Principles of corporate finance:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston [u.a.]
McGraw-Hill [u.a.]
2006
|
| Ausgabe: | 8. ed. |
| Schriftenreihe: | The McGraw-Hill/Irwin series in finance, insurance, and real estate
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and indexes |
| Beschreibung: | XXVIII, 1028 S. graph. Darst. 1 CD-ROM (12 cm) |
| ISBN: | 0073130826 0072957239 |
Internformat
MARC
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| 245 | 1 | 0 | |a Principles of corporate finance |c Richard A. Brealey, Stewart C. Myers, Franklin Allen |
| 250 | |a 8. ed. | ||
| 264 | 1 | |a Boston [u.a.] |b McGraw-Hill [u.a.] |c 2006 | |
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Datensatz im Suchindex
| _version_ | 1804135109532581888 |
|---|---|
| adam_text | Part One
VALUE.
Chapter
FINANCE AND THE
1.1
1.2
13
1.4
1.5
Summary
Further Reading
Concept Review Questions
Quiz
____________
PRESENT VALUES, THE OBJECTIVES OF THE FIRM,
AND CORPORATE GOVERNANCE
2.1
Calculating Future and Present Value/Net Present
Value /Risk and Present Value
Rates of Return /The Opportunity Cost of Capital /A
Source of Confusion
2.2
How Capital Markets Reconcile Preferences for Current
vs. Future Consumption IA Fundamental Result
Corporate Goals
23
Should Managers Look after the Interests of
Shareholders?
Shareholders or All Stakeholders?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
HOW TO CALCULATE PRESENT VALUES
3.1
Valuing Cash Flows in Several Periods
Discount Factor Declines As Futurity Increases-
And a Digression on Money Machines
PVsandNPVs
3.2
Annuities
How to Value Growing Perpetuities /How to Value
Annuities
3.3
A Note on Compounding Intervals
■
3.4
Summary
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
CO/1TMT7
Chapter
THE VALUE OF BONOS AND COMMON STOCKS
4.1
to Value Bonds
A Short Trip to Germany to Value a Government Bond/
What Happens When Interest Rates Change? /Back in
the United States: Semiannual Coupons and Bond Prices
4.2
4.3
Today s Price I But What Determines Next Year s Price?
4.4
Using the DCF Model to Set Gas and Electricity Prices
Some Warnings about Constant-Growth Formulas/DCF
Valuation with Varying Growth Rates
4.5
Share
Calculating the Present Value of Growth Opportunities
for Fledgling Electronics
Opportunities?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Reeby Sports
________
WHY NET PRESENT VALUE LEADS
TO BETTER INVESTMENT DECISIONS THAN
OTHER CRITERIA
5.1
Net Present Value s Competitors /Three Points to
Remember about NPV/NPV Depends on Cash Flow,
Not on Book Returns
5.2
The Payback Rule
5.3
of Return
Calculating the
or Borrowing? /Pitfall
Pitfall
Happens When We Can t Finesse the Term Structure of
Interest Rates? /The Verdict on
5.4
Are Limited
An Easy Problem in Capital Rationing
Rationing
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Vegetron s CFO Calls Again
_________
MAKING INVESTMENT DECISIONS WITH THE NET
PRESENT VALUE RULE
6.1
Only Cash Flow Is Relevant
Incremental Basis /Treat Inflation Consistently
6.2
Separating Investment and Financing Decisions I
Investments, in Working Capital /A Further Note on
Depreciation IA Final Comment on Taxes /Project
Analysis I Calculating NPV in Other Countries and
Currencies
6.3
Investing to Produce Reformulated Gasoline at California
Refineries
Equipment
Machine I Cost of Excess Capacity
6.4
Case
Fluctuating Load Factors
Summary
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: New Economy Transport (A)
and (B)
Part Two
Rj/K
Chapter
INTRODUCTION TO RISK, RETURN, AND THE
OPPORTUNITY COST OF CAPITAL
7.1
Easy Lesson
Arithmetic Averages and Compound Annual Returns I
Using Historical Evidence to Evaluate Today s Cost of
Capital
7.2
Variance and Standard Deviation /Measuring
Variability
7.3
General Formula for Computing Portfolio Risk /Limits to
Diversification
7
Portfolio Risk
Market Risk Is Measured by Beta
Determine Portfolio Risk
7.5
Summary
Further Reading
Concept
Quiz
Practice Questions
Challenge Questions
Chapter
RISK AND RETURN
8.1 Harry Markowitz
of Portfolio Theory
Combining Stocks into Portfolios /We Introduce
Borrowing and Lending
8.2
Some Estimates of Expected Returns /Review of the
Capital Asset Pricing Model
Lie on the Security Market Line?
8.3
Pricing Model
Tests of the Capital Asset Pricing Model /Assumptions
behind the Capital Asset Pricing Model
8.4
Consumption Betas versus Market Betas /Arbitrage
Pricing Theory /A Comparison of the Capital Asset
Pricing Model and Arbitrage Pricing Theory /APT
Example
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
______
CAPITAL BUDGETING AND RISK
9.1
Perfect Pitch and the Cost of Capital
Company Cost of Capital
9.2
Estimating Beta /The Expected Return on Union Pacific
Corporation s Common Stock
9.3
Beta
Avoid Fudge Factors in Discount Rates
What Determines Asset Betas?
