An introduction to corporate finance: transactions and techniques
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester
Wiley
2006
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 232 S. graph. Darst. |
| ISBN: | 0470026758 9780470026755 |
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MARC
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| 245 | 1 | 0 | |a An introduction to corporate finance |b transactions and techniques |c Ross Geddes |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Chichester |b Wiley |c 2006 | |
| 300 | |a XIII, 232 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 650 | 4 | |a Corporations |x Finance | |
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Record in the Search Index
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|---|---|
| adam_text | CONTENTS
About the author xv
1 BEHIND THE CHINESE WALL 1
Corporate finance in investment banking 2
Chinese walls 3
Corporate finance assignments 5
Flotations/IPOs 6
Mergers, acquisitions and divestitures 8
Leveraged buyouts and management buyouts 13
Financial advice 13
Careers in corporate finance 15
Organisation of this book 20
viii CONTENTS
Part I CORPORATE FINANCE
TRANSACTIONS 23
2 SOURCES OF CAPITAL 25
Debt securities 27
Money market securities 27
Long term debt 29
Floating rate notes 31
Equity 32
Preference shares 32
Ordinary shares 34
Hybrids (convertible securities) 36
3 FLOTATIONS/INITIAL PUBLIC OFFERINGS 39
Primary offerings 40
Ancillary benefits of flotation 46
Disadvantages of flotation 46
Methods of flotation 47
Suitability for listing 49
The offering process 52
Participants and roles 52
Documentation and regulation 55
Due diligence and verification 57
CONTENTS ix
Marketing, syndication and pricing 59
Underwriting 62
4 INTERNATIONAL EQUITY OFFERINGS 65
Rationale for international offerings 66
International investors 68
Development of international equity offerings 69
Regulation and documentation 70
Depository receipts 73
Marketing, syndication and distribution 75
Offer structure 76
Price setting, underwriting and bookbuilding 77
Fees and commissions 79
After the new issue 81
Stabilisation 81
5 RIGHTS ISSUES/SECONDARY OFFERINGS 83
Pre emption rights 85
Setting the price 87
Calculating the theoretical rights price 88
Rights issue timetable 90
Fees and commissions 90
x CONTENTS
Secondary offerings 94
Marketed offerings 95
Bought deals 96
Accelerated bookbuilding 98
Demergers 100
6 MERGERS AND ACQUISITIONS 101
Rationale for M A 102
Types of merger 104
Merger waves 106
Financing the transaction 107
Bootstrap transactions 109
Regulation of M As 110
Key elements of the City Code 111
7 MANAGEMENT BUYOUTS 115
Financial structure 118
Bank finance (secured lending) 120
Private equity funds 122
Mezzanine finance 123
High yield bonds 124
CONTENTS xi
Part II CORPORATE FINANCE
TECHNIQUES 127
8 VALUING SECURITIES 129
Valuing bonds 130
Valuing shares and companies 132
Cash flow based valuations 135
Determination of terminal/residual value 139
Determining the discount rate 143
Determining the value of the business 143
Relative valuations 146
Price earnings ratio 148
Price/EBIT multiple 149
Market to book value 149
Dividend yield 150
Enterprise value to EBITDA 151
Determining the value of a business based on
ratios/multiples 152
9 DETERMINING THE COST OF CAPITAL 159
Weighted average cost of capital 160
Use market values 161
Use target/optimal weighting 162
xii CONTENTS
After tax 163
Match nominal rates with nominal cash flows 163
Cost of debt: Kd 165
Cost of equity: Ke 166
Capital asset pricing model 168
Risk free rate 170
Market risk premium (equity risk premium) 170
Beta (p) 171
Health warning 172
10 SHAREHOLDER VALUE ADDED
(ECONOMIC PROFIT) 173
Just another number? 174
Benefits of SVA 175
Calculation of SVA 177
Limitations of economic profit calculations 181
Appendix: UK CORPORATE VALUATION
METHODS: A SURVEY 183
Scoring and tables 184
A.I Valuation methodology 185
A.1.1 Frequency of use 186
A. 1.2 Calculation of final valuation or value
range 188
CONTENTS xiii
A.2 Discounted cash flows 189
A.2.1 DCF approaches 189
A.2.2 Forecast period 190
A. 2.3 Terminal value 191
A.3 Cost of capital 192
A.3.1 Determining the cost of equity 192
A.3.2 Capital asset pricing model 193
Sources of information 197
Glossary 199
List of abbreviations 211
Additional reading 213
Index 215
|
| adam_txt |
CONTENTS
About the author xv
1 'BEHIND THE CHINESE WALL' 1
Corporate finance in investment banking 2
Chinese walls 3
Corporate finance assignments 5
Flotations/IPOs 6
Mergers, acquisitions and divestitures 8
Leveraged buyouts and management buyouts 13
Financial advice 13
Careers in corporate finance 15
Organisation of this book 20
viii CONTENTS
Part I CORPORATE FINANCE
TRANSACTIONS 23
2 SOURCES OF CAPITAL 25
Debt securities 27
Money market securities 27
Long term debt 29
Floating rate notes 31
Equity 32
Preference shares 32
Ordinary shares 34
Hybrids (convertible securities) 36
3 FLOTATIONS/INITIAL PUBLIC OFFERINGS 39
