Corporate social responsibility: readings and cases in a global context
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
London [u.a.]
Routledge
2014
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XV, 596 S. graph. Darst. |
| ISBN: | 9780415683241 9780415683258 |
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| 245 | 1 | 0 | |a Corporate social responsibility |b readings and cases in a global context |c ed. by Andrew Crane ... |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London [u.a.] |b Routledge |c 2014 | |
| 300 | |a XV, 596 S. |b graph. Darst. | ||
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| adam_text |
Brief
Contents
,
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-ν
PART
1
INTRODUCTION
PART
2
TIME, MONEY,
AND INTEREST RATES
PART3
VALUING PROJECTS
AND FIRMS
PART
4
RISK AND RETURN
PART
5
CAPITAL STRUCTURE
PART
6
ADVANCED VALUATION
PART
7
OPTIONS
PART
8
LONG-TERM FINANCING
PARTS
SHORT-TERM FINANCING
PART
10
SPECIAL TOPICS
Chapter
1
The Corporation
2
Chapter
2
Introduction to Financial Statement Analysis: IFRS
21
Chapter
3
Financial Decision Making and the Law of One Price
59
Chapter
4
Chapter
5
Chapter
6
Chapter
7
Chapter
8
Chapter
9
The Time Value of Money
96
Interest Rates
141
Valuing Bonds
169
Investment Decision Rules
206
Fundamentals of Capital Budgeting
233
Valuing Stocks
271
Chapter
10
Capital Markets and the Pricing of Risk
312
Chapter
11
Optimal Portfolio Choice and the Capital Asset
Pricing Model
351
Chapter
12
Estimating the Cost of Capital
400
Chapter
13
Investor Behavior and Capital Market Efficiency
Chapter
14
Capital Structure in a Perfect Market
478
Chapter
15
Debt and Taxes
508
Chapter
16
Financial Distress, Managerial Incentives,
and Information
539
Chapter
17
Payout Policy
584
Chapter
18
Capital Budgeting and Valuation with Leverage
Chapter
19
Valuation and Financial Modeling: A Case Study
Chapter
20
Financial Options
706
Chapter
21
Option Valuation
738
Chapter
22
Real Options
773
Chapter
23
Raising Equity Capital
806
Chapter
24
Debt Financing
836
Chapter
25
Leasing
859
Chapter
26
Working Capital Management
886
Chapter
27
Short-Term Financial Planning
908
Chapter
28
Mergers and Acquisitions
930
Chapter
29
Corporate Governance
961
Chapter
30
Risk Management
985
Chapter
31
International Corporate Finance
1026
437
626
674
Detailed Contents
PART
1
INTRODUCTION
Chapter
1
The Corporation
2
1.1
The Types of Firms
3
Sole Proprietorships
3
Partnerships
4
Limited Liability Companies
5
Features of Corporations
5
Tax Implications for Corporate Entities
6
■
Corporate Taxation Around the
World
7
1.2
Ownership Versus Control of
Corporations
7
The Corporate Management Team
7
■
INTERVIEW with David Viniar
8
The Financial Manager
9
■
GLOBAL FINANCIAL CRISIS
The Dodd-FrankAct
10
The Goal of the Firm
10
The Firm and Society
11
Ethics and Incentives within
Corporations
11
■
GLOBAL FINANCIAL CRISIS
The Dodd-FrankAct on Corporate
Compensation and Governance
12
■
Citizens United v. Federal Election
Commission
12
■
Airlines in Bankruptcy
14
1.3
The Stock Market
14
Primary and Secondary Stock Markets
15
The Largest Stock Markets
15
■
INTERVIEW with
Jean-François
Théodore
16
NYSĘ
16
Over-the-Counter Stock Markets
17
MyFinanceLab
17
η
Key Terms
18
m
Further Reading
18 ■
Problems
19
Chapter
2
Introduction to Financial
Statement Analysis: IFRS
21
2.1
Firms' Disclosure of Financial
Information
22
Preparation of Financial
Statements
22
■
International Financial Reporting
Standards
22
■
INTERVIEW with Sue
Frieden 23
Types of Financial Statements
24
2.2
The Balance Sheet or Statement
of Financial Position
24
Assets
25
Liabilities
26
Shareholders' Equity
27
Market Value Versus Book Value
27
Enterprise Value
28
2.3
The Income Statement
28
Earnings Calculations
29
2.4
The Statement of Cash Flows
30
Operating Activity
31
Investment Activity
32
Financing Activity
32
2.5
Other Financial Statement
Information
33
Statement of Changes in Shareholders'
Equity
33
Management Discussion and
Analysis
34
Notes to the Financial
Statements
34
2.6
Financial Statement Analysis
35
Profitability Ratios
35
Liquidity Ratios
36
Working Capital Ratios
37
Interest Coverage Ratios
38
Leverage (Gearing) Ratios
39
Valuation Ratios
41
■
COMMON MISTAKE Mismatched
Ratios
41
Investment Returns
42
The DuPont Identity
44
2.7
Financial Reporting in
Practice
46
Enron
46
WorldCom
46
Sarbanes-Oxley Act
47
■
GLOBAL FINANCIAL CRISIS
Bernard Madoff's
Ponzi
Scheme
48
Dodd-FrankAct
48
VI
Contents
MyFinanceLab
49
Further Reading
51
Data Case
58
ι
Key Terms
50
ι
«
Problems
51
Chapter
3
Financial Decision Making
and the Law of One Price
59
3.1
Valuing Decisions
60
Analyzing Costs and Benefits
60
Using Market Prices to Determine Cash
Values
61
і
When Competitive Market Prices
Are Not Available
63
3.2
Interest Rates and the Time Value
of Money
63
The Time Value of Money
63
The Interest Rate: An Exchange Rate
Across Time
63
3.3
Present Value and the NPV Decision
Rule
66
Net Present Value
66
The NPV Decision Rule
67
NPV and Cash Needs
69
3.4
Arbitrage and the Law of One
Price
70
Arbitrage
70
■
NASDAQ
SOES
Bandits
71
Law of One Price
71
3.5
No-Arbitrage and Security
Prices
72
Valuing a Security with the Law of One
Price
72
■
An Old Joke
72
The NPV of Trading Securities and Firm
Decision Making
75
Valuing a Portfolio
76
■
Stock Index Arbitrage
77
■
GLOBAL FINANCIAL CRISIS
Liquidity and the Informational
Role of Prices
78
Where Do We Go from Here?
