Principles of Corporate Finance ISE

Höfundar: Richard Brealey; Stewart Myers; Franklin Allen; Alex Edmans (Útgáfa: 15)
Principles of Corporate Finance ISE

Kaup valmöguleikar

Principles of Corporate Finance eftir Brealey brúar bilið milli fjármálakenninga og hagnýtrar beitingar þeirra í fyrirtækjafjármálum. Bókin leggur áherslu á að skilningur á kenningunum sé forsenda þess að geta brugðist við óvenjulegum aðstæðum og breyttum markaðsskilyrðum. Með því að útskýra hvers vegna fyrirtæki og fjármálamarkaðir hegða sér eins og þeir gera býr bókin stjórnendur undir að taka upplýstar ákvarðanir sem hvíla ekki aðeins á reynslu heldur einnig á kenningalegum grunni.

Nánar um bókina

Útgefandi
McGraw-Hill Higher Education (International)
ISBN
9781264466634
Print ISBN
9781265087586
Format
ePub
Útgáfa
15
Höfundar
Richard Brealey; Stewart Myers; Franklin Allen; Alex Edmans
Tungumál
English
Útgefið
2025-07-01
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Table of Contents and Preface
  • Cover Page
  • Half Title
  • The Mcgraw Hill Series in Finance, Insurance, and Real Estate
  • Financial Management
  • Investments
  • Financial Institutions and Markets
  • International Finance
  • Real Estate
  • Financial Planning and Insurance
  • Title Page
  • Richard A. Brealey
  • Stewart C. Myers
  • Franklin Allen
  • Alex Edmans
  • Copyright
  • Dedication
  • About the Authors
  • Preface
  • ❱ Changes in the 2025 Release
  • ❱ Chapter Structure
  • ❱ Acknowledgments
  • ❱ The Principles
  • Guided Tour
  • Pedagogical Features
  • Excel
  • End-of-Chapter Features
  • Instructor Resources
  • Test Builder within Connect
  • Connect
  • Your complete course platform
  • Education for all
  • Brief Contents
  • Contents
  • Chapter 1: Introduction to Corporate Finance
  • Introduction
  • Introduction to Corporate Finance
  • 1-1 Corporate Investment and Financing Decisions
  • Investment Decisions
  • Financing Decisions
  • What Is a Company?
  • The Role of the Financial Manager
  • 1-2 The Financial Goal of the Corporation
  • Shareholders Want Managers to Maximize Market Value
  • A Fundamental Result: Why Maximizing Shareholder Wealth Makes Sense
  • Should Managers Maximize Shareholder Wealth?
  • When Shareholder Wealth Maximization Fails
  • 1-3 Company Decision-Making
  • Evaluating Investments
  • Agency Problems and Corporate Governance
  • 1-4 Key Issues in Corporate Finance
  • Key Takeaways
  • Problem Sets
  • Solutions to Self-Test Questions
  • Appendix: Why Maximizing Shareholder Value Makes Sense
  • Why Maximizing Shareholder Value Makes Sense
  • Chapter 2: How to Calculate Present Values
  • Introduction
  • How to Calculate Present Values
  • 2-1 How to Calculate Future and Present Values
  • Future Values
  • Present Values
  • Valuing an Investment Opportunity
  • Net Present Value
  • Risk and Present Value
  • Present Values and Rates of Return
  • Calculating Present Values When There Are Multiple Cash Flows
  • The Opportunity Cost of Capital
  • 2-2 How to Value Perpetuities and Annuities
  • Perpetuities
  • Annuities
  • 2-3 How to Value Growing Perpetuities and Annuities
  • Growing Perpetuities
  • Growing Annuities
  • 2-4 How Interest Is Paid and Quoted
  • Semiannual Compounding
  • Monthly Compounding
  • General Compounding
  • Continuous Compounding
  • Key Takeaways
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 3: Valuing Bonds
  • Introduction
  • Valuing Bonds
  • 3-1 Using the Present Value Formula to Value Bonds
  • Valuing Government Bonds
  • The Yield to Maturity
  • Negative Interest Rates
  • Semiannual Coupons and Bond Prices
  • 3-2 How Bond Prices Vary with Interest Rates
  • Duration and Interest Rate Sensitivity
  • 3-3 The Term Structure of Interest Rates
  • Measuring the Term Structure
  • Why the Discount Factor Declines Further into the Future
  • 3-4 Explaining the Term Structure
  • Expectations Theory of the Term Structure
  • Interest Rate Risk
  • Inflation Risk
  • 3-5 Real and Nominal Interest Rates
  • Indexed Bonds and the Real Rate of Interest
  • What Determines the Real Rate of Interest?