9.4
for Risk
Valvation
Single Risk-Adjusted Discount Rate for Lmg-Lived Assets
IA Common Mistake
Risk-Adjusted Discount Rate for Long-Lived Assets
9.5
Foreign Investments Are Not Always Riskier
Investment in the United States /Do Some Countries
Have a Lower Cost of Capital?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: The Jones Family, Incorporated
Part Three
PRACTICAL PRObLE.I1/
1/1
Chapter
A PROJECT IS NOT A BLACK BOX
10.1
Value of Information /Limits to Sensitivity Analysis
Scenario Analysis
Leverage and Break-Even Points
10.2
Simulating the Electric Scooter Project
Pharmaceutical Research and Development
10.3
The Option to Expand /The Option to Abandon /Two
Other Real Options /More on Decision Trees /An
Example:
Decision Trees and Monte Carlo Simulation
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Waldo County
Chapter
STRATEGY AND THE CAPITAL INVESTMENT DECISION
274
11.1
The Cadillac and the Movie Star
a New Department Store
Gold Mine
11.2
How One Company Avoided a
11.3
New Technology
Forecasting Prices of Gargle Blasters
Marvin s Nero Expansion /Alternative Expansion Plans
The Value of Marvin Stock I The Lessons of Marvin
Enterprises
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Ecsy-Cola
Chapter
AGENCY PROBLEMS, MANAGEMENT
COMPENSATION, AND THE MEASUREMENT OF
PERFORMANCE
12.1
Project Authorizations I Some Investments May Not
Show Up in the Capital Budget I
12.2
Establishing Consistent Forecasts /Reducing Forecast
Bias
It Needs
12.3
Overview: Agency Problems in Capital Budgeting I
Monitoring
Management Compensation
12.4
Income and EVA
Pros and Cons of EVA
12.5
Example: Measuring the Profitability of the Nodhead
Supermarket
12.6
Do the Biases Wash Out in the Long Run? I What Can We
Do about Biases in Accounting Profitability Measures?
Do Managers Worry Too Much about Book
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part Pour
f
MARKET
328
Chapter
CORPORATE FINANCING AND THE SIX LESSONS
OF MARKET EFFICIENCY
13.1
Differences between Investment and Financing Decisions
13.2
A Startling Discovery: Price Changes Are Random
Three Forms of Market Efficiency /Efficient Markets:
The Evidence
13.3
the Financial Manager?
Do Investors Respond Slowly to New Information?
Stock Market Anomalies and Behavioral Finance I
Irrational Exuberance and the Dot.com Bubble
Dotcom Boom and Relative Efficiency
Anomalies and the Financial Manager
13
Lesson
Market Prices /Lesson
Are No Financial Illusions I Lesson
Alternative /Lesson
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
________
AN OVERVIEW OF CORPORATE FINANCING
14.1
Do Firms Rely Too Much on Internal Funds? /How
Much Do Firms Borrow?
14.2
Ownership of the Corporation
the Value of Votes I Equity in Disguise
COATE/TI/
14.3
Debt Comes in Many Forms
of Life
14.4
Financial Institutions
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Question
Chapter
HOW CORPORATIONS ISSUE SECURITIES
15.1
The Venture Capital Market
15.2
Arranging an Initial Public Offering /The Sale of
Marvin Stock
Underpricing of IPOs
15.3
Types of Auctions
15.4
General Cash Offers
Costs of a General Cash Offer/Market Reaction to Stock
Issues /Rights Issues
15.5
Summary
Appendix: Marvin s New-Issue Prospectus
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
PAYOUT POLICY
yTRUCTURL
_____________
PAYOUT POLICY
16.1
16.2
How Dividends Are Paid /How Firms Repurchase Stock
16.3
16.4
Repurchases
The Information Content of Share Repurchase
16.5
Dividend Policy Is Irrelevant in Perfect Capital Markets
Dividend Irrelevance—An Illustration
Share Price
Valuation
16.6
Payout Policy, Investment Policy, and Management
Incentives
16.7
Why Pay Any Dividends at All? I Empirical Evidence on
Dividends and Taxes/The Taxation of Dividends and
Capital Gains
16.8
Alternative Tax Systems
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_____________
DOES DEBT POLICY MATTER?
17.1
Tax-free Economy
Enter
of Value
17.2
Proposition
Beta
17.3
Two Warnings /Rates of Return on Levered Equity
Traditional Position /Today s Unsatisfied Clienteles Are
Probably Interested in Exotic Securities /Imperfections
and Opportunities
17
Cost of Capital
Union Pacific s WACC
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
co/rre/n/
Chapter
HOW MUCH SHOULD A FIRM BORROW?
