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The fourth edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the rise of populism and trade barriers on international finance, the advent of Financial Technology, and key regulatory changes impacting the sector.
Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth. •Real World Insight boxes use real companies like Siemens, Avast and Adidas to show how they have applied corporate finance theories and concepts to their businesses and business decisions.
•Chapter links in the margin provide quick cross-referencing to show students the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice applying what you have learnt. •Rigorous testing: between 30 and 40 Questions and Problems per chapter are categorised by topic and level of difficulty. •Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths.
•Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice New to This Edition •Updated discussions on peer-to-peer trading, cash flow forecasting methods, import/export partners and additional investment appraisal methods •Updated chapters on corporate governance to reflect global changes, efficient markets and mergers and acquisition to reflect new research, financial distress to reflect new data with discussion on trends and insolvencies and fully updated chapter on Leasing to reflect new IFRS standards •New section on Modified Internal Rate of Return and Margin of Safety in Investment Appraisal, Net Asset Value, Islamic Financing, and alternatives to CAPM to reflect research developments • NEW: This edition has now been updated with 8 new videos that covers a worked example from the text and each video has associated concept check questions.
The videos are now available on Connect® and cover: • Chapter 1 & 2: Introduction to Finance and Corporate Governance • Chapter 5: Long-Term Financing • Chapter 6: Investment Appraisal • Chapter 9 & 10: Risk and Return • Chapter 15 and 16: Equity and Debt Valuation • Chapter 20: Advanced Capital Budgeting • Chapter 21: Dividends • Chapter 22: Options David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School.
Annað
- Höfundar: David Hillier, Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
- Útgáfa:4
- Útgáfudagur: 2019-12-18
- Engar takmarkanir á útprentun
- Engar takmarkanir afritun
- Format:ePub
- ISBN 13: 9781526848093
- Print ISBN: 9781526848086
- ISBN 10: 1526848090
Efnisyfirlit
- Title Page
- Copyright Information
- Dedication
- Brief Table of Contents
- Detailed Table of Contents
- Preface
- Guided Tour
- About the Author
- Acknowledgements
- Photo Credits
- Part 1: Overview
- 1 Introduction to Corporate Finance
- 1.1 What is Corporate Finance?
- 1.2 The Goal of Financial Management
- 1.3 Financial Markets
- 1.4 Corporate Finance in Action: The Case of Alphabet
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Practical Case Study
- References
- Additional Reading
- Endnote
- 2 Corporate Governance
- 2.1 The Corporate Firm
- 2.2 The Agency Problem and Control of the Corporation
- 2.3 The Governance Structure of Corporations
- 2.4 Corporate Governance Principles
- 2.5 International Corporate Governance
- 2.6 Corporate Governance in Action: Starbucks
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Reference
- Additional Reading
- 1 Introduction to Corporate Finance
- 3 Financial Statement Analysis
- 3.1 The Statement of Financial Position
- 3.2 The Income Statement
- 3.3 Taxes
- 3.4 Net Working Capital
- 3.5 Cash Flow
- 3.6 Financial Statement Analysis
- 3.7 Ratio Analysis
- 3.8 The Du Pont Identity
- 3.9 Using Financial Statement Information
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- 4 Discounted Cash Flow Valuation
- 4.1 Valuation: The One-period Case
- 4.2 Valuation: The Multi-period Case
- 4.3 Compounding Periods
- 4.4 Simplifications
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Additional Reading
- Endnotes
- 5 How to Value Bonds and Stocks
- 5.1 Definition and Example of a Bond
- 5.2 How to Value Bonds
- 5.3 Bond Concepts
- 5.4 The Present Value of Equity
- 5.5 Estimates of Parameters in the Dividend Growth Model
- 5.6 Growth Opportunities
- 5.7 The Dividend Growth Model and the NPVGO Model
- 5.8 Stock Market Reporting
- 5.9 Firm Valuation
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnotes
- 6 Net Present Value and Other Investment Rules
- 6.1 The Net Present Value Method
- 6.2 The Payback Period Method
- 6.3 The Discounted Payback Period Method
- 6.4 The Average Accounting Return Method
- 6.5 The Internal Rate of Return
- 6.6 Problems with the IRR Approach
- 6.7 The Profitability Index
- 6.8 Other Investment Appraisal Methods
- 6.9 The Practice of Capital Budgeting
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Additional Reading
