Corporate finance: the core
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston ; Munich [u.a.]
Pearson
2011
|
| Edition: | 2. ed., global ed. |
| Series: | The Prentice Hall series in finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXXIII, 669 S., [46] S. graph. Darst. |
| ISBN: | 9780132453226 9780273756033 9780132545211 9780273756019 027375601X |
Staff View
MARC
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| 100 | 1 | |a Berk, Jonathan B. |d 1962- |e Verfasser |0 (DE-588)11200881X |4 aut | |
| 245 | 1 | 0 | |a Corporate finance |b the core |c Jonathan Berk ; Peter Demarzo |
| 250 | |a 2. ed., global ed. | ||
| 264 | 1 | |a Boston ; Munich [u.a.] |b Pearson |c 2011 | |
| 300 | |a XXXIII, 669 S., [46] S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a The Prentice Hall series in finance | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Corporations |x Finance | |
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Record in the Search Index
| _version_ | 1812981315000074240 |
|---|---|
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IMAGE 1
BRIEF CONTENTS
PARTI INTRODUCTION PART II TOOLS
CHAPTER 1 CHAPTER 2
CHAPTER 3 CHAPTER 4 CHAPTER 5
THE CORPORATION INTRODUCTION TO FINANCIAL STATEMENT ANALYSIS
ARBITRAGE AND FINANCIAL DECISION MAKING THETIME VALUE OF MONEY INTEREST
RATES
2
19
52 86 128
PART III BASIC VALUATION
CHAPTER 6 INVESTMENT DECISION RULES CHAPTER 7 FUNDAMENTALS OF CAPITAL
BUDGETING CHAPTER 8 VALUING BONDS
CHAPTER 9 VALUING STOCKS
156 182 217 251
PART IV RISK AND RETURN
CHAPTER 10 CAPITAL MARKETS AND THE PRICING OF RISK CHAPTER 11 OPTIMAL
PORTFOLIO CHOICE AND THE CAPITAL ASSET PRICING MODEL CHAPTER 12
ESTIMATING THE COST OF CAPITAL CHAPTER 13 INVESTOR BEHAVIOR AND CAPITAL
MARKET EFFICIENCY
292
330 377 412
PARTV CAPITAL STRUCTURE CHAPTER 14 CAPITAL STRUCTURE IN A PERFECT MARKET
CHAPTER 15 DEBT ANDTAXES
CHAPTER 16 FINANCIAL DISTRESS, MANAGERIAL INCENTIVES, AND INFORMATION
CHAPTER 17 PAYOUT POLICY
450 478
509 551
PART VI VALUATION
CHAPTER 18 CAPITAL BUDGETING AND VALUATION WITH LEVERAGE CHAPTER 19
VALUATION AND FINANCIAL MODELING: A CASE STUDY 594 641
IMAGE 2
CONTENTS
PART I JNTROPYCTION ; ;I J CHAPTER 1 THE CORPORATION 2
1.1 THE FOURTYPES OF FIRMS 3 SOLE PROPRIETORSHIPS 3 PARTNERSHIPS 4
LIMITED LIABILITY COMPANIES 5 CORPORATIONS 5 TAX IMPLICATIONS FOR
CORPORATE ENTITIES 6
* INTERVIEW WITH DAVID VINIAR 7 Q CORPORATE TAXATION AROUND THE WORLD 8
1.2 OWNERSHIP VERSUS CONTROL OF CORPORATIONS 8 THE CORPORATE MANAGEMENT
TEAM 9 THE FINANCIAL MANAGER 9 THE GOAL OF THE FIRM 10
ETHICS AND INCENTIVES WITHIN CORPORATIONS 10 D FINANCIAL CRISIS LEHMAN
BROTHERS BANKRUPTCY 13
1.3 THE STOCK MARKET 13 PRIMARY AND SECONDARY STOCK MARKETS 13 THE
LARGEST STOCK MARKETS 14
NYSE 14 * INTERVIEW WITH JEAN-FRANGOIS THEODORE 15
NASDAQ 16 SUMMARY 16 A KEY TERMS 17 * FURTHER READING 17 * PROBLEMS 17
CHAPTER 2 INTRODUCTION TO FINANCIAL
STATEMENT ANALYSIS 19
2.1 FIRMS' DISCLOSURE OF FINANCIAL INFORMATION 20 PREPARATION OF
FINANCIAL STATEMENTS 20 * INTERNATIONAL FINANCIAL REPORTING
STANDARDS 20 Q INTERVIEW WITH SUE FRIEDEN 21 TYPES OF FINANCIAL
STATEMENTS 22
2.2 THE BALANCE SHEET 22 ASSETS 23 LIABILITIES 24 SHAREHOLDERS' EQUITY
25
2.3 BALANCE SHEET ANALYSIS 26 MARKET-TO-BOOK RATIO 26 DEBT-EQUITY RATIO
26 ENTERPRISE VALUE 27 OTHER BALANCE SHEET INFORMATION 28
2.4 THE INCOME STATEMENT 28 EARNINGS CALCULATIONS 28
2.5 INCOME STATEMENT ANALYSIS 30 PROFITABILITY RATIOS 30 WORKING CAPITAL
RATIOS 31 EBITDA 31