18.1
How Do Interest Tax Shields Contribute to the Value of
Stockholders Equity? /Recasting Pflzer s Capital
Structure /MM and Taxes
18.2
18.3
Bankrupts/ Costs I Evidence on Bankruptcy Costs
Direct versus Indirect Costs of Bankruptcy/Financial
Distress without Bankruptcy
Shifting: The First Game
Capital: The Second Game/And Three More Games,
Briefly/What the Games Cost /Costs of Distress Vary
with Type of Asset/The Trade-off Theory of Capital
Structure
18.4
Debt and Equity Issues with Asymmetric Information
Implications of the Pecking Order /The Trade-Off Theory
vs. the Pecking-Order Theory—Some Recent Tests
Bright Side and the Dark Side of Financial Slack
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
____________
FINANCING AND VALUATION
19.1
of Capital
Example: Sangria Corporation /Review of Assumptions
19.2
Valuing Rio Corporation /Estimating Horizon Value
WACC vs. the Flow-to-Equity Method
19.3
Some Tricks of the Trade /Mistakes People Make in
Using the Weighted-Average Formula /Adjusting
WACC When Debt Ratios or Business Risks Differ/
Unlevering and Relevering Betas
Rebalancing
Some Final Advice
19.4
APVfor the Perpetual Crusher
Effects /APVfor Businesses /APVfor International
Investments
19.5
Summary
Appendix: Discounting Safe, Nominal Cash
Flows
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
OPTIO/V* 538
Chapter
UNDERSTANDING OPTIONS
20.1
Call Options and Position Diagrams /Put Options I
Selling Calls, Puts, and Shares /Position Diagrams Are
Not Profit Diagrams
20.2
Spotting the Option
20.3
Risk and Option Values
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
____________
VALUING OPTIONS
21.1
Why Discounted Cash Flow Won t Work for Options
Constructing Option Equivalents from Common Stocks
and Borrowing
21.2
Example: The Turn-Stage Binomial Method/The General
Binomial Method
Trees
21.3
Using the Black-Scholes Formula
Formula and the Binomial Method
21.4
Executive Stock Options
Calculating Implied Volatilities
21.5
Summary
Appendix: How Dilution Affects Option Value
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Bruce Honiball s Invention
Chapter
REAL OPTIONS
22.1
Opportunities
Questions and Answers about Btitzen s Mark
Expansion Options
22.2
Valuing the Malted Herring Option
Real Estate Development
22.3
The Zircon Subductor Project /Abandonment Value and
Project Life
22.4
Purchase Options
Another Look at Aircraft Purchase Options
22.5
Practical Challenges
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part ./even
L7E.&T
Chapter
VALUING GOVERNMENT BONDS
23.1
Indexed Bonds and the Real Rate of Interest /Inflation
and Nominal Interest Rates /How Well Does Fisher s
Theory Explain Interest Rates?
23.2
Yield to Maturity
23.3
Bond Prices
Duration and Bond Volatility
Risk/ A Cautionary Note
23.4
The Expectations Theory
Theory I Introducing Inflation
Bond Returns
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
___________
CREDIT RISK
24.1
The Difference between Safe and Risky Debt
the Default Option
Guarantees
24.2
of Default
24.3
Credit Scoring
24.4
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
THE MANY DIFFERENT KINDS OF DEBT
25.1
and Eurobonds
25.2
Indenture, or Trust Deed I The Bond Terms
253
Asset-Backed Securities
25.4
Sinking Funds
25.5
comtmy
25.6
What Is a Convertible Bond?
Convertible at Maturity
Why Do Companies Issue Convertibles? /Valuing
Convertible Bonds
Bonds: Mandatory Convertibles and Reverse
Convertibles /A Third Variation on Convertible Bonds:
The Bond-Warrant Package
25.7
Project Finance /Project Finance
Features /The Role of Project Finance
25.8
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: The Shocking Demise
ofMr.Thorndike
______________
LEASING
26.1
26.2
Sensible Reasons for Leasing /Some Dubious Reasons
for Leasing
26.3
Example of an Operating Lease/Lease or Buy?
26
Example of a Financial Lease
Leased Asset? /Leasing and the Internal Revenue
Service /A First Pass at Valuing a Lease Contract
The Story So Far
26.5
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part Eight
RJ/K
Chapter
MANAGING RISK
27.1
Reducing the Risk of Cash Shortfalls or Financial
Distress /Agency Costs May Be Mitigated by Risk
Management
27.2
How British Petroleum (BP) Changed Its Insurance
Strategy
27.3
A Simple Forward Contract
The Mechanics of Futures Trading
Financial Futures Contracts /Spot and Futures Prices
Commodities /More about Forward Contracts
Homemade Forward Rate Contracts
27
Interest Rate Swaps
27.5
Using Theory to Set Up the Hedge: An Example I
Options,
27.6
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
MANAGING INTERNATIONAL RISKS
28.1
28.2
Interest Rates and Exchange Rates
Premium and Changes in Spot Rates
Exchange Rate and Inflation Rates /Interest Rates and
Inflation Rates /Is Life Really That Simple?
28.3
Transaction Exposure and Economic Exposure
Currency Speculation
co/rre/rç/
28.4
Decisions
More about the Cost of Capital
28.5
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case:
Chapter
Part /line
n/IA/ÏCIAL
MÁ/HÁGtMETIT
CAPITAL
780
Chapter
FINANCIAL ANALYSIS AND PLANNING
29.1
29.2
The Balance Sheet
Uses of Funds
29.3
Condition
How Much Has Executive Paper Borrowed?
