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Short selling strategies risks and rewards phần 8

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Bartley Danielson và nghiên cứu của Sortin Sorescu các lựa chọn giới thiệu giữa năm 1981 và 1995 cho thấy rõ ràng rằng các tùy chọn nâng cao hiệu quả thông tin bằng cách giảm chi phí ngắn selling.21 Họ nhận thấy rằng sự suy giảm giá và tăng lãi suất ngắn hạn đối với cổ phiếu ngay sau khi lựa chọn của họ là lần đầu tiên được liệt kê. | 290 SHORT SELLING STRATEGIES EXHIBIT 11.5 WorldCom Return on Capital Cost of Capital and Residual Return on Capital 1990-2000 capital ranged from lows of 2.23 and 2.95 in 1994 and 1997 respectively to a high of only 9.21 in 1995. Meanwhile WorldCom s cost of capital was consistently above the 10 watershed mark during the 11year reporting period. The average return on capital for WorldCom during the 1990 to 2000 period was 7.26 while the firm s average capital cost was 11.82 . Taken together the capital return and capital cost experiences for the telecommunications giant produced a sharply negative residual return on capital during the eight years spanning 1993 to 2000. Equivalently the average residual return on capital for WorldCom was negative at -4.56 over the reporting decade. These negative EVA findings for WorldCom can be seen in Exhibit 11.5 by focusing on either 1 the negative gap between the ROC and COC series or 2 the mostly negative residual return on capital RROC series during 1990 to 2000. The empirical findings for WorldCom are indicative of the financial dangers that ensue when a company s after-tax capital returns fall short of the capital costs. With a positive after-tax return on capital for each year during 1990 to 2000 it would seem that the telecommunications giant was actually making money albeit a generally smaller amount when measured relative to capital as the years progressed. However the EVA evidence reveals that WorldCom was in fact a large wealth destroyer for most of the 1990s. The persistently negative EVA spread The Economic Profit Approach to Short Selling 291 that began in the post-1992 years was the economic source of the collapse in the telecom giant s market value-added MVA that occurred at the century s turn. Indeed WorldCom s filing for Chapter 11 bankruptcy protection in July 2002 was just the nail in the coffin for a company that was already busted from an economic profit perspective. For obvious reasons this company type .