Corporate finance: theory and practice
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London [u.a.]
Response Books
2007
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Publisher description Table of contents only Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | 761 S. graph. Darst. 1 gef. Bl. |
| ISBN: | 0761934979 9780761934974 9788178296494 |
Staff View
MARC
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| 100 | 1 | |a Vishwanath, S. R. |d 1971- |e Verfasser |0 (DE-588)173673805 |4 aut | |
| 245 | 1 | 0 | |a Corporate finance |b theory and practice |c Vishwanath S. R. |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London [u.a.] |b Response Books |c 2007 | |
| 300 | |a 761 S. |b graph. Darst. |e 1 gef. Bl. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Corporations |x Finance | |
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Record in the Search Index
| _version_ | 1804136450241855488 |
|---|---|
| adam_text | Contents
List of Exhibits 9
Preface 6
Acknowledgements 19
Section One BUILDING BLOCKS
1. Introduction 23
2. Time Value of Money 41
3. Risk and Return 58
4. Estimation of Cost of Capital 86
5. Financial Statements and Firm Value 113
6. A Case Study: Financial Statements and Industry Structure 142
7. A Case Study: Financial Performance of Pharmaceutical Companies 145
Section Two CAPITAL INVESTMENTS
8. Overview of Capital Budgeting 153
9. Free Cash Flow Valuation 179
10. A Case Study: Detergents India Limited 201
11. Risk Analysis in Capital Investments 209
12. A Real Option s Perspective of Capital Budgeting 239
13. A Follow up Note on Capital Budgeting 257
8 ? Corporate Finance
Section Three MANAGING CURRENT ASSETS
14. Estimation of Working Capital 269
15. A Case Study: Bharti Dredging and Construction Limited 296
16. Cash Management 3Q5
17. Receivables Management 322
18. A Case Study: SM Electric (India) Limited 341
Section Four THE FINANCING DECISION
19. Optimal Capital Structure 353
20. An Overview of Financing Choices 376
21. Initial Public Offerings 396
22. Bank Loans 432
23. A Case Study: Bermuda Airways 461
24. Debt Markets 468
25. A Follow up Note on Financing 4
26. A Case Study: Financing NTPC 527
27. Special Topic: Project Financing ^46
28. A Case Study: HPL Cogeneration Limited 563
29. The Leasing Decision 6
Section Five DIVIDEND POLICY
30. The Dividend Debate 595
31. A Case Study: Back to SM Electric (India) Limited 622
Section six FINANCIAL POLICY, COMPETITIVE
STRATEGY, AND SHAREHOLDER VALUE
32. Growth and Value **
33. Growth via Mergers and Acquisitions ^63
34. A Case Study: The Merger of ICICI Bank and Bank of Madura 687
35. Leveraged Recaps and Buyouts
36. EVA and Divisional Performance Measurement 72
Index 743
About the Author 763
List of Exhibits
1.1 Overview of financial decisions 24
1.2 The balanced scorecard 28
1.3 Control of publicly traded companies in East Asia in 1996 30
1.4 The value of good governance around the world 33
1.5 Corporate governance rankings 34
1.6 P/B V ratios of some well known companies 34
1.7 Interplay between the firm s macroeconomic environment and the internal 39
Capital Market
2.1a Future value interest factor 43
2.1b Future value interest factor 44
2.2 Present value interest factor 45
2.3 Future value interest factor of an annuity 48
2.4 Present value interest factor of an annuity 48
2.5 Loan amortization schedule 49
3.1 Mutual funds in India 59
3.2 Closing prices of Sensex stocks inside back cover
3.3 Returns from some Sensex stocks between 60 and 61
3.4 Expected returns of two investments 62
3.5 Mean and standard deviation of returns 62
3.6 Annualized real returns on major asset categories worldwide. 1990 2000 63
3.7 Risk and return of Sensex 30 53
3.8 Portfolio return and risk 57
3.9 Effect of diversification on risk 68
3.10 Characteristics of emerging and developed markets 69
3.11 Global correlations 70
3.12 Efficient frontier 70
3.13 Capital market line 71
3.14 Beta estimates for some Sensex stocks 72
3.15 Risk premia for select countries 74
3.16 Monthly returns—Mexico 7g
10 ? Corporate Finance
4.1 Beta estimates with different market proxies 89
4.2 Beta estimates for different return intervals 90
4.3 Mean and standard deviation of return on indices 91
4.4 Returns around the world 91
4.5 Risk premia for select Asian countries 92
4.6 Equity premia—US data, 1802 1998 92
4.7 Prevailing yields 96
4.8 WACC for Infosys Ltd 97
4.9 Industry betas 101
4.10 Approach/weighting scheme in cost of capital estimation 105
4.11 Cost of equity estimation procedure 06
4.12 Survey responses to the question: Does your firm estimate the cost of equity capital? 106
If yes, how?