LEVERAGE (GEARING) RATIOS 32 INVESTMENT RETURNS 32 THE DUPONT IDENTITY
32 VALUATION RATIOS 33
B COMMON MISTAKE MISMATCHED RATIOS 33 2.6 THE STATEMENT OF CASH FLOWS 35
OPERATING ACTIVITY 36
INVESTMENT ACTIVITY 36 FINANCING ACTIVITY 36
2.7 OTHER FINANCIAL STATEMENT INFORMATION 37 MANAGEMENT DISCUSSION AND
ANALYSIS 38
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 38 NOTES TO THE FINANCIAL
STATEMENTS 38
2.8 FINANCIAL REPORTING IN PRACTICE 39 ENRON 39 WORLDCOM 39
SARBANES-OXLEY ACT 40
O FINANCIAL CRISIS BERNARD MADOFF'S PONZI SCHEME 41 DIFFICULTIES IN
INTERNATIONAL FINANCIAL STATEMENT ANALYSIS 41
SUMMARY 42 U KEY TERMS 43 * FURTHER READING 44 * PROBLEMS 44 DATA CASE
49
VLLL
IMAGE 3
CONTENTS
PART II TOOLS
CHAPTER 3 ARBITRAGE AND FINANCIAL DECISION MAKING 52
3.1 VALUING DECISIONS 53 ANALYZING COSTS AND BENEFITS 53 USING MARKET
PRICES TO DETERMINE CASH VALUES 54
Q WHEN COMPETITIVE MARKET PRICES ARE NOT AVAILABLE 56
3.2 INTEREST RATES AND THETIME VALUE OF MONEY 56 THE TIME VALUE OF MONEY
56 THE INTEREST RATE: AN EXCHANGE RATE
ACROSS TIME 56
3.3 PRESENT VALUE AND THE NPV DECISION RULE 59 NET PRESENT VALUE 59 THE
NPV DECISION RULE 60
NPV AND CASH NEEDS 62
3.4 ARBITRAGE AND THE LAW OF ONE PRICE 63 ARBITRAGE 63 Q NASDAQ SOES
BANDITS 64
LAW OF ONE PRICE 64
3.5 NO-ARBITRAGE AND SECURITY PRICES 65 VALUING A SECURITY WITH THE LAW
OF ONE PRICE 65 O AN OLD JOKE 65
THE NPV OF TRADING SECURITIES AND FIRM DECISION MAKING 68 VALUING A
PORTFOLIO 69 Q STOCK INDEX ARBITRAGE 70
B FINANCIAL CRISIS LIQUIDITY AND THE INFORMATIONAL ROLE OF PRICES 71
WHERE DO WE GO FROM HERE? 71 SUMMARY 72 A KEY TERMS 73 * FURTHER
READING 73 * PROBLEMS 74
APPENDIX THE PRICE OF RISK 77
ARBITRAGE WITH TRANSACTIONS COSTS 83 SUMMARY 84 A KEY TERMS 84 N
PROBLEMS 84
CHAPTER 4 T HE T I ME VALUE OF M O N EY 86
4.1 THETIMELINE 87
4.2 THETHREE RULES OF TIMETRAVEL 88 RULE 1: COMPARING AND COMBINING
VALUES 88 RULE 2: MOVING CASH FLOWS FORWARD IN TIME 89
RULE 3: MOVING CASH FLOWS BACK IN TIME 90
APPLYING THE RULES OF TIME TRAVEL 92
4.3 VALUING A STREAM OF CASH FLOWS 94
4.4 CALCULATING THE NET PRESENT VALUE 97 4.5 PERPETUITIES, ANNUITIES,
AND OTHER SPECIAL CASES 98 PERPETUITIES 98
* HISTORICAL EXAMPLES OF PERPETUITIES 99 ANNUITIES 100 D COMMON MISTAKE
DISCOUNTING ONE TOO MANY TIMES 101
GROWING CASH FLOWS 104
4.6 SOLVING PROBLEMS WITH A SPREADSHEET PROGRAM 108
4.7 SOLVING FORVARIABLES OTHERTHAN PRESENT VALUE OR FUTURE VALUE 110
SOLVING FOR THE CASH FLOWS 111 INTERNAL RATE OF RETURN 113
SOLVING FOR THE NUMBER OF PERIODS 116 N COMMON MISTAKE EXCEL'S NPV AND
IRR FUNCTIONS 117 B RULE OF 72 118
SUMMARY 119 O KEY TERMS 120 * FURTHER READING 120 N PROBLEMS 121 DATA
CASE 126
CHAPTER 5 INTEREST RATES 128
5.1 INTEREST RATE QUOTES AND ADJUSTMENTS 129 THE EFFECTIVE ANNUAL RATE
129 Q COMMON MISTAKE USING THE WRONG
DISCOUNT RATE IN THE ANNUITY FORMULA 130 ANNUAL PERCENTAGE RATES 131
5.2 APPLICATION: DISCOUNT RATES AND LOANS 133
IMAGE 4
CONTENTS
5.3 THE DETERMINANTS OF INTEREST RATES 134 O FINANCIAL CRISIS TEASER
RATES AND SUBPRIME LOANS 135
INFLATION AND REAL VERSUS NOMINAL RATES 135 INVESTMENT AND INTEREST RATE
POLICY 136 THE YIELD CURVE AND DISCOUNT RATES 137
* INTERVIEW WITH FREDERIC S. MISHKIN 139 THE YIELD CURVE AND THE ECONOMY
140 D COMMON MISTAKE USING THE
ANNUITY FORMULA WHEN DISCOUNT RATES VARY BY MATURITY 140 5.4 RISK
ANDTAXES 142 RISK AND INTEREST RATES 143
AFTER-TAX INTEREST RATES 144
5.5 THE OPPORTUNITY COST OF CAPITAL 145 SUMMARY 146 A KEY TERMS 147 A
FURTHER READING 147 A PROBLEMS 148
