Principles of corporate finance:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY
McGraw-Hill
2011
|
| Edition: | 10. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVIII, 875 S. graph. Darst. |
| ISBN: | 9780073530734 |
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MARC
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| 245 | 1 | 0 | |a Principles of corporate finance |c Richard A. Brealey ; Stewart C. Myers ; Franklin Allen |
| 250 | |a 10. ed. | ||
| 264 | 1 | |a New York, NY |b McGraw-Hill |c 2011 | |
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Record in the Search Index
| _version_ | 1804148376573313024 |
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| adam_text | IMAGE 1
CONTENTS
I PART ONE VALUE 1 GOALS AND GOVERNANCE OF THE FIRM 1
1-2
1-3
1-4
1-1 CORPORATE INVESTMENT AND FINANCING DECISIONS 2
INVESTMENT DECISIONS/FINANCING DECISIONS/WHAT IS
A CORPORATION?
THE ROLE OF THE FINANCIAL MANAGER AND THE
OPPORTUNITY COST OF CAPITAL 6
THE INVESTMENT TRADE-OFF
GOALS OF THE CORPORATION 9
SHAREHOLDERS WANT MANAGERS TO MAXIMIZE MARKET
VALUE/A FUNDAMENTAL RESULT/SHOULD MANAGERS LOOK
AFTER THE INTERESTS OF THEIR SHAREHOLDERS?/SHOULD FIRMS
BE MANAGED FOR SHAREHOLDERS OR ALL STAKEHOLDERS!
AGENCY PROBLEMS AND CORPORATE GOVERNANCE 12
PUSHING SUBPRIME ALORTGAGES: VALUE MAXIMIZATION
RUN AMOK, OR AN AGENCY PROBLEM*VAGENCY PROBLEMS
ARE MITIGATED BY GOOD SYSTEMS OF CORPORATE
GOVERNANCE
SUMMARY 15 * PROBLEM SETS 16 * APPENDIX:
FOUNDATIONS OF THE NET PRESENT VALUE RULE 18
2 HOW TO CALCULATE PRESENT VALUES 20
2-1 FUTURE VALUES AND PRESENT VALUES 21 CALCULATING FUTURE
VALUES/CALCULATING PRESENT
VALUES/CALCULATING THE PRESENT VALUE OF AN INVESTMENT
OPPORTUNITY/NET PRESENT VALUE/RISK AND PRESENT
VALUE/PRESENT VALUES AND RATES OF RETURN/CALCULATING
PRESENT VALUES WHEN THERE ARE MULTIPLE CASH FLOWS/
THE OPPORTUNITY COST OF CAPITAL
2-2 LOOKING FOR SHORTCUTS-PERPETUITIES AND
ANNUITIES 27
HOW TO VALUE PERPETUITIES/HOW TO VALUE ANNUITIES/
PV ANNUITIES DUE/CALCULATING ANNUAL PAYMENTS/
FUTURE VALUE OF AN ANNUITY
2-3 MORE SHORTCUTS-GROWING PERPETUITIES AND
ANNUITIES 33
GROWING PERPETUITIES/GROWING ANNUITIES
2-4 HOW INTEREST IS PAID AND QUOTED 35
CONTINUOUS COMPOUNDING
SUMMARY 39 * PROBLEM SETS 39
REAL-TIME DATA ANALYSIS 43
3 VALUING BONDS 45
3-1 USING THE PRESENT VALUE FORMULA TO VALUE BONDS 46
A SHORT TRIP TO PARIS TO VALUE A GOVERNMENT
BOND/BACK TO THE UNITED STATES: SEMIANNUAL
COUPONS AND BOND PRICES
3-2 HOW BOND PRICES VARY WITH INTEREST RATES 49
DURATION AND VOLATILITY
3-3 THE TERM STRUCTURE OF INTEREST RATES 53
SPOT RATES, BOND PRICES, AND THE LAW OF ONE PRICE/
MEASURING THE TERM STRUCTURE/WHY THE DISCOUNT
FACTOR DECLINES AS FUTURITY INCREASES-AND A
DIGRESSION ON MONEY MACHINES
3-4 EXPLAINING THE TERM STRUCTURE 57 EXPECTATIONS THEORY OF THE TERM
STRUCTURE/INTRODUCING
RISK/INFLATION AND TERM STRUCTURE
3-5 REAL AND NOMINAL RATES OF INTEREST 59 INDEXED BONDS AND THE REAL
RATE OF INTEREST/WHAT
DETERMINES THE REAL RATE OF INTEREST?/INFLATION AND
NOMINAL INTEREST RATES
3-6 CORPORATE BONDS AND THE RISK OF DEFAULT 65
CORPORATE BONDS COME IN MANY FORMS
SUMMARY 68 * FURTHER READING 69
PROBLEM SETS 69 * REAL-TIME DATA ANALYSIS 73
4 THE VALUE OF COMMON STOCKS 74
4-1 HOW COMMON STOCKS ARE TRADED 75 4-2 HOW C O M M ON STOCKS ARE VALUED
76
VALUATION BY COMPARABKS/THE DETERMINANTS OF
STOCK PRICES/TODAY S PRICE/BUT WHAT DETERMINES
NEXT YEAR S PRICE?
