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Fundamentals of Corporate Finance, Global Edition

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Efnisyfirlit

  • Title page
  • Dedication page
  • Copyright page
  • Brief contents
  • Detailed contents
  • About the Authors
  • PART 1 Introduction
    • Chapter1 Corporate Finance and the Financial Manager
      • 1.1 Why Study Finance?
      • 1.2 The Four Types of Firms
        • Sole Proprietorships
        • Partnerships
        • Limited Liability Companies
        • Corporations
        • Tax Implications for Corporate Entities
        • Corporate Taxation Around the World
      • 1.3 The Financial Manager
        • Making Investment Decisions
        • GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act
        • Making Financing Decisions
        • Managing Short-Term Cash Needs
        • The Goal of the Financial Manager
        • Shareholder Value Versus Stakeholder Value
      • 1.4 The Financial Manager’s Place in the Corporation
        • The Corporate Management Team
        • Ethics and Incentives in Corporations
        • GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act on Corporate Compensation and Governance
        • Citizens United v. Federal Election Commission
      • 1.5 The Stock Market
        • The Largest Stock Markets
        • Primary Versus Secondary Markets
        • Traditional Trading Venues
        • INTERVIEW WITH Frank Hatheway
        • New Competition and Market Changes
        • Dark Pools
        • Listing Standards
        • Other Financial Markets
        • NYSE, BATS, DJIA, S&P 500: Awash in Acronyms
      • 1.6 Financial Institutions
        • The Financial Cycle
        • Types of Financial Institutions
        • Role of Financial Institutions
      • Summary
      • Problems
    • Chapter 2 Introduction to Financial Statement Analysis
      • 2.1 Firms’ Disclosure of Financial Information
        • Preparation of Financial Statements
        • International Financial Reporting Standards
        • INTERVIEW WITH Ruth Porat
        • Types of Financial Statements
      • 2.2 The Balance Sheet
        • Assets
        • Liabilities
        • Stockholders’ Equity
        • Market Value Versus Book Value
        • Market-to-Book Ratio
        • Enterprise Value
      • 2.3 The Income Statement
        • Earnings Calculations
        • EBITDA
      • 2.4 The Statement of Cash Flows
        • Operating Activity
        • Investment Activity
        • Financing Activity
      • 2.5 Other Financial Statement Information
        • Statement of Stockholders’ Equity
        • Management Discussion and Analysis
        • Notes to the Financial Statements
      • 2.6 Financial Statement Analysis
        • Profitability Ratios
        • Liquidity Ratios
        • Asset Efficiency
        • Working Capital Ratios
        • Interest Coverage Ratios
        • Leverage Ratios
        • Valuation Ratios
        • COMMON MISTAKE Mismatched Ratios
        • Operating Returns
        • The DuPont Identity
      • 2.7 Financial Reporting in Practice
        • Enron
        • The Sarbanes-Oxley Act
        • Dodd-Frank Act
        • GLOBAL FINANCIAL CRISIS Bernard Madoff’s Ponzi Scheme
        • The Financial Statements: A Useful Starting Point
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
  • PART 2 Interest Rates and Valuing Cash Flows
    • Chapter 3 Time Value of Money: An Introduction
      • 3.1 Cost-Benefit Analysis
        • Role of the Financial Manager
        • Quantifying Costs and Benefits
      • 3.2 Market Prices and the Valuation Principle
        • The Valuation Principle
        • Why There Can Be Only One Competitive Price for a Good
        • Your Personal Financial Decisions
      • 3.3 The Time Value of Money and Interest Rates
        • The Time Value of Money
        • The Interest Rate: Converting Cash Across Time
        • Timelines
      • 3.4 Valuing Cash Flows at Different Points in Time
        • Rule 1: Comparing and Combining Values
        • COMMON MISTAKE Summing Cash Flows Across Time
        • Rule 2: Compounding
        • Rule of 72
        • Rule 3: Discounting
        • Using a Financial Calculator
      • Summary
      • Critical Thinking
      • Problems
    • Chapter 4 Time Value of Money: Valuing Cash Flow Streams
      • 4.1 Valuing a Stream of Cash Flows
        • Applying the Rules of Valuing Cash Flows to a Cash Flow Stream
        • Using a Financial Calculator: Solving for Present and Future Values of Cash Flow Streams
      • 4.2 Perpetuities
        • Perpetuities
        • Historical Examples of Perpetuities