APPENDIX CONTINUOUS RATES AND CASH FLOWS 153
CHAPTER 6 INVESTMENT DECISION RULES 156
6.1 NPV AND STAND-ALONE PROJECTS 157 APPLYING THE NPV RULE 157 THE NPV
PROFILE AND IRR 157 ALTERNATIVE RULES VERSUS THE NPV RULE
158 A INTERVIEW WITH DICK GRANNIS 159
6.2 THE INTERNAL RATE OF RETURN RULE 160 APPLYING THE IRR RULE 160
PITFALL #1: DELAYED INVESTMENTS 160 PITFALL #2: MULTIPLE IRRS 161
PITFALL #3: NONEXISTENT IRR 163 B COMMON MISTAKE IRR VERSUS THE IRR RULE
163
6.3 THE PAYBACK RULE 164 APPLYING THE PAYBACK RULE 164 PAYBACK RULE
PITFALLS IN PRACTICE 165 * WHY DO RULES OTHER THAN THE NPV
RULE PERSIST? 165
6.4 CHOOSING BETWEEN PROJECTS 166 NPV RULE AND MUTUALLY EXCLUSIVE
INVESTMENTS 166 IRR RULE AND MUTUALLY EXCLUSIVE INVESTMENTS 167 THE
INCREMENTAL IRR 168
B WHEN CAN RETURNS BE COMPARED? 170 D COMMON MISTAKE IRR AND PROJECT
FINANCING 171
6.5 PROJECT SELECTION WITH RESOURCE CONSTRAINTS 171 EVALUATING PROJECTS
WITH DIFFERENT RESOURCE REQUIREMENTS 171
PROFITABILITY INDEX 172 * SHORTCOMINGS OF THE PROFITABILITY INDEX 174
SUMMARY 174 B KEY TERMS 175 A
FURTHER READING 175 N PROBLEMS 175 DATA CASE 181
CHAPTER 7 FUNDAMENTALS OF CAPITAL
BUDGETING 182
7.1 FORECASTING EARNINGS 183 REVENUE AND COST ESTIMATES 183 INCREMENTAL
EARNINGS FORECAST 184 INDIRECT EFFECTS ON INCREMENTAL EARNINGS 186 B
COMMON MISTAKE THE OPPORTUNITY
COST OF AN IDLE ASSET 187 SUNK COSTS AND INCREMENTAL EARNINGS 188 H THE
SUNK COST FALLACY 188 REAL-WORLD COMPLEXITIES 189
7.2 DETERMINING FREE CASH FLOW AND NPV 190 CALCULATING FREE CASH FLOW
FROM EARNINGS 190
CALCULATING FREE CASH FLOW DIRECTLY 192 CALCULATING THE NPV 193
7.3 CHOOSING AMONG ALTERNATIVES 194 EVALUATING MANUFACTURING
ALTERNATIVES 194 COMPARING FREE CASH FLOWS FOR CISCO'S ALTERNATIVES 195
7.4 FURTHER ADJUSTMENTS TO FREE CASH FLOW 195 B FINANCIAL CRISIS THE
AMERICAN RECOVERY AND REINVESTMENT ACT OF
2009 200
7.5 ANALYZING THE PROJECT 200 BREAK-EVEN ANALYSIS 200 SENSITIVITY
ANALYSIS 201 B INTERVIEW WITH DAVID HOLLAND 203 SCENARIO ANALYSIS 204
SUMMARY 205 N KEY TERMS 206 A FURTHER READING 206 A PROBLEMS 206 DATA
CASE 213
APPENDIX MACRS DEPRECIATION 215
IMAGE 5
CONTENTS
CHAPTER 8 VALUING BONDS 217
8.1 BOND CASH FLOWS, PRICES, ANDYIELDS 218 BOND TERMINOLOGY 218
ZERO-COUPON BONDS 218
D FINANCIAL CRISIS PURE DISCOUNT BONDS TRADING AT A PREMIUM 220 COUPON
BONDS 221
8.2 DYNAMIC BEHAVIOR OF BOND PRICES 223 DISCOUNTS AND PREMIUMS 223 TIME
AND BOND PRICES 224
INTEREST RATE CHANGES AND BOND PRICES 226 D CLEAN AND DIRTY PRICES FOR
COUPON BONDS 227
8.3 THEYIELD CURVE AND BOND ARBITRAGE 229 REPLICATING A COUPON BOND 229
VALUING A COUPON BOND USING ZERO-
COUPON YIELDS 230 COUPON BOND YIELDS 231 TREASURY YIELD CURVES 232
8.4 CORPORATE BONDS 233 CORPORATE BOND YIELDS 233 BOND RATINGS 235 A
INTERVIEW WITH LISA BLACK 236 CORPORATE YIELD CURVES 237 D FINANCIAL
CRISIS THE CREDIT CRISIS
AND BOND YIELDS 238 SUMMARY 239 N KEY TERMS 240 A FURTHER READING 240 N
PROBLEMS 240 DATA CASE 245 APPENDIX FORWARD INTEREST RATES 247
KEY TERMS 250 * PROBLEMS 250
CHAPTER 9 VALUING STOCKS 251
9.1 THE DIVIDEND-DISCOUNT MODEL 252 A ONE-YEAR INVESTOR 252 DIVIDEND
YIELDS, CAPITAL GAINS, AND TOTAL RETURNS 253 D THE MECHANICS OF A SHORT
SALE 254
A MULTIYEAR INVESTOR 255 THE DIVIDEND-DISCOUNT MODEL EQUATION 256 9.2
APPLYING THE DIVIDEND-DISCOUNT
MODEL 256 CONSTANT DIVIDEND GROWTH 256
DIVIDENDS VERSUS INVESTMENT AND GROWTH 257 D JOHN BURR WILLIAMS' THEORY
OF INVESTMENT VALUE 258 CHANGING GROWTH RATES 260 * INTERVIEW WITH
MARILYN FEDAK 262
