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1、STERNSTEWARTROUNDTABLEONCAPITALSTRUCTUREANDSTOCKREPURCHASEFEBRUARY27,2001NEWYORKCITYDONALDCHEW:Goodmorning,andnancing?Shouldacompany’scapitalforwhatmostofusaroundthistablewelcometoSternStewart&Com-structurebedesignedtomaintainatarelikelytofeelisthewrongr
2、ea-panyandtothisdiscussionofcorpo-leastaninvestment-graderating,orson—namely,toincreasetheirnear-ratecapitalstructure.I’mDonChew,doessuchafinancingstrategyendtermearningspershare.TojudgeoneofthefoundingpartnersofSternupleavingsubstantialvalueonthefromrep
3、ortsbythefinancialpressStewartaswellaseditoroftheJournaltable?andsellsideanalysts,boostingEPSisofAppliedCorporateFinance,andIThesecondpartofthediscussiononeofthemostimportantcorporatewillbeservingasmoderator.willfocusonwhathasbecomeanmotivesforrepurchase
4、s—it’srightOurdiscussionwillfallintotwoincreasinglypopularmethodofre-uptherewithbuyingbackunderval-parts.Thefirstwillfocusonques-turningexcesscapitaltosharehold-uedstockasacorporate“invest-tionsofcapitalstructureplanning:Isers—stockrepurchases.In1998,for
5、ment.”ThefocusonEPSmaybetheresuchathingasanoptimalthefirsttimeever,thetotaldollarslargelyresponsibleforwhatmanycapitalstructure?Thatis,givenaspentbyU.S.companiesinbuyingobserversfeelistheinadequacyofleveloftotalcapitalnecessarytobacktheirstockexceededthe
6、irtotalcurrentdisclosuresurroundingsupportacompany’sactivities,isdividendpayments.Wewillexplorecorporaterepurchaseactivity—anthereawayofdividingupthatthecausesofthisexplosionofstockissuewewilltakeupattheendofcapitalintodebtandequitythatrepurchaseactivity
7、,andtheextentthediscussion.Therewewillcon-maximizescurrentfirmvalue?And,iftowhichdistributionstobuybacksiderthepossibilitythatmanyso,whatarethecriticalfactorsinsharesaresubstitutingfordividendcompanies,inanattempttobuysettingtheleverageratioforagivenpaym
8、ents.Ialsowanttoraisethebackasmanysharesatthelowestcompany?Whatarethemostimpor-issueofwhethermanyU.S.compa-pricepossible,areactuallyreduc-tantbenefitsandcostsofdebtfi-niesmaybebuyingbacktheirstockingliquidityandsharevalues
