Principles of corporate finance:
Gespeichert in:
| Hauptverfasser: | , , |
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| Format: | Buch |
| Sprache: | English |
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New York, NY
McGraw-Hill Education
[2020]
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| Ausgabe: | 13th edition |
| Schriftenreihe: | The McGraw-Hill/Irwin series in finance, insurance, and real estate
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Auf dem Umschlag: International student edition |
| Beschreibung: | xxx, 918, A-11, G-5, I-24 Seiten Illustrationen, Diagramme |
| ISBN: | 9781260565553 9781260013900 9781260465136 |
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| 245 | 1 | 0 | |a Principles of corporate finance |c Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Professor of Financial Economics, Sloan School of Management Massachusetts, Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London) |
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| adam_text | Brief Contents C. մ JŁ К о о 18 How Much Should a Corporation Borrow? 475 Preface vii 19 Financing and Valuation 507 I Part One: Value і Part Six: Options 1 Introduction to Corporate Finance 1 2 How to Calculate Present Values 20 20 Understanding Options 542 3 Valuing Bonds 46 21 Valuing Options 563 4 The Value of Common Stocks 77 22 Real Options 590 5 Net Present Value and Other Investment Criteria 108 I Part Seven: Debt Financing 6 Making Investment Decisions with the Net Present Value Rule 135 23 Credit Risk and the Value of Corporate Debt 614 24 The Many Different Kinds of Debt 631 I Part Two: Risk 25 Leasing 663 7 Introduction to Risk and Return 167 I Part Eight: Risk Management 8 Portfolio Theory and the Capital Asset Pricing Model 198 26 Managing Risk 683 9 Risk and the Cost of Capital 228 27 Managing International Risks 717 I Part Three: Best Practices in Capital Budgeting I Part Nine: Financial Planning and Working Capital Management 10 Project Analysis 257 28 Financial Analysis 743 11 How to Ensure that Projects Truly Have Positive NPVs 284 29 Financial Planning 770 30 Working Capital Management 801 12 Agency Problems and Investment 311 I Part Ten: Mergers, Corporate Control, and Governance I Part Four: Financing Decisions and Market Efficiency 31 Mergers 830 13 Efficient Markets and Behavioral Finance 337 32 Corporate Restructuring 863 14 An Overview of Corporate Financing 365 33 Governance and Corporate Control around the World 888 15 How Corporations Issue Securities 391 I Part Five: Payout Policy and Capital Structure I Part Eleven: Conclusion 34 Conclusion:
What We Do and Do Not Know about Finance 909 16 Payout Policy 425 17 Does Debt Policy Matter? 451 XX c
1 Contents Preface vii 2- 4 How Interest Is Paid and Quoted 36 Continuous Compounding Summary 39 · Problem Sets 40 · Finance on the Web 45 I Part One: Value 1 1-1 3 Introduction to Corporate Finance 1 Bonds 47 A Short Trip to Paris to Value a Government Bond/ Back to the United States: Semiannual Coupons and Bond Prices 2 Investment Decisions/Financing Decisions/What Is a Corporation?/The Role of the Financial Manager 1-2 The Financial Goal of the Corporation 7 Shareholders Want Managers to Maximize Market Value/A Fundamental Result/The Investment TradeOff/Should Managers Look After the Interests of Their Shareholders?/Agency Problems and Corporate Governance 1- 3 Preview of Coming Attractions 46 3- 1 Using the Present Value Formula to Value Corporate Investment and Financing Decisions Valuing Bonds 3-2 How Bond Prices Vary with Interest 50 Duration and Volatility Rates 56 Spot Rates, Bond Prices, and the Law of One Price/Measuring the Term Structure/Why the Discount Factor Declines as Futurity Increases— and a Digression on Money Machines 3-3 The Term Structure of Interest Rates 3-4 60 Expectations Theory of the Term Structure/ Introducing Risk/Inflation and Term Structure 13 Summary 15 · Problem Sets 15 · Appendix: Why Maximizing Shareholder Value Makes Sense 18 2 2- 1 2-2 How to Calculate Present Values 20 Future Values and Present Values 20 Calculating Future Values/Calculating Present Values/Valuing an Investment Opportunity/Net Present Value/Risk and Present Value/Present Values and Rates of Return/Calculating Present Values When There Are Multiple Cash Flows/The
