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22.1 THE VALUE OF FOLLOW-ON INVESTMENT OPPORTUNITIES. You are helping the CFO evaluate the proposed introduction of the Blitzen Mark I Micro.. “The Mark I just can’t make it on financial grounds,” the CFO says. “Hard to say precisely, but I’ve done a back-of-the-envelope calculation which suggests that the value of the option to invest in the Mark II could...
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You can depict the relationship be- tween the value of the warrant and the value of the common stock with our stan- dard option shorthand, as in Figure 23.1. The lower limit on the value of the war- rant is the heavy line in the figure. if the price of the stock is greater than. Investors in warrants sometimes refer...
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Each period’s cash flow on a bond potentially needs to be discounted at a different interest rate, but bond investors often calculate the yield to maturity as a summary measure of the interest rate on the bond. Then I will part with $100 today if I am repaid $115 at the end of the year. Instead we have done the...
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1 Sometimes competition between lenders opens a window of opportunity in a particular sector of the debt mar- ket. We also look at some of the restrictive provisions that deter the company from taking actions that would damage the bonds’ value. This is the glamorous part of the debt market. The words project finance conjure up images of multi-million-dollar loans...
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The user of the asset is called the lessee. The lessee makes peri- odic payments to the owner of the asset, who is called the lessor. Some of the largest lessors are equipment manufacturers. A large fraction of the world’s airlines rely entirely on leasing to finance their fleets.. We begin this chapter by cataloging the different kinds of leases...
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MOST OF THE time we take risk as God-given. Trades in the internal markets are at real (external) market prices. Most businesses buy insurance against a variety of hazards—the risk that their plant will be damaged by fire. Insurance companies also suffer some disadvantages in bearing risk, and these are reflected in the prices they charge. “George,” said one, “I...
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Turnover in the foreign exchange market is huge. Table 28.1 is adapted from the table of exchange rates in the Financial Times. In the first column of Table 28.1, the indirect quote for the yen shows that you can buy 120.700 yen for $1. The exchange rates in the first column of Table 28.1 are the prices of currency for...
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They rely on the company’s financial statements to provide the necessary information.. Your task is to assess the financial standing of the Executive Paper Corporation.. Perhaps you are a financial analyst with Executive Paper and are helping to de- velop a five-year financial plan. Perhaps you are employed by a rival company that is contemplating a takeover bid for Executive...
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Short-term financial decisions generally involve short-lived assets and liabilities, and usually they are easily reversed. The bank loan is clearly a short-term decision. A financial manager responsible for short-term financial decisions does not have to look far into the future. Managers concerned with short-term financial decisions can avoid many of the difficult conceptual issues encountered elsewhere in this book. In...
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Then in the next chapter we look at the terms on which firms sell their goods and how they ensure that their customers pay promptly.. In the United States small routine payments are commonly made by check. You want to ensure that when customers pay by check, you can convert these payments into usable cash in the bank quickly and...
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Which customers are likely to pay their bills? To find out, do you consult a credit agency or ask for a bank reference? Or do you analyze the customer’s financial statements?. How much credit are you prepared to extend to each customer? Do you play it safe by turning down any doubtful prospects? Or do you accept the risk of...
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In 2000, the peak of the merger boom, U.S. This history illus- trates merger tactics and shows some of the economic forces driving merger activity.. The top management of the target firm usu- ally departs after the merger.. The buyer expands back toward the source of raw materials or forward in the direction of the ultimate consumer. An example is...
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Economists use the term governance more generally to cover all the mechanisms by which man- agers are led to act in the interests of the corporation’s owners. This chapter considers control and governance in the United States and other industrialized countries. We ask why conglomerates in the United States are a declining species, while in some other countries, for example...
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Net Present Value. You can measure the nondiversifiable, or market, risk of an investment by the extent to which the value of the investment is affected by a change in the aggregate value of all the assets in the economy. This is called the beta of the investment. The only risks that people care about are the ones that they...