Quantitative corporate finance:
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
Cham, Switzerland
Springer
[2022]
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| Edition: | Third edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxiv, 657 Seiten Illustrationen, Diagramme |
| ISBN: | 9783030872687 |
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MARC
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| 245 | 1 | 0 | |a Quantitative corporate finance |c John B. Guerard Jr., Anureet Saxena, Mustafa N. Gültekin |
| 250 | |a Third edition | ||
| 264 | 1 | |a Cham, Switzerland |b Springer |c [2022] | |
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| adam_text | Contents 1 Introduction: Capital Formation, Risk, and the Corporation........... 1.1 Financial Mathematics and Theory................................................ 1.2 Growth and Survival of the Firm................................................... 1.3 Risk and Uncertainty Inherent in Finance..................................... 1.4 Types of Business Risk................................................................... 1.5 Financial Risk.................................................................................. 1.6 Division of Risk, Income, and Control.......................................... 1.7 Profitability and Risk...................................................................... 1.8 Areas Covered in This Book.......................................................... References.................................................................................................... 1 1 3 3 4 5 5 8 9 10 2 The Corporation and Other Forms of Business Organization........... 2.1 The Sole or Single Proprietorship.......... ................................... 2.2 The Partnership................................................................................ 2.3 The Limited Partnership.................................................................. 2.4 The Corporation, Its BasicCharacteristics...................................... 2.4.1 Chartering the Corporation............................................ 2.4.2 Administrative Organization......................................... 2.5 Major Rights of the
Shareholders................................................... 2.6 The Advantages of the Corporate Form......................... 2.7 The Corporation in 2020: Trying to Maintain Economic Growth in the COVID-19 Pandemic with the Payroll Protection Plan................................................................................ References.................................................................................................... 13 14 15 17 18 20 23 25 27 The Corporation Balance Sheet............................................................... 3.1 The Balance Sheet........................................................................... 3.2 Assets................................................................................................ 3.3 Liabilities and StockholderEquity.................................................. 3.4 Book Value of CommonStock........................................................ 31 31 32 37 42 3 28 29 xv
xvi Contents 3.5 Summary and Conclusions............................................................. References..................................................................................................... 4 5 The Annual Operating Statements: The Income Statement and Cash Flow Statement................................................................. 55 4.1 Form and Content of the bicorne Statement................................... 4.2 Retained Earnings vs Dividends...................................................... 4.3 Income Statement in the World of Business: IBM, Boeing, and Dominion Energy......................................... 62 4.4 Annual Cash Flow Statement............................................ 4.5 US Firm Cash Flow Analysis, 1971-2020 ..................................... 4.6 Summary.......................................................................... References..................................................................................................... Financing Current Operations and Efficiency Ratio Analysis........... 5.1 Working Capital Concepts............................................................... 5.2 Snapshots of Financial Ratios.......................................................... 5.3 The Calculations of Financial Ratios and Their Implications for Stockholder Wealth Maximization...... 84 5.3.1 The Dupont Analysis Return on Invested Capital.............................................................................. 5.3.2 Current Ratio,................................................................. 5.3.3
Sales to Total Assets................................... 5.3.4 The Altman Z Model...................................................... 5.4 The Time Series of WRDS Ratios in the United States, 1970-2020 ......................................................................... 90 5.5 Industry Production of Financial Ratios......................................... 5.6 Limitations of Ratio Analysis.......................................................... 5.7 A Summary of Ratio Analysis......................................................... References..................................................................................................... 53 53 56 61 66 74 75 75 77 77 79 84 87 88 89 90 92 99 100 6 Financing Current Operations and the Cash Budget.......................... 101 6.1 Sources of Short-Term Financing................................................... 103 6.2 Trade Credit....................................................................... 104 6.3 Bank Credit...................... 105 6.4 Other Forms of Short-Term Financing........................................... 110 6.5 Quantitative Working Capital Models:Cash Management. ... 112 6.6 The Cash Budget.............................................................................. 115 References..................................................................................................... 118 7 Capital and New Issue Markets......................................... 7.1 The Secondary Markets................................................................... 7.2 The Primary
Market......................................... 7.3 The Originating House..................................................................... 7.3.1 The Underwriting Group................................................. 7.3.2 The Selling Group........................... 7.3.3 Other Aspects of Investment Banking........................... 119 120 122 123 124 124 124
