Corporate finance and investment: decisions & strategies
This text has a practical orientation with a wealth of examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring.
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow [u.a.]
FT Prentice Hall
2006
|
| Edition: | 5. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | This text has a practical orientation with a wealth of examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring. |
| Physical Description: | XIX, 759 S. graph. Darst. |
| ISBN: | 9780273695615 0273695614 |
Staff View
MARC
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Record in the Search Index
| _version_ | 1804136409236242432 |
|---|---|
| adam_text | List of figures and tables Xlii
Preface wi
Guided tour of the book x*
Guided tour of the companion website xxii
Acknowledgements x*
Publisher s acknowledgements xxiv
A FRAMEWORK FOR FINANCIAL
DECISIONS
Chapter 1 _____
An overview of financial management 3
1.1 Introduction
1.2 The finance function
1.3 Investment and financial decisions 6
1.4 Cash - the lifeblood of the business 7
1.5 The emergence of financial management 8
1.6 The finance department in the firm 9
1.7 The financial objective 10
1.8 The agency problem
1.9 Managing the agency problem 12
1.10 Social responsibility and shareholder wealth 13
1.11 The corporate governance debate 14
1.12 The risk dimension
1.13 The strategic dimension
Summary
Key points
Further reading
Questions
Chapter 2 . The financial environment 24
2.1 Introduction
2.2 Financial markets
2.3 The financial services sector
2.4 The London Stock Exchange (LSE) 3
2.5 Are financial markets efficient? 3
2.6 A modern perspective - chaos theory 4
2.7 Short-termism in the City
2.8 Reading the financial pages
2.9 Taxation and financial decisions 46
Summary 47
Key points 47
Further reading 47
Appendix: Financial statement analysis 48
Questions 57
Chapter 3 Present values and financial arithmetic 60
3.1 Introduction 61
3.2 Measuring wealth 61
3.3 Time-value of money 62
3.4 Financial arithmetic for capital growth 63
3.5 Present value 65
3.6 Present value arithmetic 68
3.7 Valuing bonds 71
3.8 Net present value 73
Summary 77
Key points 77
Further reading 77
Appendix I: The term structure of interest rates
and the yield curve 78
Appendix II: The investment-consumption decision 79
Appendix III: Present value formulae 84
Questions 86
Chapter 4 Valuation of assets, shares
and companies 88
4.1 Introduction 89
4.2 The valuation problem 89
4.3 Valuation using published accounts 90
4.4 Valuing the earnings stream: P:E ratios 96
4.5 EBITDA - a halfway house 98
4.6 Valuing cash flows 98
4.7 The DCF approach 100
4.8 Valuation of unquoted companies 103
4.9 Valuing shares: the Dividend Valuation Model 104
4.10 Problems with the Dividend Growth Model 106
4.11 Shareholder value analysis 109
4.12 Economic Value Added (EVA) 111
Viii Contents
Summary 112
Key points 113
Further reading 113
Questions 114
INVESTMENT DECISIONS
AND STRATEGIES
Chapter 5 Investment appraisal methods 121
5.1 Introduction 122
5.2 Cash flow analysis 122
5.3 Investment techniques - net present value 123
5.4 Internal rate of return 125
5.5 Profitability index 127
5.6 Payback period 128
5.7 Accounting rate of return 129
5.8 Ranking mutually exclusive projects 130
5.9 Investment evaluation and capital rationing 134
Summary 137
Key points 137
Further reading 138
Appendix I: Modified IRR 138
Appendix II: Multi-period capital rationing
and mathematical programming 139
Questions 144
Chapter 6 Project appraisal - applications 147
6.1 Introduction 148
6.2 Incremental cash flow analysis 148
6.3 Replacement decisions 151
6.4 Inflation cannot be ignored 153
6.5 Taxation is a cash flow 155
6.6 Use of DCF techniques 157
6.7 Traditional appraisal methods 159
Summary 163
Key points 163
Further reading 164
Appendix: The problem of unequal lives: Allis pic 164
Questions 166
Chapter 7 Investment strategy and process 173
7.1 Introduction 174
7.3 Advanced manufacturing technology
(AMT) investment 178
7.4 Environmental aspects of investment 180
7.5 The capital investment process 181
7.6 Post-auditing 188
Summary 190
Key points 190
Further reading 190
Questions 191
INVESTMENT RISK AND RETURN
Chapter 8 Analysing investment risk 195
8.1 Introduction 196
8.2 Expected net present value (ENPV):
Betterway pic 197
8.3 Attitudes to risk 197
8.4 The many types of risk 198
8.5 Measurement of risk 200
8.6 Risk description techniques 204
8.7 Adjusting the NPV formula for risk 208
8.8 Risk analysis in practice 210
Summary 211
Key points 211
Further reading 212
Appendix: Multi-period cash flows and risk 212
Questions 215
Chapter 9
Relationships between investments:
portfolio theory 219
9.1 Introduction 220
9.2 Portfolio analysis: the basic principles 221
9.3 How to measure portfolio risk 223
9.4 Portfolio analysis where risk and return
differ 226
9.5 Different degrees of correlation 227
9.6 Worked example: Cerrybild pic 228
9.7 Portfolios with more than two components 231
9.8 Can we use this for project appraisal?
Some reservations 233
Summary 234
Key points 234
Further reading 234
Chapter 10
Setting the risk premium: the Capital Asset
Pricing Model 237
10.1 Introduction 238
10.2 Security valuation and discount rates 238
10.3 Concepts of risk and return 239
10.4 The relationship between different equity
markets 243
10.5 Systematic risk 244
10.6 Completing the model 249
10.7 Using the CAPM: assessing the
required return 250
10.8 The underpinnings of the CAPM 254
10.9 Portfolios with many components:
the capital market line 255
10.10 How it all fits together: the key
relationships 257
10.11 Reservations about the CAPM 259
10.12 Testing the CAPM 260
10.13 Factor models 261
10.14 The Arbitrage Pricing Theory 262
10.15 Issues raised by the CAPM: some food
for managerial thought 263
Summary 266
Key points 266
Further reading 266
Appendix: Analysis of variance 267
Questions 269
Chapter 11 The required rate of return on
investment and Shareholder
Value Analysis 271
11.1 Introduction 272
11.2 The required return in all-equity firms:
the DGM 272
11.3 The required return in all-equity firms:
the CAPM 276
11.4 Using value drivers - Shareholder Value
Analysis (SVA) 278
11.5 Worked example: Safa pic 28°
11.6 Using tailored discount rates 283
11.7 Another problem: taxation and the CAPM 288
11.8 Problems with tailored discount rates 289
11.9 A critique of divisional hurdle rates 290
Summary 2
Key points
Chapter 12 Identifying and valuing options 296
12.1 Introduction 297
12.2 Share options 297
123 Option pricing 304
12.4 Application of option theory to
corporate finance 309
12.5 Capital investment options 311
12.6 Why conventional NPV may not tell the
whole story 314
Summary 315
Key points 315
Further reading 316
Appendix: Black-Scholes option pricing formula 316
Questions 318
SHORT-TERM FINANCING
AND POLICIES
Chapter 13 Treasury management and working
capital policy 323
13.1 Introduction 324
13.2 The treasury function 324
13.3 Funding 326
13.4 How firms can use the yield curve 328
13.5 Banking relationships 329
13.6 Risk management 330
13.7 Working capital management 337
13.8 Predicting corporate failure 339
13.9 Cash operating cycle 340
13.10 Working capital policy 342
13.11 Overtrading problems 346
Summary 348
Key points 348
Further reading and website 348
Questions 349
Chapter 14 Short-term asset management 353
14.1 Introduction 354
14.2 Managing trade credit 354
14.3 Worked example: Pickles Ltd 361
14.4 Inventory management 362
14.5 Cash management 367
x Contents
14.7 Cash management models 372
Summary 373
Key points 373
Further reading 374
Appendix: Miller-Orr cash management model 374
Questions 376
Chapter 15 Short- and medium-term finance 379
15.1 Introduction 380
15.2 Trade credit 380
15.3 Bank credit facilities 382
15.4 Invoice finance 385
15.5 Using the money market:
bill finance 387
15.6 Hire purchase (HP) 389
15.7 Leasing 391
15.8 Lease evaluation: a simple case 393
15.9 Motives for leasing 396
15.10 Allowing for Corporation Tax in lease
evaluation 398
15.11 Financing international trade 402
Summary 405
Key points 405
Further reading 406
Questions 407
STRATEGIC FINANCIAL DECISIONS
Chapter 16
Long-term finance 411
16.1 Introduction 412
16.2 Guiding lights: corporate aims and
corporate finance 412
16.3 How companies raise finance
in practice 413
16.4 Shareholders funds 414
16.5 Methods of raising equity finance 417
16.6 Debt instruments: debentures, bonds
and notes 432
16.7 Leasing and sale-and-leaseback (SAL) 441
Summary 443
Key points 443
Chapter 17 Returning value to shareholders:
the dividend decision 447
17.1 Introduction 448
17.2 The strategic dimension 449
17.3 The legal dimension 450
17.4 The theory: dividend policy and firm value 450
17.5 Objections to dividend irrelevance 458
17.6 The information content of dividends:
dividend smoothing 463
17.7 Alternatives to cash dividends 465
17.8 The dividend puzzle 470
17.9 Conclusions 471
Summary 472
Key points 472
Further reading 473
Appendix: Home-made dividends 473
Questions 475
Chapter 18 Capital structure and the required
return 478
18.1 Introduction 479
18.2 Measures of gearing 480
18.3 Operating and financial gearing 484
18.4 Financial gearing and risk: Lindley pic 486
18.5 The traditional view of gearing and
the required return 489
18.6 The cost of debt 492
18.7 The overall cost of capital 494
18.8 Worked example: Damstar pic 496
18.9 More on Economic Value Added (EVA) 498
18.10 Financial distress 499
18.11 Two more issues: signalling and
agency costs 504
18.12 Conclusions 504
Summary 506
Key points 506
Further reading 506
Appendix: Slipping down the credit ratings 507
Questions 508
Chapter 19 Does capital structure really matter? 512
19.1 Introduction 513
19.4 Does it work? Impediments to arbitrage 519
19.5 MM with corporate income tax 519
19.6 Capital structure theory and the CAPM 522
19.7 Linking the Betas 525
19.8 MM with financial distress 526
19.9 Calculating the WACC 527
19.10 The adjusted present value method (APV) 530
19.11 Which discount rate should we use? 532
Summary 533
Key points 533
Further reading 534
Appendix I: Derivation of MM s Proposition II 534
Appendix II: MM s Proposition III: the cut-off
rate for new investment 535
Appendix III: Allowing for personal taxation:
Miller s revision 536
Questions 537
Chapter 20 Acquisitions and restructuring 541
20.1 Introduction 542
20.2 Takeover waves 542
20.3 Motives for takeover 548
20.4 Financing a bid 552
20.5 Evaluating a bid: the expected gains
from takeovers 554
20.6 Worked example: ML pic and CO pic 555
20.7 The importance of strategy 557
20.8 The strategic approach 558
20.9 Post-merger activities 563
20.10 Assessing the impact of mergers 567
20.11 Value gaps 573
