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1、CHAPTERCorporateFinancing13DecisionsandEf?cientCapitalMarketsPARTFOURTheNASDAQstockmarketwasraginginthelate1990s,beendescribedbymanyasoneofthegreatestmarketgainingabout23percent,14percent,35percent,andbubblesinhistory.Theargumentisthatpriceswere62percentin1996to1999,respectively.Ofcourse,thatin?a
2、tedtoeconomicallyridiculouslevelsbeforeinvestorsspectacularruncametoajarringhalt,andtheNASDAQcametotheirsenses,whichthencausedthebubblelostabout40percentin2000,followedbyanothertopopandpricestoplunge.Debateoverwhetherthe30percentin2001.TheISDEX,anindexofInternet-stockmarketofthelate1990sreallywas
3、abubblehasrelatedstocks,rosefrom100inJanuary1996to1,100generatedmuchcontroversy.Inthischapter,wediscussinFebruary2000,againofabout1,000percent!Itthenthecompetingideas,presentsomeevidenceonbothfelllikearockto600byMay2000.sides,andthenexaminetheimplicationsfor?nancialTheperformanceoftheNASDAQoverth
4、isperiod,managers.andparticularlytheriseandfallofInternetstocks,has13.1CanFinancingDecisionsCreateValue?Earlierpartsofthebookshowedhowtoevaluateprojectsaccordingtothenetpresentvaluecriterion.Therealworldisacompetitiveonewhereprojectswithpositivenetpresentvaluearenotalwayseasytocomeby.However,thro
5、ughhardworkorthroughgoodfortune,a?rmcanidentifywinningprojects.Forexample,tocreatevaluefromcapitalbudgetingdecisions,the?rmislikelyto:1.Locateanunsatis?eddemandforaparticularproductorservice.2.Createabarriertomakeitmoredif?cultforother?rmstocompete.3.Produceproductsorservicesatlowercostthanthecom
6、petition.4.Bethe?rsttodevelopanewproduct.Thenext?vechaptersconcern?nancingdecisions.Typical?nancingdecisionsin-cludehowmuchdebtandequitytosell,whattypesofdebtandequitytosell,andwhentosellthem.Justasthenetpresentvaluecriterionwasusedtoevaluatecapitalbudgetingprojects,wenowwanttousethesamecriterion
7、toevaluate?nancingdecisions.Thoughtheprocedureforevaluating?nancingdecisionsisidenticaltotheprocedureforevaluatingprojects,theresultsaredifferent.Itturnsoutthatthetypical?rmhasmanymorecapitalexpenditureopportunitieswit
