Effects of Family Ownership and Management on Firm Performance. Mayer‚ C. 1997. Corporate Governance‚ Competition and Performance. Journal of Law and Society‚ 24: 152-176. Morck‚ R.‚ Shleifer‚ A.‚ & Vishny‚ R. 1988. Management Ownership and Market Valuation: An Empirical Analysis McConnell‚ J. J.‚ & Servaes‚ H. 1990. Additional Evidence on Equity Ownership and Corporate Value Randøy‚ T.‚ Oxelheim‚ L.‚ & Stonehill‚ A. 2001. Global Financial Strategies and Corporate Competitiveness Shleifer‚ A.‚ & Vishny
Premium Factor analysis Governance Corporate governance
1. ¿Por qué Air Berlin quiere hacer una IPO? The decision of Air Berlin to launch an IPO is based on three main reasons that go along with the company’s corporate strategy. The company wants to raise gross proceeds of €350 million in order to fund the growth of its aircraft fleet‚ to pay off debt and to invest in sustainable growth. Hereby‚ 50% of net proceeds (total: €290 million) will be invested into purchasing 55 new aircrafts. Air Berlin wishes to expand its fleet by Airbus 320 airplanes
Premium Stock market
Netscape Summary August 8‚ 1995 had taken an unexpected turn for Netscape Communications Corporation’s board of directors. Earlier that morning‚ the day before the company’s scheduled initial public offering (IPO)‚ Netscape’s lead underwriters proposed to the board a 100%increase in the original offering price from $14 to $28 per share. Founded in April 1994‚Netscape Communications Corporation provided a comprehensive line of client‚ server‚ and integrated applications software for communications
Premium Initial public offering Web browser Venture capital
Share Valuation Valuation Situations 1. Initial Public Offerings (IPOs) An initial public offering is the first sale of shares by a company to the public. The shares then become publicly traded. 2. Management Buy-outs (MBOs) A management buy-out is a form of acquisition in which the existing managers of a company acquire a large part or all of the shares of the company. 3. Management Buy-ins (MBIs) A management buy-in is a form of acquisition in which a manager or management team from
Premium Balance sheet Net present value Stock market
memorandum to: from: subject: West TELESERVICE IPO date: May 15‚ 2014 After a careful analysis of the teleservice industry and the players in the space‚ we chose the following companies as comparable to West Teleservice: SITEL Corporation‚ APAC Teleservices and Precision Response Corporation. West Teleservice is an integrated teleservice provider whose business model is based on recurring large volume application with focus on state of art technology‚ quality of service‚ long term
Premium Revenue Profit margin P/E ratio
Techniques in Finance & Valuation 1 What is Valuation? Valuation: Methods of quantifying how much money something should be exchanged for today‚ considering future benefits. We will teach 4 valuation methods Trading Comparables Transaction Comparables Sum-of-the-Parts Valuation Discounted Cash Flow Analysis (DCF) $ 2 Why is Valuation important? Acquisitions: How much should we pay for the company? Divestitures: How much should we sell our company for? Sell-side Research: Should our clients
Premium Free cash flow Cash flow Discounted cash flow
Is this a fair offer to Dell shareholders? With only one offer on the table‚ shareholders can choose to cash out or vote the offer down in the hope that things will eventually turn around along with the stock price. RECOMMENDATION: Based on our valuation of Dell‚ along with weighing the pros and cons of our due diligence findings and deal performance‚ we recommend that Dell shareholders vote yes on the buyout offer. We believe that the $13.75 per share is a fair offer that falls within the relevant
Premium Stock market
Name: Roll no: 2011203 Div: Finance B MMS II Law assignment: IPO Promoters Role INTRODUCTION The Securities and Exchange Board of India (Sebi) has tightened rules governing promoter contributions in initial public offerings by mandating a one-year lock-in period on such holdings from the date of allotment of shares to other shareholders of the company. Presently only 20% of the promoters’ share in the IPO is subject to such lock-in. Sebi has introduced this and a slew of other changes
Premium Initial public offering Venture capital
How To Choose The Best Stock Valuation Method When trying to figure out which valuation method to use to value a stock for the first time‚ most investors will quickly discover the overwhelming number of valuation techniques available to them today. There are the simple to use ones‚ such as the comparable method‚ and there are the more involved methods‚ such as the discounted cash flow model. Which one should you use? Unfortunately‚ there is no one method that is best suited for every situation.
Premium Discounted cash flow Free cash flow Cash flow
Valuation models Discounted cash flow models: Dividend discount Free cash flow to the firm Residual income Multiples-based valuation: Price-earnings Value-EBITDA Value-EBIT Value-Sales Price-Book value Equity valuation In conjunction with the valuation of Coles Group‚ contained in “Excel03 Equity valuation” Real options valuation Equity markets price shares above the present value of expected future cash flows‚ due to the presence of embedded options not captured by DCF analysis Real
Premium Discounted cash flow Weighted average cost of capital Generally Accepted Accounting Principles