Ⅰ. 개요
최근 자산운용기법이 다각화함에 따라 자산운용상의 주의의무에 있어서도 신중인(prudent man) 원칙보다는 신중투자가(prudentinvestor) 원칙이 중시되고 있다. 이는 앞에서 살핀 것과 같이 제3차 신탁법 Restatement에서 보다 명확히 되었다. 따라서 ERISA의 신중인원칙은 투자의 측면에서 신중투자가
investor would have found the omitted information important or that the missing facts would have altered the ‘total mix’ of information available to the investor.” Thus, a matter is generally thought of as “material” if a prudentinvestor would reasonably want to know about it. Size of the company could be relevant. And other factors such as compliance with regulatory requirements or co
Part 1 Introduction
Abstract
Why Dividend policy
Dividend policy is important for investors because it is connected to the enterprise value directly. Recently, it is too much low that investors get profits from dividend payouts as compared with other countries. Dividend policy which creates value to the company and shareholders should be decided with consideration of future investment opportu
Ⅱ. Analysis & Valuation process
Cost of Equity
The cost of equity is a key ingredient of every discounted cash flow model. It is difficult to estimate because it is an implicit cost and can vary widely across different investors in the same company.
① Risk Free Rate
There can be no default risk, which generally implies that the security has to be issued by a government. Note, though,
investor. The USA is the world’s richest
market and Australia’s second largest export destination with a nine per cent share of
Australia’s export market. The USA is Australia's single largest trade and investment
partner. Australia is the 14th largest export destination for the USA and the eighth
largest foreign investor in the USA.
Increasing exports of Australia brings us AUD