Corporate finance: theory & practice
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Andover, Hampshire
South-Western Cengage Learning
2011
|
| Ausgabe: | 8. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXV, 726 S. Ill., graph. Darst. |
| ISBN: | 9781844809462 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804145658337165312 |
|---|---|
| adam_text | Titel: Corporate finance
Autor: Lumby, Stephen
Jahr: 2011
DETAILED CONTENTS
List of figures xvi
About the authors xix
Preface xx
Walk-through tour xxii
About the website xxv
INTRODUCTION 1
1 FINANCIAL DECISION MAKING 3
Learning objectives 3
The nature of financial decisions 3
The decision process 5
Financial decision making 6
Technology and financial decision making 11
Summary 11
Notes 12
Quickie questions 13
2 DECISION OBJECTIVES 14
Learning objectives 14
Wealth maximization and the company 14
Ownership and control 16
Regulation of the relationship between
directors and shareholders 16
Incentive scheme criteria 23
When incentive schemes and regulations
are ineffective 25
The current situation regarding the relationship
between shareholders and directors 27
Conclusion 27
Summary 28
Notes 29
Further reading 29
Quickie questions 30
Problems 30
INVESTMENT DECISIONS 31
3 TRADITIONAL METHODS OF
INVESTMENT APPRAISAL 33
Learning objectives 33
Introduction 33
The payback method 34
Return on capital employed 41
Conclusions 44
Summary 44
Notes 45
Further reading 47
Quickie questions 47
Problems 48
4 INVESTMENT-CONSUMPTION
DECISION MODEL 50
Learning objectives 50
Introduction to the model 50
The time value of money 52
The basic graphical analysis 53
Introduction of capital markets 55
The separation theorem 57
The conclusions of the basic model 61
Payback and ROCE 62
Summary 62
Notes 63
Further reading 65
Quickie questions 65
Problems 66
5 THE DISCOUNTED CASH FLOW APPROACH 67
Learning objectives 67
Net present value 67
Alternative interpretations of NPV 72
Internal rate of return 76
Discounted payback 82
Truncated NPV 83
Summary 84
Appendix: Compounding and discounting 84
Notes 87
Further reading 88
Quickie questions 88
Problems 89
6 NET PRESENT VALUE AND
INTERNAL RATE OF RETURN 92
Learning objectives 92
NPV and project interdependence 92
IRR rule and interdependent projects 97
Extending the time horizon 107
Multiple IRRs 108
Other problems with the IRR rule 112
The modified IRR 113
NPV versus IRR: Conclusion 115
The replacement cycle problem 115
Summary 119
Notes 120
Further reading 120
Quickie questions 121
Problems 121
7 PROJECT CASH FLOWS 124
Learning objectives 124
Investment appraisal and inflation 124
Inflation and the IRR rule 130
Investment appraisal and taxation 131
Financing cash flows 132
Investment appraisal and the relevant cash flow 136
Summary 141
Appendix: The UK corporate tax system 142
Notes 142
Further reading 143
Quickie questions 143
Problems 144
8 CAPITAL RATIONING 148
Learning objectives 148
Introduction 148
Hard and soft capital rationing 150
Single-period capital rationing 151
Multi-period capital rationing 157
Summary 165
Notes 166
Further reading 167
Quickie questions 167
Problems 168
RISK ANALYSIS 171
9 SIMPLE RISKTECHNIQUES 173
Learning objectives 173
Risk and return 173
Expected net present value 174
The abandonment decision 181
Sensitivity analysis 186
The risk-adjusted discount rate 190
Summary 192
Notes 193
Further reading 193
Quickie questions 194
Problems 195
10 RISKAND RETURN 198
Learning objectives 198
Introduction to uncertainty 198
The expected utility model 199
Risk, return and the investment decision 206
Summary 215
Notes 216
Further reading 217
Quickie questions 217
Problems 218
11 PORTFOLIO THEORY 219
Learning objectives 219
Two-asset portfolios 219
Multi-asset portfolios 227
Introduction of a risk-free investment 230
The capital market line 236
Diversification within companies 242
Summary 243
Notes 244
Further reading 245
Quickie questions 245
Problems 246
12 THE CAPITAL ASSET
PRICING MODEL 249
Learning objectives 249
The security market line 249
The CAPM expression 253
The beta value 256
The validity of the CAPM 266
Arbitrage pricing theory 271
Betas and project investment appraisal 273
Summary 275
Notes 277
Further reading 278
Quickie questions 278
Problems 279
13 OPTION VALUATION 283
Learning objectives 283
Introduction 283
The basic characteristics of options 284
Option terminology 285
The valuation of options 286
The Black and Scholes model 290