Primary offerings 40
Ancillary benefits of flotation 46
Disadvantages of flotation 46
Methods of flotation 47
Suitability for listing 49
The offering process 52
Participants and roles 52
Documentation and regulation 55
Due diligence and verification 57
CONTENTS ix
Marketing, syndication and pricing 59
Underwriting 62
4 INTERNATIONAL EQUITY OFFERINGS 65
Rationale for international offerings 66
International investors 68
Development of international equity offerings 69
Regulation and documentation 70
Depository receipts 73
Marketing, syndication and distribution 75
Offer structure 76
Price setting, underwriting and bookbuilding 77
Fees and commissions 79
After the new issue 81
Stabilisation 81
5 RIGHTS ISSUES/SECONDARY OFFERINGS 83
Pre emption rights 85
Setting the price 87
Calculating the theoretical rights price 88
Rights issue timetable 90
Fees and commissions 90
x CONTENTS
Secondary offerings 94
Marketed offerings 95
Bought deals 96
Accelerated bookbuilding 98
Demergers 100
6 MERGERS AND ACQUISITIONS 101
Rationale for M A 102
Types of merger 104
Merger waves 106
Financing the transaction 107
Bootstrap transactions 109
Regulation of M As 110
Key elements of the City Code 111
7 MANAGEMENT BUYOUTS 115
Financial structure 118
Bank finance (secured lending) 120
Private equity funds 122
Mezzanine finance 123
High yield bonds 124
CONTENTS xi
Part II CORPORATE FINANCE
TECHNIQUES 127
8 VALUING SECURITIES 129
Valuing bonds 130
Valuing shares and companies 132
Cash flow based valuations 135
Determination of terminal/residual value 139
Determining the discount rate 143
Determining the value of the business 143
Relative valuations 146
Price earnings ratio 148
Price/EBIT multiple 149
Market to book value 149
Dividend yield 150
Enterprise value to EBITDA 151
Determining the value of a business based on
ratios/multiples 152
9 DETERMINING THE COST OF CAPITAL 159
Weighted average cost of capital 160
Use market values 161
Use target/optimal weighting 162
xii CONTENTS
After tax 163
Match nominal rates with nominal cash flows 163
Cost of debt: Kd 165
Cost of equity: Ke 166
Capital asset pricing model 168
Risk free rate 170
Market risk premium (equity risk premium) 170
Beta (p) 171
Health warning 172
10 SHAREHOLDER VALUE ADDED
(ECONOMIC PROFIT) 173
Just another number? 174
Benefits of SVA 175
Calculation of SVA 177
Limitations of economic profit calculations 181
Appendix: UK CORPORATE VALUATION
METHODS: A SURVEY 183
Scoring and tables 184
A.I Valuation methodology 185
A.1.1 Frequency of use 186
A. 1.2 Calculation of final valuation or value
range 188
CONTENTS xiii
A.2 Discounted cash flows 189
A.2.1 DCF approaches 189
A.2.2 Forecast period 190
A. 2.3 Terminal value 191
A.3 Cost of capital 192
A.3.1 Determining the cost of equity 192
A.3.2 Capital asset pricing model 193
Sources of information 197
Glossary 199
List of abbreviations 211
Additional reading 213
Index 215 |
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| index_date | 2024-07-02T14:39:44Z |
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| isbn | 0470026758 9780470026755 |
| language | English |
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| spelling | Geddes, Ross Verfasser aut An introduction to corporate finance transactions and techniques Ross Geddes 2. ed. Chichester Wiley 2006 XIII, 232 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Bedrijfsfinanciering gtt Wirtschaft Corporations Finance Economics Finance Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzierung (DE-588)4017182-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014790875&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Geddes, Ross An introduction to corporate finance transactions and techniques Bedrijfsfinanciering gtt Wirtschaft Corporations Finance Economics Finance Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4017182-6 |
| title | An introduction to corporate finance transactions and techniques |
| title_auth | An introduction to corporate finance transactions and techniques |
| title_exact_search | An introduction to corporate finance transactions and techniques |
| title_exact_search_txtP | An introduction to corporate finance transactions and techniques |
| title_full | An introduction to corporate finance transactions and techniques Ross Geddes |
| title_fullStr | An introduction to corporate finance transactions and techniques Ross Geddes |
| title_full_unstemmed | An introduction to corporate finance transactions and techniques Ross Geddes |
| title_short | An introduction to corporate finance |
| title_sort | an introduction to corporate finance transactions and techniques |
| title_sub | transactions and techniques |
| topic | Bedrijfsfinanciering gtt Wirtschaft Corporations Finance Economics Finance Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Bedrijfsfinanciering Wirtschaft Corporations Finance Economics Finance Finanzierung |
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