20.12 Other forms of value-creating 575
Summary 582
Key points 582
Further reading 582
Questions 5QA
INTERNATIONAL FINANCE
Chapter 21 Manaoino rnrrenCV risk 59
21.3 Foreign exchange exposure 598
21.4 Should firms worry about exchange
rate changes? 600
21.5 Economic theory and exposure management 601
21.6 Exchange rate forecasting 607
21.7 Devising a Foreign Exchange Management
(FEM) strategy 610
21.8 Internal hedging techniques 614
21.9 External hedging techniques 617
21.10 Conclusions 623
Summary 624
Key points 624
Further reading 625
Questions 626
Chapter 22 Foreign investment decisions 630
22.1 Introduction 631
22.2 Advantages of MNCS over national firms 631
22.3 Foreign market entry strategies 632
22.4 The incremental hypothesis 634
22.5 Complexities of foreign investment 636
22.6 The discount rate for Foreign Direct
Investment (FDI) 637
22.7 Evaluating FDI 638
22.8 Exposure to foreign exchange risk 642
22.9 How MNCs manage operating
exposure 645
22.10 Hedging the risk of foreign projects 646
22.11 Political and country risk 647
22.12 Managing Political and country risk (PCR) 650
22.13 Financing FDI 651
22.14 The WACC for FDI 653
22.15 Applying the APV to FDI 654
; Summary 656
; Key points 656
[ Further reading 656
Questions 658
Chapter 23 Review and behavioural finance 661
- 23.1 Introduction 662
3 23.2 Review of main principles in finance 662
- fifiS
Summary 671
Key points 672
Further reading 672
Appendices
A Solutions to self-assessment
activities 673
B Solutions to selected questions 691
C Present value interest factor (PVIF) 722
D Present value interest factor for an annuity
(PVIFA) 724
Glossary 726
References 735
Index 743
List of figures
1.1 The finance function in a large organisation 6
1.2 Cash-the lifeblood of the business 7
1.3 The risk-return trade-off 16
1.4 Main elements in strategic planning 17
1.5 Factors influencing the value of the firm 18
2.1 Financial markets, institutions, suppliers
and users 26
2.2 Chart showing breakout beyond
resistance line 36
3.1 The relationship between present value
of £1 and interest over time 68
3.2 Investment appraisal elements 73
3.3 The term structure of interest rates 78
3.4 Investment opportunities for Platt Enterprises 81
3.5 Investment and financing opportunities
for Platt Enterprises 82
3.6 Investment decisions in imperfect capital
markets 84
4.1 Calculating free cash flow (FCF) 102
4.2 Shareholder value analysis framework 109
5.1 Lara proposal: NPV-IRR graph 127
5.2 NPV and IRR compared 133
7.1 McKinsey-GE portfolio matrix 175
7.2 Normal progression of product over time 176
7.3 Investment strategy 177
7.4 A simple capital budgeting system 183
8.1 Risk profiles 198
8.2 Risk-averse investor s utility function 198
8.3 Variability of project returns 201
8.4 Mean-variance analysis 203
8.5 Sensitivity graph 204
8.6 Simulated probability distributions 207
8.7 How risk is assumed to increase over time 209
9.1 Equal and offsetting fluctuations in returns 220
9.2 Available portfolio risk-return
combinations when assets, risks and
expected returns are different 227
9.3 The effect on the efficiency frontier of
changing correlation 228
9.4 Gerrybild s opportunity set 231
9.5 Portfolio combinations with three assets 232
10.1 Total Shareholder Return (TSR) 240
10.2 Specific vs. market risk of a portfolio 241
10.3 The effect of international diversification
on portfolio risk 243
10.4 Combining the Warsaw and the
London markets 244
10.5 The characteristics line: no specific risk 245
10.6 The characteristics line: with
specific risk 246
10.7 The security market line 249
10.8 The capital market line 256
10.9 The CAPM: the three key relationships 258
10.10 Theoretical and empirical SMLs 260
10.11 Alternative characteristics lines 267
11.1 Risk premiums for activities of
varying risk 283
11.2 The Beta pyramid 284
12.1 Payoff lines for share options in Enigma
Drugs pic 298
12.2 BP call option 302
12.3 BP put option 303
12.4 Option and share price movements for
Bradford pic 306
12.5 The value of the options to delay
investments: Cardiff Components Ltd 312
13.1 Financing working capital: the matching
approach 327
13.2 Financing working capital needs: an
aggressive strategy 328
13.3 Yield curves 329
13.4 Cash conversion cycle 341
13.5 Helsinki pic working capital strategies 343
13.6 Optimal level of working capital for a
relaxed strategy 345
13.7 Optimal level of working capital for an
aggressive strategy 345
14.1 The credit management process 355
14.2 Ordering and debt collection cycle 359
14.3 The inventory cycle 364
14.4 Cash flow activity for main stakeholders 368
14.5 Miller-Orr cash management model 375
15.1 How hire purchase works 390
16.1 How an SPV works 434
xiv List of figures and tables
17.1 The impact of a permanent dividend cut 453
17.2 Dividends as a residual 456
18.1 How gearing affects the ROE 488
18.2 The traditional view of capital structure 491
19.1 MM s Propositions I and II 517
19.2 The MM thesis with corporate income tax 521
19.3 Business and financial risk premia and the
required return 524
19.4 Optimal gearing with liquidation costs 527
20.1 A strategic framework 559
20.2 Type of acquisition and integrative
complexity 564
21.1 Sterling exchange rates, 1999-2004 595
List of tables
2.1 Share price information for the food
retail sector 45
2.2 Foto-U pic 49
2.3 Foto-U key ratios 51
2.4 Foto-U annual corporate performance report 55
3.1 Compound interest on £1,000 over five
years (at 10%) 63
3.2 Annual percentage rates for a loan with
interest payable at 22 per cent per annum 64
3.3 Present value of a single future sum 68
4.1 Balance sheet for DS Smith pic as at
30 April 2004 91
4.2 Football clubs quoted on the London Stock
Exchange 94
4.3 How earnings and dividends grow in
tandem (figures in £m) 106
4.4 Calculation of EVA 112
5.1 Net present value calculations 124
5.2 Why NPV makes sense to shareholders 124
5.3 IRR calculations for Lara proposal 126
5.4 Payback period calculation 128
5.5 Calculation of the ARR on total assets 130
5.6 Comparison of various appraisal methods 131
