Corporate finance:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow [u.a.]
Pearson
2014
|
| Edition: | 3. ed., global ed., internat. ed. |
| Series: | Always learning
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXXII, 1104 S. Ill., graph. Darst. |
| ISBN: | 9780273792086 0273792024 9780273792024 |
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MARC
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| 245 | 1 | 0 | |a Corporate finance |c Jonathan Berk ; Peter DeMarzo |
| 250 | |a 3. ed., global ed., internat. ed. | ||
| 264 | 1 | |a Harlow [u.a.] |b Pearson |c 2014 | |
| 300 | |a XXXII, 1104 S. |b Ill., graph. Darst. | ||
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Detailed Contents
PART 1 INTRODUCTION
Chapter 1 The Corporation 34
1.1 The Four Types of Firms 35
Sole Proprietorships 35
Partnerships 36
Limited Liability Companies 37
Corporations 37
Tax Implications for Corporate Entities 38
S Corporate Taxation Around
the World 39
1.2 Ownership Versus Control of
Corporations 39
The Corporate Management Team 39
m INTERVIEW with David Viniar 40
The Financial Manager 41
m GLOBAL FINANCIAL CRISIS
The Dodd-Frank Act 42
The Goal of the Firm 42
The Firm and Society 43
Ethics and Incentives within
Corporations 43
M GLOBAL FINANCIAL CRISIS
The Dodd-Frank Act on Corporate
Compensation and Governance 44
a Citizens United v. Federal Election
Commission 44
M Airlines in Bankruptcy 46
1.3 The Stock Market 46
Primary and Secondary Stock Markets 47
Traditional Trading Venues 47
M INTERVIEW with
Frank Hatheway 48
New Competition and Market
Changes 49
Dark Pools 50
MyFinanceLab 51 * Key Terms 51 m
Further Reading 52 m Problems 52
Chapter 2 Introduction to Financial
Statement Analysis 55
2.1 Firms' Disclosure of Financial
Information 56
Preparation of Financial
Statements 56
M International Financial Reporting
Standards 56
M INTERVIEW with Ruth Porat 57
Types of Financial Statements 58
2.2 The Balance Sheet 58
Assets 59
Liabilities 60
Stockholders' Equity 61
Market Value Versus Book Value 61
Enterprise Value 62
2.3 The Income Statement 62
Earnings Calculations 63
2.4 The Statement of Cash Flows 64
Operating Activity 65
investment Activity 66
Financing Activity 66
2.5 Other Financial Statement
Information 67
Statement of Stockholders' Equity 67
Management Discussion and
Analysis 68
Notes to the Financial
Statements 68
2.6 Financial Statement Analysis 69
Profitability Ratios 69
Liquidity Ratios 70
Working Capital Ratios 71
Interest Coverage Ratios 72
Leverage Ratios 73
Valuation Ratios 75
m COMMON MISTAKE
Mismatched Ratios 75
Operating Returns 76
The DuPont Identity 78
2.7 Financial Reporting in Practice 80
Enron 80
WorldCom 80
Sarbanes-Oxley Act 81
M GLOBAL FINANCIAL CRISIS
Bernard Madoff's Ponzi Scheme 82
Dodd-Frank Act 82
MyFinanceLab 83 m Key Terms 84 m
Further Reading 85 m Problems 85 m
Data Case 92
5
6
Contents
Chapter 3
3.1
3.2
3.3
3.4
3.5
Appendix
PART 2
Chapter 4
4.1
4.2
Financial Decision Making
and the Law of One Price 93
Valuing Decisions 94
Analyzing Costs and Benefits 94
Using Market Prices to Determine Cash
Values 95
1 When Competitive Market Prices
Are Not Available 97
Interest Rates and the Time Value
of Money 97
The Time Value of Money 97
The Interest Rate: An Exchange Rate
Across Time 97
Present Value and the NPV Decision
Rule 100
Net Present Value 100
The NPV Decision Rule 101
NPV and Cash Needs 103
Arbitrage and the Law of One Price 104
Arbitrage 104
Law of One Price 105
No-Arbitrage and Security Prices 105
Valuing a Security with the Law
of One Price 105
i An Old Joke 109
The NPV of Trading Securities
and Firm Decision Making 109
Valuing a Portfolio 110
1 GLOBAL FINANCIAL CRISIS
Liquidity and the Informational
Role of Prices 111
M Arbitrage in Markets 112
Where Do We Go from Flere? 113
MyFinanceLab 114 m Key Terms 115 m
Further Reading 115 m Problems 115
The Price of Risk 119
Risky Versus Risk-Free Cash Flows 119
Arbitrage with Transactions Costs 124
TIME, MONEY, AND
INTEREST RATES
The Time Value of Money 130
The Timeline 131
The Three Rules of Time Travel 132
Rule 1: Comparing and Combining
Values 132
Rule 2: Moving Cash Flows Forward
in Time 133
Rule 3: Moving Cash Flows Back
in Time 134
m Rule of 72 135
Applying the Rules of Time Travel 136
4.3 Valuing a Stream of Cash Flows 138
4.4 Calculating the Net Present Value 141
H USING EXCEL Calculating Present
Values in Excel 142
4.5 Perpetuities and Annuities 143
Perpetuities 143
M FIistorical Examples of Perpetuities 144
H COMMON MISTAKE Discounting One
Too Many Times 146
Annuities 146
1 Formula for an Annuity Due 149
Growing Cash Flows 149
4.6 Using an Annuity Spreadsheet
or Calculator 154
4.7 Non-Annual Cash Flows 156
4.8 Solving for the Cash Payments 157
4.9 The Internal Rate of Return 160
M USING EXCEL
Excel's IRR Function 163
MyFinanceLab 164 m Key Terms 165 m
