Principles of corporate finance:
Gespeichert in:
| Hauptverfasser: | , , , |
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| Format: | Buch |
| Sprache: | English |
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New York, NY
McGraw Hill
[2023]
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| Ausgabe: | Fourteenth edition, international student edition |
| Schriftenreihe: | The McGraw Hill series in finance, insurance, and real estate
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Auf dem Umschlag: This international student edition is for use outside of the U.S. |
| Beschreibung: | xxx, 986, G-5, I-29 Seiten Illustrationen, Diagramme |
| ISBN: | 9781265074159 1265074151 |
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| 245 | 1 | 0 | |a Principles of corporate finance |c Richard A. Brealey (Emeritus Professor of Finance, London Business School), Stewart C. Myers (Emeritus Professor for Financial Economics, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London), Alex Edmans (Professor of Finance, London Business School) |
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Brief Contents Preface vii I I Part One: Value 1 Introduction to Corporate Finance 2 How to Calculate Present Values 21 3 Valuing Bonds 52 4 Valuing Stocks 84 5 Net Present Value and Other Investment Criteria 119 6 Making Investment Decisions with the Net Present Value Rule 1 I Part Two: Risk 19 Agency Problems and Corporate Governance 555 20 Stakeholder Capitalism and Responsible Business 588 I 149 I Part Six: Corporate Objectives and Governance Part Seven: Options 21 Understanding Options 614 22 Valuing Options 637 23 Real Options 666 Part Eight: Debt Financing 24 Credit Risk and the Value of Corporate Debt 691 7 Introduction to Risk, Diversification, and Portfolio Selection 184 25 The Many Different Kinds of Debt 710 8 The Capital Asset Pricing Model 222 26 Leasing 744 9 Risk and the Cost of Capital 248 1 Part Nine: Risk Management 1 Part Three: Best Practices in Capital Budgeting 10 Project Analysis 276 11 How to Ensure That Projects Truly Have Positive NPVs 301 1 Part Four: Financing Decisions and Market Efficiency 12 Efficient Markets and Behavioral Finance 327 13 An Overview of Corporate Financing 368 14 How Corporations Issue Securities 399 1 Part Five: Payout Policy and Capital Structure 15 Payout Policy 434 16 Does Debt Policy Matter? 459 17 How Much Should a Corporation Borrow? 485 18 Financing and Valuation 518 XX 27 Managing Risk 763 28 International Financial Management 799 1 Part Ten: Financial Planning and Working Capital Management , 29 Financial Analysis 828 30 Financial Planning 857 31 Working Capital Management 888 1 Part Eleven: Mergers. Corporate
Control. and Governance 32 Mergers 918 33 Corporate Restructuring 950 1 Part Twelve: Conclusion . . 34 Conclusion: What We Do and Do Not Know about Finance 977
’ Contents How Interest Is Paid and Quoted Continuous Compounding Preface vii 2-4 I Part One: Value Key Takeaways 44 · Problem Sets 45 · Solutions to 39 Self-Test Questions 50 · Finance on the Web 51 1 1-1 Introduction to Corporate Finance 1 3 Valuing Bonds Corporate Investment and Financing 3-1 Using the Present Value Formula to Value Bonds 53 A Short Trip to Paris to Value a Government Bond/ Back to the United States: Semiannual Coupons and Bond Prices Decisions 2 Investment Decisions/Financing Decisions/What Is a Corporation?/The Role of the Financial Manager 1-2 1-3 The Financial Goal of the Corporation 8 Shareholders Want Managers to Maximize Market Value/А Fundamental Result: Why Maximizing Shareholder Wealth Makes Sense/ Should Managers Maximize Shareholder Wealth?/ The Investment Trade-Off/Agency Problems and Corporate Governance 3-2 How Bond Prices Vary with Yields 57 Duration and Interest-Rate Sensitivity 3-3 The Term Structure of Interest Rates 62 Spot Rates, Bond Prices, and the Law of One Price/Measuring the Term Structure/Why the Discount Factor Declines as Futurity Increases Key Questions in Corporate Finance 3-4 Explaining the Term Structure 68 Expectations Theory of the Term Structure/Interest Rate Risk/Inflation Risk 3-5 Real and Nominal Interest Rates 70 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 74 Corporate Bonds and Default Risk/Sovereign Bands and Default Risk 14 Key Takeaways 15 · Problem Sets 16 · Solutions to Self-Test Questions 18 · Appendix:
Why Maximizing Shareholder Value Makes Sense 19 2 How to Calculate Present Values 21 2-1 How to Calculate Future and Present Values 22 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 2-2 2-3 52 How to Value Perpetuities and Annuities 30 How to Value Perpetuities/How to Value Annuities/ Valuing Annuities Due/Calculating Annual Payments/Future Value of an Annuity Key Takeaways 77 ■ Further Reading 78 · Problem Sets 78 · Solutions to Self-Test Questions 83 · Finance on the Web 83 4 Valuing Stocks 4-1 How Stocks Are Traded 85 Trading Results for Cummins/Market Price w. Book Value 4-2 Valuation by Comparables 4-3 Dividends and Stock Prices How to Value Growing Perpetuities and Annuities 37 Growing Perpetuities/Growing Annuities 84 88 90 xxl
* xxii Contents Dividends and Capital Gains/Two Versions of the Dividend Discount Model Rule I: Discount Cash Flows, Not Profits/Rule 2: Discount Incremental Cash Flows and Ignore NonIncremental Cash Flows/Rule 3: Treat Inflation Consistently/Rule 4: Separate Investment and Financing Decisions/Rule 5: Forecast Cash Flows after Taxes 4-4 Dividend Discount Model Applications 95 Using the Constant-Growth DCF Model to Set Water, Gas, and Electricity Prices/DCF Models with Two or More Stages of Growth 4-5 Income Stocks and Growth Stocks 101 Calculating the Present Value of Growth Opportunities for Establishment Electronics 6-2 Corporate Income Taxes 157 Depreciation Deductions/Ταχ on Salvage Value/Tax Loss Carry-Forwards 4-6 Valuation Based on Free Cash Flow 105 Valuing the Concatenator Business/Valuation Format/Estimating Horizon Value 6-3 A Worked Example of a Project Analysis 159 The Three Components of Project Cash Flows/Cash Flowfrom Capital Investment/Operating Cash Flow/ Investment in Working CapitaUHow to Construct a Set ofCash Flow Forecasts: An Example/Capital Investment/Operating Cash Flow/Investment in Working Capital/Accelerated Depreciation and First-Year Expensing/Project Analysis 6-4 How to Choose between Competing Key Takeaways 110 · Problem Sets 112 · Solutions to Self-Test Questions 116 · Finance on the Web 117 · Mini-Case: Reeby Sports 117 5 Net Present Value and Other Investment Criteria 119 5-1 A Review of the Net Present Value Rule 119 Net Present Value’s Competitors/Five Points to Remember about NPV 5-2 The Payback and Accounting Rate of Return Rules 123
The Payback Rule/Accounting Rate of Return 5-3 5-4 The Internal Rate of Return Rule 126 Calculating the IRR/The JRR Rule/Pitfall 1— Lending or Borrowing?/Pitfall 2—Multiple Rates ofReturn/Pitfall 3—Mutually Exclusive Projects/ Pitfail 4—What Happens When There Is More Than One Opportunity Cost of Capìtal/Тһе Verdict on IRR Projects 165 Problem 1: The Investment Timing Decision/ Problem 2: The Choice between Long- and ShortLived Equipment/Probiem 3: When to Replace an Old Machine/Problem 4: Cost of Excess Capacity Key Takeaways 171 · Further Reading 172 · Problem Sets 172 · Solutions to Self-Test Questions 180 · Mini-Case: New Economy Transport (A) 181 · New Economy Transport (B) 182 I Part Two: Risk 7 Introduction to Risk, Diversification, and Portfolio Selection 184 7-1 The Relationship between Risk and Return 184 Over a Century of Capital Market History/Using Historical Evidence to Evaluate Today ’s Cost of Capital 7-2 How to Measure Risk 190 Variance and Standard Deviation/Calculating Risk/Estimating Future Risk 7-3 How Diversification Reduces Risk 195 Specific and Systematic Risk/Diversification with Many Stocks Choosing Capital Investments When Resources Are Limited 135 How Important Is Capital Rationing in Practice? Key Takeaways 139 · Further Reading 140 · Problem Sets 140 · Solutions to Self-Test Questions 145 · Mini-Case: Vegetron’s CFO Calls Again 146 6 6-1 Making Investment Decisions with the Net Present Value Rule 149 Forecasting a Project’s Cash Flows 150