Contents Initial Public Offerings (IPOs)....................................................... 7.4.1 Expansion of a Privately Held Firm into a Public Corporation..................................... 126 7.4.2 The Problem of Control................................................. 7.4.3 Promotion of a Subsidiary by Parent Corporations.................................................. 127 7.5 Formation of a Joint Subsidiary by Two or More Parent Companies.......................................................... 129 7.6 The SEC and the Flotation of New Issues.................................... 7.6.1 Secondary Floatations..... ........................................ 7.7 Issuing Securities Through Rights................................................. 7.8 Stock Tenders........................................................................ 7.9 Costs of Floating an Issue............................ 7.10 Regulation of the Capital Markets................................................. 7.11 The Capital Market as a Source of Funds..................................... 7.12 The Debate on the Optimal Organization of the Capital Market............................................. ............................... 143 7.13 Capital Markets and Long-Term Economic Growth................... References..................................................................................................... 7.4 8 xvii 125 127 129 131 131 133 134 135 141 144 145 The Equity of the Corporation: Common and Preferred Stock.... 149 8.1
CommonStock................................................................................ 149 8.2 Rewards of Common Shareholders............................................... 150 8.3 The Corporate Sector: A Net Exporter of Funds.......................... 153 8.4 Corporate Exports and the Maximization of Stockholder Wealth................................................................................ 155 8.5 Definitions of the Value of Common Shares................................ 158 8.5.1 Book Value...................................................................... 159 8.5.2 Market Value............................................... 159 8.5.3 Intrinsic or “Normal” Value........................................... 160 8.6 Stock Splits and Stock Dividends.................................................. 161 8.7 Stock Prices and Dividends: An Example of Valuation.............. 162 8.7.1 Noncash-Paying Growth Shares.................................... 165 8.7.2 Valuing a Dividend-Paying Super-Growth Stock. . . 167 8.7.3 Super Growth Cannot Be Infinite.............................. . 169 8.7.4 The Paradox of the Low Current Return on Growth Options....................................... 170 8.8 Risk and Returns to Growth Investments..................................... 170 8.8.1 The Cost of Capital to a Growth Firm......................... 171 8.8.2 The Cost of Common Stock Financing: The Norm....................................................... 171 8.9 Preferred Stock............................................................................... 172 8.9.1 Features of
Preferred Stock........................................... 173 8.9.2 Rational for Preferred Stock Financing........................ 174 8.9.3 Convertible Preferred..................................................... 174
xviii 9 Contents 8.9.4 Protective Features on Preferred Shares........................ 8.9.5 Floating New Common Equity Issues........................... 8.10 Advantage of New Share Financing.............................................. References..................................................................................................... 176 177 177 178 Long-Term Debt.......................................................................................... 9.1 Bonds................................................................................................ 9.1.1 Mortgage Agreement....................................................... 9.1.2 Subordinate Mortgages................................................... 9.1.3 Net Working Capital Maintenance Requirements.................................................................. 9.1.4 Restrictions on Creating New Debt........... ................... 9.2 Other Types of Long-Term Debt.................................................... 9.2.1 * Term Loans..................................................................... 9.2.2 Private Placements.......................................................... 9.2.3 Equipment Trust Certificates.......................................... 9.3 Long-Term Lease...................... 9.4 Lease Accounting: Recent Changes............................................... 9.5 The Cost of Debt Capital................................................................ 9.6 Level and Structure of the Interest Rates....................................... 9.7 The Liquidity Preference Theory
of the TermStructure............... 9.7.1 The Pure Expectations Theory of the Term Structure......................................................................... 9.7.2 The Market Segmentation Theory of the Term Structure................................................................ 9.7.3 Setting the Rate on a New Issue................ .................... 9.8 The Call Feature on Bonds.............................................................. 9.9 Convertible Bonds and Bonds with WarrantsAttached................ 9.10 The Advantages and Disadvantages of Long-Term Debt............. 9.11 Malkiel’s Bond Theorems.............. ..................................... . . . 9.12 Retirement of Debt.......................................................................... 9.12.1 Toward a More Conservative Capital Structure.......... 9.12.2 Decreasing the Level of Operations............. ................. 9.12.3 Methods for Retiring Specific Issues............................. 9.12.4 Repurchase on the Open Market................................... 9.12.5 Repayment or Refunding at Maturity............................ 9.12.6 Gradual Reduction of Debt Issue by Sinking Fund Purchase................................................................ 9.12.7 Reduction of Debt Through Serial Issues..................... 9.12.8 Debt Retirement and the Call Privilege......................... 9.12.9 Forced Conversion.......................................................... 9.13 Summary..........................................................................................
