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Modern Corporate Finance: A Multidisciplinary Approach to Value Creation
Alan C. Shapiro,Sheldon D. Balbirer
No preview available - 1999
12 percent 20 percent after-tax amount analysis annual annuity assets assumed average bank beneﬁts beta bond bondholders book value borrowing calculate call option capital budget capital structure CAPM cash ﬂows Chapter common stock company's competitive cost of capital cost of equity coupon debt decision depreciation discount rate diversiﬁcation dividend growth dollar eamings earnings economic effect equal Equation equity capital estimated example expected return factor ﬁnancial ﬁnancing ﬁrm ﬁrm's ﬁrst ﬁve ﬁxed funds future cash future value higher income increase industry inﬂation initial investment interest rate investors issue leverage loan long-term market value maturity million operating payments payoffs period plant preferred stock present value proﬁtable proﬁts put option rate of return ratio reﬂect required return retum risk premium risky securities sell share shareholder wealth speciﬁc standard deviation stock price stockholders systematic risk Table tax rate tax shield total risk yield