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CHAPTER 8 Stocks and Their Valuation Features of common stock Determining common stock values Efficient markets Preferred stock 8­1 Facts about common stock Represents ownership Ownership implies control Stockholders elect directors Directors elect management Management’s goal: Maximize the stock price 8­2 Social/Ethical Question Should management be equally concerned about employees, customers, suppliers, and “the public,” or just the stockholders? In an enterprise economy, management should work for stockholders subject to constraints (environmental, fair hiring, etc.) and competition. 8­3 Types of stock market transactions Secondary market Primary market Initial public offering market (“going public”) 8­4 Different common approaches for valuing stock Dividend growth model Corporate value model Using the multiples of comparable firms 8­5 ... - tailieumienphi.vn