4-3 ESTIMATING THE COST OF EQUITY CAPITAL 81
USING THE DCFMODEL TO SET GAS AND ELECTRICITY
PRICES/DANGERS LURK IN CONSTANT-GROWTH FORMULAS XIX
IMAGE 2
XX CONTENTS
4-4 THE LINK BETWEEN STOCK PRICE AND EARNINGS PER
SHARE 87 CALCULATING THE PRESENT VALUE OJ GROWTH
OPPORTUNITIES FOR FLEDGLING ELECTRONICS
4-5 VALUING A BUSINESS BY DISCOUNTED CASH FLOW 90 I ALUM THE
COUCATEUATOR BUSINESS/VALUATION
FORMAT - ESTIMATING HORIZON VALUE/A FURTHER
REALITY CHECK
SUMMARY 94 * FURTHER READING 95
PROBLEM SETS 95 * REAL-TIME DATA ANALYSIS 99
MINI-CASE: REEBY SPORTS 99
5 NET PRESENT VALUE AND OTHER
INVESTMENT CRITERIA 101
5-1 A REVIEW OF THE BASICS 101 XCT PRESENT MILNE S COMPCTHORS/TI. REE
POINTS TO
REMEMBER ABOUT XP VXPV DEPENDS ON CASH
FLOW, XOT ON BOOK RETURNS
5-2 PAYBACK 105 DISCOUNTED PAYBACK
5-3 INTERNAL (OR DISCOUNTED-CASH-FLOW) RATE OF RETURN 107
CALCULATING THE IRR THE IRR RULE/PITFALL I-LENDING OR
BORROWING*/ PITFALL2-MULTIPLE RATES OF RETURN/PITFALL 3-MUTUALLY
EXCLUSIVE PROJECTS- PITFALL 4- XHIT HAPPENS W EN TLIERE IS
MORE THAN ONE OPPORTUNITY COST OF CAPITAL F/TOE VERDICT M IRR
5-4 CHOOSING CAPITAL INVESTMENTS WHEN RESOURCES ARE LIMITED 115
AN EAY PROBLEM IN CAPITAL RATIONING/USES OF CARNAL RATIONING MODELS
SUMMARY 119 * FURTHER READING 120 PROBLEM SETS 120
MINI-CASE: VEGETRON S C FO CALLS AGAIN 124
6 MAKING INVESTMENT DECISIONS WITH THE NET PRESENT VALUE RULE 127
6-1 APPLYING THE NET PRESENT VALUE RULE 128 RULE 1: ONLY CASH FLOW IS
RELEVANT/RULE 2:
;TUNATE CASH FLOIOS ON AN INCREMENTAL BASIS/RULE 3: TREAT INFLATION
CONSISTENTLY
6-2 EXAMPLE-IM&C S FERTILIZER PROJECT 132
SEPARATING INVESTMENT AND FINANCING
DECISIONS/INVESTMENTS IN WORKING CAPITAL/A
FURTHER NOTE ON DEPRECIATION/A FINAL COMMENT ON
TAXES/PROJECT ANALYSIS/CALCULATING NPV IN OTHER
COUNTRIES AND CURRENCIES
INVESTMENT TIMING 140
EQUIVALENT ANNUAL CASH FLOWS 141
INVESTING TO PRODUCE REFORMULATED GASOLINE AT
CALIFORNIA REFINERIES/CHOOSING BETWEEN LONG- AND
SHORT-LIVED EQUIPMENT/EQUIVALENT ANNUAL CASH
FLOW AND INFLATION/ EQUIVALENT ANNUAL CASH FLOW
AND TECHNOLOGICAL CHANGE/DECIDING WLJEN TO REPLACE
AN EXISTING MACHINE
SUMMARY 146 * PROBLEM SETS 146
MINI-CASE: NEW ECONOMY TRANSPORT (A) AND (B) 153
6-3
6-4
7 INTRODUCTION TO RISK AND RETURN 156
7-1 OVER A CENTURY OF CAPITAL MARKET HISTORY IN ONE EASY LESSON 156
ARITHMETIC AVERAGES AND COMPOUND ANNUAL
RETURNS/USING HISTORICAL EVIDENCE TO EVALUATE TODAY S
COST OF CAPITAL/DIVIDEND YIELDS AND THE RISK PREMIUM
7-2 MEASURING PORTFOLIO RISK 163
VARIANCE AND STANDARD DEVIATION/MEASURING
VARIABILITY/HOW DIVERSIFICATION REDUCES RISK
7-3 CALCULATING PORTFOLIO RISK 170
GENERAL FORMULA FOR COMPUTING PORTFOLIO
RISK/LIMITS TO DIVERSIFICATION
7-4 HOW INDIVIDUAL SECURITIES AFFECT PORTFOLIO RISK 174
MARKET RISK IS MEASURED BY BETA/WHY SECURITY
BETAS DETERMINE PORTFOLIO RISK
7-5 DIVERSIFICATION AND VALUE ADDITIVITY 177
SUMMARY 178 * FURTHER READING 179
PROBLEM SETS 179 . REAL-TIME DATA ANALYSIS 184
8 PORTFOLIO THEORY AND THE
CAPITAL ASSET MODEL PRICING 185
8-1 HARRY MARKOWITZ AND THE BIRTH OF PORTFOLIO THEORY 185
COMBINING STOCKS INTO PORTFOLIOS/WE INTRODUCE BORROWING AND LENDING
IMAGE 3
CONTENTS
XXI *-
8-2 THE RELATIONSHIP BETWEEN RISK AND RETURN 192
SOME ESTIMATES OF EXPECTED RE TURNS/REVIEW
OF THE CAPITAL ASSET PRICING MODEL/WHAT
IF A STOCK DID NOT LIE ON THE SECURITY MARKET
LINE?