References..................................................................................................... 181 181 182 183 184 184 185 186 186 186 187 189 190 193 193 194 195 196 197 199 202 202 205 206 206 208 208 209 210 211 212 213 213 213
Contents 10 Debt, Equity, the Optimal Financial Structure, and the Cost of Funds......................................................... 215 10.1 Definition of Leverage: Profits and Financial Risk...................... 10.2 Illustrations of Leverage: Return and Risk................................... 10.3 Surrogate Evidence on the Development of “Optimum” Financial Structure...................................... 220 10.4 The Pure Theory of the Optimal Financial Structure................... 10.5 Modigliani and Miller: Constant Capital Costs............................ 10.6 The Optimal Capital Structure and the M M Hypothesis.......... 10.7 Empirical Factors Influencing Financial Structures...................... 10.8 Measures for Approximating Financial Risk................................ 10.9 Outside Financing Capacity............................................... References................................................................... 11 Investing in Assets: Theory of Investment Decision-Making.............. 11.1 Net Present Value and the Internal Rate of Return...................... 11.2 Mutually Exclusive Projects............................ 11.3 Difference in Project Size and Durations of Cash Flow.............. 11.4 Lowest Annualized Total Costs..................................................... 11.5 The Irrational Fixed Capital Budget.............................................. 11.6 Real Investments and the Cost of Funds....................................... 11.7 The Adjusted Present Value (APV) Model................................... 11.7.1 Estimating
Cash Flows................................................. 11.7.2 Gathering Information.................................................. 11.7.3 Financial Statement: Pitfalls......................................... 11.7.4 Anatomy of Core Financial Statements...................... 11.7.5 Definition of Cash Flows............................................. 11.8 CFO Practice................................................................................... 11.9 Current Costs of the “Optimum” Financial Mix........................... 11.10 The Effect of Taxes on the Financial Structure............................ 11.11 Costing the Components of the Financial Mix............................. 11.11.1 Cost of Trade Credit..................................................... 11.11.2 Cost of Bank Credit...................................................... 11.11.3 Cost of Long-Term Debt........................... 11.11.4 Cost of Preferred Stock................................................ 11.11.5 The Cost of Retained Earnings.................................... 11.11.6 Other Internal Funds-Depreciation, Depletion, etc.................................................. 269 11.12 Investments Under Negative taterest Rates and Hyperinflation............................................................ 269 11.12.1 Negative Interest Rates.................................................. 11.12.2 Hyperinflationary Regime............................................. 11.13 Summary......................................................................................... Appendix A:
Application of APV.............................................................. Basic Extensions of Valuation Theory......................................... Application of APV........................................................................ References....................................... xix 216 217 221 224 228 229 230 234 237 239 240 241 244 247 247 248 251 254 255 255 256 259 261 263 264 265 265 266 266 266 268 269 271 271 272 275 276 289
XX 12 13 Contents Regression Analysis and Estimating Regression Models..................... 12.1 Estimating an Ordinaiy Least Squares Regression Line............. 12.2 Autocorrelation................................................................................. 12.3 Estimating Multiple Regression Lines................................. 12.4 Influential Observations and Possible Outliers and the Application of Robust Regression................ 301 12.5 The Conference Board Composite Index of Leading Economic Indicators and Real US GDP Growth: A Regression Example Including Much of the Pandemic Period. . . ... 303 12.6 The Conference Board Composite Index of Leading Economic Indicators and the US Unemployment Rate: Another Regression Example Including Much of the Panderņic Period............................... 318 12.7 Summary and Conclusions.............................................................. Appendices.................................................................................................... Appendix A: Influential Observations and Outlier Detection.......................................... The US Leading Economic Indicators.......................................... Appendix C: Identifying Influential Observations in a Regression....................................................................................... References................................ Time Series Modeling and the Forecasting Effectiveness of the US Leading Economic Indicators. ...................................... 331 13.1 Basic Statistical Properties of Economic
Series........................... 13.1.1 The Autoregressive and Moving Average Processes......................................................... 335 13.2 ARMA Model Identification in Practice....................................... 13.3 Estimating an ARIMA RWD for US GDP, 1959Q2-2020Q3................................................................. „ .... 13.3.1 Estimating an ARIMA RWD for DLGDP, 1959Q2-2020Q3........................................... 351 13.4 Estimating a Transfer Function Time Series Model of US GDP with the US Leading Economic Indicator Time Series as Its Input..................................................... 354 13.5 Forecasting Effectiveness of Time Series Modeling Using Autometrics to Estimate Outliers and Breaks: Studies of the US Real GDP, 1959-2020..................................... 13.6 Automatic Time Series Modeling of the Unemployment Rate Using Leading Economic Indicators (LEI)............. 365 13.7 Summary and Conclusions............................................................. Appendix A: Granger Causality Modeling of the Change in the US Unemployment Rate with First-Differenced Changes in the LEI Time Series............................................................................ Append B: Autometrics and Saturation Variables..................................... References........................................................................................... 291 291 296 299 320 321 321 323 325 329 332 342 346 358 382 383 395 399
Contents 14 15 Risk and Return of Equity, the Capital Asset Pricing Model, and Stock Selection for Efficient Portfolio Construction............ 403 14.1 Calculating Holding Period Returns.............................................. 14.2 An Introduction to Modem Portfolio Theoryand Betas............... 14.3 Expected Retums Versus Historic Mean Retums......................... 14.4 Fundamental Analysis and Stock Selection................................... 14.5 Modem Portfolio Theory and GPRD: An Example of Markowitz Analysis....................................... 423 14.6 Further Estimations of a Composite Equity Valuation Model: The Roles of Analyst Forecasts and Momentum in Stock Selection........................................................................... 14.6.1 REG8 Model......................................................... 14.6.2 REG9 Model................................................................... 14.6.3 REGIO Model................................................................. 14.7 Summary and Conclusions......................... Appendices................................................................................................... Appendix 1: The Three-Asset Case................ ............ Appendix 2: ICs ..................... Appendix 3: Matrix Algebra........................................ References.................................................................................................... Multifactor Risk Models and Portfolio Construction and
Management................................................................................................ 15.1 The Barra System............................................................................ 15.2 Barra Model Mathematics............................................................... 15.3 The Barra Multifactor Model and Analysts’ Forecasts, Revisions, and Breadth..................................................... 467 15.4 Early Alternative Multi-Beta Risk Models.................................... 15.5 APT Approach................................................................................. 15.6 Applying the Blin and Blender APT Model.................................. 15.7 Applying the Blin and Blender APT Model, BARRA, and Axioma: The McKintey Capital Management (MCM) Horse Race Tests............................................................... 478 15.8 Why Use the Axioma Statistical Model?.................. 15.9 Alpha Alignment Factor............................................................. . 15.10 Financial Anomalies in Global Portfolio Management: Evidence Through COVID-19......................................... 485 15.11 Summary and Conclusions............................................................ Appendices................................................................................................... Appendix 1: US-E3 Descriptor Definitions.................................. Appendix 2: Factor Alignment Problems and Quantitative Portfolio Management....................................................................