Contents 7-4 Systematic Risk Is Market Risk 201 Portfolio Choice with Borrowing and Lending/Market Risk 7-5 Should Companies Diversify? 9-3 Analyzing Project Risk 257 1. The Determinants ofAsset Betas/2. Don't Be Fooled by Diversifiable Risk/З. Avoid Fudge Factors in Discount Rates/Discount Rates for International Projects 9-4 Certainty Equivalents 209 Key Takeaways 210 · Further Reading 211 · Problem Sets 212 · Solutions to Self-Test Questions 219 · Finance on the Web 220 xxiii 263 Key Takeaways 266 · Further Reading 268 · Problem Sets 268 · Solutions to Self-Test Questions 273 · Finance on the Web 273 · Mini-Case: The Jones 8 The Capital Asset Pricing Model 222 8-1 Market Risk Is Measured by Beta 222 The Market Portfolio/Why Betas Determine Portfolio Risk 8-2 The Relationship between Risk and Return 228 What If a Stock Did Not Lie on the Security Market Line?/The Capital Market Line and the Security Market Line/The Logic behind the Capital Asset Pricing Model/Intuition: Why Do High Beta and High Returns Go Together?/Applying the Capital Asset Pricing Model 8-3 8-4 Family Incorporated 273 Does the CAPM Hold in the Real World? 233 How Large Is the Return for Risk?/Are Returns Unrelated to All Other Characteristics? Some Alternative Theories 237 Arbitrage Pricing Theory/A Comparison of the Capital Asset Pricing Model and Arbitrage Pricing Theory/The. Three-Factor Model Key Takeaways 241 · Further Reading 242 · Problem I Part Three: Best Practices in Capital Budgeting iО Project Analysis 276 10-1 Sensitivity and Scenario Analysis 277 Value of Information/Limits to Sensitivity
Analysis/ Stress Tests and Scenario Analysis 10-2 Break-Even Analysis and Operating Leverage 281 Break-Even Analysis/Operating Leverage 10-3 Real Options and the Value of Flexibility 284 The Option to Expand/The Option to Abandon/ Production Options/Timing Options/More on Decision Trees/Pro and Con Decision Trees Key Takeaways 291 · Further Reading 292 · Problem Sets 292 · Solutions to Self-Test Questions 298 · Mini-Case: Waldo County 299 Sets 242 · Solutions to Self-Test Questions 246 · 11 Finance on the Web 247 9 Risk and the Cost of Capital 248 How to Ensure That Projects Truly Have Positive NPVs 301 11-1 Behavioral Biases in Investment Decisions 11-2 Avoiding Forecast Errors 9-1 9-2 Company and Project Costs of Capital 249 Company Cost of Capital for CSX/Three Warnings/What about Investments That Are Not Average Risk?/Perfect Pitch and the Cost of Capital Estimating Beta and the Company Cost of Capital 254 Estimating Beta/Portfolio Betas 302 303 11-3 How Competitive Advantage Translates into Positive NPVs 308 11-4 Marvin Enterprises Decides to Exploit a New Technology—An Example 312 Forecasting Prices of Gargle Blasters/The Value of Marvin's New Expansion/Alternative Expansion Plans/The Value of Marvin Stock/The Lessons of Marvin Enterprises
xxiv Contents Key Takeaways 319 · Further Reading 319 · Problem Sets 320 · Solutions to Self-Test Questions 325 · Mini-Case: Ecsy-Cola 326 13-4 The Role of the Financial System 378 The Payment Mechanism/Borrowing and Lending/ Pooling Risk/Information Provided by Financial I Part Four: Financing Decisions and Market Efficiency 12 13-3 Debt 375 The Different Kinds ofDebt/A Debt by Any Other Name Markets 13-5 Financial Markets and Intermediaries Efficient Markets and Behavioral Finance 327 13-6 Financial Markets and Intermediaries around the World 387 Conglomerates and Internal Capital Markets 12-1 Differences between Investment and Financing Decisions 328 13-7 The Fintech Revolution NPV Matters for Both Investment and Financing Decisions/The NPV of Financing Decisions Is Zero in Efficient Markets/The ·.„ Ledgers and Blockchains/Cryptocurrencies/Initial Coin Offerings Markets 330 Key Takeaways 394 · Further Reading 395 · Problem Forms of Market Efficiency/Why Do We Expect Markets to Be Efficient? 12-3 Implications of Market Efficiency 335 What Market Efficiency Does Not Imply/What if Markets Are Not Efficient? Implications for the Financial Manager 12-4 Are Markets Efficient? The Evidence 345 Weak-Form Efficiency/Semistrong-Form Efficiency/Strong-Form Efficiency 12-5 Behavioral Finance 391 Payment Systems/Person-to-Person Lending/ Crowdfunding/AI/ML Credit Scoring/Distributed NPV of Financing Decisions in Inefficient 12-2 The Efficient Market Hypothesis Sets 396 · Solutions to Self-Test Questions 398 · Finance on the Web 398 14 How Corporations Issue Securities 399 14-1
Venture Capital 399 The Venture Capital Market 14-2 The Initial Public Offering 404 The Public-Private Choice/Arranging an Initial 352 Sentiment/Limits to Arbitrage/Agency and Incentive Problems Key Takeaways 360 · Further Reading 361 · Problem Sets 362 · Solutions to Self-Test Questions 366 · Public Offering/The Sale of Marvin*Stock/The Underwriters/Costs of a New Issue/Underpricing of IPOs/Hot New-Issue Periods/The Long-Run Performance of IPO Stocks/Alternative Issue Procedures/Types of Auction: A Digression Finance on the Web 367 14-3 Security Sales by Public Companies 13 An Overview of Corporate Financing 368 13-1 Patterns of Corporate Financing How Much Do Firms Borrow? 13-2 Equity 381 Financial Intermediaries/Investment Funds/ Financial Institutions 369 372 Ownership of the Corporation/Preferred Stock 416 Public Offers/The Costs of a Public Offer/Rights Issues/Market Reaction to Stock Issues 14-4 Private Placements 421 Key Takeaways 422 · Further Reading 423 · Problem Sets 423 · Solutions to Self-Test Questions 429 · Finance on the Web 429 · Appendix: Marvin’s New-Issue Prospectus 430
xxv Contents Key Takeaways 478 · Further Reading 478 · Problem I Part Five: Payout Policy and Capital Structure Sets 479 · Solutions to Self-Test Questions 483 · Mini-Case: Claxton Drywall Comes to the Rescue 483 15 Payout Policy 434 17 15-1 Facts about Payout 435 How Firms Pay Dividends/How Firms Repurchase Stock/The Information Content of Dividends/The 17-1 Debt and Taxes 486 How Do Interest Tax Shields Contribute to the Information Content of Share Repurchases Value of Stockholders’ Equity?/Recasting Johnson 15-2 Dividends or Repurchases? Does the Choice Affect Shareholder Value? Johnson’s Capital Structure/MM and Corporate 440 Tax/Corporate and Personal Taxes Dividends or Repurchases? An Example/Stock Repurchases and DCF Valuation Models/ 17-2 Costs of Financial Distress 444 15-4 Taxes and Payout Policy Distress without Bankruptcy/Agency Costs of 445 Financial Distress/Risk Shifting: The First Game/ Empirical Evidence on Payout Policies and Taxes/ Refusing to Contribute Equity Capital: The Second Game/And Three More Games, Briefly/What the Alternatives to the U.S. Tax System 15-5 492 Bankruptcy Costs/Evidence on Bankruptcy Costs/ Direct versus Indirect Costs of Bankruptcy/Financial Dividends and Share Issues 15-3 Dividend Clienteles How Much Should a Corporation Borrow? 485 Payout Policy and the Life Cycle of the Firm 449 The Agency Costs of Idle Cash/Payout and Games Cost/Costs ofDistress Vary with Type ofAsset 17-3 The Trade-Off Theory of Capital Structure Corporate Governance 17-4 The Pecking Order of Financing Choices 503 505 Key Takeaways 452 · Further Reading 453
