Fundamentals of Corporate Finance
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Í fjórðu útgáfu sinni heldur Fundamentals of Corporate Finance áfram að veita nemendum aðgengilegt og áhugavert yfirlit yfir lykilhugtök nútímafjármála fyrirtækja og þær aðferðir sem fyrirtæki beita á þessu síbreytilega sviði. Höfundurinn byggir á áralangri sérþekkingu og leiðir lesendur skipulega í gegnum viðfangsefnið og leggur þannig traustan grunn að þekkingu þeirra.
Með samþættingu fræðikenninga og raunverulegra dæma frá Evrópu kynnir nýja útgáfan grundvallaratriði fjármála fyrirtækja á skýran og áhugaverðan hátt.
- Nýir rammar um sjálfbærni í fjármálum sýna hvernig sjálfbærni og fjármál fyrirtækja tengjast í daglegu lífi.
- Dæmarammar í hverjum kafla innihalda raunveruleg og ímynduð dæmi sem varpa ljósi á fræðileg hugtök á borð við útreikning á ávöxtun, ávöxtunarkröfu skuldabréfa og eigið fé.
- Rammar með innsýn í raunverulegar aðstæður fjalla um mikilvæg efni á borð við húsnæðislán, fjárfestingar og verðlíkön og sýna hvernig kenningum og hugtökum í fjármálum fyrirtækja er beitt í rekstri og við ákvarðanatöku.
- Uppfært efni endurspeglar nýjustu þróun á sviðinu, þar á meðal aukið vægi siðferðis og sjálfbærni, tilkomu rafmynta og fjártækni og áhrif Brexit á fjármálastarfsemi fyrirtækja.
Now in its fourth edition, Fundamentals of Corporate Finance continues to use its engaging, accessible narrative to give students an introductory overview of the key concepts in modern corporate finance, and the strategies used by firms in this continually changing field. The author uses years of expertise to guide readers through a framework of corporate finance, providing readers with a solid foundation of knowledge.
With integrated theories and real-world European examples, the new edition presents the fundamentals of corporate finance in a clear and captivating way. Key Features • New Sustainability in Finance boxes provide awareness on how sustainability and corporate finance are interconnected in every-day life. • Example boxes in every chapter provide real and hypothetical examples, illustrating theoretical concepts such as calculating returns, bond yields and equity.
• Real World Insight boxes on prominent topics like mortgages, investing and price models illustrate how corporate finance theories and concepts have been applied to business and decisions. • Up-to-date content reflecting the latest developments in the field, including the growth of ethics and sustainability, the emergence of cryptocurrencies and financial technology, and the impact of Brexit on corporate finance practice.
Nánar um bókina
- McGraw-Hill UK
- 9781526848635
- 9781526848635
- ePub
- 4
- David Hillier
- English
- 2021-10-05
- 100
- 2
- 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