Further Reading 166 m Problems 166 m
Data Case 172
Appendix Solving for the Number of Periods 173
Chapter 5 Interest Rates 175
5.1 Interest Rate Quotes and
Adjustments 176
The Effective Annual Rate 176
a COMMON MISTAKE Using the Wrong
Discount Rate in the Annuity
Formula 177
Annual Percentage Rates 178
5.2 Application: Discount Rates
and Loans 180
5.3 The Determinants of Interest
Rates 181
M GLOBAL FINANCIAL CRISIS Teaser
Rates and Subprime Loans 182
Inflation and Real Versus Nominal
Rates 182
Investment and Interest Rate
Policy 183
The Yield Curve and Discount Rates 184
Contents
7
The Yield Curve and the Economy 186
1 COMMON MISTAKE Using the
Annuity Formula When Discount
Rates Vary by Maturity 186
ft INTERVIEW with
Kevin M. Warsh 188
5.4 Risk and Taxes 189
Risk and Interest Rates 190
After-Tax Interest Rates 191
5.5 The Opportunity Cost of Capital 192
1 COMMON MISTAKE States Dig
a $3 Trillion Hole by Discounting
at the Wrong Rate 193
MyFinanceLab 194 s Key Terms 195 m
Further Reading 195 m Problems 195 »
Data Case 200
6.5 Sovereign Bonds 224
M GLOBAL FINANCIAL CRISIS The
Credit Crisis and Bond Yields 225
m GLOBAL FINANCIAL CRISIS
European Sovereign Debt Yields:
A Puzzle 227
9 INTERVIEW with
Carmen M. Reinhart 228
MyFinanceLab 229 m Key Terms 230 »
Further Reading 231 m Problems 231 n
Data Case 235 w Case Study 236
Appendix Forward Interest Rates 238
Computing Forward Rates 238
Computing Bond Yields from Forward
Rates 239
Appendix Continuous Rates
and Cash Flows 202
Discount Rates for a Continuously
Compounded APR 202
Continuously Arriving Cash Flows 202
PART 3 VALUING PROJECTS
AND FIRMS
Chapter 7 Investment Decision Rules 244
Chapter 6 Valuing Bonds 205
6.1 Bond Cash Flows, Prices,
and Yields 206
Bond Terminology 206
Zero-Coupon Bonds 206
9 GLOBAL FINANCIAL CRISIS
Negative Bond Yields 208
Coupon Bonds 209
6.2 Dynamic Behavior of Bond Prices 211
Discounts and Premiums 211
Time and Bond Prices 212
Interest Rate Changes and Bond
Prices 214
it Clean and Dirty Prices for Coupon
Bonds 215
6.3 The Yield Curve and Bond
Arbitrage 217
Replicating a Coupon Bond 217
Valuing a Coupon Bond Using Zero-Coupon
Yields 218
Coupon Bond Yields 219
Treasury Yield Curves 220
6.4 Corporate Bonds 220
Corporate Bond Yields 221
1 Are Treasuries Really Default-Free
Securities? 221
Bond Ratings 223
Corporate Yield Curves 224
7.1 NPV and Stand-Alone
Projects 245
Applying the NPV Rule 245
The NPV Profile and IRR 245
Alternative Rules Versus the NPV
Rule 246
9 INTERVIEW with Dick Grannis 247
7.2 The Internal Rate of Return Rule 248
Applying the IRR Rule 248
Pitfall #1: Delayed Investments 248
Pitfall #2: Multiple IRRs 249
m COMMON MISTAKE
IRR Versus the IRR Rule 251
Pitfall #3: Nonexistent IRR 251
7.3 The Payback Rule 252
Applying the Payback Rule 252
Payback Rule Pitfalls in Practice 253
■ Why Do Rules Other Than the NPV
Rule Persist? 254
7.4 Choosing Between Projects 254
NPV Rule and Mutually Exclusive
Investments 254
IRR Rule and Mutually Exclusive
Investments 255
The Incremental IRR 256
9 When Can Returns Be
Compared? 257
m COMMON MISTAKE
IRR and Project Financing 259
8
Contents
7.5 Project Selection with Resource
Constraints 259
Evaluating Projects with Different
Resource Requirements 259
Profitability index 260
Shortcomings of the Profitability
index 262
MyFinanceLab 262 « Key Terms 263 m
Further Reading 263 s# Problems 263 m
Data Case 269
Appendix Computing the NPV Profile Using
Excel's Data Table Function 270
Chapter 8 Fundamentals of Capital
Budgeting 271
8.1 Forecasting Earnings 272
Revenue and Cost Estimates 272
Incremental Earnings Forecast 273
Indirect Effects on Incremental
Earnings 275
M COMMON MISTAKE The Opportunity
Cost of an Idle Asset 276
Sunk Costs and Incremental
Earnings 277
m COMMON MISTAKE
The Sunk Cost Fallacy 277
Real-World Complexities 278
8.2 Determining Free Cash Flow
and NPV 279
Calculating Free Cash Flow
from Earnings 279
Calculating Free Cash Flow Directly 281
Calculating the NPV 282
a USING EXCEL Capital Budgeting
Using a Spreadsheet Program 283
8.3 Choosing Among Alternatives 284
Evaluating Manufacturing
Alternatives 284
Comparing Free Cash Flows for Cisco's
Alternatives 285
8.4 Further Adjustments to Free
Cash Flow 286
M GLOBAL FINANCIAL CRISIS
The American Recovery and
Reinvestment Act of 2009 290
8.5 Analyzing the Project 290
Break-Even Analysis 290
Sensitivity Analysis 291
M INTERVIEW with David Holland 293
Scenario Analysis 294
8 USING EXCEL Project Analysis
Using Excel 295
MyFinanceLab 296 m Key Terms 298 m
Further Reading 298 m Problems 298 m
Data Case 305
Appendix MACRS Depreciation 307
Chapter 9 Valuing Stocks 309
9.1 The Dividend-Discount Model 310
A One-Year Investor 310
Dividend Yields, Capital Gains, and Total
Returns 311
1 The Mechanics of a Short Sale 312
A Multiyear Investor 313
The Dividend-Discount Model
Equation 314
