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Ogden

In: Business and Management

Submitted By saintlyjinn
Words 605
Pages 3
Chapter 1 A scan of the American company landscape
- A composite balance sheet is established including firms of different sizes and from different industries
- The focus lies on distinctive characteristics of the balance sheet, like ratio of current and non-current assets or equity-to-debt ratio

1. Current and non-current assets
a. S&P Transport and Utilities has much more non-current assets than current assets due to higher amount of net property, plant and equipment  these companies are more capital intensive
2. Market-to-book equity ratio (market value of firm / book value of firm): Positive market-to-book-equity ratio implies that companies are expected to generate “high future earnings” (present value of future earnings outstrips the current book value of the assets used to generate them)  it indicates that the market believes that the firm is able to create value from its assets and operations.
3. Book Debt ratio: (debt (D)/total assets (TA))  use book values  as market values are usually higher than book values, the book debt ratio provides you with upward biased measures of leverage; because you divide by book value (which is a smaller number compared to market value).
4. Leverage based on market values: TAmkt (book values of liabilities + preferred stock + market value of equity (MCAP))  D/TAmkt  the difference between D/TA and D/TAmkt depends on the market-to-book-equity ratio and on the capital structure (how high is the proportion of equity?)
5. Financial distress (Not): companies that face sustained (anhaltend) losses; equity base is eroded and there is no cash to balance (begleichen) debt incurred in the past
6. Ownership structure: distribution of a firm’s shares among classes of investors  insiders (managers and board members); outsiders (institutional investors e.g. mutual funds (Anlagefonds), individual investors)  closely

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