Garantie de satisfaction à 100% Disponible immédiatement après paiement En ligne et en PDF Tu n'es attaché à rien
logo-home
Recherché précédemment par vous
Recherché précédemment par vous
logo
Samenvatting Investeren&Beleggen 2022/2023 (Engels) €3,48
Ajouter au panier
Accédez rapidement à
Aperçu
  2.  
  3. Tilburg University (UVT)
  4.  
  5. Investeren en Beleggen (323078B6)

Resume

Samenvatting Investeren&Beleggen 2022/2023 (Engels)
 2 fois vendu
  • Cours
  • Investeren en Beleggen (323078B6)
  • Établissement
  • Tilburg University (UVT)
  • Book
  • Corporate Finance

Dit is een samenvatting van het vak Investeren&Beleggen 2022/2023 De samenvatting bevat: - Hoofdstuk 1 t/m 13 van het boek: Corporate Finance (4th edition) - Relevante aantekeningen van hoorcolleges/werkcolleges (Samenvatting is in het Engels geschreven, conform het boek)

Aperçu 4 sur 35  pages

Infos sur le Document

  • Non
  • Hoofdstuk 1 t/m 13
  • 6 juin 2023
  • 35
  • 2022/2023
  • Resume

Sujets

  • investeren
  • beleggen
  • obligaties
  • rendementen
  • aandelenprijs
  • sharpe ratio
  • coupons
  • risicovrije rente
  • marktrente
  • unlevered net income
  • bonds

Livre connecté

book image

Titre de l’ouvrage:

Auteur(s):

  • Édition:
  • ISBN:
  • Édition:

École, étude et sujet

  • Tilburg University (UVT)
  • Bedrijfseconomie
  • Investeren en Beleggen (323078B6)
Tous les documents sur ce sujet (24)

Vendeur

avatar-seller
joesvanderstok

Avis reçus

Aperçu du contenu

Chapter 1: The corporation

1.1: The four types of firms
1. Sole proprietorship
= business owned and run by 1 person
- Straightforward to set up
- Can only be 1 owner. Investors cannot hold an ownership stake in the firm
- Unlimited personal liability for any debts of the firm
- Difficult to transfer ownership. Life of a proprietorship is usually limited to the life of the owner
* Often the form of business starters have. Responsible for very little revenue of the total revenue
2. Partnerships
= identical to sole proprietorship but with multiple owners
- all partners are personally liable for any of the firm’s debts
- partnership ends with the death or withdrawal of any single partner. This can be avoided with
agreements about alternatives such as a buyout
* Often used as a business form if the owner’s reputation is important. Groups of lawyers or doctors.
2.1. Limited partnerships
= partnerships with 2 kinds of owners:
- General partner = all the rights, privileges and debts liabilities
- Limited partner = liability is limited to their investment. Less rights and privileges
3. Limited liability companies
= a limited partnership without a general partner. All the owners have limited liability but can still run
the company
* Relatively new phenomenon. Businesses are usually older and established
4. Corporations
= a legally defined artificial being separate from its owners. A corporation has many legal powers that
people have but no person is responsible for its obligations
- Corporations must be legally formed, which means it is costly, corporation becomes citizen of the
state in which it is incorporated. Corporate charter includes formal articles of incorporation and a set
of bylaws (rules which dictate how the corporation is run)
- No limit on amount of owners. Ownership is divided into fractions which are known as shares.
Shareholders earn a fraction of the dividends comparable to their fraction of the ownership.
- Unique feature of corporation: no limitation on who can own the stock (no expertise or
qualifications required)

Corporation has to pay taxes over its profits. Afterwards shareholders have to pay tax over their
dividend income. This is referred to as double taxation and only happens in corporations.

‘S’ corporations = ‘corporations that elect subchapter S tax treatment. The firm’s profits are hereby
not subject to taxes, so no double taxation’
-> strict limitations. All owners must be U.S. citizens and there can be max. 100 of them
‘C’ corporations = ‘corporations that do not meet requirements for ‘S’ corporations. They have to pay
corporate taxes’

1.2: Ownership versus control of corporations
Direct control of a corporation comes to 2 groups:
1. The board of directors
= chosen by shareholders to represent their interests in the company, 1 share is 1 vote

,-> makes rules on how the company is run, sets policy, monitors performance of the company
2. The chief executive officer
= responsible for running the corporation by instituting the rules and policies set by the board of
directors
-> CEO can be chairman of board of directors
Chief financial officer = ‘most senior financial manager who reports directly to CEO’

Financial managers are responsible for three main tasks
1. Managing investments decisions
= most important task. Weighing the costs and benefits of potential investments to grow the firm
2. Managing financial decisions
= figuring out in what way the company should finance the investments
3. Managing the cash flows
= making sure that access to cash does not hinder the firm’s success

Good public policy should allow firms to pursue maximization of shareholder value whilst also
benefiting society overall.

Agency problem = ‘separation of ownership and management creates a problem where managers
have to choose between the interests of the shareholders and their own interests’
-> Solved by tying the manager’s reward to profits or stock price
-> Problems arise when manager’s rewards are tied to closely to performance or to loose

CEO’s performance dictates stock prices. Board of directors can decide because of bad performance
or low stock prices to oust the CEO but that happens rarely. Publicly traded stocks create a market
for corporate control which motivates the CEO to act in the interests of shareholders

Hostile takeover = ‘When a company is performing badly another company might decide to buy a
substantial amount of shares to replace board of directors and CEO. Good management may give rise
to stock prices and a profit for the ‘corporate raider’.’