        • COMMON MISTAKE Discounting One Too Many Times
      • 4.3 Annuities
        • Present Value of an Annuity
        • Future Value of an Annuity
      • 4.4 Growing Cash Flows
        • Growing Perpetuity
        • Growing Annuity
      • 4.5 Solving for Variables Other Than Present Value or Future Value
        • Solving for the Cash Flows
        • Rate of Return
        • Solving for the Number of Periods
      • 4.6 Non-Annual Cash Flows
        • The Big Picture
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • CHAPTER 4 APPENDIX Using a Financial Calculator
    • Chapter 5 Interest Rates
      • 5.1 Interest Rate Quotes and Adjustments
        • The Effective Annual Rate
        • Adjusting the Discount Rate to Different Time Periods
        • Annual Percentage Rates
        • COMMON MISTAKE Using the EAR in the Annuity Formula
      • 5.2 Application: Discount Rates and Loans
        • Computing Loan Payments
        • GLOBAL FINANCIAL CRISIS Teaser Rates and Subprime Loans
        • Computing the Outstanding Loan Balance
      • 5.3 The Determinants of Interest Rates
        • Inflation and Real Versus Nominal Rates
        • Investment and Interest Rate Policy
        • How Is Inflation Actually Calculated?
        • The Yield Curve and Discount Rates
        • INTERVIEW WITH Kevin M. Warsh
        • COMMON MISTAKE Using the Annuity Formula When Discount Rates Vary
        • The Yield Curve and the Economy
      • 5.4 The Opportunity Cost of Capital
        • Interest Rates, Discount Rates, and the Cost of Capital
        • COMMON MISTAKE States Dig a $3 Trillion Hole by Discounting at the Wrong Rate
        • Summary
      • Summary
      • Critical Thinking
      • Problems
    • Chapter 6 Bonds
      • 6.1 Bond Terminology
      • 6.2 Zero-Coupon Bonds
        • Zero-Coupon Bond Cash Flows
        • Yield to Maturity of a Zero-Coupon Bond
        • GLOBAL FINANCIAL CRISIS Negative Bond Yields
        • Risk-Free Interest Rates
      • 6.3 Coupon Bonds
        • Coupon Bond Cash Flows
        • ?The U.S. Treasury Market
        • Yield to Maturity of a Coupon Bond
        • ?Finding Bond Prices on the Web
        • Coupon Bond Price Quotes
      • 6.4 Why Bond Prices Change
        • Interest Rate Changes and Bond Prices
        • Time and Bond Prices
        • Interest Rate Risk and Bond Prices
        • Clean and Dirty Prices for Coupon Bonds
        • Bond Prices in Practice
      • 6.5 Corporate Bonds
        • Credit Risk
        • Are Treasuries Really Default-Free Securities?
        • INTERVIEW WITH Lisa Black
        • Corporate Bond Yields
        • Bond Ratings
        • Corporate Yield Curves
        • The Credit Crisis and Bond Yields
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • CHAPTER 6 APPENDIX A Solving for the Yield to Maturity of a Bond Using a Financial Calculator
      • CHAPTER 6 APPENDIX B The Yield Curve and the Law of One Price
    • Chapter 7 Stock Valuation
      • 7.1 Stock Basics
        • Stock Market Reporting: Stock Quotes
        • Common Stock
        • Preferred Stock
      • 7.2 The Mechanics of Stock Trades
      • 7.3 The Dividend-Discount Model
        • A One-Year Investor
        • Dividend Yields, Capital Gains, and Total Returns
        • A Multiyear Investor
        • Dividend-Discount Model Equation
      • 7.4 Estimating Dividends in the Dividend-Discount Model
        • Constant Dividend Growth
        • Dividends Versus Investment and Growth
        • Changing Growth Rates
        • COMMON MISTAKE Forgetting to “Grow” This Year’s Dividend
        • Value Drivers and the Dividend-Discount Model
      • 7.5 Limitations of the Dividend-Discount Model
        • Uncertain Dividend Forecasts
        • Non-Dividend-Paying Stocks
      • 7.6 Share Repurchases and the Total Payout Model
      • 7.7 Putting It All Together
      • Summary
      • Critical Thinking
      • Problems
      • PART 2 INTEGRATIVE CASE
  • PART 3 Valuation and the Firm
    • Chapter 8 Investment Decision Rules
      • 8.1 The NPV Decision Rule
        • Net Present Value
        • The NPV Decision Rule
      • 8.2 Using the NPV Rule
        • Organizing the Cash Flows and Computing the NPV
        • The NPV Profile
        • Measuring Sensitivity with IRR
        • Alternative Rules Versus the NPV Rule
      • 8.3 Alternative Decision Rules
        • USING EXCEL Computing NPV and IRR
        • The Payback Rule
        • The Internal Rate of Return Rule
        • COMMON MISTAKE IRR Versus the IRR Rule
        • Modified Internal Rate of Return
        • Why Do Rules Other Than the NPV Rule Persist?