5.1 (a) Financial statements of Hindustan Lever Ltd H4
5.1 (b) Income statement of HLL 115
5.2 Common size financial statements 121
5.3 Key ratios for automotive companies (in 1996) 122
5.4 Financial data for Vishy Corp. 123
1 97
5.5 Statement of cash flows VLI
5.6(a) Cash flow statement of Company 1 129
5.6(b) Cash flow statement of Company 2 129
5.6(c) Cash flow statement of Company 3 130
1 ^9
5.7 Drivers of cash flow 1Jii
6.1 Balance sheet and financial data 143
7.1 Global pharmaceutical market 14
7.2 Business mix of Glaxo 14
7.3 Pharmaceutical firms—balance sheet 14°
7.4 Pharmaceutical firms—income statement 149
7.5(a) Pharmaceutical firms—common size balance sheet l 0
7.5(b) Pharmaceutical firms—common size income statement ^
7.6 Pharmaceutical firms—statement of cash flows 1*2
7.7 Select financial ratios and data 1
7.8 Stock price histories of pharmaceutical companies 1
7.9 EBITDA margins 159
8.1 Project cost l65
8.2 NPV profile 173
8.3 Capital budgeting practices in select countries 1
8.4 Survey responses to the question, How frequently does your *7
firm use the following techniques when deciding which projects
or acquisitions to pursue?
9.1 All passengers carried since 1992 in the domestic sector 1°
9.2 Forecast for 15 years 183
9.3 Forecast of free cash flow
List of Exhibits ? 11
9.4 Depreciation rates as per Schedule XIV 187
9.5 Rates at which depreciation is admissible 187
9.6 NPV vs discount rate 192
9.7 Implementing the capital rationing decision—who makes allocation and selection 195
9.8 Why internal capital rationing? 195
9.9 Flexibility of the investment ceiling 196
10.1 Executive summary of financial performance of DIL 201
10.2 Market share of consumer products 202
10.3 Snapshot of the detergent industry in 1995 203
10.4 Estimation of free cash flows 208
11.1 Sensitivity of NPV 213
11.2 Sensitivity of NPV to the changes in selling price 213
11.3 Sensitivity of NPV to cash flows 214
11.4 Accounting BEP as percentage of the installed capacity 215
11.5 Break even chart 216
11.6 Decision tree 217
11.7 Modified decision trees 233
11.8 Uncertainty profile 220
11.9 Risk adjustment procedure in Fortune 1000 companies 229
11.10 Country ratings and default spread 232
12.1 (a) Call option premium relative to intrinsic value 242
12.1(b) The impact of factors determining option value 244
12.2 Common real options 249
12.3 The analogy between capital projects and a call option 250
12.4 Decision tree for an oil exploration project 253
13.1 Dynamic project evaluations 263
13.2 Value maximizing capital allocation system 265
14.1 Operating cycle 272
14.2 Working capital investment and its productivity in some companies 278
(1998 99 and 1997 98)
14.3 Estimation of working capital at Spar (I) Limited 286
15.1 Financial details of Bharti Dredging and Construction Limited 297
16.1 Corporate cash holdings in 2001 306
16.2 Cash management process 307
16.3 Cash inflow timeline diagram 308
16.4 Cash outflow timeline diagram 308
16.5 Deposit and disbursement float 309
16.6 Lock box system 310
16.7 Cash budget for Dalmia Cement (Bharat) Limited 314
16.8 The Euromoney cash management poll (overall ranking) 319
17.1 Average collection period for Fort Aguada Beach Resort 327
17.2 Aging schedule 327
17.3 Classifications of customers 328
12 ? Corporate Finance
17.4 Risk classification of the customers of Fort Aguada Beach Resort 328
17.5 Business Week s global 1000(1996): Survey results 336
18.1 Financial details of SM Electric (India) Limited 342
