!" #" $ietric% Week 10 & 'arc% 30( 200) *oals and Objectives (1) Calculate the value of and interpret the sustainable growth rate for a firm (2) Trace the implications on financial policy of growth rates higher and lower than the sustainable growth rate for a firm (3) Discuss the importance of financial flexibility and critically assess the tradeoffs from use of various financial options in implementing a firm!s strategy +,ested -evie. -eadin /or ne0t Class 1A2ril 3( 200)4 "#$% Chapter 1& Case 5,estions /or 6e0t Class on A2ril 3( 200) 1Clarkson Lumber*4 ' (ote change in date in response to student preferences This is an individual case write-up. These questions are provided for guidance only. (1) #hy does )r* Clar+son have to borrow so much to support this profitable business, (2) Do you agree with his estimate of the company!s loan re-uirements, .ow much will he need to borrow to finance his expected expansion in sales volume to /0*0 million in 1112, (3) 3hould he plan on ta+ing all trade discounts in his calculations, (4) 5s )r* Clar+son!s financial advisor% would you urge him to go ahead with% or to reconsider% his anticipated expansion and his plans for additional debt financing, 5s the ban+er% would you approve )r* Clar+son!s loan re-uest% and if so% what conditions would you put on the loan, (otes6 7ou should use the figures given in the case to come up with a specific amount for the loan to answer part (4) above* 5,estions /or Follo.in Case 1A2ril )( 200) 7 4 Avon Products4 ' (ote change in date in response to student preferences (1) 8valuate 5von!s investment and financing decisions in the late 11&9!s* #hy was 5von restructuring its business in 11&&, Did the changes ma+e sense, (2) 8valuate 5von!s financial condition in mid11&&* #hy was 5von reducing its dividend, (3) #hat was the purpose of the exchange offer, (4) #hat payoffs does an 5von :8"C3 provide as a function of the future stoc+ price, #hat specifically is motivating this design, ; mar+etability an issue, (0) 5s in institutional investor holding 5von stoc+% how would you evaluate the tradeoff between accepting the new preferred and +eeping the common stoc+, 3hould you <ust sell the common stoc+ and ignore the offer altogether, (otes6 the 5von case is an example of creative security design involving embedded options* =urther% the case provides new insights into dividend policy and its role in a corporation!s overall business strategy* The case description of :8"C5 is not completely clear and re-uires more explanation6 The exchange 532 Week 10 Objectives offer invites investors to tender up to 20> of common stoc+* :8"Cs pay /2 dividends per year% paid in -uarterly installments of / *09% for 13 -uarters beginning 3eptember 1% 11&&% and ending 3eptember 1% 1111* The common stoc+ pays /1 dividends per year% also in 13 -uarterly payments* The redemption value of :8"Cs is the price of 5von!s common stoc+ on 3eptember 1% 1111% if this price is below /31*09 and /31*09 otherwise* 8m2ortant 9ocab,lar: ;ist /rom Class 3?3T5;(5@A8 B"C#T. C:T;)5A B"C#T. 5CT?5A B"C#T. D8@T :CA;C7% D;D;D8(D :CA;C7 =;(5(C;5A =A8E;@;A;T7 +,ested Wall Street Journal (WSJ) or ot%er Articles )arch 29% 2992 FDriving =orce6 (ewest Director 3ha+es ?p B) #ith Calls for "adical ChangeG (51) H Breat story provides insights into board politics and corporate governance% as discussed in later classes F)ichaels )ay :ut ;tself ?p for 3aleG (52) Daluation plays central role in firm!s decision to sell to privatee-uity firms and management rather than remain public F3ilicon Dalley 3tart?ps 3ee Cash 8verywhereG (C1) H ;nteresting changes in tactics of venture capitalists are changing normal patterns of new technologyfirm financing )arch 21% 2992 FIerJner 5grees to @uyout Cffer Topping /3 @illionG (51) H "estructuring relying on private e-uity firms will raise founders! sta+e )arch 22% 2992 F5s )ar+et 3hifts% (ewspapers Try to Aure (ew% 7oung "eadersG (51) H Breat article resulting from recent sale of Inight"idder discusses strategic shifts in venerable industry F$ones )ay :ut on K=or 3ale! Tag 5mid Difficult 5pparel ClimateG (52) H Corporate valuations central in strategic decisions to downsiJe or exit an industry segment F)organ 3tanley :lans "eduction ;n "esearch $obsG (C1) H Changing mar+et for e-uity analysis% as we discuss this semester% as sources of information and trading patterns change )arch 23% 2992 FB) )a+es 3weeping @uyout CfferG (51) H )a<or story on effort of automa+er to shed legacy costs and restructure% good discussion of effects of these costs on debt ratings (as we discuss later this semester) and ability to restructure FB)Delphi Deal =ails to 3tir @ondsG (C2) H Discussion of effect on debt mar+et of above story )arch 24% 2992 FAucent% 5lcatel 5re =ar 5long ;n )erger Tal+sG and F5mid #ave of .ostile @ids in 8?% @ayer 8merges as 3chering 3aviorG (both 51) and F@ayer 3ee+s to @uy 3chering 5B for /11*L3 @illionG (53) H 3tories illustrate mergers li+e those we have studied in restructuring of industries li+e telephone e-uipment and pharmaceuticals 532 Week 10 Objectives FDelphi Creditors 3et to =ight B)!s :otential ClaimG (53) H Breat illustration of <ostling among shareholders and creditors in ban+ruptcy cases
Jurnal Dennys Kumala Arnemy - FAKTOR-FAKTOR YANG MEMPENGARUHI PENERIMAAN OPINI AUDIT GOING CONCERN PADA PERUSAHAAN MANUFAKTUR (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2013-2017)