Corporate finance:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chicago [u.a.]
Irwin
1996
|
| Ausgabe: | 4. ed. |
| Schriftenreihe: | The Irwin series in finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIII, 899 S. graph. Darst. |
| ISBN: | 0256152292 0256206902 |
Internformat
MARC
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| 245 | 1 | 0 | |a Corporate finance |c Stephen A. Ross ; Randolph W. Westerfield ; Jeffrey Jaffe |
| 250 | |a 4. ed. | ||
| 264 | 1 | |a Chicago [u.a.] |b Irwin |c 1996 | |
| 300 | |a XXIII, 899 S. |b graph. Darst. | ||
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| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a The Irwin series in finance | |
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Datensatz im Suchindex
| _version_ | 1804125305208569856 |
|---|---|
| adam_text | Content
P RT I
Overview
1 Introduction to Corporate Finance 2
2 Accounting Statements and Cash Flow 22
PvRI II
Value and Capital Budgeting
1 Financial Markets and Net Present Value:
First Principles of Finance (Advanced) 46
4 Net Present Value 68
5 How to Value Bonds and Stocks 102
6 Some Alternative Investment Rules 138
Net Present Value and Capital Budgeting
166
S Strategy and Analysis in Using Net Present
Value 200
P RT III
A
9 Capital Market Theory: An Overview 220
10 Return and Risk: The Capital Asset Pricing
Model (CAPM) 248
11 An Alternative View of Risk and Return: The
Arbitrage Pricing Theory 291
12 Risk, Return, and Capital Budgeting 314
Part IV
Capital Structure and Dividend Policy
13 Corporate Financing Decisions and Efficient
Capital Markets 332
14 Long Term Financing: An Introduction 365
15 Capital Structure: Basic Concepts 383
16 Capital Structure: Limits to the Use of Debt
416
17 Valuation and Capital Budgeting for the
Levered Firm 455
18 Dividend Policy: Why Does It Matter? 481
s in Brief
P K1 V
Long Term Financing
19 Issuing Equity Securities to the Public 520
20 Long Term Debt 549
21 Options and Corporate Finance 571
22 Warrants and Convertibles 606
23 Leasing 626
24 Derivatives and Hedging Risk 652
P K1 VI
Financial Planning and Short Term
Finance
25 Corporate Financial Models and Long Term
Planning 686
26 Short Term Finance and Planning 699
27 Cash Management 723
28 Credit Management 751
P RT VII
Special Topics
29 Mergers and Acquisitions 768
30 Financial Distress 808
31 International Corporate Finance 824
Appendix A: Mathematical Tables 847
Appendix B: Selected Answers to End of Chapter
Problems 863
Glossary 868
Subject Index 886
Name Index 897
Cont
Part I
Overview
1 Introduction to Corporate Finance 2
1.1 What is Corporate Finance? 3
The Balance Sheet Model of the
Firm 3
Capital Structure 4
The Financial Manager 5
1.2 Corporate Securities as Contingent
Claims on Total Firm Value 9
1.3 The Corporate Firm 10
The Sole Proprietorship 11
The Partnership 11
The Corporation 12
Making the Decision to Become a
Corporation: The Case of PLM
International, Inc. 13
1.4 Goals of the Corporate Firm 15
Agency Costs and the Set of
Contracts Perspective 15
Managerial Goals 16
Separation of Ownership and
Control 16
Do Shareholders Control
Managerial Behavior? 17
1.5 Financial Markets 18
The Primary Market: New
Issues 18
Secondary Markets 18
Exchange Trading of Listed
Stocks 19
Listing 19
1.6 Outline of the Text 20
ents
2 Accounting Statements and Cash
Flow 22
2.1 The Balance Sheet 22
Accounting Liquidity 23
Debt versus Equity 24
Value versus Cost 24
2.2 The Income Statement 25
Generally Accepted Accounting
Principles 25
Noncash Items 26
Time and Costs 26
2.3 Net Working Capital 27
2.4 Fiiia:,ciui CVh Flow 27