8-3 VALIDITY AND ROLE OF THE CAPITAL ASSET PRICING
MODEL 195
TESTS OF THE CAPITAL ASSET PRICING MODEL/ASSUMPTIONS
BEHIND THE CAPITAL ASSET PRICING MODEL
8-4 SOME ALTERNATIVE THEORIES 199
ARBITRAGE PRICING THEORY/A COMPARISON OF THE
CAPITAL ASSET PRICING MODEL AND ARBITRAGE PRICING
THEORY/THE T})REE-FACTOR MODEL
SUMMARY 203 * FURTHER READING 204
PROBLEM SETS 204 . REAL-TIME DATA ANALYSIS 210
MINI-CASE: JOHN AND MARSHA ON PORTFOLIO
SELECTION 211
9 RISK AND THE COST OF CAPITAL 213
9-1 COMPANY AND PROJECT COSTS OF CAPITAL 214 PERFECT PITCH AND THE COST
OF CAPITAL/DEBT AND THE
COMPANY COST OF CAPITAL
9-2 MEASURING THE COST OF EQUITY 217
ESTIMATING BETA/TBE EXPECTED RETURN ON UNION
PACIFIC CORPORATION S COMMON STOCK/ UNION
PACIFIC S AFTER-TAX WEIGHTED-AVERAGE COST OF
CAPITAL/UNION PACIFIC S ASSET BETA
9-3 ANALYZING PROJECT RISK 221
WHAT DETERMINES ASSET BETAS?/DON / BE FOOLED BY
DIVERSIFIABLE RISK/AVOID FUDGE FACTORS IN DISCOUNT
RATES/DISCOUNT RATES FOR INTERNATIONAL PROJECTS
9-4 CERTAINTY EQUIVALENTS-ANOTHER WAY TO ADJUST
FOR RISK 227
VALUATION BY CERTAINTY EQUIVALENTS/WLMI TO USE A
SINGLE RISK-ADJUSTED DISCOUNT RATE FOR LONG-LIVED
ASSETS/A COMMON MISTAKE/WHEN YOU CANNOT
USE A SINGLE RISK-ADJUSTED DISCOUNT RATE FOR LONG- LIVED ASSETS
SUMMARY 232 * FURTHER READING 233
PROBLEM SETS 233 * REAL-TIME DATA ANALYSIS 237
MINI-CASE: THE JONES FAMILY, INCORPORATED 237
I BEST PRACTICES IN
_ - _JCAPITAL BUDGETING^
10 PROJECT ANALYSIS 240
10-1 THE CAPITAL INVESTMENT PROCESS 241 PROJECT AUTHORIZATIONS-AND THE
PROBLEM QJ BIASED
FORECASTS/POSTAUDITS
10-2 SENSITIVITY ANALYSIS 243 VALUE OF HIJONNATWN/LIMITS TO SENSITIVITY
ANALYSIS/
SCENARIO ANALYSIS/BREAK-EVEN ANALYSIS/OPERATING
LEVERAGE AND THE BREAK-EVEN POINT
10-3 MONTE CARLO SIMULATION 249
SIMULATING THE ELECTRIC SCOOTER PROJECT
10-4 REAL OPTIONS AND DECISION TREES 253
THE OPTION TO EXPAND/TLIE OPTION TO
ABANDON/PRODUCTION OPTIONS/TIMING OPTIONS/MORE
ON DECISION TREES/PRO AND CON DECISION TREES
SUMMARY 260 * FURTHER READING 261
PROBLEM SETS 262
MINI-CASE: WALDO COUNTY 266
II INVESTMENT, STRATEGY,
AND ECONOMIC RENTS 268
11-1 LOOK FIRST TO MARKET VALUES 268 THE CADILLAC AND THE MOVIE STAR
11-2 ECONOMIC RENTS AND COMPETITIVE
ADVANTAGE 273
11-3 MARVIN ENTERPRISES DECIDES TO EXPLOIT A NEW
TECHNOLOGY: AN EXAMPLE 276
FORECASTING PRICES OF GARGLE BLASTERS / TFJE VALUE OF
MARVM S NEA : EXPANSION / ALTERNATIVE EXPANSION
PLANS / THE VALUE OF MARVIN STOCK / TLJE LESSONS OF
MARVIN ENTERPRISES
SUMMARY 283 * FURTHER READING 284
PROBLEM SETS 284
MINI-CASE: ECSY-COLA 289
12 AGENCY PROBLEMS, COMPENSATION,
AND PERFORMANCE MEASUREMENT 290
12-1 INCENTIVES AND COMPENSATION 290 AGENCY PROBLEMS IN CAPITAL
BUDGETING/
MONITORING/MANAGEMENT COMPENSATION/INCENTIVE
COMPENSATION
IMAGE 4
XXII
CONTENTS
12-2 MEASURING AND REWARDING PERFORMANCE:
RESIDUAL INCOME AND EVA 298
PRO AND COTH OF EVA
12-3 BIASES IN ACCOUNTING MEASURES OF
PERFORMANCE 301
EXAMPLE: MEASURING THE PROFITABILITY OF THE
XODHEAD SUPERMARKET/MANURING ECONOMIC
PROFITABILITY DO THE BIASES WASH OUT IN THE
LOUT RUN? WHAT CAN WE DO ABOUT BIASES IN
. LECOUNTING PROFITABILITY MEASURES?/EARNINGS AND
EARNING TARGETS
SUMMARY 307 FURTHER READING 307
PROBLEM SETS 308
I FINANCING DECISIONS
AND MARKETJEFFICIENCY__ _
13 EFFICIENT MARKETS AND BEHAVIORAL FINANCE 312
13-1 WE ALWAYS COME BACK TO NPV 313 DI TCRCNCCS BETICEEN INVESTMENT AND
FINANCING DECISIONS
13-2 WHAT IS AN EFFICIENT MARKET? 314
. I STARTLING DIH OVERV: PRICE CHANGES ARE
RAN,MM THREE FARMS OF MARKET EFFICIENCY; EFFICIENT
MARKETS: THE EVIDENCE
13-3 THE EVIDENCE AGAINST MARKET EFFICIENCY 321 / I . 1I S OU /Y TO R
EV
I TNI! MARKET EFFICIENCY
13-4 BEHAVIORAL FINANCE 326
I WIVE PROBLEMS AND THE
13-5 THE SIX LESSONS OF MARKET EFFICIENCY 329
I I *) I HI
14 AN OVERVIEW OF CORPORATE FINANCING 341
14-1 PATTERNS OF CORPORATE FINANCING 341 DO FIRMS RELY TOO MUCH ON
INTERNAL FUNDS?/HOW
MUCH DO FIRMS BORROW?
