Aswath Damodaran's Applied Corporate Finance: A User's Manual PDF

By Aswath Damodaran

ISBN-10: 0471660930

ISBN-13: 9780471660934

This hands-on advisor offers readers the instruments they should flip company monetary idea into sensible monetary research. It includes proven-effective research types and instruments and exhibits readers precisely the way to follow what they've got discovered to any corporation they select! — this article refers to an out of print or unavailable variation of this identify.

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This does not mean, however, that the chasm between the two groups is too wide to be bridged, either by closing the gap between their interests or by increasing stockholder power over managers. Making managers think more like stockholders As long as managers have interests that are distinct and different from the interests of the stockholders they serve, there is potential for conflict. One way to reduce this conflict is to provide managers with an equity stake in the firms they manage, either 38 by providing them with stock or warrants on the stock.

Stockholders and Bondholders The conflict of interests between stockholders and bondholders can lead to actions that transfer wealth to the former from the latter. There are ways in which bondholders can obtain at least partial protection against some of these actions. The Effect of Covenants The most direct way for bondholders to protect themselves is to write in covenants in their bond agreements specifically prohibiting or restricting actions that may be wealth expropriating.

3. There are cases where insiders move markets to their benefit and often at the expense of outside investors. This is especially true with illiquid stocks and is exacerbated in markets where trading is infrequent. Even with widely held and 19 Shiller , R. , 2000, Irrational Exuberance, Princeton University Press, Princeton. 20 Notwithstanding these limitations, we cannot take away from the central contribution of financial markets. They assimilate and aggregate a remarkable amount of information on current conditions and future prospects into one measure -- the price.

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Applied Corporate Finance: A User's Manual by Aswath Damodaran


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