Corporate Valuation and Takeover
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CorporateValuationandTakeover
RobertAlanHill
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R A Hill
Corporate Valuation and Takeover
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Corporate Valuation and Takeover
© 2011 R A Hill & bookboon.com
ISBN 978-87-7681-830-2
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Corporate Valuation and Takeover
Contents
Contents
About the Author
9
Part I: An Introduction
10
An Overview
11
Introduction
11
1.1
Some Observations on Traditional Finance heory
11
1.2
Some Observations on Stock Market Volatility
12
Summary and Conclusions
15
Selected References
17
Part II: Share Valuation heories
18
How to Value a Share
19
Introduction
19
2.1
he Capitalisation Concept
19
2.2
he Capitalisation of Dividends and Earnings
20
2.3
he Capitalisation of Current Maintainable Yield
23
1
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Corporate Valuation and Takeover
2.4
Contents
he Capitalisation of Earnings
23
Summary and Conclusions
26
Selected References
27
he Role of Dividend Policy
28
Introduction
28
3.1
he Gordon Growth Model
28
3.2
Gordon’s ‘Bird in the Hand’ Model
31
Summary and Conclusions
34
Selected References
34
Dividend Irrelevancy
35
Introduction
35
4.1
he MM Dividend Irrelevancy Hypothesis
35
4.2
he MM Hypothesis and Shareholder Reaction
37
4.3
he MM Hypothesis: A Corporate Perspective
39
Summary and Conclusions
41
Selected References
42
Part III: A Guide to Stock Market Investment
43
How to Read Stock Exchange Listings
44
3
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