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Module 25.3 LOS 25.j: Estimate the value of a target company using comparable company and comparable transaction analyses

May 17, 2019 by CFA Study Guide
CFA Corporate Finance

In comparable company analysis, we calculate an estimate of firm value using relative valuation metrics, and then add a takeover …

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Module 25.4 LOS 25.n Carve outs, spin-offs and liquidations

May 17, 2019 by CFA Study Guide
CFA Corporate Finance

Firm can decrease in size through divestitures, which usually involve a sale of a portion of a firm to an …

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Module 25.4 LOS 25.k, 25.i: Post-acquisition value created using different payment methods

May 17, 2019 by CFA Study Guide
CFA Corporate Finance

For mergers to occur in a rational sense, the value of the combined firm should be worth more than the …

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Module 22.1 LOS 22.d: Clientele and Agency effects, tax considerations for dividend policies

May 4, 2019 by CFA Study Guide
CFA Corporate Finance

The clientele effect is a dividend policy theory that states to different groups of invests have different desired level of …

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Module 22.2 LOS 22.m: FCFF/FCFE Coverage Ratios

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

Dividend safety metrics are used to analyze the probability that dividends will continue in the future. A few commons ones …

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Module 24.1 LOS 24. D and 24.e: Effective Corporate Governance Audits and Other Best Practices

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

In order to determine the effectiveness of a board of directors, investors or investment analysts must assess: The composition of …

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Module 24.1 LOS 24.a and 24.h: Core purpose of Corporate Governance and Its Impact on Valuation

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

The corporate governance in a company should strive to eliminate or reduce conflicts of interests and use company assets with …

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Module 21.2 LOS 21.a: Costs That Affect Capital Structure

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

Costs of financial distress comprise of costs of bankruptcy and probability of financial distress. Costs can be direct, like increased …

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Module 21.1 LOS 21.a: MM I and MM II

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

MM I is a theory that shows that the value of a firm is not affected by the firms capital …

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Module 20.1 LOS 20.a: Expansion/Replacement Project Initial Cash Outlay Calculation

April 30, 2019 by CFA Study Guide
CFA Corporate Finance

Capital projects can be broken down into three main incremental cash flows, the initial investment outlay, the operating cash flows …

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