simple and compound interest, through to bonds and yields and the Black and Scholes model, this book has it covered. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.
Author: Gary P. Pisano Publisher: Harvard Business Press ISBN: 1422187543 Category : Business & Economics Languages : en Pages : 186
Book Description
Manufacturing’s central role in global innovation Companies compete on the decisions they make. For years—even decades—in response to intensifying global competition, companies decided to outsource their manufacturing operations in order to reduce costs. But we are now seeing the alarming long-term effect of those choices: in many cases, once manufacturing capabilities go away, so does much of the ability to innovate and compete. Manufacturing, it turns out, really matters in an innovation-driven economy. In Producing Prosperity, Harvard Business School professors Gary Pisano and Willy Shih show the disastrous consequences of years of poor sourcing decisions and underinvestment in manufacturing capabilities. They reveal how today’s undervalued manufacturing operations often hold the seeds of tomorrow’s innovative new products, arguing that companies must reinvest in new product and process development in the US industrial sector. Only by reviving this “industrial commons” can the world’s largest economy build the expertise and manufacturing muscle to regain competitive advantage. America needs a manufacturing renaissance—for restoring itself, and for the global economy as a whole. This will require major changes. Pisano and Shih show how company-level choices are key to the sustained success of industries and economies, and they provide business leaders with a framework for understanding the links between manufacturing and innovation that will enable them to make better outsourcing decisions. They also detail how government must change its support of basic and applied scientific research, and promote collaboration between business and academia. For executives, policymakers, academics, and innovators alike, Producing Prosperity provides the clearest and most compelling account yet of how the American economy lost its competitive edge—and how to get it back.
Author: Donald DePamphilis Publisher: Academic Press ISBN: 0123854857 Category : Business & Economics Languages : en Pages : 784
Book Description
Two strengths distinguish this textbook from others. One is its presentation of subjects in the contexts wherein they occur. The other is its use of current events. Other improvements have shortened and simplified chapters, increased the numbers and types of pedagogical supplements, and expanded the international appeal of examples.
Author: Alex Edmans Publisher: Cambridge University Press ISBN: 1009062719 Category : Business & Economics Languages : en Pages : 541
Book Description
Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, updated to include the pandemic and latest research, explains how managers, investors and citizens can put purpose into practice-and overcome the difficult trade-offs that hold them back.
Author: Harry DeAngelo Publisher: Now Publishers Inc ISBN: 1601982046 Category : Corporations Languages : en Pages : 215
Book Description
Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author: Phil Oakley Publisher: Harriman House Limited ISBN: 0857196073 Category : Business & Economics Languages : en Pages : 150
Book Description
How To Pick Quality Shares provides a three-step process for analysing company financial information to find good investments. The three steps boil down to finding quality companies, avoiding dangerous or risky companies, and not paying too much for companies’ shares. Applying the in-depth techniques described here will give investors a better understanding of companies, and an edge over other investors, including professional investors and analysts. Phil Oakley, an experienced investment analyst and private investor, guides the reader step-by-step through these three stages: 1. For the first step, he shows how to identify the kind of high-quality companies that are capable of being profitable investments over the long term. Important themes are how much a company earns on the money it invests, reliable measures of profit and the importance of cash flow. 2. Next, he shows how to spot the dangers and risks that could lead to a company being a bad investment. Here the focus is on how to analyse debt, in particular hidden debt and pension fund deficits. 3. Lastly, he shows how to value a company’s shares and determine what is a reasonable price to pay to invest in that company. Phil shows why some common shortcuts to valuing shares are not very useful and how to use cash profits to value shares more reliably. At each stage, Phil explains where the investor needs to look in company financial statements to get the information they need and how to analyse this information. Illustrative examples of analysis of real company financial statements are used throughout. If you have a company’s latest annual report and its current share price you have all the information you need to be a successful investor. How To Pick Quality Shares shows you how.
Author: Ishac Diwan
Author: Ishac Diwan
Author: 
Author: Joseph Abbott
Author: Bob Steiner
Author: Alon Brav
Author: Gary P. Pisano
Author: Donald DePamphilis
Author: Alex Edmans
Author: Harry DeAngelo
Author: Phil Oakley