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專業詞彙
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Abnormal return
In event studies, the part of the return that is not predicted; the change in value caused by the event. Also excess return, benchmark adjusted.

Acquisition
The purchase of a controlling interest in a firm, generally via a tender offer for the target shares.

Acquisition MLP
Also called start-up master limited partnership; the assets of an existing entity are transferred to an MLP, and the business is henceforth conducted as an MLP. The Boston Celtics's conversion into an MLP is an example.

Adjusted present value (APV)
A method of valuation in which operating free cash flows are discounted at the cost of equity and tax shields are discounted at the cost of debt.

Adverse selection
Without a basis for buyers to identify good products, bad products will always be offered at the same price as good products; said to be a characteristic of the used-car market in which buyers have to consider the probability that they are being offered a lemon.

Agency problem
The conflict of interest between principal (e.g., shareholders) and agent (e.g., managers) in which agents have an incentive to act in their own self-interest because they bear less than the total costs of their actions.

Anergy
Negative synergy, instead of a "2 + 2 = 5' effect, energy implies "2 + 2 = 3." Business units actively interfere with each other and may have more value if separated.

Announcement data
In event studies, typically, the day information becomes public.

Antigreenmail amendment
Corporate charter amendment that prohibits targeted share repurchases at a premium from an unwanted acquirer without the approval of nonparticipating shareholders.

Antitakeover amendment
A corporate charter amendment that is intended to make it more difficult for an unwanted acquirer to take over the firm.

Any-or-all offer
A tender offer that does not specify a maximum number of shares to be purchased, but none will be purchased if the conditions of the offer are net met.

Appraisal right
The right of minority shareholders to obtain an independent valuation of their shares to determine the appropriate back-end value in a two-tier tender offer.

Arbitrage
The purchase of an asset for near-term resale at a higher price. In the context of M&As, risk arbitrage refers to investing in the stock of takeover targets for short-term resale to capture a portion of the gains that typically accrue to target shareholders.

Arbitrage pricing theory
A general approach to asset pricing that allows for the possibility that multiple factors may be used to explain asset returns, as opposed to the capital asset pricing model. (See Capital asset pricing model.)

Atomistic competition
Numerous small sellers and buyers, none of which have the power to influence market prices or output.

Atomistic shareholders
Each shareholder has only a small amount of stock. Small shareholders have less incentive to monitor management than large block shareholders.

Auction
Two or more bidders competing for a single target. An auction increases the price target shareholders receive.

 

資料來源:J. Fred Weston, Mark L. Mitchell, and J. Harold Mulherin, “Takeovers, Restructuring, and Corporate Governance”, Forth Edition, Pearson Educational International

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