78
MyFinanceLab
79
н
Key Terms
80
m
Further Reading
80
m
Problems
81
Appendix The Price of Risk
85
Arbitrage with Transactions Costs
90
MyFinanceLab
92
в
Key Terms
92
m
Problems
92
PART
2
TIME, MONEY, AND
INTEREST RATES
Chapter
4
The Time Value of Money
96
4.1
The Timeline
97
4.2
The Three Rules of Time Travel
98
Rule
1 :
Comparing and Combining Values
98
Rule
2:
Moving Cash Flows Forward
in Time
99
Rule
3:
Moving Cash Flows Back
in Time
100
■
Rule of
72 101
Applying the Rules of Time Travel
102
4.3
Valuing a Stream of Cash Flows
104
4.4
Calculating the Net Present Value
107
■
USING EXCEL Calculating Present
Values in Excel
108
4.5
Perpetuities and Annuities
109
Perpetuities
109
■
Historical Examples of Perpetuities
110
■
COMMON MISTAKE Discounting One
Too Many Times
112
Annuities
112
Growing Cash Flows
115
4.6
Using an Annuity Spreadsheet or
Calculator
120
4.7
Non-Annual Cash Flows
122
4.8
Solving forthe Cash Payments
123
4.9
The Internal Rate of Return
126
■
USING EXCEL Excel's
IRR
Function
129
MyFinanceLab
130
«Key Terms
131 ■
Further Reading
132 ■
Problems
132«
Data Case
137
Appendix Solving for the Number
of Periods
139
Problems
140
Chapter
5
Interest Rates
141
5.1
Interest Rate Quotes and
Adjustments
142
The Effective Annual Rate
142
■
COMMON MISTAKE Using the
Wrong Discount Rate in the Annuity
Formula
143
Annual Percentage Rates
144
Contents
vu
5.2 Application: Discount Rates and
Loans
146
■ GLOBAL FINANCIAL
CRISIS Teaser
Rates
and Subprime Loans
148
5.3
The Determinants of Interest
Rates
147
Inflation and Real Versus Nominal
Rates
148
Investment and Interest Rate
Policy
149
The Yield Curve and Discount Rates
150
■
COMMON MISTAKE Using the
Annuity Formula When Discount Rates
Vary by Maturity
152
The Yield Curve and the Economy
152
■
INTERVIEW with Kevin M.Warsh
154
5.4
Risk and Taxes
155
Risk and Interest Rates
156
After-Tax Interest Rates
157
5.5
The Opportunity Cost of Capital
158
■
COMMON MISTAKE States Dig a
$3
Trillion Hole by Discounting at the
Wrong Rate
159
MyFinanceLab
160 »
Key Terms
161
m
Further Reading
161
a Problems
161
Appendix Continuous Rates and Cash
Flows
167
Chapter
6
Valuing Bonds
169
6.1
Bond Cash Flows, Prices, and
Yields
170
Bond Terminology
170
Zero-Coupon Bonds
170
I GLOBAL FINANCIAL CRISIS
Pure Discount Bonds Trading at a
Premium
172
Coupon Bonds
173
6.2
Dynamic Behavior of Bond
Prices
175
Discountsand
Premiums
175
Time and Bond Prices
176
Interest Rate Changes and Bond
Prices
178
I Clean and Dirty Prices for Coupon
Bonds
179
6.3
The Yield Curve and Bond
Arbitrage
181
Replicating a Coupon Bond
181
Valuing a Coupon Bond Using
Zero-Coupon Yields
182
Coupon Bond Yields
183
Treasury Yield Curves
184
6.4
Corporate Bonds
184
Corporate Bond Yields
185
■
Are Treasuries Really Default-Free
Securities?
185
Bond Ratings
187
Corporate Yield Curves
188
6.5
Sovereign Bonds
188
1
GLOBAL FINANCIAL CRISIS The
Credit Crisis and Bond Yields
189
■
GLOBAL FINANCIAL CRISIS
European Sovereign Debt Yields:
A Puzzle
191
■
INTERVIEW with Carmen
M.Reinhart
192
MyFinanceLab
193 ■
Key Terms
194
m
Further Reading
194
в
Problems
195»
Data Case
199
Appendix Forward Interest Rates
201
Key Terms
204
ш
Problems
204
PART
3
VALUING PROJECTS
AND FIRMS
Chapter
7
Investment Decision Rules
206
7.1
NPV and Stand-Alone
Projects
207
Applying the NPV Rule
207
The NPV Profile and
IRR 207
Alternative Rules Versus the NPV
Rule
208
■
INTERVIEW with Dick Grannis
209
7.2
The Internal Rate of Return
Rule
210
Applying the
IRR
Rule
210
Pitfall
#1 :
Delayed Investments
210
Pitfall
#2:
Multiple IRRs
211
Pitfall
#3:
Nonexistent
IRR 213
■
COMMON MISTAKE
IRR
Versus the
IRR
Rule
213
7.3
The Payback Rule
214
Applying the Payback Rule
214
Payback Rule Pitfalls in Practice
215
Vlil
Contents
■
Why Do Rules Other Than the NPV
Rule Persist?
216
7.4
Choosing Between Projects
216
NPV Rule and Mutually Exclusive
Investments
216
IRR
Rule and Mutually Exclusive
Investments
217
The Incremental
IRR 218
■
When Can Returns Be
Compared?