9.2 Applying the Dividend-Discount
Model 314
Constant Dividend Growth 314
Dividends Versus Investment
and Growth 315
1 John Burr Williams' Theory
of Investment Value 316
Changing Growth Rates 318
Limitations of the Dividend-Discount
Model 320
9.3 Total Payout and Free Cash Flow
Valuation Models 320
Share Repurchases and the Total Payout
Model 320
The Discounted Free Cash
Flow Model 322
9.4 Valuation Based on Comparable
Firms 326
Valuation Multiples 326
Limitations of Multiples 328
Comparison with Discounted Cash Flow
Methods 329
Stock Valuation Techniques: The Final
Word 330
i INTERVIEW with Douglas Kehring 331
9.5 Information, Competition, and Stock
Prices 332
Information in Stock Prices 332
Competition and Efficient Markets 333
Lessons for Investors and Corporate
Managers 335
1 Kenneth Cole Productions—What
Happened? 337
The Efficient Markets Hypothesis Versus
No Arbitrage 338
MyFinanceLab 338 m Key Terms 340 m
Further Reading 340 m Problems 341 m
Data Case 346
Contents
9
PART 4 RISK AND RETURN
Chapter 10 Capital Markets and the Pricing
of Risk 350
10.1 Risk and Return: Insights from 89 Years
of Investor History 351
10.2 Common Measures of Risk
and Return 354
Probability Distributions 354
Expected Return 354
Variance and Standard Deviation 355
10.3 Historical Returns of Stocks
and Bonds 357
Computing Historical Returns 357
Average Annual Returns 359
The Variance and Volatility of
Returns 361
Estimation Error: Using Past Returns
to Predict the Future 362
Arithmetic Average Returns Versus
Compound Annual Returns 364
10.4 The Historical Trade-Off Between Risk
and Return 364
The Returns of Large Portfolios 365
The Returns of Individual Stocks 366
10.5 Common Versus Independent Risk 367
Theft Versus Earthquake Insurance:
An Example 367
The Role of Diversification 368
10.6 Diversification in Stock
Portfolios 369
Firm-Specific Versus Systematic Risk 370
No Arbitrage and the Risk
Premium 371
it GLOBAL FINANCIAL CRISIS
Diversification Benefits During
Market Crashes 373
m COMMON MISTAKE A Fallacy
of Long-Run Diversification 374
10.7 Measuring Systematic Risk 375
Identifying Systematic Risk: The Market
Portfolio 375
Sensitivity to Systematic Risk: Beta 375
10.8 Beta and the Cost of Capital 378
Estimating the Risk Premium 378
m COMMON MISTAKE
Beta Versus Volatility 378
The Capital Asset Pricing Model 380
MyFinanceLab 380 m Key Terms 382 m
Further Reading 382 m Problems 382 m
Data Case 387
Chapter 11 Optimal Portfolio Choice
and the Capital Asset Pricing
Model 389
11.1 The Expected Return of a
Portfolio 390
11.2 The Volatility of a Two-Stock
Portfolio 391
Combining Risks 391
Determining Covariance
and Correlation 392
if COMMON MISTAKE
Computing Variance, Covariance,
and Correlation in Excel 394
Computing a Portfolio's Variance
and Volatility 395
11.3 The Volatility of a Large Portfolio 397
Large Portfolio Variance 397
Diversification with an Equally Weighted
Portfolio 398
® INTERVIEW with John Powers 400
Diversification with General
Portfolios 401
11.4 Risk Versus Return: Choosing
an Efficient Portfolio 401
Efficient Portfolios with Two Stocks 402
The Effect of Correlation 404
Short Sales 405
Efficient Portfolios with Many
Stocks 406
1 NOBEL PRIZES Harry Markowitz
and James Tobin 407
11.5 Risk-Free Saving and Borrowing 409
Investing in Risk-Free Securities 409
Borrowing and Buying Stocks
on Margin 410
Identifying the Tangent Portfolio 411
11.6 The Efficient Portfolio and Required
Returns 413
Portfolio Improvement: Beta
and the Required Return 413
Expected Returns and the Efficient
Portfolio 415
11.7 The Capital Asset Pricing Model 417
The CAPM Assumptions 417
Supply, Demand, and the Efficiency
of the Market Portfolio 418
Optimal Investing: The Capital
Market Line 418
11.8 Determining the Risk Premium 419
Market Risk and Beta 419
m NOBEL PRIZE William Sharpe
on the CAPM 421
10
Contents
The Security Market Line 422
Beta of a Portfolio 422
Summary of the Capital Asset
Pricing Model 424
MyFinanceLab 424 » Key Terms 427 a
Further Reading 427 s Problems 428 m
Data Case 434
Appendix The CAPM with Differing
Interest Rates 436
The Efficient Frontier with Differing Saving
and Borrowing Rates 436
The Security Market Line with Differing
Interest Rates 436
Chapter 12 Estimating the Cost
of Capital 439
12.1 The Equity Cost of Capital 440
12.2 The Market Portfolio 441
Constructing the Market Portfolio 441
Market Indexes 441
M Value-Weighted Portfolios and
Rebalancing 442
The Market Risk Premium 443
12.3 Beta Estimation 445
Using Historical Returns 445
Identifying the Best-Fitting Line 447
Using Linear Regression 448
■ Why Not Estimate Expected Returns
Directly? 449
12.4 The Debt Cost of Capital 449
Debt Yields Versus Returns 449
m COMMON MISTAKE Using the Debt
Yield as Its Cost of Capital 450
Debt Betas 451
12.5 A Project's Cost of Capital 452
All-Equity Comparables 452