5.7 Comparison of mutually exclusive projects 133
5.8 Investment opportunities for Mervtech pic 136
5.9 NPV vs. PI for Mervtech pic 136
5.10 Modified IRR for Lara 139
5.11 Flintoff pic: planned investment schedule
(£000) 140
5.12 Projects accepted based on LP solution 141
6.1 Profitability of Sewie s project 152
6.2 Sewie pic solution 152
6.3 The money terms approach 153
21.2 Interlocking theories in international
economics 606
21.3 Flow chart demonstrating a logical
approach towards devising a foreign
exchange management strategy 611
21.4 Illustration of multiple netting 614
21.5 Achieving the swap 623
22.1 Alternative modes of market entry 633
22.2 Exporting vs. FDI 635
22.3 Classification of firms by extent of
operating exposure 642
22.5 A simple APV model 655
A.1 Portfolio combinations with four assests 680
6.4 The real terms approach 154
6.5 Project Tiger 2000 (assuming no capital
allowances) 155
6.6 Woosnam pic - Tiger 2000 tax reliefs 156
6.7 Woosnam pic - Tiger 2000 with tax relief 157
6.8 Capital investment evaluation methods
in 100 large UK firms 158
6.9 Relationship between ARR and IRR 160
6.10 Allis pic cash flows for two projects 164
6.11 Profit projection for CNC milling
machine (£000) 171
8.1 Betterway pic: expected net present values 197
8.2 Effects of cost structure on profits (£000) 199
8.3 Snowglo pic project data 200
8.4 Project risk for Snowglo pic 201
8.5 UMK cost structure 205
8.6 Risk analysis in 100 large UK firms 210
8.7 Branson project payoffs with independent
cash flows 212
9.1 Returns under different states of the
economy 224
9.2 Calculating the covariance 224
9.3 Differing returns and risks 226
9.4 Portfolio risk-return combinations (%) 226
9.5 Returns from Gerrybild 229
9.6 Calculation of standard deviations of
returns from each investment 229
9.7 Calculation of the covariance 230
10.1 The annual TSRs on Pilkington shares 239
10.2 How to remove portfolio risk 242
10.3 Possible returns from Walkley Wagons 245
10.4 Beta values of the constituents of
the FT 30 Share Index 248
10.5 Equity-gilts relative returns 252
11.1 The return on Whitbread pic shares 273
11.2 Cash flow profile for Safa pic
(ungeared) 281
11.3 Divisional Betas for Whitbread pic 285
11.4 The effect of operating gearing (£m) 287
11.5 Subjective risk categories 288
12.1 Option on BP shares (current price 397p) 300
12.2 Returns on BP shares and options 301
i 12.3 Valuing a call option in Riskitt pic 308
12.4 Harlequin pic: call option valuation 313
13.1 Helsinki pic profitability and risk of
working capital strategies 344
14.1 Total inventory levels and stockholding
periods 363
14.2 Thorntons pic consolidated cash flow
. statement 369
14.3 Mangle Ltd: production and sales 371
14.4 Mangle Ltd: cash budget for six months
to June (£) 371
15.1 Tax relief on a 3-year HP contract with
4-year asset lifetime (£) 391
15.2 Hardup pic s leasing analysis 394
i 15.3 The behaviour of the equivalent loan (£m) 395
15.4 Hardup s leasing decision with tax 399
15.5 Interest charges on a lease contract
(figures in £m) 400
15.6 Changes in tax-allowable lease costs
(figures in £m) 400
16.1 History of Microsoft common
stock splits 431
17.1 Kelda Group pic Financial Calendar 2004 448
17.2 Rawdon pic 460
17.3 BAA pic dividend smoothing 464
17.4 Analysis of a share repurchase 467
18.1 Financial data for BAA pic 483
18.2 How gearing affects shareholder returns in
Lindley pic 487
18.3 How gearing affects the risk of ordinary
shares 488
18.4 How gearing can affect share price 489
19.1 Key definitions in capital
structure analysis 515
19.2 The tax shield with finite-life debt 531
20.1 The scale and financing of takeover
activity of UK firms by UK firms 543
20.2 Acquisition according to status of acquiree 544
20.3 Cross-border acquisitions involving UK
companies 545
20.4 Hawk and vole 551
20.5 Strategic opportunities 560
20.6 Pre- and post-bid returns 569
20.7 The gains from mergers 570
21.1 Average rates against sterling 594
21.2 Twelve-month forecasts to
1 November 2000 609
21.3 Oilex s internal currency flows 615
21.4 Steriing/US 619
22.1 Sparkes and Zoltan: project details 640
22.2 Evaluation of the Zoltan project 641
22.3 Alternative evaluation of Zoltan project 641
22.4 Country risk scores for selected locations 649
22.5 British Airways pic borrowings as at 31
March 2004 653
|
| adam_txt |
List of figures and tables Xlii
Preface wi
Guided tour of the book x*
Guided tour of the companion website xxii
Acknowledgements x*"'
Publisher's acknowledgements xxiv
A FRAMEWORK FOR FINANCIAL
DECISIONS
Chapter 1 _
An overview of financial management 3
1.1 Introduction
1.2 The finance function
1.3 Investment and financial decisions 6
1.4 Cash - the lifeblood of the business 7
1.5 The emergence of financial management 8
1.6 The finance department in the firm 9
1.7 The financial objective 10
1.8 The agency problem
1.9 Managing the agency problem 12
1.10 Social responsibility and shareholder wealth 13
1.11 The corporate governance debate 14
1.12 The risk dimension
1.13 The strategic dimension
Summary
Key points
Further reading
Questions
Chapter 2 . The financial environment 24
2.1 Introduction
2.2 Financial markets
2.3 The financial services sector
2.4 The London Stock Exchange (LSE) 3
2.5 Are financial markets efficient? 3
2.6 A modern perspective - chaos theory 4
2.7 Short-termism in the City
2.8 Reading the financial pages
2.9 Taxation and financial decisions 46
Summary 47
Key points 47
Further reading 47
Appendix: Financial statement analysis 48
Questions 57
Chapter 3 Present values and financial arithmetic 60
3.1 Introduction 61
3.2 Measuring wealth 61
3.3 Time-value of money 62
3.4 Financial arithmetic for capital growth 63
3.5 Present value 65
3.6 Present value arithmetic 68
3.7 Valuing bonds 71
3.8 Net present value 73
Summary 77
Key points 77
Further reading 77
Appendix I: The term structure of interest rates
and the yield curve 78
Appendix II: The investment-consumption decision 79
Appendix III: Present value formulae 84
Questions 86