      • 8.4 Choosing Among Projects
        • Differences in Scale
        • INTERVIEW WITH Dick Grannis
        • Timing of the Cash Flows
      • 8.5 Evaluating Projects with Different Lives
        • Important Considerations When Using the Equivalent Annual Annuity
      • 8.6 Choosing Among Projects When Resources Are Limited
        • Evaluating Projects with Different Resource Requirements
      • 8.7 Putting It All Together
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
    • Chapter 9 Fundamentals of Capital Budgeting
      • 9.1 The Capital Budgeting Process
      • 9.2 Forecasting Incremental Earnings
        • Operating Expenses Versus Capital Expenditures
        • Incremental Revenue and Cost Estimates
        • Taxes
        • Incremental Earnings Forecast
      • 9.3 Determining Incremental Free Cash Flow
        • Converting from Earnings to Free Cash Flow
        • Calculating Free Cash Flow Directly
        • Calculating the NPV
        • USING EXCEL Capital Budgeting Using a Spreadsheet Program
      • 9.4 Other Effects on Incremental Free Cash Flows
        • Opportunity Costs
        • COMMON MISTAKE The Opportunity Cost of an Idle Asset
        • Project Externalities
        • Sunk Costs
        • COMMON MISTAKE The Sunk Cost Fallacy
        • Adjusting Free Cash Flow
        • Replacement Decisions
      • 9.5 Analyzing the Project
        • Sensitivity Analysis
        • Break-Even Analysis
        • INTERVIEW WITH David Holland
        • Scenario Analysis
        • USING EXCEL Project Analysis Using Excel
      • 9.6 Real Options in Capital Budgeting
        • Option to Delay
        • Option to Expand
        • Option to Abandon
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • CHAPTER 9 APPENDIX MACRS Depreciation
    • Chapter 10 Stock Valuation: A Second Look
      • 10.1 The Discounted Free Cash Flow Model
        • Valuing the Enterprise
        • Implementing the Model
        • Connection to Capital Budgeting
      • 10.2 Valuation Based on Comparable Firms
        • Valuation Multiples
        • Limitations of Multiples
        • Comparison with Discounted Cash Flow Methods
      • 10.3 Stock Valuation Techniques: A Final Word
        • INTERVIEW WITH Douglas Kehring
      • 10.4 Information, Competition, and Stock Prices
        • Information in Stock Prices
        • Competition and Efficient Markets
        • Forms of Market Efficiency
        • Lessons for Investors and Corporate Managers
        • Nobel Prize The 2013 Prize: An Enigma?
