Finance

Capítulo 1:

Objetivos Financeiros:

• Fazer boas decisões corporativas financeiras;
• Aumentar o valor da empresa

• ocorre quando a empresa ganha maior retorno do que quando os shareholders –acionistas- podem ganhar por conta própria
• Financial managers add value whenever the company can earn a higher return than shareholders can earn for themselves. (custo de oportunidade)
• How can financial managers increase the value of the firm? Mostly by making good investment decisions. Financing decisions can also add value, and they can surely destroy value if you screw them up. But it’s usually the profitability of corporate investments that separates value winners from the rest of the pack.

• Aumentar preço atual da ação.

• Para pagar por ativos reais, a empresa vende crédito sobre os ativos e sobre o fluxo de caixa que eles vão gerar.

• Créditos: Financial assets  ou securities (títulos e ações) – são seguradas e negociadas no mercado financeiro

Investment decision = purchase of real assets

Financing decision 􏰀= sale of financial assets (raising cash)

Decisões de Dividentos

Investment decision:

Decisões de Capital Budgeting (orçamento) ou capital Expenditure (despesas) (CAPEX)

Financing decision:

A corporation can raise money (cash) from lenders or from shareholders. If it borrows, the lenders contribute the cash, and the corporation promises to pay back the debt plus a fixed rate of interest. If the shareholders put up the cash, they get no fixed return, but they hold shares of stock and therefore get a fraction of future profits and cash flow. The shareholders are equity investors, who contribute equity financing.

• Equity financing: 1. Issue new shares of stock; 2. Take the cash flow generated by its exiting assets and reinvest the cash in new assets (investindo em nome dos acionistas existentes)

The choice between debt and equity financing is called the capital structure decision. Capital refers to the firm’s sources of long-term financing.

Corporation (Public Companies)

• Owned by its shareholders but is legally distinct from them.

• Therefore the shareholders have limited liability (responsabilidade limitada), which means that shareholders cannot be held personally responsible for the corporation’s debts.

Financial managers:

• Chief financial officer (CFO): who oversees the work of all financial staff. The CFO is deeply involved in financial policy and financial planning and is in constant contact with the Chief Executive Officer (CEO) and other top management. The CFO is the most important financial voice of the corporation, and explains earnings results and forecasts to investors and the media.
• Below the CFO are usually a treasurer and a controller. The treasurer is responsible for short-term cash management, currency trading, financing transactions, and bank relationships. The controller manages the company’s internal accounting systems and oversees preparation of its financial statements and tax returns.

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Trade-off do investimento:

Wal-Mart vai investir em novas lojas. Suponha que o risco disso é o mesmo que o risco do mercado de ações dos EUA. Suponha que a taxa de retorno mínima para investir nas novas lojas seja de 10% (minimum rate of return = hurdle rate or cost of capital).

1. Each stockholder wants three things:

1. To be as rich as possible, that is, to maximize his or her current wealth. (riqueza)
2. To transform that wealth into the most desirable time pattern of consumption (tempo de consumo) either by borrowing to spend now or investing to spend later.
3. To manage the risk characteristics of that consumption plan.

1. But stockholders do not need the financial manager’s help to achieve the best time pattern of consumption. They can do that on their own, provided they have free access to competitive financial markets. They can also choose the risk characteristics of their consumption plan by investing in more- or less-risky securities.
2. How then can the financial manager help the firm’s stockholders? There is only one way: by increasing their wealth. That means increasing the market value of the firm and the current price of its shares.

Crise de 2008:

"Subprime" refere-se a empréstimos hipotecários feitos para os compradores de casa com crédito fraco.

• Por que muitos bancos e companhias hipotecárias fazer esses empréstimos em primeiro lugar? Uma razão é que eles poderiam remontar os empréstimos como títulos lastreados em hipotecas e vendê-los com lucro para outros bancos e investidores institucionais.

Capítulo 2:

We show how to value an investment that delivers a steady stream of cash flows forever (a perpetuity) and one that produces a steady stream for a limited period (an annuity).

How to Calculate Presente Values ?

• O dinheiro pode ser investido para ganhar juros

• A dollar today is worth more than a dollar tomorrow.

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r: taxa de juros (interest rate) – fórmula para juros compostos

[pic 5]

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Ct: Cash flow (dinheiro do futuro)

OU VOCE PODE CALCULAR ASSIM:

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PV = DF * Ct

Multiplica o Valor futuro pelo DISCOUNT FACTOR [1/(1+r)^t]

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→ Should you invest in a new office building in the hope of selling it at a profit next year? You should do so if net present value is positive, that is, if the new building’s value today exceeds the investment that is required.