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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

Racketeer Influenced and Corrupt Organizations Act of 1970 (RICO)
Federal legislation that provides for seizure of assets upon accusation and triple damages upon conviction for companies? that conspire to defraud consumers, investors, and so on.

Real options
The use of an analytical framework that calculates the value of flexibility.

Recap
See Leveraged recapitalization..

Recapture of depreciation
The amount of prior depreciation that becomes taxable as ordinary income when an asset is sold for more than its tax basis.

Redistribution hypothesis
A theory that value increases in mergers represent wealth shifts among stakeholders (e.g., a wealth transfer from bondholders to shareholders) rather than real increases in value.

Residual analysis
The examination of asset returns to determine if a particular event has caused the return to deviate from a normal or predicted return that would have resulted if the event had not taken place. The difference between the actual return and the predicted return is the residual.

Residual claims
The right of owners of an organization to cash flows not otherwise committed.

Restricted vote stock
In dual-class stock firms, the stock with inferior voting rights.

Restructuring
Significant changes in the strategies and policies relating to asset composition and liability and equity patterns as well as operations.

Retention ratio
The percentage of free cash flows retained in the firm.

Return on invested capital (ROIC)
The percentage of net operating profit after taxes (NOPAT) to total operating assets.

Returns to scale
As scale of operations becomes larger, marginal and average costs decline.

Reverse LBOs
Firms, or divisions of firms, that go public again after having been taken private in a leveraged buyout transaction.

Reverse mergers
The uncombining of firms via spin- offs, divestitures, and so on.

Risk-free rate
The return on an asset with no risk of default. In theory, the return on short-term government securities.

Risk premium
The differential of the required return on an asset in excess of the risk-free rate.

Roll-out MLP
Also called spin-off MLP. A corporation transfers some of its assets to an MLP to avoid double taxation; for example, MLP units are initially distributed to corporate shareholders, and corporate management serves as the general partner.

Roll-up MLP
The combination of several ordinary limited partnerships into a master limited partnership.

Royalty trust
An organizational form used by firms that would otherwise be taxed heavily (due to declining depreciation and increasing pretax cash flows) to transfer ownership to investors in low tax brackets.

Runup return
The event return measured for some period ending with the announcement date.

 

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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