14-2 COMMON STOCK 345
OWNERSHIP OF THE CORPORATION/VOTING
PROCEDURES/DUAL-CLASS SHARES AND PRIVATE
BENEFITS/EQUITY IN DISGUISE/PREFERRED STOCK
14-3 DEBT 351 DEBT COMES IN MANY FORMS/A DEBT BY ANY OTHER
NAME/VARIETY S THE VERY SPICE OF LIJE
14-4 FINANCIAL MARKETS AND INSTITUTIONS 354
TJK FINANCIAL CRISIS OF2007-2009/TK ROLE OF
FINANCIAL INSTITUTIONS
SUMMARY 357 * FURTHER READING 358
PROBLEM SETS 359 * REAL-TIME DATA ANALYSIS 361
15 HOW CORPORATIONS ISSUE SECURITIES 362
15-1 VENTURE CAPITAL 362 TJIE VENTURE CAPITAL MARKET
15-2 THE INITIAL PUBLIC OFFERING 366
ARRANGING AN INITIAL PUBLIC OFFERING/TLIE SALE OF
MARVIN STOCK/THE UNDERWRITERS/COSTS OF A NEW
ISSUE/UN OVERPRICING OF IPOS/HOT NEW-ISSUE PERIODS
15-3 ALTERNATIVE ISSUE PROCEDURES FOR IPOS 375
TYPES OF AUCTION: A DIGRESSION
15-4 SECURITY SALES BY PUBLIC COMPANIES 376
GENERAL CASH OFFERS/INTERNATIONAL SECURITY
ISSUES/JLJE COSTS OF A GENERAL CASH OFFER/MARKET
REACTION TO STOCK ISSUES/RIGHTS ISSUES
15-5 PRIVATE PLACEMENTS AND PUBLIC ISSUES 381
SUMMARY 382 FURTHER READING 383
PROBLEM SETS 383 . REAL-TIME DATA ANALYSIS 387
APPENDIX: MARVIN S NEW-ISSUE PROSPECTUS 387
M ITIONS
SUMMARY 335 FURTHER READING 335
PROBLEM SETS 337 REAL-TIME DATA ANALYSIS 340
L PAYOUT POLICY AND CAPITAL
STRUCTURE
16 PAYOUT POLICY 391
16-1 FACTS ABOUT PAYOUT 391
IMAGE 5
CONTENTS
XXIII -
16-2 HOW FIRMS PAY DIVIDENDS AND REPURCHASE STOCK 392
HOW FIRMS REPURCHASE STOCK
16-3 HOW DO COMPANIES DECIDE ON PAYOUTS? 394
16-4 THE INFORMATION IN DIVIDENDS AND STOCK
REPURCHASES 395
THE INFORMATION CONTENT OF SHARE REPURCHASES
16-5 THE PAYOUT CONTROVERSY 397
DIVIDEND POLICY IS IRRELEVANT IN PERFECT
CAPITAL MARKETS/DIVIDEND IRRELEVANCE-AN
ILLUSTRATION/CALCULATING SHARE PRICE/STOCK
REPURCHASE/STOCK REPURCHASE AND VALUATION
16-6 THE RIGHTISTS 402
PAYOUT POLICY, INVESTMENT POLICY, AND MANAGEMENT
INCENTIVES
16-7 TAXES AND THE RADICAL LEFT 404
WLIY PAY ANY DIVIDENDS AT ALL?/EMPIRICAL EVIDENCE ON DIVIDENDS AND
TAXES/THE TAXATION OF DIVIDENDS AND CAPITAL GAINS/ALTERNATIVE TAX
SYSTEMS
16-8 THE MIDDLE-OF-THE-ROADERS 409
PAYOUT POLICY AND THE LIFE CYCLE OF THE FIRM
SUMMARY 411 * FURTHER READING 412
PROBLEM SETS 412
17 DOES DEBT POLICY MATTER? 418
17-1 THE EFFECT OF FINANCIAL LEVERAGE IN A COMPETITIVE TAX-FREE ECONOMY
419
ENTER MODIGLIANI AND MILLER/TLU LAW OF
CONSERVATION OF VALUE/AN EXAMPLE OF
PROPOSITION 1
17-2 FINANCIAL RISK AND EXPECTED RETURNS 424
PROPOSITION 2/HOW CHANGING CAPITAL STRUCTURE
AFFECTS BETA
17-3 THE WEIGHTED-AVERAGE COST OF CAPITAL 428
TWO WARNINGS/RATES OF RETURN ON LEVERED
EQUITY-TLIE TRADITIONAL POSITION/TODAY S
UNSATISFIED CLIENTELES ARE PROBABLY INTERESTED IN
EXOTIC SECURITIES/IMPERFECTIONS AND OPPORTUNITIES
YL-X A FINAL WORD ON THE AFTER-TAX WEIGHTED- AVERAGE COST OF CAPITAL 433
SUMMARY 434 * FURTHER READING 434
PROBLEM SETS 435
18 HOW MUCH SHOULD A CORPORATION
BORROW? 440
18-1 CORPORATE TAXES 441 HOW DO INTEREST TAX SHIELDS CONTRIBUTE TO THE
VALUE
OF STOCKHOLDERS EQUITY F/RECASTING MERCK S CAPITAL
STRUCTURE/MM AND TAXES
18-2 CORPORATE AND PERSONAL TAXES 444
18-3 COSTS OF FINANCIAL DISTRESS 447
BANKRUPTCY COSTS/EVIDENCE ON BANKRUPTCY
COSTS/DIRECT VERSUS INDIRECT COSTS OF
BANKRUPTCY/FINANCIAL DISTRESS WITHOUT
BANKRUPTCY/DEBT AND INCENTIVES/RISK SHIFTING:
TIN FIRST GAME/REFUSING TO CONTRIBUTE EQUITY
