Empirical Corporate Finance * Table of Content Table of Content i 1 The Porsche Takeover 1 2 FPL Case 3 2.1 Expected Reaction of Stock Price 3 2.1.1 The Modigliani/Miller Theorem 3 2.1.2 The Tax Theory of Dividends 4 2.1.3 The Signaling Theory of Dividends 5 2.1.4 Agency Costs 5 2.1.5 Theory of Dividends Based on Tax Clienteles 6 2.2 Chart in the Light of Previous Theories 7 3 Elton and Gruber (1970): “Marginal Stock Holders tax Rates and the Clientele effect”, Review
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alleged conflict of interest. They claimed that Herr Piech and his family held significant shares in Porsche, which held a near 20% stake in Volkswagen. German’s voluntary corporate governance code states that conflict of interest should result in the termination of a supervisory board member’s mandate. Herr Piech claimed that the conflict would be managed by him leaving the room whenever any Porsche related matter was discussed. Some American institutional investors called this naïve. Herr Piech
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example of tax avoidance is when Volkswagen took full control of Porsche in 2012. Volkswagen at the time already owned 49,9% of the shares in Porsche and was interested in buying the remaining 51.1% in order to have full control and gain synergy effects worth €700 million a year (Bryant, 2012). The price of this was €4,5 billion, which would have to be taxed by €1,5 billion. However, they found a way around this where Volkswagen paid Porsche the €4,5 billion plus one single voting share in Volkswagen
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Current Voting Rights Distribution* (as at December 31, 2014) | 50.73% | Porsche Automobil Holding SE, Stuttgart | 20.0% | State of Lower Saxony, Hanover | 17.0% | Qatar Holding | 12.3% | Others | (Source: http://www.volkswagenag.com/) The company's top five preference shareholders have lost around 1.7 billion euros since September 22th, while its top ordinary shareholders, dominated by German sports car brand Porsche, the state of Lower Saxony and the Qatar Investment Authority sovereign
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The history of Volkswagen and Beetle dates back to the early 1930s. Adolf Hitler (Hitler), the Nazi dictator, commissioned an automobile engineer, Ferdinard Porsche (Porsche), to design a Volkswagen, (German for 'a people's car') in 1933. In 1934, Porsche submitted the design proposal for such a car to the German government and signed an agreement with Reichsverband der Automobilindusrie (RDA, the German Motor Industry Association) to manufacture the car once the prototype of it was ready. By the
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1. Briefing: In December 1999, Wilson applied for Citibank credit card and signed an acceptance certificate in which she agreed to be bound by the terms and conditions of the credit card agreement. Citibank then issued a credit card to her, which Wilson began using. In July 2001, Citibank mailed Wilson her credit card statement, which informed her that it was modifying the terms of the original agreement. This revised agreement was enclosed with the credit card statement. After the July 2001 statement
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Volkswagen 1.3 Organizational Structure of Volkswagen 1.3 History of Volkswagen 第二章 Current State of Affairs of Volkswagen 2.1 Business Situation of Volkswagen 2.1.1 Volkswagen Passenger Cars 2.1.2 Audi 2.1.3 SEAT 2.1.4 SKODA 2.1.5 Porsche 2.1.6 Bentley 2.1.7 Bugatti, Lamborghini 2.1.8 Ducati 2.1.9 Volkswagen Commercial Vehicles 2.1.10 SCANIA 2.1.11 MAN 2.2 Financial Analysis of Volkswagen 第三章 Case Study of Volkswagen Emission Scandal 3.1 Case Situation 3.2 Cause
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Ferrari Business Strategy International Organizations Enzo Ferrari founded Ferrari in 1929, born out of Modena, Italy under the name Scuderia Ferrari, translated literally as ‘Ferrari Stable’; it was originally set up as a sponsor for amateur drivers and manufacturer of racing cars. In its early days Ferrari used to prepare and race drivers in Alfa Romeo cars up until 1938, Enzo Ferrari was then hired by Alfa Romeo to head their motor racing department. The early 1940’s saw the arrival
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use a case as an example … Porsche Canada: + Selling Winter Driving 4 2 2015-‐09-‐13 + 5 Porsche Canada: Selling Winter Driving n Jasmin Rawlinson (Director of Marketing for Porsche Canada) asks: “How can we encourage Canadians to drive their Porsche vehicles in winter?” n Opportunity: creation of a new category of product (winter equipment) and new car sales to buyers who had not previously considered Porsche as a 4-season car; new service
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A Company Analysis Department of Business Administration Autumn 2006 Authors: Hiba Larsson and Christian Falkemark Thesis Adviser: Thomas Polesie Master Thesis, 10 points Abstract Master Thesis in Business Administration School of Economics and Commercial Law Gothenburg University Autumn 2006 Authors: Hiba Larsson and Christian Falkemark Thesis Adviser: Thomas Polesie Title: BMW – A Company Analysis Thesis Language: English Background: The automotive industry is distinguished by a highly competitive
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