  • Inflation and Nominal Interest Rates
  • 3-6 The Risk of Default
  • Corporate Bonds and Default Risk
  • Sovereign Bonds and Default Risk
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 4: The Value of Common Stocks
  • Introduction
  • Valuing Stocks
  • 4-1 How Stocks Are Traded
  • Trading Results for Nike
  • Market Price versus Book Value
  • Expected Returns
  • 4-2 Valuation by Comparables
  • 4-3 Valuation by Fundamentals
  • Dividends and Capital Gains
  • Prices and Earnings
  • Perpetual Growth Methodology
  • Non-Dividend-Paying Stocks
  • 4-4 Terminal Value
  • Terminal Value: Fundamentals
  • Terminal Value: Comparables
  • 4-5 The Determinants of Price-Earnings Ratios
  • No-Growth Company
  • Growing Company, Rate of Return = Cost of Equity
  • Growing Company, General Case
  • The Present Value of Growth Opportunities
  • Calculating the Present Value of Growth Opportunities
  • 4-6 Valuation Based on Free Cash Flow
  • Valuing the Concatenator Business
  • Valuation Method
  • Estimating Terminal Value
  • Key Takeaways
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Mini-Case
  • Reeby Sports
  • Appendix: Using Stock Prices to Estimate the Cost of Equity
  • Appendix Using Stock Prices to Estimate the Cost of Equity
  • Using the Constant-Growth DCF Model to Set Water, Gas, and Electricity Prices
  • Chapter 5: Net Present Value and Other Investment Criteria
  • Introduction
  • Net Present Value and Other Investment Criteria
  • 5-1 A Review of the Net Present Value Rule
  • Is Net Present Value Fit-for-Purpose?
  • Net Present Value’s Competitors
  • Five Points to Remember about NPV
  • 5-2 The Payback and Accounting Rate of Return Rules
  • The Payback Rule
  • Accounting Rate of Return
  • 5-3 The Internal Rate of Return Rule
  • Calculating the IRR
  • The IRR Rule
  • Pitfall 1—Lending or Borrowing?
  • Pitfall 2—Multiple Rates of Return
  • Pitfall 3—Mutually Exclusive Projects
  • Pitfall 4—Multiple Opportunity Costs of Capital
  • The Verdict on IRR
  • 5-4 Choosing Projects When Resources Are Limited
  • How Important Is Capital Rationing in Practice?
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • Vegetron’s CFO Calls Again
  • Chapter 6: Making Investment Decisions with the Net Present Value Rule
  • Introduction
  • Making Investment Decisions with the Net Present Value Rule
  • 6-1 Forecasting a Project’s Cash Flows
  • Rule 1: Discount Cash Flows, Not Profits
  • Rule 2: Include Incremental Cash Flows and Ignore Non-incremental Cash Flows
  • Rule 3: Treat Inflation Consistently
  • Rule 4: Separate Investment and Financing Decisions
  • Rule 5: Forecast Cash Flows after Taxes
  • 6-2 Corporate Income Taxes
  • Depreciation Tax Shields
  • Tax on Salvage Value
  • Tax Loss Carry-Forwards
  • 6-3 A Worked Example of an Investment Appraisal
  • The Three Components of Project Cash Flows
  • Constructing Cash-Flow Forecasts: An Example
  • Accelerated Depreciation and First-Year Expensing
  • Project Analysis
  • 6-4 How to Choose between Competing Projects
  • Problem 1: The Timing Decision
  • Problem 2: The Horizon Decision
  • Problem 3: The Replacement Decision
  • Problem 4: The Usage Decision
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • New Economy Transport (A)
  • New Economy Transport (B)
  • Chapter 7: Introduction to Risk and Diversification
  • Risk, Diversification, and Portfolio Selection
  • Risk, Diversification, and Portfolio Selection
  • 7-1 Historic Returns and Risk
  • Over a Century of Past Returns
  • Over a Century of Past Risks
  • 7-2 How to Measure Risk
  • Variance and Standard Deviation
  • International Risks
  • 7-3 Forecasting the Future
  • Using Historic Evidence to Evaluate Today’s Cost of Capital
  • Estimating Future Risk
  • 7-4 How Diversification Reduces Risk
  • Diversification with Two Stocks
  • Calculating the Gains from Diversification
  • Specific and Systematic Risk
  • Diversification with Many Stocks
  • Limits to Diversification
  • Does Diversification Mean You Can Ignore Risk?
