I-18 Index
bre44380_idx_I1-I24 18 09/30/15 01:56 PM
Semistrong form of market efficiency, 332,
333–334, 888
Senbet, L., 864
Senior debt, 365, 621–622, 626
Senior management. See also Board of
directors; Chief executive officers (CEOs);
Chief financial officers (CFOs)
CEO compensation by country, 307
as off-balance-sheet liability, 892–893
Sensitivity analysis, 145, 252–258
in arbitrage pricing theory, 207–208
break-even analysis, 256–258
defined, 253
limits to, 254–255
operating leverage and, 257–258
scenario analysis, 145, 255, 576n
in three-factor model, 209–210
value of information, 253–254
Sentiment, in behavioral finance, 341–342
Separation of ownership and control, 6, 12–13,
830–831, 871–880
Sercu, P., 726
Seuss, Dr., 305–306, 306n, 311
Seward, J. K., 632n, 643, 864
SFR, 813
Shanghai Futures Exchange, 681
Shapiro, A. C., 726
Shapiro, E., 85n
Shareholders
agency problem and, 10–12, 889–890
as equity investors, 4
limited liability of, 830–831
managers and needs of, 10–12
minority, 361–362
monitoring by, 306
role of, 830–831
separation of ownership and control, 6,
12–13, 830–831, 871–880
stakeholders versus, 875–876
value maximization and, 7–13, 17–18,
249–271, 732–733
Share repurchases. See Stock repurchases
Shark-repellent charter amendments, 833, 834
Sharpe ratio, 198–199, 199n
Sharpe, William F., 200, 200n
Shaw, W. H., 385n
Shefrin, H., 422n
Sheifer, A., 877n
Shelf registration, 394
Shell Transport & Trading, 337, 338, 343
Shenzhen Stock Exchange, 564
Shiely, J. S., 322
Shiller, Robert J., 169n, 342 n, 350, 351
Shin, B., 651n
Shivdasani, A., 849n
Shleifer, A., 303n, 350, 359n, 429 n, 851 n,
852 n, 871, 871n, 884, 885
Shortage of capital, 117
Short-lived assets
choice between long-lived assets and, 146,
147–150
investing in, 355–356
Short sales, 11, 342–343, 370
Short squeeze, 342–343
Short-term debt, 501–502
Short-term financial planning, 759–762,
769–772
cash budgeting, 767–769Salvage value
abandonment options and, 581–582
depreciation and, 137, 139–140, 659
leasing and, 659
in net present value analysis, 137,
139 –140
in replacement decisions, 150
Samsung, 174, 182
Samurai bonds, 629
Sanofi, 305
Santos, T., 207n, 340 n
Sapienza, P., 10n
Sarbanes-Oxley Act of 2002 (SOX), 305, 385,
386, 428, 854
Saunders, A., 615
Savings banks, 371n
Savor, Pavel, 349n
SBC (bank), 360
SBC Communications, Inc., 848
Scannapieco, D., 865
Scenario analysis, 145, 255, 576n
Schaefer, S. M., 71, 698
Schallheim, J. S., 659n, 668
Schall, L. D., 822n
Scharfstein, D., 698, 849n, 872, 872n
Scherbina, A., 351
Scherer, F. M., 837, 837n
Schmalz, M., 430
Schmidt, R. H., 884
Schneider, C., 875, 875n
Schoar, A., 482, 482n
Schofield, Adrian, 680, 680n
Scholes, Myron S., 412n , 424, 424n, 548,
548 n, 557–564, 558n
Schranz, D., 600n
Schreffler, R., 790n
Schultze, George J., 862n
Schwartz, E. S., 284n, 582 n, 592, 625n,
643, 892n
Schwartz, S. L., 339, 339n
Schwert, G. W., 350
SCOR, 635
Sealed Air Corporation, 847
Seasoned equity offerings (SEOs), 394–399
general cash offer, 394–398
international securities, 395
market reaction to stock issues, 396–398
rights issues, 387n, 398–399
Seaworld Parks and Entertainment, 855
SEC. See U.S. Securities and Exchange
Commission (SEC)
Secondary issues, 367–368, 384, 394–399
Secondary markets, 77, 394–399
Second Law, Brealey, Myers, and Allen, 234n,
251, 251n
Second-stage financing, 381
Secured debt, 365, 621
Securities. See Marketable securities and
specific types
Securities Act of 1933, 385n
Securitization, 623
Security market line
defined, 200
stocks not lying on, 201–202
Segmented markets, 329
Self-liquidating loans, 637
Semiannual coupons, 48–50, 619
Semiannual interest payment, 48–50, 619international risks in. See International
risks
options, 678
reasons for, 673–676
swaps, 687–691
Risk-neutral option valuation, 549–552,
578–579
Risk premium
calculating, 164, 164n
def ined, 166n
dividend yields and, 168–169
h istor ic, 162 –16 4
market. See Market risk premium
in Sharpe ratio, 198–199, 199n
Risk-return trade-off, financial leverage and,
437– 442
Risk shifting game, in financial distress,
472– 473
Ritter, J. R., 337n, 389, 389n, 391n, 392n,
392 n, 397, 398, 401
Ritz Carlton, 814
RJR Nabisco, 474, 474n, 843, 844–846
ROA (return on assets), 312n, 740 –741,
743 –744
Road show, 386–387
Robert Bosch, 873
Roberts, M. R., 478n, 637 n, 640 n
ROC (return on capital), 312n, 739, 740
Roche, 719, 719, 719–722
Rockefeller Center, 476n
Rockefeller Center Properties, 476n
ROE (return on equity), 86–90, 740, 746
Röell, A., 884
Roe, M., 862n
Rogalski, R. J., 632n, 643
Rogers, D. A., 680, 680n
Rogoff, Kenneth, 377, 726, 896, 896n
ROI. See Return on investment (ROI)
Rolfe, David A., 428
Roll, Richard, 891n
Romaine, C., 522n
Rosenthal, L., 337n
Rosetta Restaurants, 66
Ross, Stephen, 207–208
Royal Bank of Scotland, 375
Royal Dutch Petroleum, 337, 338, 343
Royal Dutch Shell, 77, 413, 856
Royal Mail, 851
Royal Statistical Society, 329
Ruback, Richard S., 350, 511, 511n, 515, 837,
837 n, 846, 846n
Rubinstein, M. E., 350
Rule 10b-18, 413n
Rule 144A, 399, 629
Rule of signs (Descartes), 114n
Russian debt default (1998), 68, 343, 343n,
602 n
Rydqvist, K., 391n
Ryngaaert, M. D., 819n
S
Sacconaghi, A. M., 428
Sagner, J., 806
Sahlman, W. A., 400
Sale and lease-back, 653
Risk management—Cont.