Opportunity Cost of Capital Real and Nominal Rates of Interest 62 Indexed Bonds and the Real Rate of Interest/What Determines the Real Rate of Interest?/Inflation and Nominal Interest Rates 3-6 The Risk of Default 67 Corporate Bonds and Default Risk/Sovereign Bonds and Default Risk Summary 70 · Further Reading 71 · Problem Sets 71 Finance on the Web 76 Looking for Shortcuts—Perpetuities and 28 How to Value Perpetuities/How to Value Annuities/ Valuing Annuities Due/Calculating Annual Payments/Future Value of an Annuity 4 The Value of Common Stocks 4-1 How Common Stocks Are Traded More Shortcuts—Growing Perpetuities and 4-2 Annuities 2-3 3-5 Explaining the Term Structure 34 Growing Perpetuities/Growing Annuities Annuities 77 78 Trading Results for Boeing 80 Valuation by Comparables/Stock Prices and Dividends How Common Stocks Are Valued xxi
xxii Contents 4-3 Estimating the Cost of Equity Capital 87 Using the DCF Model to Set Water, Gas, and Electricity Prices/Dangers Lurk in ConstantGrowth Formulas 4-4 The Link between Stock Price and Earnings per Share 92 Calculating the Present Value of Growth Opportunities for Fledgling Electronics Inflation Consistently/Rule 4: Separate Investment and Financing Decisions/Rule 5: Remember to Deduct Taxes 6-2 Corporate Income Taxes 142 U.S. Corporate Income Tax Reform 6-3 Example—IM C’s Fertilizer Project 144 The Three Elements of Project Cash Flows/ Forecasting the Fertilizer Project’s Cash Flows/ Accelerated Depreciation and First-Year Expensing/Final Comments on Taxes/Project Analysis/Calculating NPV in Other Countries and Currencies 6-4 Using the NPV Rule to Choose among 4- 5 Valuing a Business by Discounted Cash Flow 95 Valuing the Concatenator Business/Valuation Format/Estimating Horizon Value/Free Cash Flow, Dividends, and Repurchases Summary 100 · Problem Sets 101 · Finance on the Projects 151 Problem 1: The Investment Timing Decision/ Problem 2: The Choice between Long- and ShortLived Equipment/Problem 3: When to Replace an Old Machine/Problem 4: Cost of Excess Capacity Web 106 · Mini-Case: Reeby Sports 106 5 Net Present Value and Other Investment Criteria 108 5- 1 A Review of the Basics 108 Net Present Value’s Competitors/Three Points to Remember about NPV 5-2 Book Rate of Return and Payback 111 Book Rate of Return /Payback/Discounted Payback 5-3 Internal (or Discounted Cash Flow) Rate of Return 114 Calculating the IRR/The IRR Rule/Pitfall 1— Lending or
Borrowing?/Pitfall 2—Multiple Rates of Retum/Pitfall 3—Mutually Exclusive Projects/Pitfall 4—What Happens When There Is More Than One Opportunity Cost of Capital/The Verdict on IRR 5- 4 Summary 156 · Further Reading 157 · Problem Sets 157 · Mini-Case: New Economy Transport (A) 165 · New Economy Transport (B) 166 I Part Two: liisk 7 Introduction to Risk and Return 167 7-1 Over a Century of Capital Market History in One Easy Lesson 167 Arithmetic Averages and Compound Annual Returns/Using Historical Evidence to Evaluate Today ’s Cost of Capital Choosing Capital Investments When Resources Are Limited 122 An Easy Problem in Capital Rationing/Uses of Capital Rationing Models 7-2 Diversification and Portfolio Risk 174 Variance and Standard Deviation/Measuring Variability/How Diversification Reduces Risk 7-3 Calculating Portfolio Risk 181 General Formula for Computing Portfolio Risk/Do I Really Have to Add up 36 Million Boxes? 7-4 How Individual Securities Affect Portfolio Summary 126 · Further Reading 127 · Problem Sets 127 · Mini-Case: Vegetron’s CFO Calls Again 132 6 6- 1 Making Investment Decisions with the Net Present Value Rule 135 Applying the Net Present Value Rule 135 Rule 1: Discount Cash Flows, Not Profits/Rule 2: Discount Incremental Cash Flows /Rule 3: Treat Risk 185 Market Risk Is Measured by Beta/Why Security Betas Determine Portfolio Risk