2.5 Summary and Conclusions 30
Appendix 2A Financial Statement
Analysis 32
Appendix 2B Statement of Cash
Flows 40
Appendix 2C Tax Rates 42
P ki II
Value and Capital Budgeting
3 Financial Markets and Net Present
Value: First Principles of Finance
(Advanced) 46
3.1 The Financial Market
Economy 47
The Anonymous Market 48
Market Clearing 48
3.2 Making Consumption Choices 49
3.3 The Competitive Market 52
How Many Interest Rates
Are There in a Competitive
Market? 53
3.4 The Basic Principle 54
3.5 Practicing the Principle 54
A Lending Example 54
A Borrowing Example 56
3.6 Illustrating the Investment
Decision 58
3.7 Corporate Investment Decision
Making 61
3.8 Summary and Conclusions 64
4 Net Present Value 68
4.1 The One Period Case 68
4.2 The Multiperiod Case 72
Future Value and
Compounding 72
The Power of Compounding: A
Digression 75
Present Value and
Discounting 76
The Algebraic Formula 79
4.3 Compounding Periods 80
Compounding over Many
Years 81
Continuous Compounding
(Advanced) 81
4.4 Simplifications 83
Perpetuity 83
Growing Perpetuity 85
Annuity 87
Growing Annuity 92
4.5 What Is a Firm Worth? 93
4.6 Summary and Conclusions 94
5 How to Value Bonds and
Stocks 102
5.1 Definition and Example of a
Bond 102
5.2 How to Value Bonds 102
Pure Discount Bonds 102
Level Coupon Bonds 103
Consols 105
5.3 Bond Concepts 106
Interest Rates and Bond
Prices 106
Yield to Maturity 107
5.4 The Present Value of Common
Stocks 107
Dividends versus Capital
Gains 107
Valuation of Different Types of
Stocks 109
5.5 Estimates of Parameters in the
Dividend Discount Model 112
Where Does g Come From? 112
Where Does r Come From? 114
A Healthy Sense of
Skepticism 114
5.6 Growth Opportunities 115
Growth in Earnings and
Dividends versus Growth
Opportunities 117
Dividends or Earnings: Which to
Discount? 118
The No Dividend Firm 118
5.7 The Dividend Growth Model and
the NPVGO Model
(Advanced) 119
The Dividend Growth
Model 119
The NPVGO Model 119
Summation 121
5.8 Price Earnings Ratio 121
5.9 Summary and Conclusions 123
Appendix 5A The Term Structure of
Interest Rates 128
6 Some Alternative Investment Rules 138
6.1 Why Use Net Present Value? 138
6.2 The Payback Period Rule 139
Defining the Rule 139
Problems with the Payback
Method 140
Managerial Perspective 141
Summary of the Payback Period
Rule 141
6.3 The Discounted Payback Period
Rule 142
6.4 The Average Accounting
Return 142
Defining the Rule 142
Analyzing the Average
Accounting
Return Method 144
6.5 The Internal Rate of Return 145
6.6. Problems with the IRR
Aonroach 147
Definition of Independent and
Mutually Exclusive
Projects 147
Two General Problems Affecting
Both Independent and Mutually
Exclusive Projects 148
Problems Specific to Mutually
Exclusive Projects 151
Redeeming Qualities of the
IRR 156
A Test 156
6.7 The Profitability Index 157
6.8 The Practice of Capital
Budgeting 159
6.9 Summary and Conclusions 160
7 Net Present Value and Capital
Budgeting 166
7.1 Incremental Cash Flows 166
Cash Flows—Not Accounting
Income 166
Sunk Costs 167
Opportunity Costs 167
Side Effects 167
7.2 The Baldwin Company: An
Example 168
An Analysis of the Project 169
Which Set of Books? 172
A Note on Net Working
Capital 173
Interest Expense 174
7.3 Inflation and Capital
Budgeting 174
Interest Rates and Inflation 174
Cash Flow and Inflation 175
Discounting: Nominal or
Real? 179
7.4 A Capital Budgeting
Simplification 180
Restating Operating Cash
Flows 180
Separating Cash Flow Sources
for More Efficient Capital
Budgeting 181
7.5 Investments of Unequal Lives:
The Equivalent Annual Cost
Method 185
Replacement Chain 186
The General Decision to