Levered Firms as Comparables 453
The Unlevered Cost of Capital 453
Industry Asset Betas 455
12.6 Project Risk Characteristics
and Financing 457
Differences in Project Risk 457
m COMMON MISTAKE Adjusting
for Execution Risk 459
Financing and the Weighted Average Cost
of Capital 459
W, INTERVIEW with Shelagh Glaser 460
M COMMON MISTAKE
Using a Single Cost of Capital
in Multi-Divisional Firms 461
12.7 Final Thoughts on Using
the CAPM 462
MyFinanceLab 463 * Key Terms 465 i
Further Reading 465 m Problems 466 i
Data Case 470
Appendix Practical Considerations When
Forecasting Beta 471
Time Horizon 471
The Market Proxy 471
Beta Variation and Extrapolation 471
Outliers 472
rn COMMON MISTAKE Changing
the Index to Improve the Fit 473
IS USING EXCEL Estimating Beta
Using Excel 474
Other Considerations 475
Chapter 13 Investor Behavior and Capital
Market Efficiency 477
13.1 Competition and Capital Markets 478
Identifying a Stock's Alpha 478
Profiting from Non-Zero Alpha Stocks 479
13.2 Information and Rational
Expectations 480
Informed Versus Uninformed
Investors 480
Rational Expectations 481
13.3 The Behavior of Individual
Investors 482
Underdiversification and Portfolio
Biases 482
Excessive Trading and
Overconfidence 483
Individual Behavior and Market
Prices 485
13.4 Systematic Trading Biases 485
Hanging on to Losers and the
Disposition Effect 485
1 NOBEL PRIZE Kahneman and
Tversky's Prospect Theory 486
Investor Attention, Mood,
and Experience 486
Herd Behavior 487
Implications of Behavioral
Biases 487
13.5 The Efficiency of the Market
Portfolio 488
Trading on News or
Recommendations 488
M NOBEL PRIZE The 2013 Prize:
An Enigma? 490
Contents
11
The Performance of Fund Managers 490
The Winners and Losers 493
13.6 Style-Based Techniques and the Market
Efficiency Debate 494
Size Effects 494
M INTERVIEW with
Jonathan Clements 496
Momentum 498
1 Market Efficiency and the Efficiency
of the Market Portfolio 499
Implications of Positive-Alpha Trading
Strategies 499
13.7 Multifactor Models of Risk 501
Using Factor Portfolios 502
Selecting the Portfolios 503
The Cost of Capital with Fama-French-
Carhart Factor Specification 504
13.8 Methods Used in Practice 506
Financial Managers 506
Investors 507
MyFinanceLab 508 m Key Terms 510 m
Further Reading 510 b Problems 511
Appendix Building a Multifactor Model 517
14.4
14.5
Chapter 15
15.1
15.2
PART 5 CAPITAL STRUCTURE
Chapter 14 Capital Structure in a Perfect
Market 520
14.1 Equity Versus Debt Financing 521
Financing a Firm with Equity 521
Financing a Firm with Debt
and Equity 522
The Effect of Leverage on Risk
and Return 523
14.2 Modigliani-Miller I: Leverage, Arbitrage,
and Firm Value 525
MM and the Law of One Price 525
Flomemade Leverage 525
$ MM and the Real World 526
The Market Value Balance Sheet 527
Application: A Leveraged
Recapitalization 528
14.3 Modigliani-Miller II: Leverage, Risk,
and the Cost of Capital 530
Leverage and the Equity Cost
of Capital 530
Capital Budgeting and the Weighted
Average Cost of Capital 531
Ü COMMON MISTAKE
Is Debt Better Than Equity? 534
15.3
15.4
15.5
Computing the WACC with Multiple
Securities 534
Levered and Unlevered Betas 534
» NOBEL PRIZE Franco Modigliani
and Merton Miller 536
Capital Structure Fallacies 537
Leverage and Earnings per Share 537
m GLOBAL FINANCIAL CRISIS
Bank Capital Regulation and
the ROE Fallacy 539
Equity Issuances and Dilution 540
MM: Beyond the Propositions 541
MyFinanceLab 542 m Key Terms 543
Further Reading 543 a Problems 544
Data Case 548
Debt and Taxes 551
The Interest Tax Deduction 552
Valuing the Interest Tax Shield 554
The Interest Tax Shield and Firm
Value 554
8 Pizza and Taxes 555
The Interest Tax Shield with Permanent
Debt 555
The Weighted Average Cost of Capital
with Taxes 556
Si The Repatriation Tax: Why Some
Cash-Rich Firms Borrow 557
The Interest Tax Shield with a Target
Debt-Equity Ratio 558
Recapitalizing to Capture the Tax
Shield 560
The Tax Benefit 560
The Share Repurchase 561
No Arbitrage Pricing 561
Analyzing the Recap: The Market Value
Balance Sheet 562
Personal Taxes 563
Including Personal Taxes in the Interest
Tax Shield 563
Valuing the Interest Tax Shield
with Personal Taxes 566
Determining the Actual Tax Advantage
of Debt 567
8 Cutting the Dividend Tax Rate 567
Optimal Capital Structure
with Taxes 568
Do Firms Prefer Debt? 568
Limits to the Tax Benefit of Debt 571
M INTERVIEW with
Andrew Balson 572
12
Contents
Growth and Debt 573
Other Tax Shields 574
The Low Leverage Puzzle 574
ii Employee Stock Options 576
My Finance Lab 576 Key Terms 577
Further Reading 577 Problems 578
D a t ¿1 C 8 s 582
Chapter 16 Financial Distress,
Managerial Incentives,
and Information 583
16.1 Default and Bankruptcy in a Perfect
Market 584
Armin Industries: Leverage and the Risk
of Default 584
Bankruptcy and Capital Structure 585
16.2 The Costs of Bankruptcy and Financial