Bibliography................................................................................................. References..................................................................................................... xxi 404 411 420 421 427 432 432 432 434 434 434 437 452 455 461 462 463 471 473 476 479 481 486 487 487 496 499 499
xxii Contents 16 Options.......................................................................................................... 16.1 The Malkiel-Quandt Notation......................................................... 16.2 The Binominal Option Pricing Model............................................ 16.3 The More Traditional Black and Scholes Option Pricing Model Derivation............................................................... 516 16.4 Black and Scholes Model Calculation.......................................... 16.5 The OPM and Corporate Liabilities.............................................. References..................................................................................................... 17 Real Options.................................................................................. 17.1 The Option to Delay a Project....................................................... 17.2 Implications of Viewing the Right to Delay a Project as an Option............................................................................ 529 17.3 Abandonment Value....................................................................... 17.4 Options in Investment Analysis/CapitalBudgeting...................... References..................................................................................................... 18 Mergers and Acquisitions...................... 18.1 Noneconomic Motives for Combinations..................................... 18.2 Holding Companies........................................................................ 18.3 A Merger History of the
United States......................................... 18.4 Using an Accounting Basis............................................................ 18.5 The Economic Basis for Acquisitions.......................................... 18.6 Theories of Conglomerate Mergers.............................................. 18.7 Combinations Correcting Economic orFinancial Imbalances....................................................................................... 18.8 Combinations Increasing Market Dominance.............................. 18.9 Combinations for Tax Advantages................................................ 18.10 The Larson-Gonedes Exchange Ratio Model............................. 18.11 Valuation of a Merger Candidate.................................................. 18.12 Testing for Synergism: Do Mergers Enhance Stockholder Wealth?............................................................................................ 18.13 Divestment and Spinoff................................................................. 18.14 Summary and Conclusions............................................................ References..................................................................................................... 19 Liquidation, Failure, Bankruptcy, and Reorganization....................... 19.1 Voluntary Liquidation.................................................................... 19.2 A Liquidation Example.................................................................. 19.3 Remaining in
Business................................................................... 19.4 Failure................................................................... 19.5 Informal Remedies......................................................................... 19.6 Bankruptcy.................................................. .................................... 19.6.1 Bankruptcy Procedures.................................................. 19.6.2 Priorities in Liquidation............. ................................... 505 510 513 519 521 524 527 528 529 535 535 537 538 539 540 545 546 547 552 553 554 555 559 561 564 565 566 569 571 572 573 574 575 575 577 578
Contents xxiii 19.6.3 Reorganization................................................................ 19.6.4 Analysis of the Reorganization..................................... 19.7 Summary.......................................................................................... References..................................................................................................... 580 584 585 585 Corporation Growth and Economic Growth and Stability................ 20.1 Factors in Economic Growth.................................... 20.2 Savings and Real Investment........................................ 20.3 Cotporation Investment Spending and Economic Stability................................... 