Essentials of corporate financial management:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow [u.a.]
Pearson
2013
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXIII, 544 S. Ill., graph. Darst. |
| ISBN: | 9780273758877 9780273780632 |
Staff View
MARC
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| 245 | 1 | 0 | |a Essentials of corporate financial management |c Glen Arnold |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Harlow [u.a.] |b Pearson |c 2013 | |
| 300 | |a XXIII, 544 S. |b Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Corporations / Finance | |
| 650 | 4 | |a Business enterprises / Finance | |
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Record in the Search Index
| _version_ | 1804148752642998272 |
|---|---|
| adam_text | Titel: Essentials of corporate financial management
Autor: Arnold, Glen
Jahr: 2013
Cuided tour xv
Cuided tour of MyFinanceLab xvii
Preface xix
Acknowledgements xxi
The financial world 1
Learning outcomes 1
Introduction 2
What is corporate finance? 2
A simple model of the interactions between the financial manager and the capital markets 4
The flow of funds and financial intermediation 7
The financial system 11
The objective of the firm 18
Ownership and control 29
Concluding comments 32
Key points and concepts 32
Further reading 34
Websites 34
Case study recommendations 35
Self-review questions 35
Questions and problems 35
Assignments 36
Project appraisal: Net present value and internal rate of return 37
Learning outcomes 37
Introduction 38
Value creation and corporate investment 39
Net present value and internal rate of return 42
Concluding comments 61
Key points and concepts 61
Appendix 2.1 Mathematical tools for finance 62
Mathematical tools exercises 68
Websites 69
Case study recommendations 69
Self-review questions 69
Questions and problems 70
Assignments 72
Practical project appraisal 73
Learning outcomes 73
Introduction 74
Quality of information 76
Are profit calculations useful for estimating project viability? 76
Evidence on the employment of appraisal techniques 87
Payback 88
Accounting rate of return 91
Internal rate of return: reasons for continued popularity 93
The managerial art of investment appraisal 94
The investment process 96
Capital rationing 101
Taxation and investment appraisal 104
Inflation 106
Concluding comments 111
Key points and concepts 111
Further reading 113
Case study recommendations 113
Self-review questions 114
Quick numerical questions 114
Questions and problems 115
Assignments 121
Risk and project appraisal 122
Learning outcomes 122
Introduction 123
What is risk? 123
Adjusting for risk through the discount rate 126
Sensitivity analysis 127
Scenario analysis 131
Probability analysis 132
The risk of insolvency 142
Problems in using probability analysis 144
Evidence of risk analysis in practice 145
Real options (managerial options) 145
Concluding comments 150
Key points and concepts 150
Further reading 151
Case study recommendations 151
Self-review questions 152
Quick numerical questions 152
Questions and problems 153
Assignments 155
Portfolio theory and the capital asset pricing model 156
Learning outcomes 156
Introduction 157
Holding period returns 158
Expected return and standard deviation for shares 160
Combinations of investments 163
Portfolio expected return and standard deviation 171
Diversification 173
Some fundamental ideas and problems 174
Systematic risk 176
The Security Market Line (SML) 178
Risk premiums across the world 179
Estimating some expected returns 181
Calculating beta 181
Applications of the CAPM 183
Accepted theory and controversial theory 184
Technical problems with the CAPM 184
Does the CAPM work in practice? 189
Factor models 192
Fundamental beta 192
Concluding comments 193
Key points and concepts 195
Further reading 196
Case study recommendations 196
Self-review questions 197
Quick numerical questions 197
Questions and problems 198
Assignments 200
6 Equity capital 201
Learning outcomes 201
Introduction 202
What is equity capital? 203
Preference shares 206
The London Stock Exchange 208
Floating on the Main Market (Official List) 208
Methods of issue 213
The Alternative Investment Market (AIM) 217
techMARK 218
PLUS-quoted shares 218
The ownership of UK quoted shares 219
Rights issues 220
Other equity issues 225
Equity finance for unquoted firms 227
Disillusionment and dissatisfaction with quotation 234
The efficient market hypothesis 234
Understanding the figures in the financial pages 240
Concluding comments 243
Key points and concepts 244
Further reading 246
Websites 246
Case study recommendations 247
Self-review questions 247
Questions and problems 248
Assignments 249
7 Debt finance 250
Learning outcomes 250
Introduction 251
Some fundamental features of debt finance 251
Bonds 251
Bank borrowing 254
Syndicated loans 260
Credit rating 260
Mezzanine debt and high-yield (junk) bonds 263
Convertible bonds 265
Valuing bonds 266
Trade credit 269
Factoring 272
Hire purchase 275
Leasing 276
International sources of debt finance 278
Medium-term notes 282
Commercial paper 283
The term structure of interest rates 283
Is it better to borrow long or short? 286
Concluding comments 289
Key points and concepts 289
Further reading 291
Websites 291
Case study recommendations 291
Self-review questions 292
Quick numerical questions 292
Questions and problems 293
Assignments 295
8 The cost of capital 296
Learning outcomes 296
Introduction 297
A word of warning 297
The required rate of return 297
The weighted average cost of capital (WACC) 299
The cost of equity capital 304
The cost of retained earnings 306