  • 7-5 How to Select a Portfolio
  • The Investment Opportunity Set with Two Stocks
  • The Investment Opportunity Set with Many Stocks
  • Choosing from the Efficient Frontier
  • Portfolio Choice with Borrowing and Lending
  • 7-6 Systematic Risk Is Market Risk
  • All Investors Hold the Same Portfolio
  • Satisfying Risk Preferences through Borrowing and Lending
  • Market Risk
  • 7-7 Should Companies Diversify?
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 8: The Capital Asset Pricing Model
  • Introduction
  • The Capital Asset Pricing Model
  • 8-1 Market Risk is Measured By Beta
  • What Does Beta Measure?
  • What Determines Beta?
  • The Beta of a Portfolio
  • The Market Portfolio
  • 8-2 The Relationship between Risk and Return
  • The Capital Asset Pricing Model
  • What If a Stock Did Not Lie on the Security Market Line?
  • The Logic behind the Capital Asset Pricing Model
  • Why Do High Beta and High Returns Go Together?
  • Applying the Capital Asset Pricing Model
  • 8-3 Estimating the CAPM in Practice
  • Estimating the Risk-Free Rate
  • Estimating Beta
  • Portfolio Betas
  • 8-4 Does the CAPM Hold in the Real World?
  • Assets with Higher Market Risk Earn Higher Returns
  • Diversifiable Risk Is Unrelated to Returns
  • The Return to Market Risk Is Smaller Than Predicted by the CAPM
  • Returns Depend on Other Characteristics
  • 8-5 Alternative Theories
  • Arbitrage Pricing Theory
  • Comparing the Capital Asset Pricing Model and Arbitrage Pricing Theory
  • The Three-Factor Model
  • Key Takeaways
  • Useful Spreadsheet Functions
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 9: Risk and the Cost of Capital
  • Introduction
  • Risk and the Cost of Capital
  • 9-1 The Asset Cost of Capital
  • Unlevered Firm
  • Levered Firm
  • 9-2 Can Companies Reduce Their Cost of Capital?
  • Financial Risk
  • How Financial Risk Affects the Cost of Equity
  • The Effect of Corporate Taxes
  • 9-3 Project Costs of Capital
  • Perfect Pitch and the Cost of Capital
  • 9-4 Comparable Companies Analysis
  • 1. Divisional Costs of Capital
  • 2. GEICO’s Cost of Equity
  • 3. Berkshire Hathaway’s Equity Beta
  • 9-5 Analyzing Project Risk
  • 1. The Determinants of Asset Betas
  • 2. Ignore Diversifiable Risk
  • 3. Avoid Fudge Factors in Discount Rates
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Mini-Case
  • The Jones Family Incorporated
  • Chapter 10: Project Analysis
  • Introduction
  • Project Analysis
  • 10-1 Sensitivity and Scenario Analysis
  • Value of Information
  • Limits to Sensitivity Analysis
  • Scenario Analysis
  • 10-2 Break-Even Analysis and Operating Leverage
  • Break-Even Analysis
  • Operating Leverage
  • 10-3 Real Options and the Value of Flexibility
  • The Option to Expand
  • The Option to Abandon
  • Production Options
  • Timing Options
  • Project Analysis Using Decision Trees
  • Pro and Con Decision Trees
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • Waldo County
  • Chapter 11: How to Ensure That Projects Truly Have Positive NPVs
  • Introduction
  • How to Ensure That Projects Truly Have Positive NPVs
  • 11-1 Behavioral Biases in Investment Decisions
  • Optimism Bias
  • Overconfidence Bias
  • 11-2 Avoiding Forecast Errors
  • 11-3 How Competitive Advantage Translates into Positive NPVs
  • 11-4 Aqua Enterprises Decides to Exploit a New Technology—an Example
  • Forecasting Prices of Lab-Grown Lobster
  • The Value of Aqua’s New Expansion
  • Alternative Expansion Plans
  • The Value of Aqua Stock
  • The Lessons of Aqua Enterprises
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • Ecsy-Cola22
  • Chapter 12: Efficient Markets and Behavioral Finance
  • Introduction
  • Efficient Markets and Behavioral Finance
  • 12-1 Differences between Investment and Financing Decisions
  • NPV Matters for Both Investment and Financing Decisions
  • The NPV of Financing Decisions in Efficient Markets
  • The NPV of Financing Decisions in Inefficient Markets
  • 12-2 The Efficient Market Hypothesis
  • Forms of Market Efficiency
  • Why Do We Expect Markets to Be Efficient?