LIMITATIONS OF THE DIVIDEND-DISCOUNT MODEL 262
9.3 TOTAL PAYOUT AND FREE CASH FLOW VALUATION MODELS 263 SHARE
REPURCHASES AND THE TOTAL PAYOUT MODEL 263 THE DISCOUNTED FREE CASH FLOW
MODEL
265
9.4 VALUATION BASED ON COMPARABLE FIRMS 269 VALUATION MULTIPLES 269
LIMITATIONS OF MULTIPLES 271
COMPARISON WITH DISCOUNTED CASH FLOW METHODS 272 STOCK VALUATION
TECHNIQUES: THE FINAL WORD 273
9.5 INFORMATION, COMPETITION, AND STOCK PRICES 274 INFORMATION IN STOCK
PRICES 274 COMPETITION AND EFFICIENT MARKETS 275
LESSONS FOR INVESTORS AND CORPORATE MANAGERS 278 THE EFFICIENT MARKETS
HYPOTHESIS VERSUS NO ARBITRAGE 279
* FINANCIAL CRISIS KENNETH COLE PRODUCTIONS-WHAT HAPPENED? 279 SUMMARY
280 B KEY TERMS -282 B FURTHER READING 282 A PROBLEMS 283
DATA CASE 288
PART IV RISK AND RETURN
CHAPTER 10 CAPITAL MARKETS AND THE PRICING OF RISK 292
10.1 A FIRST LOOK AT RISK AND RETURN 293
10.2 COMMON MEASURES OF RISK AND RETURN 295 PROBABILITY DISTRIBUTIONS
295 EXPECTED RETURN 295 VARIANCE AND STANDARD DEVIATION 296
10.3 HISTORICAL RETURNS OF STOCKS AND BONDS 298 COMPUTING HISTORICAL
RETURNS 298
IMAGE 6
XN
CONTENTS
AVERAGE ANNUAL RETURNS 300 THE VARIANCE AND VOLATILITY OF RETURNS 301
ESTIMATION ERROR: USING PAST RETURNS TO PREDICT THE FUTURE 303
D ARITHMETIC AVERAGE RETURNS VERSUS COMPOUND ANNUAL RETURNS 305
10.4 THE HISTORICAL TRADE-OFF BETWEEN RISK AND RETURN 305 THE RETURNS OF
LARGE PORTFOLIOS 306 THE RETURNS OF INDIVIDUAL STOCKS 307
10.5 COMMON VERSUS INDEPENDENT RISK 308 THEFT VERSUS EARTHQUAKE
INSURANCE: AN EXAMPLE 308 THE ROLE OF DIVERSIFICATION 309
10.6 DIVERSIFICATION IN STOCK PORTFOLIOS 311 FIRM-SPECIFIC VERSUS
SYSTEMATIC RISK 311 NO ARBITRAGE AND THE RISK PREMIUM 313 D FINANCIAL
CRISIS DIVERSIFICATION
BENEFITS DURING MARKET CRASHES 314 D COMMON MISTAKE A FALLACY OF
LONG-RUN DIVERSIFICATION 316
10.7 MEASURING SYSTEMATIC RISK 316 IDENTIFYING SYSTEMATIC RISK: THE
MARKET PORTFOLIO 316 SENSITIVITY TO SYSTEMATIC RISK: BETA 317
10.8 BETA AND THE COST OF CAPITAL 319 ESTIMATING THE RISK PREMIUM 319 Q
COMMON MISTAKE BETA VERSUS VOLATILITY 319 B INTERVIEW WITH RANDALL LERT
320 THE CAPITAL ASSET PRICING MODEL 322
SUMMARY 322 A KEY TERMS 324 B FURTHER READING 324 N PROBLEMS 324 DATA
CASE 328
CHAPTER 11 OPTIMAL PORTFOLIO CHOICE
AND THE CAPITAL ASSET PRICING MODEL 330
11.1 THE EXPECTED RETURN OF A PORTFOLIO 331
11.2 THE VOLATILITY OF A TWO-STOCK PORTFOLIO 332 COMBINING RISKS 332
DETERMINING COVARIANCE AND CORRELATION 333
D COMMON MISTAKE COMPUTING VARIANCE, COVARIANCE, AND CORRELATION IN
EXCEL 335
COMPUTING A PORTFOLIO'S VARIANCE AND VOLATILITY 336
11.3 THE VOLATILITY OF A LARGE PORTFOLIO 338 LARGE PORTFOLIO VARIANCE
338 DIVERSIFICATION WITH AN EQUALLY WEIGHTED
PORTFOLIO 339 DIVERSIFICATION WITH GENERAL PORTFOLIOS 341
11.4 RISK VERSUS RETURN: CHOOSING AN EFFICIENT PORTFOLIO 341 EFFICIENT
PORTFOLIOS WITH TWO STOCKS 342 THE EFFECT OF CORRELATION 344
SHORT SALES 345 EFFICIENT PORTFOLIOS WITH MANY STOCKS 346 B NOBEL PRIZES
HARRY MARKOWITZ AND JAMES TOBIN 347
11.5 RISK-FREE SAVING AND BORROWING 349 INVESTING IN RISK-FREE
SECURITIES 349 BORROWING AND BUYING STOCKS ON MARGIN 350
IDENTIFYING THE TANGENT PORTFOLIO 351
11.6 THE EFFICIENT PORTFOLIO AND REQUIRED RETURNS 353 PORTFOLIO
IMPROVEMENT: BETA AND THE REQUIRED RETURN 353
EXPECTED RETURNS AND THE EFFICIENT PORTFOLIO 355
11.7 THE CAPITAL ASSET PRICING MODEL 357 THE CAPM ASSUMPTIONS 357
SUPPLY, DEMAND, AND THE EFFICIENCY OF THE
MARKET PORTFOLIO 358 OPTIMAL INVESTING: THE CAPITAL MARKET LINE 358