18.2 Trends in net working capital and current assets 343
18.3 Aging schedule 343
18.4 Average collection period (in days) 343
18.5 Cash flows 344
18.6 The economics of factoring 347
18.7 Cost benefit analysis (assuming a normal ACP of 30 days) 348
19.1 Debt ratios of some top companies 354
19.2 Return on equity at various debt levels 354
19.3 Effect of leverage on firm value 355
19.4 Modigliani and Miller proposition II 357
19.5 The graph of cost of capital vs debt ratio 357
19.6 Borrowing increases value of the firm/funds available to investors 358
19.7 Effect of personal taxes on firm value 360
19.8 Tax treatment of interest, dividends and retained earnings around the world 362
19.9 Firm value with bankruptcy cost 363
19.10 Survey responses to the question: What factors affect how you choose 369
the appropriate amount of debt for your firm?
19.11 Survey responses to the question: What other factors affect your firm s debt policy? 369
19.12 Survey responses to the question: Has your firm seriously considered 370
issuing common stock? If Yes , what factors affect your firm s decisions
about issuing common stock?
19.13 Leverage in the G 7 countries 371
20.1 Factors affecting financial innovation 377
20.2 Lead underwriters by volume, deals in 2001 383
20.3 Capital raised through debentures 384
20.4 The value of convertible at various stock prices 387
21.1 Resource mobilization during 1997 2000 398
21.2 Sensex movements during 1997 2002 399
21.3 Characteristics of emerging and developed markets 401
21.4 IPO activity in the US 402
21.5 Internet IPOs 402
21.6 Costs of going public (in percentage, of equity IPOs 1990 94) 4^4
21.7 Top underwriters in India and the US 4^
21.8 Listing statistics of the Bombay Stock Exchange 4l5
21.9 Performance of recent bank IPOs 4^
21.10 Union Bank valuation 417
21.11 Average initial returns around the world 4 9
21.12 Performance of book building in India 42
21.13 Returns on IPOs in the US during the five years after issuing, 1990 98 42°
21.14 Stock price performance of Union Bank 422
List of Exhibits ? 13
22.1 Sources of funds for corporate sector 432
22.2 Financial ratios as perceived by loan officers 440
22.3 Loan covenants 449
22.4 Stock price response to announcements of corporate borrowing 450
22. A1 Format of a commercial paper 455
22.A2 Recent CP issues 455
24.1 Participants in the debt market 468
24.2 Growth of the US debt market 469
24.3 The Asian debt market 469
24.4 Resource mobilized from debt markets 470
24.5 Market composition (as on September 30, 2002) 472
24.6 Cash flows associated with a bond 474
24.7 The relationship between price and yield 477
24.8 Graphical representation of the price yield relationship 477
24.9 Rating agencies in Asia 481
25.1 Standard Poor s rating process 492
25.2 The credit rating process 493
25.3 Credit rating symbols 494
25.4 CRISIL median ratios for 1994 96 495
25.5 Standard Poor s rating of LT debt (1994 96) 495
25.6 Proforma financial forecasts and bond rating for alternate capital structures 496
25.7 Sequence of raising capital 497
25.8 Resource mobilization by the corporate sector 499
25.9 Maturity profile 504
25.10 Cash flow projection 505
25.11 Priority structure of corporate liabilities 506
25.12 Exchange rates, inflation rates, and interest rates 510
25.13 Deviations in interest rates 511
25.14 Differences in real interest rates 512
25.15 Deviations from PPP 512
25.16 Deviations from IRP 513
25.17 Forward parity 514
25Q.1 Income statement 525
25Q.2 Balance sheet 525