· Problem Debt and Equity Issues with Asymmetric Sets 453 · Solutions to Self-Test Questions 458 · Information/Implications of the Pecking Order/The Finance on the Web 458 Bright Side and the Dark Side of Financial Slack 17-5 The Capital Structure Decision 16 Does Debt Policy Matter? 509 The Evidence/Is There a Theory of Optimal Capital 459 16-1 Financial Leverage and Shareholder Value 16-2 Modigliani and Miller’s Proposition 1 Structure? 460 461 The Law of the Conservation ofValue/An Example Key Takeaways 512 · Further Reading 513 · Problem Sets 513 · Solutions to Self-Test Questions 517 · Finance on the Web 517 of Proposition 1 16-3 Leverage and Expected Returns: MM’s Proposition 2 466 Proposition 2/Leverage and the Cost of Equity/ How Changing Capital Structure Affects the Equity Beta/Watch Out for Hidden Leverage 16-4 No Magic in Financial Leverage 18 Financing and Valuation 518 18-1 The After-Tax Weighted-Average Cost of Capital 579 Review ofAssumptions/Mistakes People Make in Using the Weighted-Average Formula 473 Today’s Unsatisfied Clienteles Are Probably 18-2 Valuing Businesses Interested in Financial Innovation/Imperfections 523 Valuing Rio Corporation/Estimating Horizon and Opportunities Value/Valuation by Comparables/Liquidation 16-5 A Final Word on the Cost of Capital 476 Value/WACC vs. the Flow-to-Equity Method
Contents xxvi 18-3 Using WACC in Practice 528 Some Tricks of the Trade/Adjusting WACC when Debt Ratios and Business Risks Differ/ThreeStep Procedure for Finding WACCs at Different Debt Ratios/Unlevering and Relevering Betas/ Calculating Divisional WACCs/The Assumption of a Constant Debt Ratio in the After-Tax WACC/The Modigliani-Miller Formula 18-4 Adjusted Present Value 536 APVfor the Perpetual Crusher/Other Financing Side Ejfects/APVfor Entire Businesses/APV and Limits on Interest Deductions/APVfor International Investments 18-5 Your Questions Answered 541 Key Takeaways 543 · Further Reading 544 · Problem Sets 545 · Solutions to Self-Test Questions 549 · Finance on the Web 550 · Appendix: Discounting Safe, Nominal Cash Flows 551 · A Consistency I Part Six: Corporate Objectives and Governance Agency Problems and Corporate Governance 555 19-1 What Agency Problems Should You Watch Out For? 556 Reduced Effort/Private Benefits/Overinvestment/ Risk Taking/Short-Termism 19-2 Monitoring by the Board of Directors 560 U.S. and U.K. Boards of Directors/European Boards of Directors 19-3 Monitoring by Shareholders Voting/Engagement/Exit 563 19-4 Monitoring by Auditors, Lenders, and Potential Acquirers 566 Auditors/Lenders/Tikeovers 19-5 Management Compensation 568 Compensation Facts and Controversies/The Structure of CEO Pay 19-6 Government Regimes around the World 19-7 Do These Differences Matter? 581 Public Market Myopia/Growth Industries and Declining Industries Key Takeaways 583 · Further Reading 584 · Problem Sets 585 · Solutions to Self-Test Questions 587 · Finance on the Web
587 20 Stakeholder Capitalism and Responsible Business 588 20-1 Who Are the Stakeholders? 589 Employees/Customers/Suppliers/Local and Regional Communities/The Environment/ The Government 20-2 The Case for Shareholder Capitalism 592 Government Policy Ensures Companies Will Engage in Socially Responsible Behavior/ Maximizing Shareholder Value Allows Investors to Pursue Social Objectives/Maximizing Shareholder Value Requires a Company to Invest in Stakeholders/Enlightened Shareholder Value/Decision Making under Enlightened Shareholder Value Check 553 19 Ownership and Control in Japan/Ownership and Control in Germany/Ownership and Control in Other Countries 20-3 The Case for Stakeholder Capitalism 596 Well-Functioning Governments/No Comparative Advantage in Serving Society/Instmmental Decision Making Is Effective/The Challenge of Stakeholder Capitalism/Summary 20-4 Responsible Business 600 Defining Responsible Business/Decision Making in Responsible Businesses/ Summary 20-5 Responsible Business in Practice 605 Shareholder Primacy in the United States and United Kingdom/Benefit Corporations/ В Corps/Purpose/Reporting Key Takeaways 611 · Further Reading 612 · Problem Sets 612 · Solutions to Self-Test Questions 613 · 575 Finance on the Web 613
Contents 23-2 Options in R D 670 23-3 The Timing Option 672 I Part Seven: Options 21 Understanding Options Valuing the Malted Herring Option/Optimal Timing for Real Estate Development 614 21-1 Calls, Puts, and Shares 615 Call Options and Payoff Diagrams/Put Options/ Selling Calls and Puts/Payojf Diagrams Are Not Profit Diagrams 23-4 The Abandonment Option 675 Bad News for the Perpetual Crusher/Abandonment Value and Project Life/Temporary Abandonment 23-5 Flexible Production and Procurement 678 21-2 Financial Alchemy with Options 619 Aircraft Purchase Options Spotting the Option 23-6 Valuing Real Options 682 A Conceptual Problem?/What about Taxes?/ Practical Challenges 21-3 What Determines the Value of a Call Option? 625 Risk and Option Values Key Takeaways 630 · Further Reading 631 · Problem Key Takeaways 685 · Further Reading 685 · Sets 631 · Solutions to Self-Test Questions 636 ■ Problem Sets 686 · Solutions to Self-Test Finance on the Web 636 Questions 690 22 xxvii 1 Valuing Options 637 I Part Eight: Debt Financing 22-1 A Simple Option-Valuation Model 638 Why Discounted Cash Flow Won’t Work for Options/Constructing Option Equivalents from Common Stocks and Borrowing/Risk-Neutral Valuation/Valuing the Amazon Put Option/Valuing the Put Option by the Risk-Neutral Method/The Relationship between Call and Put Prices 22-2 The Binomial Method for Valuing Options 644 Example: The Two-Step Binomial Method/The General Binomial Method/The Binomial Method and Decision Trees 24 24-1 Yields on Corporate Debt 692 Distinguishing Promised and Expected Yields/ What Determines the Yield
Spread? 24-2 Valuing the Option to Default 695 Finding Bond Values/The Value of Corporate Equity 24-3 Predicting the Probability of Default 699 Statistical Models of Default/Structural Models of Default 22-3 The Black-Scholes Formula 649 Using the Black-Scholes Formula/How BlackScholes Values Vary with the Stock Price/The Risk of an Option/The Black-Scholes Formula and the Binomial Method/Some Practical Examples 22-4 Early Exercise and Dividend Payments Sets 659 · Solutions to Self-Test Questions 663 • Finance on the Web 664 · Mini-Case: Bruce Honiball’s Invention 664 Real Options 666 23-1 The Option to Expand Key Takeaways 706 · Further Reading 706 · Problem Sets 707 · Solutions to Self-Test Questions 708 · Finance on the Web 709 656 Key Takeaways 658 · Further Reading 659 · Problem 23 Credit Risk and the Value of Corporate Debt 691 666 Questions and Answers about Blitzen ’s Mark 11/ Other Expansion Options 25 The Many Different Kinds of Debt 710 25-1 Long-Term Corporate Bonds 711 Bond Terms/Security and Seniority/Asset-Backed Securities/Call Provisions/Sinking Funds/Bond Covenants/Privately Placed Bonds/Foreign Bonds and Eurobonds 25-2 Convertible Securities and Some Unusual Bonds 720
xxviii Contents 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 25-3 Bank Loans 727 Commitment/Maturity/Rate of Interest/Syndicated Loans/Security/Loan Covenants 25-4 Commercial Paper and Medium-Term Notes 731 Commercial Paper/Medium-Term Notes Key Takeaways 733 · Further Reading 734 · Problem Sets 734 · Solutions to Self-Test Questions 739 · Mini-Case: The Shocking Demise of Mr. Thorndike 740 · Appendix: Project Finance 741 · Appendix Further Reading 743 26 Leasing 744 26-2 Why Lease? 746 Sensible Reasons for Leasing/А Dubious Reason far Leasing 26-3 Rentals on an Operating Lease 747 Example of an Operating Lease/Lease or Buy? 26-4 Valuing Financial Leases 750 Example of a Financial Lease/Valuing the Lease Contract/Comparing the Lease with an Equivalent Loan/Financial Leases When There Are Limits on the Interest Tax Shield/Leasing and the Internal Revenue Service 26-5 When Do Financial Leases Pay? Leasing around the World 26-6 Setting Up a Leveraged Lease 27-2 Insurance 767 27-3 Reducing Risk with Financial Options 769 27-4 Forward and Futures Contracts 770 Λ Simple Forward Contract/Futures Exchanges/ The Mechanics of Futures Trading/Trading and Pricing Financial Futures Contracts/Spot and Futures Prices—Commodities/More about Forwards and Futures 27-5 Interest Rate Risk 776 Forward Rates of Interest and the Term Structure/ Borrowing and Lending at Forward Interest Rates/ Forward Rate Agreements/Interest Rate