590 20.4 Monetary Policy, the Cost of Capital, and the Firm Investment Process........................................................... 592 20.5 Economic Growth and Firm Growth................................. 20.6 Firm Growth and Economic Growth......... ................................... References................................ 587 588 589 21 International Business Finance........................................... 21.1 Currency Exchange Rates.............................. 21.2 International Diversification............................... 21.3 International Stock Selection and Portfolio Construction and Optimization...................................................... 21.4 International Corporate Finance Decisions................................... References.................................................................................................... 597 597 602
20 22 Management-Stockholder Relations: IsOptimal Behavior AU That Is Necessary?.............................................................................. 22.1 General Agreement and Potential Conflicts in Management and Control.......................................................... 22.2 Areas of Potential Conflict............................................................. 22.2.1 Managerial and Board of Directors Compensation................................................................. 22.2.2 Executive Compensation................................................ 22.2.3 Board of Directors.......................................................... 22.2.4 Stock Options.................................................................. 22.2.5 Bonuses.......................... 22.2.6 Dividends, Buy Backs, and Retained Earnings. .... 22.2.7 Excessively Conservative Financial or Asset Structures........................................................................ 22.2.8 Liquidating or Selling the Firm...................................... 22.2.9 Risky Acquisitions......................................................... 22.3 Turning Agents into Owners.......................................................... 22.4 The Diseconomies of Financial Scams.......................................... 22.5 tosider Trading................................................................................. 22.6 Conflict of Interests......................................................................... 593 594 595 605 607 610 613 614 615 615 616 618 619 620 621 622 623 624 624 626
626 627
xxiv Contents Stockholder Remedies........................................................................ 22.7.1 Sell His Shares................................................................... 22.7.2 Institute a Stockholder Suit............................................. 22.7.3 Organize a Proxy Fight to Vote Out the Management..................................................... 628 22.8 To Whom Is Management Responsible?.................. ..................... 22.9 Summary and Conclusions................................................................. Appendix A........................................................................................................ From Raw to Normalized Score Definitions.................................. Fama and French-Weighted Portfolios............................................ A Return to Optimized Portfolio Construction and Management.......................................................... The Interaction of Environmental Scores and Expected Return Models..................................................................................... Summary of SRI/ESG Portfolio Construction and Analysis........................................................................................ References..................................................... 627 627 628 Index........................................................................................................................... 651 22.7 629 630 630 634 636 640 641 643 646
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Contents 1 Introduction: Capital Formation, Risk, and the Corporation. 1.1 Financial Mathematics and Theory. 1.2 Growth and Survival of the Firm. 1.3 Risk and Uncertainty Inherent in Finance. 1.4 Types of Business Risk. 1.5 Financial Risk. 1.6 Division of Risk, Income, and Control. 1.7 Profitability and Risk. 1.8 Areas Covered in This Book. References. 1 1 3 3 4 5 5 8 9 10 2 The Corporation and Other Forms of Business Organization. 2.1 The Sole or Single Proprietorship. . 2.2 The Partnership. 2.3 The Limited Partnership. 2.4 The Corporation, Its BasicCharacteristics. 2.4.1 Chartering the Corporation. 2.4.2 Administrative Organization. 2.5 Major Rights of the
Shareholders. 2.6 The Advantages of the Corporate Form. 2.7 The Corporation in 2020: Trying to Maintain Economic Growth in the COVID-19 Pandemic with the Payroll Protection Plan. References. 13 14 15 17 18 20 23 25 27 The Corporation Balance Sheet. 3.1 The Balance Sheet. 3.2 Assets. 3.3 Liabilities and StockholderEquity. 3.4 Book Value of CommonStock. 31 31 32 37 42 3 28 29 xv
