Finance - fundamental problems and solutions:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Heidelberg
Springer
2013
|
| Schriftenreihe: | Springer briefs in business
|
| Schlagworte: | |
| Online-Zugang: | Inhaltstext Inhaltsverzeichnis |
| Beschreibung: | IX, 108 S. |
| ISBN: | 9783642305115 |
Internformat
MARC
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Datensatz im Suchindex
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CONTENTS
1 FINANCE AND ITS FUNDAMENTAL PROBLEMS 1
1.1 FINANCIAL THEORY AND BUSINESS PRACTICE 1
1.2 FINANCE IN ACADEMIC KNOWLEDGE SPECTRUM 3
1.3 FUNDAMENTAL PROBLEMS IN FINANCE 5
1.3.1 FINANCIAL DECISION CRITERIA 5
1.3.2 FUNDAMENTAL PROBLEMS IN FINANCE 6
1.3.3 FUNDAMENTAL PROBLEMS REMAIN UNSOLVED 8
2 DOES A POSITIVE PERPETUAL GROWTH RATE EXIST? 9
2.1 AVERAGE ANNUAL GROWTH RATE REVISIT 9
2.2 ARITHMETIC OR GEOMETRIC AVERAGE GROWTH RATE 11
2.3 ZZ GROWTH PARADOX 12
2.4 BANKRUPTCY PROBABILITY AND FIRM LIFE 14
2.5 IS BANKRUPTCY LOSS INCORPORATED INTO DISCOUNT RATE? 17
2.6 THE IMPLIED PERPETUAL GROWTH RATE 18
2.7 THE STAGE OF FINANCE AS A SCIENCE 20
REFERENCES 20
3 VALUATION BASED ON REQUIRED PAYBACK PERIOD 23
3.1 ABSOLUTE VALUATION AND RELATIVE VALUATION 23
3.1.1 ABSOLUTE VALUATION 23
3.1.2 RELATIVE EVALUATION 24
3.1.3 OPTION PRICING VALUATION 26
3.2 CASES WHEN CURRENT ABSOLUTE AND RELATIVE VALUATION INVALID 31
3.3 A NEW ABSOLUTE VALUATION METHOD BASED ON REQUIRED
PAYBACK PERIOD 33
3.3.1 ZZ GROWTH MODEL 34
3.3.2 SOLUTIONS BASED ON ZZ GROWTH MODEL 35
3.3.3 COMPARISON OF GORDON MODEL AND ZZ GROWTH MODEL 36
3.4 THE THEORETICAL RATIO MODELS 38
3.4.1 ZZP/E MODEL 38
3.4.2 ZZP/B MODEL 41
3.4.3 ZZP/S MODEL 43
VII
HTTP://D-NB.INFO/1026665477
VLLL
CONTENTS
3.5 SOME OF THE APPLICATIONS OF ZZ GROWTH MODEL
AND ZZ RATIO MODELS 44
3.5.1 CALCULATING THE FAIR-PRICED RATIOS 44
3.5.2 MEASURING THE MARKET BUBBLE 46
3.5.3 PREDICTING THE CHANGE OF STOCK PRICE 47
3.6 SUMMARY 50
REFERENCES 50
4 CERTAINTY EQUIVALENT, RISK PREMIUM AND ASSET PRICING 51
4.1 ALTERNATIVES TO DETERMINE A DISCOUNT RATE 51
4.1.1 THE INDUSTRIAL AVERAGE RATE OF RETURN 52
4.1.2 THE OPPORTUNITY COST OF CAPITAL 52
4.1.3 THE WEIGHTED AVERAGE COST OF CAPITAL 53
4.1.4 THE CAPITAL ASSET PRICING MODEL 55
4.2 CERTAINTY EQUIVALENT AND RISK EQUIVALENT 56
4.2.1 ON CERTAINTY EQUIVALENT 57
4.2.2 RISK EQUIVALENT MODEL 58
4.2.3 CERTAINTY EQUIVALENT MODEL 61
4.2.4 EXEMPLIFICATIONS 62
4.3 RISK PREMIUM AND A NEW CAPM 64
4.3.1 MODELING RISK PREMIUM AND A NEW CAPM 64
4.3.2 COMPARISON BETWEEN SHARPE'S CAPM AND ZZ CAPM 65
4.3.3 EXEMPLIFICATIONS 67
4.4 SUMMARY 68
REFERENCES 69
5 TAX SHIELD, BANKRUPTCY COST AND OPTIMAL CAPITAL STRUCTURE 71
5.1 FIRM'S GOAL AND ITS CAPITAL STRUCTURE 71
5.2 THE POTENTIAL BENEFITS AND COSTS OF DEBT FINANCING 72
5.2.1 GENERAL ANALYSES 72
5.2.2 MM MODEL 1 73
5.3 EFFORTS TO VALUE TAX SHIELD AND BANKRUPTCY COST 74
5.3.1 MM MODEL II 74
5.3.2 THE TRADE-OFF MODEL 75
5.3.3 OTHER EFFORTS 76
5.4 DECISION-ORIENTED VALUATION OF TAX SHIELD AND BANKRUPTCY COST. 77
5.4.1 THE TIME HORIZON 77
