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In fact, the business life cycle has become an integral part of the corporatefinance, valuation and investing classes that I teach, and in many of the posts that I have written on this blog. In 2022, I decided that I had hit critical mass, in terms of corporate life cycle content, and that the material could be organized as a book.
The Dysfunctional Version In practice, though, there is no other aspect of corporatefinance that is more dysfunctional than the cash return or dividend decision, partly because the latter (dividends) has acquired characteristics that get in the way of adopting a rational policy. Data Update 5 for 2025: It's a small world, after all!
Income from financial holdings (including cash balances, investments in financial securities and minority holdings in other businesses) are added back, and interest expenses on debt are subtracted out to get to taxable income.
After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporatefinance and valuation practice, in particular, and this post is my attempt to answer them all with one post. Why does the risk-free rate matter? What is a risk free investment?
Income from financial holdings (including cash balances, investments in financial securities and minority holdings in other businesses) are added back, and interest expenses on debt are subtracted out to get to taxable income. I will use this data to draw three broad conclusions: Low HurdleRate ?
If you have taken a corporatefinance class sometime in your past life are probably wondering how this approach reconciles with the Miller-Modigliani theorem, a key component of most corporatefinance classes, which posits that there is no optimal debt ratio, and that the debt mix does not affect the value of a business.
I went into what’s called corporatefinance, what people would see now as sort of M&A department. CHANCELLOR: Well, I was actually in a sort of subgroup there, which was called corporate strategy. But I didn’t last very long there because I thought I didn’t like corporatefinance.
Maplecroft, a risk management company, mapped out the trendline on nationalization risk in natural resources in the figure below: Source: Maplecroft National security is the reason that some governments use to justify public ownership of key resources.
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