        • The Efficient Markets Hypothesis Versus No Arbitrage
      • 10.5 Individual Biases and Trading
        • Excessive Trading and Overconfidence
        • Hanging On to Losers and the Disposition Effect
        • Investor Attention, Mood, and Experience
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • PART 3 INTEGRATIVE CASE
  • PART 4 Risk and Return
    • Chapter 11 Risk and Return in Capital Markets
      • 11.1 A First Look at Risk and Return
      • 11.2 Historical Risks and Returns of Stocks
        • Computing Historical Returns
        • Average Annual Returns
        • Arithmetic Average Returns Versus Compound Annual Returns
        • The Variance and Volatility of Returns
        • COMMON MISTAKE Mistakes When Computing Standard Deviation
        • USING EXCEL Computing the Standard Deviation of Historical Returns
        • The Normal Distribution
      • 11.3 The Historical Tradeoff Between Risk and Return
        • The Returns of Large Portfolios
        • The Returns of Individual Stocks
      • 11.4 Common Versus Independent Risk
        • Theft Versus Earthquake Insurance: An Example
        • Types of Risk
      • 11.5 Diversification in Stock Portfolios
        • Unsystematic Versus Systematic Risk
        • GLOBAL FINANCIAL CRISIS Diversification Benefits During Market Crashes
        • Diversifiable Risk and the Risk Premium
        • The Importance of Systematic Risk
        • COMMON MISTAKE A Fallacy of Long-Run Diversification
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
    • Chapter 12 Systematic Risk and the Equity Risk Premium
      • 12.1 The Expected Return of a Portfolio
        • Portfolio Weights
        • Portfolio Returns
        • Expected Portfolio Return
      • 12.2 The Volatility of a Portfolio
        • Diversifying Risks
        • Measuring Stocks’ Co-Movement: Correlation
        • USING EXCEL Calculating the Correlation Between Two Sets of Returns
        • Computing a Portfolio’s Variance and Standard Deviation
        • The Volatility of a Large Portfolio
        • Nobel Prize Harry Markowitz
      • 12.3 Measuring Systematic Risk
        • Role of the Market Portfolio
        • Stock Market Indexes as the Market Portfolio
        • Market Risk and Beta
        • Index Funds
        • COMMON MISTAKE Mixing Standard Deviation and Beta
        • Estimating Beta from Historical Returns
        • USING EXCEL Calculating a Stock’s Beta
      • 12.4 Putting It All Together: The Capital Asset Pricing Model
        • The CAPM Equation Relating Risk to Expected Return
        • Why Not Estimate Expected Returns Directly?
        • Nobel Prize William Sharpe
        • The Security Market Line
        • The CAPM and Portfolios
        • Summary of the Capital Asset Pricing Model
        • The Big Picture
      • Summary
      • Critical Thinking
      • Problems
      • CHAPTER 12 APPENDIX Alternative Models of Systematic Risk
    • Chapter 13 The Cost of Capital
      • 13.1 A First Look at the Weighted Average Cost of Capital
        • The Firm’s Capital Structure
        • Opportunity Cost and the Overall Cost of Capital
        • Weighted Averages and the Overall Cost of Capital
        • Weighted Average Cost of Capital Calculations
      • 13.2 The Firm’s Costs of Debt and Equity Capital
        • Cost of Debt Capital
        • COMMON MISTAKE Using the Coupon Rate as the Cost of Debt
        • Cost of Preferred Stock Capital
        • Cost of Common Stock Capital
      • 13.3 A Second Look at the Weighted Average Cost of Capital
        • WACC Equation
        • Weighted Average Cost of Capital in Practice
        • Methods in Practice
      • 13.4 Using the WACC to Value a Project
        • Key Assumptions
        • WACC Method Application: Extending the Life of a GE Facility
        • Summary of the WACC Method
      • 13.5 Project-Based Costs of Capital
        • COMMON MISTAKE Using a Single Cost of Capital in Multi-Divisional Firms
        • Cost of Capital for a New Acquisition
        • Divisional Costs of Capital
        • INTERVIEW WITH Shelagh Glaser
      • 13.6 When Raising External Capital Is Costly
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • PART 4 INTEGRATIVE CASE
  • PART 5 Long-Term Financing
    • Chapter 14 Raising Equity Capital
      • 14.1 Equity Financing for Private Companies
        • Sources of Funding
        • INTERVIEW WITH Kevin Laws
        • Crowdfunding: The Wave of the Future?