  • 12-3 Implications of Market Efficiency
  • Stock Prices Follow Random Walks
  • Good and Bad Investments Are Hard to Find
  • Investors Should Hold the Market Portfolio
  • Prices Are a Signal of a Firm’s Fundamental Value
  • Market Reactions Reflect the Value of an Event
  • Firm Financing Decisions Neither Create Nor Destroy Value
  • 12-4 Are Markets Efficient? The Evidence
  • Prices Are Stable
  • Investors Can’t Make or Lose Money
  • All Investors Agree
  • All Securities Offer the Same Return
  • 12-5 Implications of Market Inefficiency
  • Stock Is Overpriced
  • Stock Is Underpriced
  • Stock Market Is Myopic
  • 12-6 Are Markets Efficient? The Evidence
  • Weak-Form Efficiency
  • Semistrong-Form Efficiency
  • Strong-Form Efficiency
  • 12-7 Behavioral Finance
  • Different Preferences
  • Different Beliefs
  • Sentiment
  • Limits to Arbitrage
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 13: An Overview of Corporate Financing
  • Introduction
  • An Overview of Corporate Financing
  • 13-1 Patterns of Corporate Financing
  • Debt Levels in the United States
  • Debt Levels around the World
  • 13-2 Equity
  • Common Equity
  • Changes in Ownership
  • The Separation of Ownership and Control
  • Preferred Equity
  • 13-3 Debt
  • The Different Kinds of Debt
  • Debt-Like Liabilities
  • 13-4 The Role of the Financial System
  • The Payment Mechanism
  • Borrowing and Lending
  • Pooling Risk
  • Information Provided by Financial Markets
  • 13-5 Financial Markets and Intermediaries
  • Primary Transactions
  • Secondary Transactions
  • Financial Intermediaries
  • Investment Funds
  • Financial Institutions
  • 13-6 Financial Markets and Intermediaries around the World
  • Company Financing
  • Household Portfolios
  • Conglomerates and Internal Capital Markets
  • 13-7 The Fintech Revolution
  • Payment Systems
  • Person-to-Person Lending
  • Crowdfunding
  • AI/ML Credit Scoring
  • Distributed Ledgers and Blockchains
  • Cryptocurrencies
  • Initial Coin Offerings
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 14: How Corporations Issue Securities
  • Introduction
  • How Companies Issue Securities
  • 14-1 Venture Capital
  • The Idea
  • The Business Plan
  • Seed Funding
  • Corporate Governance
  • Series A Financing
  • Down Rounds
  • Series B Financing
  • The Venture Capital Market
  • Exit
  • 14-2 The Initial Public Offering
  • The Public-Private Choice
  • Arranging an Initial Public Offering
  • The Underwriters
  • Costs of an Initial Public Offering
  • Underpricing of IPOs
  • Hot New-Issue Periods
  • The Long-Run Performance of IPO Stocks
  • Alternative Issue Procedures
  • Types of Auction
  • 14-3 Security Sales by Public Companies
  • Public Offers
  • The Costs of a Public Offer
  • Rights Issues
  • Market Reaction to Stock Issues
  • 14-4 Private Placements
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Appendix: Marvin’s IPO Prospectus
  • Aqua New-Issue Prospectus57
  • Chapter 15: Payout Policy
  • Introduction
  • Payout Policy
  • 15-1 Facts about Payout
  • How Firms Pay Dividends
  • How Firms Repurchase Shares
  • Payout Practices
  • 15-2 Does Payout Policy Matter?
  • Does Dividend Policy Matter?
  • The Choice between Dividends and Repurchases
  • Share Repurchase Fallacies
  • Share Repurchases and DCF Valuation Models
  • When Does Payout Policy Matter?
  • 15-3 The Information Content of Payout Policy
  • The Informational Content of Dividends
  • The Information Content of Share Repurchases
  • 15-4 Dividend Clienteles
  • 15-5 Taxes and Payout Policy
  • Step 3
  • Step 2
  • Sense Check
  • Empirical Evidence on Payout Policies and Taxes
  • Do Taxes Affect Investors’ Choice of Stocks?
  • Do Taxes Affect Dividend Payouts?
  • Do Taxes Affect Investor Returns?
  • Alternatives to the U.S. Tax System
  • 15-6 Agency Costs and Payout Policy
  • Payout and Corporate Governance
  • 15-7 The Life Cycle of Payout Policy
  • Growth Firms
  • Maturing Firms
  • Mature Firms
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 16: Does Debt Policy Matter?
  • Introduction
  • Capital Structure in Perfect Capital Markets
  • 16-1 Capital Structure and Firm Value
  • 16-2 Modigliani and Miller’s Proposition 1
  • Low-Risk Strategy
  • High-Risk Strategy
  • High-Risk Strategy, No Borrowing
  • The Law of Conservation of Value
  • 16-3 How Leverage Affects Earnings and Share Prices
  • How Capital Structure Affects Earnings per Share
  • How Capital Structure Affects Stock Prices
  • Home-Made Leverage
  • 16.4 How Leverage Affects Expected Returns: MM’s Proposition 2
  • How Leverage Affects the Cost of Capital
  • How Leverage Affects Betas
  • Watch Out for Hidden Leverage
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • Claxton Drywall Comes to the Rescue
  • Chapter 17: How Much Should a Corporation Borrow?
