Scott’s Top Ten List_2011

Scott’s Top Ten List_2011 - .29 Oil and Gas...

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Scott’s Top Ten Points to Remember from Finance 521
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Number 10
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Valuation a lot like golf …
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Valuing Firms using Discounted Cash Flows V F = PV(FCF T ) + PV(TV T ) + NOA
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Number 9
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Better to Be Approximately Right than Precisely Wrong!
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Number 8
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To merge or not to merge
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Number 7
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Take stock of this!
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The Rise of CEO Equity-based Pay Source: Brian J. Hall 2002 Equity-based Pay $0 $1 $2 $3 $4 $5 $6 $7 $8 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 Median CEO Pay ($ millions) 60% 58% 54% 49% 43% 40% 37% 32% 86% 92% 96% 95% 90% 93% 99% 63% 2001 66%
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Number 6
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How to get rid of $
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Dividends and Share Repurchases, S&P 500 Firms 1980-2004 0 50 100 150 200 250 1 9 8 0 2 4 6 $ billions Dividends Share Repurchases
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Number 5
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First-day pops and long-run disappointment
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Number 4
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D or E
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Does Debt Policy Matter? Mining .23 Transportation
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Unformatted text preview: .29 Oil and Gas .23 Telecom .13 Construction .37 Utilities .47 Food .13 Retail/Wholesale .13 Basic Materials .20 Financial .43 Biotech/Medical .06 Technology .05 Manufacturing .21 Other .23 Debt Ratios Across Industries for S&P 1500 (1999) Source: Compustat. Debt ratio for S&P 1500 is .19. Debt Ratio = (book value of long-term debt) / (market value of equity + book value of long-term debt) Number 3 For everything there is a season, a time to Number 2 Principal-agent problems Number 1!!! Sorry to tell you this, but corporate finance does not matter!...
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This note was uploaded on 01/02/2012 for the course FINANCE 347 taught by Professor Bayou during the Fall '11 term at NYU.

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Scott’s Top Ten List_2011 - .29 Oil and Gas...

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