Chapter 4 Valuation of assets, shares
and companies 88
4.1 Introduction 89
4.2 The valuation problem 89
4.3 Valuation using published accounts 90
4.4 Valuing the earnings stream: P:E ratios 96
4.5 EBITDA - a halfway house 98
4.6 Valuing cash flows 98
4.7 The DCF approach 100
4.8 Valuation of unquoted companies 103
4.9 Valuing shares: the Dividend Valuation Model 104
4.10 Problems with the Dividend Growth Model 106
4.11 Shareholder value analysis 109
4.12 Economic Value Added (EVA) 111
Viii Contents
Summary 112
Key points 113
Further reading 113
Questions 114
INVESTMENT DECISIONS
AND STRATEGIES
Chapter 5 Investment appraisal methods 121
5.1 Introduction 122
5.2 Cash flow analysis 122
5.3 Investment techniques - net present value 123
5.4 Internal rate of return 125
5.5 Profitability index 127
5.6 Payback period 128
5.7 Accounting rate of return 129
5.8 Ranking mutually exclusive projects 130
5.9 Investment evaluation and capital rationing 134
Summary 137
Key points 137
Further reading 138
Appendix I: Modified IRR 138
Appendix II: Multi-period capital rationing
and mathematical programming 139
Questions 144
Chapter 6 Project appraisal - applications 147
6.1 Introduction 148
6.2 Incremental cash flow analysis 148
6.3 Replacement decisions 151
6.4 Inflation cannot be ignored 153
6.5 Taxation is a cash flow 155
6.6 Use of DCF techniques 157
6.7 Traditional appraisal methods 159
Summary 163
Key points 163
Further reading 164
Appendix: The problem of unequal lives: Allis pic 164
Questions 166
Chapter 7 Investment strategy and process 173
7.1 Introduction 174
7.3 Advanced manufacturing technology
(AMT) investment 178
7.4 Environmental aspects of investment 180
7.5 The capital investment process 181
7.6 Post-auditing 188
Summary 190
Key points 190
Further reading 190
Questions 191
INVESTMENT RISK AND RETURN
Chapter 8 Analysing investment risk 195
8.1 Introduction 196
8.2 Expected net present value (ENPV):
Betterway pic 197
8.3 Attitudes to risk 197
8.4 The many types of risk 198
8.5 Measurement of risk 200
8.6 Risk description techniques 204
8.7 Adjusting the NPV formula for risk 208
8.8 Risk analysis in practice 210
Summary 211
Key points 211
Further reading 212
Appendix: Multi-period cash flows and risk 212
Questions 215
Chapter 9
Relationships between investments:
portfolio theory 219
9.1 Introduction 220
9.2 Portfolio analysis: the basic principles 221
9.3 How to measure portfolio risk 223
9.4 Portfolio analysis where risk and return
differ 226
9.5 Different degrees of correlation 227
9.6 Worked example: Cerrybild pic 228
9.7 Portfolios with more than two components 231
9.8 Can we use this for project appraisal?
Some reservations 233
Summary 234
Key points 234
Further reading 234
Chapter 10 '
Setting the risk premium: the Capital Asset
Pricing Model 237
10.1 Introduction 238
10.2 Security valuation and discount rates 238
10.3 Concepts of risk and return 239
10.4 The relationship between different equity
markets 243
10.5 Systematic risk 244
10.6 Completing the model 249
10.7 Using the CAPM: assessing the
required return 250
10.8 The underpinnings of the CAPM 254
10.9 Portfolios with many components:
the capital market line 255
10.10 How it all fits together: the key
relationships 257
10.11 Reservations about the CAPM 259
10.12 Testing the CAPM 260
10.13 Factor models 261
10.14 The Arbitrage Pricing Theory 262
10.15 Issues raised by the CAPM: some food
for managerial thought 263
Summary 266
Key points 266
Further reading 266
Appendix: Analysis of variance 267
Questions 269
Chapter 11 The required rate of return on
investment and Shareholder
Value Analysis 271
11.1 Introduction 272
11.2 The required return in all-equity firms:
the DGM 272
11.3 The required return in all-equity firms:
the CAPM 276
11.4 Using value drivers - Shareholder Value
Analysis (SVA) 278
11.5 Worked example: Safa pic 28°
11.6 Using'tailored' discount rates 283
11.7 Another problem: taxation and the CAPM 288
11.8 Problems with 'tailored' discount rates 289
11.9 A critique of divisional hurdle rates 290
Summary 2
Key points
Chapter 12 Identifying and valuing options 296
12.1 Introduction 297
12.2 Share options 297
123 Option pricing 304
12.4 Application of option theory to
corporate finance 309
12.5 Capital investment options 311
12.6 Why conventional NPV may not tell the
whole story 314
Summary 315
Key points 315
Further reading 316
Appendix: Black-Scholes option pricing formula 316
Questions 318
SHORT-TERM FINANCING
AND POLICIES
Chapter 13 Treasury management and working
capital policy 323
13.1 Introduction 324
13.2 The treasury function 324
13.3 Funding 326
13.4 How firms can use the yield curve 328
13.5 Banking relationships 329
13.6 Risk management 330
13.7 Working capital management 337
13.8 Predicting corporate failure 339
13.9 Cash operating cycle 340
13.10 Working capital policy 342
13.11 Overtrading problems 346
Summary 348
Key points 348
Further reading and website 348
Questions 349
Chapter 14 Short-term asset management 353
14.1 Introduction 354
14.2 Managing trade credit 354
14.3 Worked example: Pickles Ltd 361
14.4 Inventory management 362
14.5 Cash management 367
x Contents
14.7 Cash management models 372
Summary 373
Key points 373
Further reading 374
Appendix: Miller-Orr cash management model 374
Questions 376
Chapter 15 Short- and medium-term finance 379
15.1 Introduction 380
15.2 Trade credit 380
15.3 Bank credit facilities 382
15.4 Invoice finance 385
15.5 Using the money market:
bill finance 387
15.6 Hire purchase (HP) 389
15.7 Leasing 391
15.8 Lease evaluation: a simple case 393
15.9 Motives for leasing 396
15.10 Allowing for Corporation Tax in lease
evaluation 398
15.11 Financing international trade 402
Summary 405
Key points 405
Further reading 406
Questions 407
STRATEGIC FINANCIAL DECISIONS
Chapter 16
Long-term finance 411
16.1 Introduction 412
16.2 Guiding lights: corporate aims and
corporate finance 412
16.3 How companies raise finance
in practice 413
16.4 Shareholders'funds 414
16.5 Methods of raising equity finance 417