219
1
COMMON MISTAKE
IRR
and Project
Financing
221
7.5
Project Selection with Resource
Constraints
221
Evaluating Projects with Different
Resource Requirements
221
Profitability Index
222
Shortcomings of the Profitability
Index
224
MyFinanceLab
224 ■
Key Terms
225 ■
Further Reading
225
в
Problems
225 «
Data Case
231
Appendix Computing the NPV
Profile Using Excel's Data
Table Function
232
Chapter
8
Fundamentals of Capital
Budgeting
233
8.1
Forecasting Earnings
234
Revenue and Cost Estimates
234
Incremental Earnings Forecast
235
Indirect Effects on Incremental
Earnings
237
і
COMMON MISTAKE The Opportunity
Cost of an Idle Asset
238
Sunk Costs and Incremental
Earnings
239
■
The Sunk Cost Fallacy
239
Real-World Complexities
240
8.2
Determining Free Cash Flow and
NPV
241
Calculating Free Cash Flow from
Earnings
241
Calculating Free Cash Flow Directly
243
Calculating the NPV
244
■
USING EXCEL Capital Budgeting
Using a Spreadsheet Program
245
8.3
Choosing Among Alternatives
246
Evaluating Manufacturing
Alternatives
246
Comparing Free Cash Flows for Cisco's
Alternatives
247
8.4
Further Adjustments to Free Cash
Flow
248
■
GLOBAL FINANCIAL CRISIS The
American Recovery and Reinvestment
Act of
2009 252
8.5
Analyzing the Project
252
Break-Even Analysis
252
Sensitivity Analysis
253
■
INTERVIEW with David Holland
255
Scenario Analysis
256
■
USING EXCEL Project Analysis
Using Excel
257
MyFinanceLab
258 ■
Key Terms
260 ■
Further Reading
260 ■
Problems
260 ■
Data Case
267
Appendix MACRS Depreciation
269
Chapter
9
Valuing Stocks
271
9.1
The Dividend-Discount Model
272
A One-Year Investor
272
Dividend Yields, Capital Gains, and Total
Returns
273
■
The Mechanics of a Short Sale
274
A Multiyear Investor
275
The Dividend-Discount Model Equation
276
9.2
Applying the Dividend-Discount
Model
276
Constant Dividend Growth
276
Dividends Versus Investment and
Growth
277
■
John Burr Williams' Theory of
Investment Value
278
Changing Growth Rates
280
Limitations of the Dividend-Discount
Model
282
9.3
Total Payout and Free Cash Flow
Valuation Models
282
Share Repurchases and the Total Payout
Model
282
The Discounted Free Cash Flow Model
284
9.4
Valuation Based on Comparable
Firms
288
Valuation Multiples
288
Limitations of Multiples
290
Comparison with Discounted Cash Flow
Methods
291
Stock Valuation Techniques: The Final
Word
292
Contents
JX
■ INTERVIEW
with
Douglas
Kehring
293
9.5 Information,
Competition, and
Stock
Prices
294
Information in Stock
Prices
294
Competition and Efficient Markets
295
Lessons for Investors and Corporate
Managers
297
■
Kenneth Cole Productions—What
Happened?
299
The Efficient Markets Hypothesis Versus
No Arbitrage
300
MyFinanceLab
300
a Key Terms
302
ш
Further Reading
302
в
Problems
303 »
Data Case
308
PART
4
RISK AND RETURN
Chapter
10
Capital Markets and the Pricing
of Risk
312
10.1
Risk and Return: Insights from
86
Years of Investor History
313
10.2
Common Measures of Risk and
Return
316
Probability Distributions
316
Expected Return
316
Variance and Standard Deviation
317
10.3
Historical Returns of Stocks and
Bonds
319
Computing Historical Returns
319
Average Annual Returns
321
The Variance and Volatility of Returns
323
Estimation Error: Using Past Returns to
Predict the Future
324
■
Arithmetic Average Returns Versus
Compound Annual Returns
326
10.4
The Historical Trade-Off Between
Risk and Return
326
The Returns of Large Portfolios
327
The Returns of Individual Stocks
328
10.5
Common Versus Independent
Risk
329
Theft Versus Earthquake Insurance:
An Example
329
The Role of Diversification
330
10.6
Diversification in Stock
Portfolios
331
Firm-Specific Versus Systematic
Risk
332
No Arbitrage and the Risk
Premium
333
■
GLOBAL FINANCIAL CRISIS
Diversification Benefits During Market
Crashes
335
■
COMMON MISTAKE A Fallacy of
Long-Run Diversification
336
10.7
Measuring Systematic Risk
337
Identifying Systematic Risk: The Market
Portfolio
337
Sensitivity to Systematic Risk: Beta
337
10.8
Beta and the Cost of Capital
340
Estimating the Risk Premium
340
■
COMMON MISTAKE Beta Versus
Volatility
340
The Capital Asset Pricing Model
342
MyFinanceLab
342
m
Key Terms
344 ■
Further Reading
344
m
Problems
344 ■
Data Case
349
Chapter
11
Optimal Portfolio Choice
and the Capital Asset Pricing
Model
351
11.1
The Expected Return of a
Portfolio
352
11.2
The Volatility of a Two-Stock
Portfolio
353
Combining Risks
353
Determining Covariance and
Correlation
354
■
COMMON MISTAKE Computing
Variance, Covariance, and Correlation in
Excel
356
Computing a Portfolio's Variance
and Volatility
357
11.3
The Volatility of a Large
Portfolio
359
Large Portfolio Variance
359
Diversification with an Equally Weighted
Portfolio
360
■
INTERVIEW with John Powers
362
Diversification with General
Portfolios
363
11.4
Risk Versus Return: Choosing an
Efficient Portfolio
363
Efficient Portfolios with Two Stocks
364
The Effect of Correlation
366
Short Sales
367
Efficient Portfolios with Many
Stocks
368
Contents
■ NOBEL
PRIZES
Harry Markowitz
and
James
Tobin
369
11.5
Risk-Free Saving and
Borrowing
371
Investing in Risk-Free Securities
371
Borrowing and Buying Stocks on
Margin
372
Identifying the Tangent Portfolio
373
11.6
The Efficient Portfolio and Required
Returns
375
Portfolio Improvement: Beta and the
Required Return
375
Expected Returns and the Efficient
Portfolio
377
11.7
The Capital Asset Pricing
Model
379
The CAPM Assumptions
379
Supply, Demand, and the Efficiency of the
Market Portfolio
380
Optimal Investing: The Capital Market
Line
380
11.8
Determining the Risk Premium
381
Market Risk and Beta
381
■
NOBEL PRIZE William
Sharpe
on the
CAPM
383
The Security Market Line
384
Beta of a Portfolio
384
Summary of the Capital Asset Pricing
Model
386
MyFinanceLab
386
m
Key Terms
389 ■
Further Reading
389
a Problems
390
β
Data Case
396
Appendix The CAPM with Differing Interest
Rates
398
Chapter
12
Estimating the Cost of
Capital
400
12.1
The Equity Cost of Capital
401
12.2
The Market Portfolio
402
Constructing the Market Portfolio
402
Market Indexes
402
■
Value-Weighted Portfolios and
Rebalancing
403
The Market Risk Premium
404
■
INTERVIEW with Michael A.