Futures 27-6 Swaps 779 Interest Rate Swaps/Currency Swaps/Some Other Swaps 744 26-1 What Is a Lease? Reducing the Risk of Cash Shortfalls or Financial Distress/Agency Costs May Be Mitigated by Risk Management/The Evidence on Risk Management 754 756 Key Takeaways 757 · Further Reading 757 · Problem Sets 758 · Solutions to Self-Test Questions 762 27-7 How to Set Up a Hedge 783 Hedging Interest Rate Risk/Hedge Ratios and Basis Risk 27-8 Is “Derivative” a Four-Letter Word? 787 Key Takeaways 788 · Further Reading 789 · Problem Sets 790 · Solutions to Self-Test Questions 795 · Finance on the Web 796 · Mini-Case: Rensselaer Advisers 796 28 International Financial Management 799 28-1 The Foreign Exchange Market * 799 28-2 Some Basic Relationships 802 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? I Part Nine: Risk Management 28-3 Hedging Currency Risk 812 Transaction Exposure and Economic Exposure 27 28-4 International Investment Decisions 814 The Cost of Capital for International Investments Managing Risk 27-1 Why Manage Risk? 763 764 28-5 Political Risk 817
xxix 1 Contents Key Takeaways 820 · Further Reading 821 · Problem 30-6 The Relationship between Growth and External Financing Sets 822 · Solutions to Self-Test 825 · Finance on the Web 826 · Mini-Case: Exacta, s.a. 826 875 Key Takeaways 877 · Further Reading 877 · Problem Sets 878 · Solutions to Self-Test Questions 885 · I Part Ten: Financial Planning and Working Capital Management 29 Financial Analysis 828 29-1 Understanding Financial Statements 829 The Balance Sheet/The Income Statement 29-2 Measuring Company Performance 833 Economic Value Added/Accounting Rates of Return/Problems with EVA and Accounting Rates of Return 29-3 Measuring Efficiency 838 The DuPont Formula/Other Efficiency Measures 29-4 Measuring Leverage 841 Leverage and the Return on Equity Finance on the Web 887 31 Working Capital Management 31-1 The Working Capital Requirement The Cash Cycle 31-2 Managing Inventories 888 888 892 31-3 Accounts Receivable Management 894 Terms of Sale/Credit Analysìs/Тһе Credit Decision/ Collection Policy 31-4 Cash Management 900 How Purchases Are Paid For/Changes in Check Usage/Speeding Up Check Collections/Electronic Payment Systems/lnternational Cash Management/ Paying for Bank Services Sets 850 · Solutions to Self-Test Questions 855 · 31-5 Investing Surplus Cash 904 Investment Choices/Calculating the Yield on Money Market Investments/Returns on Money Market Investments/The International Money Market/Money Market Instruments Finance on the Web 855 Key Takeaways 909 · Further Reading 910 · Problem 29-5 Measuring Liquidity 844 29-6 Interpreting Financial Ratios 846 Key
Takeaways 849 · Further Reading 849 · Problem Sets 910 · Solutions to Self-Test Questions 916 · 30 Financial Planning Finance on the Web 917 857 30-1 What Are the Links between Short-Term and Long-Term Financing Decisions? 857 30-2 Tracing and Forecasting Changes in Cash 860 Tracing Changes in Cash/Forecasting Dynamic ’s Cash Needs 30-3 Developing a Short-Term Financial Plan 866 Dynamic Mattress’s Financing Plan/Evaluating the Plan/Short-Term Financial Planning Models 30-4 Using Long-Term Financial Planning Models 869 Why Build Financial Plans ?/A Long-Term Financial Planning Model for Dynamic Mattress/ Pitfalls in Model Design/Choosing a Plan 30-5 Long-Term Planning Models and Company Valuation 874 I Part Eleven: Mergers, Corporate Control, and Governance 32 Mergers 918 32-1 Types of Merger 979 32-2 Some Sensible Motives for Mergers 919 Economies of Scale and Scope/Economies of Vertical Integration/Complementary Resources/ Changes in Corporate Control/Industry Consolidation/Logic Does Not Guarantee Success 32-3 Some Dubious Motives for Mergers 923 Diversification/Increasing Earnings per Share: The Bootstrap Game/Lower Borrowing Costs/ Management Motives
xxx Contents 32-4 Estimating Merger Gains and Costs 928 Estimating NPV When the Merger Is Financed by Cash/Estimating NPV When the Merger Is Financed by Stock/Asymmetric Information/More on Estimating Costs—What If the Target’s Stock Price Anticipates the Merger?/Right and Wrong Ways to Estimate the Benefits of Mergers 32-5 The Mechanics of a Merger 932 Mergers, Antitrust Law, and Popular Opposition/ The Form ofAcquisition/Merger Accounting/Some Tax Considerations 32-6 Takeovers and the Market for Corporate Control 936 32-7 Merger Waves and Merger Profitability 938 Merger Waves/Who Gains and Loses from Mergers?/Buyers vs. Sellers/Mergers and Society Key Takeaways 942 · Further Reading 943 · Problem Sets 943 · Solutions to Self-Test Questions 946 · Finance on the Web 947 · Appendix: Conglomerate Mergers and Value Additivity 948 33 Corporate Restructuring 950 33-1 Leveraged Buyouts 950 The RJR Nabisco LBO/Barbarians at the Gate?/ Leveraged Restructurings 33-2 The Private-Equity Market 956 Private-Equity Partnerships/Are Private-Equity Funds Today’s Conglomerates? 33-3 Fusion and Fission in Corporate Finance 961 Spin-Offs/Carve-Outs/Asset Sales/Privatization and Nationalization 33-4 Bankruptcy 967 Is Chapter 11 Efficient?/Workouts/Alternative Bankruptcy Procedures Key Takeaways 973 · Further Reading 973 · Problem Sets 974 · Solutions to Self-Test Questions 976 I Part Twelve: Conclusion 34 Conclusion: What We Do and Do Not Know about Finance 977 34-1 What We Do Know: The Seven Most Important Ideas in Finance 977 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 980 I. 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 New 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 986 GLOSSARY G-l INDEX 1-1 Note: Present value tables are available in Connect. |
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Brief Contents Preface vii I I Part One: Value 1 Introduction to Corporate Finance 2 How to Calculate Present Values 21 3 Valuing Bonds 52 4 Valuing Stocks 84 5 Net Present Value and Other Investment Criteria 119 6 Making Investment Decisions with the Net Present Value Rule 1 I Part Two: Risk 19 Agency Problems and Corporate Governance 555 20 Stakeholder Capitalism and Responsible Business 588 I 149 I Part Six: Corporate Objectives and Governance Part Seven: Options 21 Understanding Options 614 22 Valuing Options 637 23 Real Options 666 Part Eight: Debt Financing 24 Credit Risk and the Value of Corporate Debt 691 7 Introduction to Risk, Diversification, and Portfolio Selection 184 25 The Many Different Kinds of Debt 710 8 The Capital Asset Pricing Model 222 26 Leasing 744 9 Risk and the Cost of Capital 248 1 Part Nine: Risk Management 1 Part Three: Best Practices in Capital Budgeting 10 Project Analysis 276 11 How to Ensure That Projects Truly Have Positive NPVs 301 1 Part Four: Financing Decisions and Market Efficiency 12 Efficient Markets and Behavioral Finance 327 13 An Overview of Corporate Financing 368 14 How Corporations Issue Securities 399 1 Part Five: Payout Policy and Capital Structure 15 Payout Policy 434 16 Does Debt Policy Matter? 459 17 How Much Should a Corporation Borrow? 485 18 Financing and Valuation 518 XX 27 Managing Risk 763 28 International Financial Management 799 1 Part Ten: Financial Planning and Working Capital Management , 29 Financial Analysis 828 30 Financial Planning 857 31 Working Capital Management 888 1 Part Eleven: Mergers. Corporate