  • Introduction
  • How Much Should a Company Borrow?
  • 17-1 Debt and Taxes
  • Debt Fixed
  • Debt Rebalanced
  • How Interest Tax Shields Increase Shareholder Wealth
  • Changing Alphabet’s Capital Structure
  • 17-2 Limits to the Tax Advantages of Debt
  • Restrictions on the Tax Deductibility of Interest
  • Personal Taxes
  • 17-3 Clientele Effects
  • 17-4 Bankruptcy Costs
  • Evidence on Bankruptcy Costs
  • Pre-bankruptcy Costs
  • Costs of Financial Distress Vary with the Type of Asset
  • 17-5 Agency Costs
  • Agency Costs of Equity
  • Agency Costs of Debt
  • What the Games Cost
  • 17-6 The Trade-Off Theory of Capital Structure
  • Evidence for the Trade-Off Theory
  • 17-7 The Pecking Order Theory
  • The Issuance Decision
  • The Issuance Announcement
  • Debt before Equity
  • Implications of the Pecking Order
  • The Two Sides of Financial Slack
  • 17-8 The Capital Structure Decision
  • The Evidence
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 18: Financing and Valuation
  • Introduction
  • Financing and Valuation
  • 18-1 The Post-Tax Weighted-Average Cost of Capital
  • Review of Assumptions
  • Common Mistakes in Using the WACC Formula
  • 18-2 Valuing Businesses
  • Valuing Rio Corporation
  • Estimating Terminal Value
  • Valuation by Comparables
  • WACC versus the Flow-to-Equity Method
  • 18-3 Using WACC In Practice
  • Handling Complications
  • Adjusting WACC When Debt Ratios and Business Risks Differ
  • Unlevering and Relevering Betas
  • Unlevering and Relevering with Debt Fixed
  • WACC with Bankruptcy and Agency Costs
  • Calculating Divisional WACCs
  • The Assumption of a Constant Debt Ratio in the Post-Tax WACC
  • The Modigliani–Miller Formula
  • Summing Up
  • 18-4 Adjusted Present Value
  • APV for the Perpetual Crusher
  • Other Financing Side Effects
  • APV for Entire Businesses
  • APV and Limits on Interest Deductions
  • APV for International Investments
  • 18-5 Your Questions Answered
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 19: Agency Problems and Corporate Governance
  • Introduction
  • Corporate Governance
  • 19-1 Agency Problems
  • Reduced Effort
  • Private Benefits
  • Overinvestment
  • Risk Taking
  • Short-Termism
  • 19-2 Monitoring by the Board
  • U.S. and U.K. Boards of Directors
  • European Boards of Directors
  • 19-3 Monitoring by Shareholders
  • Voting
  • Engagement
  • Exit
  • 19-4 Monitoring by Auditors, Lenders, and Potential Acquirers
  • Auditors
  • Lenders
  • Takeovers
  • 19-5 Management Compensation
  • Compensation Facts and Controversies
  • The Structure of CEO Pay
  • 19-6 Governance Regimes around the World
  • Ownership and Control in Japan
  • Ownership and Control in Germany
  • Ownership and Control in Other Countries
  • 19-7 Do These Differences Matter?
  • Public Market Myopia
  • Growth Industries and Declining Industries
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 20: Stakeholder Capitalism and Responsible Business
  • Introduction
  • Stakeholder Capitalism and Responsible Business
  • 20-1 Who Are the Stakeholders?
  • Employees
  • Customers
  • Suppliers
  • Local and Regional Communities
  • The Environment
  • The Government
  • 20-2 The Case for Shareholder Capitalism
  • Maximizing Shareholder Value Requires a Company to Invest in Stakeholders
  • Government Policy Ensures Companies Will Engage in Socially Responsible Behavior
  • Maximizing Shareholder Value Allows Shareholders to Pursue Social Objectives
  • Enlightened Shareholder Value
  • Decision Making under Enlightened Shareholder Value
  • 20-3 The Case for Stakeholder Capitalism
  • Well-Functioning Governments
  • No Comparative Advantage in Serving Society
  • Instrumental Decision Making Is Effective
  • The Challenge of Stakeholder Capitalism
  • Summary
  • 20-4 What is a Responsible Business?