xvi Contents 3.5 Summary and Conclusions. References. 4 5 The Annual Operating Statements: The Income Statement and Cash Flow Statement. 55 4.1 Form and Content of the bicorne Statement. 4.2 Retained Earnings vs Dividends. 4.3 Income Statement in the World of Business: IBM, Boeing, and Dominion Energy. 62 4.4 Annual Cash Flow Statement. 4.5 US Firm Cash Flow Analysis, 1971-2020 . 4.6 Summary. References. Financing Current Operations and Efficiency Ratio Analysis. 5.1 Working Capital Concepts. 5.2 Snapshots of Financial Ratios. 5.3 The Calculations of Financial Ratios and Their Implications for Stockholder Wealth Maximization. 84 5.3.1 The Dupont Analysis Return on Invested Capital. 5.3.2 Current Ratio,. 5.3.3
Sales to Total Assets. 5.3.4 The Altman Z Model. 5.4 The Time Series of WRDS Ratios in the United States, 1970-2020 . 90 5.5 Industry Production of Financial Ratios. 5.6 Limitations of Ratio Analysis. 5.7 A Summary of Ratio Analysis. References. 53 53 56 61 66 74 75 75 77 77 79 84 87 88 89 90 92 99 100 6 Financing Current Operations and the Cash Budget. 101 6.1 Sources of Short-Term Financing. 103 6.2 Trade Credit. 104 6.3 Bank Credit. 105 6.4 Other Forms of Short-Term Financing. 110 6.5 Quantitative Working Capital Models:Cash Management. . 112 6.6 The Cash Budget. 115 References. 118 7 Capital and New Issue Markets. 7.1 The Secondary Markets. 7.2 The Primary
Market. 7.3 The Originating House. 7.3.1 The Underwriting Group. 7.3.2 The Selling Group. 7.3.3 Other Aspects of Investment Banking. 119 120 122 123 124 124 124
Contents Initial Public Offerings (IPOs). 7.4.1 Expansion of a Privately Held Firm into a Public Corporation. 126 7.4.2 The Problem of Control. 7.4.3 Promotion of a Subsidiary by Parent Corporations. 127 7.5 Formation of a Joint Subsidiary by Two or More Parent Companies. 129 7.6 The SEC and the Flotation of New Issues. 7.6.1 Secondary Floatations.'. 7.7 Issuing Securities Through Rights. 7.8 Stock Tenders. 7.9 Costs of Floating an Issue. 7.10 Regulation of the Capital Markets. 7.11 The Capital Market as a Source of Funds. 7.12 The Debate on the Optimal Organization of the Capital Market. . 143 7.13 Capital Markets and Long-Term Economic Growth. References. 7.4 8 xvii 125 127 129 131 131 133 134 135 141 144 145 The Equity of the Corporation: Common and Preferred Stock. 149 8.1
CommonStock. 149 8.2 Rewards of Common Shareholders. 150 8.3 The Corporate Sector: A Net Exporter of Funds. 153 8.4 Corporate Exports and the Maximization of Stockholder Wealth. 155 8.5 Definitions of the Value of Common Shares. 158 8.5.1 Book Value. 159 8.5.2 Market Value. 159 8.5.3 Intrinsic or “Normal” Value. 160 8.6 Stock Splits and Stock Dividends. 161 8.7 Stock Prices and Dividends: An Example of Valuation. 162 8.7.1 Noncash-Paying Growth Shares. 165 8.7.2 Valuing a Dividend-Paying Super-Growth Stock. . . 167 8.7.3 Super Growth Cannot Be Infinite. . 169 8.7.4 The Paradox of the Low Current Return on Growth Options. 170 8.8 Risk and Returns to Growth Investments. 170 8.8.1 The Cost of Capital to a Growth Firm. 171 8.8.2 The Cost of Common Stock Financing: The Norm. 171 8.9 Preferred Stock. 172 8.9.1 Features of
Preferred Stock. 173 8.9.2 Rational for Preferred Stock Financing. 174 8.9.3 Convertible Preferred. 174
xviii 9 Contents 8.9.4 Protective Features on Preferred Shares. 8.9.5 Floating New Common Equity Issues. 8.10 Advantage of New Share Financing. References. 176 177 177 178 Long-Term Debt. 9.1 Bonds. 9.1.1 Mortgage Agreement. 9.1.2 Subordinate Mortgages. 9.1.3 Net Working Capital Maintenance Requirements. 9.1.4 Restrictions on Creating New Debt. . 9.2 Other Types of Long-Term Debt. 9.2.1 '* Term Loans. 9.2.2 Private Placements. 9.2.3 Equipment Trust Certificates. 9.3 Long-Term Lease. 9.4 Lease Accounting: Recent Changes. 9.5 The Cost of Debt Capital. 9.6 Level and Structure of the Interest Rates. 9.7 The Liquidity Preference Theory
of the TermStructure. 9.7.1 The Pure Expectations Theory of the Term Structure. 9.7.2 The Market Segmentation Theory of the Term Structure. 9.7.3 Setting the Rate on a New Issue. . 9.8 The Call Feature on Bonds. 9.9 Convertible Bonds and Bonds with WarrantsAttached. 9.10 The Advantages and Disadvantages of Long-Term Debt. 9.11 Malkiel’s Bond Theorems. . . . . 9.12 Retirement of Debt. 9.12.1 Toward a More Conservative Capital Structure. 9.12.2 Decreasing the Level of Operations. . 9.12.3 Methods for Retiring Specific Issues. 9.12.4 Repurchase on the Open Market. 9.12.5 Repayment or Refunding at Maturity. 9.12.6 Gradual Reduction of Debt Issue by Sinking Fund Purchase. 9.12.7 Reduction of Debt Through Serial Issues. 9.12.8 Debt Retirement and the Call Privilege. 9.12.9 Forced Conversion. 9.13 Summary.