11.8 DETERMINING THE RISK PREMIUM 359 MARKET RISK AND BETA 359 D NOBEL
PRIZE WILLIAM SHARPE ON THE CAPM 361 THE SECURITY MARKET LINE 362
BETA OF A PORTFOLIO 362 SUMMARY OF THE CAPITAL ASSET PRICING MODEL 364
SUMMARY 364 B KEY TERMS 367 A
FURTHER READING 367 B PROBLEMS 367 DATA CASE 373
APPENDIX THE CAPM WITH DIFFERING INTEREST RATES 375
IMAGE 7
CONTENTS
XIN
CHAPTER 12 ESTIMATING THE COST OF CAPITAL
377
12.1 THE EQUITY COST OF CAPITAL 378
12.2 THE MARKET PORTFOLIO 379 CONSTRUCTING THE MARKET PORTFOLIO 379
MARKET INDEXES 379 * VALUE-WEIGHTED PORTFOLIOS AND
REBALANCING 380 THE MARKET RISK PREMIUM 381
12.3 BETA ESTIMATION 383 USING HISTORICAL RETURNS 383 IDENTIFYING THE
BEST-FITTING LINE 385 USING LINEAR REGRESSION 386 * WHY NOT ESTIMATE
EXPECTED RETURNS
DIRECTLY? 387
12.4 THE DEBT COST OF CAPITAL 387 DEBT YIELDS 387 * COMMON MISTAKE USING
THE DEBT YIELD AS ITS COST OF CAPITAL 388
DEBT BETAS 389
12.5 A PROJECT'S COST OF CAPITAL 390 ALL-EQUITY COMPARABLES 390 LEVERED
FIRMS AS COMPARABLES 391 THE UNLEVERED COST OF CAPITAL 391
INDUSTRY ASSET BETAS 393
12.6 PROJECT RISK CHARACTERISTICS AND FINANCING 395 DIFFERENCES IN
PROJECT RISK 395 Q COMMON MISTAKE ADJUSTING FOR
EXECUTION RISK 397 FINANCING AND THE WEIGHTED AVERAGE COST OF CAPITAL
397
12.7 FINALTHOUGHTS ON USING THE CAPM 399 Q INTERVIEW WITH SHELAGH GLASER
400
SUMMARY 401 N KEY TERMS 402 N FURTHER READING 403 N PROBLEMS 403 DATA
CASE 407
APPENDIX PRACTICAL CONSIDERATIONS WHEN FORECASTING BETA 408 D COMMON
MISTAKE CHANGING THE INDEX TO IMPROVE THE FIT 411
KEY TERMS 411 A DATA CASE 411
CHAPTER 13 INVESTOR BEHAVIOR AND CAPITAL
MARKET EFFICIENCY 412
13.1 COMPETITION AND CAPITAL MARKETS 413 IDENTIFYING A STOCK'S ALPHA 413
PROFITING FROM NON-ZERO ALPHA STOCKS 414
13.2 INFORMATION AND RATIONAL EXPECTATIONS 415 INFORMED VERSUS
UNINFORMED INVESTORS 415
RATIONAL EXPECTATIONS 416
13.3 THE BEHAVIOR OF INDIVIDUAL INVESTORS 417 UNDERDIVERSIFICATION AND
PORTFOLIO BIASES 417
EXCESSIVE TRADING AND OVERCONFIDENCE 418 * INTERVIEW WITH JONATHAN
CLEMENTS 420 INDIVIDUAL BEHAVIOR AND MARKET PRICES 421
13.4 SYSTEMATICTRADING BIASES 421 HANGING ON TO LOSERS AND THE
DISPOSITION EFFECT 421 A NOBEL PRIZE KAHNEMAN AND
TVERSKY'S PROSPECT THEORY 422 INVESTOR ATTENTION, MOOD, AND EXPERIENCE
422 HERD BEHAVIOR 423
IMPLICATIONS OF BEHAVIORAL BIASES 423
13.5 THE EFFICIENCY OF THE MARKET PORTFOLIO 424 TRADING ON NEWS OR
RECOMMENDATIONS 424 THE PERFORMANCE OF FUND MANAGERS 426
THE WINNERS AND LOSERS 427
13.6 STYLE-BASED ANOMALIES AND THE MARKET EFFICIENCY DEBATE 429 SIZE
EFFECTS 429 MOMENTUM 432
IMPLICATIONS OF POSITIVE-ALPHA TRADING STRATEGIES 432 D MARKET
EFFICIENCY AND THE EFFICIENCY OF THE MARKET PORTFOLIO 433
13.7 MULTIFACTOR MODELS OF RISK 435 USING FACTOR PORTFOLIOS 435
SELECTING THE PORTFOLIOS 436 THE COST OF CAPITAL WITH FAMA-FRENCH-
CARHART FACTOR SPECIFICATION 437
13.8 METHODS USED IN PRACTICE 439
IMAGE 8
XIV
CONTENTS
SUMMARY 440 N KEY TERMS 442 A FURTHER READING 442 N PROBLEMS 443
APPENDIX BUILDING A MULTIFACTOR MODEL 448
; RARTV CAPITAL STRUCTURE
CHAPTER 14 CAPITAL STRUCTURE IN A PERFECT MARKET 450
14.1 EQUITY VERSUS DEBT FINANCING 451 FINANCING A FIRM WITH EQUITY 451
FINANCING A FIRM WITH DEBT AND EQUITY 452 THE EFFECT OF LEVERAGE ON RISK
AND RETURN 453
14.2 MODIGLIANI-MILLER I: LEVERAGE, ARBITRAGE, AND FIRM VALUE 455 MM AND
THE LAW OF ONE PRICE 455 HOMEMADE LEVERAGE 455 D MM AND THE REAL WORLD
456 THE MARKET VALUE BALANCE SHEET 457
APPLICATION: A LEVERAGED RECAPITALIZATION 458
14.3 MODIGLIANI-MILLER II: LEVERAGE, RISK, AND THE COST OF CAPITAL 460