Distress 586
The Bankruptcy Code 587
Direct Costs of Bankruptcy 587
Indirect Costs of Financial
Distress 588
M GLOBAL FINANCIAL CRISIS
The Chrysler Prepack 591
16.3 Financial Distress Costs and Firm
Value 592
Armin Industries: The Impact of Financial
Distress Costs 592
Who Pays for Financial Distress
Costs? 592
16.4 Optimal Capital Structure: The
Trade-Off Theory 594
The Present Value of Financial
Distress Costs 594
Optimal Leverage 595
16.5 Exploiting Debt Holders: The Agency
Costs of Leverage 597
Excessive Risk-Taking and Asset
Substitution 597
Debt Overhang and Under-Investment 598
M GLOBAL FINANCIAL CRISIS
Bailouts, Distress Costs, and Debt
Overhang 599
Agency Costs and the Value
of Leverage 600
The Leverage Ratchet Effect 601
Debt Maturity and Covenants 602
M Why Do Firms Go Bankrupt? 602
16.6 Motivating Managers: The Agency
Benefits of Leverage 603
Concentration of Ownership 604
Reduction of Wasteful Investment 604
M Excessive Perks and Corporate
Scandals 605
I! GLOBAL FINANCIAL CRISIS
Moral Hazard, Government Bailouts,
and the Appeal of Leverage 606
Leverage and Commitment 607
16.7 Agency Costs and the Trade-Off
Theory 607
The Optimal Debt Level 608
Debt Levels in Practice 609
16.8 Asymmetric Information and Capital
Structure 609
Leverage as a Credible Signal 609
Issuing Equity and Adverse
Selection 611
M NOBEL PRIZE The 2001 Nobel Prize
in Economics 613
Implications for Equity Issuance 613
Implications for Capital Structure 614
16.9 Capital Structure: The Bottom
Line 617
MyFinanceLab 618 m Key Terms 620 »
Further Reading 620 m Problems 620
Chapter 17 Payout Policy 629
17.1 Distributions to Shareholders 630
Dividends 630
Share Repurchases 632
17.2 Comparison of Dividends and Share
Repurchases 633
Alternative Policy 1: Pay Dividend
with Excess Cash 633
Alternative Policy 2: Share Repurchase
(No Dividend) 634
1 COMMON MISTAKE Repurchases
and the Supply of Shares 636
Alternative Policy 3: High Dividend
(Equity Issue) 636
Modigliani-Miller and Dividend Policy
Irrelevance 637
m COMMON MISTAKE The Bird
in the Hand Fallacy 638
Dividend Policy with Perfect Capital
Markets 638
17.3 The Tax Disadvantage
of Dividends 638
Taxes on Dividends and Capital
Gains 639
Optimal Dividend Policy
with Taxes 640
Contents
13
17.4 Dividend Capture and Tax
Clienteles 642
The Effective Dividend Tax Rate 642
Tax Differences Across Investors 643
Clientele Effects 644
m INTERVIEW with John Connors 645
17.5 Payout Versus Retention of Cash 647
Retaining Cash with Perfect Capital
Markets 648
Taxes and Cash Retention 649
Adjusting for Investor Taxes 650
Issuance and Distress Costs 651
Agency Costs of Retaining Cash 652
17.6 Signaling with Payout Policy 654
Dividend Smoothing 654
Dividend Signaling 655
fi Royal SunAlliance's
Dividend Cut 656
Signaling and Share Repurchases 656
17.7 Stock Dividends, Splits,
and Spin-Offs 658
Stock Dividends and Splits 658
Spin-Offs 660
1 Berkshire Hathaway's
A B Shares 661
MyFinanceLab 662 m Key Terms 663 »
Further Reading 664 m Problems 664 hk
Data Case 668
PART 6 ADVANCED VALUATION
Chapter 18 Capital Budgeting and
Valuation with Leverage 672
18.1 Overview of Key Concepts 673
18.2 The Weighted Average Cost
of Capital Method 674
1 INTERVIEW with Zane Rowe 675
Using the WACC to Value a Project 676
Summary of the WACC Method 677
Implementing a Constant Debt-Equity
Ratio 678
18.3 The Adjusted Present Value Method 680
The Unlevered Value of the Project 680
Valuing the Interest Tax Shield 681
Summary of the APV Method 682
18.4 The Flow-to-Equity Method 684
Calculating the Free Cash Flow
to Equity 684
Valuing Equity Cash Flows 685
1 What Counts as "Debt"? 686
Summary of the Flow-to-Equity
Method 686
18.5 Project-Based Costs
of Capital 687
Estimating the Unlevered Cost
of Capital 688
Project Leverage and the Equity Cost
of Capital 688
Determining the Incremental Leverage
of a Project 690
m COMMON MISTAKE
Re-Levering the WACC 690
18.6 APV with Other Leverage Policies 692
Constant Interest Coverage Ratio 692
Predetermined Debt Levels 693
A Comparison of Methods 695
18.7 Other Effects of Financing 695
Issuance and Other Financing Costs 695
Security Mispricing 696
Financial Distress and Agency Costs 697
1 GLOBAL FINANCIAL CRISIS
Government Loan Guarantees 698
18.8 Advanced Topics in Capital
Budgeting 698
Periodically Adjusted Debt 699
Leverage and the Cost of Capital 701
The WACC or FTE Method with Changing
Leverage 703
Personal Taxes 704
MyFinanceLab 706 » Key Terms 708 m
Further Reading 708 m Problems 709 m
Data Case 715
Appendix Foundations and Further Details 717
Deriving the WACC Method 717
The Levered and Unlevered
Cost of Capital 718
Solving for Leverage and Value
Simultaneously 719
The Residual Income and Economic Value
Added Valuation Methods 721
Chapter 19 Valuation and Financial
Modeling: A Case Study 723
19.1 Valuation Using Comparables 724