- Endnotes
- 7 Making Capital Investment Decisions
- 7.1 Incremental Cash Flows
- 7.2 Energy Renewables Ltd: An Example
- 7.3 Inflation and Capital Budgeting
- 7.4 Alternative Definitions of Operating Cash Flow
- 7.5 Investments of Unequal Lives: The Equivalent Annual Cost Method
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnote
- 8 Risk Analysis, Real Options and Capital Budgeting
- 8.1 Sensitivity Analysis, Scenario Analysis and Break-even Analysis
- 8.2 Monte Carlo Simulation
- 8.3 Real Options
- 8.4 Decision Trees
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnotes
- 9 Risk and Return: Lessons from Market History
- 9.1 Returns
- 9.2 Holding Period Returns
- 9.3 Return Statistics
- 9.4 Average Stock Returns and Risk-free Returns
- 9.5 Risk Statistics
- 9.6 More on Average Returns
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnote
- 10 Risk and Return: The Capital Asset Pricing Model
- 10.1 Individual Securities
- 10.2 Expected Return, Variance and Covariance
- 10.3 The Return and Risk for Portfolios
- 10.4 The Efficient Set for Two Assets
- 10.5 The Efficient Set for Many Securities
- 10.6 Diversification: An Example
- 10.7 Riskless Borrowing and Lending
- 10.8 Market Equilibrium
- 10.9 The Capital Asset Pricing Model
- 10.10 Criticisms of the CAPM
- 10.11 Variations of the CAPM
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
- 11 Factor Models, the Arbitrage Pricing Theory, and Other Alternatives to CAPM
- 11.1 Factor Models: Announcements, Surprises and Expected Returns
- 11.2 Risk: Systematic and Unsystematic
- 11.3 Systematic Risk and Betas
- 11.4 Portfolios and Factor Models
- 11.5 Betas and Expected Returns
- 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory
- 11.7 Other Alternatives to CAPM
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- References
- Additional Reading
- Endnotes
- 12 Risk, Cost of Capital and Capital Budgeting
- 12.1 The Cost of Equity Capital
- 12.2 Estimation of Beta
- 12.3 Determinants of Beta
- 12.4 Extensions of the Basic Model
- 12.5 Estimating Carrefour Group’s Cost of Capital
- 12.6 Reducing the Cost of Capital
- 12.7 How Do Corporations Estimate Cost of Capital in Practice?
- 12.8 Economic Value Added and the Measurement of Financial Performance
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- References
- Additional Reading
- Endnotes
- 13 Efficient Capital Markets and Behavioural Finance
- 13.1 Can Financing Decisions Create Value?
- 13.2 A Description of Efficient Capital Markets
- 13.3 The Different Types of Efficiency
- 13.4 The Evidence
- 13.5 The Behavioural Challenge to Market Efficiency
- 13.6 Empirical Challenges to Market Efficiency
- 13.7 Behavioural Biases in Corporate Finance
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 14 Long-term Financing: An Introduction
- 14.1 Ordinary Shares: The Basics
- 14.2 Corporate Long-term Debt: The Basics
- 14.3 Preference Shares
- 14.4 Patterns of Financing
- 14.5 Hierarchies in Long-term Financing
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standard
- References
- Additional Reading
- Endnote
- 15 Equity Financing
- 15.1 The Public Issue
- 15.2 Alternative Issue Methods
- 15.3 The Cash Offer
- 15.4 The Announcement of New Equity and the Value of the Firm
- 15.5 The Cost of New Issues
- 15.6 Rights
- 15.7 Shelf Registration
- 15.8 The Private Equity Market
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standard
- References
- Additional Reading
- Endnotes
- 16 Debt Financing
- 16.1 Bank Loans
- 16.2 Debt Financing
- 16.3 The Public Issue of Bonds
- 16.4 Bond Refunding
- 16.5 Bond Ratings
- 16.6 Some Different Types of Bonds
- 16.7 Private Placement Compared to Public Issues
- 16.8 Long-term Syndicated Bank Loans
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 17 Leasing
- 17.1 Types of Lease Financing
- 17.2 Accounting and Leasing
- 17.3 The Cash Flows of Leasing
- 17.4 A Detour for Discounting and Debt Capacity with Corporate Taxes
- 17.5 NPV Analysis of the Lease-versus-buy Decision
- 17.6 Does Leasing Ever Pay?
- 17.7 Reasons for Leasing
- 17.8 Some Unanswered Questions about Leasing
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 18 Capital Structure: Basic Concepts
- 18.1 The Capital Structure Question and the Pie Theory
- 18.2 Maximizing Firm Value versus Maximizing Shareholder Interests
- 18.3 Financial Leverage and Firm Value: An Example
- 18.4 Modigliani and Miller: Proposition II (No Taxes)
- 18.5 Corporate Taxes
- 18.6 Personal Taxes
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
- 19 Capital Structure: Limits to the Use of Debt
- 19.1 Costs of Financial Distress
- 19.2 Description of Financial Distress Costs
- 19.3 Can Costs of Debt Be Reduced?