How Liquid is Executive Paper? /How Productively
is Executive Paper Using Its Assets? /How Profitable
Is Executive Paper? /How Highly Is Executive Paper
Valued by Investors?
29.4
29.5
Pitfalls in Model Design /There Is No Finance in
Financial Planning Models
29.6
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
WORKING CAPITAL MANAGEMENT
30.1
Terms of Sale/ The Promise to Pay
The Credit Decision /Collection Policy
30.2
30.3
Using Cash Efficiently I Electronic Funds Transfer
International Cash Management /Paying for Bank
Services
30.4
Calculating the Yield on Money-Market Investments
Yields on Money-Market Investments
Money Market /Money-Market Instruments
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
SHORT-TERM FINANCIAL PLANNING
31.1
Financing Decisions
31.2
Tracing Changes in Net Working Capital /Profits and
Cash Flow
31.3
Preparing the Cash Budget: Inflow /Preparing the Cash
Budget: Outflow
31.4
Options for Short-Term Financing
Financing Plan
Term Financial Planning Models
31.5
Bank Loans
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
MERGER/ , CORPORATE
CONTROL,
868
Chapter
MERGERS
32.1
Economies of Scab
Complementary Resources
Inefficiencies
32.2
To Diversify
Bootstrap Game/Lower Financing Costs
32.3
Right and Wrong Ways to Estimate the Benefits of
Mergers /More on Estimating Costs
Target s Stock Price Anticipates the Merger? /Estimating
Cost When the Merger Is Financed by Stock
Asymmetric Information
32.4
Mergers and Antitrust Law
Merger Accounting
32.5
Boone Pkkens Tries to Take Over Cities Service, Gulf Oil,
and Phillips Petroleum /Takeover Defenses
vs. AMP I Who Gains Most in Mergers?
32.6
Merger Waves
Summary
Appendix: Conglomerate Mergers and Value
Addittvity
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
CORPORATE RESTRUCTURING
33.1
RJR Nabisco
Restructurings /LBOs and Leveraged Restructurings
33.2
Spin-offs
33.3
Fifteen Years after Reading This Chapter /Financial
Architecture
Temporary Conglomerates
33.4
is Chapter
Bankruptcy Procedures
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Chapter
GOVERNANCE AND CORPORATE CONTROL
AROUND THE WORLD
34.1
Investor Protection and the Development of Financial
Markets
34.2
Ownership and Control in Japan
Control in Germany
Ownership and Control in Other Countries
Conglomerates Revisited
34.3
Risk and Short-termism
Declining Industries
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Part Eleven
co/icm/io/i
Chapter
CONCLUSION; WHAT WE DO AND DO NOT KNOW
ABOUT FINANCE
35.1
Ideas in Finance
1.
Model/
and the Law of Conservation of Value
Structure Theory 1
co/TTE/ny
35.2
in Finance
1.
2.
Important Are BeExceptions to the Efficient-Market
Theory?/4.1s Management an Off-Balance-Sheet Global Index
Liabüity? 15.
Securities and New Markets?
the Payout Controversy?
Take?
We Explain Merger Waves?
International
|
| adam_txt |
Part One
VALUE.
Chapter
FINANCE AND THE
1.1
1.2
13
1.4
1.5
Summary
Further Reading
Concept Review Questions
Quiz
_
PRESENT VALUES, THE OBJECTIVES OF THE FIRM,
AND CORPORATE GOVERNANCE
2.1
Calculating Future and Present Value/Net Present
Value /Risk and Present Value
Rates of Return /The Opportunity Cost of Capital /A
Source of Confusion
2.2
How Capital Markets Reconcile Preferences for Current
vs. Future Consumption IA Fundamental Result
Corporate Goals
23
Should Managers Look after the Interests of
Shareholders?
Shareholders or All Stakeholders?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
HOW TO CALCULATE PRESENT VALUES
3.1
Valuing Cash Flows in Several Periods
Discount Factor Declines As Futurity Increases-
And a Digression on Money Machines
PVsandNPVs
3.2
Annuities
How to Value Growing Perpetuities /How to Value
Annuities
3.3
A Note on Compounding Intervals
■
3.4
Summary
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
CO/1TMT7
Chapter
THE VALUE OF BONOS AND COMMON STOCKS
4.1
to Value Bonds
A Short Trip to Germany to Value a Government Bond/
What Happens When Interest Rates Change? /Back in
the United States: Semiannual Coupons and Bond Prices
4.2
4.3
Today's Price I But What Determines Next Year's Price?