Latham
405
12.3
Beta Estimation
407
Using Historical Returns
407
Identifying the Best-Fitting Line
409
Using Linear Regression
410
■
Why Not Estimate Expected Returns
Directly?
411
12.4
The Debt Cost of Capital
411
Debt Yields Versus Returns
411
■
COMMON MISTAKE Using the Debt
Yield as Its Cost of Capital
412
Debt Betas
413
12.5
A Project's Cost of Capital
414
All-Equity
Comparables
414
Levered Firms as
Comparables
415
The Unlevered Cost of Capital
415
Industry Asset Betas
417
12.6
Project Risk Characteristics and
Financing
419
Differences in Project Risk
419
■
COMMON MISTAKE Adjusting for
Execution Risk
421
Financing and the Weighted Average Cost
of Capital
421
12.7
Final Thoughts on Using the
CAPM
423
■
INTERVIEW with Shelagh
Glaser 424
MyFinanceLab
425 ■
Key Terms
427 ■
Further Reading
427 ■
Problems
427 >
Data Case
431
Appendix Practical Considerations When
Forecasting Beta
433
■
COMMON MISTAKE Changing the
Index to Improve the Fit
436
Key Terms
436 ■
Data Case
436
Chapter
13
Investor Behavior and Capital
Market Efficiency
437
13.1
Competition and Capital
Markets
438
Identifying a Stock's Alpha
438
Profiting from Non-Zero Alpha Stocks
439
13.2
Information and Rational
Expectations
440
Informed Versus Uninformed
Investors
440
Rational Expectations
441
13.3
The Behavior of Individual
Investors
442
Underdiversification and Portfolio
Biases
442
Contents
Xl
Excessive Trading
and
Overconfidence
443
Individual Behavior and Market
Prices
445
13.4
Systematic Trading Biases
445
Hanging on to Losers and the Disposition
Effect
445
■
NOBEL PRIZE Kahneman and
Tversky's Prospect Theory
446
Investor Attention, Mood, and
Experience
446
Herd Behavior
447
Implications of Behavioral
Biases
447
13.5
The Efficiency of the Market
Portfolio
448
Trading on News or
Recommendations
448
■
INTERVIEW with Jonathan
Clements
450
The Performance of Fund Managers
451
The Winners and Losers
454
13.6
Style-Based Techniques and the
Market Efficiency Debate
454
Size Effects
454
Momentum
458
Implications of Positive-Alpha Trading
Strategies
458
■
Market Efficiency and the Efficiency
of the Market Portfolio
459
13.7
Multifactor Models of Risk
461
Using Factor Portfolios
461
Selecting the Portfolios
462
The Cost of Capital with Fama-French-
Carhart Factor Specification
463
13.8
Methods Used in Practice
465
MyFinanceLab
466
m
Key Terms
468
я
Further Reading
469
в
Problems
470
Appendix Building a Multifactor Model
475
PART
5
CAPITAL STRUCTURE
Chapter
14
Capital Structure in a Perfect
Market
478
14.1
Equity Versus Debt Financing
479
Financing a Firm with Equity
479
Financing a Firm with Debt and
Equity
480
The Effect of Leverage on Risk
and Return
481
14.2
Modigliani-Miller
I: Leverage,
Arbitrage, and Firm Value
483
MM and the Law of One Price
483
Homemade Leverage
483
■
MM and the Real World
484
The Market Value Balance Sheet
485
Application: A Leveraged
Recapitalization
486
14.3
Modigliani-Miller II:
Leverage, Risk,
and the Cost of Capital
488
Leverage and the Equity Cost of
Capital
488
Capital Budgeting and the Weighted
Average Cost of Capital
489
■
COMMON MISTAKE Is Debt Better
Than Equity?
492
Computing the WACC with Multiple
Securities
492
Levered and Unlevered Betas
492
■
NOBEL PRIZE Franco
Modigliani
and Merton Miller
494
14.4
Capital Structure Fallacies
495
Leverage and Earnings per Share
495
■
GLOBAL FINANCIAL CRISIS Bank
Capital Regulation and the ROE
Fallacy
497
Equity Issuances and Dilution
498
14.5
MM: Beyond the Propositions
499
MyFinanceLab
500 «
Key Terms
501
в
Further Reading
501
m
Problems
502
ш
Data Case
506
Chapter
15
Debt and Taxes
508
15.1
The Interest Tax Deduction
509
15.2
Valuing the Interest Tax Shield
511
The Interest Tax Shield and Firm
Value
511
The Interest Tax Shield with Permanent
Debt
512
■
Pizza and Taxes
513
The Weighted Average Cost of Capital
with Taxes
513
The Interest Tax Shield with a Target
Debt-Equity Ratio
514
15.3
Recapitalizing to Capture the Tax
Shield
516
The Tax Benefit
516
Xli
Contents
The Share Repurchase
517
No Arbitrage Pricing
517
Analyzing the Recap: The Market Value
Balance Sheet
518
15.4
Personal Taxes
519
Including Personal Taxes in the Interest
Tax Shield
519
Valuing the Interest Tax Shield with
Personal Taxes
522
Determining the Actual Tax Advantage
of Debt
523
і
Cutting the Dividend Tax Rate
523
15.5
Optimal Capital Structure with
Taxes
524
Do Firms Prefer Debt?