- 19.4 Integration of Tax Effects and Financial Distress Costs
- 19.5 Signalling
- 19.6 Shirking, Perquisites and Bad Investments: A Note on Agency Cost of Equity
- 19.7 The Pecking Order Theory
- 19.8 Growth and the Debt–equity Ratio
- 19.9 Market Timing Theory
- 19.10 How Firms Establish Capital Structure
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
- 20 Valuation and Capital Budgeting for the Levered Firm
- 20.1 Adjusted Present Value Approach
- 20.2 Flow to Equity Approach
- 20.3 Weighted Average Cost of Capital Method
- 20.4 A Comparison of the APV, FTE and WACC Approaches
- 20.5 Capital Budgeting When the Discount Rate Must Be Estimated
- 20.6 APV Example
- 20.7 Beta and Leverage
- 20.8 Net Asset Value
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
- 21 Dividends and Other Payouts
- 21.1 Different Types of Dividends
- 21.2 Standard Method of Cash Dividend Payment
- 21.3 The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy
- 21.4 Share Repurchases
- 21.5 Personal Taxes and Dividends
- 21.6 Real-world Factors Favouring a High-dividend Policy
- 21.7 The Clientele Effect
- 21.8 A Catering Theory of Dividends
- 21.9 What We Know and Do Not Know about Dividend Policy
- 21.10 Stock Dividends and Stock Splits
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 22 Options and Corporate Finance
- 22.1 Options
- 22.2 Call Options
- 22.3 Put Options
- 22.4 Writing Options
- 22.5 Option Quotes
- 22.6 Option Combinations
- 22.7 Valuing Options
- 22.8 An Option Pricing Formula
- 22.9 The ‘Greeks’
- 22.10 Shares and Bonds as Options
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Relevant Accounting Standards
- Reference
- Additional Reading
- Endnotes
- 23 Options and Corporate Finance: Extensions and Applications
- 23.1 Executive Share Options
- 23.2 Investment in Real Projects and Options
- 23.3 Valuing a Start-up
- 23.4 More about the Binomial Model
- 23.5 Shutdown and Reopening Decisions
- 23.6 Options and Capital Budgeting
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 24 Warrants and Convertibles
- 24.1 Warrants
- 24.2 The Difference between Warrants and Call Options
- 24.3 Warrant Pricing and the Black–Scholes Model
- 24.4 Convertible Bonds
- 24.5 The Value of Convertible Bonds
- 24.6 Reasons for Issuing Warrants and Convertibles
- 24.7 Why Are Warrants and Convertibles Issued?
- 24.8 Conversion Policy
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 25 Financial Risk Management with Derivatives
- 25.1 Derivatives, Hedging and Risk
- 25.2 Forward Contracts
- 25.3 Futures Contracts
- 25.4 Hedging
- 25.5 Interest Rate Derivatives
- 25.6 Duration Hedging
- 25.7 Swaps Contracts
- 25.8 Financial Risk Management in Practice
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 26 Short-term Finance and Planning
- 26.1 Tracing Cash and Net Working Capital
- 26.2 Defining Cash in Terms of Other Elements
- 26.3 The Operating Cycle and the Cash Cycle
- 26.4 Some Aspects of Short-term Financial Policy
- 26.5 Cash Budgeting
- 26.6 The Short-term Financial Plan
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 27 Short-term Capital Management
- 27.1 Reasons for Holding Cash
- 27.2 Determining the Target Cash Balance
- 27.3 Managing the Collection and Disbursement of Cash
- 27.4 Investing Idle Cash
- 27.5 Terms of Sale
- 27.6 The Decision to Grant Credit: Risk and Information
- 27.7 Optimal Credit Policy
- 27.8 Credit Analysis
- 27.9 Collection Policy
- 27.10 How to Finance Trade Credit
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- References
- Additional Reading
- 28 Mergers and Acquisitions
- 28.1 The Basic Forms of Acquisition
- 28.2 Synergy
- 28.3 Sources of Synergy
- 28.4 Two ‘Bad’ Reasons for Mergers
- 28.5 A Cost to Shareholders from Reduction in Risk
- 28.6 The NPV of a Merger
- 28.7 Valuation of Mergers in Practice
- 28.8 Friendly versus Hostile Takeovers
- 28.9 Defensive Tactics
- 28.10 The Diary of a Takeover: Takeda and Shire plc
- 28.11 Do Mergers Add Value?
- 28.12 Accounting and Tax Considerations
- 28.13 Going Private and Leveraged Buyouts
- 28.14 Divestitures
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 29 Financial Distress
- 29.1 What is Financial Distress?
- 29.2 What Happens in Financial Distress?
- 29.3 Bankruptcy, Liquidation and Reorganization
- 29.4 Private Workout or Bankruptcy: Which is Best?
- 29.5 Predicting Financial Distress: The Z-score Model
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
- 30 International Corporate Finance
- 30.1 Terminology
- 30.2 Foreign Exchange Markets and Exchange Rates
- 30.3 Purchasing Power Parity
- 30.4 Interest Rate Parity, Unbiased Forward Rates and the International Fisher Effect
- 30.5 International Capital Budgeting
- 30.6 Exchange Rate Risk
- 30.7 Political Risk
- 30.8 Long-term Islamic Financing
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnote
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- Gerð : 208
- Höfundur : 14878
- Útgáfuár : 2019
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