A corporate manager typically oversees several ongoing projects and has the opportunity to invest in new projects that add wealth to the stockholders. Such new projects include expanding the corporation's existing business, entering into a new line of business, acquiring another business, and so on. If the firm does not have sufficient internal capital (cash) to finance the initial investment, the manager must enter into a transaction with outside investors to raise additional funds.In this situation, the manager of a public corporation faces two key decisions:Modern corporate finance theory, originating with the seminal work of Merton Miller and Franco Modigliani, has demonstrated that these decisions depend on the information that the manager and investors have about the firm's future cash flows.In this book, the authors examine these decisions by assuming that the manager has private information about the firm's future cash flows. They provide a unified framework that yields new theoretical insights and explains many empirical anomalies documented in the literature.
The cost of capital concept has myriad applications in business decision-making. The standard methodology for deriving cost of capital estimates is based on the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation), interactions between the borrowing rate and tax shields, and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The book's unified cost of capital theory is discussed with comprehensive numerical examples and graphical illustrations.This book will be of interest to corporate managers, academics, investment bankers, governmental agencies, and private companies that generate cost of capital estimates for public consumption.
The cost of capital concept is widely used in business decision-making. The current theory and estimates for measurement of cost of capital are derived from the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation) and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The unified cost of capital theory presented in the book is illustrated graphically and with comprehensive numerical examples. This book will be of great interest to practicing managers, academics, governmental agencies and private companies that generate cost of capital estimates for public consumption.
Punjab went through a politically turbulent period between 1978 and 1994, triggered by the rift between Sikhs and Nirankaris, and fuelled by the operations Blue Star, Woodrose and Black Thunder I and II. Narrated as an eyewitness account by Ramesh Inder Singh, then the district magistrate of Amritsar, and later the chief secretary of Punjab, this book affords an insider's view of the events that ignited the strife and created the socio-political fault lines that divided Punjab in those years. It also describes the terrorist violence in Punjab, the state response to the military operations, the death of thousands of innocent citizens, the shocking assassination of Prime Minister Indira Gandhi and the subsequent lynching of close to 3,000 Sikhs in the national capital of Delhi, which set in motion a devastating ethno-national movement in Punjab. Based on extensive research and first-hand accounts of those who lived through those volcanic years, Turmoil in Punjab: Before and After Blue Star is an eye-opening narrative of the genesis of the Punjab conflict, the rise of radicalism and the Khalistanis, and the elimination of militancy from the state.
This will help us customize your experience to showcase the most relevant content to your age group
Please select from below
Login
Not registered?
Sign up
Already registered?
Success – Your message will goes here
We'd love to hear from you!
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.