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13-0CHAPTERCorporateFinancingDecisionsandEfficientCapitalMarkets13-1ChapterOutline13.113.1CanCanFinancingFinancingDecisionsDecisionsCreateCreateValue?Value?13.213.2AADescriptionDescriptionofofEfficientEfficientCapitalCapitalMarketsMarkets13.313.3TheTheDifferentDifferentTypesTypesofofEfficiencyEfficiency13.413.4TheTheEvidenceEvidence13.513.5TheTheBehaviorBehaviorChallengeChallengetotoMarketMarketEfficiencyEfficiency13.613.6EmpiricalEmpiricalChallengesChallengestotoMarketMarketEfficiencyEfficiency13.713.7ReviewingReviewingthetheDifferencesDifferences13.813.8ImplicationsImplicationsforforCorporateCorporateFinanceFinance13.913.9SummarySummaryandandConclusionsConclusions13-213.1CanFinancingDecisionsCreateValue?EarlierEarlierpartspartsofofthethebookbookshowshowhowhowtotoevaluateevaluateinvestmentinvestmentprojectsprojectsaccordingaccordingthetheNPVNPVcriterion.criterion.TheThenextnextfivefivechapterschaptersconcernconcernfinancingfinancingdecisions.decisions.13-3WhatSortofFinancingDecisions?TypicalTypicalfinancingfinancingdecisionsdecisionsinclude:include:HowHowmuchmuchdebtdebtandandequityequitytotosellsellWhenWhen(or(orif)if)totopaypaydividendsdividendsWhenWhentotosellselldebtdebtandandequityequityJustJustasaswewecancanuseuseNPVNPVcriteriacriteriatotoevaluateevaluateinvestmentinvestmentdecisions,decisions,wewecancanuseuseNPVNPVtotoevaluateevaluatefinancingfinancingdecisions.decisions.13-4HowtoCreateValuethroughFinancing1.1.FoolFoolInvestorsInvestors••EmpiricalEmpiricalevidenceevidencesuggestssuggeststhatthatititisishardhardtotofoolfoolinvestorsinvestorsconsistently.consistently.2.2.ReduceReduceCostsCostsororIncreaseIncreaseSubsidiesSubsidies••CertainCertainformsformsofoffinancingfinancinghavehavetaxtaxadvantagesadvantagesororcarrycarryotherothersubsidies.subsidies.3.3.CreateCreateaaNewNewSecuritySecurity••SometimesSometimesaafirmfirmcancanfindfindaapreviously-unsatisfiedpreviously-unsatisfiedclienteleclienteleandandiss