4.4
Using the DCF Model to Set Gas and Electricity Prices
Some Warnings about Constant-Growth Formulas/DCF
Valuation with Varying Growth Rates
4.5
Share
Calculating the Present Value of Growth Opportunities
for Fledgling Electronics
Opportunities?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Reeby Sports
_
WHY NET PRESENT VALUE LEADS
TO BETTER INVESTMENT DECISIONS THAN
OTHER CRITERIA
5.1
Net Present Value's Competitors /Three Points to
Remember about NPV/NPV Depends on Cash Flow,
Not on Book Returns
5.2
The Payback Rule
5.3
of Return
Calculating the
or Borrowing? /Pitfall
Pitfall
Happens When We Can't Finesse the Term Structure of
Interest Rates? /The Verdict on
5.4
Are Limited
An Easy Problem in Capital Rationing
Rationing
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Vegetron's CFO Calls Again
_
MAKING INVESTMENT DECISIONS WITH THE NET
PRESENT VALUE RULE
6.1
Only Cash Flow Is Relevant
Incremental Basis /Treat Inflation Consistently
6.2
Separating Investment and Financing Decisions I
Investments, in Working Capital /A Further Note on
Depreciation IA Final Comment on Taxes /Project
Analysis I Calculating NPV in Other Countries and
Currencies
6.3
Investing to Produce Reformulated Gasoline at California
Refineries
Equipment
Machine I Cost of Excess Capacity
6.4
Case
Fluctuating Load Factors
Summary
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: New Economy Transport (A)
and (B)
Part Two
Rj/K
Chapter
INTRODUCTION TO RISK, RETURN, AND THE
OPPORTUNITY COST OF CAPITAL
7.1
Easy Lesson
Arithmetic Averages and Compound Annual Returns I
Using Historical Evidence to Evaluate Today's Cost of
Capital
7.2
Variance and Standard Deviation /Measuring
Variability
7.3
General Formula for Computing Portfolio Risk /Limits to
Diversification
7
Portfolio Risk
Market Risk Is Measured by Beta
Determine Portfolio Risk
7.5
Summary
Further Reading
Concept
Quiz
Practice Questions
Challenge Questions
Chapter
RISK AND RETURN
8.1 Harry Markowitz
of Portfolio Theory
Combining Stocks into Portfolios /We Introduce
Borrowing and Lending
8.2
Some Estimates of Expected Returns /Review of the
Capital Asset Pricing Model
Lie on the Security Market Line?
8.3
Pricing Model
Tests of the Capital Asset Pricing Model /Assumptions
behind the Capital Asset Pricing Model
8.4
Consumption Betas versus Market Betas /Arbitrage
Pricing Theory /A Comparison of the Capital Asset
Pricing Model and Arbitrage Pricing Theory /APT
Example
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
CAPITAL BUDGETING AND RISK
9.1
Perfect Pitch and the Cost of Capital
Company Cost of Capital
9.2
Estimating Beta /The Expected Return on Union Pacific
Corporation's Common Stock
9.3
Beta
Avoid Fudge Factors in Discount Rates
What Determines Asset Betas?
9.4
for Risk
Valvation
Single Risk-Adjusted Discount Rate for Lmg-Lived Assets
IA Common Mistake
Risk-Adjusted Discount Rate for Long-Lived Assets
9.5
Foreign Investments Are Not Always Riskier
Investment in the United States /Do Some Countries
Have a Lower Cost of Capital?
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: The Jones Family, Incorporated
Part Three
PRACTICAL PRObLE.I1/
1/1
Chapter
A PROJECT IS NOT A BLACK BOX
10.1
Value of Information /Limits to Sensitivity Analysis
Scenario Analysis
Leverage and Break-Even Points
10.2
Simulating the Electric Scooter Project
Pharmaceutical Research and Development
10.3
The Option to Expand /The Option to Abandon /Two
Other Real Options /More on Decision Trees /An
Example:
Decision Trees and Monte Carlo Simulation
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Waldo County
Chapter
STRATEGY AND THE CAPITAL INVESTMENT DECISION
274
11.1
The Cadillac and the Movie Star
a New Department Store
Gold Mine
11.2
How One Company Avoided a
11.3
New Technology
Forecasting Prices of Gargle Blasters
Marvin's Nero Expansion /Alternative Expansion Plans
The Value of Marvin Stock I The Lessons of Marvin
Enterprises
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Ecsy-Cola
Chapter
AGENCY PROBLEMS, MANAGEMENT
COMPENSATION, AND THE MEASUREMENT OF
PERFORMANCE
12.1
Project Authorizations I Some Investments May Not
Show Up in the Capital Budget I
12.2
Establishing Consistent Forecasts /Reducing Forecast
Bias
It Needs
12.3
Overview: Agency Problems in Capital Budgeting I
Monitoring
Management Compensation
12.4
Income and EVA
Pros and Cons of EVA
12.5
Example: Measuring the Profitability of the Nodhead
Supermarket
12.6
Do the Biases Wash Out in the Long Run? I What Can We
Do about Biases in Accounting Profitability Measures?
Do Managers Worry Too Much about Book
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part Pour
f
MARKET
328
Chapter
CORPORATE FINANCING AND THE SIX LESSONS
OF MARKET EFFICIENCY
13.1
Differences between Investment and Financing Decisions
13.2
A Startling Discovery: Price Changes Are Random
Three Forms of Market Efficiency /Efficient Markets:
The Evidence
13.3
the Financial Manager?
Do Investors Respond Slowly to New Information?
Stock Market Anomalies and Behavioral Finance I
Irrational Exuberance and the Dot.com Bubble
Dotcom Boom and Relative Efficiency
Anomalies and the Financial Manager
13
Lesson
Market Prices /Lesson
Are No Financial Illusions I Lesson
Alternative /Lesson
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
AN OVERVIEW OF CORPORATE FINANCING
14.1
Do Firms Rely Too Much on Internal Funds? /How
Much Do Firms Borrow?
