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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

Earnings before interest and taxes (EBIT)
Net operating income (NOI) plus net nonoperating income.

Earnings before interest, taxes, and depreciation and amortization (EBITDA)
Earnings before interest and taxes (EBIT) plus depreciation and amortization.

Earnout
Part of the payment to a target based on some measures of future performance.

Economic profit
Return on invested capital (ROIC) less the weighted average cost of capital (WACC) multiplied by invested capital.

Empirical test
Systematic examination of data to check the consistency of evidence with alternative theories.

Employee Retirement Income Security Act (ERISA)
Federal legislation enacted in 1974 to regulate pension plans including some ESOPs. Sets vesting requirements, fiduciary standards, and minimum funding standards. Established the Pension Benefit Guarantee Corporation (PBGC) to guarantee pensions~

Employee stock ownership plan (ESOP)
Defined contribution pension plan (stock bonus and/or money purchase) designed to invest primarily in the stock of the employer firm.

End of regulation
A theory hypothesizing that takeovers occur following deregulation of an industry as a result of increased competition, which exposes management inefficiency that might have been masked by regulation.

Entrenchment
See Managerial entrenchment hypothesis.

Equity carve-out
A transaction in which a parent firm offers some of a subsidiary's common stock to the general public to bring in a cash infusion to the parent without loss of control.

ERISA-type ESOP
Employee stock ownership plans other than tax credits ESOPs (i.e. includes , leveraged, leveragable, and nonleveraged ESOPs recognized under ERISA rather than under the Tax Reduction Act of 1975).

Event returns
A measure of the stock price reaction to the announcement of significant new information such as a takeover or some type of restructuring.

Event study
An empirical test of the effect of an event (e.g., a merger, divestiture) on stock returns. The event is the reference date from which analysis of returns is made regardless of the calendar timing of the occurrences in the sample of firms.

Excess return
See Abnormal return.

Exchange method dual-class recapitalization
Means of converting to a dual-class stock corporate structure. High-vote stock is issued to insiders in exchange for their currently outstanding (low-vote) stock. The remaining low-vote stock, in the hands of outside shareholders, generally receives a higher dividend.

Exchange offer
A transaction that provides one class (or more) of securities with the right or option to exchange part or all of their holdings for a different class of the firm's securities (e.g., an exchange of debt for common stock). Enables a change in capital structure with no change in investment.

Exit-type firm
In Jensen's free cash flow hypothesis, a firm with positive free cash flows. The theory predicts that for such a firm, stock prices will increase with unexpected increases in payout.

Extra merger premium hypothesis
The possibility that a higher price will be paid for superior vote shares if a dual-class stock firm becomes a takeover target and causes the price of superior vote stock to be higher even in the absence of a takeover bid.

 

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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