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BACKGROUND BASIC MANAGEMENT ATTITUDES TO EXTERNAL SOURCES OF FUNDS OTHER THAN DEBT
MANAGEMENT ATTITUDES CONCERNING THE USE OF LONGTERM DEBT
CORPORATE DEBT POLICY AND THE CONTROL OF RISK
AN APPRAISAL OF CORPORATE PRACTICE IN THE USE OF LONGTERM DEBT
A CASH FLOW ANALYSIS FOR THE APPRAISAL OF RISK AND THE DETERMINATION OF LONGTERM DEBT CAPACITY
THE APPLICATION OF A RECESSION CASH FLOW ANALYSIS TO THE DEBTEQUITY CHOICE AND ITS INTEGRATION WITH OTHER L...
A REVIEW OF THE DEBT POLICIES OF FIVE COMPANIES IN THE LIGHT OF THEIR SIMULATED RECESSION CASH FLOWS
COMPANYBYCOMPANY RECORD OF THE MEANS BY WHICH FUNDS WERE PROVIDED IN YEARS WHEN TOTAL FUNDS APPLIED EX...
A PROBABILITY APPROACH TO THE EVALUATION OF CORPORATE DEBT CAPACITY
SELECTED READINGS RELATED TO THE SUBJECT OF CORPORATE DEBT CAPACITY
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accepted Adverse Adverse Limit amount analysis appear applied appraisal approach assets associated assumed assumptions attitudes bear behavior borrower capital cash balances cash flow chance chapter circumstances common concept concerned Condition consideration considered continuous contract corporate cost course Current debt capacity debt policy decision described determinants dividend earnings effect equity evidence example excess Exhibit existing expected expenditures experience external fact fixed follows funds future given important included income increase individual industry insolvency interest internal investment issue lender limits loan long-term debt major Maximum Maximum Maximum Maximum Most Probable means observations occurrence operations opportunities outflows particular period position possible practice Probable problem question range reason recession recession cash relatively remaining respect result risk rule Sales servicing shows significant sources standard substantial suggested tion values variation
Сторінка 31 - The truth is quite different. . . . "[T]he average businessman approaches his investment opportunities with a number of built-in limits which may be so much a part of him that he does not even think of them as such. These self-imposed limits may relate to a variety of things — the industry, the product line, the sales area, the size of the plant, the 'proper' rate of growth, to name the more obvious. . . . Taken together they act to give relatively precise limits to corporate needs at any point...
Сторінка 56 - As for common stock, which unlike debt and preferred stock is regarded as permanent capital, the attitude is generally negative: "It will be apparent that the attitude toward the sale of common stock must be taken in relation to the attitude toward retained earnings, since these are alternative ways of adding to the common equity base. The overwhelming importance of retained earnings and the comparatively infrequent use of stock issues suggests that management was avoiding a common issue as much...
Сторінка 58 - Though few companies would go so far as to rule out a sale of common stock under any circumstances, the large majority had not had such a sale in the past 20 years and did not anticipate one in the foreseeable future. This was particularly remarkable in view of the...
Сторінка 67 - Management strongly favors internal generation as a source of new funds even to the exclusion of external sources except for occasional unavoidable 'bulges' in the need for funds. Only a small minority push the rate of investment to the point of having a need substantially in excess of internal generation over extended periods of time.
Сторінка 75 - Events may combine to produce irregular peaks in such capital needs which, combined with the other mandatory outflows in the cash budget, may at any point in time substantially exceed the internal resources. This peaking of need is particularly likely to happen in those companies and industries where capital expenditures because of physical or other characteristics cannot be broken down into 'bite sized' pieces which over a period of time can be handled internally.
Сторінка 64 - A similar attitude prevails with regard to preferred stock: "The fact that the large majority did not use straight preferred as a source of funds during the period, and particularly that all those that had a preferred issue outstanding at the outset took steps to eliminate it, is clear indication of the relative unpopularity of this source of equity capital with this group of companies.
Сторінка 54 - There is no doubt that internal financing is the line of least resistance in most companies. These are funds over which management has complete and independent control. . . . * * * "Management strongly favored internal generation as a source of new funds even to the exclusion of external sources except for occasional unavoidable 'bulges
Сторінка 106 - Where debt is incurred to meet these peak requirements, it is usually regarded as temporary: "In practice the goal of retiring as much of the debt as possible in good years is widely held and was not confined to the highly cyclical industries. It was evident even in companies purporting to have a continuous debt policy. It reflected a certain lack of confidence in the 'continuous...
Сторінка 155 - ... (3) Many corporate financial people have not been stimulated to think through the full implications of risk associated with fixed obligations. (4) Many who are aware of the job to be done and have the data to do it believe that the cost of such an analysis would outweigh the possible gains in refinement.