Christophe Thibierge’s research while affiliated with ESCP Business School and other places

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Publications (11)


The Stock Market
  • Chapter

January 2015

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8 Reads

Christophe Thibierge

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Andrew Beresford

The stock market crystallizes many dreams, but it is also the focus of fantasies and numerous ideological discourses. Let’s navigate these troubled waters together and try to improve our understanding in the following areas: the purpose of the stock market; the main types of transaction that are carried out on stock exchanges; the mechanisms for making money—or losing it, as so often happens—on the stock market.


Financial Analysis

January 2015

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35 Reads

Financial analysis involves reading a company’s financial statements and trying to squeeze the juicy details out of them: how old the captain is, the age of the machines and the overall performance of the business. This requires a minimum skill set and a great deal of ingenuity. Financial analysis is often one of the first steps in business management: a prerequisite for making good decisions is having first understood what the business is all about.


The Time Value of Money

January 2015

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15 Reads

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2 Citations

What we take away from this scintillating dialogue is that money has a value that evolves over time. And what sums up this evolution is the interest rate, which is generally set through a meeting of capital seekers and capital providers.


Cost of Capital and Capital Structure Policy

January 2015

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18 Reads

One of the goals of finance is to choose the right investments. In Chapter 3 we learned how to work through investment decisions. But we had simplified things; the discount rates were already given to us. In this chapter we are going to deal with a fundamental question: How do we set the discount rate for a project? In other words, how do we determine a return expectation? What is the justification for Scrooge McDuck to say: ‘I’m willing to invest in the mines of Palo Alto, but I want my investment to give me an annual return of 13%.’ Drawing on the knowledge acquired in the preceding chapter, we are going to try to answer all of these questions.


Capital Budgeting

January 2015

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21 Reads

Thinking about whether to go to college, deciding whether to buy a company or choosing between two machine tools: these are all investment decisions. You try to make the best decision: the one that is most profitable for the company or for yourself. When choosing investments, we rely on decision-making criteria (not too difficult) and on a forecast of future cash flows (a little more complicated …). In Chapter 1 we saw how to analyse a company’s financial statements and we ended with cash flows—the lifeblood of the company. We will now use this knowledge to make cash flow forecasts. In Chapter 2 we suffered through a few financial calculations, including discounting. We will make use of this knowledge in our decision-making criteria.


Conclusion

January 2015

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7 Reads

This chapter contains some advice that could be entitled ‘How to Make a Mess of Things by Applying the Models Blindly’. In this section, we will go over a few (perhaps obvious) ideas, working our way through the following statements: Finance oversimplifies things. Finance overcomplicates things. We need to return to basics. Not everything in finance is finance.


Cash Management and Risk Management

January 2015

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88 Reads

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2 Citations

The principal cause of business bankruptcy is to be found in the area of cash management. This ostensibly humble and, frankly, arithmetic discipline determines the short-term survival of the company. In the human body, each organ must be regularly supplied with blood, which carries vital oxygen. It is the same for companies: you have to make sure that the cash arrives on time and regularly. It is therefore the job of the company treasurer to avoid any incident that might lead to insolvency—a coronary thrombosis, which often proves fatal for a business.


Risk and Profitability—Stock Portfolios

January 2015

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31 Reads

Risk usually characterizes our uncertainty, faced with the unknown. We cannot accurately predict the future, and some decisions may have consequences that are more costly than others. It follows that the notion of risk encompasses two different things: the probability that the worst—or the best—will happen; an assessment of the cost of the worst outcome vs. the benefit of the best.



Revenge of the Betas: A Bonus Chapter for Insomniacs

January 2015

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3 Reads

The concept of beta has been used extensively in the last two chapters. We first presented this risk metric in Chapter 5 from a stock market perspective: a stock’s beta is a measure of its volatility. But we very quickly started using it to determine discount rates (expected returns). At the end of Chapter 5, we looked at a company’s financial policy and its impact on the cost of financing. Finally, in Chapter 6 we used beta in the CAPM formula to value Blue Steel Co. To spare the reader’s flagging neurons we did not take it any further at that time. But there is indeed more to say on the matter—and that is what we are going to do in this bonus chapter.


Citations (2)


... More than anything else, the 25-50 y agreements did not consider the time value of money and the appreciation of land value. The time value of money and the appreciation of land are the key variables in investment decisions (Haberl et al., 2004;Mike, 2005;Gilg, 2009;Lavee, 2015). ...

Reference:

Dynamics of the North–South Capital Flows or Rise of South–South Land Deals? Features of Land Acquisition in Ethiopia
The Time Value of Money
  • Citing Chapter
  • January 2015

... Una administración del efectivo adecuado de la mano con un correcto manejo tiene resultados favorables en la rentabilidad de una empresa, ya que el momento de realizar sus actividades como es la venta de productos, se reducen los periodos de cobro y los costos de pacto, que resultan de los cobros y pagos. Dickens, (2015) nos asegura que en las empresas hay que asegurarse de que el efectivo llegue puntualmente, que es importante que el administrador lo gestione de manera eficiente para evitar cualquier incidente que pueda conducir a la insolvencia, lo cual resultaría fatal para un negocio. ...

Cash Management and Risk Management
  • Citing Chapter
  • January 2015