Replace 188
7.6 Summary and Conclusions 190
8 Strategy and Analysis in Using Net
Present Value 200
8.1 Corporate Strategy and Positive
NPV 200
Corporate Strategy and the Stock
Market 201
How Firms Can Learn about NPV
from the Stock Market: The
AT T Decision to Acquire
NCR 202
8.2 Decision Trees 203
8.3 Sensitivity Analysis, Scenario
Analysis, and Break Even
Analysis 206
Sensitivity Analysis and Scenario
Analysis 206
Break Even Analysis 209
8.4 Options 212
The Option to Expand 212
The Option to Abandon 213
Discounted Cash Flows and
Options 213
8.5 Summary and Conclusions 214
I xki HI
Risk
9 Capital Market Theor : An
()ver iew 220
9.1 Returns 221
Dollar Returns 221
Percentage Returns 223
9.2 Holding Period Returns 225
9.3 Return Statistics 228
9.4 Average Stock Returns and Risk Free
Returns 232
9.5 Risk Statistics 235
Variance 235
Normal Distribution and Its
Implications for Standard
Deviation 235
9.6 The Discount Rate for Risky
Projects 237
The Case Where Risk Is the Same
as the Market 237
The Case Where Risk Is Different
from the Market 238
9.7 Risk and Beta 239
Diversification 239
Beta 240
9.8 Summary and Conclusions 241
Appendix 9A The Historical
Market Risk Premium: The Very
Long Run 246
10 Return and Risk: The Capital Asset
Pricing Model (CAPM) 248
10.1 Individual Securities 248
10.2 Expected Return, Variance, and
Covariance 249
Expected Return and
Variance 249
Covariance and Correlation 251
10.3 The Return and Risk for
Portfolios 254
The Example of Supertech and
Slowpoke 255
The Expected Return on a
Portfolio 255
Variance and Standard Deviation
of a Portfolio 256
10.4 The Efficient Set for Two
Assets 259
10.5 The Efficient Set for Many
Securities 263
Variance and Standard Deviation
in a Portfolio of Many
Assets 265
10.6 Diversification: An Example 267
Risk and the Sensible
Investor 270
10.7 Riskless Borrowing and
Lending 270
The Optimal Portfolio 272
10.8 Market Equilibrium 275
Definition of Market Equilibrium
Portfolio 275
Definition of Risk When Investors
Hold the Market Portfolio 275
Beta as a Measure of
Responsiveness 276
A Test 278
10.9 Relationship between Risk and
and Expected Return
(CAPM) 278
Expected Return on Market 278
Expected Return on Individual
Security 279
10.10 Summary and Conclusions 282
Appendix 10A Is Beta
Dead? 289
11 An Alternative View of Risk and Return:
The Arbitrage Pricing Theory 291
11.1 Factor Models: Announcements.
Surprises, and Expected
Returns 292
11.2 Risk: Systematic and
Unsystematic 293
11.3 Systematic Risk and Betas 295
11.4 Portfolios and Factor Models 298
Portfolios and
Diversification 300
11.5 Betas and Expected Returns 302
The Linear Relationship 302
The Market Portfolio and the
Single Factor 304
11.6 The Capital Asset Pricing Model and
the Arbitrage Pricing
Model 304
Differences in Pedagogy 305
Differences in Application 305
11.7 Parametric Approaches to Asset
Pricing 307
Empirical Models 307
Style Portfolios 308
11.8 Summary and Conclusions 309
12 Risk, Return, and Capital
Budgeting 314
12.1 The Cost of Equity Capital 314
12.2 Determinants of Beta 319
Cyclicity of Revenues 319
Operating Leverage 320
Financial Leverage and
Beta 322
12.3 Extensions of the Basic Model 323
The Firm versus the Project: Vive
la Difference 323
The Cost of Capital with
Debt 324
12.4 Summary and Conclusions 326
Capital Structure and Dividend Policy
13 Corporate Financing Decisions and
Efficient Capital Markets .^2
13.1 Can Financing Decisions Create
Value? 332
13.2 A Description of Efficient Capital
Markets 335
13.3 The Different Types of
Efficiency 337
The Weak Form 338
The Semistrong and Strong
Forms 340