  • Defining Responsible Business
  • Decision Making in Responsible Businesses
  • Summary
  • 20-5 Responsible Business and the Law
  • Shareholder Primacy in the United States
  • Shareholder Primacy in the United Kingdom
  • Shareholder Primacy in Other Countries
  • Benefit Corporations
  • B Corps
  • 20-6 Responsible Business in Practice
  • Purpose
  • Reporting
  • ESG-Linked Pay
  • ESG Ratings
  • The End of ESG?
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 21: Understanding Options
  • Introduction
  • Understanding Options
  • 21-1 Calls and Puts
  • Call Options
  • Payoff Diagrams
  • Put Options
  • Selling Calls and Puts
  • Payoff Diagrams Are Not Profit Diagrams
  • 21-2 Financial Engineering with Options
  • Downside Protection with Puts
  • Downside Protection with Calls
  • Put–Call Parity
  • Replicating a Put Option
  • Spotting the Option
  • 21-3 What Determines Option Values?
  • Lower Bound
  • Upper Bound
  • Risk and Option Values
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 22: Valuing Options
  • Introduction
  • Valuing Options
  • 22-1 A Simple Option-Valuation Model
  • Why Discounted Cash Flow Won’t Work for Options
  • Replicating Portfolio Approach
  • Risk-Neutral Approach
  • Valuing the Amazon Put Option
  • The Relationship between Call and Put Prices
  • 22-2 The Binomial Method for Valuing Options
  • Example: The Two-Step Binomial Method
  • The General Binomial Method
  • The Binomial Method and Decision Trees
  • 22-3 The Black–Scholes Formula
  • Using the Black–Scholes Formula
  • How Black–Scholes Values Vary with the Stock Price
  • The Risk of an Option
  • The Black–Scholes Formula and the Binomial Method
  • Some Practical Examples
  • 22-4 Early Exercise and Dividend Payments
  • American Calls—No Dividends
  • European Puts—No Dividends
  • American Puts—No Dividends
  • European Calls and Puts on Dividend-Paying Shares
  • American Calls on Dividend-Paying Stocks
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance On the Web
  • Mini-Case
  • Bruce Honiball’s Invention
  • Chapter 23: Real Options
  • Introduction
  • Real Options
  • 23-1 The Option to Expand
  • Questions and Answers about Nissan’s ZE1
  • Other Expansion Options
  • 23-2 Options in R&D
  • Value of Real Option If Phase II Succeeds
  • Compound Options
  • 23-3 The Timing Option
  • Valuing the Green Hydrogen Option
  • Optimal Timing for Real Estate Development
  • 23-4 The Abandonment Option
  • Bad News for the Perpetual Crusher
  • Abandonment Value and Project Life
  • Temporary Abandonment
  • 23-5 Flexible Production and Procurement
  • Flexible Production
  • Flexible Procurement
  • 23-6 Valuation Challenges
  • A Conceptual Problem?
  • Practical Challenges
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Chapter 24: Credit Risk and the Value of Corporate Debt
  • Introduction
  • Credit Risk and the Value of Corporate Debt
  • 24-1 Yields on Corporate Debt
  • Distinguishing Promised and Expected Yields
  • What Determines the Yield Spread?
  • 24-2 Valuing the Option to Default
  • Valuing Corporate Bonds
  • The Value of Corporate Equity
  • 24-3 Predicting the Probability of Default
  • Bond Ratings
  • Statistical Models of Default
  • Structural Models of Default
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 25: The Many Different Kinds of Debt
  • Introduction
  • The Many Different Kinds of Debt
  • 25-1 Long-Term Corporate Bonds
  • Bond Terms
  • Security and Seniority
  • Asset-Backed Securities
  • Call Provisions
  • Sinking Funds
  • Bond Covenants
  • Privately Placed Bonds
  • Foreign Bonds and Eurobonds
  • 25-2 Convertible Securities and Some Unusual Bonds
  • The Value of a Convertible at Maturity
  • Forcing Conversion
  • Why Do Companies Issue Convertibles?
  • Valuing Convertible Bonds
  • A Variation on Convertible Bonds: The Bond–Warrant Package
  • Innovation in the Bond Market
  • 25-3 Bank Loans
  • Commitment
  • Maturity
  • Rate of Interest
  • Syndicated Loans
  • Security
  • Loan Covenants
  • 25-4 Commercial Paper and Medium-Term Notes
  • Commercial Paper
  • Medium-Term Notes
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Mini-Case
  • The Shocking Demise of Mr. Thorndike
  • Appendix: Project Finance
  • Project Finance
  • Appendix: Further Reading
  • Further Reading
  • Chapter 26: Leasing
  • Introduction
  • Leasing
  • 26-1 What Is a Lease?
