Applied Corporate Finance: A User's Manual by Aswath Damodaran

By Aswath Damodaran

This hands-on advisor offers readers the instruments they should flip company monetary concept into sensible monetary research. It includes proven-effective research types and instruments and exhibits readers precisely tips on how to follow what they've got discovered to any corporation they decide on! — this article refers to an out of print or unavailable variation of this name.

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5: Assessing Social Costs The ubiquity of social costs is made clear when we look at the three companies we are analyzing – Disney, Aracruz and Deutsche Bank. These companies, in spite of their many differences, have social costs to consider: • Disney was built and continues to market itself as the ultimate family oriented company. When its only businesses were theme parks and animated movies, it faced relatively few conflicts. With its expansion into the movie business and television broadcasting, Disney has exposed itself to new problems.

When the fraud came to light in 1997, the stock price tumbled, and analysts professed to be shocked that they had been misled by the firm. The more recent cases of Enron, WorldCom and Parmalat suggest that this problem is not restricted to smaller, less followed companies and can persist even with strict accounting standards and auditing oversight. The implications of such fraudulent behavior for corporate finance can be profound, since managers are often evaluated on the basis of stock price performance.

S. firms for the most recent year. 1: Assessing Disney’s Board of Directors Over the last decade Disney has emerged as a case study of weak corporate governance, where a powerful CEO, Michael Eisner, has been given free rein by a captive board of directors. We will look at Disney’s board of directors in 1997, when Fortune magazine ranked it as having the worst board of the Fortune 500 companies and again in 2002, when it made the list of the five most improved boards. 1, categorized by whether they work or worked for Disney (insiders) or not (outsiders).

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Categories: Corporate Finance