25Q.3 Internal content of working capital 525
26.1 Capacity addition plans of NTPC 529
26.2 NTPCs past financial highlights 530
27.1 Project structure 547
27.2 Risk sharing among project participants 548
27.3 Mechanism to cover risk 549
27.4 Build operate transfer model 553
14 ? Corporate Finance
28.1 Financial performance of Larsen Toubro 564
28.2 Projects handled by Cogeneration and Captive Power Projects Group 564
28.3 Comparative data on project finance and general purpose loans 566
28.4 HPLCL project 568
28.5 Combined cycle power plants in India 569
28.6 Pre completion risks 570
28.7 Post completion risks 570
28.8 General risks 570
28.9 Regulatory approvals and consents 571
28.10 Sources and uses of funds 571
28.11 (a) Debt service 573
28.1 l(b) Capital market and comparable company data 573
29.1 Lease vs buy 577
29.2 Incremental cash flows 580
29.3 Depreciation tax shield 581
29.4 Incremental cash flows 551
29.5 Method of lease analysis in the responding firms that consider 587
leasing a financing decision
29.6 Discount rate used in computing NAL 587
29.7 Lease analysis of projects rejected at the capital budgeting stage J6/
30.1 Dividend payout ratio for 1991 95 595
30.2 Stable dividend policy practiced by sample companies 603
30.3 Survey results America 603
30.4 The impact of dividend tax on dividend policy 604
30.5 Dividend policy around the world
30.6 Stock repurchases by Dutch auction, tender offer and open market methods 607
30.7 Pros and cons of various share repurchase methods 60/
30.8 Impact of a stock repurchase on securities prices u
30.9 Who gains in a buy back? 610
30.10 Managerial motives for stock dividends
31.1 Financial details of SM Electric (India) Limited 623
31.2 Forecast of free cash flows 624
31.3 Forecasted profitability with dividends (@ 10 percent) 62/
31.4 Projected balance sheet with dividends 627
31.5 Forecasted balance sheet after a repurchase 62
31.6 Interest rates on bank fixed deposits J
31.7 Comparison of alternatives *
32.1 Sustainable growth rates for various combinations of P, A, T, and L 653
32.2 Market price of Company A 655
32.3 Market price of Company B 655
32.4 Value creation model 656
32.5 M7B ratio of some well known companies 65
32.6 Total shareholder return of some big business groups
32.7 TSR of some MNC stocks 65
List of Exhibits ? 15
33.1 Recent acquisitions 664
33.2 Merger gains 666
33.3 Value creation in acquisitions 666
33.4 Free cash flow forecast for Clariant 668
33.5 Pre merger financial statements 671
33.6 Forecast of cash flows 672
33.7 Recent brand acquisitions 675
33.8 Returns to target firm shareholders 678
33.9 Returns to acquiring firm shareholders 678
34.1 Financials for the half year ended September 2000 692
34.2 Profit and loss account for the year ended March 31, 2000 692
34.3 Balance sheet as on March 31, 2000 694
34.4 Share price movements of ICICI Bank and Bank of Madura 695
35.1 Public company vs LBO association 708
36.1 Top companies on the basis of total shareholder return 723
36.2 Top value creators in Europe 724
36.3 The balanced scorecard 724
36.4 Wal Mart stores invested capital 727
36.5 Top companies in the US, the UK, and Pan Asia, on the basis of 728
market value added
36.6 Correlation between percentage change in economic value added and 731
shareholder value (1994 95)
|
| adam_txt |
Contents
List of Exhibits 9
Preface \ 6
Acknowledgements 19
Section One BUILDING BLOCKS
1. Introduction 23
2. Time Value of Money 41
3. Risk and Return 58
4. Estimation of Cost of Capital 86
