Jonathan Berk， Peter DeMarzo的经典语录 - 句子控

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Jonathan Berk， Peter DeMarzo

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01.
The NPV of trading a security in a normal market is zero. If the NPV of buying a security were positive, buying the security would be equivalent to receiving cash today- it would present an arbitrage opportunity. Because arbitrage opportunities do note exist in normal markets, the NPV of all security trades must be zero

—— Jonathan Berk， Peter DeMarzoCorporate Finance
02.
The trade-off theory helps to resolve two puzzles regarding leverage. First, the presence of financial distress costs can explain why firms choose debt levels that are too low to fully exploit the interest tax shield.Second, differences in financial distress cost and volatility of cash flow can explain different leverage.

—— Jonathan Berk， Peter DeMarzoCorporate Fiannce
03.
The discount rate for the distress costs will depend on the firm's market risk. Note that because distress costs are high when the firm does poorly, the beta of distress costs will have an opposite sign to that of the firm.

—— Jonathan Berk， Peter DeMarzoCorporate Fiannce
04.
In a perfect capital market, when a dividend is paid, the share price drops by the amount of the dividend when the stock begins to trade ex-dividend.

—— Jonathan Berk， Peter DeMarzoCorporate Fiance
05.
With perfect capital markets, financial transactions neither add nor destroy value, but instead represent a repackaging of risk (and therefore return). Capital structure -and financial transaction more generally--affect a firm's value only because of its impact on some type of market imperfection.

—— Jonathan Berk， Peter DeMarzoCorporate Finance

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