Control. and Governance 32 Mergers 918 33 Corporate Restructuring 950 1 Part Twelve: Conclusion . . 34 Conclusion: What We Do and Do Not Know about Finance 977
’ Contents How Interest Is Paid and Quoted Continuous Compounding Preface vii 2-4 I Part One: Value Key Takeaways 44 · Problem Sets 45 · Solutions to 39 Self-Test Questions 50 · Finance on the Web 51 1 1-1 Introduction to Corporate Finance 1 3 Valuing Bonds Corporate Investment and Financing 3-1 Using the Present Value Formula to Value Bonds 53 A Short Trip to Paris to Value a Government Bond/ Back to the United States: Semiannual Coupons and Bond Prices Decisions 2 Investment Decisions/Financing Decisions/What Is a Corporation?/The Role of the Financial Manager 1-2 1-3 The Financial Goal of the Corporation 8 Shareholders Want Managers to Maximize Market Value/А Fundamental Result: Why Maximizing Shareholder Wealth Makes Sense/ Should Managers Maximize Shareholder Wealth?/ The Investment Trade-Off/Agency Problems and Corporate Governance 3-2 How Bond Prices Vary with Yields 57 Duration and Interest-Rate Sensitivity 3-3 The Term Structure of Interest Rates 62 Spot Rates, Bond Prices, and the Law of One Price/Measuring the Term Structure/Why the Discount Factor Declines as Futurity Increases Key Questions in Corporate Finance 3-4 Explaining the Term Structure 68 Expectations Theory of the Term Structure/Interest Rate Risk/Inflation Risk 3-5 Real and Nominal Interest Rates 70 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 74 Corporate Bonds and Default Risk/Sovereign Bands and Default Risk 14 Key Takeaways 15 · Problem Sets 16 · Solutions to Self-Test Questions 18 · Appendix:
Why Maximizing Shareholder Value Makes Sense 19 2 How to Calculate Present Values 21 2-1 How to Calculate Future and Present Values 22 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 2-2 2-3 52 How to Value Perpetuities and Annuities 30 How to Value Perpetuities/How to Value Annuities/ Valuing Annuities Due/Calculating Annual Payments/Future Value of an Annuity Key Takeaways 77 ■ Further Reading 78 · Problem Sets 78 · Solutions to Self-Test Questions 83 · Finance on the Web 83 4 Valuing Stocks 4-1 How Stocks Are Traded 85 Trading Results for Cummins/Market Price w. Book Value 4-2 Valuation by Comparables 4-3 Dividends and Stock Prices How to Value Growing Perpetuities and Annuities 37 Growing Perpetuities/Growing Annuities 84 88 90 xxl
* xxii Contents Dividends and Capital Gains/Two Versions of the Dividend Discount Model Rule I: Discount Cash Flows, Not Profits/Rule 2: Discount Incremental Cash Flows and Ignore NonIncremental Cash Flows/Rule 3: Treat Inflation Consistently/Rule 4: Separate Investment and Financing Decisions/Rule 5: Forecast Cash Flows after Taxes 4-4 Dividend Discount Model Applications 95 Using the Constant-Growth DCF Model to Set Water, Gas, and Electricity Prices/DCF Models with Two or More Stages of Growth 4-5 Income Stocks and Growth Stocks 101 Calculating the Present Value of Growth Opportunities for Establishment Electronics 6-2 Corporate Income Taxes 157 Depreciation Deductions/Ταχ on Salvage Value/Tax Loss Carry-Forwards 4-6 Valuation Based on Free Cash Flow 105 Valuing the Concatenator Business/Valuation Format/Estimating Horizon Value 6-3 A Worked Example of a Project Analysis 159 The Three Components of Project Cash Flows/Cash Flowfrom Capital Investment/Operating Cash Flow/ Investment in Working CapitaUHow to Construct a Set ofCash Flow Forecasts: An Example/Capital Investment/Operating Cash Flow/Investment in Working Capital/Accelerated Depreciation and First-Year Expensing/Project Analysis 6-4 How to Choose between Competing Key Takeaways 110 · Problem Sets 112 · Solutions to Self-Test Questions 116 · Finance on the Web 117 · Mini-Case: Reeby Sports 117 5 Net Present Value and Other Investment Criteria 119 5-1 A Review of the Net Present Value Rule 119 Net Present Value’s Competitors/Five Points to Remember about NPV 5-2 The Payback and Accounting Rate of Return Rules 123
The Payback Rule/Accounting Rate of Return 5-3 5-4 The Internal Rate of Return Rule 126 Calculating the IRR/The JRR Rule/Pitfall 1— Lending or Borrowing?/Pitfall 2—Multiple Rates ofReturn/Pitfall 3—Mutually Exclusive Projects/ Pitfail 4—What Happens When There Is More Than One Opportunity Cost of Capìtal/Тһе Verdict on IRR Projects 165 Problem 1: The Investment Timing Decision/ Problem 2: The Choice between Long- and ShortLived Equipment/Probiem 3: When to Replace an Old Machine/Problem 4: Cost of Excess Capacity Key Takeaways 171 · Further Reading 172 · Problem Sets 172 · Solutions to Self-Test Questions 180 · Mini-Case: New Economy Transport (A) 181 · New Economy Transport (B) 182 I Part Two: Risk 7 Introduction to Risk, Diversification, and Portfolio Selection 184 7-1 The Relationship between Risk and Return 184 Over a Century of Capital Market History/Using Historical Evidence to Evaluate Today ’s Cost of Capital 7-2 How to Measure Risk 190 Variance and Standard Deviation/Calculating Risk/Estimating Future Risk 7-3 How Diversification Reduces Risk 195 Specific and Systematic Risk/Diversification with Many Stocks Choosing Capital Investments When Resources Are Limited 135 How Important Is Capital Rationing in Practice? Key Takeaways 139 · Further Reading 140 · Problem Sets 140 · Solutions to Self-Test Questions 145 · Mini-Case: Vegetron’s CFO Calls Again 146 6 6-1 Making Investment Decisions with the Net Present Value Rule 149 Forecasting a Project’s Cash Flows 150
Contents 7-4 Systematic Risk Is Market Risk 201 Portfolio Choice with Borrowing and Lending/Market Risk 7-5 Should Companies Diversify? 9-3 Analyzing Project Risk 257 1. The Determinants ofAsset Betas/2. Don't Be Fooled by Diversifiable Risk/З. Avoid Fudge Factors in Discount Rates/Discount Rates for International Projects 9-4 Certainty Equivalents 209 Key Takeaways 210 · Further Reading 211 · Problem Sets 212 · Solutions to Self-Test Questions 219 · Finance on the Web 220 xxiii 263 Key Takeaways 266 · Further Reading 268 · Problem Sets 268 · Solutions to Self-Test Questions 273 · Finance on the Web 273 · Mini-Case: The Jones 8 The Capital Asset Pricing Model 222 8-1 Market Risk Is Measured by Beta 222 The Market Portfolio/Why Betas Determine Portfolio Risk 8-2 The Relationship between Risk and Return 228 What If a Stock Did Not Lie on the Security Market Line?/The Capital Market Line and the Security Market Line/The Logic behind the Capital Asset Pricing Model/Intuition: Why Do High Beta and High Returns Go Together?/Applying the Capital Asset Pricing Model 8-3 8-4 Family Incorporated 273 Does the CAPM Hold in the Real World? 233 How Large Is the Return for Risk?/Are Returns Unrelated to All Other Characteristics? Some Alternative Theories 237 Arbitrage Pricing Theory/A Comparison of the Capital Asset Pricing Model and Arbitrage Pricing Theory/The. Three-Factor Model Key Takeaways 241 · Further Reading 242 · Problem I Part Three: Best Practices in Capital Budgeting iО Project Analysis 276 10-1 Sensitivity and Scenario Analysis 277 Value of Information/Limits to Sensitivity