5. Financial Statements and Firm Value 113
6. A Case Study: Financial Statements and Industry Structure 142
7. A Case Study: Financial Performance of Pharmaceutical Companies 145
Section Two CAPITAL INVESTMENTS
8. Overview of Capital Budgeting 153
9. Free Cash Flow Valuation 179
10. A Case Study: Detergents India Limited 201
11. Risk Analysis in Capital Investments 209
12. A Real Option's Perspective of Capital Budgeting 239
13. A Follow up Note on Capital Budgeting 257
8 ? Corporate Finance
Section Three MANAGING CURRENT ASSETS
14. Estimation of Working Capital 269
15. A Case Study: Bharti Dredging and Construction Limited 296
16. Cash Management 3Q5
17. Receivables Management 322
18. A Case Study: SM Electric (India) Limited 341
Section Four THE FINANCING DECISION
19. Optimal Capital Structure 353
20. An Overview of Financing Choices 376
21. Initial Public Offerings 396
22. Bank Loans 432
23. A Case Study: Bermuda Airways 461
24. Debt Markets 468
25. A Follow up Note on Financing 4""
26. A Case Study: Financing NTPC 527
27. Special Topic: Project Financing ^46
28. A Case Study: HPL Cogeneration Limited 563
29. The Leasing Decision "6
Section Five DIVIDEND POLICY
30. The Dividend Debate 595
31. A Case Study: Back to SM Electric (India) Limited 622
Section six FINANCIAL POLICY, COMPETITIVE
STRATEGY, AND SHAREHOLDER VALUE
32. Growth and Value "**"
33. Growth via Mergers and Acquisitions ^63
34. A Case Study: The Merger of ICICI Bank and Bank of Madura 687
35. Leveraged Recaps and Buyouts '
36. EVA and Divisional Performance Measurement 72
Index 743
About the Author 763
List of Exhibits
1.1 Overview of financial decisions 24
1.2 The balanced scorecard 28
1.3 Control of publicly traded companies in East Asia in 1996 30
1.4 The value of good governance around the world 33
1.5 Corporate governance rankings 34
1.6 P/B V ratios of some well known companies 34
1.7 Interplay between the firm's macroeconomic environment and the internal 39
'Capital Market'
2.1a Future value interest factor 43
2.1b Future value interest factor 44
2.2 Present value interest factor 45
2.3 Future value interest factor of an annuity 48
2.4 Present value interest factor of an annuity 48
2.5 Loan amortization schedule 49
3.1 Mutual funds in India 59
3.2 Closing prices of Sensex stocks inside back cover
3.3 Returns from some Sensex stocks between 60 and 61
3.4 Expected returns of two investments 62
3.5 Mean and standard deviation of returns 62
3.6 Annualized real returns on major asset categories worldwide. 1990 2000 63
3.7 Risk and return of Sensex 30 53
3.8 Portfolio return and risk 57
3.9 Effect of diversification on risk 68
3.10 Characteristics of emerging and developed markets 69
3.11 Global correlations 70
3.12 Efficient frontier 70
3.13 Capital market line 71
3.14 Beta estimates for some Sensex stocks 72
3.15 Risk premia for select countries 74
3.16 Monthly returns—Mexico 7g
10 ? Corporate Finance
4.1 Beta estimates with different market proxies 89
4.2 Beta estimates for different return intervals 90
4.3 Mean and standard deviation of return on indices 91
4.4 Returns around the world 91
4.5 Risk premia for select Asian countries 92
4.6 Equity premia—US data, 1802 1998 92
4.7 Prevailing yields 96
4.8 WACC for Infosys Ltd 97
4.9 Industry betas 101
4.10 Approach/weighting scheme in cost of capital estimation 105
4.11 Cost of equity estimation procedure ' 06
4.12 Survey responses to the question: Does your firm estimate the cost of equity capital? 106
If yes, how?
