Corporate Finance A Practical Approach

ISBN-10: 1118105370

ISBN-13: 9781118105375

Edition: 2nd 2011

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The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate financeIn today′s competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice–oriented distillation of the most important tools and concepts of corporate finance.Updated for a post–financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy:Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structureCurrent, real–world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth conceptsExplanations and examples are rigorous and global, but make minimal use of mathematicsEach chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possibleWritten by the experts at CFA Institute, the world′s largest association of professional investment managersCreated for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today′s global corporate world.
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Book details

List price: $80.00
Edition: 2nd
Copyright year: 2011
Publisher: John Wiley & Sons, Limited
Publication date: 3/6/2012
Binding: Hardcover
Pages: 528
Size: 7.36" wide x 10.16" long x 1.63" tall
Weight: 2.662
Language: English

Corporate Governance
Learning Outcomes
Corporate Governance: Objectives and Guiding Principles
Forms of Business and Conflicts of Interest
Sole Proprietorships
Specific Sources of Conflict: Agency Relationships
Manager-Shareholder Conflicts
Director-Shareholder Conflicts
Corporate Governance Evaluation
The Board of Directors
Examples of Codes of Corporate Governance
Environmental, Social, and Governance Factors
Valuation Implications of Corporate Governance
Capital Budgeting
Learning Outcomes
The Capital Budgeting Process
Basic Principles of Capital Budgeting
Investment Decision Criteria
Net Present Value
Internal Rate of Return
Payback Period
Discounted Payback Period
Average Accounting Rate of Return
Profitability Index
NPV Profile
Ranking Conflicts between NPV and IRR
The Multiple IRR Problem and the No IRR Problem
Popularity and Usage of the Capital Budgeting Methods
Cash Flow Projections
Table Format with Cash Flows Collected by Year
Table Format with Cash Flows Collected by Type
Equation Format for Organizing Cash Flows
More on Cash Flow Projections
Straight-Line and Accelerated Depreciation Methods
Cash Flows for a Replacement Project
Spreadsheet Modeling
Effects of Inflation on Capital Budgeting Analysis
Project Analysis and Evaluation
Mutually Exclusive Projects with Unequal Lives
Capital Rationing
Risk Analysis of Capital Investments-Standalone Methods
Risk Analysis of Capital Investments-Market Risk Methods
Real Options
Common Capital Budgeting Pitfalls
Other Income Measures and Valuation Models
The Basic Capital Budgeting Model
Economic and Accounting Income
Economic Profit, Residual Income, and Claims Valuation
Cost of Capital
Learning Outcomes
Cost of Capital
Taxes and the Cost of Capital
Weights of the Weighted Average
Applying the Cost of Capital to Capital Budgeting and Security Valuation
Costs of the Different Sources of Capital
Cost of Debt
Cost of Preferred Stock
Cost of Common Equity
Topics in Cost of Capital Estimation
Estimating Beta and Determining a Project Beta
Country Risk
Marginal Cost of Capital Schedule
Flotation Costs
What Do CFOs Do?
Summary 160 Problems
Measures of Leverage
Learning Outcomes
Business Risk and Financial Risk
Business Risk and Its Components
Sales Risk
Operating Risk
Financial Risk
Total Leverage
Breakeven Points and Operating Breakeven Points
The Risks of Creditors and Owners
Capital Structure
Learning Outcomes
The Capital Structure Decision
Proposition I without Taxes: Capital Structure Irrelevance
Proposition II without Taxes: Higher Financial Leverage Raises the Cost of Equity
Taxes, the Cost of Capital, and the Value of the Company
Costs of Financial Distress
Agency Costs
Costs of Asymmetric Information
The Optimal Capital Structure According to the Static Trade-Off Theory
Practical Issues in Capital Structure Policy
Debt Ratings
Evaluating Capital Structure Policy
Leverage in an International Setting
Dividends and Share Repurchases: Basics
Learning Outcomes
Dividends: Forms
Regular Cash Dividends
Extra or Special (Irregular) Dividends
Liquidating Dividends
Stock Dividends
Stock Splits
Dividends: Payment Chronology
Declaration Date
Ex-Dividend Date
Holder-of-Record Date
Payment Date
Interval between Key Dates in the Dividend Payment Chronology
Share Repurchases
Share Repurchase Methods
Financial Statement Effects of Repurchases
Valuation Equivalence of Cash Dividends and Share Repurchases: The Baseline
Concluding Remarks
Dividends and Share Repurchases: Analysis
Learning Outcomes
Dividend Policy and Company Value: Theory
Dividend Policy Does Not Matter
Dividend Policy Matters: The Bird-in-the-Hand Argument
Dividend Policy Matters: The Tax Argument
Other Theoretical Issues
Dividend Theory: Summary
Factors Affecting Dividend Policy
Investment Opportunities
The Expected Volatility of Future Earnings
Financial Flexibility
Tax Considerations
Flotation Costs
Contractual and Legal Restrictions
Factors Affecting Dividend Policy: Summary
Payout Policies
Types of Dividend Policies
The Dividend versus Share Repurchase Decision
Global Trends in Payout Policy
Analysis of Dividend Safety
Working Capital Management
Learning Outcomes
Managing and Measuring Liquidity
Defining Liquidity Management
Measuring Liquidity
Managing the Cash Position
Forecasting Short-Term Cash Flows
Monitoring Cash Uses and Levels
Investing Short-Term Funds
Short-Term Investment Instruments
Evaluating Short-Term Funds Management
Managing Accounts Receivable
Key Elements of the Trade Credit Granting Process
Managing Customers' Receipts
Evaluating Accounts Receivable Management
Managing Inventory
Approaches to Managing Levels of Inventory
Inventory Costs
Evaluating Inventory Management
Managing Accounts Payable
The Economics of Taking a Trade Discount
Managing Cash Disbursements
Evaluating Accounts Payable Management
Managing Short-Term Financing
Sources of Short-Term Financing
Short-Term Borrowing Approaches
Asset-Based Loans
Computing the Costs of Borrowing
Financial Statement Analysis
Learning Outcomes
Common-Size Analysis
Vertical Common-Size Analysis
Horizontal Common-Size Analysis
Financial Ratio Analysis
Activity Ratios
Liquidity Analysis
Solvency Analysis
Profitability Analysis
Other Ratios
Effective Use of Ratio Analysis
Pro Forma Analysis
Estimating the Sales-Driven Relations
Estimating the Fixed Burdens
Forecasting Revenues
Constructing Pro Forma Statements
Mergers and Acquisitions
Learning Outcomes
Mergers and Acquisitions: Definitions and Classifications
Motives for Merger
Increasing Market Power
Acquiring Unique Capabilities and Resources
Bootstrapping Earnings
Managers' Personal Incentives
Tax Considerations
Unlocking Hidden Value
Cross-Border Motivations
Transaction Characteristics
Form of Acquisition
Method of Payment
Mind-Set of Target Management
Pre-Offer Takeover Defense Mechanisms
Post-Offer Takeover Defense Mechanisms
Securities Laws
Merger Analysis
Target Company Valuation
Bid Evaluation
Who Benefits from Mergers?
Corporate Restructuring
About the Authors
About the CFA Program
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