19.2 The Business Plan 726
Operational Improvements 726
Capital Expenditures: A Needed
Expansion 727
14
Contents
Working Capital Management 728
Capital Structure Changes: Levering Up 728
19.3 Building the Financial Model 729
Forecasting Earnings 729
II INTERVIEW with
Joseph L. Rice, III 730
Working Capital Requirements 732
Forecasting Free Cash Flow 733
II USING EXCEL
Summarizing Model Outputs 735
The Balance Sheet and Statement
of Cash Flows (Optional) 736
m USING EXCEL
Auditing Your Financial Model 738
19.4 Estimating the Cost of Capital 739
CAPM-Based Estimation 739
Unlevering Beta 740
Ideko's Unlevered Cost of Capital 740
19.5 Valuing the Investment 741
The Multiples Approach to Continuation
Value 742
The Discounted Cash Flow Approach
to Continuation Value 743
fi COMMON MISTAKE Continuation
Values and Long-Run Growth 745
APV Valuation of Ideko's Equity 745
A Reality Check 746
1 COMMON MISTAKE
Missing Assets or Liabilities 746
IRR and Cash Multiples 747
19.6 Sensitivity Analysis 748
MyFinanceLab 749 m Key Terms 750 *
Further Reading 750 m Problems 751
Appendix Compensating Management 753
PART 7 OPTIONS
Chapter 20 Financial Options 756
20.1 Option Basics 757
Understanding Option Contracts 757
Interpreting Stock Option Quotations 757
Options on Other Financial Securities 759
20.2 Option Payoffs at Expiration 760
Long Position in an Option Contract 760
Short Position in an Option Contract 761
Profits for Holding an Option
to Expiration 763
Returns for Holding an Option
to Expiration 764
Combinations of Ootions 765
20.3 Put-Call Parity 768
20.4 Factors Affecting Option Prices 771
Strike Price and Stock Price 771
Arbitrage Bounds on Option Prices 771
Option Prices and the Exercise Date 771
Option Prices and Volatility 772
20.5 Exercising Options Early 773
Non-Dividend-Paying Stocks 773
Dividend-Paying Stocks 775
20.6 Options and Corporate Finance 777
Equity as a Call Option 777
Debt as an Option Portfolio 778
Credit Default Swaps 778
fi GLOBAL FINANCIAL CRISIS
Credit Default Swaps 779
Pricing Risky Debt 780
Agency Conflicts 781
MyFinanceLab 782 * Key Terms 783 i
Further Reading 783 ■ Problems 783 s
Data Case 788
Chapter 21 Option Valuation 789
21.1 The Binomial Option Pricing
Model 790
A Two-State Single-Period Model 790
The Binomial Pricing Formula 792
A Multiperiod Model 793
Making the Model Realistic 797
21.2 The Black-Scholes Option Pricing
Model 798
The Black-Scholes Formula 798
B INTERVIEW with
Myron S. Scholes 799
Implied Volatility 804
M GLOBAL FINANCIAL CRISIS
The VIX Index 805
The Replicating Portfolio 806
21.3 Risk-Neutral Probabilities 808
A Risk-Neutral Two-State Model 808
Implications of the Risk-Neutral
World 808
Risk-Neutral Probabilities and Option
Pricing 809
21.4 Risk and Return of an Option 811
21.5 Corporate Applications of Option
Pricing 813
Beta of Risky Debt 813
m COMMON MISTAKE
Valuing Employee Stock Options 816
B NOBEL PRIZE The 1997 Nobel Prize
in Economics 817
Contents
15
Agency Costs of Debt 817
MyFinanceLab 818 m Key Terms 820 m
Further Reading 820 m Problems 820
Chapter 22 Real Options 825
22.1 Rea! Versus Financial Options 826
22.2 Decision Tree Analysis 826
Representing Uncertainty 827
Real Options 828
Solving Decision Trees 828
22.3 The Option to Delay: Investment
as a Call Option 829
An Investment Option 829
i Why Are There Empty Lots in Built-Up
Areas of Big Cities? 832
Factors Affecting the Timing
of Investment 833
Investment Options and Firm Risk 834
m GLOBAL FINANCIAL CRISIS
Uncertainty, Investment, and
the Option to Delay 835
22.4 Growth and Abandonment
Options 836
Valuing Growth Potential 836
The Option to Expand 838
1 INTERVIEW with
Scott Mathews 839
The Option to Abandon 840
22.5 Investments with Different Lives 842
H Equivalent Annual Benefit
Method 843
22.6 Optimally Staging Investments 844
22.7 Rules of Thumb 847
The Profitability Index Rule 848
The Hurdle Rate Rule 848
II The Option to Repay a Mortgage 850
22.8 Key Insights from Real Options 851
MyFinanceLab 851 m Key Terms 853 m
Further Reading 853 m Problems 853
PART 8 LONG-TERM FINANCING
Chapter 23 Raising Equity Capital 860
23.1 Equity Financing for Private
Companies 861
Sources of Funding 861
1 Crowdfunding: The Wave
of the Future? 862
m INTFRVIFW with Kevin Laws 863
23.2
23.3
23.4
Chapter 24
24.1
24.2
24.3
24.4
Venture Capital Investing 866
Venture Capital Financing Terms 868
M COMMON MISTAKE Misinterpreting
Start-Up Valuations 868
! From Launch to Liquidity 870
Exiting an Investment in a Private
Company 872
The Initial Public Offering 872
Advantages and Disadvantages
of Going Public 872
Types of Offerings 873
The Mechanics of an IPO 875
if. Google's IPO 875
IPO Puzzles 880
Underpricing 880
Cyclicality 883
M GLOBAL FINANCIAL CRISIS
Worldwide IPO Deals
in 2008-2009 884
Cost of an IPO 884
Long-Run Underperformance 885
The Seasoned Equity Offering 886