16.6 Debt instruments: debentures, bonds
and notes 432
16.7 Leasing and sale-and-leaseback (SAL) 441
Summary 443
Key points 443
Chapter 17 Returning value to shareholders:
the dividend decision 447
17.1 Introduction 448
17.2 The strategic dimension 449
17.3 The legal dimension 450
17.4 The theory: dividend policy and firm value 450
17.5 Objections to dividend irrelevance 458
17.6 The information content of dividends:
dividend smoothing 463
17.7 Alternatives to cash dividends 465
17.8 The dividend puzzle 470
17.9 Conclusions 471
Summary 472
Key points 472
Further reading 473
Appendix: Home-made dividends 473
Questions 475
Chapter 18 Capital structure and the required
return 478
18.1 Introduction 479
18.2 Measures of gearing 480
18.3 Operating and financial gearing 484
18.4 Financial gearing and risk: Lindley pic 486
18.5 The 'traditional' view of gearing and
the required return 489
18.6 The cost of debt 492
18.7 The overall cost of capital 494
18.8 Worked example: Damstar pic 496
18.9 More on Economic Value Added (EVA) 498
18.10 Financial distress 499
18.11 Two more issues: signalling and
agency costs 504
18.12 Conclusions 504
Summary 506
Key points 506
Further reading 506
Appendix: Slipping down the credit ratings 507
Questions 508
Chapter 19 Does capital structure really matter? 512
19.1 Introduction 513
19.4 Does it work? Impediments to arbitrage 519
19.5 MM with corporate income tax 519
19.6 Capital structure theory and the CAPM 522
19.7 Linking the Betas 525
19.8 MM with financial distress 526
19.9 Calculating the WACC 527
19.10 The adjusted present value method (APV) 530
19.11 Which discount rate should we use? 532
Summary 533
Key points 533
Further reading 534
Appendix I: Derivation of MM's Proposition II 534
Appendix II: MM's Proposition III: the cut-off
rate for new investment 535
Appendix III: Allowing for personal taxation:
Miller's revision 536
Questions 537
Chapter 20 Acquisitions and restructuring 541
20.1 Introduction 542
20.2 Takeover waves 542
20.3 Motives for takeover 548
20.4 Financing a bid 552
20.5 Evaluating a bid: the expected gains
from takeovers 554
20.6 Worked example: ML pic and CO pic 555
20.7 The importance of strategy 557
20.8 The strategic approach 558
20.9 Post-merger activities 563
20.10 Assessing the impact of mergers 567
20.11 Value gaps 573
20.12 Other forms of value-creating 575
Summary 582
Key points 582
Further reading 582
Questions 5QA
INTERNATIONAL FINANCE
Chapter 21 Manaoino rnrrenCV risk 59
21.3 Foreign exchange exposure 598
21.4 Should firms worry about exchange
rate changes? 600
21.5 Economic theory and exposure management 601
21.6 Exchange rate forecasting 607
21.7 Devising a Foreign Exchange Management
(FEM) strategy 610
21.8 Internal hedging techniques 614
21.9 External hedging techniques 617
21.10 Conclusions 623
Summary 624
Key points 624
Further reading 625
Questions 626
Chapter 22 Foreign investment decisions 630
22.1 Introduction 631
22.2 Advantages of MNCS over national firms 631
22.3 Foreign market entry strategies 632
22.4 The incremental hypothesis 634
22.5 Complexities of foreign investment 636
22.6 The discount rate for Foreign Direct
Investment (FDI) 637
22.7 Evaluating FDI 638
22.8 Exposure to foreign exchange risk 642
22.9 How MNCs manage operating
exposure 645
22.10 Hedging the risk of foreign projects 646
22.11 Political and country risk 647
22.12 Managing Political and country risk (PCR) 650
22.13 Financing FDI 651
22.14 The WACC for FDI 653
22.15 Applying the APV to FDI 654
; Summary 656
; Key points 656
[ Further reading 656
Questions 658
Chapter 23 Review and behavioural finance 661
- 23.1 Introduction 662
3 23.2 Review of main principles in finance 662
'" - fifiS
Summary 671
Key points 672
Further reading 672
Appendices
A Solutions to self-assessment
activities 673
B Solutions to selected questions 691
C Present value interest factor (PVIF) 722
D Present value interest factor for an annuity
(PVIFA) 724
Glossary 726
References 735
Index 743
List of figures
1.1 The finance function in a large organisation 6
1.2 Cash-the lifeblood of the business 7
1.3 The risk-return trade-off 16
1.4 Main elements in strategic planning 17
1.5 Factors influencing the value of the firm 18
2.1 Financial markets, institutions, suppliers
and users 26
2.2 Chart showing breakout beyond
resistance line 36
3.1 The relationship between present value
of £1 and interest over time 68
3.2 Investment appraisal elements 73
3.3 The term structure of interest rates 78
3.4 Investment opportunities for Platt Enterprises 81
3.5 Investment and financing opportunities
for Platt Enterprises 82
3.6 Investment decisions in imperfect capital
markets 84
4.1 Calculating free cash flow (FCF) 102
4.2 Shareholder value analysis framework 109
5.1 Lara proposal: NPV-IRR graph 127
5.2 NPV and IRR compared 133
7.1 McKinsey-GE portfolio matrix 175
7.2 Normal progression of product over time 176
7.3 Investment strategy 177
7.4 A simple capital budgeting system 183
8.1 Risk profiles 198
8.2 Risk-averse investor's utility function 198
8.3 Variability of project returns 201
8.4 Mean-variance analysis 203
8.5 Sensitivity graph 204
8.6 Simulated probability distributions 207
8.7 How risk is assumed to increase over time 209
9.1 Equal and offsetting fluctuations in returns 220
9.2 Available portfolio risk-return
combinations when assets, risks and
expected returns are different 227
9.3 The effect on the efficiency frontier of
changing correlation 228
9.4 Gerrybild's opportunity set 231
9.5 Portfolio combinations with three assets 232
10.1 Total Shareholder Return (TSR) 240
10.2 Specific vs. market risk of a portfolio 241
10.3 The effect of international diversification
on portfolio risk 243
10.4 Combining the Warsaw and the
London markets 244
10.5 The characteristics line: no specific risk 245
10.6 The characteristics line: with
specific risk 246
10.7 The security market line 249
10.8 The capital market line 256
10.9 The CAPM: the three key relationships 258
10.10 Theoretical and empirical SMLs 260
10.11 Alternative characteristics lines 267