The building blocks of investment 294
Put-call parity theorem 299
Using share options 302
The option Greeks 306
The binomial model 310
Real options 313
Summary 314
Notes 315
Further reading 316
Quickie questions 316
Problems 317
14 INTEREST RATE RISK 318
Learning objectives 318
Introduction 318
The money markets 319
Forward forward loans 320
Forward rate agreements 321
Interest rate guarantees 324
Option contract markets 326
Interest rate futures 327
Caps, collars and floors 336
Interest rate swaps 337
Summary 340
Notes 341
Further reading 341
Quickie questions 341
Problems 342
FINANCING DECISIONS 345
15 FINANCIAL MARKETS 347
Learning objectives 347
Introduction 347
Market efficiency 348
Market efficiency and share dealing 350
The empirical evidence of EMH 352
The term structure of interest rates 358
Pure expectations hypothesis 361
Summary 367
Notes 368
Further reading 369
Quickie questions 370
Problems 370
16 THE COST OF CAPITAL 371
Learning objectives 371
The financing decision 371
The cost of equity capital 372
Expected return, dividends and market price 375
Applying the dividend valuation model 377
CAPM and the cost of equity capital 385
CAPM versus the DVM 387
The cost of debt capital 389
Cost of preference shares 401
Convertible debt 402
Summary 406
Notes 406
Further reading 407
Quickie questions 408
Problems 409
17 WEIGHTED AVERAGE COST
OF CAPITAL 411
Learning objectives 411
The project discount rate 411
The calculation of Ko 414
The WACC and project risk 417
Summary 421
Notes 421
Further reading 421
Quickie questions 422
Problems 422
18 CAPITAL STRUCTURE IN A
SIMPLE WORLD 425
Learning objectives 425
Introduction 425
An optimal capital structure 425
Business and financial risk 429
The arbitrage proof 434
Conclusions 437
Summary 440
Notes 441
Further reading 441
Quickie questions 441
Problems 442
19 CAPITAL STRUCTURE IN A
COMPLEX WORLD 444
Learning objectives 444
Taxation and capital structure 444
Using the M and M equations 449
M and M in the real world 455
Further views on capital structure 459
Conclusion 464
Capital structure in practice 465
The pecking order theory 465
Real-world considerations 468
Earnings per share and gearing 470
Degree of operating gearing 473
Summary 478
Notes 479
Further reading 480
Quickie questions 480
Problems 481
20 INVESTMENT AND FINANCING INTERACTIONS 487
Learning objectives 487
Company valuation and investment appraisal 487
The dividend and interest valuation model 488
Adjusted present value model 489
The traditional valuation model 490
Approaches to investment appraisal 490
Asset betas and gearing 495
Risk-adjusted WACC 503
Lease or purchase decision 506
Summary 511
Notes 511
Further reading 512
Quickie questions 512
Problems 513
21 THE DIVIDEND DECISION 516
Learning objectives 516
Dividend policy in perfect capital markets 516
Traditional view of the dividend decision 520
Dividend policy in an imperfect market 523
The empirical evidence 526
Conclusion 526
Summary 527
Notes 528
Further reading 528
Quickie questions 529
Problems 529
INTERNATIONAL ISSUES 531
22 FOREIGN EXCHANGE 533
Learning objectives 533
Introduction 533
Exchange rates 533
Foreign exchange markets 538
Exchange rate systems 543
Determinants of FX rates 545
Summary 549
Notes 550
Further reading 550
Quickie questions 550
Problems 551
23 FOREIGN EXCHANGE HEDGING 552
Learning objectives 552
Definitions 552
Transaction risk hedging 553
FX futures contracts 558
Forward versus futures 563
FX options contracts 563
Setting up an option hedge 566
Early exercise 571
Contingent exposure to FX risk 571
Traded options versus OTC options 572
Summary 573
Notes 574
Further reading 574
Quickie questions 574
Problems 575
24 FOREIGN DIRECT INVESTMENT 579
Learning objectives 579
Introduction 579
Project cash flows 582
Project discount rate 585
Translation risk 593
Economic risk 596
Country/political risk 598
Management charges and transfer pricing 600
Summary 601
Notes 601
Further reading 601
Quickie questions 602
Problems 602
Tables 605
Answers to quickie questions 611
Answers to problems 639
Index 721
|
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| title_fullStr | Corporate finance theory & practice Steve Lumby and Chris Jones |
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| title_short | Corporate finance |
| title_sort | corporate finance theory practice |
| title_sub | theory & practice |
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