LEVERAGE AND THE EQUITY COST OF CAPITAL 460
CAPITAL BUDGETING AND THE WEIGHTED AVERAGE COST OF CAPITAL 461 D COMMON
MISTAKE IS DEBT BETTER THAN EQUITY? 464
COMPUTING THE WACC WITH MULTIPLE SECURITIES 464 LEVERED AND UNLEVERED
BETAS 464
14.4 CAPITAL STRUCTURE FALLACIES 466 LEVERAGE AND EARNINGS PER SHARE 466
EQUITY ISSUANCES AND DILUTION 469
14.5 M M: BEYOND THE PROPOSITIONS 469 Q NOBEL PRIZES FRANCO MODIGLIANI
AND MERTON MILLER 470 SUMMARY 471 A KEY TERMS 472 E FURTHER READING 472
A PROBLEMS 473 DATA CASE 477
CHAPTER 15 DEBT AND TAXES 478
15.1 THE INTEREST TAX DEDUCTION 479
15.2 VALUING THE INTEREST TAX SHIELD 481 THE INTEREST TAX SHIELD AND
FIRM VALUE 481
THE INTEREST TAX SHIELD WITH PERMANENT DEBT 482 * PIZZA AND TAXES 483
THE WEIGHTED AVERAGE COST OF CAPITAL WITH TAXES 483 THE INTEREST TAX
SHIELD WITH A TARGET DEBT- EQUITY RATIO 484
15.3 RECAPITALIZING TO CAPTURE THETAX SHIELD 486 THE TAX BENEFIT 486 THE
SHARE REPURCHASE 487
NO ARBITRAGE PRICING 487 ANALYZING THE RECAP: THE MARKET VALUE BALANCE
SHEET 488
15.4 PERSONAL TAXES 489 INCLUDING PERSONAL TAXES IN THE INTEREST TAX
SHIELD 489 VALUING THE INTEREST TAX SHIELD WITH
PERSONAL TAXES 492 DETERMINING THE ACTUAL TAX ADVANTAGE OF DEBT 493 D
CUTTING THE DIVIDEND TAX RATE 494
15.5 OPTIMAL CAPITAL STRUCTURE WITH TAXES 494 DO FIRMS PREFER DEBT? 494
LIMITS TO THE TAX BENEFIT OF DEBT 497
* INTERVIEW WITH ANDREW BALSON 498 GROWTH AND DEBT 499 OTHER TAX SHIELDS
500 THE LOW LEVERAGE PUZZLE 500
* EMPLOYEE STOCK OPTIONS 502 SUMMARY 502 A KEY TERMS 503 * FURTHER
READING 503 A PROBLEMS 504 DATA CASE 508
CHAPTER 16 FINANCIAL DISTRESS, MANAGERIAL
INCENTIVES, AND INFORMATION 509
16.1 DEFAULT AND BANKRUPTCY IN A PERFECT MARKET 510 ARMIN INDUSTRIES:
LEVERAGE AND THE RISK OF DEFAULT 510
BANKRUPTCY AND CAPITAL STRUCTURE 511
16.2 THE COSTS OF BANKRUPTCY AND FINANCIAL DISTRESS 512 THE BANKRUPTCY
CODE 513 DIRECT COSTS OF BANKRUPTCY 513
INDIRECT COSTS OF FINANCIAL DISTRESS 514 * FINANCIAL CRISIS THE CHRYSLER
PREPACK 517
IMAGE 9
CONTENTS
16.3 FINANCIAL DISTRESS COSTS AND FIRM VALUE 518 ARMIN INDUSTRIES: THE
IMPACT OF FINANCIAL DISTRESS COSTS 518
WHO PAYS FOR FINANCIAL DISTRESS COSTS? 518
16.4 OPTIMAL CAPITAL STRUCTURE:THE TRADE-OFFTHEORY 520 THE PRESENT VALUE
OF FINANCIAL DISTRESS COSTS 520
OPTIMAL LEVERAGE 521
16.5 EXPLOITING DEBT HOLDERS:THE AGENCY COSTS OF LEVERAGE 523 EXCESSIVE
RISK-TAKING AND ASSET SUBSTITUTION 523
DEBT OVERHANG AND UNDER-LNVESTMENT 524 * FINANCIAL CRISIS BAILOUTS,
DISTRESS COSTS, AND DEBT OVERHANG 525
AGENCY COSTS AND THE VALUE OF LEVERAGE 526 DEBT MATURITY AND COVENANTS
527 D FINANCIAL CRISIS MORAL HAZARD AND
THE GOVERNMENT BAILOUT 528
16.6 MOTIVATING MANAGERS:THE AGENCY BENEFITS OF LEVERAGE 528
CONCENTRATION OF OWNERSHIP 528 REDUCTION OF WASTEFUL INVESTMENT 529 *
EXCESSIVE PERKS AND CORPORATE
SCANDALS 530 LEVERAGE AND COMMITMENT 531
16.7 AGENCY COSTS AND THETRADE-OFF THEORY 532 THE OPTIMAL DEBT LEVEL '
532 DEBT LEVELS IN PRACTICE 533
16.8 ASYMMETRIC INFORMATION AND CAPITAL STRUCTURE 533 LEVERAGE AS A
CREDIBLE SIGNAL 534 ISSUING EQUITY AND ADVERSE SELECTION
535 13 NOBEL PRIZE THE 2001 NOBEL PRIZE IN ECONOMICS 536 IMPLICATIONS
FOR EQUITY ISSUANCE 537
IMPLICATIONS FOR CAPITAL STRUCTURE 539
16.9 CAPITAL STRUCTURE:THE BOTTOM LINE 541
SUMMARY 542 A KEY TERMS 543 A FURTHER READING 543 B PROBLEMS 544
CHAPTER 17 PAYOUT POLICY 551
17.1 DISTRIBUTIONS TO SHAREHOLDERS 552 DIVIDENDS 552 SHARE REPURCHASES
554
17.2 COMPARISON OF DIVIDENDS AND SHARE REPURCHASES 555 ALTERNATIVE
