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1、CHAPTERCorporateFinancing13DecisionsandEfficientCapitalMarketsPARTFOURTheNASDAQstockmarketwasraginginthelate1990s,beendescribedbymanyasoneofthegreatestmarketgainingabout23percent,14percent,35percent,andbubblesinhistory.Theargumentisthatpriceswere62percentin1996to1999,respectively.Ofcourse,thatinfla
2、tedtoeconomicallyridiculouslevelsbeforeinvestorsspectacularruncametoajarringhalt,andtheNASDAQcametotheirsenses,whichthencausedthebubblelostabout40percentin2000,followedbyanothertopopandpricestoplunge.Debateoverwhetherthe30percentin2001.TheISDEX,anindexofInternet-stockmarketofthelate1990sreallywas
3、abubblehasrelatedstocks,rosefrom100inJanuary1996to1,100generatedmuchcontroversy.Inthischapter,wediscussinFebruary2000,againofabout1,000percent!Itthenthecompetingideas,presentsomeevidenceonbothfelllikearockto600byMay2000.sides,andthenexaminetheimplicationsforfinancialTheperformanceoftheNASDAQoverth
4、isperiod,managers.andparticularlytheriseandfallofInternetstocks,has13.1CanFinancingDecisionsCreateValue?Earlierpartsofthebookshowedhowtoevaluateprojectsaccordingtothenetpresentvaluecriterion.Therealworldisacompetitiveonewhereprojectswithpositivenetpresentvaluearenotalwayseasytocomeby.However,thro
5、ughhardworkorthroughgoodfortune,afirmcanidentifywinningprojects.Forexample,tocreatevaluefromcapitalbudgetingdecisions,thefirmislikelyto:1.Locateanunsatisfieddemandforaparticularproductorservice.2.Createabarriertomakeitmoredifficultforotherfirmstocompete.3.Produceproductsorservicesatlowercostthanthecom
6、petition.4.Bethefirsttodevelopanewproduct.Thenextfivechaptersconcernfinancingdecisions.Typicalfinancingdecisionsin-cludehowmuchdebtandequitytosell,whattypesofdebtandequitytosell,andwhentosellthem.Justasthenetpresentvaluecriterionwasusedtoevaluatecapitalbudgetingprojects,wenowwanttousethesamecriterion
7、toevaluatefinancingdecisions.Thoughtheprocedureforevaluatingfinancingdecisionsisidenticaltotheprocedureforevaluatingprojects,theresultsaredifferent.Itturnsoutthatthetypicalfirmhasmanymorecapitalexpenditureopportunitieswit