xxiii ► Contents 7- 5 Diversification and Value Additivity 189 9- 4 Summary 190 · Further Reading 191 · Problem Sets 191 · Finance on the Web 197 8 Portfolio Theory and the Capital Asset Pricing Model 198 8- 1 Harry Markowitz and the Birth of Portfolio Theory 198 Combining Stocks into Portfolios/We Introduce Borrowing and Lending 8-2 The Relationship between Risk and Return 205 Some Estimates of Expected Returns/Review of the Capital Asset Pricing Model/What If a Stock Did Not Lie on the Security Market Line? 8-3 Validity and Role of the Capital Asset Pricing Model 208 Tests of the Capital Asset Pricing Model/ Assumptions behind the Capital Asset Pricing Model 8- 4 Some Alternative Theories 213 Arbitrage Pricing Theory/A Comparison of the Capital Asset Pricing Model and Arbitrage Pricing Theory/The Three-Factor Model Summary 217 * Further Reading 218 · Problem Sets 219 · Finance on the Web 225 * Mini-Case: John and Marsha on Portfolio Selection 225 9 Risk and the Cost of Capital 9- 1 Company and Project Costs of Capital 228 229 Perfect Pitch and the Cost of Capital/Debt and the Company Cost of Capital 9-2 Measuring the Cost of Equity 232 Estimating Beta/The Expected Return on CSX’s Common Stock/CSX’s After-Tax Weighted-Average Cost of Capital/CSX’s Asset Beta 9-3 Analyzing Project Risk 236 What Determines Asset Betas ?/Don ’t Be Fooled by Diversifiable Risk/Avoid Fudge Factors in Discount Rates/Discount Rates for International Projects Certainty Equivalents—Another Way to Adjust for Risk 242 Valuation by Certainty Equivalents/When to Use a Single Risk-Adjusted Discount Rate
for Long-Lived Assets/A Common Mistake/When You Cannot Use a Single Risk-Adjusted Discount Rate for LongLived Assets Summary 248 · Further Reading 249 · Problem Sets 249 · Finance on the Web 254 ■ Mini-Case: The Jones Family Incorporated 254 I Part Three: Best Practices in Capital Budgeting 10 Project Analysis 257 10- 1 Sensitivity and Scenario Analysis 258 Value of Information/Limits to Sensitivity Analysis/ Scenario Analysis 10-2 Break-Even Analysis and Operating Leverage 262 Break-Even Analysis/Operating Leverage and the Break-Even Point 10-3 Monte Carlo Simulation 264 Simulating the Electric Scooter Project 10- 4 Real Options and Decision Trees 266 The Option to Expand/The Option to Abandon/ Production Options/Timing Options/More on Decision Trees/Pro and Con Decision Trees Summary 274 · Further Reading 275 · Problem Sets 275 · Mini-Case: Waldo County 282 II How to Ensure That Projects Truly Have Positive NPVs 284 11- 1 How Firms Organize the Investment Process 284 The Capital Budget/Project Authorizations—and the Problem of Biased Forecasts/Postaudits 11-2 Look First to Market Values 287 The BMW and Your Sporting Idol 11-3 Economic Rents and Competitive Advantage 292
1 xxiv Contents 11- 4 Marvin Enterprises Decides to Exploit a New Technology—an Example 295 Forecasting Prices of Gargle Blasters/The Value ofMarvin’s New Expansion/Alternative Expansion Plans/The Value ofMarvin Stock/The Lessons of Marvin Enterprises 13-2 The Efficient Market Hypothesis 340 A Startling Discovery: Price Changes Are Random/Random Walks: The Evidence/Semistrong Market Efficiency: The Evidence/Strong Market Efficiency: The Evidence 13-3 Bubbles and Market Efficiency 348 303 · Mini-Case: Ecsy-Cola 309 13-4 Behavioral Finance 349 Sentiment/Limits to Arbitrage/Incentive Problems and the Financial Crisis of2008-2009 12 13- 5 The Five Lessons of Market Summary 303 · Further Reading 303 · Problem Sets Agency Problems and Investment 311 Efficiency 354 Lesson 1: Markets Have No Memory/Lesson 2: Trust Market Prices/Lesson 3: Read the Entrails/ Lesson 4: The Do-It-Yourself