References. 181 181 182 183 184 184 185 186 186 186 187 189 190 193 193 194 195 196 197 199 202 202 205 206 206 208 208 209 210 211 212 213 213 213
Contents 10 Debt, Equity, the Optimal Financial Structure, and the Cost of Funds. 215 10.1 Definition of Leverage: Profits and Financial Risk. 10.2 Illustrations of Leverage: Return and Risk. 10.3 Surrogate Evidence on the Development of “Optimum” Financial Structure. 220 10.4 The Pure Theory of the Optimal Financial Structure. 10.5 Modigliani and Miller: Constant Capital Costs. 10.6 The Optimal Capital Structure and the M M Hypothesis. 10.7 Empirical Factors Influencing Financial Structures. 10.8 Measures for Approximating Financial Risk. 10.9 Outside Financing Capacity. References. 11 Investing in Assets: Theory of Investment Decision-Making. 11.1 Net Present Value and the Internal Rate of Return. 11.2 Mutually Exclusive Projects. 11.3 Difference in Project Size and Durations of Cash Flow. 11.4 Lowest Annualized Total Costs. 11.5 The Irrational Fixed Capital Budget. 11.6 Real Investments and the Cost of Funds. 11.7 The Adjusted Present Value (APV) Model. 11.7.1 Estimating
Cash Flows. 11.7.2 Gathering Information. 11.7.3 Financial Statement: Pitfalls. 11.7.4 Anatomy of Core Financial Statements. 11.7.5 Definition of Cash Flows. 11.8 CFO Practice. 11.9 Current Costs of the “Optimum” Financial Mix. 11.10 The Effect of Taxes on the Financial Structure. 11.11 Costing the Components of the Financial Mix. 11.11.1 Cost of Trade Credit. 11.11.2 Cost of Bank Credit. 11.11.3 Cost of Long-Term Debt. 11.11.4 Cost of Preferred Stock. 11.11.5 The Cost of Retained Earnings. 11.11.6 Other Internal Funds-Depreciation, Depletion, etc. 269 11.12 Investments Under Negative taterest Rates and Hyperinflation. 269 11.12.1 Negative Interest Rates. 11.12.2 Hyperinflationary Regime. 11.13 Summary. Appendix A:
Application of APV. Basic Extensions of Valuation Theory. Application of APV. References. xix 216 217 221 224 228 229 230 234 237 239 240 241 244 247 247 248 251 254 255 255 256 259 261 263 264 265 265 266 266 266 268 269 271 271 272 275 276 289
XX 12 13 Contents Regression Analysis and Estimating Regression Models. 12.1 Estimating an Ordinaiy Least Squares Regression Line. 12.2 Autocorrelation. 12.3 Estimating Multiple Regression Lines. 12.4 Influential Observations and Possible Outliers and the Application of Robust Regression. 301 12.5 The Conference Board Composite Index of Leading Economic Indicators and Real US GDP Growth: A Regression Example Including Much of the Pandemic Period. . . . 303 12.6 The Conference Board Composite Index of Leading Economic Indicators and the US Unemployment Rate: Another Regression Example Including Much of the Panderņic Period. 318 12.7 Summary and Conclusions. Appendices. Appendix A: Influential Observations and Outlier Detection. The US Leading Economic Indicators. Appendix C: Identifying Influential Observations in a Regression. References. Time Series Modeling and the Forecasting Effectiveness of the US Leading Economic Indicators. . 331 13.1 Basic Statistical Properties of Economic
Series. 13.1.1 The Autoregressive and Moving Average Processes. 335 13.2 ARMA Model Identification in Practice. 13.3 Estimating an ARIMA RWD for US GDP, 1959Q2-2020Q3. „ . 13.3.1 Estimating an ARIMA RWD for DLGDP, 1959Q2-2020Q3. 351 13.4 Estimating a Transfer Function Time Series Model of US GDP with the US Leading Economic Indicator Time Series as Its Input. 354 13.5 Forecasting Effectiveness of Time Series Modeling Using Autometrics to Estimate Outliers and Breaks: Studies of the US Real GDP, 1959-2020. 13.6 Automatic Time Series Modeling of the Unemployment Rate Using Leading Economic Indicators (LEI). 365 13.7 Summary and Conclusions. Appendix A: Granger Causality Modeling of the Change in the US Unemployment Rate with First-Differenced Changes in the LEI Time Series. Append B: Autometrics and Saturation Variables. References. 291 291 296 299 320 321 321 323 325 329 332 342 346 358 382 383 395 399
Contents 14 15 Risk and Return of Equity, the Capital Asset Pricing Model, and Stock Selection for Efficient Portfolio Construction. 403 14.1 Calculating Holding Period Returns. 14.2 An Introduction to Modem Portfolio Theoryand Betas. 14.3 Expected Retums Versus Historic Mean Retums. 14.4 Fundamental Analysis and Stock Selection. 14.5 Modem Portfolio Theory and GPRD: An Example of Markowitz Analysis. 423 14.6 Further Estimations of a Composite Equity Valuation Model: The Roles of Analyst Forecasts and Momentum in Stock Selection. 14.6.1 REG8 Model. 14.6.2 REG9 Model. 14.6.3 REGIO Model. 14.7 Summary and Conclusions. Appendices. Appendix 1: The Three-Asset Case. . Appendix 2: ICs . Appendix 3: Matrix Algebra. References. Multifactor Risk Models and Portfolio Construction and
Management. 15.1 The Barra System. 15.2 Barra Model Mathematics. 15.3 The Barra Multifactor Model and Analysts’ Forecasts, Revisions, and Breadth. 467 15.4 Early Alternative Multi-Beta Risk Models. 15.5 APT Approach. 15.6 Applying the Blin and Blender APT Model. 15.7 Applying the Blin and Blender APT Model, BARRA, and Axioma: The McKintey Capital Management (MCM) Horse Race Tests. 478 15.8 Why Use the Axioma Statistical Model?. 15.9 Alpha Alignment Factor. . 15.10 Financial Anomalies in Global Portfolio Management: Evidence Through COVID-19. 485 15.11 Summary and Conclusions. Appendices. Appendix 1: US-E3 Descriptor Definitions. Appendix 2: Factor Alignment Problems and Quantitative Portfolio Management.
