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Additional resources for Introduction to Corporate Finance (2nd Abridged Edition)
These Mittelstand (middle market) firms still account for some three quarters of all German economic activity. A similar set of relatively small, entrepreneurial companies has helped propel Taiwan, Singapore, and other Asian nations to growth rates consistently higher than those achieved in the industrialized West. 6. What are the costs and benefits of each of the three major organizational forms in the United States? Why do you think the various “hybrid” forms of business organization have proven so successful?
Identifying potential investments; 2. analyzing the set of investment opportunities and identifying those that create shareholder value; and 3. implementing and monitoring the investments selected in Step 2. The long-term success of almost any firm depends on mastering all three steps. Not surprisingly, capital budgeting is also the area where managers have the greatest opportunity to create value for shareholders, by acquiring assets that yield benefits greater than their costs. We cover capital budgeting in Part 3 of this text.
We first evaluate profit maximization and then describe shareholder wealth maximization. Next, we discuss the agency costs arising from potential conflicts between the stockholders’ goals and the managers’ actions. Finally, we consider the role of ethics in corporate finance and briefly discuss how the Sarbanes-Oxley Act is likely to affect financial management. 1-4a What Should a Financial Manager Try to Maximize? Maximize Profit? Some people believe that the manager’s objective always should be to try to maximize profits.