Business finance: theory and practice
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
Prentice Hall
2011
|
| Edition: | 9. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Physical Description: | XVIII, 518 S. graph. Darst. |
| ISBN: | 9780273750451 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | Titel: Business finance
Autor: McLaney, Edward J.
Jahr: 2011
Guided tour of the book xii
Preface xv
Plan of the book xvii
Publisher s acknowledgements xviii
Part 1 The business finance environment
1 Introduction 3
Objectives 3
1.1 The role of business finance 4
1.2 Risk and business finance 5
1.3 The relationship between business finance and accounting 6
1.4 The organisation of businesses - the limited company 6
1.5 Corporate governance and the role of directors 9
1.6 Long-term financing of companies 12
1.7 Liquidation 14
1.8 Derivatives 15
1.9 Private equity funds 16
Summary 17
Further reading 18
Review questions 18
2 A framework for financial decision making 19
Objectives 19
2.1 Financial decision making 19
2.2 Business objectives 21
2.3 Conflicts of interest: shareholders versus managers -
the agency problem 25
2.4 Financing, investment and separation 27
2.5 Behavioural finance 31
2.6 Theory and practice 31
Summary 32
Further reading 32
Review questions 33
Problem 33
Appendix: Formal derivation of the separation theorem 34
3 Financial (accounting) statements and
their interpretation 40
Objectives 40
3.1 Introduction 40
3.2 The financial statements 41
3.3 Definitions and conventions of accounting 45
3.4 Problems with using accounting information for decision making 48
3.5 Creative accounting 49
3.6 Ratio analysis 51
3.7 Using accounting ratios to predict financial failure 64
Summary 65
Further reading 66
Review questions 66
Problems 67
Appendix: Jackson pic s income statement and balance sheet
for 2010 73
Part 2 Investment decisions
4 Investment appraisal methods 77
Objectives 77
4.1 Introduction 77
4.2 Net present value 78
4.3 Internal rate of return 85
4.4 Payback period 92
4.5 Accounting (unadjusted) rate of return 95
4.6 Investment appraisal methods used in practice 97
Summary 102
Further reading 104
Review questions 104
Problems 104
5 Practical aspects of investment appraisal 109
Objectives 109
5.1 Introduction 109
5.2 Cash flows or accounting flows? 110
5.3 Do cash flows really occur at year ends? 113
5.4 Which cash flows? 114
5.5 Taxation 115
5.6 Inflation 118
5.7 An example of an investment appraisal 119
5.8 Capital rationing 124
5.9 Replacement decisions 128
5.10 Routines for identifying, assessing, implementing and
reviewing investment projects 130
5.11 Investment appraisal and strategic planning 133
5.12 Value-based management 135
5.13 Real options 141
Summary 142
Further reading 144
Review questions 144
Problems 145
6 Risk in investment appraisal 151
Objectives 151
6.1 Introduction 151
6.2 Sensitivity analysis 152
6.3 Use of probabilities 157
6.4 Expected value 160
6.5 Systematic and specific risk 163
6.6 Utility theory 164
6.7 Attitudes to risk and expected value 167
6.8 Particular risks associated with making investments overseas 171
6.9 Some evidence on risk analysis in practice 171
6.10 Risk - the story so far 172
Summary 172
Further reading 174
Review questions 174
Problems 175
7 Portfolio theory and its relevance to real
investment decisions 181
Objectives 181
7.1 The relevance of security prices 181
7.2 The expected value/variance (or mean/variance) criterion 183
7.3 Security investment and risk 184
7.4 Portfolio theory 186
7.5 Capital asset pricing model 195
7.6 CAPM: an example of beta estimation 197
7.7 Assumptions of CAPM 200
7.8 Tests of CAPM 200
7.9 CAPM - why the doubts? 202
7.10 Implications of CAPM 202
7.11 Lack of shareholder unanimity on risky investment 204
7.12 Using CAPM to derive discount rates for real investments
- the practical problems 204
7.13 Arbitrage pricing model 207
7.14 Diversification within the business 207
Summary 208
Further reading 209
Review questions 210
Problems 210
Appendix: Derivation of CAPM 212
Part 3 Financing decisions
8 Sources of long-term finance 217
Objectives 217
8.1 Introduction 217
8.2 Ordinary (equity) capital 219
8.3 Methods of raising additional equity finance 223
8.4 Preference shares 232
8.5 Loan notes and debentures 234
8.6 Convertible loan notes 240
8.7 Warrants 240
8.8 Term loans 241
8.9 Asset-backed finance (securitisation) 241
8.10 Leasing 242
8.11 Grants from public funds 245
8.12 Conclusions on long-term finance 245
Summary 246
Further reading 249
Review questions 249
Problems 250
9 The secondary capital market (the stock
exchange) and its efficiency 251
Objectives 251
9.1 Introduction 251
9.2 The London Stock Exchange 252
9.3 Capital market efficiency 255
9.4 Tests of capital market efficiency 258
9.5 The efficient market paradox 266
9.6 Conclusions on, and implications of, capital market efficiency 266
9.7 Behavioural finance 269
Summary 271
Further reading 272
Review questions 273
Problems 273
10 Cost of capital estimations and the
discount rate 274
Objectives 274
10.1 Introduction 274
10.2 Cost of individual capital elements 275
10.3 Weighted average cost of capital (WACC) 283
10.4 The discount rate - CAPM versus the traditional approach 288
10.5 WACC values used in practice 290
10.6 The use of WACC in practice 291
10.7 Some further points on WACC 291
