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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
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