Analysis/ Stress Tests and Scenario Analysis 10-2 Break-Even Analysis and Operating Leverage 281 Break-Even Analysis/Operating Leverage 10-3 Real Options and the Value of Flexibility 284 The Option to Expand/The Option to Abandon/ Production Options/Timing Options/More on Decision Trees/Pro and Con Decision Trees Key Takeaways 291 · Further Reading 292 · Problem Sets 292 · Solutions to Self-Test Questions 298 · Mini-Case: Waldo County 299 Sets 242 · Solutions to Self-Test Questions 246 · 11 Finance on the Web 247 9 Risk and the Cost of Capital 248 How to Ensure That Projects Truly Have Positive NPVs 301 11-1 Behavioral Biases in Investment Decisions 11-2 Avoiding Forecast Errors 9-1 9-2 Company and Project Costs of Capital 249 Company Cost of Capital for CSX/Three Warnings/What about Investments That Are Not Average Risk?/Perfect Pitch and the Cost of Capital Estimating Beta and the Company Cost of Capital 254 Estimating Beta/Portfolio Betas 302 303 11-3 How Competitive Advantage Translates into Positive NPVs 308 11-4 Marvin Enterprises Decides to Exploit a New Technology—An Example 312 Forecasting Prices of Gargle Blasters/The Value of Marvin's New Expansion/Alternative Expansion Plans/The Value of Marvin Stock/The Lessons of Marvin Enterprises
xxiv Contents Key Takeaways 319 · Further Reading 319 · Problem Sets 320 · Solutions to Self-Test Questions 325 · Mini-Case: Ecsy-Cola 326 13-4 The Role of the Financial System 378 The Payment Mechanism/Borrowing and Lending/ Pooling Risk/Information Provided by Financial I Part Four: Financing Decisions and Market Efficiency 12 13-3 Debt 375 The Different Kinds ofDebt/A Debt by Any Other Name Markets 13-5 Financial Markets and Intermediaries Efficient Markets and Behavioral Finance 327 13-6 Financial Markets and Intermediaries around the World 387 Conglomerates and Internal Capital Markets 12-1 Differences between Investment and Financing Decisions 328 13-7 The Fintech Revolution NPV Matters for Both Investment and Financing Decisions/The NPV of Financing Decisions Is Zero in Efficient Markets/The ·.„ Ledgers and Blockchains/Cryptocurrencies/Initial Coin Offerings Markets 330 Key Takeaways 394 · Further Reading 395 · Problem Forms of Market Efficiency/Why Do We Expect Markets to Be Efficient? 12-3 Implications of Market Efficiency 335 What Market Efficiency Does Not Imply/What if Markets Are Not Efficient? Implications for the Financial Manager 12-4 Are Markets Efficient? The Evidence 345 Weak-Form Efficiency/Semistrong-Form Efficiency/Strong-Form Efficiency 12-5 Behavioral Finance 391 Payment Systems/Person-to-Person Lending/ Crowdfunding/AI/ML Credit Scoring/Distributed NPV of Financing Decisions in Inefficient 12-2 The Efficient Market Hypothesis Sets 396 · Solutions to Self-Test Questions 398 · Finance on the Web 398 14 How Corporations Issue Securities 399 14-1
Venture Capital 399 The Venture Capital Market 14-2 The Initial Public Offering 404 The Public-Private Choice/Arranging an Initial 352 Sentiment/Limits to Arbitrage/Agency and Incentive Problems Key Takeaways 360 · Further Reading 361 · Problem Sets 362 · Solutions to Self-Test Questions 366 · Public Offering/The Sale of Marvin*Stock/The Underwriters/Costs of a New Issue/Underpricing of IPOs/Hot New-Issue Periods/The Long-Run Performance of IPO Stocks/Alternative Issue Procedures/Types of Auction: A Digression Finance on the Web 367 14-3 Security Sales by Public Companies 13 An Overview of Corporate Financing 368 13-1 Patterns of Corporate Financing How Much Do Firms Borrow? 13-2 Equity 381 Financial Intermediaries/Investment Funds/ Financial Institutions 369 372 Ownership of the Corporation/Preferred Stock 416 Public Offers/The Costs of a Public Offer/Rights Issues/Market Reaction to Stock Issues 14-4 Private Placements 421 Key Takeaways 422 · Further Reading 423 · Problem Sets 423 · Solutions to Self-Test Questions 429 · Finance on the Web 429 · Appendix: Marvin’s New-Issue Prospectus 430
xxv Contents Key Takeaways 478 · Further Reading 478 · Problem I Part Five: Payout Policy and Capital Structure Sets 479 · Solutions to Self-Test Questions 483 · Mini-Case: Claxton Drywall Comes to the Rescue 483 15 Payout Policy 434 17 15-1 Facts about Payout 435 How Firms Pay Dividends/How Firms Repurchase Stock/The Information Content of Dividends/The 17-1 Debt and Taxes 486 How Do Interest Tax Shields Contribute to the Information Content of Share Repurchases Value of Stockholders’ Equity?/Recasting Johnson 15-2 Dividends or Repurchases? Does the Choice Affect Shareholder Value? Johnson’s Capital Structure/MM and Corporate 440 Tax/Corporate and Personal Taxes Dividends or Repurchases? An Example/Stock Repurchases and DCF Valuation Models/ 17-2 Costs of Financial Distress 444 15-4 Taxes and Payout Policy Distress without Bankruptcy/Agency Costs of 445 Financial Distress/Risk Shifting: The First Game/ Empirical Evidence on Payout Policies and Taxes/ Refusing to Contribute Equity Capital: The Second Game/And Three More Games, Briefly/What the Alternatives to the U.S. Tax System 15-5 492 Bankruptcy Costs/Evidence on Bankruptcy Costs/ Direct versus Indirect Costs of Bankruptcy/Financial Dividends and Share Issues 15-3 Dividend Clienteles How Much Should a Corporation Borrow? 485 Payout Policy and the Life Cycle of the Firm 449 The Agency Costs of Idle Cash/Payout and Games Cost/Costs ofDistress Vary with Type ofAsset 17-3 The Trade-Off Theory of Capital Structure Corporate Governance 17-4 The Pecking Order of Financing Choices 503 505 Key Takeaways 452 · Further Reading 453
· Problem Debt and Equity Issues with Asymmetric Sets 453 · Solutions to Self-Test Questions 458 · Information/Implications of the Pecking Order/The Finance on the Web 458 Bright Side and the Dark Side of Financial Slack 17-5 The Capital Structure Decision 16 Does Debt Policy Matter? 509 The Evidence/Is There a Theory of Optimal Capital 459 16-1 Financial Leverage and Shareholder Value 16-2 Modigliani and Miller’s Proposition 1 Structure? 460 461 The Law of the Conservation ofValue/An Example Key Takeaways 512 · Further Reading 513 · Problem Sets 513 · Solutions to Self-Test Questions 517 · Finance on the Web 517 of Proposition 1 16-3 Leverage and Expected Returns: MM’s Proposition 2 466 Proposition 2/Leverage and the Cost of Equity/ How Changing Capital Structure Affects the Equity Beta/Watch Out for Hidden Leverage 16-4 No Magic in Financial Leverage 18 Financing and Valuation 518 18-1 The After-Tax Weighted-Average Cost of Capital 579 Review ofAssumptions/Mistakes People Make in Using the Weighted-Average Formula 473 Today’s Unsatisfied Clienteles Are Probably 18-2 Valuing Businesses Interested in Financial Innovation/Imperfections 523 Valuing Rio Corporation/Estimating Horizon and Opportunities Value/Valuation by Comparables/Liquidation 16-5 A Final Word on the Cost of Capital 476 Value/WACC vs. the Flow-to-Equity Method
Contents xxvi 18-3 Using WACC in Practice 528 Some Tricks of the Trade/Adjusting WACC when Debt Ratios and Business Risks Differ/ThreeStep Procedure for Finding WACCs at Different Debt Ratios/Unlevering and Relevering Betas/ Calculating Divisional WACCs/The Assumption of a Constant Debt Ratio in the After-Tax WACC/The Modigliani-Miller Formula 18-4 Adjusted Present Value 536 APVfor the Perpetual Crusher/Other Financing Side Ejfects/APVfor Entire Businesses/APV and Limits on Interest Deductions/APVfor International Investments 18-5 Your Questions Answered 541 Key Takeaways 543 · Further Reading 544 · Problem Sets 545 · Solutions to Self-Test Questions 549 · Finance on the Web 550 · Appendix: Discounting Safe, Nominal Cash Flows 551 · A Consistency I Part Six: Corporate Objectives and Governance Agency Problems and Corporate Governance 555 19-1 What Agency Problems Should You Watch Out For? 556 Reduced Effort/Private Benefits/Overinvestment/ Risk Taking/Short-Termism 19-2 Monitoring by the Board of Directors 560 U.S. and U.K. Boards of Directors/European Boards of Directors 19-3 Monitoring by Shareholders Voting/Engagement/Exit 563 19-4 Monitoring by Auditors, Lenders, and Potential Acquirers 566 Auditors/Lenders/Tikeovers 19-5 Management Compensation 568 Compensation Facts and Controversies/The Structure of CEO Pay 19-6 Government Regimes around the World 19-7 Do These Differences Matter? 581 Public Market Myopia/Growth Industries and Declining Industries Key Takeaways 583 · Further Reading 584 · Problem Sets 585 · Solutions to Self-Test Questions 587 · Finance on the Web