11.1 Risk premiums for activities of
varying risk 283
11.2 The Beta pyramid 284
12.1 Payoff lines for share options in Enigma
Drugs pic 298
12.2 BP call option 302
12.3 BP put option 303
12.4 Option and share price movements for
Bradford pic 306
12.5 The value of the options to delay
investments: Cardiff Components Ltd 312
13.1 Financing working capital: the matching
approach 327
13.2 Financing working capital needs: an
aggressive strategy 328
13.3 Yield curves 329
13.4 Cash conversion cycle 341
13.5 Helsinki pic working capital strategies 343
13.6 Optimal level of working capital for a
'relaxed' strategy 345
13.7 Optimal level of working capital for an
'aggressive' strategy 345
14.1 The credit management process 355
14.2 Ordering and debt collection cycle 359
14.3 The inventory cycle 364
14.4 Cash flow activity for main stakeholders 368
14.5 Miller-Orr cash management model 375
15.1 How hire purchase works 390
16.1 How an SPV works 434
xiv List of figures and tables
17.1 The impact of a permanent dividend cut 453
17.2 Dividends as a residual 456
18.1 How gearing affects the ROE 488
18.2 The 'traditional' view of capital structure 491
19.1 MM's Propositions I and II 517
19.2 The MM thesis with corporate income tax 521
19.3 Business and financial risk premia and the
required return 524
19.4 Optimal gearing with liquidation costs 527
20.1 A strategic framework 559
20.2 Type of acquisition and integrative
complexity 564
21.1 Sterling exchange rates, 1999-2004 595
List of tables
2.1 Share price information for the food
retail sector 45
2.2 Foto-U pic 49
2.3 Foto-U key ratios 51
2.4 Foto-U annual corporate performance report 55
3.1 Compound interest on £1,000 over five
years (at 10%) 63
3.2 Annual percentage rates for a loan with
interest payable at 22 per cent per annum 64
3.3 Present value of a single future sum 68
4.1 Balance sheet for DS Smith pic as at
30 April 2004 91
4.2 Football clubs quoted on the London Stock
Exchange 94
4.3 How earnings and dividends grow in
tandem (figures in £m) 106
4.4 Calculation of EVA 112
5.1 Net present value calculations 124
5.2 Why NPV makes sense to shareholders 124
5.3 IRR calculations for Lara proposal 126
5.4 Payback period calculation 128
5.5 Calculation of the ARR on total assets 130
5.6 Comparison of various appraisal methods 131
5.7 Comparison of mutually exclusive projects 133
5.8 Investment opportunities for Mervtech pic 136
5.9 NPV vs. PI for Mervtech pic 136
5.10 Modified IRR for Lara 139
5.11 Flintoff pic: planned investment schedule
(£000) 140
5.12 Projects accepted based on LP solution 141
6.1 Profitability of Sewie's project 152
6.2 Sewie pic solution 152
6.3 The money terms approach 153
21.2 Interlocking theories in international
economics 606
21.3 Flow chart demonstrating a logical
approach towards devising a foreign
exchange management strategy 611
21.4 Illustration of multiple netting 614
21.5 Achieving the swap 623
22.1 Alternative modes of market entry 633
22.2 Exporting vs. FDI 635
22.3 Classification of firms by extent of
operating exposure 642
22.5 A simple APV model 655
A.1 Portfolio combinations with four assests 680
6.4 The real terms approach 154
6.5 Project Tiger 2000 (assuming no capital
allowances) 155
6.6 Woosnam pic - Tiger 2000 tax reliefs 156
6.7 Woosnam pic - Tiger 2000 with tax relief 157
6.8 Capital investment evaluation methods
in 100 large UK firms 158
6.9 Relationship between ARR and IRR 160
6.10 Allis pic cash flows for two projects 164
6.11 Profit projection for CNC milling
machine (£000) 171
8.1 Betterway pic: expected net present values 197
8.2 Effects of cost structure on profits (£000) 199
8.3 Snowglo pic project data 200
8.4 Project risk for Snowglo pic 201
8.5 UMK cost structure 205
8.6 Risk analysis in 100 large UK firms 210
8.7 Branson project payoffs with independent
cash flows 212
9.1 Returns under different states of the
economy 224
9.2 Calculating the covariance 224
9.3 Differing returns and risks 226
9.4 Portfolio risk-return combinations (%) 226
9.5 Returns from Gerrybild 229
9.6 Calculation of standard deviations of
returns from each investment 229
9.7 Calculation of the covariance 230
10.1 The annual TSRs on Pilkington shares 239
10.2 How to remove portfolio risk 242
10.3 Possible returns from Walkley Wagons 245
10.4 Beta values of the constituents of
the FT 30 Share Index 248
10.5 Equity-gilts relative returns 252
11.1 The return on Whitbread pic shares 273
11.2 Cash flow profile for Safa pic
(ungeared) 281
11.3 Divisional Betas for Whitbread pic 285
11.4 The effect of operating gearing (£m) 287
11.5 Subjective risk categories 288
12.1 Option on BP shares (current price 397p) 300
12.2 Returns on BP shares and options 301
i 12.3 Valuing a call option in Riskitt pic 308
12.4 Harlequin pic: call option valuation 313
13.1 Helsinki pic profitability and risk of
working capital strategies 344
14.1 Total inventory levels and stockholding
periods 363
14.2 Thorntons pic consolidated cash flow
. statement 369
14.3 Mangle Ltd: production and sales 371
14.4 Mangle Ltd: cash budget for six months
to June (£) 371
15.1 Tax relief on a 3-year HP contract with
4-year asset lifetime (£) 391
15.2 Hardup pic's leasing analysis 394
i 15.3 The behaviour of the equivalent loan (£m) 395
15.4 Hardup's leasing decision with tax 399
15.5 Interest charges on a lease contract
(figures in £m) 400
15.6 Changes in tax-allowable lease costs
(figures in £m) 400
16.1 History of Microsoft common
stock splits 431
17.1 Kelda Group pic Financial Calendar 2004 448
17.2 Rawdon pic 460
17.3 BAA pic dividend smoothing 464
17.4 Analysis of a share repurchase 467
18.1 Financial data for BAA pic 483
18.2 How gearing affects shareholder returns in
Lindley pic 487
18.3 How gearing affects the risk of ordinary
shares 488
18.4 How gearing can affect share price 489
19.1 Key definitions in capital
structure analysis 515
19.2 The tax shield with finite-life debt 531
20.1 The scale and financing of takeover
activity of UK firms by UK firms 543