Alternative/Lesson 5: Seen One Stock, Seen Them All/What If Markets Are Not Efficient? Implications for the Financial Manager 12- 1 What Agency Problems Should You Watch Out For? 311 Agency Problems Don’t Stop at the Top/Risk Taking 12-2 Monitoring 314 Boards of Directors /Auditors/Lenders/ Shareholders/Tikeovers 12-3 Management Compensation 316 Compensation Facts and Controversies/The Economics of Incentive Compensation/The Specter of Short-Termism 12-4 Measuring and Rewarding Performance: Residual Income and EVA 323 Residual Income or Economic Value Added (EVA®)/Pros and Cons of EVA 12- 5 Biases in Accounting Measures of Performance 326 Example: Measuring the Profitability ofthe Nodhead
Supermarket/Measuring Economic Profitability/Do the Biases Wash Out in the Long Run? /What Can We Do about Biases in Accounting Profitability Measures? Summary 331 · Further Reading 332 * Problem Sets 332 I Part Four: Financing Decisions and Market Efficiency 13 Efficient Markets and Behavioral Finance 337 13- 1 Differences between Investment and Financing Decisions 338 We Always Come Back to NPV Summary 359 · Further Reading 360 · Problem Sets 361 * Finance on the Web 364 14 An Overview of Corporate Financing 365 14- 1 Patterns of Corporate Financing 365 Do Firms Rely Too Much on Internal Funds?/How Much Do Firms Borrow? 14-2 Common Stock 369 Ownership of the Corporation/Voting Procedures/ Dual-Class Shares and Private Benefits/Equity in Disguise/Preferred Stock 14-3 Debt 374 Debt Comes in Many Forms/A Debt by Any Other Name/Variety’s the Very Spice of Life 14-4 Financial Markets and Intermediaries 377 Financial Markets/Financial Intermediaries/ Investment Funds/Financial Institutions 14-5 The Role of Financial Markets and Intermediaries 382 The Payment Mechanism/Borrowing and Lending/ Pooling Risk/Information Provided by Financial Markets/The Financial Crisis of2007-2009 Summary 386 · Further Reading 387 · Problem Sets 388 · Finance on the Web 390
xxv Contents 15 16-5 Taxes and the Radical Left 437 Empirical Evidence on Dividends and Taxes/ Alternative Tax Systems How Corporations Issue Securities 391 15-1 Venture Capital 391 The Venture Capital Market 16- 6 Payout Policy and the Life Cycle of the Firm Payout and Corporate Governance 15-2 The Initial Public Offering 396 The Public-Private Choice/Arranging an Initial Public Offering/The Sale of Marvin Stock/The Underwriters/Costs of a New Issue/Underpricing of IPOs/Hot New-lssue Periods/The Long-Run Performance of IPO Stocks 15-3 Alternative Issue Procedures for IPOs Types ofAuction: A Digression 15-5 Private Placements and Public Issues Summary 443 · Further Reading 444 · Problem Sets 445 17 Does Debt Policy Matter? 413 Summary 413 · Further Reading 414 Problem Sets 415 · Finance on the Web 420 Appendix: Marvin’s New-lssue Prospectus 421 451 17- 1 The Effect of Financial Leverage in a Competitive Tax-Free Economy 452 Enter Modigliani and Miller/The Law of Conservation of Value/An Example of Proposition 1 406 15-4 Security Sales by Public Companies 408 General Cash Offers/International Security Issues/The Costs of a General Cash Offer/Market Reaction to Stock Issues/Rights Issues 441 17-2 Financial Risk and Expected Returns 457 Proposition 2/Leverage and the Cost of Equity/ How Changing Capital Structure Affects Beta/ Watch Out for Hidden Leverage 17-3 No Magic in Financial Leverage 464 Today’s Unsatisfied Clienteles Are Probably Interested in Exotic Securities/Imperfections and Opportunities 17- 4 A Final Word on the After-Tax WeightedAverage Cost of Capital I Part