CAPITAL: THE SECOND GAME/AND THREE MORE GAMES,
BRIEFLY/WHAT THE GAMES COST/COSTS OF DISTRESS VARY
WITH TYPE OF ASSET/THE TRADE-OFF THEORY OF CAPITAL
STRUCTURE
18-4 THE PECKING ORDER OF FINANCING CHOICES 460
DEBT AND EQUITY ISSUES WITH ASYMMETRIC
INFORMATION/IMPLICATIONS OF THE PECKING ORDER/TLIE
TRADE-OFF THEORY VS. THE PECKING-ORDER TLJEORY-SOME
RECENT TESTS/TLK BRIGHT SIDE AND THE DARK SIDE
OF FINANCIAL SLACK/IS THERE A TLJEORY OF OPTIMAL
CAPITAL STRUCTURE I
SUMMARY 465 * FURTHER READING 466
PROBLEM SETS 467 * REAL-TIME DATA ANALYSIS 470
19 FINANCING AND VALUATION 471
19-1 THE AFTER-TAX WEIGHTED-AVERAGE COST OF CAPITAL 471
REVIEW OF ASSUMPTIONS
19-2 VALUING BUSINESSES 475
VALUING RIO CORPORATION/ESTIMATING HORIZON
VAHTE/WACC VS. THE FLOW-TO-EQUILY METHOD
19-3 USING WACC IN PRACTICE 479
SOME TRICKS OF THE TRADE/MISTAKES PEOPLE MAKE M
USING THE WEIGHTED-AVERAGE FORMULA/ADJUSTING
WACC WHEN DEBT RATIOS AND BUSINESS RISKS
DIFFER/UNLEVERING AND RELEVERING BETAS/THE
IMPORTANCE OF REBALANCING/THE MODIGLIANI-MILLER
FORMULA, PLUS SOME FINAL ADVICE
IMAGE 6
* XXIV CONTENTS
19-4 ADJUSTED PRESENT VALUE 486 .*/ P LOR THE PERPETUAL CRUSHER/OTHER
FINANCING SIDE FFFEEH APVJOR BUSINESSES APVFOR INTERNATIONAL
19-5 YOUR QUESTIONS ANSWERED 490
SUMMARY 492 * FURTHER READING 493 PROBLEM SETS 494 * REAL-TIME DATA
ANALYSIS 498 APPENDIX: DISCOUNTING SAFE, NOMINAL CASH FLOWS 498
I * * , O P T I O NS
20 UNDERSTANDING OPTIONS 502
20-1 CALLS, PUTS, AND SHARES 503 CULL OPTIONS AND POSITION DIAGRAMS/PUT
OPTION, SELLING GILLS, PUTS, AND SHARES/ POSITION DIAGRAM* ARC XOT
PROFIT DIAGRAMS
21-2 FINANCIAL ALCHEMY WITH OPTIONS 507
SPOILING SHE OPTION
21-3 WHAT DETERMINES OPTION VALUES? 513
RNK AND OPTION VALUES
SUMMARY 519 * FURTHER READING 519
PROBLEM SETS 519 REAL-TIME DATA ANALYSIS 524
21 VALUING OPTIONS 525
21-1 A SIMPLE OPTION-VALUATION MODEL 525 WHY DISCOUNTED CASH FLXC WON T
WORK FOR ()P .U! (. /INSTRUCTING OPTION EQUIVALENTS FROM { /O IMO;:
STOCKS AND BORNMHNG ALUING THE GOOGLE
PUT OPTION
21-2 THE BINOMIAL METHOD FOR VALUING OPTIONS 530 L:.XA!PH: VIC 7:.
-O-SIAGE BINOMIAL METHOD/THE (K-.ICRAL BINOMIAL MCIHOD/THE BINOMIAL
METHOD AND DECI^M TREE*
21-3 THE BLACK-SCHOLES FORMULA 534
I -INI*. L : C B ACK-SCHOLCS FORMULA/THE RISK OF AN OPTION 77V
B/ACK-SCHO/CS FORMULA AND THE BRNOIMAL METHOD
21-4 BLACK-SCHOKS IN ACTION 538 TXCCHIIVC STOCK
OPTIONS WARRANTS/PORTFOLIO INSURANCE/CDCULITING IMPLIED VOLATILITIES
21-5 OPTION VALUES AT A GLANCE 542
21-6 THE OPTION MENAGERIE 543
SUMMARY 544 * FURTHER READING 544 PROBLEM SETS 545 . REAL-TIME DATA
ANALYSIS 548 MINI-CASE: BRUCE HONIBALL S INVENTION 549 APPENDIX: HOW
DILUTION AFFECTS OPTION VALUE 550
22 REAL OPTIONS 554
22-1 THE VALUE OF FOLLOW-ON INVESTMENT OPPORTUNITIES 554
QITESTIONS AND ANSWERS ABOUT BLITZEN S MARK
11/OTHER EXPANSION OPTIONS
11-1 THE TIMING OPTION 558 VALUING THE MALTED HERRING OPTION/OPTIMAL
TIMING
FOR REAL ESTATE DEVELOPMENT
12-3 THE ABANDONMENT OPTION 561 THE ZIRCON SUBDUCTOR PROJECT/ABANDONMENT
VALUE
AND PROJECT LIFE/TEMPORARY ABANDONMENT
22-4 FLEXIBLE PRODUCTION 566
22-5 AIRCRAFT PURCHASE OPTIONS 567
22-6 A CONCEPTUAL PROBLEM? 569
PRACTICAL CHALLENGES
SUMMARY 571 * FURTHER READING 572 PROBLEM SETS 572
J J J L L G EN
23 CREDIT RISK AND THE VALUE
OF CORPORATE DEBT 577
23-1 YIELDS ON CORPORATE DEBT 577 WHAT DETMNINES THE YIELD SPREAD?