20.2 Acquisition according to status of acquiree 544
20.3 Cross-border acquisitions involving UK
companies 545
20.4 Hawk and vole 551
20.5 Strategic opportunities 560
20.6 Pre- and post-bid returns 569
20.7 The gains from mergers 570
21.1 Average rates against sterling 594
21.2 Twelve-month forecasts to
1 November 2000 609
21.3 Oilex's internal currency flows 615
21.4 Steriing/US\ 619
22.1 Sparkes and Zoltan: project details 640
22.2 Evaluation of the Zoltan project 641
22.3 Alternative evaluation of Zoltan project 641
22.4 Country risk scores for selected locations 649
22.5 British Airways pic borrowings as at 31
March 2004 653 |
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| author | Pike, Richard Neale, Bill |
| author_facet | Pike, Richard Neale, Bill |
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| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 |
| ctrlnum | (OCoLC)61702195 (DE-599)BVBBV022360742 |
| dewey-full | 658.150941 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.150941 |
| dewey-search | 658.150941 |
| dewey-sort | 3658.150941 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 5. ed. |
| format | Book |
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| geographic | Großbritannien Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | Großbritannien |
| id | DE-604.BV022360742 |
| illustrated | Illustrated |
| index_date | 2024-07-02T17:03:12Z |
| indexdate | 2024-07-09T20:55:56Z |
| institution | BVB |
| isbn | 9780273695615 0273695614 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015570084 |
| oclc_num | 61702195 |
| open_access_boolean | |
| owner | DE-703 DE-19 DE-BY-UBM DE-1047 DE-11 |
| owner_facet | DE-703 DE-19 DE-BY-UBM DE-1047 DE-11 |
| physical | XIX, 759 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | FT Prentice Hall |
| record_format | marc |
| spelling | Pike, Richard Verfasser aut Corporate finance and investment decisions & strategies Richard Pike and Bill Neale 5. ed. Harlow [u.a.] FT Prentice Hall 2006 XIX, 759 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier This text has a practical orientation with a wealth of examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring. Bedrijfsfinanciering gtt Financieel management gtt Investeringen gtt Investissements - Grande-Bretagne - Manuels d'enseignement supérieur Investissements - Manuels d'enseignement supérieur Sociétés - Europe - Finances - Manuels d'enseignement supérieur Sociétés - Finances - Manuels d'enseignement supérieur Sociétés - Grande-Bretagne - Finances - Manuels d'enseignement supérieur Capital investments Great Britain Corporations Great Britain Finance Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Investitionspolitik (DE-588)4137114-8 gnd rswk-swf Investition (DE-588)4027556-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Investition (DE-588)4027556-5 s DE-604 Finanzierung (DE-588)4017182-6 s Investitionsentscheidung (DE-588)4162244-3 s 1\p DE-604 Investitionspolitik (DE-588)4137114-8 s 2\p DE-604 Neale, Bill Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015570084&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 |
| spellingShingle | Pike, Richard Neale, Bill Corporate finance and investment decisions & strategies Bedrijfsfinanciering gtt Financieel management gtt Investeringen gtt Investissements - Grande-Bretagne - Manuels d'enseignement supérieur Investissements - Manuels d'enseignement supérieur Sociétés - Europe - Finances - Manuels d'enseignement supérieur Sociétés - Finances - Manuels d'enseignement supérieur Sociétés - Grande-Bretagne - Finances - Manuels d'enseignement supérieur Capital investments Great Britain Corporations Great Britain Finance Investitionsentscheidung (DE-588)4162244-3 gnd Investitionspolitik (DE-588)4137114-8 gnd Investition (DE-588)4027556-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4162244-3 (DE-588)4137114-8 (DE-588)4027556-5 (DE-588)4017182-6 (DE-588)4022153-2 |
| title | Corporate finance and investment decisions & strategies |
| title_auth | Corporate finance and investment decisions & strategies |
| title_exact_search | Corporate finance and investment decisions & strategies |
| title_exact_search_txtP | Corporate finance and investment decisions & strategies |
| title_full | Corporate finance and investment decisions & strategies Richard Pike and Bill Neale |
| title_fullStr | Corporate finance and investment decisions & strategies Richard Pike and Bill Neale |
| title_full_unstemmed | Corporate finance and investment decisions & strategies Richard Pike and Bill Neale |
| title_short | Corporate finance and investment |
| title_sort | corporate finance and investment decisions strategies |
| title_sub | decisions & strategies |
| topic | Bedrijfsfinanciering gtt Financieel management gtt Investeringen gtt Investissements - Grande-Bretagne - Manuels d'enseignement supérieur Investissements - Manuels d'enseignement supérieur Sociétés - Europe - Finances - Manuels d'enseignement supérieur Sociétés - Finances - Manuels d'enseignement supérieur Sociétés - Grande-Bretagne - Finances - Manuels d'enseignement supérieur Capital investments Great Britain Corporations Great Britain Finance Investitionsentscheidung (DE-588)4162244-3 gnd Investitionspolitik (DE-588)4137114-8 gnd Investition (DE-588)4027556-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Bedrijfsfinanciering Financieel management Investeringen Investissements - Grande-Bretagne - Manuels d'enseignement supérieur Investissements - Manuels d'enseignement supérieur Sociétés - Europe - Finances - Manuels d'enseignement supérieur Sociétés - Finances - Manuels d'enseignement supérieur Sociétés - Grande-Bretagne - Finances - Manuels d'enseignement supérieur Capital investments Great Britain Corporations Great Britain Finance Investitionsentscheidung Investitionspolitik Investition Finanzierung Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015570084&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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