Fundamentals of Corporate Finance

Höfundur: David Hillier (Útgáfa: 4)
Fundamentals of Corporate Finance

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Nánar um bókina

Útgefandi
McGraw-Hill UK
ISBN
9781526848635
Print ISBN
9781526848635
Format
ePub
Útgáfa
4
Höfundar
David Hillier
Tungumál
English
Útgefið
2021-10-05
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Cover
  • Half Title
  • Title
  • Copyright
  • Dedication
  • Brief Table of Contents
  • Detailed Table of Contents
  • Preface
  • Guided Tour
  • Connect
  • About the Authors
  • Acknowledgements
  • Create
  • Part One Overview of Corporate Finance
  • 1 Introduction to Corporate Finance
  • 1.1 Corporate Finance and the Financial Manager
  • 1.2 The Goal of Financial Management
  • 1.3 Financial Markets and the Corporation
  • 1.4 The Economic Environment
  • 1.5 Corporate Finance in Action: The Case of Alphabet Inc.
  • 2 Corporate Governance
  • 2.1 Forms of Business Organization
  • 2.2 The Agency Problem and Control of the Corporation
  • 2.3 International Corporate Governance
  • 2.4 Bringing It All Together
  • 3 Financial Statement Analysis
  • 3.1 The Annual Report
  • 3.2 Ratio Analysis
  • 3.3 The Du Pont Identity
  • 3.4 Using Financial Statement Information
  • Part Two Valuation of Future Cash Flows
  • 4 Introduction to Valuation: The Time Value of Money
  • 4.1 Future Value and Compounding
  • 4.2 Present Value and Discounting
  • 4.3 More about Present and Future Values
  • 5 Discounted Cash Flow Valuation
  • 5.1 Future and Present Values of Multiple Cash Flows
  • 5.2 Valuing Level Cash Flows: Annuities and Perpetuities
  • 5.3 Comparing Rates: The Effect of Compounding
  • 5.4 Loan Types and Loan Amortization
  • 6 Bond Valuation
  • 6.1 Bonds and Bond Valuation
  • 6.2 More about Bond Features
  • 6.3 Bond Ratings
  • 6.4 Some Different Types of Bond
  • 6.5 Bond Markets
  • 6.6 Inflation and Interest Rates
  • 6.7 Determinants of Bond Yields
  • 7 Equity Valuation
  • 7.1 Share Valuation
  • 7.2 Some Features of Ordinary and Preference Shares
  • 7.3 The Stock Markets
  • 7.4 Firm Valuation
  • Part Three Capital Budgeting
  • 8 Net Present Value and Other Investment Criteria
  • 8.1 Net Present Value
  • 8.2 The Payback Rule
  • 8.3 The Discounted Payback
  • 8.4 The Average Accounting Return
  • 8.5 The Internal Rate of Return
  • 8.6 The Profitability Index
  • 8.7 The Practice of Capital Budgeting
  • 9 Making Capital Investment Decisions
  • 9.1 Project Cash Flows: A First Look
  • 9.2 Incremental Cash Flows
  • 9.3 Pro Forma Financial Statements and Project Cash Flows
  • 9.4 More about Project Cash Flow
  • 9.5 Alternative Definitions of Operating Cash Flow
  • 9.6 Some Special Cases of Discounted Cash Flow Analysis
  • 10 Project Analysis and Evaluation
  • 10.1 Evaluating NPV Estimates
  • 10.2 Scenario and Other What-If Analyses
  • 10.3 Break-Even Analysis
  • 10.4 Operating Cash Flow, Sales Volume and Break-Even
  • 10.5 Operating Leverage
  • 10.6 Capital Rationing
  • Part Four Risk and Return
  • 11 Some Lessons from Recent Capital Market History
  • 11.1 Returns
  • 11.2 The Historical Record
  • 11.3 Average Returns: The First Lesson
  • 11.4 The Variability of Returns: The Second Lesson
  • 11.5 More about Average Returns
  • 11.6 Capital Market Efficiency
  • 12 Return, Risk and the Security Market Line
  • 12.1 Expected Returns and Variances
  • 12.2 Portfolios
  • 12.3 Announcements, Surprises and Expected Returns
  • 12.4 Risk: Systematic and Unsystematic
  • 12.5 Diversification and Portfolio Risk
  • 12.6 Systematic Risk and Beta
  • 12.7 The Security Market Line
  • 12.8 The SML and the Cost of Capital: A Preview
  • Part Five Cost of Capital and Long-Term Financial Policy
  • 13 Cost of Capital
  • 13.1 The Cost of Capital: Some Preliminaries
  • 13.2 The Cost of Equity
  • 13.3 The Costs of Debt and Preference Shares