587 20 Stakeholder Capitalism and Responsible Business 588 20-1 Who Are the Stakeholders? 589 Employees/Customers/Suppliers/Local and Regional Communities/The Environment/ The Government 20-2 The Case for Shareholder Capitalism 592 Government Policy Ensures Companies Will Engage in Socially Responsible Behavior/ Maximizing Shareholder Value Allows Investors to Pursue Social Objectives/Maximizing Shareholder Value Requires a Company to Invest in Stakeholders/Enlightened Shareholder Value/Decision Making under Enlightened Shareholder Value Check 553 19 Ownership and Control in Japan/Ownership and Control in Germany/Ownership and Control in Other Countries 20-3 The Case for Stakeholder Capitalism 596 Well-Functioning Governments/No Comparative Advantage in Serving Society/Instmmental Decision Making Is Effective/The Challenge of Stakeholder Capitalism/Summary 20-4 Responsible Business 600 Defining Responsible Business/Decision Making in Responsible Businesses/ Summary 20-5 Responsible Business in Practice 605 Shareholder Primacy in the United States and United Kingdom/Benefit Corporations/ В Corps/Purpose/Reporting Key Takeaways 611 · Further Reading 612 · Problem Sets 612 · Solutions to Self-Test Questions 613 · 575 Finance on the Web 613
Contents 23-2 Options in R D 670 23-3 The Timing Option 672 I Part Seven: Options 21 Understanding Options Valuing the Malted Herring Option/Optimal Timing for Real Estate Development 614 21-1 Calls, Puts, and Shares 615 Call Options and Payoff Diagrams/Put Options/ Selling Calls and Puts/Payojf Diagrams Are Not Profit Diagrams 23-4 The Abandonment Option 675 Bad News for the Perpetual Crusher/Abandonment Value and Project Life/Temporary Abandonment 23-5 Flexible Production and Procurement 678 21-2 Financial Alchemy with Options 619 Aircraft Purchase Options Spotting the Option 23-6 Valuing Real Options 682 A Conceptual Problem?/What about Taxes?/ Practical Challenges 21-3 What Determines the Value of a Call Option? 625 Risk and Option Values Key Takeaways 630 · Further Reading 631 · Problem Key Takeaways 685 · Further Reading 685 · Sets 631 · Solutions to Self-Test Questions 636 ■ Problem Sets 686 · Solutions to Self-Test Finance on the Web 636 Questions 690 22 xxvii 1 Valuing Options 637 I Part Eight: Debt Financing 22-1 A Simple Option-Valuation Model 638 Why Discounted Cash Flow Won’t Work for Options/Constructing Option Equivalents from Common Stocks and Borrowing/Risk-Neutral Valuation/Valuing the Amazon Put Option/Valuing the Put Option by the Risk-Neutral Method/The Relationship between Call and Put Prices 22-2 The Binomial Method for Valuing Options 644 Example: The Two-Step Binomial Method/The General Binomial Method/The Binomial Method and Decision Trees 24 24-1 Yields on Corporate Debt 692 Distinguishing Promised and Expected Yields/ What Determines the Yield
Spread? 24-2 Valuing the Option to Default 695 Finding Bond Values/The Value of Corporate Equity 24-3 Predicting the Probability of Default 699 Statistical Models of Default/Structural Models of Default 22-3 The Black-Scholes Formula 649 Using the Black-Scholes Formula/How BlackScholes Values Vary with the Stock Price/The Risk of an Option/The Black-Scholes Formula and the Binomial Method/Some Practical Examples 22-4 Early Exercise and Dividend Payments Sets 659 · Solutions to Self-Test Questions 663 • Finance on the Web 664 · Mini-Case: Bruce Honiball’s Invention 664 Real Options 666 23-1 The Option to Expand Key Takeaways 706 · Further Reading 706 · Problem Sets 707 · Solutions to Self-Test Questions 708 · Finance on the Web 709 656 Key Takeaways 658 · Further Reading 659 · Problem 23 Credit Risk and the Value of Corporate Debt 691 666 Questions and Answers about Blitzen ’s Mark 11/ Other Expansion Options 25 The Many Different Kinds of Debt 710 25-1 Long-Term Corporate Bonds 711 Bond Terms/Security and Seniority/Asset-Backed Securities/Call Provisions/Sinking Funds/Bond Covenants/Privately Placed Bonds/Foreign Bonds and Eurobonds 25-2 Convertible Securities and Some Unusual Bonds 720
xxviii Contents 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 25-3 Bank Loans 727 Commitment/Maturity/Rate of Interest/Syndicated Loans/Security/Loan Covenants 25-4 Commercial Paper and Medium-Term Notes 731 Commercial Paper/Medium-Term Notes Key Takeaways 733 · Further Reading 734 · Problem Sets 734 · Solutions to Self-Test Questions 739 · Mini-Case: The Shocking Demise of Mr. Thorndike 740 · Appendix: Project Finance 741 · Appendix Further Reading 743 26 Leasing 744 26-2 Why Lease? 746 Sensible Reasons for Leasing/А Dubious Reason far Leasing 26-3 Rentals on an Operating Lease 747 Example of an Operating Lease/Lease or Buy? 26-4 Valuing Financial Leases 750 Example of a Financial Lease/Valuing the Lease Contract/Comparing the Lease with an Equivalent Loan/Financial Leases When There Are Limits on the Interest Tax Shield/Leasing and the Internal Revenue Service 26-5 When Do Financial Leases Pay? Leasing around the World 26-6 Setting Up a Leveraged Lease 27-2 Insurance 767 27-3 Reducing Risk with Financial Options 769 27-4 Forward and Futures Contracts 770 Λ Simple Forward Contract/Futures Exchanges/ The Mechanics of Futures Trading/Trading and Pricing Financial Futures Contracts/Spot and Futures Prices—Commodities/More about Forwards and Futures 27-5 Interest Rate Risk 776 Forward Rates of Interest and the Term Structure/ Borrowing and Lending at Forward Interest Rates/ Forward Rate Agreements/Interest Rate
Futures 27-6 Swaps 779 Interest Rate Swaps/Currency Swaps/Some Other Swaps 744 26-1 What Is a Lease? Reducing the Risk of Cash Shortfalls or Financial Distress/Agency Costs May Be Mitigated by Risk Management/The Evidence on Risk Management 754 756 Key Takeaways 757 · Further Reading 757 · Problem Sets 758 · Solutions to Self-Test Questions 762 27-7 How to Set Up a Hedge 783 Hedging Interest Rate Risk/Hedge Ratios and Basis Risk 27-8 Is “Derivative” a Four-Letter Word? 787 Key Takeaways 788 · Further Reading 789 · Problem Sets 790 · Solutions to Self-Test Questions 795 · Finance on the Web 796 · Mini-Case: Rensselaer Advisers 796 28 International Financial Management 799 28-1 The Foreign Exchange Market * 799 28-2 Some Basic Relationships 802 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? I Part Nine: Risk Management 28-3 Hedging Currency Risk 812 Transaction Exposure and Economic Exposure 27 28-4 International Investment Decisions 814 The Cost of Capital for International Investments Managing Risk 27-1 Why Manage Risk? 763 764 28-5 Political Risk 817
xxix 1 Contents Key Takeaways 820 · Further Reading 821 · Problem 30-6 The Relationship between Growth and External Financing Sets 822 · Solutions to Self-Test 825 · Finance on the Web 826 · Mini-Case: Exacta, s.a. 826 875 Key Takeaways 877 · Further Reading 877 · Problem Sets 878 · Solutions to Self-Test Questions 885 · I Part Ten: Financial Planning and Working Capital Management 29 Financial Analysis 828 29-1 Understanding Financial Statements 829 The Balance Sheet/The Income Statement 29-2 Measuring Company Performance 833 Economic Value Added/Accounting Rates of Return/Problems with EVA and Accounting Rates of Return 29-3 Measuring Efficiency 838 The DuPont Formula/Other Efficiency Measures 29-4 Measuring Leverage 841 Leverage and the Return on Equity Finance on the Web 887 31 Working Capital Management 31-1 The Working Capital Requirement The Cash Cycle 31-2 Managing Inventories 888 888 892 31-3 Accounts Receivable Management 894 Terms of Sale/Credit Analysìs/Тһе Credit Decision/ Collection Policy 31-4 Cash Management 900 How Purchases Are Paid For/Changes in Check Usage/Speeding Up Check Collections/Electronic Payment Systems/lnternational Cash Management/ Paying for Bank Services Sets 850 · Solutions to Self-Test Questions 855 · 31-5 Investing Surplus Cash 904 Investment Choices/Calculating the Yield on Money Market Investments/Returns on Money Market Investments/The International Money Market/Money Market Instruments Finance on the Web 855 Key Takeaways 909 · Further Reading 910 · Problem 29-5 Measuring Liquidity 844 29-6 Interpreting Financial Ratios 846 Key