Some Common Misconceptions
about the Efficient Market
Hypothesis 341
13.4 The Evidence 343
The Weak Form 343
The Semistrong Form 345
The Strong Form 345
13.5 Implications for Corporate
Finance 353
Accounting and Efficient
Markets 353
Timing of Issuance of
Financing 354
Price Pressure Effects 356
13.6 Summary and Conclusions 359
14 Long Term Financing: An
Introduction 365
14.1 Common Stock 365
Par and No Par Stock 365
Authorized versus Issued Common
Stock 366
Capital Surplus 366
Retained Earnings 367
Market Value, Book Value, and
Replacement Value 367
Shareholders Rights 368
Dividends 369
Classes of Stocks 370
14.2 Corporate Long Term Debt: The
Basics 371
Interest versus Dividends 371
Is It Debt or Equity? 371
Basic Features of Long Term
Debt 372
Different Types of Debt 372
Repayment 372
Seniority 373
Security 373
Indenture 373
14.3 Preferred Stock 373
Stated Value 374
Cumulative and Noncumulative
Dividends 374
Is Preferred Stock Really
Debt? 374
The Preferred Stock Puzzle 375
14.4 Patterns of Financing 376
14.5 Recent Trends in Capital
Structure 379
14.6 Summary and Conclusions 380
15 Capital Structure: Basic Concepts 383
15.1 The Capital Structure Question and
the Pie Theory 383
15.2 Maximizing Firm Value versus
Maximizing Stockholder
Interests 384
15.3 Can an Optimal Capital Structure Be
Determined? 386
Modigliani and Miller:
Proposition I (No Taxes) 386
15.4 Financial Leverage and Firm Value:
An Example 388
A Key Assumption 391
15.5 Modigliani and Miller: Proposition II
(No Taxes) 392
Example Illustrating Proposition I
and Proposition II 395
MM: An Interpretation 399
15.6 Taxes 401
The Basic Insight 401
The Quirk in the Tax Code 402
Value of the Tax Shield 403
Value of the Leveraged Firm 404
Expected Return and Leverage
under Corporate Taxes 405
The Weighted Average Cost of
Capital / vacc ancl Corporate
Taxes 407
Stock Price and Leverage under
Corporate Taxes 408
15.7 Summary and Conclusions 409
16 Capital Structure: Limits to the I. so of
Debt 416
16.1 Costs of Financial Distress 416
Bankruptcy Risk or Bankruptcy
Cost 7 416
16.2 Description of Costs 419
Direct Costs of Financial
Distress: Legal and
Administrative Costs of
Liquidation or Reorgan¬
ization 419
Indirect Costs of Financial
Distress 420
16.3 Can Costs of Debt Be
Reduced ? 423
Protective Covenants 424
Consolidation of Debt 425
16.4 Integration of Tax Effects and
Financial Distress Costs 425
Pie Again 426
16.5 Shirking and Perquisites: A Note on
Agency or Equity Costs 428
Effect of Agency Costs of Equity
on Debt Equity Financing 430
16.6 Growth and the Debt Equity
Ratio 430
No Growth 431
Growth 431
16.7 Personal Taxes 432
The Miller Model 434
16.8 How Firms Establish Capital
Structure 438
16.9 The Decision to Use More Debt:
The Case of Goodyear Tire and
Rubber 442
Benefits 443
Costs 444
Postscript 444
16.10 Summary and Conclusions 444
Appendix 16A Some Useful
Formulas of Financial
Structure 451
Appendix 16B The Miller Model
and the Graduated Income
Tax 452
17 Valuation and Capital Budgeting for the
Levered Firm 455
17.1 Adjusted Present Value
Approach 455
17.2 Flow to Equity Approach 457
Step 1: Calculating Levered Cash
Flow (LCF) 458
Step 2: Calculating r, 458
Step 3: Valuation 458
17.3 Weighted Average Cost of Capital
Method 459
17.4 A Comparison of APV, FTE, and
WACC Approaches 460
A Suggested Guideline 461
17.5 Capital Budgeting for Projects that
Are Not Scale Enhancing 463
17.6 APV Example 465
All Equity Value 465
Additional Effects of Debt 466
17.7 Beta and Leverage 468
The Project Is Not Scale
Enhancing 470
17.8 Summary and Conclusions 470
Appendix 17A The Adjusted