Five: Payout Policy and Capital Structure 16 467 Summary 468 · Further Reading 469 · Problem Sets 470 · Mini-Case: Claxton Drywall Comes to the Rescue 474 Payout Policy 425 16-1 Facts about Payout 426 How Firms Pay Dividends/How Firms Repurchase Stock 16-2 The Information Content of Dividends and Repurchases 428 The Information Content of Share Repurchases 16-3 Dividends or Repurchases? The Payout Controversy 431 Payout Policy Is Irrelevant in Perfect Capital Markets/Dividends or Repurchases? An Example/ Stock Repurchases and DCF Models of Share Price/Dividends and Share Issues 16-4 The Rightists 436 Payout Policy, Investment Policy, and Management Incentives 18 How Much Should a Corporation Borrow? 475 18- 1 Corporate Taxes 476 How Do Interest Tax Shields Contribute to the Value of Stockholders’ Equity //Recasting Johnson Johnson’s Capital Structure/MM and Taxes 18-2 Corporate and Personal Taxes 480 18-3 Costs of Financial Distress 482 Bankruptcy Costs/Evidence on Bankruptcy Costs/ Direct versus Indirect Costs of Bankruptcy/ Financial Distress without Bankruptcy/Debt and Incentives/Risk Shifting: The First Game/Refusing to Contribute Equity Capital: The Second Game/ And Three More Games, Briefly/What the Games Cost/Costs of Distress Vary with Type ofAsset/The Trade-Off Theory of Capital Structure
xxvi Contents 18- 4 The Pecking Order of Financing Choices 495 Debt and Equity Issues with Asymmetric Information/Implications of the Pecking Order/The Trade-Off Theory ví. the Pecking-Order Theory— Some Evidence/The Bright Side and the Dark Side of Financial Slack/Is There a Theory of Optimal Capital Structure? 20-2 Financial Alchemy with Options Spotting the Option 547 20- 3 What Determines Option Values? Risk and Option Values 552 Summary 557 · Further Reading 558 Problem Sets 558 · Finance on the Web 562 Summary 501 * Further Reading 502 · Problem Sets 21 503 · Finance on the Web 506 19 Financing and Valuation 507 19- 1 The After-Tax Weighted-Average Cost of Capital 508 Review ofAssumptions/Mistakes People Make in Using the Weighted-Average Formula 19-2 Valuing Businesses 512 Valuing Rio Corporation/Estimating Horizon Value/WACC ví. the Flow-to-Equity Method 19-3 Using WACC in Practice 517 Some Tricks of the Trade/Adjusting WACC When Debt Ratios and Business Risks Differ/Unlevering and Relevering Betas/The Importance of Rebalancing/The Modigliani-Miller Formula, Plus Some Final Advice 19-4 Adjusted Present Value 524 APVfor the Perpetual Crusher/Other Financing Side Effects/APVfor Entire Businesses/APV and Limits on Interest Deductions/APVfor International Investments 19-5 Your Questions Answered 529 Valuing Options 563 21- 1 A Simple Option-Valuation Model 564 Why Discounted Cash Flow Won’t Workfor Options/Constructing Option Equivalents from Common Stocks and Borrowing/Valuing the Amazon Put Option 21-2 The Binomial Method for Valuing Options 568 Example: The Two-Step
Binomial Method/The General Binomial Method/The Binomial Method and Decision Trees 21-3 The Black-Scholes Formula 573 Using the Black-Scholes Formula/The Risk of an Option/The Black-Scholes Formula and the Binomial Method 21-4 Black-Scholes in Action 577 Executive Stock Options/Warrants/Portfolio Insurance/Calculating Implied Volatilities 21-5 Option Values at a Glance 21- 6 The Option Menagerie 580 582 Summary 582 · Further Reading 583 · Problem Sets 583 · Finance on the Web 588 · Mini-Case: Bruce Honiball’s Invention 588 Summary 531 · Further Reading 532 · Problem Sets 532 · Finance on the Web 537 · Appendix: 22 Real Options 590 Discounting Safe, Nominal Cash Flows 538 22- 1 The Value of Follow-On Investment I Part Six: 20 Opportunities 590 Questions and Answers about Blitzen ’s Mark II/ Other Expansion Options Options Understanding Options 542 20-1 Calls, Puts, and Shares 543 Call Options and Position Diagrams/Put Options/ Selling Calls and Puts/Position Diagrams Are Not Profit Diagrams 22-2 The Timing Option 594 Valuing the Malted Herring Option/Optimal Timing for Real Estate Development 22-3 The Abandonment Option 597 Bad News for the Perpetual Crusher/Abandonment Value and Project Life/Temporary Abandonment