5.1 (a) Financial statements of Hindustan Lever Ltd H4
5.1 (b) Income statement of HLL 115
5.2 Common size financial statements 121
5.3 Key ratios for automotive companies (in 1996) 122
5.4 Financial data for Vishy Corp. ' 123
1 97
5.5 Statement of cash flows VLI
5.6(a) Cash flow statement of Company 1 129
5.6(b) Cash flow statement of Company 2 129
5.6(c) Cash flow statement of Company 3 130
1 ^9
5.7 Drivers of cash flow 1Jii
6.1 Balance sheet and financial data 143
7.1 Global pharmaceutical market 14"
7.2 Business mix of Glaxo 14'
7.3 Pharmaceutical firms—balance sheet 14°
7.4 Pharmaceutical firms—income statement 149
7.5(a) Pharmaceutical firms—common size balance sheet l 0
7.5(b) Pharmaceutical firms—common size income statement '^
7.6 Pharmaceutical firms—statement of cash flows 1*2
7.7 Select financial ratios and data 1"
7.8 Stock price histories of pharmaceutical companies 1
7.9 EBITDA margins 159
8.1 Project cost l65
8.2 NPV profile 173
8.3 Capital budgeting practices in select countries 1'
8.4 Survey responses to the question, 'How frequently does your *7
firm use the following techniques when deciding which projects
or acquisitions to pursue?'
9.1 All passengers carried since 1992 in the domestic sector 1°
9.2 Forecast for 15 years 183
9.3 Forecast of free cash flow
List of Exhibits ? 11
9.4 Depreciation rates as per Schedule XIV 187
9.5 Rates at which depreciation is admissible 187
9.6 NPV vs discount rate 192
9.7 Implementing the capital rationing decision—who makes allocation and selection 195
9.8 Why internal capital rationing? 195
9.9 Flexibility of the investment ceiling 196
10.1 Executive summary of financial performance of DIL 201
10.2 Market share of consumer products 202
10.3 Snapshot of the detergent industry in 1995 203
10.4 Estimation of free cash flows 208
11.1 Sensitivity of NPV 213
11.2 Sensitivity of NPV to the changes in selling price 213
11.3 Sensitivity of NPV to cash flows 214
11.4 Accounting BEP as percentage of the installed capacity 215
11.5 Break even chart 216
11.6 Decision tree 217
11.7 Modified decision trees 233
11.8 Uncertainty profile 220
11.9 Risk adjustment procedure in Fortune 1000 companies 229
11.10 Country ratings and default spread 232
12.1 (a) Call option premium relative to intrinsic value 242
12.1(b) The impact of factors determining option value 244
12.2 Common real options 249
12.3 The analogy between capital projects and a call option 250
12.4 Decision tree for an oil exploration project 253
13.1 Dynamic project evaluations 263
13.2 Value maximizing capital allocation system 265
14.1 Operating cycle 272
14.2 Working capital investment and its productivity in some companies 278
(1998 99 and 1997 98)
14.3 Estimation of working capital at Spar (I) Limited 286
15.1 Financial details of Bharti Dredging and Construction Limited 297
16.1 Corporate cash holdings in 2001 306
16.2 Cash management process 307
16.3 Cash inflow timeline diagram 308
16.4 Cash outflow timeline diagram 308
16.5 Deposit and disbursement float 309
16.6 Lock box system 310
16.7 Cash budget for Dalmia Cement (Bharat) Limited 314
16.8 The Euromoney cash management poll (overall ranking) 319
17.1 Average collection period for Fort Aguada Beach Resort 327
17.2 Aging schedule 327
17.3 Classifications of customers 328
12 ? Corporate Finance
17.4 Risk classification of the customers of Fort Aguada Beach Resort 328
17.5 Business Week's global 1000(1996): Survey results 336
18.1 Financial details of SM Electric (India) Limited 342
18.2 Trends in net working capital and current assets 343
18.3 Aging schedule 343
18.4 Average collection period (in days) 343
18.5 Cash flows 344
18.6 The economics of factoring 347
18.7 Cost benefit analysis (assuming a normal ACP of 30 days) 348
19.1 Debt ratios of some top companies 354
19.2 Return on equity at various debt levels 354
19.3 Effect of leverage on firm value 355
19.4 Modigliani and Miller proposition II 357
19.5 The graph of cost of capital vs debt ratio 357
19.6 Borrowing increases value of the firm/funds available to investors 358
19.7 Effect of personal taxes on firm value 360
19.8 Tax treatment of interest, dividends and retained earnings around the world 362
19.9 Firm value with bankruptcy cost 363
19.10 Survey responses to the question: 'What factors affect how you choose 369
the appropriate amount of debt for your firm?'