14.2
Ownership of the Corporation
the Value of Votes I Equity in Disguise
COATE/TI/
14.3
Debt Comes in Many Forms
of Life
14.4
Financial Institutions
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Question
Chapter
HOW CORPORATIONS ISSUE SECURITIES
15.1
The Venture Capital Market
15.2
Arranging an Initial Public Offering /The Sale of
Marvin Stock
Underpricing of IPOs
15.3
Types of Auctions
15.4
General Cash Offers
Costs of a General Cash Offer/Market Reaction to Stock
Issues /Rights Issues
15.5
Summary
Appendix: Marvin's New-Issue Prospectus
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
PAYOUT POLICY
yTRUCTURL
_
PAYOUT POLICY
16.1
16.2
How Dividends Are Paid /How Firms Repurchase Stock
16.3
16.4
Repurchases
The Information Content of Share Repurchase
16.5
Dividend Policy Is Irrelevant in Perfect Capital Markets
Dividend Irrelevance—An Illustration
Share Price
Valuation
16.6
Payout Policy, Investment Policy, and Management
Incentives
16.7
Why Pay Any Dividends at All? I Empirical Evidence on
Dividends and Taxes/The Taxation of Dividends and
Capital Gains
16.8
Alternative Tax Systems
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
DOES DEBT POLICY MATTER?
17.1
Tax-free Economy
Enter
of Value
17.2
Proposition
Beta
17.3
Two Warnings /Rates of Return on Levered Equity
Traditional Position /Today's Unsatisfied Clienteles Are
Probably Interested in Exotic Securities /Imperfections
and Opportunities
17
Cost of Capital
Union Pacific's WACC
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
co/rre/n/
Chapter
HOW MUCH SHOULD A FIRM BORROW?
18.1
How Do Interest Tax Shields Contribute to the Value of
Stockholders' Equity? /Recasting Pflzer's Capital
Structure /MM and Taxes
18.2
18.3
Bankrupts/ Costs I Evidence on Bankruptcy Costs
Direct versus Indirect Costs of Bankruptcy/Financial
Distress without Bankruptcy
Shifting: The First Game
Capital: The Second Game/And Three More Games,
Briefly/What the Games Cost /Costs of Distress Vary
with Type of Asset/The Trade-off Theory of Capital
Structure
18.4
Debt and Equity Issues with Asymmetric Information
Implications of the Pecking Order /The Trade-Off Theory
vs. the Pecking-Order Theory—Some Recent Tests
Bright Side and the Dark Side of Financial Slack
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
FINANCING AND VALUATION
19.1
of Capital
Example: Sangria Corporation /Review of Assumptions
19.2
Valuing Rio Corporation /Estimating Horizon Value
WACC vs. the Flow-to-Equity Method
19.3
Some Tricks of the Trade /Mistakes People Make in
Using the Weighted-Average Formula /Adjusting
WACC When Debt Ratios or Business Risks Differ/
Unlevering and Relevering Betas
Rebalancing
Some Final Advice
19.4
APVfor the Perpetual Crusher
Effects /APVfor Businesses /APVfor International
Investments
19.5
Summary
Appendix: Discounting Safe, Nominal Cash
Flows
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
OPTIO/V* 538
Chapter
UNDERSTANDING OPTIONS
20.1
Call Options and Position Diagrams /Put Options I
Selling Calls, Puts, and Shares /Position Diagrams Are
Not Profit Diagrams
20.2
Spotting the Option
20.3
Risk and Option Values
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
VALUING OPTIONS
21.1
Why Discounted Cash Flow Won't Work for Options
Constructing Option Equivalents from Common Stocks
and Borrowing
21.2
Example: The Turn-Stage Binomial Method/The General
Binomial Method
Trees
21.3
Using the Black-Scholes Formula
Formula and the Binomial Method
21.4
Executive Stock Options
Calculating Implied Volatilities
21.5
Summary
Appendix: How Dilution Affects Option Value
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: Bruce Honiball's Invention
Chapter
REAL OPTIONS
22.1
Opportunities
Questions and Answers about Btitzen's Mark
Expansion Options
22.2
Valuing the Malted Herring Option
Real Estate Development
22.3
The Zircon Subductor Project /Abandonment Value and
Project Life
22.4
Purchase Options
Another Look at Aircraft Purchase Options
22.5
Practical Challenges
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part ./even
L7E.&T
Chapter
VALUING GOVERNMENT BONDS
23.1
Indexed Bonds and the Real Rate of Interest /Inflation
and Nominal Interest Rates /How Well Does Fisher's
Theory Explain Interest Rates?
23.2
Yield to Maturity
23.3
Bond Prices
Duration and Bond Volatility
Risk/ A Cautionary Note
23.4
The Expectations Theory
Theory I Introducing Inflation
Bond Returns
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
_
CREDIT RISK
24.1
The Difference between Safe and Risky Debt
the Default Option
Guarantees
24.2
of Default
24.3
Credit Scoring
24.4
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
THE MANY DIFFERENT KINDS OF DEBT
25.1
and Eurobonds
25.2
Indenture, or Trust Deed I The Bond Terms
253
Asset-Backed Securities
25.4
Sinking Funds
25.5
comtmy
25.6
What Is a Convertible Bond?