Contents 22-4 Flexible Production and Procurement Aircraft Purchase Options 22-5 Investment in Pharmaceutical R D 600 604 22- 6 Valuing Real Options 606 A Conceptual Problem?/What about Taxes?/ Practical Challenges xxvii ► 24-3 Bank Loans 647 Commitment/Maturity/Rate of Interest/Syndicated Loans/Security/Loan Covenants 24- 4 Commercial Paper and Medium-Term Notes Commercial Paper/Medium-Term Notes 650 Summary 652 · Further Reading 653 · Problem Summary 608 · Further Reading 609 Sets 653 · Mini-Case: The Shocking Demise of Problem Sets 609 Mr. Thorndike 658 · Appendix: Project Finance 660 Appendix Further Reading 662 I Part Seven: Debt Financing 23 Credit Risk and the Value of Corporate Debt 614 23- 1 Yields on Corporate Debt 614 What Determines the Yield Spread? 23-2 Valuing the Option to Default 618 The Value of Corporate Equity/A Digression: Valuing Government Financial Guarantees 23-3 Bond Ratings and the Probability of Default 622 23- 4 Predicting the Probability of Default 624 Statistical Models of Default/Structural Models of Default Summary 628 · Further Reading 628 · Problem Sets 629 · Finance on the Web 630 25 Leasing 663 25- 1 What Is a Lease? 663 25-2 Why Lease? 664 Sensible Reasons for Leasing/Some Dubious Reasons for Leasing 25-3 Operating Leases 667 Example of an Operating Lease/Lease or Buy? 25-4 Valuing Financial Leases 669 Example of a Financial Lease/Who Really Owns the Leased Asset?/Leasing and the Internal Revenue Service/A First Pass at Valuing a Lease Contract/The Story So Far/Financial Leases When There Is No Interest Tax Shield 25-5 When Do Financial
Leases Pay? teasing around the World 25-6 Leveraged Leases 675 676 Summary 677 · Further Reading 678 · Problem Sets 678 24 The Many Different Kinds of Debt 631 24- 1 Long-Term Bonds 632 Bond Terms/Security and Seniority/Asset-Backed Securities/Call Provisions/Sinking Funds/Bond Covenants/Privately Placed Bonds/Foreign Bonds and Eurobonds 24-2 Convertible Securities and Some Unusual Bonds 641 The Value of a Convertible at Maturity/ Forcing Conversion/Why Do Companies Issue Convertibles //Valuing Convertible Bonds/A Variation on Convertible Bonds: The BondWarrant Package/Innovation in the Bond Market i Part Eight: Risk Management 26 Managing Risk 683 26-1 Why Manage Risk? 684 Reducing the Risk of Cash Shortfalls or Financial Distress/Agency Costs May Be Mitigated by Risk Management/The Evidence on Risk Management 26-2 Insurance 687 26-3 Reducing Risk with Options 689 26-4 Forward and Futures Contracts 690 A Simple Forward Contract/Futures Exchanges/ The Mechanics of Futures Trading/Trading and
О ՜1 xxviii о Contents 28-4 Measuring Home Depot’s Performance 748 Economic Value Added/Accounting Rates of Return/Problems with EVA and Accounting Rates of Return Pricing Financial Futures Contracts/Spot and Futures Prices—Commodities/More about Forward Contracts/Homemade Forward Rate Contracts 26-5 Swaps 697 Interest Rate Swaps/Currency Swaps/Some Other Swaps 28-6 Analyzing the Return on Assets: The Du Pont System 754 The Du Pont System 26-6 How to Set Up a Hedge 702 Hedging Interest Rate Risk/Hedge Ratios and Basis Risk 28-7 Measuring Leverage 756 Leverage and the Return on Equity 705 26- 7 Is “Derivative” a Four-Letter Word? 752 28-5 Measuring Efficiency 758 Summary 707 · Further Reading 708 · Problem 28-8 Measuring Liquidity Sets 708 · Finance on the Web 714 · Mini-Case: 28- 9 Interpreting Financial Ratios Rensselaer Advisers 714 760 Summary 763 · Further Reading 763 · Problem Sets 763 · Finance on the Web 769 27 Managing International Risks 27- 1 The Foreign Exchange Market 717 29 717 27-2 Some Basic Relationships 719 Interest Rates and Exchange Rates/The Forward Premium and Changes in Spot Rates/Changes in the Exchange Rate and Inflation Rates/Interest Rates and Inflation Rates/Is Life Really That Simple? 770 29- 1 Links between Short-Term and Long-Term Financing Decisions 770 29-2 Tracing Changes in Cash The Cash Cycle 29-3 Cash Budgeting 27-3 Hedging Currency Risk 728 Transaction Exposure and Economic Exposure 773 778 29-4 Dynamic’s Short-Term Financial Plan 780 Dynamic Mattress’s Financing Plan/Evaluating the Plan/A Note on Short-Term Financial Planning Models