When a corporation cannot meet the demands of their debt owners. Ownership is transferred from
equity holders to debt holders. This does not have to mean liquidation, where all the assets are sold
and the company seizes to exist. Most often the debt holders continue to operate the business in the
most profitable way.

1.3: The stock market
Private companies have a limited set of shareholders so their stock price is hard to determine
Public companies have unlimited shareholders and their stock price is determined on the stock
market.

An investment is liquid when it can be sold quickly for a good value

Primary market = when you buy shares directly from a company
Secondary market = when you buy shares from another shareholder (most often)

Traditionally market makers would post 2 prices at which they would buy the stock (bid price) and
sell the stock (ask price). They provided liquidity because buyers and sellers didn’t need to find each

,other.
Bid-ask spread = different between buying and selling price. This was profit for the market makers
Limit order = an order to buy or sell a set amount of stocks at a fixed price
-> Provide liquidity to the stock market
Market order = orders that trade immediately to the outstanding market price
-> Takes liquidity from the stock market
High frequency traders = use their computers to place, update, cancel and execute trades many times
per second in response to new information
If they don’t do that, new information can cause limit orders to become outdated and taken
advantage of because for example the price of the stock has risen

Dark pools = alternative trading system with no limit order books visible. Offers investors 1 price
(average of bid-ask) with the trade-off being that their order might not be completed if buyers and
sellers are not in equilibrium.

, Chapter 2: Introduction to financial statement analysis

2.1: firms’ disclosure of financial information
Financial statement = ‘accounting reports with past performance information that a firm issues
periodically’

US public companies are required to file 10-Q reports (quarterly) and 10-K reports (annually)
They file these with the Securities and Exchange Commission (SEC) but annual reports must also be
published to shareholders

Financial statements must be prepared in accordance with Generally Accepted Accounting Principles
(GAAP). GAAP provides a common set of rules and a standard format for reports. Reports must also
be checked by a neutral third party, auditors, to make sure they are reliable and prepared according
to GAAP.

Every public company is required to produce four financial statements:
1. The balance sheet
2. The income statement
3. The statement of cash flows
4. The statement of stockholders’ equity

2.2: The balance sheet
= lists the firm’s assets and liabilities, providing a snapshot of the firm’s financial position at a given
point in time (also called: statement of financial position)

Assets (left side) show how the firm uses its capital/investments.
The right side shows the sources of capital, or how the firm raises money.

Current assets = cash or assets that could be converted into cash within one year:
1. Cash and other marketable securities: short-term, low risk and can be easily sold
2. Accounts receivable: amounts owed to the firm by customers
3. Inventories: raw materials, work-in-progress and finished goods
4. Other current assets: catch-all category (including prepaid expenses)

Long-term assets = assets that may produce capital for more than 1 year:
- Property, plant and equipment (PPE)
-> value reduced over time due to depreciation
- Goodwill and intangible assets: non-visible assets that carry value
-> value reduced over time due to amortization or impairment charges
- Others (property not used in business operations, start-up costs new businesses, investments in
long-term securities and property held for sale)

Current liabilities = liabilities that will be satisfied within one year:
1. Accounts payable: amounts owed to suppliers for products or services
2. Short-term debt (Notes payable): repayment of debt that will occur within the next year
3. Others (salary or taxes payable and deferred or unearned revenue)

Net working capital = difference between current assets and current liabilities

Les avantages d'acheter des résumés chez Stuvia:

Qualité garantie par les avis des clients

Qualité garantie par les avis des clients

Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.

L’achat facile et rapide

L’achat facile et rapide

Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.

Focus sur l’essentiel

Focus sur l’essentiel

Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.

Foire aux questions

Qu'est-ce que j'obtiens en achetant ce document ?

Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.

Garantie de remboursement : comment ça marche ?

Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.

Auprès de qui est-ce que j'achète ce résumé ?

Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur joesvanderstok. Stuvia facilite les paiements au vendeur.

Est-ce que j'aurai un abonnement?

Non, vous n'achetez ce résumé que pour €3,48. Vous n'êtes lié à rien après votre achat.

Peut-on faire confiance à Stuvia ?

4.6 étoiles sur Google & Trustpilot (+1000 avis)

68560 résumés ont été vendus ces 30 derniers jours

Fondée en 2010, la référence pour acheter des résumés depuis déjà 15 ans

Commencez à vendre!

Récemment vu par vous

Examen ·

(1)

NUR 265 Exam 2 Study Guide Galen College of Nursing

Examen ·

(0)

NSG 222 Family Nursing Exam 3 - Questions and Answers

Examen ·

(0)

Nur205 Exam Practice Questions and Answers |100% Pass

Examen ·

(0)

ATI CBC 3 Review Questions and Answers 100% Verified

Examen ·

(0)

UF COP4600 - Exam 1 Questions and Answers (Latest 2024)

Examen ·

(0)

Components of Nursing Care 2nd Edition Kathryn Rudd

Examen ·

(0)

NR142 Exam 1 Study Guide.-question and answers-2022

Examen ·

(0)

ONCC BMTCN EXAM SET 1 WITH COMPLETE SOLUTIONS 2023.

Examen ·

(0)

Praxis 5039 Authors and Major Works EXAM GUIDE 2024

€3,48  2x  vendu
  • (0)
Ajouter au panier
Ajouté