POLICY 1: PAY DIVIDEND WITH EXCESS CASH 555
ALTERNATIVE POLICY 2: SHARE REPURCHASE (NO DIVIDEND) 556 Q COMMON
MISTAKE REPURCHASES AND THE SUPPLY OF SHARES 557 ALTERNATIVE POLICY 3:
HIGH DIVIDEND (EQUITY
ISSUE) 558 MODIGLIANI-MILLER AND DIVIDEND POLICY IRRELEVANCE 559 Q
COMMON MISTAKE THE BIRD IN THE
HAND FALLACY 560 DIVIDEND POLICY WITH PERFECT CAPITAL MARKETS 560
17.3 THETAX DISADVANTAGE OF DIVIDENDS 560 TAXES ON DIVIDENDS AND CAPITAL
GAINS 561 OPTIMAL DIVIDEND POLICY WITH TAXES 562
17.4 DIVIDEND CAPTURE ANDTAX CLIENTELES 564 THE EFFECTIVE DIVIDEND TAX
RATE 564 TAX DIFFERENCES ACROSS INVESTORS 565
CLIENTELE EFFECTS 566
17.5 PAYOUT VERSUS RETENTION'OF CASH 569 RETAINING CASH WITH PERFECT
CAPITAL MARKETS 569 TAXES AND CASH RETENTION 570
ADJUSTING FOR INVESTORTAXES 571 ISSUANCE AND DISTRESS COSTS 572 AGENCY
COSTS OF RETAINING CASH 573
17.6 SIGNALING WITH PAYOUT POLICY 575 DIVIDEND SMOOTHING 575 DIVIDEND
SIGNALING 576 * ROYAL & SUNALLIANCE'S DIVIDEND CUT
577
SIGNALING AND SHARE REPURCHASES 577
17.7 STOCK DIVIDENDS, SPLITS, AND SPIN- OFFS 579 STOCK DIVIDENDS AND
SPLITS 579 Q INTERVIEW WITH JOHN CONNORS 580
IMAGE 10
XVI
CONTENTS
B BERKSHIRE HATHAWAY'S A & B SHARES 582 SPIN-OFFS 582 SUMMARY 584 A KEY
TERMS 585 B
FURTHER READING 585 H PROBLEMS 586 DATA CASE 590
CHAPTER 18 CAPITAL BUDGETING AND
VALUATION W I TH LEVERAGE 594
18.1 OVERVIEW OF KEY CONCEPTS 595
18.2 THE WEIGHTED AVERAGE COST OF CAPITAL METHOD 596 USING THE WACC TO
VALUE A PROJECT 597 SUMMARY OF THE WACC METHOD 598
IMPLEMENTING A CONSTANT DEBT-EQUITY RATIO 599
18.3 THE ADJUSTED PRESENT VALUE METHOD 601 THE UNLEVERED VALUE OF THE
PROJECT 601 VALUING THE INTEREST TAX SHIELD 602
SUMMARY OF THE APV METHOD 603
18.4 THE FLOW-TO-EQUITY METHOD 604 CALCULATING THE FREE CASH FLOW TO
EQUITY 605 VALUING EQUITY CASH FLOWS 606
SUMMARY OF THE FLOW-TO-EQUITY METHOD 606 * WHAT COUNTS AS "DEBT"? 607
18.5 PROJECT-BASED COSTS OF CAPITAL 608 ESTIMATING THE UNLEVERED COST OF
CAPITAL 608 PROJECT LEVERAGE AND THE EQUITY COST OF
CAPITAL 609 DETERMINING THE INCREMENTAL LEVERAGE OF A PROJECT 610 D
COMMON MISTAKE RE-LEVERING THE
WACC 611
18.6 APV WITH OTHER LEVERAGE POLICIES 612 CONSTANT INTEREST COVERAGE
RATIO 613 PREDETERMINED DEBT LEVELS 614 A COMPARISON OF METHODS 615
18.7 OTHER EFFECTS OF FINANCING 616 ISSUANCE AND OTHER FINANCING COSTS
616 SECURITY MISPRICING 617 FINANCIAL DISTRESS AND AGENCY COSTS 618 D
FINANCIAL CRISIS GOVERNMENT LOAN
GUARANTEES 618
18.8 ADVANCED TOPICS IN CAPITAL BUDGETING 619 PERIODICALLY ADJUSTED DEBT
619 LEVERAGE AND THE COST OF CAPITAL 622 THE WACC OR FTE METHOD WITH
CHANGING
LEVERAGE 623 PERSONAL TAXES 625 SUMMARY 627 A KEY TERMS 628 B FURTHER
READING 628 A PROBLEMS 629
DATA CASE 635
APPENDIX FOUNDATIONS AND FURTHER DETAILS 637
CHAPTER 19 VALUATION AND FINANCIAL
MODELING: A CASE STUDY 641
19.1 VALUATION USING COMPARABLES 642
19.2 THE BUSINESS PLAN 644 OPERATIONAL IMPROVEMENTS 644 CAPITAL
EXPENDITURES: A NEEDED EXPANSION 645 WORKING CAPITAL MANAGEMENT 646
CAPITAL STRUCTURE CHANGES: LEVERING UP 646
19.3 BUILDING THE FINANCIAL MODEL 647 FORECASTING EARNINGS 647 WORKING
CAPITAL REQUIREMENTS 649 FORECASTING FREE CASH FLOW 650
THE BALANCE SHEET AND STATEMENT OF CASH FLOWS (OPTIONAL) 652
19.4 ESTIMATING THE COST OF CAPITAL 654 CAPM-BASED ESTIMATION 654
UNLEVERING BETA 655 IDEKO'S UNLEVERED COST OF CAPITAL 656
19.5 VALUING THE INVESTMENT 657 THE MULTIPLES APPROACH TO CONTINUATION
VALUE 657
IMAGE 11
CONTENTS
XVN
