Corporate Finance at Universität Giessen

Flashcards and summaries for Corporate Finance at the Universität Giessen

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Study with flashcards and summaries for the course Corporate Finance at the Universität Giessen

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Return on equity (ROE)

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Difference between ROA and ROIC:

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Return on assets (ROA)

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Unitary Board Structure

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Dual Board Structure

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Partnership (pro und contra)

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Corporation (Pro and contra)

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Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Common Law

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Civil Law

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Bank based System vs. Market based system

Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Ownership structure

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Was ist ein Bond?

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Exemplary flashcards for Corporate Finance at the Universität Giessen on StudySmarter:

Corporate Finance

Return on equity (ROE)

net income / total equity

  • Measures how well shareholders fared during the year

Corporate Finance

Difference between ROA and ROIC:

  • ROA accounts for the tax-reducing effect of debt
  • ROIC does not take the capital structure effects into account
  • ROIC makes a statement on the performance of the underlying business


ROA helpful to compare firms in the same industry quickly and easily

Corporate Finance

Return on assets (ROA)

(Net income + interest expense) / total assets

  • Measure of profit per dollar of assets

Corporate Finance

Unitary Board Structure

Sie treffen sich zusammen 

z.B. England

Corporate Finance

Dual Board Structure

Sie treffen sich getrennt voneinander

 z.B. Deutschland

Corporate Finance

Partnership (pro und contra)

+ Small costs of getting started
- Unlimited liability
- Limited life of the enterprise
- Difficulty of transferring ownership
- Difficulty in raising cash

Corporate Finance

Corporation (Pro and contra)

+ Easy transfer of ownership, corporation exists
independently of those who own shares
+ Limited liability of shareholders to the amount invested
+ Unlimited life
- Taxation of corporate income additional to personal taxes on dividend income
+/- Separation of ownership and control

Corporate Finance

Common Law

Investorenfreundlich

Felxibel

Law is developed through court rulings

Corporate Finance

Civil Law

  • Fremdkapitalfreundlich
  • Does not change
  • Law is developed through regulation and code of laws

Corporate Finance

Bank based System vs. Market based system

Banks are central to the process of moving funds between demanders and suppliers of capital (Germany and Japan)

vs

Security markets are as important and can be significantly more important  (Us, UK, Canada and Australia)

Corporate Finance

Ownership structure

widely held firms:

  • seperation between managers and shareholders
  • Agency issues between managers and shareholders


Closely held firms:

  • Manager and shareholder incentives aligned
  • Agency issues between controlling and non-controlling shareholders

Corporate Finance

Was ist ein Bond?

  • A bond is a certificate showing that a borrower owes a specified sum. To repay the money, the borrower has agreed to make interest and principal payments on designated days.
  • A bond is a form of a long-term loan – The owner is entitled to a fixed set of cash payments (coupon) as well as the repayment of principal (face value) at maturity

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