        • Securities and Valuation
        • Exiting an Investment in a Private Company
      • 14.2 Taking Your Firm Public: The Initial Public Offering
        • Advantages and Disadvantages of Going Public
        • Primary and Secondary IPO Offerings
        • Other IPO Types
        • Google’s IPO
      • 14.3 IPO Puzzles
        • Underpriced IPOs
          • “Hot” and “Cold” IPO Markets
        • GLOBAL FINANCIAL CRISIS 2008–2009: A Very Cold IPO Market
        • High Cost of Issuing an IPO
        • Poor Post-IPO Long-Run Stock Performance
      • 14.4 Raising Additional Capital: The Seasoned Equity Offering
        • SEO Process
        • SEO Price Reaction
        • SEO Costs
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
    • Chapter 15 Debt Financing
      • 15.1 Corporate Debt
        • Private Debt
        • Debt Financing at Hertz: Bank Loans
        • Debt Financing at Hertz: Private Placements
        • Public Debt
        • Debt Financing at Hertz: Public Debt
      • 15.2 Other Types of Debt
        • Sovereign Debt
        • Municipal Bonds
        • ?Detroit’s Art Museum at Risk
        • Asset-Backed Securities
        • GLOBAL FINANCIAL CRISIS CDOs, Subprime Mortgages, and the Financial Crisis
      • 15.3 Bond Covenants
        • Types of Covenants
        • Advantages of Covenants
        • Application: Hertz’s Covenants
      • 15.4 Repayment Provisions
        • Call Provisions
        • New York City Calls Its Municipal Bonds
        • Sinking Funds
        • Convertible Provisions
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • CHAPTER 15 APPENDIX Using a Financial Calculator to Calculate Yield to Call
      • PART 5 INTEGRATIVE CASE
  • PART 6 Capital Structure and Payout Policy
    • Chapter 16 Capital Structure
      • 16.1 Capital Structure Choices
        • Capital Structure Choices Across Industries
        • Capital Structure Choices Within Industries
      • 16.2 Capital Structure in Perfect Capital Markets
        • Application: Financing a New Business
        • Leverage and Firm Value
        • The Effect of Leverage on Risk and Return
        • Homemade Leverage
        • Leverage and the Cost of Capital
        • COMMON MISTAKE Capital Structure Fallacies
        • GLOBAL FINANCIAL CRISIS Bank Capital Regulation and the ROE Fallacy
        • MM and the Real World
        • Nobel Prize Franco Modigliani and Merton Miller
      • 16.3 Debt and Taxes
        • The Interest Tax Deduction and Firm Value
        • Value of the Interest Tax Shield
        • The Interest Tax Shield with Permanent Debt
        • Leverage and the WACC with Taxes
        • Debt and Taxes: The Bottom Line
      • 16.4 The Costs of Bankruptcy and Financial Distress
        • Direct Costs of Bankruptcy
        • Bankruptcy Can Be Expensive
        • Indirect Costs of Financial Distress
      • 16.5 Optimal Capital Structure: The Tradeoff Theory
        • Differences Across Firms
        • Optimal Leverage
      • 16.6 Additional Consequences of Leverage: Agency Costs and Information
        • Agency Costs
        • Airlines Use Financial Distress to Their Advantage
        • GLOBAL FINANCIAL CRISIS Moral Hazard and Government Bailouts
        • Financial Distress and Rolling the Dice, Literally
        • Debt and Information
      • 16.7 Capital Structure: Putting It All Together
      • Summary
      • Critical Thinking
      • Problems
      • CHAPTER 16 APPENDIX The Bankruptcy Code
    • Chapter 17 Payout Policy
      • 17.1 Cash Distributions to Shareholders
        • Dividends
        • Share Repurchases
      • 17.2 Dividends Versus Share Repurchases in a Perfect Capital Market
        • Alternative Policy 1: Pay a Dividend with Excess Cash
