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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

Macroconcentration
An overall measure of the share of sales or value added by a specified number of firms; their share is the aggregate concentration ratio (ACR).

Management buyout (MBO)
A going-private transaction led by the incumbent managers of the formerly public firm.

Managerial conglomerates
Conglomerate firms that provide managerial expertise, counsel, and interaction on decisions pertaining to operating units. Based on the transferability of generic management skills even? across nonrelated businesses.

Managerial entrenchment hypothesis
A theory that antitakeover efforts are motivated by managers' self-interests in keeping their jobs rather than in the best interests of shareholders.

Managerialism
A theory that managers pursue mergers and acquisitions to increase the size of the organizations they control and thus increase their compensation.

Marginal cost of capital (MCC)
The relevant discount factor for a current decision.

Mark-to-market accounting
At statement dates, assets and liabilities are restated to measures of their current market values.

Market-adjusted return
The return for a firm for a period is its actual return less the return on the market index for that period.

Market extension merger
A combination of firms whose operations had previously been conducted in nonoverlapping geographic areas.

Market model
In event studies, the most widely used method of calculating the return predicted if no event took place. In this method, a clean period (with no events) is chosen, and a regression is run of firm returns against the market index return over the clean period. The regression coefficient and intercept are then used with the market index return for the day of interest in the event period to predict what the return for the firm would have been on that day had no event taken place.

Market value rule
The principle that all decisions of a corporation should be judged solely by their contribution to the market value of the firm's stock.

Markup return
The event return measured from the announcement date to various designated dates thereafter.

Master limited 'partnership (MLP)
An organizational form in which limited partnership interests are publicly traded (like shares of corporate stock) while retaining the tax attributes of a partnership.

Matrix organization
Company that has functional departments assigned to subunits organized around products or geography. Employees report to a functional manager as well as a product manager.

Maximum limit offer
A stock repurchase tender offer in which all tendered shares will be purchased if the offer is undersubscribed, but if the offer is oversubscribed, shares may be purchased only on a pro rata basis.

Mean adjusted return
The actual return for a period less the average (mean) return calculated for a time segment before, after, or both in relation to the event.

Merger
Any transaction that forms one economic unit from two or more previous units.

Mezzanine financing
Subordinated debt issued in connection with leveraged buyouts. Sometimes carries payment-in-kind (PIK) provisions, in which debt holders receive more of the same kind of debt securities in lieu of cash payments under specified conditions.

Microconcentration
A measure of the market share of individual firms or groups such as the four- firm concentration ratio or a measure of inequality of market shares such as the HHI.

Minority squeeze-out
The elimination by controlling shareholders of noncontrolling (minority) shareholders.

Misappropriation doctrine
A rationale for insider trading prosecution of outsiders who trade on the basis of information that they have "misappropriated'' (e.g., stolen from their employers or obtained by fraud).

Money purchase plan
A defined contribution pension plan in which the firm contributes a specified annual amount of cash as opposed to stock bonus plans in which the firm contributes stock, and profit-sharing plans in which the amount of the annual cash contribution depends on profitability.

Monopoly
A single seller.

Moral hazard
One party (principal) relies on the behavior of another agent), and it is costly to observe information or action. Opportunistic behavior in which success benefits one party and failure injures another (e.g., high leverage benefits equity holders under success and injures creditors under failure).

Muddling through
An approach to strategy formulation in which policy makers focus only on those alternatives that differ incrementally (i.e., only a little) from existing policies rather than considering a wider range of alternatives.

Multidivisional corporation (M-form)
An organizational form to achieve greater efficiency via profit centers to reduce the need for information flow across divisions and to guide resource allocation to the highest-valued uses. Benefits from large fixed investment in general management expertise (especially strategic planning, monitoring, and control) spread over a number of individual decentralized operations (at which level decision making on specific management functions takes place).

Multinational enterprise (MNE)
A business organization with operations in more than one country, beyond import-export operations.

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