27-4 Exchange Risk and International Investment Decisions 731 The Cost of Capital for International Investments 27- 5 Political Risk Financial Planning 29-5 Long-Term Financial Planning 784 Why Build Financial Plans?/A Long-Term Financial Planning Model for Dynamic Mattress/Pitfalls in Model Design/Choosing a Plan 734 Summary 736 · Further Reading 737 · Problem Sets 738 • Finance on the Web 741 · Mini-Case: Exacta, S.a. 742 29- 6 Growth and External Financing Summary 791 · Further Reading 791 · Problem Sets I Part Nine: Financial Planning and Working Capital Management 792 · Finance on the Web 800 28 30 Financial Analysis 789 743 743 28-2 Financial Statements 744 28- 1 Financial Ratios Working Capital Management 801 30- 1 The Composition of Working Capital 28-3 Home Depot’s Financial Statements 745 The Balance Sheet/The Income Statement О о ° 30-2 Inventories 804 30-3 Credit Management о OO о О о о О o 806 802
Contents Terms of Sale/The Promise to Pay/Credit Analysis/ The Credit Decision/Collection Policy 30-4 Cash 812 How Purchases Are Paid For/Speeding Up Check Collections/Intemational Cash Management/ Paying for Bank Services Sets 856 · Appendix: Conglomerate Mergers and Value Additivity 861 32 Corporate Restructuring 863 32- 1 Leveraged Buyouts 863 The RJR Nabisco LBO/Barbarians at the Gate?/ Leveraged Restructurings/LBOs and Leveraged Restructurings Summary 822 · Further Reading 823 · Problem Sets 824 · Finance on the Web 829 32-2 The Private-Equity Market 868 Private-Equity Partnerships/Are Private-Equity Funds Today’s Conglomerates? i Part Ten: Mergers, Corporate Control, and Governance Mergers 31- 6 Merger Waves and Merger Profitability 853 Merger Waves/Merger Announcements and the Stock Price/Merger Profitability/Do Mergers Generate Net Benefits? Summary 855 · Further Reading 856 · Problem 30-5 Marketable Securities 816 Tax Strategies/Investment Choices/Calculating the Yield on Money Market Investments/Returns on Money Market Investments/The International Money Market/Money Market Instruments 31 xxix Ւ 32-3 Fusion and Fission in Corporate Finance 873 Spin-Offs/Carve-Outs/Asset Sales/Privatization and Nationalization 830 31-1 Sensible Motives for Mergers 831 Economies of Scale/Economies of Vertical Integration/Complementary Resources/Surplus Funds/ Eliminating Inefficiencies/Industry Consolidation 31-2 Some Dubious Reasons for Mergers 836 Diversification/Increasing Earnings per Share: The Bootstrap Game/Lower Financing Costs 31-5 Proxy Fights, Takeovers, and the Market
for Corporate Control 847 Proxy Contests/Takeovers/Valeant Bids for Allergan/ Takeover Defenses/Who Gains Most in Mergers? О i,֊ c· Governance and Corporate Control around the World 888 33- 1 Financial Markets and Institutions 888 Investor Protection and the Development of Financial Markets 31-4 The Mechanics of a Merger 844 Mergers, Antitrust Law, and Popular Opposition/ The Form ofAcquisition/Merger Accounting/Some Tax Considerations/Cross-Border Mergers and Tax Inversion о Summary 883 · Further Reading 884 · Problem Sets 885 33 31-3 Estimating Merger Gains and Costs 839 Right and Wrong Ways to Estimate the Benefits of Mergers/More on Estimating Costs—What If the Target’s Stock Price Anticipates the Merger?/ Estimating Cost When the Merger Is Financed by Stock/Asymmetric Information О 32- 4 Bankruptcy 878 Is Chapter 11 Efficient?/Workouts/Alternative Bankruptcy Procedures 33-2 Ownership, Control, and Governance 892 Ownership and Control in Japan/Ownership and Control in Germany/European Boards ofDirectors/ Shareholders versus Stakeholders/Ownership and Control in Other Countries/Conglomerates Revisited 33-3 Do These Differences Matter? 902 Risk and Short-Termism/Growth Industries and Declining Industries/Transparency and Governance Summary 905 · Further Reading 906 Problem Sets 907
