CF2 Ch 07 Stocks and Their Valuation 公司财务与金融 课件.pptVIP

CHAPTER 7 Stocks and Their Valuation Topics Features of common stock Determining common stock values Efficient markets Preferred stock Common Stock: Owners, Directors, and Managers Represents ownership. Ownership implies control. Stockholders elect directors. Directors hire management. Since managers are “agents” of shareholders, their goal should be: Maximize stock price. Classified Stock Classified stock has special provisions. Could classify existing stock as founders’ shares, with voting rights but dividend restrictions. New shares might be called “Class A” shares, with voting restrictio