Present Value Approach to
Valuing Leveraged
Buyouts 475
18 Dividend Policy: Why Does It
Matter? 481
18.1 Different Types of Dividends 481
18.2 Standard Method of Cash Dividend
Payment 482
18.3 The Benchmark Case: An Illustration
of the Irrelevance of Dividend
Policy 484
Current Policy: Dividends Set
Equal to Cash Flow 484
Alternative Policy: Initial
Dividend Is Greater than Cash
Flow 485
The Indifference Proposition 485
Homemade Dividends 486
A Test 488
Dividends and Investment
Policy 489
18.4 Taxes, Issuance Costs, and
Dividends 489
Firms without Sufficient Cash to
Pay a Dividend 489
Firms with Sufficient Cash to Pay
a Dividend 491
Summary on Taxes 493
18.5 Repurchase of Stock 493
Dividend versus Repurchase 494
Relationship between EPS and
Market Value 494
Taxes 495
Targeted Repurchase 495
Repurchase as Investment 496
18.6 Expected Return, Dividends, and
Personal Taxes 496
Empirical Evidence 498
18.7 Real World Factors Favoring a High
Dividend Policy 499
Desire for Current Income 499
T Inpprtpintv P£»c^liiti** »Ki ^nn
Tax Arbitrage 500
Agency Costs 501
18.8 A Resolution of Real World
Factors? 501
Information Content of Dividends:
A Brainteaser with Practical
Applications 501
The Clientele Effect 502
18.9 What We Know and Do Not Know
about Dividend Policy 505
Corporations Smooth
Dividends 505
Dividends Provide Information to
the Market 505
18.10 How Firms Make the Decision
to Pay Dividends for the First
Time: The Case of Apple
Computer 506
18.11 Summary and Conclusions 508
Appendix 18C Stock Dividends
and Stock Splits 514
PartY
Long Term Financing
I1) Issuing Equity Securities to the
Public 520
19.1 The Public Issue 520
The Basic Procedure for a New
Issue 520
19.2 Alternative Issue Methods 521
19.3 The Cash Offer 523
Investment Bankers 526
The Offering Price 527
Underpricing: The Case of
Conrail and Shiva 527
Underpricing: A Possible
Explanation 528
19.4 The Announcement of New Equity
and the Value of the Firm 530
19.5 The Cost of New Issues 530
19.6 Rights 533
The Mechanics of a Rights
Offering 533
Subscription Price 534
Number of Rights Needed to
Purchase a Share 534
Effect of Rights Offering on Price
of Stock 535
Effects on Shareholders 536
The Underwriting
Arrangements 537
19.7 The New Issues Puzzle 537
19.8 Shelf Registration 539
19.9 Venture Capital 540
Supppliers of Venture
Capital 540
Stages of Financing 542
19.10 The Decision to Do an Initial
Public Offering (IPO): The
Case of Medstone International,
Inc. 543
19.11 Summary and Conclusions 545
20 Lonj» Term Debt 549
20.1 Long Term Debt: A Review 549
20.2 The Public Issue of Bonds 550
The Basic Terms 551
Security 552
Protective Covenants 553
The Sinking Fund 554
The Call Provision 554
20.3 Bond Refunding 555
Should Firms Issue Callable
Bonds? 555
Calling Bonds: When Does It
Make Sense 558
20.4 Bond Ratings 559
Junk Bonds 560
20.5 Some Different Types of
Bonds 563
Floating Rate Bonds 564
Deep Discount Bonds 565
Income Bonds 565
20.6 Direct Placement Compared to
Public Issues 566
20.7 Summary and Conclusions 567
21 Options and Corporate Finance 571
21.1 Options 571
21.2 Call Options 572
The Value of a Call Option at
Expiration 572
21.3 Put Options 574
The Value of a Put Option at
Expiration 574
21.4 Selling Options 575
21.5 Reading The Wall Street
Journal 577
21.6 Combinations of Options 577
21.7 Valuing Options 580
Bounding the Value of a
Call 581
The Factors Determining Call
Option Values 582
A Quick Discussion of Factors
Determining Put Option
Values 584
21.8 An Option Pricing Formula 585
A Two State Option Model 586
The Black Scholes Model 587
21.9 Stock and Bonds as Options 591