The cost of debt capital 306
The cost of preference share capital 308
Hybrid securities 309
Calculating the weights 309
Applying the WACC to projects and SBUs 310
Empirical evidence of corporate practice 310
How large is the equity risk premium? 314
Some thoughts on the cost of capital 314
Concluding comments 315
Key points and concepts 315
Further reading 316
Websites 317
Case study recommendations 317
Self-review questions 317
Quick numerical questions 317
Questions and problems 318
Assignments 319
9 Value-based management 320
Learning outcomes 320
Introduction 321
The pervasiveness of the value approach 321
Confusing objectives 322
Three steps of value 323
Earning-based management 324
How a business creates value 330
Using value principles in strategic business unit management 337
The impact of value principles on corporate strategy 339
Value-creation metrics 341
Using cash flow to measure value 341
Shareholder value analysis 346
Economic profit 349
Economic value added (EVA®) 353
Total shareholder return (TSR) 354
Market value added (MVA) 355
Concluding comments 356
Key points and concepts 357
Further reading 359
Website 360
Case study recommendations 360
Self-review questions 360
Quick numerical questions 361
Questions and problems 361
Assignments 364
10 Valuing shares and companies 365
Learning outcomes 365
Introduction 366
The two skills 366
Valuation using net asset value (NAV) 367
Valuation using income-flow models 370
Dividend valuation models 370
The price-earnings ratio (PER) model 378
Valuation using cash flow 382
Valuation using owner earnings 385
EBITDA 388
Valuing unquoted shares 390
Managerial control and valuation 391
Concluding comments 392
Key points and concepts 393
Further reading 394
Websites 395
Case study recommendations 395
Self-review questions 395
Quick numerical questions 396
Questions and problems 396
Assignments 399
11 Capital structure 400
Learning outcomes 400
Introduction 401
Debt finance is cheaper and riskier (for the company) 402
What do we mean by gearing ? 402
The effect of gearing 407
The value of the firm and the cost of capital 411
-- Does the cost of capital (WACC) decrease with higher debt levels? 412
Modigliani and Miller s argument in a world with no taxes 414
The assumptions 414
The capital structure decision in a world with tax 417
Additional considerations 419
Some further thoughts on debt finance 427
Concluding comments 428
Key points and concepts 430
Further reading 431
Video presentations 432
Case study recommendations 432
Self-review questions 432
Quick numerical questions 433
Questions and problems 433
Assignments 434
12 Dividend policy 435
Learning outcomes 435
Introduction 436
Defining the problem 436
Miller and Modigliani s dividend irrelevancy proposition 438
Dividends as a residual 440
Clientele effects 442
Taxation 444
Dividends as conveyors of information 444
Resolution of uncertainty 446
Owner control (agency theory) 447
Scrip dividends 449
Share buy-backs and special dividends 449
A round-up of the arguments 451
Concluding comments 453
Key points and concepts 454
Further reading 454
Video presentations 455
Case study recommendations 455
Self-review questions 455
Questions and problems 456
Assignment 458
Appendices 459
I Future value of £1 at compound interest 460
II Present value of £1 at compound interest 461
III Present value of an annuity of £1 at compound interest 462
IV Future value of an annuity of £1 at compound interest 463
V Areas under the standardised normal distribution 464
VI Answers to the mathematical tools exercises in Chapter 2, Appendix 2.1 465
VII Solutions to selected questions and problems 466
Glossary 486
Bibliography 521
Index 531
|
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| ctrlnum | (OCoLC)823229245 (DE-599)BSZ352720409 |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| spelling | Arnold, Glen Verfasser (DE-588)173741525 aut Essentials of corporate financial management Glen Arnold 2. ed. Harlow [u.a.] Pearson 2013 XXIII, 544 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Unternehmen Corporations / Finance Business enterprises / Finance Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 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 1\p DE-604 Erscheint auch als Online-Ausgabe, EPUB 978-0-273-75896-9 Erscheint auch als Online-Ausgabe, PDF 978-0-273-75894-5 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024678667&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 |
| spellingShingle | Arnold, Glen Essentials of corporate financial management Unternehmen Corporations / Finance Business enterprises / Finance Corporate Finance (DE-588)4269795-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
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| title | Essentials of corporate financial management |
| title_auth | Essentials of corporate financial management |
| title_exact_search | Essentials of corporate financial management |
| title_full | Essentials of corporate financial management Glen Arnold |
| title_fullStr | Essentials of corporate financial management Glen Arnold |
| title_full_unstemmed | Essentials of corporate financial management Glen Arnold |
| title_short | Essentials of corporate financial management |
| title_sort | essentials of corporate financial management |
| topic | Unternehmen Corporations / Finance Business enterprises / Finance Corporate Finance (DE-588)4269795-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Unternehmen Corporations / Finance Business enterprises / Finance Corporate Finance Finanzmanagement Finanzierung Lehrbuch |
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