xxx Contents i Part Eleven: Conclusion 34 Conclusion: What We Do and Do Not Know about Finance 909 34-1 What We Do Know: The Seven Most Important Ideas in Finance 909 1. Net Present Value/2. The Capital Asset Pricing Model/З. Efficient Capital Markets/4. Value Additivity and the Law of Conservation of Value/ 5. Capital Structure Theory/6. Option Theory/ 7. Agency Theory 34-2 What We Do Not Know: 10 Unsolved Problems in Finance 912 1. What Determines Project Risk and Present Value ?/2. Risk and Return—What Have We Missed?/3. How Important Are the Exceptions to the Efficient-Market Theory ?/4. Is Management an Off-Balance-Sheet Liability ?/5. How Can We Explain the Success of Ne w Securities and New Markets ?/6. How Can We Resolve the Payout Controversy?//. What Risks Should a Firm Take?/8. What Is the Value of Liquidity?/9. How Can We Explain Merger Waves?/10. Why Are Financial Systems So Prone to Crisis? 34-3 A Final Word 918 APPENDIX A-1 GLOSSARY G-l INDEX 1-1 Note: Present value tables are available in Connect.
|
| any_adam_object | 1 |
| author | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- |
| author_GND | (DE-588)124289401 (DE-588)129325023 (DE-588)136922465 |
| author_facet | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- |
| author_role | aut aut aut |
| author_sort | Brealey, Richard A. 1936- |
| author_variant | r a b ra rab s c m sc scm f a fa |
| building | Verbundindex |
| bvnumber | BV045539247 |
| 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 QP 750 SK 980 |
| classification_tum | WIR 680 |
| ctrlnum | (OCoLC)1060615214 (DE-599)BVBBV045539247 |
| 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 | Mathematik Wirtschaftswissenschaften |
| edition | 13th edition |
| format | Book |
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| id | DE-604.BV045539247 |
| illustrated | Illustrated |
| indexdate | 2025-01-17T04:08:59Z |
| institution | BVB |
| isbn | 9781260565553 9781260013900 9781260465136 |
| language | English |
| lccn | 018040697 |
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| physical | xxx, 918, A-11, G-5, I-24 Seiten Illustrationen, Diagramme |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | McGraw-Hill Education |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance, and real estate |
| spellingShingle | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Principles of corporate finance Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmen (DE-588)4061963-1 gnd |
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| title | Principles of corporate finance |
| title_auth | Principles of corporate finance |
| title_exact_search | Principles of corporate finance |
| title_full | Principles of corporate finance Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Professor of Financial Economics, Sloan School of Management Massachusetts, Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London) |
| title_fullStr | Principles of corporate finance Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Professor of Financial Economics, Sloan School of Management Massachusetts, Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London) |
| title_full_unstemmed | Principles of corporate finance Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Professor of Financial Economics, Sloan School of Management Massachusetts, Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London) |
| title_short | Principles of corporate finance |
| title_sort | principles of corporate finance |
| topic | Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Finanzmanagement Corporate Finance Finanzplanung Finanzierung Unternehmen Einführung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030923206&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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Inhaltsverzeichnis
THWS Schweinfurt Zentralbibliothek Lesesaal
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