        • Alternative Policy 2: Share Repurchase (No Dividend)
        • COMMON MISTAKE Repurchases and the Supply of Shares
        • Alternative Policy 3: High Dividend (Equity Issue)
        • Modigliani-Miller and Dividend Policy Irrelevance
        • COMMON MISTAKE The Bird in the Hand Fallacy
        • Dividend Policy with Perfect Capital Markets
      • 17.3 The Tax Disadvantage of Dividends
        • Taxes on Dividends and Capital Gains
        • Optimal Dividend Policy with Taxes
        • Tax Differences Across Investors
      • 17.4 Payout Versus Retention of Cash
        • Retaining Cash with Perfect Capital Markets
        • Retaining Cash with Imperfect Capital Markets
      • 17.5 Signaling with Payout Policy
        • Dividend Smoothing
        • Dividend Signaling
        • Royal & SunAlliance’s Dividend Cut
        • Signaling and Share Repurchases
        • INTERVIEW WITH John Connors
      • 17.6 Stock Dividends, Splits, and Spin-Offs
        • Stock Dividends and Splits
        • ?Berkshire Hathaway’s A and B Shares
        • Spin-Offs
      • 17.7 Advice for the Financial Manager
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
      • PART 6 INTEGRATIVE CASE
  • PART 7 Financial Planning and Forecasting
    • Chapter 18 Financial Modeling and Pro Forma Analysis
      • 18.1 Goals of Long-Term Financial Planning
        • Identify Important Linkages
        • Analyze the Impact of Potential Business Plans
        • Plan for Future Funding Needs
      • 18.2 Forecasting Financial Statements: The Percent of Sales Method
        • Percent of Sales Method
        • Pro Forma Income Statement
        • Pro Forma Balance Sheet
        • COMMON MISTAKE Confusing Stockholders’ Equity with Retained Earnings
        • Making the Balance Sheet Balance: Net New Financing
        • Choosing a Forecast Target
      • 18.3 Forecasting a Planned Expansion
        • KMS Designs’ Expansion: Financing Needs
        • KMS Designs’ Expansion: Pro Forma Income Statement
        • COMMON MISTAKE Treating Forecasts as Fact
        • Forecasting the Balance Sheet
      • 18.4 Growth and Firm Value
        • Sustainable Growth Rate and External Financing
      • 18.5 Valuing the Expansion
        • Forecasting Free Cash Flows
        • COMMON MISTAKE Confusing Total and Incremental Net Working Capital
        • KMS Designs’ Expansion: Effect on Firm Value
        • Optimal Timing and the Option to Delay
      • Summary
      • Critical Thinking
      • Problems
      • CHAPTER 18 APPENDIX The Balance Sheet and Statement of Cash Flows
    • Chapter 19 Working Capital Management
      • 19.1 Overview of Working Capital
        • The Cash Cycle
        • Working Capital Needs by Industry
        • Firm Value and Working Capital
      • 19.2 Trade Credit
        • Trade Credit Terms
        • Trade Credit and Market Frictions
        • COMMON MISTAKE Using APR Instead of EAR to Compute the Cost of Trade Credit
        • Managing Float
      • 19.3 Receivables Management
        • Determining the Credit Policy
        • The 5 C’s of Credit
        • Monitoring Accounts Receivable
      • 19.4 Payables Management
        • Determining Accounts Payable Days Outstanding
        • Stretching Accounts Payable
      • 19.5 Inventory Management
        • Benefits of Holding Inventory
        • Costs of Holding Inventory
        • Inventory Management Adds to the Bottom Line at Gap
      • 19.6 Cash Management
        • Motivation for Holding Cash
        • Alternative Investments
        • Hoarding Cash
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
    • Chapter 20 Short-Term Financial Planning
      • 20.1 Forecasting Short-Term Financing Needs
        • Application: Springfield Snowboards, Inc.