  • Who Leases?
  • What Do Leases Involve?
  • 26-2 Why Lease?
  • Sensible Reasons for Leasing
  • A Dubious Reason for Leasing
  • 26-3 Rentals on an Operating Lease
  • Example of an Operating Lease
  • Lease or Buy?
  • 26-4 Valuing Financial Leases
  • Example of a Financial Lease
  • Valuing the Lease Contract
  • Comparing the Lease with an Equivalent Loan
  • Financial Leases When There Are Limits on the Interest Tax Shield
  • Leasing and the Internal Revenue Service
  • Accounting for Leases
  • 26-5 When Do Financial Leases Pay?
  • Leasing around the World
  • 26-6 Setting Up a Leveraged Lease
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Chapter 27: Managing Risk
  • Introduction
  • Managing Risk
  • 27-1 Why Manage Risk?
  • Reducing the Risk of Cash Shortfalls
  • Reducing Agency Costs
  • Do Companies Hedge?
  • 27-2 Insurance
  • 27-3 Reducing Risk with Financial Options
  • 27-4 Forward and Futures Contracts
  • Forward Contracts
  • Futures Contracts
  • The Mechanics of Futures Trading
  • Pricing Financial Futures
  • Pricing Commodity Futures
  • What Futures Prices Tell Us
  • 27-5 Interest Rate Risk
  • Forward Rates of Interest and the Term Structure
  • Borrowing and Lending at Forward Interest Rates
  • Forward Rate Agreements
  • Interest Rate Futures
  • 27-6 Swaps
  • Interest Rate Swaps
  • Currency Swaps
  • Other Swaps
  • 27-7 How to Set Up a Hedge
  • Hedging Interest Rate Risk
  • Hedge Ratios and Basis Risk
  • 27-8 Is “Derivative” a Four-Letter Word?
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Mini-Case
  • Rensselaer Advisers
  • Chapter 28: International Financial Management
  • Introduction
  • International Financial Management
  • 28-1 The Foreign Exchange Market
  • Cross-Rates
  • Forward Rates
  • 28-2 Some Basic Relationships
  • Interest Rates and Exchange Rates
  • The Forward Premium and Changes in Spot Rates
  • Changes in the Exchange Rate and Inflation Rates
  • Interest Rates and Inflation Rates
  • Uncovered Interest Rate Parity
  • Do These Relationships Hold in Practice?
  • 28-3 Hedging Currency Risk
  • Transaction Exposure and Economic Exposure
  • 28-4 International Investment Decisions
  • Discount Dollar Cash Flows at a Dollar Cost of Capital
  • Discount Swiss Franc Cash Flows at a Swiss Franc Cost of Capital
  • The Cost of Capital for International Investments
  • 28-5 Political Risk
  • Managing Political Risk
  • Adjusting for Political Risk
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Mini-Case
  • Exacta
  • Chapter 29: Financial Analysis
  • Introduction
  • Financial Analysis
  • 29-1 Understanding Financial Statements
  • The Balance Sheet
  • The Income Statement
  • 29-2 Measuring Company Performance
  • Economic Value Added
  • Accounting Rates of Return
  • Problems with EVA and Accounting Rates of Return
  • 29-3 Measuring Efficiency
  • The DuPont Formula
  • Other Efficiency Measures
  • 29-4 Measuring Leverage
  • Debt Ratio
  • Leverage and the Return on Equity
  • 29-5 Measuring Liquidity
  • Net-Working-Capital-to-Total-Assets Ratio
  • 29-6 Interpreting Financial Ratios
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 30: Financial Planning
  • Introduction
  • Financial Planning
  • 30-1 What Are the Links between Short-Term and Long-Term Financing Decisions?
  • 30-2 Tracing and Forecasting Changes in Cash
  • Tracing Changes in Cash
  • Forecasting Dynamic’s Cash Needs
  • 30-3 Developing a Short-Term Financial Plan
  • Dynamic Mattress’ Financing Plan
  • Evaluating the Plan
  • Short-Term Financial Planning Models
  • 30-4 Using Long-Term Financial Planning Models
  • Why Build Financial Plans?