The Finn Expressed in Terms of
Call Options 592
The Firm Expressed in Terms of
Put Options 593
A Resolution of the Two
Views 595
A Note on Loan Guarantees 596
21.10 Capital Structure Policy and
Options 597
Selecting High Risk Projects 597
Milking the Firm 598
21.11 Investment in Real Projects and
Options 599
21.12 Summary and Conclusions 601
22 Warrants and Convertibles 606
22.1 Warrants 606
22.2 The Difference between Warrants
and Call Options 608
How the Firm Can Hurt Warrant
Holders 610
22.3 Warrant Pricing and the Black
Scholes Model (Advanced) 611
22.4 Convertible Bonds 612
22.5 The Value of Convertible
Bonds 613
Straight Bond Value 613
Conversion Value 614
Option Value 615
22.6 Reasons for Issuing Warrants and
Convertibles 616
Convertible Debt versus Straight
Debt 616
Convertible Debt versus Common
Stock 617
The Free Lunch Story 618
The Expensive Lunch
Story 618
A Reconciliation 619
22.7 Why Are Warrants and Convertibles
Issued0 619
Matching Cash Flows 619
Risk Synergy 619
Agency Costs 620
22.8 Conversion Policy 621
22.9 Summary and Conclusions 622
23 Leasing 626
23.1 Types of Leases 626
The Basics 626
Operating Leases 627
Financial Leases 628
23.2 Accounting and Leasing 629
23.3 Taxes, the IRS, and Leases 630
23.4 The Cash Flows of Leasing 631
23.5 A Detour on Discounting and Debt
Capacity with Corporate
Taxes 633
Present Value of Riskless Cash
Flows 634
Optimal Debt Level and Riskless
Cash Flows (Advanced) 635
23.6 NPV Analysis of the Lease versus
Buy Decision 636
The Discount Rate 636
23.7 Debt Displacement and Lease
Valuation 637
The Basic Concept of Debt
Displacement (Advanced) 637
Optimal Debt Level in the Xomox
Example (Advanced) 638
23.8 Does Leasing Ever Pay: The Base
Case 640
23.9 Reasons for Leasing 641
Good Reasons for Leasing 642
Bad Reasons for Leasing 645
23.10 Some Unanswered Questions 645
Are the Uses of Leases and Debt
Complementary? 646
Why Are Leases Offered by Both
Manufacturers and Third Party
Lessors? 646
Why Are Some Assets Leased
More than Others? 646
23.11 Summary and Conclusions 646
Appendix 23A APV Approach to
Leasing 650
24 Derivatives and Hedging Risk 652
24.1 Forward Contracts 654
24.2 Futures Contracts 655
24.3 Hedging 660
24.4 Interest Rate Futures Contracts 661
Pricing of Treasury Bonds 663
Pricing of Forward
Contracts 663
Futures Contracts 665
Hedging in Interest Rate
Futures 665
24.5 Duration Hedging 670
The Case of Zero Coupon
Bonds 670
The Case of Two Bonds with the
Same Maturity but with Different
Coupons 671
Duration 672
Matching Liabilities with
Assets 674
24.6 Swaps Contracts 677
Interest Rate Swaps 677
Currency Swaps 678
Exotics 679
24.7 Summary and Conclusions 681
Part VI
Financial Planning and Short Term
Finance 685
25 Corporate Financial Models and Long
term Planning 686
25.1 What Is Corporate Financial
Planning? 687
25.2 A Financial Planning Model: The
Ingredients 688
25.3 What Determines Growth? 690
25.4 Some Caveats of Financial Planning
Models 694
25.5 Summary and Conclusions 695
26 Short Term Finance and Planning 699
26.1 Tracing Cash and Net Working
Capital 699
26.2 Defining Cash in Terms of Other
Elements 700
The Sources and Uses of Cash
Statement 701
26.3 The Operating Cycle and the Cash
Cycle 703
26.4 Some Aspects of Short Term
Financial Policy 706
The Size of the Firm s Investment
in Current Assets 707
Alternative Financing Policies for
Current Assets 708
Which Is Best? 710
26.5 Cash Budgeting 712
Cash Outflow 713
The Cash Balance 714
26.6 The Short Term Financial Plan 714
Unsecured Loans 714
Secured Loans 715
Other Sources 715
26.7 Summary and Conclusions 716
27 Cash Management 723