524
Limits to the Tax Benefit of Debt
527
1
INTERVIEW with Andrew
Balsón
528
Growth and Debt
529
Other Tax Shields
530
The Low Leverage Puzzle
530
і
Employee Stock Options
532
MyFinanceLab
532
ι
Key Term
533
ss
Further Reading
534 ■
Problems
534
a
Data Case
538
Chapter
16
Financial Distress,
Managerial Incentives,
and Information
539
16.1
Default and Bankruptcy in a Perfect
Market
540
Armin
Industries: Leverage and the Risk of
Default
540
Bankruptcy and Capital Structure
541
16.2
The Costs of Bankruptcy and
Financial Distress
542
The Bankruptcy Code
543
Direct Costs of Bankruptcy
543
Indirect Costs of Financial
Distress
544
■
GLOBAL FINANCIAL CRISIS
The Chrysler Prepack
547
16.3
Financial Distress Costs and Firm
Value
548
Armin
Industries: The Impact of Financial
Distress Costs
548
Who Pays for Financial Distress
Costs?
548
16.4
Optimal Capital Structure: The
Trade-Off Theory
550
The Present Value of Financial Distress
Costs
550
Optimal Leverage
551
16.5
Exploiting Debt Holders: The
Agency Costs of Leverage
553
Excessive Risk-Taking and Asset
Substitution
553
Debt Overhang and Underinvestment
554
■
GLOBAL FINANCIAL CRISIS Bailouts,
Distress Costs, and Debt
Overhang
555
Agency Costs and the Value of
Leverage
556
The Leverage Ratchet Effect
557
Debt Maturity and Covenants
558
16.6
Motivating Managers: The Agency
Benefits of Leverage
559
Concentration of Ownership
559
Reduction of Wasteful Investment
560
■
Excessive Perks and Corporate
Scandals
561
Leverage and Commitment
561
■
GLOBAL FINANCIAL CRISIS Moral
Hazard, Government Bailouts, and the
Appeal of Leverage
562
16.7
Agency Costs and the Trade-Off
Theory
563
The Optimal Debt Level
563
Debt Levels in Practice
564
16.8
Asymmetric Information and
Capital Structure
564
Leverage as a Credible Signal
565
Issuing Equity and Adverse
Selection
566
■
NOBEL PRIZE The
2001
Nobel Prize
in Economics
567
Implications for Equity Issuance
568
Implications for Capital Structure
570
16.9
Capital Structure:The Bottom
Line
572
MyFinanceLab
573 ■
Key Terms
575 ■
Further Reading
575 ■
Problems
575
Chapter
17
Payout Policy
584
17.1
Distributions to Shareholders
585
Dividends
585
Share Repurchases
587
Contents
хш
17.2
Comparison of Dividends and
Share Repurchases
588
Alternative Policy
1 :
Pay Dividend with
Excess Cash
588
Alternative Policy
2:
Share Repurchase
(No Dividend)
589
■
COMMON MISTAKE Repurchases
and the Supply of Shares
591
Alternative Policy
3:
High Dividend
(Equity Issue)
591
Modigliani-Miller
and Dividend Policy
Irrelevance
592
■
COMMON MISTAKE The Bird in the
Hand Fallacy
593
Dividend Policy with Perfect Capital
Markets
593
17.3
The Tax Disadvantage of
Dividends
593
Taxes on Dividends and Capital
Gains
594
Optimal Dividend Policy with Taxes
595
17.4
Dividend Capture and Tax
Clienteles
597
The Effective Dividend Tax Rate
597
Tax Differences Across Investors
598
Clientele Effects
599
17.5
Payout Versus Retention of
Cash
602
Retaining Cash with Perfect Capital
Markets
602
Taxes and Cash Retention
603
Adjusting for Investor Taxes
604
Issuance and Distress Costs
605
Agency Costs of Retaining Cash
606
17.6
Signaling with Payout Policy
608
Dividend Smoothing
608
Dividend Signaling
609
■
Royal
&
SunAlliance's Dividend
Cut
610
Signaling and Share Repurchases
610
17.7
Stock Dividends, Splits, and
Spin-Offs 612
Stock Dividends and Splits
612
■
INTERVIEW with John Connors
613
Spin-Offs
615
■
Berkshire Hathaway's A
&
В
Shares
616
MyFinanceLab
617
m
Key Terms
618
і
Further Reading
619
в
Problems
619«
Data Case
623
PART
6
ADVANCED VALUATION
Chapter
18
Capital Budgeting and
Valuation with Leverage
626
18.1
Overview of Key Concepts
627
18.2
The Weighted Average Cost of
Capital Method
628
Using the WACC to Value a Project
629
Summary of the WACC Method
630
Implementing a Constant Debt-Equity
Ratio
631
18.3
The Adjusted Present Value
Method
633
The Unlevered Value of the Project
633
Valuing the Interest Tax Shield
634
Summary of the
APV
Method
635
18.4
The Flow-to-Equity Method
636
Calculating the Free Cash Flow to
Equity
637
Valuing Equity Cash Flows
638
Summary of the Flow-to-Equity
Method
638
■
What Counts as "Debt"?