5.4.2 VALUE THE TAX SHIELD 78
5.4.3 VALUE THE BANKRUPTCY COST 80
5.5 DECISION-ORIENTED OPTIMAL CAPITAL STRUCTURE MODEL 83
5.5.1 DERIVATION OF THE MODEL 83
5.5.2 BASIC FEATURES OF THE MODEL 84
5.5.3 BASIC INSIGHTS FROM THE MODEL 86
5.5.4 ASSUMPTIONS OF THE MODEL 89
CONTENTS IX
5.6 SOME APPLICATION EXTENSIONS 90
5.6.1 ABNORMAL GROWTH 90
5.6.2 BANKRUPTCY EXPECTANCY 91
5.6.3 MARKET VALUE VERSUS BOOK VALUE 92
5.6.4 GUARANTEED DEBT 93
5.6.5 TRANSACTION COSTS 94
5.6.6 PERSONAL INCOME TAX 95
5.6.7 INTER-FIRM'S INVESTMENTS 96
5.7 EXPLANATIONS TO SOME CAPITAL STRUCTURE PUZZLES 97
5.7.1 WHY FINANCIAL CONSERVATISM 97
5.7.2 WHY NO LEVERAGE TARGET 98
5.7.3 WHY AVERSE-CHANGE WITH PROFITABILITY 99
5.7.4 WHY OVER STABLE LEVERAGE 99
5.7.5 WHY PECKING ORDER 100
5.7.6 WHY MARKET TIMING 101
5.7.7 DYNAMIC CONSIDERATION? 102
5.7.8 WHY NOT 0 % DEBT IN ABSENCE OF CORPORATE TAX 102
5.8 SUMMARY 103
APPENDIX 104
REFERENCES 107 |
| any_adam_object | 1 |
| author | Zhang, Zhiqiang |
| author_GND | (DE-588)136398707 |
| author_facet | Zhang, Zhiqiang |
| author_role | aut |
| author_sort | Zhang, Zhiqiang |
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| dewey-full | 332.0151 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.0151 |
| dewey-search | 332.0151 |
| dewey-sort | 3332.0151 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| illustrated | Not Illustrated |
| indexdate | 2024-08-03T00:39:18Z |
| institution | BVB |
| isbn | 9783642305115 |
| language | English |
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| physical | IX, 108 S. |
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| spelling | Zhang, Zhiqiang Verfasser (DE-588)136398707 aut Finance - fundamental problems and solutions Zhiqiang Zhang Heidelberg Springer 2013 IX, 108 S. txt rdacontent n rdamedia nc rdacarrier Springer briefs in business Finanzmathematik (DE-588)4017195-4 gnd rswk-swf Finanzmathematik (DE-588)4017195-4 s DE-604 Erscheint auch als Online-Ausgabe 978-3-642-30512-2 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=4157627&prov=M&dok_var=1&dok_ext=htm Inhaltstext DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025974707&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Zhang, Zhiqiang Finance - fundamental problems and solutions Finanzmathematik (DE-588)4017195-4 gnd |
| subject_GND | (DE-588)4017195-4 |
| title | Finance - fundamental problems and solutions |
| title_auth | Finance - fundamental problems and solutions |
| title_exact_search | Finance - fundamental problems and solutions |
| title_full | Finance - fundamental problems and solutions Zhiqiang Zhang |
| title_fullStr | Finance - fundamental problems and solutions Zhiqiang Zhang |
| title_full_unstemmed | Finance - fundamental problems and solutions Zhiqiang Zhang |
| title_short | Finance - fundamental problems and solutions |
| title_sort | finance fundamental problems and solutions |
| topic | Finanzmathematik (DE-588)4017195-4 gnd |
| topic_facet | Finanzmathematik |
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