Convertible at Maturity
Why Do Companies Issue Convertibles? /Valuing
Convertible Bonds
Bonds: Mandatory Convertibles and Reverse
Convertibles /A Third Variation on Convertible Bonds:
The Bond-Warrant Package
25.7
Project Finance /Project Finance
Features /The Role of Project Finance
25.8
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case: The Shocking Demise
ofMr.Thorndike
_
LEASING
26.1
26.2
Sensible Reasons for Leasing /Some Dubious Reasons
for Leasing
26.3
Example of an Operating Lease/Lease or Buy?
26
Example of a Financial Lease
Leased Asset? /Leasing and the Internal Revenue
Service /A First Pass at Valuing a Lease Contract
The Story So Far
26.5
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part Eight
RJ/K
Chapter
MANAGING RISK
27.1
Reducing the Risk of Cash Shortfalls or Financial
Distress /Agency Costs May Be Mitigated by Risk
Management
27.2
How British Petroleum (BP) Changed Its Insurance
Strategy
27.3
A Simple Forward Contract
The Mechanics of Futures Trading
Financial Futures Contracts /Spot and Futures Prices
Commodities /More about Forward Contracts
Homemade Forward Rate Contracts
27
Interest Rate Swaps
27.5
Using Theory to Set Up the Hedge: An Example I
Options,
27.6
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
MANAGING INTERNATIONAL RISKS
28.1
28.2
Interest Rates and Exchange Rates
Premium and Changes in Spot Rates
Exchange Rate and Inflation Rates /Interest Rates and
Inflation Rates /Is Life Really That Simple?
28.3
Transaction Exposure and Economic Exposure
Currency Speculation
co/rre/rç/
28.4
Decisions
More about the Cost of Capital
28.5
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Mini-case:
Chapter
Part /line
n/IA/ÏCIAL
MÁ/HÁGtMETIT
CAPITAL
780
Chapter
FINANCIAL ANALYSIS AND PLANNING
29.1
29.2
The Balance Sheet
Uses of Funds
29.3
Condition
How Much Has Executive Paper Borrowed?
How Liquid is Executive Paper? /How Productively
is Executive Paper Using Its Assets? /How Profitable
Is Executive Paper? /How Highly Is Executive Paper
Valued by Investors?
29.4
29.5
Pitfalls in Model Design /There Is No Finance in
Financial Planning Models
29.6
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
WORKING CAPITAL MANAGEMENT
30.1
Terms of Sale/ The Promise to Pay
The Credit Decision /Collection Policy
30.2
30.3
Using Cash Efficiently I Electronic Funds Transfer
International Cash Management /Paying for Bank
Services
30.4
Calculating the Yield on Money-Market Investments
Yields on Money-Market Investments
Money Market /Money-Market Instruments
Summary
Further Reading
Web Exercises
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
SHORT-TERM FINANCIAL PLANNING
31.1
Financing Decisions
31.2
Tracing Changes in Net Working Capital /Profits and
Cash Flow
31.3
Preparing the Cash Budget: Inflow /Preparing the Cash
Budget: Outflow
31.4
Options for Short-Term Financing
Financing Plan
Term Financial Planning Models
31.5
Bank Loans
Summary
Further Reading
Web Exercise
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Part
MERGER/", CORPORATE
CONTROL,
868
Chapter
MERGERS
32.1
Economies of Scab
Complementary Resources
Inefficiencies
32.2
To Diversify
Bootstrap Game/Lower Financing Costs
32.3
Right and Wrong Ways to Estimate the Benefits of
Mergers /More on Estimating Costs
Target's Stock Price Anticipates the Merger? /Estimating
Cost When the Merger Is Financed by Stock
Asymmetric Information
32.4
Mergers and Antitrust Law
Merger Accounting
32.5
Boone Pkkens Tries to Take Over Cities Service, Gulf Oil,
and Phillips Petroleum /Takeover Defenses
vs. AMP I Who Gains Most in Mergers?
32.6
Merger Waves
Summary
Appendix: Conglomerate Mergers and Value
Addittvity
Further Reading
Concept Review Questions
Quiz
Practice Questions
Challenge Questions
Chapter
CORPORATE RESTRUCTURING
33.1
RJR Nabisco
Restructurings /LBOs and Leveraged Restructurings
33.2
Spin-offs
33.3
Fifteen Years after Reading This Chapter /Financial
Architecture
Temporary Conglomerates
33.4
is Chapter
Bankruptcy Procedures
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Chapter
GOVERNANCE AND CORPORATE CONTROL
AROUND THE WORLD
34.1
Investor Protection and the Development of Financial
Markets
34.2
Ownership and Control in Japan
Control in Germany
Ownership and Control in Other Countries
Conglomerates Revisited
34.3
Risk and Short-termism
Declining Industries
Summary
Further Reading
Concept Review Questions
Quiz
Practice Questions
Part Eleven
co/icm/io/i
Chapter
CONCLUSION; WHAT WE DO AND DO NOT KNOW
ABOUT FINANCE
35.1
Ideas in Finance
1.
Model/
and the Law of Conservation of Value
Structure Theory 1
co/TTE/ny
35.2
in Finance
1.