639
18.5
Project-Based Costs
of Capital
640
Estimating the Unlevered Cost of
Capital
640
Project Leverage and the Equity Cost
of Capital
641
Determining the Incremental Leverage
of a Project
642
■
COMMON MISTAKE Re-Levering
the WACC
643
18.6
APV
with Other Leverage
Policies
644
Constant Interest Coverage Ratio
645
Predetermined Debt Levels
646
A Comparison of Methods
647
18.7
Other Effects of Financing
648
Issuance and Other Financing Costs
648
Security Mispricing
649
Financial Distress and Agency Costs
650
■
GLOBAL FINANCIAL CRISIS
Government Loan Guarantees
650
18.8
Advanced Topics in Capital
Budgeting
651
Periodically Adjusted Debt
651
XIV
Contents
Leverage and the Cost of Capital
654
The WACC or FTE Method with Changing
Leverage
655
Personal Taxes
657
MyFinanceLab
659
m
Key Terms
661
в
Further Reading
661
m
Problems
661
m
Data Case
668
Appendix Foundations and Further Details
670
Chapter
19
Valuation and Financial
Modeling: A Case Study
674
19.1
Valuation Using
Comparables
675
19.2
The Business Plan
677
Operational Improvements
677
Capital Expenditures: A Needed
Expansion
678
Working Capital Management
679
Capital Structure Changes: Levering Up
679
19.3
Building the Financial Model
680
Forecasting Earnings
680
Working Capital Requirements
682
Forecasting Free Cash Flow
683
Є
INTERVIEW with Joseph
L
Rice,
III
685
The Balance Sheet and Statement of
Cash Flows (Optional)
686
і
USING EXCEL Auditing Your Financial
Model
688
19.4
Estimating the Cost of Capital
689
CAPM-Based Estimation
689
Untevering Beta
690
Ideko's Unlevered Cost of Capital
691
19.5
Valuing the Investment
692
The Multiples Approach to Continuation
Value
692
The Discounted Cash Flow Approach
to Continuation Value
693
APV
Valuation of Ideko's Equity
695
■
COMMON MISTAKE Continuation
Values and Long-Run Growth
695
A Reality Check
696
■
COMMON MISTAKE Missing Assets
or Liabilities
697
IRR
and Cash Multiples
697
19.6
Sensitivity Analysis
699
MyFinanceLab
700
s
Key Terms
701 «
Further Reading
701
и
Problems
701
Appendix Compensating Management
704
PART
7
OPTIONS
Chapter
20
Financial Options
706
20.1
Option Basics
707
Understanding Option Contracts
707
Interpreting Stock Option
Quotations
707
Options on Other Financial Securities
709
20.2
Option Payoffs at Expiration
710
Long Position in an Option Contract
710
Short Position in an Option Contract
711
Profits for Holding an Option to
Expiration
713
Returns for Holding an Option to
Expiration
714
Combinations of Options
715
20.3
Put-Call Parity
718
20.4
Factors Affecting Option Prices
720
Strike Price and Stock Price
720
Arbitrage Bounds on Option Prices
720
Option Prices and the Exercise Date
721
Option Prices and Volatility
721
20.5
Exercising Options Early
722
Non-Dividend-Paying Stocks
722
Dividend-Paying Stocks
724
20.6
Options and Corporate Finance
727
Equity as a Call Option
727
Debt as an Option Portfolio
727
Credit Default Swaps
728
■
GLOBAL FINANCIAL CRISIS
Credit Default Swaps
729
Pricing Risky Debt
729
Agency Conflicts
730
MyFinanceLab
731 ■
Key Terms
732 ■
Further Reading
733 ■
Problems
733 ■
Data Case
737
Chapter
21
Option Valuation
738
21.1
The Binomial Option Pricing
Model
739
A Two-State Single-Period Model
739
The Binomial Pricing Formula
741
AMultiperiodModel
743
Making the Model Realistic
746
21.2
The Black-Scholes Option Pricing
Model
747
The Black-Scholes Formula
747
Contents
XV
Implied Volatility
752
■
GLOBAL FINANCIAL CRISIS The VIX
Index
753
The Replicating Portfolio
754
■
COMMON MISTAKE Valuing
Employee Stock Options
756
■
INTERVIEW with Myron S.
Scholes
757
21.3
Risk-Neutral Probabilities
758
A Risk-Neutral Two-State Model
758
Implications of the Risk-Neutral
World
758
Risk-Neutral Probabilities and Option
Pricing
759
21.4
Risk and Return of an Option
761
21.5
Corporate Applications of Option
Pricing
763
Beta of Risky Debt
763
■
NOBEL PRIZE The
1997
Nobel Prize
in Economics
764
Agency Costs of Debt
766
MyFinanceLab
767
m
Key Terms
769
ш
Further Reading
769 ■
Problems
769
Chapter
22
Real Options
773
22.1
Real Versus Financial Options
774
22.2
Decision Tree Analysis
774
Mapping Uncertainties on a Decision
Tree
775
Real Options
776
22.3
The Option to Delay an Investment
Opportunity
777
Investment as a Call Option
777
■
Why Are There Empty Lots in Built-Up
Areas of Big Cities?