19.11 Survey responses to the question: 'What other factors affect your firm's debt policy?' 369
19.12 Survey responses to the question: 'Has your firm seriously considered 370
issuing common stock?' If 'Yes', what factors affect your firm's decisions
about issuing common stock?
19.13 Leverage in the G 7 countries 371
20.1 Factors affecting financial innovation 377
20.2 Lead underwriters by volume, deals in 2001 383
20.3 Capital raised through debentures 384
20.4 The value of convertible at various stock prices 387
21.1 Resource mobilization during 1997 2000 398
21.2 Sensex movements during 1997 2002 399
21.3 Characteristics of emerging and developed markets 401
21.4 IPO activity in the US 402
21.5 Internet IPOs 402
21.6 Costs of going public (in percentage, of equity IPOs 1990 94) 4^4
21.7 Top underwriters in India and the US 4^"
21.8 Listing statistics of the Bombay Stock Exchange 4l5
21.9 Performance of recent bank IPOs 4^
21.10 Union Bank valuation 417
21.11 Average initial returns around the world 4'9
21.12 Performance of book building in India 42
21.13 Returns on IPOs in the US during the five years after issuing, 1990 98 42°
21.14 Stock price performance of Union Bank 422
List of Exhibits ? 13
22.1 Sources of funds for corporate sector 432
22.2 Financial ratios as perceived by loan officers 440
22.3 Loan covenants 449
22.4 Stock price response to announcements of corporate borrowing 450
22. A1 Format of a commercial paper 455
22.A2 Recent CP issues 455
24.1 Participants in the debt market 468
24.2 Growth of the US debt market 469
24.3 The Asian debt market 469
24.4 Resource mobilized from debt markets 470
24.5 Market composition (as on September 30, 2002) 472
24.6 Cash flows associated with a bond 474
24.7 The relationship between price and yield 477
24.8 Graphical representation of the price yield relationship 477
24.9 Rating agencies in Asia 481
25.1 Standard Poor's rating process 492
25.2 The credit rating process 493
25.3 Credit rating symbols 494
25.4 CRISIL median ratios for 1994 96 495
25.5 Standard Poor's rating of LT debt (1994 96) 495
25.6 Proforma financial forecasts and bond rating for alternate capital structures 496
25.7 Sequence of raising capital 497
25.8 Resource mobilization by the corporate sector 499
25.9 Maturity profile 504
25.10 Cash flow projection 505
25.11 Priority structure of corporate liabilities 506
25.12 Exchange rates, inflation rates, and interest rates 510
25.13 Deviations in interest rates 511
25.14 Differences in real interest rates 512
25.15 Deviations from PPP 512
25.16 Deviations from IRP 513
25.17 Forward parity 514
25Q.1 Income statement 525
25Q.2 Balance sheet 525
25Q.3 Internal content of working capital 525
26.1 Capacity addition plans of NTPC 529
26.2 NTPCs past financial highlights 530
27.1 Project structure 547
27.2 Risk sharing among project participants 548
27.3 Mechanism to cover risk 549
27.4 Build operate transfer model 553
14 ? Corporate Finance
28.1 Financial performance of Larsen Toubro 564
28.2 Projects handled by Cogeneration and Captive Power Projects Group 564
28.3 Comparative data on project finance and general purpose loans 566
28.4 HPLCL project 568
28.5 Combined cycle power plants in India 569
28.6 Pre completion risks 570
28.7 Post completion risks 570
28.8 General risks 570
28.9 Regulatory approvals and consents 571
28.10 Sources and uses of funds 571
28.11 (a) Debt service 573
28.1 l(b) Capital market and comparable company data 573
29.1 Lease vs buy 577
29.2 Incremental cash flows 580
29.3 Depreciation tax shield 581
29.4 Incremental cash flows 551
29.5 Method of lease analysis in the responding firms that consider 587
leasing a financing decision
29.6 Discount rate used in computing NAL 587
29.7 Lease analysis of projects rejected at the capital budgeting stage J6/
30.1 Dividend payout ratio for 1991 95 595
30.2 Stable dividend policy practiced by sample companies 603
30.3 Survey results America 603
30.4 The impact of dividend tax on dividend policy 604
30.5 Dividend policy around the world "
30.6 Stock repurchases by Dutch auction, tender offer and open market methods 607
30.7 Pros and cons of various share repurchase methods 60/
30.8 Impact of a stock repurchase on securities prices "u
