Finanzas
IESE Publishing > Finanzas
-
-
Dirección Financiera
Pozen, Robert C.
HBSP (USA)
- When the credit markets seized up in 2008, many heaped blame on "mark to market" accounting rules, which require banks to write down their troubled assets
to the prices they'd fetch if sold on the open market - at the time, next to nothing. Recording those assets below their "true" value, critics argued, drove financial institutions toward insolvency. Proponents of marking to market, on the other hand, said it exposed executives' bad decisions. If not for this fair value accounting practice, investors would be kept in the dark about the banks' real state of affairs. In this article, Pozen, the chairman of MFS Investment Management, dispels the myths about fair value accounting. For example, it's untrue that most bank assets are marked to market - in 2008 just a third were. Not all write-downs reduce the banks' regulatory capital. Nor is it true that under historical cost accounting, companies don't have to acknowledge changes in market value; they're required to record permanent impairment
Expandir resumen
Ocultar resumen
-
-
Dirección Financiera
McFarlan, F. Warren
HBSP (USA)
- Teaching Note for [307081] and [307057].
-
-
Dirección Financiera
Luehrman, Timothy A.
HBSP (USA)
- Topics Include: Corporate Finance, Interest Tax Shields, Capital Structure, Financial Strategy, Stock Repurchase and Kitchen Tools A diversified mid-sized
manufacturer of kitchen tools contemplates a stock repurchase in response to an unsolicited takeover. The company must determine the optimal debt capacity and capital structure, and subsequently estimate the resulting change in firm value and stock price. Attention is also given to the value of interest tax shields.
Expandir resumen
Ocultar resumen
-
-
Dirección Financiera
Foley, C. Fritz; Johnson, Matthew; Meyer, Linnea; Shih-Ta Chen, Michael
HBSP (USA)
- What role does trade finance play in facilitating global supply chain management? Richard S. Elman, founder and CEO of Noble Group Ltd., a global commodities
trading company based in Hong Kong, must raise capital to support the firm's working capital and investment needs. In evaluating by which means Elman should raise capital, students must consider issues relating to the payment terms and financing arrangements used in world trade, as well as the risk management and operating decisions of a trade intermediary.
Expandir resumen
Ocultar resumen
-
-
Dirección Financiera
Champion, David; Merton, Robert C.
HBSP (USA)
- In this edited conversation with HBR senior editor David Champion, Merton, a professor at Harvard Business School, casts light on the role of derivatives
in the current financial crisis. Merton was awarded the Nobel Prize in 1997 for his part in developing a new method to value derivatives, and after publication of that development, the markets in derivatives exploded: Today, the estimated notional value of derivative contracts exceeds $500 trillion. Merton posits that derivatives themselves cannot be the cause of a financial crisis. They are simply tools that can be used either functionally (to reduce risk) or dysfunctionally (in ways that increase risk without offsetting benefits). He also offers prescriptions for making the financial markets safer. Of all the management tasks that were bungled in the period leading up to the global recession of 2008--2009, none was bungled more egregiously than the management of risk. This HBR Spotlight attempts to untangle the reasons that major syste
Expandir resumen
Ocultar resumen
-
-
Dirección Financiera
Greenwood, Robin; Quinn, James
HBSP (USA)
- Citigroup faced considerable distress in early 2009. In late 2008, the bank had accepted $45 billion in preferred equity from the United States government
via the Troubled Assets Relief Program (TARP). Yet, the stock had continued to slide in early 2009. In late February, the company announced that it would convert as much as $50 billion of preferred stock into common stock, at $3.25 per share. The case asks students to evaluate the pricing of preferred stock relative to common stock at this time. As the case takes place during a period of considerable uncertainty in global capital markets, and conventional sources of arbitrage capital have been depleted, the apparent mispricing may not be as attractive as it initially seems. In the B and C case, students must decide whether their view of the appropriate pricing changes, when the apparent mispricing worsens. A final additional teaching point relates to the formation of a synthetic short position using the options markets.
Expandir resumen
Ocultar resumen
-
-
Dirección Financiera
Greenwood, Robin; Quinn, James
HBSP (USA)
- Supplements the (A) case. Must be used with: (210009) Citigroup in 2009 (A); (210004) Citigroup's Exchange Offer (B).
-
-
Dirección Financiera
Luehrman, Timothy A.
HBSP (USA)
- In January 2007, West Coast Fashions, Inc., a large designer and marketer of branded apparel, announced a strategic reorganization that would result in
the divestiture of their wholly owned footwear subsidiary, Mercury Athletic. John Liedtke, the head of business development for Active Gear, a mid-sized athletic and casual footwear company, saw the potential acquisition of Mercury as a unique opportunity to roughly double the size of his business. The case uses the potential acquisition of Mercury Athletic as a vehicle to teach students basic DCF (discounted cash flow) valuation using the weighted average cost of capital (WACC). Debt-Free Cash Flow Projections, Terminal Values, Non-operating Assets, Valuation, Operating Projections, Enterprise and Equity Value, Sensitivity Analysis, Acquisition, Weighted Average Cost of Capital, United States, Footwear, Athletic Apparel, Footwear
Expandir resumen
Ocultar resumen
ÚLTIMOS DOCUMENTOS SOBRE FINANZAS
-
Champion, David; Merton, Robert C.
-
McFarlan, F. Warren
-
Luehrman, Timothy A.
-
Foley, C. Fritz; Johnson, Matthew; Meyer, Linnea; Shih-Ta Chen, Michael
-
Pozen, Robert C.
NOVEDADES
-
Álvarez de Mon S.
-
Brunse, Simone; Colburn, Forrest D
-
Fairchild G.; Smith R.; Zienta E.
-
de Royere, Alexandra; Wells, Louis T.
-
Leguizamon, Francisco A.; Lesizza, Mateo
-
Gómez Minakata, Carlos; Taracena, Enrique
-
Belleza S.; Stremersch S.
-
Hess, Edward D.
-
Zimmerman, Alan
-
Aguilera Nieves A.; Llano M. A.
-
Bertoneche, Marc L.; Hynes, Ken; Jacque, Laurent; Sauvage, Agnes; Woolman, Jennifer
-
Exprua, Jose A.; Sanz, Luis J.
-
Sánchez-Runde C.
-
Lucas Chinchilla P.
-
Álvarez de Mon S.