13-1 THE OPTION TO DEFAULT 581
HOW THE DEFAULT OPTION AFFECTS A BOND S RISK AND YIELD/A DIGRESSION:
VALUING GOVERNMENT FINANCIAL GUARANTEES
23-3 BOND RATINGS AND THE PROBABILITY OF
DEFAULT 587
23-4 PREDICTING THE PROBABILITY OF DEFAULT 588 CREDIT
SCORING/MARKET-BASED RISK MODELS
IMAGE 7
CONTENTS XXV *-
23-5 VALUE AT RISK 592
SUMMARY 594 * FURTHER READING 594
PROBLEM SETS 595 * REAL-TIME DATA ANALYSIS 596
24 THE MANY DIFFERENT KINDS OF DEBT 597
24-1 DOMESTIC BONDS, FOREIGN BONDS, AND EUROBONDS 598
24-2 THE BOND CONTRACT 599
INDENTURE, OR TRUST DEED/THE BOND TERMS
24-3 SECURITY AND SENIORITY 601
ASSET-BACKED SECURITIES
24-4 REPAYMENT PROVISIONS 603
SINKING FUNDS/CALL PROVISIONS
24-5 DEBT COVENANTS 605
24-6 CONVERTIBLE BONDS AND WARRANTS 607
THE VALUE OF A CONVERTIBLE AT MATURITY/
FORCING CONVERSION/WHY DO COMPANIES
ISSUE CONVERTIBLES ? /VALUING CONVERTIBLE BONDS/A
VARIATION ON CONVERTIBLE BONDS: THE BOND-WARRANT
PACKAGE
24-7 PRIVATE PLACEMENTS AND PROJECT FINANCE 612
PROJECT FINANCE/PROJECT FINANCE-SOME COMMON
FEATURES/THE ROLE OF PROJECT FINANCE
24-8 INNOVATION IN THE BOND MARKET 615
SUMMARY 617 * FURTHER READING 618
PROBLEM SETS 619
MINI-CASE: THE SHOCKING DEMISE OF MR. THORNDIKE 623
25 LEASING 625
25-1 WHAT IS A LEASE? 625 25-2 WHY LEASE? 626
SENSIBLE REASONS FOR LEASING/SOME DUBIOUS REASONS
FOR LEASING
25-3 OPERATING LEASES 630 EXAMPLE OF AN OPERATING LEASE/LEASE OR BUY?
25-4 VALUING FINANCIAL LEASES 632
EXAMPLE OF A FINANCIAL LEASE/WHO REALLY OWNS
THE LEASED ASSET-/LEASING ARID THE INTERNAL
REVENUE SERVICE/A FIRST PASS AT VALUING A LEASE
CONTRACT/THE STORY SO FAR
25-5 WHEN DO FINANCIAL LEASES PAY? 637
LEASING AROUND THE WORLD
25-6 LEVERAGED LEASES 638
SUMMARY 640 * FURTHER READING 640
PROBLEM SETS 641
I PART EIGHT RISK MANAGEMENT
26 MANAGING RISK 645
26-1 WHY MANAGE RISK? 645 REDUCING THE RISK OF CASH SHORTFALLS OR
FINANCIAL
DISTRESS/AGENCY COSTS MAY BE MITIGATED BY RISK
MANAGEMENT/TIN EVIDENCE ON RISK MANAGEMENT
26-2 INSURANCE 648
HOW BP CHANGED ITS INSURANCE STRATEGY
26-3 REDUCING RISK WITH OPTIONS 651
26-4 FORWARD AND FUTURES CONTRACTS 652
A SIMPLE FORWARD CONTRACT/FUTURES EXCHANGES/TLIE
MECHANICS OJ FUTURES TRADING/TRADING AND PRICING
FINANCIAL FUTURES CONTRACTS/SPOT AND FUTURES
PRICES-COMMODITIES/MORE ABOUT FORWARD
CONTRACTS/HOMEMADE FORWARD RATE CONTRACTS
26-5 SWAPS 660
INTEREST RATE SWAPS/CURRENCY SWAPS/TOTAL RETURN
SWAPS
26-6 HOW TO SET UP A HEDGE 664
26-7 IS DERIVATIVE A FOUR-LETTER WORD? 666
SUMMARY 668 * FURTHER READING 669
PROBLEM SETS 670 * REAL-TIME DATA ANALYSIS 675
27 MANAGING INTERNATIONAL RISKS 676
27-1 THE FOREIGN EXCHANGE MARKET 676 27-2 SOME BASIC RELATIONSHIPS 678
INTEREST RATES AND EXCHANGE RATES/THE FORWARD
PREMIUM AND CHANGES IN SPOT RATES/CHANGES IN THE
EXCHANGE RATE AND INFLATION RATES/ INTEREST RATES
AND INFLATION RATES/IS LIFE REALLY UNIT SIMPLE?
27-3 HEDGING CURRENCY RISK 687
TRANSACTION EXPOSURE AND ECONOMIC EXPOSURE
IMAGE 8
XXVI
CONTENTS
27-4 EXCHANGE RISK AND INTERNATIONAL INVESTMENT
DECISIONS 690
THE C ) 7 OF CAPITAL FOR INTERNATIONAL INVESTMENTS/
DO SOME COUNTRIES HAVE A LOWER INTEREST RATE?