27.1 Reasons for Holding Cash 724
27.2 Determining the Target Cash
Balance 724
The Baumol Model 725
The Miller Orr Model 728
Other Factors Influencing the
Target Cash Balance 730
27.3 Managing the Collection and
Disbursement of Cash 731
Accelerating Collections 734
Delaying Disbursements 738
Disbursements Float ( Playing
the Float Game ) 739
Zero Balance Accounts 739
Drafts 739
Ethical and Legal
Questions 740
27.4 Investing Idle Cash 740
Seasonal or Cyclical
Activities 741
Planned Expenditures 741
Different Types of Money Market
Securities 742
27.5 Summary and Conclusions 743
Appendix 27A Adjustable Rate
Preferred Stock, Auction Rate
Preferred Stock, and Floating
Rate Certificates of
Deposit 746
28 Credit .Management 751
28.1 Terms of the Sale 751
Credit Period 752
Cash Discounts 753
Credit Instruments 754
28.2 The Decision to Grant Credit: Risk
and Information 755
The Value of New Information
about Credit Risk 757
Future Sales 758
28.3 Optimal Credit Policy 758
28.4 Credit Analysis 760
Credit Information 760
Credit Scoring 761
28.5 Collection Policy 761
Average Collection Period 761
Aging Schedule 762
Collection Effort 763
Factoring 763
28.6 How to Finance Trade Credit 763
28.7 Summary and Conclusions 764
Part MI
Special Topics
29 Mergers and Acquisitions 768
29.1 The Basic Forms of
Acquisitions 769
Merger or Consolidation 769
Acquisition of Stock 769
Acquisition of Assets 770
A Classification Scheme 770
A Note on Takeovers 770
29.2 The Tax Forms of Acquisitions 771
29.3 Accounting for Acquisitions 773
The Purchase Method 773
Pooling of Interests 774
Purchase or Pooling of Interests:
A Comparison 774
29.4 Determining the Synergy from an
Acquisition 775
29.5 Source of Synergy from
Acquisitions 776
Revenue Enhancement 776
Cost Reduction 777
Tax Gains 779
The Cost of Capital 781
29.6 Calculating the Value of the Firm
after an Acquisition 781
Avoiding Mistakes 783
29.7 A Cost to Stockholders from
Reduction in Risk 784
The Base Case 784
One Firm Has Debt 784
How Can Shareholders Reduce
Their Losses from the
Coinsurance Effect? 786
29.8 Two Bad Reasons for
Merger 786
Earnings Growth 786
Diversification 787
29.9 The NPV of a Merger 788
Cash 788
Common Stock 789
Cash versus Common Stock 790
29.10 Defensive Tactics 791
The Corporate Charter 791
Repurchase Standstill
Agreements 791
Exclusionary Self Tenders 792
Going Private and Leveraged
Buyouts 792
Other Devices and Jargon of
Corporate Takeovers 793
29.11 Some Evidence on
Acquisitions 792
Do Acquisitions Benefit
Shareholders? 794
29.12 The Japanese Keiretsu 796
29.13 Summary and Conclusions 798
Appendix 29A The U.S. Steel
Acquisition of Marathon
Oil 803
30 Financial Distress 808
30.1 What Is Financial Distress? 808
30.2 What Happens in Financial
Distress? 810
30.3 Bankruptcy Liquidation and
Reorganization 812
Bankruptcy Liquidation 812
Bankruptcy Reorganization 814
30.4 Private Workout or Bankruptcy:
Which Is Best? 816
The Marginal Firm 816
Holdouts 816
Complexity 817
Lack of Information 817
30.5 Prepackaged Ranknintrv 817
30.6 The Decision to File for Bankruptcy:
The Case of Revco 818
30.7 Summary and Conclusions 820
Appendix 30A Predicting Corporate
Bankruptcy: The Z Score
Model 822
31 International Corporate Finance 824
31.1 Terminology 824
31.2 Foreign Exchange Markets and
Exchange Rates 826
Exchange Rates 826
Types of Transactions 828
31.3 The Law of One Price and
Purchasing Power Parity 828
31.4 Interest Rates and Exchange Rates:
Interest Rate Parity 830
The Dollar Investment 831
The Deutschemark
Investment 831
The Forward Discount and
Expected Spot Rates 832
Exchange Rate Risk 833
