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1、SolutionsManualFundamentalsofCpateFinance9theditionRossWesterfieldJdanUpdated122020089.InauctionmarketsliketheNYSEbrokersagentsmeetataphysicallocation(theexchange)tomatchbuyerssellersofassets.DealermarketslikeNASDAQconsi

2、stofdealersoperatingatdispersedlocaleswhobuysellassetsthemselvescommunicatingwithotherdealerseitherelectronicallyliterallyoverthecounter.10.Suchganizationsfrequentlypursuesocialpoliticalmissionssomanydifferentgoalsarecon

3、ceivable.Onegoalthatisoftencitedisrevenueminimizationi.e.providewhatevergoodsservicesareofferedatthelowestpossiblecosttosociety.Abetterapproachmightbetoobservethatevenanotfprofitbusinesshasequity.Thusoneansweristhattheap

4、propriategoalistomaximizethevalueoftheequity.11.Presumablythecurrentstockvaluereflectstherisktimingmagnitudeofallfuturecashflowsbothshttermlongterm.Ifthisiscrectthenthestatementisfalse.12.Anargumentcanbemadeeitherway.Att

5、heoneextremewecouldarguethatinamarketeconomyallofthesethingsarepriced.Thereisthusanoptimalleveloffexampleethicalillegalbehavitheframewkofstockvaluationexplicitlyincludesthese.Attheotherextremewecouldarguethatthesearenone

6、conomicphenomenaarebesthledthroughthepoliticalprocess.Aclassic(highlyrelevant)thoughtquestionthatillustratesthisdebategoessomethinglikethis:“Afirmhasestimatedthatthecostofimprovingthesafetyofoneofitsproductsis$30million.

7、Howeverthefirmbelievesthatimprovingthesafetyoftheproductwillonlysave$20millioninproductliabilityclaims.Whatshouldthefirmdo”13.Thegoalwillbethesamebutthebestcourseofactiontowardthatgoalmaybedifferentbecauseofdifferingsoci

8、alpoliticaleconomicinstitutions.14.Thegoalofmanagementshouldbetomaximizethesharepricefthecurrentshareholders.Ifmanagementbelievesthatitcanimprovetheprofitabilityofthefirmsothatthesharepricewillexceed$35thentheyshouldfigh

9、ttheofferfromtheoutsidecompany.Ifmanagementbelievesthatthisbidderotherunidentifiedbidderswillactuallypaymethan$35persharetoacquirethecompanythentheyshouldstillfighttheoffer.Howeverifthecurrentmanagementcannotincreasethev

10、alueofthefirmbeyondthebidpricenootherhigherbidscomeinthenmanagementisnotactingintheinterestsoftheshareholdersbyfightingtheoffer.Sincecurrentmanagersoftenlosetheirjobswhenthecpationisacquiredpolymonitedmanagershaveanincen

11、tivetofightcpatetakeoversinsituationssuchasthis.15.Wewouldexpectagencyproblemstobelesssevereincountrieswitharelativelysmallpercentageofindividualownership.Fewerindividualownersshouldreducethenumberofdiverseopinionsconcer

12、ningcpategoals.Thehighpercentageofinstitutionalownershipmightleadtoahigherdegreeofagreementbetweenownersmanagersondecisionsconcerningriskyprojects.Inadditioninstitutionsmaybebetterabletoimplementeffectivemonitingmechanis

13、msonmanagersthancanindividualownersbasedontheinstitutions’deeperresourcesexperienceswiththeirownmanagement.TheincreaseininstitutionalownershipofstockintheUnitedStatesthegrowingactivismoftheselargeshareholdergroupsmaylead

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