30.9 Who gains in a buy back? 610
30.10 Managerial motives for stock dividends "
31.1 Financial details of SM Electric (India) Limited 623
31.2 Forecast of free cash flows 624
31.3 Forecasted profitability with dividends (@ 10 percent) 62/
31.4 Projected balance sheet with dividends 627
31.5 Forecasted balance sheet after a repurchase 62
31.6 Interest rates on bank fixed deposits "J
31.7 Comparison of alternatives *"
32.1 Sustainable growth rates for various combinations of P, A, T, and L 653
32.2 Market price of Company A 655
32.3 Market price of Company B 655
32.4 Value creation model 656
32.5 M7B ratio of some well known companies 65
32.6 Total shareholder return of some big business groups
32.7 TSR of some MNC stocks 65
List of Exhibits ? 15
33.1 Recent acquisitions 664
33.2 Merger gains 666
33.3 Value creation in acquisitions 666
33.4 Free cash flow forecast for Clariant 668
33.5 Pre merger financial statements 671
33.6 Forecast of cash flows 672
33.7 Recent brand acquisitions 675
33.8 Returns to target firm shareholders 678
33.9 Returns to acquiring firm shareholders 678
34.1 Financials for the half year ended September 2000 692
34.2 Profit and loss account for the year ended March 31, 2000 692
34.3 Balance sheet as on March 31, 2000 694
34.4 Share price movements of ICICI Bank and Bank of Madura 695
35.1 Public company vs LBO association 708
36.1 Top companies on the basis of total shareholder return 723
36.2 Top value creators in Europe 724
36.3 The balanced scorecard 724
36.4 Wal Mart stores invested capital 727
36.5 Top companies in the US, the UK, and Pan Asia, on the basis of 728
market value added
36.6 Correlation between percentage change in economic value added and 731
shareholder value (1994 95) |
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| author | Vishwanath, S. R. 1971- |
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| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| genre_facet | Lehrbuch |
| id | DE-604.BV022391700 |
| illustrated | Illustrated |
| index_date | 2024-07-02T17:15:03Z |
| indexdate | 2024-07-09T20:56:35Z |
| institution | BVB |
| isbn | 0761934979 9780761934974 9788178296494 |
| language | English |
| lccn | 00030472 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015600524 |
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| physical | 761 S. graph. Darst. 1 gef. Bl. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
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| publisher | Response Books |
| record_format | marc |
| spelling | Vishwanath, S. R. 1971- Verfasser (DE-588)173673805 aut Corporate finance theory and practice Vishwanath S. R. 2. ed. London [u.a.] Response Books 2007 761 S. graph. Darst. 1 gef. Bl. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Finanzierung (DE-588)4017182-6 s DE-604 Finanzierungstheorie (DE-588)4154418-3 s 1\p DE-604 Finanzmanagement (DE-588)4139075-1 s 2\p DE-604 http://www.loc.gov/catdir/enhancements/fy0657/00030472-d.html Publisher description http://www.loc.gov/catdir/enhancements/fy0657/00030472-t.html Table of contents only HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015600524&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 | Vishwanath, S. R. 1971- Corporate finance theory and practice Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4017182-6 (DE-588)4154418-3 (DE-588)4123623-3 |
| title | Corporate finance theory and practice |
| title_auth | Corporate finance theory and practice |
| title_exact_search | Corporate finance theory and practice |
| title_exact_search_txtP | Corporate finance theory and practice |
| title_full | Corporate finance theory and practice Vishwanath S. R. |
| title_fullStr | Corporate finance theory and practice Vishwanath S. R. |
| title_full_unstemmed | Corporate finance theory and practice Vishwanath S. R. |
| title_short | Corporate finance |
| title_sort | corporate finance theory and practice |
| title_sub | theory and practice |
| topic | Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| topic_facet | Corporations Finance Finanzmanagement Finanzierung Finanzierungstheorie Lehrbuch |
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