The Mechanics of an SEO 886
Price Reaction 888
Issuance Costs 889
MyFinanceLab 889 m Key Terms 890 m
Further Reading 891 i Problems 892 m
Data Case 895
Debt Financing 897
Corporate Debt 898
Public Debt 898
Private Debt 902
Other Types of Debt 903
Sovereign Debt 903
Municipal Bonds 905
flK Detroit's Art Museum at Risk 905
Asset-Backed Securities 906
M GLOBAL FINANCIAL CRISIS
CDOs, Subprime Mortgages,
and the Financial Crisis 906
Bond Covenants 908
Repayment Provisions 909
Call Provisions 909
1 New York City Calls Its Municipal
Bonds 911
Sinking Funds 913
Convertible Provisions 913
MyFinanceLab 915 ■ Key Terms 916 si
Further Reading 917 m Problems 917 *
Data Case 918
16
Contents
Chapter 25 Leasing 921
25.1 The Basics of Leasing 922
Examples of Lease Transactions 922
Lease Payments and Residual
Values 923
Leases Versus Loans 924
ill Calculating Auto Lease
Payments 925
End-of-Term Lease Options 925
Other Lease Provisions 927
25.2 Accounting, Tax, and Legal
Consequences of Leasing 927
Lease Accounting 928
II Operating Leases at Alaska
Air Group 929
The Tax Treatment of Leases 930
Leases and Bankruptcy 931
H Synthetic Leases 932
25.3 The Leasing Decision 932
Cash Flows for a True Tax Lease 933
Lease Versus Buy (An Unfair
Comparison) 934
Lease Versus Borrow (The Right
Comparison) 935
Evaluating a True Tax Lease 937
Evaluating a Non-Tax
Lease 938
25.4 Reasons for Leasing 938
Valid Arguments for Leasing 939
M INTERVIEW with Mark Long 941
Suspect Arguments for Leasing 942
MyFinanceLab 943 m Key Terms 944 m
Further Reading 944 a Problems 945
PART 9 SHORT-TERM FINANCING
Chapter 26 Working Capital
Management 950
26.1 Overview of Working Capital 951
The Cash Cycle 951
Firm Value and Working Capital 953
26.2 Trade Credit 954
Trade Credit Terms 954
Trade Credit and Market Frictions 954
Managing Float 955
26.3 Receivables Management 956
Determining the Credit Policy 956
Monitoring Accounts Receivable 957
26.4 Payables Management 959
Determining Accounts Payable Days
Outstanding 959
Stretching Accounts Payable 960
26.5 Inventory Management 960
Benefits of Holding Inventory 961
Costs of Holding Inventory 961
26.6 Cash Management 962
Motivation for Holding Cash 962
Alternative Investments 963
1 Hoarding Cash 963
MyFinanceLab 965 a Key Terms 966 s
Further Reading 966 a Problems 967 a
Data Case 970
Chapter 27 Short-Term Financial
Planning 973
27.1 Forecasting Short-Term Financing
Needs 974
Seasonalities 974
Negative Cash Flow Shocks 977
Positive Cash Flow Shocks 978
27.2 The Matching Principle 979
Permanent Working Capital 979
Temporary Working Capital 979
Financing Policy Choices 980
27.3 Short-Term Financing with Bank
Loans 981
Single, End-of-Period Payment
Loan 981
Line of Credit 981
Bridge Loan 982
Common Loan Stipulations
and Fees 982
27.4 Short-Term Financing with Commercial
Paper 984
» GLOBAL FINANCIAL CRISIS
Short-Term Financing in Fall 2008 985
27.5 Short-Term Financing with Secured
Financing 986
Accounts Receivable as Collateral 986
1 A Seventeenth-Century Financing
Solution 986
Inventory as Collateral 987
1 Loan Guarantees: The Ex-lm Bank
Controversy 988
MyFinanceLab 989 s Key Terms 990 m
Further Reading 990 m Problems 991
Contents
17
PART 10 SPECIAL TOPICS
Chapter 28 Mergers and Acquisitions 994
Chapter 29 Corporate Governance 1025
29.1 Corporate Governance and Agency
Costs 1026
28.1 Background and Historical
Trends 995
Merger Waves 995
Types of Mergers 997
28.2 Market Reaction to a Takeover 997
29.2 Monitoring by the Board of Directors
and Others 1027
Types of Directors 1027
Board Independence 1027
Board Size and Performance 1029
Other Monitors 1029
28.3 Reasons to Acquire 998
Economies of Scale and Scope 999
Vertical Integration 999
Expertise 999
Monopoly Gains 1000
Efficiency Gains 1000
Tax Savings from Operating Losses 1001
Diversification 1002
Earnings Growth 1002
Managerial Motives to Merge 1003
28.4 Valuation and the Takeover
Process 1004
Valuation 1005
The Offer 1006
Merger "Arbitrage" 1007
Tax and Accounting Issues 1008
Board and Shareholder Approval 1009
28.5 Takeover Defenses 1010
Poison Pills 1010
Staggered Boards 1011
White Knights 1012
Golden Parachutes 1013
Recapitalization 1013
Other Defensive Strategies 1013
Regulatory Approval 1014
81 Weyerhaeuser's Hostile Bid
for Willamette Industries 1014
28.6 Who Gets the Value Added
from a Takeover? 1015
The Free Rider Problem 1015
Toeholds 1016
The Leveraged Buyout 1016
H The Leveraged Buyout of RJR-Nabisco
by KKR 1017
The Freezeout Merger 1019
Competition 1020
MyFinanceLab 1020 s Key Terms 1022 k
Further Reading 1022 m Problems 1022
29.3 Compensation Policies 1030
Stock and Options 1030
Pay and Performance Sensitivity 1030
29.4 Managing Agency Conflict 1032
Direct Action by Shareholders 1032
ü Shareholder Activism at The New
York Times 1033
Management Entrenchment 1034
The Threat of Takeover 1035