  • 13.4 The Weighted Average Cost of Capital
  • 13.5 Divisional and Project Costs of Capital
  • Online Supplement – Flotation Costs and the Weighted Average Cost of Capital
  • 14 Raising Capital
  • 14.1 The Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital
  • 14.2 Selling Securities to the Public: The Basic Procedure
  • 14.3 Alternative Issue Methods
  • 14.4 Underwriters
  • 14.5 IPOs and Underpricing
  • 14.6 New Equity Sales and the Value of the Firm
  • 14.7 The Costs of Issuing Securities
  • 14.8 Rights
  • 14.9 Dilution
  • 14.10 Issuing Long-Term Debt
  • 14.11 Bank Loans
  • 14.12 Lease Financing
  • 15 Financial Leverage and Capital Structure Policy
  • 15.1 The Capital Structure Question
  • 15.2 The Effect of Financial Leverage
  • 15.3 Capital Structure and the Cost of Equity Capital
  • 15.4 M&M Propositions I and II with Corporate Taxes
  • 15.5 Bankruptcy Costs
  • 15.6 Optimal Capital Structure
  • 15.7 The Pie Again
  • 15.8 Signalling
  • 15.9 The Pecking-Order Theory
  • 15.10 Observed Capital Structures
  • 15.11 A Quick Look at the Bankruptcy Process
  • 16 Dividends and Payout Policy
  • 16.1 Cash Dividends and Dividend Payment
  • 16.2 Does Dividend Policy Matter?
  • 16.3 Real-World Factors Favouring a Low-Dividend Payout
  • 16.4 Real-World Factors Favouring a High-Dividend Payout
  • 16.5 A Resolution of Real-World Factors?
  • 16.6 Share Repurchases: An Alternative to Cash Dividends
  • 16.7 What We Know and Do Not Know about Dividend and Payout Policies
  • 16.8 Stock Dividends and Stock Splits
  • Part Six Topics in Corporate Finance
  • 17 Short-Term Financial Planning and Management
  • 17.1 Reasons for Holding Cash
  • 17.2 Managing Short-Term Capital
  • 17.3 Investing Idle Cash
  • 17.4 Determining the Target Cash Balance
  • 17.5 Credit and Receivables
  • 17.6 Terms of the Sale
  • 17.7 Analysing Credit Policy
  • 17.8 Optimal Credit Policy
  • 17.9 Credit Analysis
  • 17.10 Collection Policy
  • 17.11 Inventory Management
  • 17.12 Inventory Management Techniques
  • 18 International Corporate Finance
  • 18.1 Terminology
  • 18.2 Foreign Exchange Markets and Exchange Rates
  • 18.3 Purchasing Power Parity
  • 18.4 Interest Rate Parity, Unbiased Forward Rates and the International Fisher Effect
  • 18.5 International Capital Budgeting
  • 18.6 Exchange Rate Risk
  • 18.7 Political Risk
  • 18.8 Islamic Corporate Finance
  • 18.9 Brexit and International Corporate Finance
  • 19 Behavioural Finance
  • 19.1 Introduction to Behavioural Finance
  • 19.2 Biases
  • 19.3 Framing Effects
  • 19.4 Heuristics
  • 19.5 Behavioural Finance and Market Efficiency
  • 20 Financial Risk Management
  • 20.1 Hedging and Price Volatility
  • 20.2 Managing Financial Risk
  • 20.3 Hedging with Forward Contracts
  • 20.4 Hedging with Futures Contracts
  • 20.5 Hedging with Swap Contracts
  • 20.6 Hedging with Option Contracts
  • 21 Options and Corporate Finance
  • 21.1 Options: The Basics
  • 21.2 Put–Call Parity
  • 21.3 Fundamentals of Option Valuation
  • 21.4 An Option Pricing Model
  • 21.5 The Black–Scholes Option Pricing Model
  • 21.6 Option Applications: Employee Share Options
  • 21.7 Option Applications: Equity as a Call Option on the Firm’s Assets
  • 21.8 Option Applications: Capital Budgeting
  • 22 Mergers and Acquisitions
  • 22.1 The Legal Forms of Acquisition
  • 22.2 Accounting and Tax Considerations
  • 22.3 Gains From Acquisitions
  • 22.4 Some Financial Side-Effects of Acquisitions
  • 22.5 The Cost of an Acquisition
  • 22.6 Valuation of Mergers in Practice
  • 22.7 Defensive Tactics
  • 22.8 Some Evidence on Restructurings: Do M&A Pay?
  • 22.9 Divestitures and Restructurings
  • Appendix A: Mathematical Tables
  • Appendix B: Key Equations
  • Appendix 3A: Financial Planning
  • Appendix 6A: The Term Structure of Interest Rates, Spot Rates and Yield to Maturity
  • Index