Summary 291
Further reading 292
Review questions 293
Problems 293
11 Gearing, the cost of capital and
shareholders wealth 296
Objectives 296
11.1 Introduction 296
11.2 Is debt finance as cheap as it seems? 297
11.3 Business risk and financial risk 298
11.4 The traditional view 300
11.5 The Modigliani and Miller view of gearing 302
11.6 Other thoughts on the tax advantage of debt financing 307
11.7 Capital/financial gearing and operating gearing 308
11.8 Other practical issues relating to capital gearing 309
11.9 Evidence on gearing 310
11.10 Gearing and the cost of capital - conclusion 312
11.11 The trade-off theory 314
11.12 Pecking order theory 315
11.13 Likely determinants of capital gearing 317
11.14 MM, MPT and CAPM 317
11.15 Weighted average cost of capital revisited 319
Summary 320
Further reading 321
Review questions 322
Problems 322
Appendix I: Proof of the MM cost of capital proposition (pre-tax) 325
Appendix II: Proof of the MM cost of capital proposition (after tax) 326
12 The dividend decision 328
Objectives 328
12.1 Introduction 328
12.2 Modigliani and Miller on dividends 329
12.3 The traditional view on dividends 331
12.4 Who is right about dividends? 332
12.5 Other factors 333
12.6 Dividends: the evidence 336
12.7 Conclusions on dividends 342
Summary 342
Further reading 343
Review questions 343
Problems 344
Appendix: Proof of the MM dividend irrelevancy proposition 347
Part 4 Integrated decisions
13 Management of working capital 351
Objectives 351
13.1 Introduction 351
13.2 The dynamics of working capital 352
13.3 The importance of the management of working capital 356
13.4 Working capital and liquidity 358
13.5 Overtrading 360
13.6 Inventories (stock in trade) 361
13.7 Just-in-time inventories management 368
13.8 Trade receivables (trade debtors or accounts receivable) 369
13.9 Cash (including overdrafts and short-term deposits) 374
13.10 Trade payables (trade creditors) 380
Summary 382
Further reading 385
Review questions 385
Problems 385
14 Corporate restructuring (including takeovers
and divestments) 388
Objectives 388
14.1 Introduction 388
14.2 Takeovers and mergers 389
14.3 Mergers: the practicalities 392
14.4 Divestments 401
Summary 404
Further reading 405
Review questions 405
Problems 405
15 International aspects of business finance 408
Objectives 408
15.1 Introduction 408
15.2 Foreign exchange 411
15.3 Problems of internationalisation 418
15.4 International investment appraisal 425
15.5 Risks of internationalisation, management of those risks and
portfolio theory 427
Summary 429
Further reading 432
Review questions 432
Problems 433
16 Small businesses 434
Objectives 434
16.1 Introduction 434
16.2 Corporate objectives 437
16.3 Organisation of small businesses 437
16.4 Taxation of small businesses 438
16.5 Investment decisions 439
16.6 Risk and the discount rate 439
16.7 Sources of finance 440
16.8 Valuation of small businesses 444
16.9 Gearing 447
16.10 Dividends 447
16.11 Working capital and small businesses 448
Summary 449
Further reading 451
Review questions 451
Problems 452
Appendix 1 Present value table 457
Appendix 2 Annuity table 458
Appendix 3 Suggested answers to review questions 459
Appendix 4 Suggested answers to selected problem questions 472
Glossary 498
References 504
Index 510
|
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| discipline | Wirtschaftswissenschaften |
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| isbn | 9780273750451 |
| language | English |
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| physical | XVIII, 518 S. graph. Darst. |
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| spelling | McLaney, Edward J. 1943- Verfasser (DE-588)128823208 aut Business finance theory and practice Eddie McLaney 9. ed. New York, NY [u.a.] Prentice Hall 2011 XVIII, 518 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Finanzierung (DE-588)4017182-6 gnd rswk-swf Investition (DE-588)4027556-5 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Investition (DE-588)4027556-5 s Finanzierung (DE-588)4017182-6 s DE-604 DE-601 pdf/application http://www.gbv.de/dms/zbw/652966438.pdf kostenfrei Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024172582&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | McLaney, Edward J. 1943- Business finance theory and practice Finanzierung (DE-588)4017182-6 gnd Investition (DE-588)4027556-5 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4027556-5 (DE-588)4123623-3 |
| title | Business finance theory and practice |
| title_auth | Business finance theory and practice |
| title_exact_search | Business finance theory and practice |
| title_full | Business finance theory and practice Eddie McLaney |
| title_fullStr | Business finance theory and practice Eddie McLaney |
| title_full_unstemmed | Business finance theory and practice Eddie McLaney |
| title_short | Business finance |
| title_sort | business finance theory and practice |
| title_sub | theory and practice |
| topic | Finanzierung (DE-588)4017182-6 gnd Investition (DE-588)4027556-5 gnd |
| topic_facet | Finanzierung Investition Lehrbuch |
| url | http://www.gbv.de/dms/zbw/652966438.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024172582&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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