31.5 International Capital Budgeting 834
Foreign Exchange
Conversion 835
Unremitted Cash Flows 837
The Cost of Capital for
International Firms 838
31.6 International Financial
Decisions 839
Short Term and Medium Term
Financing 839
International Bond Markets 840
31.7 International Capital Structure 841
31.8 Reporting Foreign Operations 841
31.9 Summary and Conclusions 842
Appendix A Mathematical Tables 847
Appendix B Selected Answers to
End of Chapter Problems 863
Glossary 868
Subject Index 886
Name Index 897
|
| any_adam_object | 1 |
| author | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jaffe, Jeffrey F. |
| author_GND | (DE-588)128781408 (DE-588)121792250 |
| author_facet | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jaffe, Jeffrey F. |
| author_role | aut aut aut |
| author_sort | Ross, Stephen A. 1944-2017 |
| author_variant | s a r sa sar r w rw j f j jf jfj |
| building | Verbundindex |
| bvnumber | BV010819699 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4026 |
| callnumber-raw | HG4026.R675 1996b |
| callnumber-search | HG4026.R675 1996b |
| callnumber-sort | HG 44026 R675 41996B |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 |
| classification_tum | WIR 680f |
| ctrlnum | (OCoLC)34282681 (DE-599)BVBBV010819699 |
| dewey-full | 658.15 658.1520 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 658.15 20 |
| dewey-search | 658.15 658.15 20 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 4. ed. |
| format | Book |
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| genre_facet | Einführung Bibliografie Lehrbuch |
| id | DE-604.BV010819699 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:59:27Z |
| institution | BVB |
| isbn | 0256152292 0256206902 |
| language | English |
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| physical | XXIII, 899 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
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| publisher | Irwin |
| record_format | marc |
| series2 | The Irwin series in finance |
| spelling | Ross, Stephen A. 1944-2017 Verfasser (DE-588)128781408 aut Corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Jeffrey Jaffe 4. ed. Chicago [u.a.] Irwin 1996 XXIII, 899 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Irwin series in finance Entreprises - Finances ram Corporations Finance Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4006432-3 Bibliografie gnd-content 3\p (DE-588)4123623-3 Lehrbuch gnd-content Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s 4\p DE-604 DE-604 Westerfield, Randolph Verfasser (DE-588)121792250 aut Jaffe, Jeffrey F. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007230452&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jaffe, Jeffrey F. Corporate finance Entreprises - Finances ram Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4151278-9 (DE-588)4006432-3 (DE-588)4123623-3 |
| title | Corporate finance |
| title_auth | Corporate finance |
| title_exact_search | Corporate finance |
| title_full | Corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Jeffrey Jaffe |
| title_fullStr | Corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Jeffrey Jaffe |
| title_full_unstemmed | Corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Jeffrey Jaffe |
| title_short | Corporate finance |
| title_sort | corporate finance |
| topic | Entreprises - Finances ram Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Entreprises - Finances Corporations Finance Corporate Finance Finanzierung Einführung Bibliografie Lehrbuch |
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