779
Factors Affecting the Timing of
Investment
780
Investment Options and Firm Risk
782
■
GLOBAL FINANCIAL CRISIS
Uncertainty, Investment, and the
Option to Delay
783
22.4
Growth and Abandonment
Options
783
Valuing Growth Potential
783
The Option to Expand
785
■
INTERVIEW with Scott
Mathews
787
The Option to Abandon
788
22.5
Applications to Multiple
Projects
789
Comparing Mutually Exclusive
Investments with Different Lives
790
I Equivalent Annual Benefit
Method
791
Staging Mutually Dependent
Investments
792
22.6
Rules of Thumb
795
The Profitability Index Rule
795
The Hurdle Rate Rule
795
■
The Option to Repay a Mortgage
797
22.7
Key Insights from Real
Options
798
MyFinanceLab
798 ■
Key Terms
800 ■
Further Reading
800 ■
Problems
800
PART
8
LONG-TERM FINANCING
Chapter
23
Raising Equity Capital
806
23.1
Equity Financing for Private
Companies
807
Sources of Funding
807
Outside investors
810
Exiting an Investment in a Private
Company
812
23.2
The Initial Public Offering
812
Advantages and Disadvantages of Going
Public
812
Types of Offerings
813
The Mechanics of an IPO
815
■
Google's IPO
815
23.3
IPO Puzzles
820
Underpricing
820
Cyclically
823
■
GLOBAL FINANCIAL CRISIS
Worldwide IPO Deals in
2008-2009 824
Cost Of an IPO
824
Long-Run Underperformance
825
23.4
The Seasoned Equity Offering
826
The Mechanics of an
SEO
826
Price Reaction
827
Issuance Costs
829
MyFinanceLab
829
a Key Terms
830
в
Further Reading
831
ш
Problems
831
a
Data Case
834
XVI
Contents
Chapter
24
Debt Financing
836
24.1
Corporate Debt
837
Public Debt
837
Private Debt
841
24.2
Other Types of Debt
842
Sovereign Debt
842
Municipal Bonds
844
Asset-Backed Securities
844
і
GLOBAL FINANCIAL CRISIS CDOs,
Subprime
Mortgages, and the Financial
Crisis
846
24.3
Bond Covenants
845
24.4
Repayment Provisions
848
Call Provisions
848
■
New York City Calls Its Municipal
Bonds
850
Sinking Funds
852
Convertible Provisions
852
MyFlnanceLab
854
m
Key Terms
855
m
Further Reading
856 ■
Problems
856
и
Data Case
857
Chapter
25
Leasing
859
25.1
The Basics of Leasing
860
Examples of Lease Transactions
860
Lease Payments and Residual
Values
861
Leases Versus Loans
862
■
Calculating Auto Lease
Payments
863
End-of-Term Lease Options
863
Other Lease Provisions
865
25.2
Accounting, Tax, and Legal
Consequences of Leasing
865
Lease Accounting
866
■
Operating Leases at Alaska Air
Group
867
The Tax Treatment of Leases
868
Leases and Bankruptcy
869
■
Synthetic Leases
870
25.3
The Leasing Decision
870
Cash Flows for a True Tax Lease
871
Lease Versus Buy (An Unfair
Comparison)
872
Lease Versus Borrow (The Right
Comparison)
873
Evaluating a True Tax Lease
875
Evaluating a Non-Tax
Lease
876
25.4
Reasons for Leasing
876
Valid Arguments for Leasing
877
Suspect Arguments for Leasing
879
MyFinanceLab
880
m
Key Terms
881
Further Reading
881 ■
Problems
882
PART
9
SHORT-TERM FINANCING
Chapter
26
Working Capital
Management
886
26.1
Overview of Working Capital
887
The Cash Cycle
887
Firm Value and Working Capital
889
26.2
Trade Credit
890
Trade Credit Terms
890
Trade Credit and Market Frictions
890
Managing Float
891
26.3
Receivables Management
892
Determining the Credit Policy
892
Monitoring Accounts Receivable
893
26.4
Payables
Management
895
Determining Accounts Payable Days
Outstanding
895
Stretching Accounts Payable
896
26.5
Inventory Management
896
Benefits of Holding Inventory
897
Costs of Holding Inventory
897
26.6
Cash Management
898
Motivation for Holding Cash
898
Alternative Investments
899
■
GLOBAL FINANCIAL CRISIS
Hoarding Cash
899
MyFinanceLab
901 ■
Key Terms
902
ι
Further Reading
902
ι
Problems
903 ■
Data Case
906
Chapter
27
Short-Term Financial
Planning
908
27.1
Forecasting Short-Term Financing
Needs
909
Seasonalities
909
Negative Cash Flow Shocks
911
Positive Cash Flow Shocks
912
27.2
The Matching Principle
914
Permanent Working Capital
914
Temporary Working Capital
914
Financing Policy Choices
915
Contents
XVII
27.3
Short-Term Financing with Bank
Loans
916
Single, End-of-Period Payment Loan
916
Line of Credit
916
Bridge Loan
917
Common Loan Stipulations and Fees
917
27.4
Short-Term Financing with
Commercial Paper
919
■
GLOBAL FINANCIAL CRISIS
Short-Term Financing in Fall
2008 920
27.5
Short-Term Financing with Secured
Financing
921
Accounts Receivable as Collateral
921
■
A Seventeenth-Century Financing
Solution
921
Inventory as Collateral
922
MyFinanceLab
924
a Key Terms
925 »
Further Reading
925
a Problems
925
PART
10
SPECIAL TOPICS
Chapter
28
Mergers and Acquisitions
930
28.1
Background and Historical
Trends
931
Merger Waves
931
Types of Mergers
933
28.2
Market Reaction to a Takeover
933
28.3
Reasons to Acquire
934
Economies of Scale and Scope
935
Vertical Integration
935
Expertise
935
Monopoly Gains
936
Efficiency Gains
936
Tax Savings from Operating Losses
937
Diversification
938
Earnings Growth
938
Managerial Motives to Merge
939
28.4
The Takeover Process
940
Valuation
941
The Offer
941
Merger "Arbitrage"
943
Tax and Accounting Issues
944
Board and Shareholder Approval
945
28.5
Takeover Defenses
946
Poison Pills
946
Staggered Boards
947
White Knights
948
Golden Parachutes
948
Recapitalization
948
Other Defensive Strategies
949
Regulatory Approval
949
■
Weyerhaeuser's Hostile Bid for
Willamette Industries
950
28.6
Who Gets the Value Added from a
Takeover?
950
The Free Rider Problem
950
Toeholds
951
The Leveraged Buyout
952
■
The Leveraged Buyout of RJR-Nabisco
byKKR
952
The Freezeout Merger
955
Competition
955
MyFinanceLab
956
m
Key Terms
957
ш
Further Reading
958
я
Problems
958
Chapter
29
Corporate Governance
961
29.1
Corporate Governance and Agency
Costs
962
29.2
Monitoring by the Board of
Directors and Others
963
Types of Directors
963
Board Independence
963
Board Size and Performance
965
Other Monitors
965
29.3
Compensation Policies
966
Stock and Options
966
Pay and Performance Sensitivity
966
29.4
Managing Agency Conflict
968
Direct Action by Shareholders
968
■
Shareholder Activism at The New York
Times
969
Management Entrenchment
970
The Threat of Takeover
971
29.5
Regulation
971
The Sarbanes-Oxley Act
972
■
INTERVIEW with Lawrence E.