  • A Long-Term Financial Planning Model for Dynamic Mattress
  • Pitfalls in Model Design
  • Choosing a Plan
  • 30-5Long-Term Planning Models and Company Valuation
  • 30-6 The Relationship between Growth and External Financing
  • Internal Growth Rate
  • Sustainable Growth Rate
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 31: Working Capital Management
  • Introduction
  • Working Capital Management
  • 31-1 The Working Capital Requirement
  • The Cash Cycle
  • 31-2 Managing Inventories
  • The Inventory Trade-Off
  • Complexities in Inventory Management
  • Just-in-Time Strategies
  • 31-3 Accounts Receivable Management
  • Terms of Sale
  • Credit Analysis
  • The Credit Decision
  • Collection Policy
  • 31-4 Cash Management
  • How Purchases Are Paid For
  • Changes in Check Usage
  • Speeding Up Check Collections
  • Electronic Payment Systems
  • International Cash Management
  • Paying for Bank Services
  • 31-5 Investing Surplus Cash
  • Investment Choices
  • Calculating the Yield on Money Market Investments
  • Returns on Money Market Investments
  • The International Money Market
  • Money Market Instruments
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Chapter 32: Mergers
  • Introduction
  • Mergers
  • 32-1 Merger Types and Merger Trends
  • Merger Types
  • Merger Trends
  • 32-2 Value-Creating Mergers
  • Economies of Scale
  • Economies of Scope
  • Economies of Vertical Integration
  • Complementary Resources
  • Changes in Corporate Control
  • Synergy Potential Does Not Guarantee Success
  • 32-3 Value-Redistributing Mergers
  • Customers
  • Suppliers
  • Employees
  • Target Shareholders
  • Bondholders
  • The Government
  • 32-4 Value-Destroying Mergers
  • Deploying Surplus Cash
  • Increasing Earnings per Share
  • Lower Borrowing Costs
  • Management Motives
  • 32-5 Estimating Merger Gains and Costs
  • Estimating NPV When the Merger Is Financed by Cash
  • Estimating NPV When the Merger Is Financed by Stock
  • What Determines the Method of Payment?
  • What If the Target’s Stock Price Anticipates the Merger?
  • Valuing Synergies
  • 32-6 The Mechanics of a Merger
  • Mergers, Antitrust Law, and Popular Opposition
  • The Form of Acquisition
  • Merger Accounting
  • Some Tax Considerations
  • 32-7 Takeovers and the Market for Corporate Control
  • The Market for Corporate Control
  • Changing Control through Takeovers
  • Takeover Defenses
  • Why Defend against Takeovers?
  • Target Shareholders’ Decision
  • 32-8 Who Gains and Loses from Mergers?
  • Target Shareholders
  • Acquirer Shareholders
  • Buyers versus Sellers
  • Stakeholders
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • CHALLENGE PROBLEMS
  • Solutions to Self-Test Questions
  • Finance on the Web
  • Appendix
  • Conglomerate Mergers and Value Additivity
  • Chapter 33: Corporate Restructuring
  • Introduction
  • Corporate Restructuring
  • 33-1 Leveraged Buyouts
  • The RJR Nabisco LBO
  • Barbarians inside the Gate?
  • Value Creation in LBOs
  • Value Redistribution in LBOs
  • Leveraged Restructurings
  • 33-2 The Private-Equity Market
  • Private-Equity Partnerships
  • Are Private-Equity Funds Today’s Conglomerates?
  • 33-3 Divestitures
  • Spin-Offs
  • Carve-Outs
  • Asset Sales
  • Privatization and Nationalization
  • 33-4 Bankruptcy
  • Chapter 7
  • Chapter 11
  • Is Chapter 11 Efficient?
  • Workouts
  • Alternative Bankruptcy Procedures
  • Key Takeaways
  • Further Reading
  • Problem Sets
  • Solutions to Self-Test Questions
  • Chapter 34: Conclusion: What We Do and Do Not Know about Finance
  • Introduction
  • Conclusion: What We Do and Do Not Know about Finance
  • 34-1 What We Do Know: The Eight Most Important Ideas in Finance
  • 1. Net Present Value
  • 2. The Do-It-Yourself Principle
  • 3. The Capital Asset Pricing Model
  • 4. Efficient Capital Markets
  • 5. Value Additivity and the Law of Conservation of Value
  • 6. Capital Structure Theory
  • 7. Option Theory
  • 8. Agency Theory
  • 34-2 What We Do Not Know: Eight Unsolved Problems in Finance
  • 1. What Should the Goal of the Firm Be?
  • 2. Risk and Return—What Have We Missed?
  • 3. How Important Are the Exceptions to the Efficient Market Hypothesis?
  • 4. Why Are Dividends Sticky and Repurchases Flexible?
  • 5. Why Is So Much Attention Paid to Earnings per Share?
  • 6. Why Is There So Much Active Fund Management?
  • 7. Why Are There So Many Mergers?
  • 8. Why Are Financial Systems So Prone to Crisis?
  • 34-3 A Final Word
  • Glossary
  • Glossary
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  • Additional Student Resources
  • Additional Student Resources
  • Back Endpaper
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  • SOME USEFUL FORMULAS
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