THE DISCOUNTED CASH FLOW APPROACH TO CONTINUATION VALUE 658 APVVALUATION
OF IDEKO'S EQUITY 660 * COMMON MISTAKE CONTINUATION
VALUES AND LONG-RUN GROWTH 660 B COMMON MISTAKE MISSING ASSETS OR
LIABILITIES 662 A REALITY CHECK 662
IRR AND CASH MULTIPLES 663 D INTERVIEW WITH JOSEPH L. RICE, III 664
19.6 SENSITIVITY ANALYSIS 665 SUMMARY 666 A KEY TERMS 666 U FURTHER
READING 666 N PROBLEMS 667 APPENDIX COMPENSATING MANAGEMENT 669
GLOSSARY G-1
INDEX 1-1
CREDITS C-1 |
| any_adam_object | 1 |
| author | Berk, Jonathan B. 1962- DeMarzo, Peter M. |
| author_GND | (DE-588)11200881X (DE-588)112327796 |
| author_facet | Berk, Jonathan B. 1962- DeMarzo, Peter M. |
| author_role | aut aut |
| author_sort | Berk, Jonathan B. 1962- |
| author_variant | j b b jb jbb p m d pm pmd |
| building | Verbundindex |
| bvnumber | BV036801358 |
| 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 |
| ctrlnum | (OCoLC)706012943 (DE-599)BVBBV036801358 |
| 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 |
| edition | 2. ed., global ed. |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV036801358 |
| illustrated | Illustrated |
| indexdate | 2024-10-15T12:01:56Z |
| institution | BVB |
| isbn | 9780132453226 9780273756033 9780132545211 9780273756019 027375601X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020717537 |
| oclc_num | 706012943 |
| open_access_boolean | |
| owner | DE-N2 DE-355 DE-BY-UBR DE-703 |
| owner_facet | DE-N2 DE-355 DE-BY-UBR DE-703 |
| physical | XXXIII, 669 S., [46] S. graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Pearson |
| record_format | marc |
| series2 | The Prentice Hall series in finance |
| spelling | Berk, Jonathan B. 1962- Verfasser (DE-588)11200881X aut Corporate finance the core Jonathan Berk ; Peter Demarzo 2. ed., global ed. Boston ; Munich [u.a.] Pearson 2011 XXXIII, 669 S., [46] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Prentice Hall series in finance Includes bibliographical references and index Corporations Finance Kapitalgesellschaft (DE-588)4129472-5 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Corporate Finance (DE-588)4269795-5 s Finanzmanagement (DE-588)4139075-1 s DE-604 Finanzierung (DE-588)4017182-6 s Kapitalgesellschaft (DE-588)4129472-5 s 1\p DE-604 DeMarzo, Peter M. Verfasser (DE-588)112327796 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020717537&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 |
| spellingShingle | Berk, Jonathan B. 1962- DeMarzo, Peter M. Corporate finance the core Corporations Finance Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4129472-5 (DE-588)4139075-1 (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4123623-3 |
| title | Corporate finance the core |
| title_auth | Corporate finance the core |
| title_exact_search | Corporate finance the core |
| title_full | Corporate finance the core Jonathan Berk ; Peter Demarzo |
| title_fullStr | Corporate finance the core Jonathan Berk ; Peter Demarzo |
| title_full_unstemmed | Corporate finance the core Jonathan Berk ; Peter Demarzo |
| title_short | Corporate finance |
| title_sort | corporate finance the core |
| title_sub | the core |
| topic | Corporations Finance Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Corporations Finance Kapitalgesellschaft Finanzmanagement Corporate Finance Finanzierung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020717537&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT berkjonathanb corporatefinancethecore AT demarzopeterm corporatefinancethecore |