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Dividend Policy - Four Decisions
Estrada, JavierCaso F-989-EFinanzasAn important decision that companies must make periodically is whether to distribute part of their earnings to their shareholders as dividends, and if so, how large this proportion should be. Unfortunately, financial theory does not provide very clear guidance on this topic. The four decisions discussed below shine a light on some of the important variables that managers need to consider when making this critical decision.Desde 8,20 €
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A (Very) Brief Introduction to Shazam
Estrada, JavierNota técnica FN-438-EFinanzasShazam is a very powerful package for statistics and econometrics that occupies only four megabytes of disk space. In addition to the hundreds of commands and options that Shazam offers, with a bit of skill the user can program himself just about anything he may need from an econometric point of view. This note only attempts to help users with their very first steps in Shazam, such as the handling of files and a few basic commands.Desde 8,20 €
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Dividend Policy - Four Decisions - Teaching Note
Estrada, JavierNota del Instructor FT-131-EFinanzasAn important decision that companies must make periodically is whether to distribute part of their earnings to their shareholders as dividends, and if so, how large this proportion should be. Unfortunately, financial theory does not provide very clear guidance on this topic. The four decisions discussed below shine a light on some of the important variables that managers need to consider when making this critical decision.Desde 0,00 €
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The Pricing of internet stocks
Estrada, Javier; Cirera A.Nota técnica FN-467-EFinanzasThe technical note recreates a report written by a consultant to his clients which, far from trying to justify the valuation of Internet stocks, attempts to be a map to guide unaware investors through the madness of investing in these shares. It covers several interesting facts and opinions about Internet companies, analyzes the rationale behind the low supply and the high demand for Internet stocks, discusses several methods currently used for v...Desde 8,20 €
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The Essential Financial Toolkit: Tool 2 - Mean Returns
Estrada, JavierNota técnica FN-553-EFinanzasThis note discusses three definitions of mean returns and highlights their different interpretations and uses. In many cases, particularly when evaluating risky assets, the concept of "mean return"¿ is meaningless and stating the type of mean return discussed, arithmetic or geometric, is essential. Also, when investors trade actively, their mean return and that of the asset in which they invest may differ, which requires yet another concept, the ...Desde 8,20 €
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The Essential Financial Toolkit: Tool 10 - Bonds
Estrada, JavierNota técnica FN-564-EFinanzasThis note discusses a financial instrument that governments, companies, and investors could hardly do without. Bonds are an essential asset class, widely used by governments and companies to finance their investments and by investors to protect their portfolios. They come in many types and degrees of complexity, but the simple bonds discussed here, whose characteristics of risk and return are not difficult to understand, are the most widely used.Desde 8,20 €
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The Modigliani - Miller propositions: A simple example
Estrada, JavierNota técnica FN-414-EFinanzasThis note illustrates with a simple example the Modigliani-Miller propositions I and II, which constitute one of the cornerstones of modern financial theory. It starts with a quick review of the original version of the propositions, and then illustrates them with an example. It then moves to address the impact of introducing corporate taxes in the model, and illustrates such impact with another example.Desde 8,20 €
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The Essential Financial Toolkit: Tool 9 - Multiples
Estrada, JavierNota técnica FN-563-EFinanzasThis note discusses stock valuation using relative valuation ratios, typically referred to as multiples. These multiples are widely used by equity analysts and widely discussed in the financial press. Their popularity is largely due to their simplicity but, as discussed in this case, this simplicity may be deceiving, may lead to faulty analyses, and ultimately to wrong investment decisions.Desde 8,20 €
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The Essential Financial Toolkit: Tool 1 - Returns
Estrada, JavierNota técnica FN-552-EFinanzasThis note discusses the concept of returns, essential for evaluating the performance of any investment. We will start by defining the arithmetic return in any given period, and then expand the definition to multiperiod returns. Then we will define the logarithmic return in any given period, and again expand the definition to multiperiod returns. Finally, we will conclude by discussing the distinction between these two types of returns.Desde 8,20 €
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Garmin - Finding an Optimal Capital Structure - Teaching Note
Estrada, JavierNota del Instructor FT-124-EFinanzasThe summer of 2019 was fast approaching and Douglas Boessen, Garmin?s CFO, was adamant that he would not leave for vacation before dealing with the long-postponed review of the company?s capital structure. Garmin did not have any long-term debt and Boessen thought that given the environment of low interest rates, the company would benefit from tapping the bond market. This case is designed to assess Garmin?s capital structure and discuss whether ...Desde 0,00 €