27-5 POLITICAL RISK 694
SUMMARY 696 * FURTHER READING 696 PROBLEM SETS 698 * REAL-TIME DATA
ANALYSIS 701
IVLINI-CASE: EXACTA, S.A. 702
I * R N ; FINANCIAL PLANNING AND
WORKING CAPITAL MANAGEMENT
28 FINANCIAL ANALYSIS 704
28-1 FINANCIAL STATEMENTS 704 28-2 LOWE S FINANCIAL STATEMENTS 705 THE
BALI/NEE SHEET THE INCOME STATEMENT
28-3 MEASURING LOWE S PERFORMANCE 708 ECIIHOMIC VALUE ADDED
(EVA)/ACCOUNTING RATES OF RETURN PROBLEMS WITH EVA AND ACCOUNTING RATES
OF RETURN
28-4 MEASURING EFFICIENCY 713
28-5 ANALYZING THE RETURN ON ASSETS: THE DU PONT SYSTEM 714
THE DU PONT SYSTEM
28-6 MEASURING LEVERAGE 716
L.ERERAGC AND THE RETURN ON EQUITY
28-7 MEASURING LIQUIDITY 718
28-8 INTERPRETING FINANCIAL RATIOS 720
SUMMARY 724 * FURTHER READING 724 PROBLEM SETS 725
29 FINANCIAL PLANNING 731
29-1 LINKS BETWEEN LONG-TERM AND SHORT-TERM FINANCING DECISIONS 731
29-2 TRACING CHANGES IN CASH 734 77V CASH CYCLE
29-3 CASH BUDGETING 737
PREPARING THE CASH BUDGET: INFLOWS/ PREPARING THE CASH BUDGET: OUTFLOWS
29-4 THE SHORT-TERM FINANCING PLAN 740 OPTIONS FOR SHORT-TERM
FINANCING/ DYNAMIC S
FINANCING PLAN/EVALUATING THE PLAN/A NOTE ON
SHORT-TERM FINANCIAL PLANNING MODELS
29-5 LONG-TERM FINANCIAL PLANNING 743
WHY BUILD FINANCIAL PLANS?/A LONG-TERM
FINANCIAL PLANNING MODEL FOR DYNAMIC MATTRESS/
PITFALLS IN MODEL DESIGN/CHOOSING A PLAN
29-6 GROWTH AND EXTERNAL FINANCING 748
SUMMARY 749 * FURTHER READING 750
PROBLEM SETS 750 * REAL-TIME DATA ANALYSIS 756
30 WORKING CAPITAL MANAGEMENT 757
30-1 INVENTORIES 758 30-2 CREDIT MANAGEMENT 760
TERMS OF SALE/THE PROMISE TO PAY/CREDIT
ANALYSIS/THE CREDIT DECISION/COLLECTION POLICY
30-3 CASH 766
HOW PURCHASES ARE PAID FOR/SPEEDING UP CHECK
COLLECTIONS/INTERNATIONAL CASH MANAGEMENT/PAYING
FOR BANK SERVICES
30-4 MARKETABLE SECURITIES 771
CALCULATING THE YIELD ON MONEY-MARKET
INVESTMENTS/YIELDS ON MONEY-MARKET
INVESTMENTS/THE INTERNATIONAL MONEY
MARKET/MONEY-MARKET INSTRUMENTS
30-5 SOURCES OF SHORT-TERM BORROWING 777
BANK LOANS/COMMERCIAL PAPER/MEDIUM-TERM
NOTES
SUMMARY 782 * FURTHER READING 784
PROBLEM SETS 784 * REAL-TIME DATA ANALYSIS 791
L PART TEN MERGERS, CORPORATE CONTROL,
31 MERGERS 792
31-1 SENSIBLE MOTIVES FOR MERGERS 792 ECONOMIES OF SCALE/ECONOMIES OF
VERTICAL INTEGRATION/COMPLEMENTARY RESOURCES/SURPLUS FUNDS/ELIMINATING
INEFFICIENCIES/INDUSTRY
CONSOLIDATION
IMAGE 9
CONTENTS XXVII
31-2 SOME DUBIOUS REASONS FOR MERGERS 798
DIVERSIFICATION/INCREASING EARNINGS PER SHARE: THE BOOTSTRAP GAME/LOWER
FINANCING COSTS
31-3 ESTIMATING MERGER GAINS AND COSTS 801
RIGHT AND WRONG WAYS TO ESTIMATE THE
BENEFITS OF MERGERS/MORE ON ESTIMATING
COSTS-WHAT IF THE TARGET S STOCK PRICE
ANTICIPATES THE MERGER?/ESTIMATING COST
WHEN THE MERGER IS FINANCED BY STOCK/ASYMMETRIC
INFORMATION
31-4 THE MECHANICS OF A MERGER 805
MERGERS, ANTITRUST LAW, AND POPULAR OPPOSITION/
HIE FORM OF ACQUISITION/MERGER ACCOUNTING/SOME
TAX CONSIDERATIONS
31-5 PROXY FIGHTS, TAKEOVERS, AND THE MARKET FOR
CORPORATE CONTROL 808
PROXY CONTESTS/TAKEOVERS/ORACLE BIDS FOR
PEOPLESOFI /TAKEOVER DEFE?ISES/W]JO GAINS MOST IN
MERGERS ?
31-6 MERGERS AND THE ECONOMY 814
MERGER WAVES/DO MERGERS GENERATE NET BENEFITS?