Takeaways 849 · Further Reading 849 · Problem Sets 910 · Solutions to Self-Test Questions 916 · 30 Financial Planning Finance on the Web 917 857 30-1 What Are the Links between Short-Term and Long-Term Financing Decisions? 857 30-2 Tracing and Forecasting Changes in Cash 860 Tracing Changes in Cash/Forecasting Dynamic ’s Cash Needs 30-3 Developing a Short-Term Financial Plan 866 Dynamic Mattress’s Financing Plan/Evaluating the Plan/Short-Term Financial Planning Models 30-4 Using Long-Term Financial Planning Models 869 Why Build Financial Plans ?/A Long-Term Financial Planning Model for Dynamic Mattress/ Pitfalls in Model Design/Choosing a Plan 30-5 Long-Term Planning Models and Company Valuation 874 I Part Eleven: Mergers, Corporate Control, and Governance 32 Mergers 918 32-1 Types of Merger 979 32-2 Some Sensible Motives for Mergers 919 Economies of Scale and Scope/Economies of Vertical Integration/Complementary Resources/ Changes in Corporate Control/Industry Consolidation/Logic Does Not Guarantee Success 32-3 Some Dubious Motives for Mergers 923 Diversification/Increasing Earnings per Share: The Bootstrap Game/Lower Borrowing Costs/ Management Motives
xxx Contents 32-4 Estimating Merger Gains and Costs 928 Estimating NPV When the Merger Is Financed by Cash/Estimating NPV When the Merger Is Financed by Stock/Asymmetric Information/More on Estimating Costs—What If the Target’s Stock Price Anticipates the Merger?/Right and Wrong Ways to Estimate the Benefits of Mergers 32-5 The Mechanics of a Merger 932 Mergers, Antitrust Law, and Popular Opposition/ The Form ofAcquisition/Merger Accounting/Some Tax Considerations 32-6 Takeovers and the Market for Corporate Control 936 32-7 Merger Waves and Merger Profitability 938 Merger Waves/Who Gains and Loses from Mergers?/Buyers vs. Sellers/Mergers and Society Key Takeaways 942 · Further Reading 943 · Problem Sets 943 · Solutions to Self-Test Questions 946 · Finance on the Web 947 · Appendix: Conglomerate Mergers and Value Additivity 948 33 Corporate Restructuring 950 33-1 Leveraged Buyouts 950 The RJR Nabisco LBO/Barbarians at the Gate?/ Leveraged Restructurings 33-2 The Private-Equity Market 956 Private-Equity Partnerships/Are Private-Equity Funds Today’s Conglomerates? 33-3 Fusion and Fission in Corporate Finance 961 Spin-Offs/Carve-Outs/Asset Sales/Privatization and Nationalization 33-4 Bankruptcy 967 Is Chapter 11 Efficient?/Workouts/Alternative Bankruptcy Procedures Key Takeaways 973 · Further Reading 973 · Problem Sets 974 · Solutions to Self-Test Questions 976 I Part Twelve: Conclusion 34 Conclusion: What We Do and Do Not Know about Finance 977 34-1 What We Do Know: The Seven Most Important Ideas in Finance 977 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 980 I. 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 New 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 986 GLOSSARY G-l INDEX 1-1 Note: Present value tables are available in Connect. |
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| author | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Edmans, Alex 1980- |
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| dewey-ones | 658 - General management |
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| dewey-search | 658.15 |
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| dewey-tens | 650 - Management and auxiliary services |
| discipline | Mathematik Wirtschaftswissenschaften |
| discipline_str_mv | Mathematik Wirtschaftswissenschaften |
| edition | Fourteenth edition, international student edition |
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| id | DE-604.BV048291566 |
| illustrated | Illustrated |
| index_date | 2024-07-03T20:03:47Z |
| indexdate | 2025-02-24T09:01:33Z |
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| language | English |
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| physical | xxx, 986, G-5, I-29 Seiten Illustrationen, Diagramme |
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| spelling | Brealey, Richard A. 1936- Verfasser (DE-588)124289401 aut Principles of corporate finance Richard A. Brealey (Emeritus Professor of Finance, London Business School), Stewart C. Myers (Emeritus Professor for Financial Economics, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London), Alex Edmans (Professor of Finance, London Business School) Fourteenth edition, international student edition New York, NY McGraw Hill [2023] © 2023 xxx, 986, G-5, I-29 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier The McGraw Hill series in finance, insurance, and real estate Auf dem Umschlag: This international student edition is for use outside of the U.S. Finanzplanung (DE-588)4017200-4 gnd rswk-swf Unternehmen (DE-588)4061963-1 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)4151278-9 Einführung gnd-content (DE-588)4123623-3 Lehrbuch gnd-content Unternehmen (DE-588)4061963-1 s Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s DE-604 Finanzplanung (DE-588)4017200-4 s Finanzmanagement (DE-588)4139075-1 s Myers, Stewart C. 1940- Verfasser (DE-588)129325023 aut Allen, Franklin 1956- Verfasser (DE-588)136922465 aut Edmans, Alex 1980- Verfasser (DE-588)134264274 aut Erscheint auch als Online-Ausgabe 978-1-265-65246-3 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033671547&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Edmans, Alex 1980- Principles of corporate finance Finanzplanung (DE-588)4017200-4 gnd Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4017200-4 (DE-588)4061963-1 (DE-588)4139075-1 (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4151278-9 (DE-588)4123623-3 |
| title | Principles of corporate finance |
| title_auth | Principles of corporate finance |
| title_exact_search | Principles of corporate finance |
| title_exact_search_txtP | Principles of corporate finance |
| title_full | Principles of corporate finance Richard A. Brealey (Emeritus Professor of Finance, London Business School), Stewart C. Myers (Emeritus Professor for Financial Economics, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London), Alex Edmans (Professor of Finance, London Business School) |
| title_fullStr | Principles of corporate finance Richard A. Brealey (Emeritus Professor of Finance, London Business School), Stewart C. Myers (Emeritus Professor for Financial Economics, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London), Alex Edmans (Professor of Finance, London Business School) |
| title_full_unstemmed | Principles of corporate finance Richard A. Brealey (Emeritus Professor of Finance, London Business School), Stewart C. Myers (Emeritus Professor for Financial Economics, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London), Alex Edmans (Professor of Finance, London Business School) |
| title_short | Principles of corporate finance |
| title_sort | principles of corporate finance |
| topic | Finanzplanung (DE-588)4017200-4 gnd Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Finanzplanung Unternehmen Finanzmanagement Corporate Finance Finanzierung Einführung Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033671547&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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