Harris
973
The Cadbury Commission
974
Dodd-Frank Act
975
Insider Trading
975
■
Martha Stewart and ImClone
976
29.6
Corporate Governance Around the
World
976
Protection of Shareholder Rights
976
Controlling Owners and Pyramids
977
XVIII
Contents
The Stakeholder Model
979
Cross-Holdings
980
29.7
The Trade-Off of Corporate
Governance
981
MyFinanceLab
981
a Key Terms
983
Further Reading
983
m
Problems
983
Chapter
30
Risk Management
985
30.1
30.2
30.3
30.4
Insurance
986
The Role of Insurance:
An Example
986
Insurance Pricing in a
Perfect Market
986
The Value of Insurance
The Costs of Insurance
The Insurance Decision
988
990
992
Commodity Price Risk
992
Hedging with Vertical Integration and
Storage
993
Hedging with
Long-Term
Contracts
993
Hedging with Futures Contracts
995
8
COMMON MISTAKE
Hedging Risk
997
M
Differing Hedging Strategies
998
Deciding to Hedge Commodity Price
Risk
998
Exchange Rate Risk
999
Exchange Rate Fluctuations
999
Hedging with Forward Contracts
1000
Cash-and-Carry and the Pricing of Currency
Forwards
1001
і
GLOBAL FINANCIAL CRISIS
Arbitrage in Currency Markets?
1003
Hedging with Options
1005
Interest Rate Risk
1009
Interest Rate Risk Measurement:
Duration
1009
Duration-Based Hedging
1011
Swap-Based Hedging
1014
■
The Savings and Loan Crisis
1016
MyFinanceLab
1018 ■
Key Terms
1020 ■
Further Reading
1020 ■
Problems
1021
Chapter
31
International Corporate
Finance
1026
31.1
Internationally Integrated Capital
Markets
1027
31.2
Valuation of Foreign Currency Cash
Flows
1028
WACC Valuation Method in Domestic
Currency
1029
Using the Law of One Price as a
Robustness Check
1031
31.3
Valuation and International
Taxation
1032
Single Foreign Project with Immediate
Repatriation of Earnings
1033
Multiple Foreign Projects and Deferral of
Earnings Repatriation
1033
31.4
Internationally Segmented Capital
Markets
1034
Differential Access to Markets
1034
Macro-Level Distortions
1035
Implications
1036
31.5
Capital Budgeting with Exchange
Risk
1037
■
INTERVIEW with Bill Barrett
1040
MyFinanceLab
1040 ■
Key Terms
1041 ■
Further Reading
1041 ·
Problems
1042 ■
Data Case
1044
Glossary
1046
Index
1065 |
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| author_GND | (DE-588)173585442 |
| building | Verbundindex |
| bvnumber | BV040127608 |
| callnumber-first | H - Social Science |
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| dewey-full | 658.4/08 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.4/08 |
| dewey-search | 658.4/08 |
| dewey-sort | 3658.4 18 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Soziologie Philosophie Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| genre_facet | Aufsatzsammlung Lehrbuch |
| id | DE-604.BV040127608 |
| illustrated | Illustrated |
| indexdate | 2024-09-23T22:19:52Z |
| institution | BVB |
| isbn | 9780415683241 9780415683258 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024984856 |
| oclc_num | 882222961 |
| open_access_boolean | |
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| owner_facet | DE-473 DE-BY-UBG DE-355 DE-BY-UBR DE-2070s DE-N2 DE-Aug4 DE-521 DE-83 DE-859 |
| physical | XV, 596 S. graph. Darst. |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | Routledge |
| record_format | marc |
| spelling | Corporate social responsibility readings and cases in a global context ed. by Andrew Crane ... 2. ed. London [u.a.] Routledge 2014 XV, 596 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporate Social Responsibility (DE-588)7697760-2 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Soziale Verantwortung (DE-588)4055737-6 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content (DE-588)4123623-3 Lehrbuch gnd-content Unternehmen (DE-588)4061963-1 s Soziale Verantwortung (DE-588)4055737-6 s DE-604 Corporate Social Responsibility (DE-588)7697760-2 s Crane, Andrew 1968- Sonstige (DE-588)173585442 oth Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024984856&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Corporate social responsibility readings and cases in a global context Corporate Social Responsibility (DE-588)7697760-2 gnd Unternehmen (DE-588)4061963-1 gnd Soziale Verantwortung (DE-588)4055737-6 gnd |
| subject_GND | (DE-588)7697760-2 (DE-588)4061963-1 (DE-588)4055737-6 (DE-588)4143413-4 (DE-588)4123623-3 |
| title | Corporate social responsibility readings and cases in a global context |
| title_auth | Corporate social responsibility readings and cases in a global context |
| title_exact_search | Corporate social responsibility readings and cases in a global context |
| title_full | Corporate social responsibility readings and cases in a global context ed. by Andrew Crane ... |
| title_fullStr | Corporate social responsibility readings and cases in a global context ed. by Andrew Crane ... |
| title_full_unstemmed | Corporate social responsibility readings and cases in a global context ed. by Andrew Crane ... |
| title_short | Corporate social responsibility |
| title_sort | corporate social responsibility readings and cases in a global context |
| title_sub | readings and cases in a global context |
| topic | Corporate Social Responsibility (DE-588)7697760-2 gnd Unternehmen (DE-588)4061963-1 gnd Soziale Verantwortung (DE-588)4055737-6 gnd |
| topic_facet | Corporate Social Responsibility Unternehmen Soziale Verantwortung Aufsatzsammlung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024984856&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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