        • Negative Cash Flow Shocks
        • Positive Cash Flow Shocks
        • Seasonalities
        • The Cash Budget
      • 20.2 The Matching Principle
        • Permanent Working Capital
        • Temporary Working Capital
        • Permanent Versus Temporary Working Capital
        • Financing Policy Choices
      • 20.3 Short-Term Financing with Bank Loans
        • Single, End-of-Period Payment Loan
        • Line of Credit
        • Bridge Loan
        • Common Loan Stipulations and Fees
      • 20.4 Short-Term Financing with Commercial Paper
        • Short-Term Financing and the Financial Crisis of the Fall of 2008
      • 20.5 Short-Term Financing with Secured Financing
        • Accounts Receivable as Collateral
        • A Seventeenth-Century Financing Solution
        • Inventory as Collateral
        • Loan Guarantees: The Ex-Im Bank Controversy
      • 20.6 Putting It All Together: Creating a Short-Term Financial Plan
      • Summary
      • Critical Thinking
      • Problems
      • PART 7 INTEGRATIVE CASE
  • PART 8 Special Topics
    • Chapter 21 Option Applications and Corporate Finance
      • 21.1 Option Basics
        • Option Contracts
        • Stock Option Quotations
        • Options on Other Financial Securities
        • Options Are for More Than Just Stocks
      • 21.2 Option Payoffs at Expiration
        • The Long Position in an Option Contract
        • The Short Position in an Option Contract
        • Profits for Holding an Option to Expiration
        • Returns for Holding an Option to Expiration
      • 21.3 Factors Affecting Option Prices
        • Strike Price and Stock Price
        • Option Prices and the Exercise Date
        • Option Prices and the Risk-Free Rate
        • Option Prices and Volatility
      • 21.4 The Black-Scholes Option Pricing Formula
      • 21.5 Put-Call Parity
        • Portfolio Insurance
      • 21.6 Options and Corporate Finance
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
    • Chapter 22 Mergers and Acquisitions
      • 22.1 Background and Historical Trends
        • Merger Waves
        • Types of Mergers
      • 22.2 Market Reaction to a Takeover
      • 22.3 Reasons to Acquire
        • Economies of Scale and Scope
        • Vertical Integration
        • Expertise
        • Monopoly Gains
        • Efficiency Gains
        • Tax Savings from Operating Losses
        • Diversification
        • Earnings Growth
        • Managerial Motives to Merge
      • 22.4 The Takeover Process
        • Valuation
        • The Offer
        • Merger “Arbitrage”
        • Tax and Accounting Issues
        • Board and Shareholder Approval
      • 22.5 Takeover Defenses
        • Poison Pills
        • Staggered Boards
        • White Knights
        • Golden Parachutes
        • Recapitalization
        • Other Defensive Strategies
        • Regulatory Approval
        • Weyerhaeuser’s Hostile Bid for Willamette Industries
      • 22.6 Who Gets the Value Added from a Takeover?
        • The Free Rider Problem
        • Toeholds
        • The Leveraged Buyout
        • The Leveraged Buyout of RJR-Nabisco by KKR
        • The Freezeout Merger
        • Competition
      • Summary
      • Critical Thinking
      • Problems
    • Chapter 23 International Corporate Finance
      • 23.1 Foreign Exchange
        • The Foreign Exchange Market
        • Exchange Rates
      • 23.2 Exchange Rate Risk
        • Exchange Rate Fluctuations
        • Brexit
        • Hedging with Forward Contracts
        • Cash-and-Carry and the Pricing of Currency Forwards
        • Hedging Exchange Rate Risk with Options
      • 23.3 Internationally Integrated Capital Markets
        • COMMON MISTAKE Forgetting to Flip the Exchange Rate
      • 23.4 Valuation of Foreign Currency Cash Flows
        • Application: Ityesi, Inc.
        • The Law of One Price as a Robustness Check
      • 23.5 Valuation and International Taxation
        • A Single Foreign Project with Immediate -Repatriation of Earnings
        • Multiple Foreign Projects and Deferral of Earnings Repatriation
      • 23.6 Internationally Segmented Capital Markets
        • Differential Access to Markets
        • Macro-Level Distortions
        • Implications of Internationally Segmented Capital Markets
      • 23.7 Capital Budgeting with Exchange Rate Risk
        • Application: Ityesi, Inc.
        • Conclusion
      • Summary
      • Critical Thinking
      • Problems
      • Data Case
  • Index

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Glósur og yfirstrikanir
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Hvað viltu sjá? / Þú ræður hvernig síðan lítur út
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Fleiri góðir kostir
- Þú getur prentað síður úr bókinni (innan þeirra marka sem útgefandinn setur)
- Möguleiki á tengingu við annað stafrænt og gagnvirkt efni, svo sem myndbönd eða spurningar úr efninu
- Auðvelt að afrita og líma efni/texta fyrir t.d. heimaverkefni eða ritgerðir
- Styður tækni sem hjálpar nemendum með sjón- eða heyrnarskerðingu
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Vörumerki: Pearson
Vörunúmer: 9781292215204
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Fundamentals of Corporate Finance, Global Edition

Vörumerki: Pearson
Vörunúmer: 9781292215204
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