Equity Capital Market

Liquidity risks: its impact on the financial crisis Summary Table des matières Summary 2 Definition and causes 3 Definition of liquidity 3 For a financial market 3 For a company 3 Causes 3 Subprime crisis 3 Securitisation 4 Asymmetric information 4 Impact of the liquidity risks 5 For banks 5 Interbank market 5 Case of Northern rock 5 For individuals 6 Investors 6 Borrowers 6 Consumers 6 For companies 6 For economy 7 Decrease of the dollar value 7 Consequence

power stations • Positive socio-economic services of financial intermediation, but systemic risks requiring expensive clean-up operations • Solution: close supervision, minimum capital ratios, and « pollution taxes » • Excessive leverage is a danger: in March 2008, Bear Stearns had a leverage ratio of 36… and a return on equity of 20% (same for AIG, Lehman Brothers, Enron, Parmelat…) MH BOUCHET Global Finance CentreSKEMA La régulation financière? • Qu’est-ce qu’un régulateur = un arbitre 1. Défi

to the activities of its owners. C capital expenditure The cost of acquiring, producing or enhancing fixed assets. capital rationing This is a restriction on an organisation’s ability to invest capital funds, caused by an internal budget ceiling being imposed on such expenditure by management (soft capital rationing), or by external limitations being applied to the organisation, for example when additional borrowed funds cannot be obtained (hard capital rationing). cash flow statement A statement

H02142 Private Equity : Acquisition, IPO et Performance Tuteur : Ulrich Hege Mémoire de recherche – Troisième année Majeure Finance – Année 2005/2006 1 Remerciements Je souhaite remercier particulièrement M. Ulrich Hege, qui m’a guidé tout au long de ce mémoire, de la définition du sujet et la recherche de documentation à la méthodologie d’analyse. 2 Introduction - Abstract Ce mémoire de recherche compare la performance des investissements des fonds de capital-investissement

quatre années de croissance au sein des patrimoines financiers ................................................................................................................................................70 4. L’exposition des ménages au risque en capital, déjà limitée, s’est encore atténuée en 2008...........................................72 5. Synthèse des comportements d’épargne des ménages en 2008 et sources de risque.......................................................74 II – LA GESTION

la croissance des entreprises. Elle permet à une société qui recherche des capitaux de sélectionner parmi un grand nombre d'investisseurs, de pays très variés, ceux qui sont les plus aptes à comprendre son activité, et donc enclins à partager les risques comme la rentabilité. L'entreprise qui finance en Bourse une augmentation de sa taille, par de gros investissements ou une acquisition, réalise une augmentation de capital en créant de nouvelles actions, qu'elle vend aux investisseurs. La bourse

FINANCIAL POLICY Capital Budgeting Capital Budgeting In the process of maximizing wealth, both households and corporations must invest An investment is defined as a change in the investor’s stock of Real assets Financial, or derivative assets Capital Budgeting Capital budgeting is defined as  The process of planning expenditures on assets whose cash flows are expected to extend beyond one year By convention, the process is referred to as financial asset valuation when it deals with

Entreprises is the employers organisation representing exclusively crafts, trades and SMEs from the Euand accession countries @ eyropean level. Its an European scial partener englobes 83 member organisations . International trade: is exchange of goods, capital and services across international boundaries or territories is also a branch of economic, which, together with international finance, forms the larger branch of international economics The Regulation of IT= 1)At the National Level= controling

Accelerated filer ® Non-accelerated filer ® (do not check if a smaller reporting company) Smaller reporting company ® Indicate by check mark w hether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ® No x The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2008 w as $63,201,640,840. The number of shares outstanding of the registrant’s common stock as of January 31, 2009 w as 1,113,621,747. DOCUMENTS INCORPORATED BY REFERENCE

année : Corporate finance Tuteur de mémoire : Jessica Fouilloux [pic] SOMMAIRE Introduction 1 A - Revue de la littérature 4 A.I – Le LBO, une technique financière mature 5 A.I.1 – Qu’est ce qu’un LBO? 5 A.I.1.1 – Le capital investissement 5 A.I.1.2 – Le montage LBO 6 A.I.1.3 – Les différents types de LBO 8 A.I.1.4 – Les principaux acteurs d’un montage LBO 8 A.I.1.5 – Les principaux leviers d’un montage LBO 13 A.I.1.6 – Le déroulement