2.
Important Are BeExceptions to the Efficient-Market
Theory?/4.1s Management an Off-Balance-Sheet Global Index
Liabüity? 15.
Securities and New Markets?
the Payout Controversy?
Take?
We Explain Merger Waves?
International |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin |
| author_GND | (DE-588)124289401 (DE-588)129325023 |
| author_facet | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin |
| author_role | aut aut aut |
| author_sort | Brealey, Richard A. 1936- |
| author_variant | r a b ra rab s c m sc scm f a fa |
| building | Verbundindex |
| bvnumber | BV021307517 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4026 |
| callnumber-raw | HG4026 |
| callnumber-search | HG4026 |
| callnumber-sort | HG 44026 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 QP 750 |
| ctrlnum | (OCoLC)56982441 (DE-599)BVBBV021307517 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 8. ed. |
| format | Book |
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| genre | 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4123623-3 Lehrbuch gnd-content CD-ROMs gtlm |
| genre_facet | Einführung Lehrbuch CD-ROMs |
| id | DE-604.BV021307517 |
| illustrated | Illustrated |
| index_date | 2024-07-02T13:54:52Z |
| indexdate | 2024-07-09T20:35:17Z |
| institution | BVB |
| isbn | 0073130826 0072957239 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014628135 |
| oclc_num | 56982441 |
| open_access_boolean | |
| owner | DE-703 DE-11 |
| owner_facet | DE-703 DE-11 |
| physical | XXVIII, 1028 S. graph. Darst. 1 CD-ROM (12 cm) |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | McGraw-Hill [u.a.] |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance, and real estate |
| spelling | Brealey, Richard A. 1936- Verfasser (DE-588)124289401 aut Principles of corporate finance Richard A. Brealey, Stewart C. Myers, Franklin Allen 8. ed. Boston [u.a.] McGraw-Hill [u.a.] 2006 XXVIII, 1028 S. graph. Darst. 1 CD-ROM (12 cm) txt rdacontent n rdamedia nc rdacarrier The McGraw-Hill/Irwin series in finance, insurance, and real estate Includes bibliographical references and indexes Administração financeira larpcal Entreprises - Finances - Cas, Études de Entreprises - Finances - Guides, manuels, etc Financement de l'entreprise rasuqam Finances de l'entreprise rasuqam Gestion des risques rasuqam Gestion financière rasuqam Risque financier rasuqam Sites Web Sociétés - Finances - Cas, Études de Sociétés - Finances - Guides, manuels, etc Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzplanung (DE-588)4017200-4 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4123623-3 Lehrbuch gnd-content CD-ROMs gtlm Unternehmen (DE-588)4061963-1 s Finanzplanung (DE-588)4017200-4 s DE-604 Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s 3\p DE-604 Finanzmanagement (DE-588)4139075-1 s 4\p DE-604 Myers, Stewart C. 1940- Verfasser (DE-588)129325023 aut Allen, Franklin Verfasser aut Digitalisierung UBPassau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014628135&sequence=000001&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 | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin Principles of corporate finance Administração financeira larpcal Entreprises - Finances - Cas, Études de Entreprises - Finances - Guides, manuels, etc Financement de l'entreprise rasuqam Finances de l'entreprise rasuqam Gestion des risques rasuqam Gestion financière rasuqam Risque financier rasuqam Sites Web Sociétés - Finances - Cas, Études de Sociétés - Finances - Guides, manuels, etc Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Finanzplanung (DE-588)4017200-4 gnd Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4017182-6 (DE-588)4017200-4 (DE-588)4061963-1 (DE-588)4269795-5 (DE-588)4151278-9 (DE-588)4123623-3 |
| title | Principles of corporate finance |
| title_auth | Principles of corporate finance |
| title_exact_search | Principles of corporate finance |
| title_exact_search_txtP | Principles of corporate finance |
| title_full | Principles of corporate finance Richard A. Brealey, Stewart C. Myers, Franklin Allen |
| title_fullStr | Principles of corporate finance Richard A. Brealey, Stewart C. Myers, Franklin Allen |
| title_full_unstemmed | Principles of corporate finance Richard A. Brealey, Stewart C. Myers, Franklin Allen |
| title_short | Principles of corporate finance |
| title_sort | principles of corporate finance |
| topic | Administração financeira larpcal Entreprises - Finances - Cas, Études de Entreprises - Finances - Guides, manuels, etc Financement de l'entreprise rasuqam Finances de l'entreprise rasuqam Gestion des risques rasuqam Gestion financière rasuqam Risque financier rasuqam Sites Web Sociétés - Finances - Cas, Études de Sociétés - Finances - Guides, manuels, etc Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Finanzplanung (DE-588)4017200-4 gnd Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| topic_facet | Administração financeira Entreprises - Finances - Cas, Études de Entreprises - Finances - Guides, manuels, etc Financement de l'entreprise Finances de l'entreprise Gestion des risques Gestion financière Risque financier Sites Web Sociétés - Finances - Cas, Études de Sociétés - Finances - Guides, manuels, etc Corporations Finance Finanzmanagement Finanzierung Finanzplanung Unternehmen Corporate Finance Einführung Lehrbuch CD-ROMs |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014628135&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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