29.5 Regulation 1035
The Sarbanes-Oxley Act 1036
M INTERVIEW with
Lawrence E. Harris 1037
The Cadbury Commission 1038
Dodd-Frank Act 1039
Insider Trading 1039
Ü Martha Stewart and ImClone 1040
29.6 Corporate Governance Around
the World 1040
Protection of Shareholder Rights 1040
Controlling Owners and Pyramids 1041
The Stakeholder Model 1043
Cross-Holdings 1044
29.7 The Trade-Off of Corporate
Governance 1044
MyFinanceLab 1045 m Key Terms 1047 m
Further Reading 1047 m Problems 1047
Chapter 30 Risk Management 1049
30.1 insurance 1050
The Role of Insurance;
An Example 1050
Insurance Pricing in a
Perfect Market 1050
The Value of Insurance 1052
The Costs of Insurance 1054
The Insurance Decision 1056
18
Contents
30.2 Commodity Price Risk 1056
Hedging with Vertical Integration
and Storage 1057
Hedging with Long-Term Contracts 1057
Hedging with Futures Contracts 1059
m COMMON MISTAKE
Hedging Risk 1061
Differing Hedging Strategies 1062
Deciding to Hedge Commodity
Price Risk 1062
30.3 Exchange Rate Risk 1063
Exchange Rate Fluctuations 1063
Hedging with Forward Contracts 1064
Cash-and-Carry and the Pricing
of Currency Forwards 1065
8K GLOBAL FINANCIAL CRISIS
Arbitrage in Currency Markets? 1067
Hedging with Options 1069
30.4 Interest Rate Risk 1073
Interest Rate Risk Measurement:
Duration 1073
Duration-Based Hedging 1075
Swap-Based Hedging 1078
H The Savings and Loan Crisis 1080
MyFinanceLab 1082 i Key Terms 1084 *
Further Reading 1084 ■ Problems 1085
Chapter 31 International Corporate
Finance 1091
31,1 Internationally Integrated Capital
Markets 1092
31.2 Valuation of Foreign Currency
Cash Flows 1093
WACC Valuation Method in Domestic
Currency 1094
Using the Law of One Price
as a Robustness Check 1096
31.3 Valuation and International
Taxation 1097
Single Foreign Project with Immediate
Repatriation of Earnings 1098
Multiple Foreign Projects and Deferral
of Earnings Repatriation 1098
31.4 Internationally Segmented Capital
Markets 1099
Differential Access to Markets 1099
Macro-Level Distortions 1100
Implications 1101
31.5 Capital Budgeting with Exchange
Risk 1102
fi INTERVIEW with Bill Barrett 1103
MyFinanceLab 1105 « Key Terms 1106
Further Reading 1106 m Problems 1107
Data Case 1109
Glossary 1111
Index 1131 |
| any_adam_object | 1 |
| author | Berk, Jonathan B. 1962- DeMarzo, Peter M. |
| author_GND | (DE-588)11200881X (DE-588)112327796 |
| author_facet | Berk, Jonathan B. 1962- DeMarzo, Peter M. |
| author_role | aut aut |
| author_sort | Berk, Jonathan B. 1962- |
| author_variant | j b b jb jbb p m d pm pmd |
| building | Verbundindex |
| bvnumber | BV040980877 |
| 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 |
| classification_tum | WIR 680f |
| ctrlnum | (OCoLC)854702348 (DE-599)HEB315323523 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 3. ed., global ed., internat. ed. |
| format | Book |
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| owner_facet | DE-473 DE-BY-UBG DE-355 DE-BY-UBR DE-1051 DE-945 DE-91 DE-BY-TUM DE-11 DE-521 DE-19 DE-BY-UBM DE-523 DE-739 DE-91G DE-BY-TUM DE-M347 DE-M382 DE-1043 DE-898 DE-BY-UBR DE-858 |
| physical | XXXII, 1104 S. Ill., graph. Darst. |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | Pearson |
| record_format | marc |
| series2 | Always learning |
| spelling | Berk, Jonathan B. 1962- Verfasser (DE-588)11200881X aut Corporate finance Jonathan Berk ; Peter DeMarzo 3. ed., global ed., internat. ed. Harlow [u.a.] Pearson 2014 XXXII, 1104 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Always learning Kapitalgesellschaft (DE-588)4129472-5 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Corporate Finance (DE-588)4269795-5 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 Kapitalgesellschaft (DE-588)4129472-5 s 1\p DE-604 DeMarzo, Peter M. Verfasser (DE-588)112327796 aut 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=025958874&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 | Berk, Jonathan B. 1962- DeMarzo, Peter M. Corporate finance Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4129472-5 (DE-588)4139075-1 (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4123623-3 |
| title | Corporate finance |
| title_auth | Corporate finance |
| title_exact_search | Corporate finance |
| title_full | Corporate finance Jonathan Berk ; Peter DeMarzo |
| title_fullStr | Corporate finance Jonathan Berk ; Peter DeMarzo |
| title_full_unstemmed | Corporate finance Jonathan Berk ; Peter DeMarzo |
| title_short | Corporate finance |
| title_sort | corporate finance |
| topic | Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Kapitalgesellschaft Finanzmanagement Corporate Finance Finanzierung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025958874&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT berkjonathanb corporatefinance AT demarzopeterm corporatefinance |