SUMMARY 816 * FURTHER READING 817
PROBLEM SETS 817 * APPENDIX: CONGLOMERATE
MERGERS AND VALUE ADDITIVITY 820
32 CORPORATE RESTRUCTURING 822
32-1 LEVERAGED BUYOUTS 822 RJR NABISCO/BARBARIANS AT THE GATE?/LEVERAGED
RESTRUCTURINGS/LBOS AND LEVERAGED RESTRUCTURINGS
32-2 FUSION AND FISSION IN CORPORATE FINANCE 827
SPIN-OFFS/CARVE-OUTS/ASSET SALES/PRIVATIZATION AND
NATIONALIZATION
32-3 PRIVATE EQUITY 831
PRIVATE-EQUITY PARTNERSHIPS/ARE PRIVATE-EQUITY
FUNDS TODAY S CONGLOMERATES 1
32-4 BANKRUPTCY 837
IS CHAPTER 11 EFFICIENT?/WORKOUTS/ALTERNATIVE
BANKRUPTCY PROCEDURES
SUMMARY 842 * FURTHER READING 843
PROBLEM SETS 844
33 GOVERNANCE AND CORPORATE CONTROL AROUND THE WORLD 846
33-1 FINANCIAL MARKETS AND INSTITUTIONS 846 INVESTOR PROTECTION AND THE
DEVELOPMENT OF FINANCIAL MARKETS
33-2 OWNERSHIP, CONTROL, AND GOVERNANCE 851
OWNERSHIP AND CONTROL IN JAPAN/OWNERSHIP
AND CONTROL M GERMANY/EUROPEAN BOARDS
OF DIRECTORS/ OWNERSHIP AND CONTROL IN OTHER
COUNTRIES/CONGLOMERATES REVISITED
33-3 DO THESE DIFFERENCES MATTER? 859
RISK AND SBORT-TERMISNI/GROWTH INDUSTRIES AND DECLINING
INDUSTRIES/TRANSPARENCY AND GOVERNANCE
SUMMARY 863 * FURTHER READING 864
PROBLEM SETS 864
I CONCLUSION
34 CONCLUSION: WHAT WE DO AND DO NOT KNOW ABOUT FINANCE 866
34-1 WHAT WE DO KNOW: THE SEVEN MOST IMPORTANT IDEAS IN FINANCE 866
1. NET PRESENT VALUE/2. THE CAPITAL ASSET PRICING
MODEL/3. EFFICIENT CAPITAL MARKETS/4. VALUE
ADDITIVITY AND THE LAW OF CONSERVATION OF VALUE/5.
CAPITAL STRUCTURE THEORY/6. OPTION THEORY/7.
AGENCY TLIEORY
34-2 WHAT WE DO NOT KNOW: 10 UNSOLVED
PROBLEMS IN FINANCE 869
/. WHAT DETERMINES PROJECT RISK AND PRESENT VALUE?/!.
RISK AND RETURN- WHAT HAVE WE MISSED?/3. HOW
IMPORTANT AN THE EXCEPTIONS TO THE EFFICIENT-MARKET
TL)EORY1 4. IS MMIDGEMENT AN OFF-BA/ANCE-SHEET
LIABILITY?/5. HOW CAN WE EXPLAIN THE SUCCESS OF NEW
SECURITIES AND AVA MARKETS?/6. HOW CAN WE RESOLVE
THE PAYOUT CONTROVERSY?/?, WNAT RISKS SHOULD A FIRM
LAKE?/8. WHAT I THE LAKE OF LIQUIDITY?/9. HOW CAN
WE EXPLAIN MERGER WAVES?/10. W]IY ARE FINANCIAL
SYSTEMS SO PRONE TO CRISIS?
34-3 A FINAL WORD 875
IMAGE 10
XXVIII CONTENTS
APPENDIX: ANSWERS TO SELECT BASIC
PROBLEMS A
GLOSSARY G
INDEX 1-1
NOTE: PRESENT VALUE TABLES ARE AVAILABLE ON THE BOOK S WEB SITE,
WWW.MHHE.COM/BMA.
|
| any_adam_object | 1 |
| author | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- |
| author_GND | (DE-588)124289401 (DE-588)129325023 (DE-588)136922465 |
| author_facet | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- |
| author_role | aut aut aut |
| author_sort | Brealey, Richard A. 1936- |
| author_variant | r a b ra rab s c m sc scm f a fa |
| building | Verbundindex |
| bvnumber | BV039554849 |
| 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 SK 980 |
| classification_tum | WIR 680f |
| ctrlnum | (OCoLC)700629566 (DE-599)BVBBV039554849 |
| discipline | Mathematik Wirtschaftswissenschaften |
| edition | 10. ed. |
| format | Book |
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| genre_facet | Einführung Lehrbuch |
| id | DE-604.BV039554849 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:06:09Z |
| institution | BVB |
| isbn | 9780073530734 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024406654 |
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| owner | DE-83 DE-19 DE-BY-UBM |
| owner_facet | DE-83 DE-19 DE-BY-UBM |
| physical | XXVIII, 875 S. graph. Darst. |
| publishDate | 2011 |
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| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Brealey, Richard A. 1936- Verfasser (DE-588)124289401 aut Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen 10. ed. New York, NY McGraw-Hill 2011 XXVIII, 875 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporations Finance Unternehmen (DE-588)4061963-1 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzplanung (DE-588)4017200-4 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4123623-3 Lehrbuch gnd-content Unternehmen (DE-588)4061963-1 s Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s 3\p DE-604 Finanzplanung (DE-588)4017200-4 s 4\p DE-604 Finanzmanagement (DE-588)4139075-1 s 5\p DE-604 Myers, Stewart C. 1940- Verfasser (DE-588)129325023 aut Allen, Franklin 1956- Verfasser (DE-588)136922465 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024406654&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 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 5\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Principles of corporate finance Corporations Finance Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd |
| subject_GND | (DE-588)4061963-1 (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4139075-1 (DE-588)4017200-4 (DE-588)4151278-9 (DE-588)4123623-3 |
| title | Principles of corporate finance |
| title_auth | Principles of corporate finance |
| title_exact_search | Principles of corporate finance |
| title_full | Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen |
| title_fullStr | Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen |
| title_full_unstemmed | Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen |
| title_short | Principles of corporate finance |
| title_sort | principles of corporate finance |
| topic | Corporations Finance Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd |
| topic_facet | Corporations Finance Unternehmen Corporate Finance Finanzierung Finanzmanagement Finanzplanung Einführung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024406654&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT brealeyricharda principlesofcorporatefinance AT myersstewartc principlesofcorporatefinance AT allenfranklin principlesofcorporatefinance |