Bibliography. References. xxi 404 411 420 421 427 432 432 432 434 434 434 437 452 455 461 462 463 471 473 476 479 481 486 487 487 496 499 499
xxii Contents 16 Options. 16.1 The Malkiel-Quandt Notation. 16.2 The Binominal Option Pricing Model. 16.3 The More Traditional Black and Scholes Option Pricing Model Derivation. 516 16.4 Black and Scholes Model Calculation. 16.5 The OPM and Corporate Liabilities. References. 17 Real Options. 17.1 The Option to Delay a Project. 17.2 Implications of Viewing the Right to Delay a Project as an Option. 529 17.3 Abandonment Value. 17.4 Options in Investment Analysis/CapitalBudgeting. References. 18 Mergers and Acquisitions. 18.1 Noneconomic Motives for Combinations. 18.2 Holding Companies. 18.3 A Merger History of the
United States. 18.4 Using an Accounting Basis. 18.5 The Economic Basis for Acquisitions. 18.6 Theories of Conglomerate Mergers. 18.7 Combinations Correcting Economic orFinancial Imbalances. 18.8 Combinations Increasing Market Dominance. 18.9 Combinations for Tax Advantages. 18.10 The Larson-Gonedes Exchange Ratio Model. 18.11 Valuation of a Merger Candidate. 18.12 Testing for Synergism: Do Mergers Enhance Stockholder Wealth?. 18.13 Divestment and Spinoff. 18.14 Summary and Conclusions. References. 19 Liquidation, Failure, Bankruptcy, and Reorganization. 19.1 Voluntary Liquidation. 19.2 A Liquidation Example. 19.3 Remaining in
Business. 19.4 Failure. 19.5 Informal Remedies. 19.6 Bankruptcy. . 19.6.1 Bankruptcy Procedures. 19.6.2 Priorities in Liquidation. . 505 510 513 519 521 524 527 528 529 535 535 537 538 539 540 545 546 547 552 553 554 555 559 561 564 565 566 569 571 572 573 574 575 575 577 578
Contents xxiii 19.6.3 Reorganization. 19.6.4 Analysis of the Reorganization. 19.7 Summary. References. 580 584 585 585 Corporation Growth and Economic Growth and Stability. 20.1 Factors in Economic Growth. 20.2 Savings and Real Investment. 20.3 Cotporation Investment Spending and Economic Stability. 590 20.4 Monetary Policy, the Cost of Capital, and the Firm Investment Process. 592 20.5 Economic Growth and Firm Growth. 20.6 Firm Growth and Economic Growth. . References. 587 588 589 21 International Business Finance. 21.1 Currency Exchange Rates. 21.2 International Diversification. 21.3 International Stock Selection and Portfolio Construction and Optimization. 21.4 International Corporate Finance Decisions. References. 597 597 602
20 22 Management-Stockholder Relations: IsOptimal Behavior AU That Is Necessary?. 22.1 General Agreement and Potential Conflicts in Management and Control. 22.2 Areas of Potential Conflict. 22.2.1 Managerial and Board of Directors Compensation. 22.2.2 Executive Compensation. 22.2.3 Board of Directors. 22.2.4 Stock Options. 22.2.5 Bonuses. 22.2.6 Dividends, Buy Backs, and Retained Earnings. . 22.2.7 Excessively Conservative Financial or Asset Structures. 22.2.8 Liquidating or Selling the Firm. 22.2.9 Risky Acquisitions. 22.3 Turning Agents into Owners. 22.4 The Diseconomies of Financial Scams. 22.5 tosider Trading. 22.6 Conflict of Interests. 593 594 595 605 607 610 613 614 615 615 616 618 619 620 621 622 623 624 624 626
626 627
xxiv Contents Stockholder Remedies. 22.7.1 Sell His Shares. 22.7.2 Institute a Stockholder Suit. 22.7.3 Organize a Proxy Fight to Vote Out the Management. 628 22.8 To Whom Is Management Responsible?. . 22.9 Summary and Conclusions. Appendix A. From Raw to Normalized Score Definitions. Fama and French-Weighted Portfolios. A Return to Optimized Portfolio Construction and Management. The Interaction of Environmental Scores and Expected Return Models. Summary of SRI/ESG Portfolio Construction and Analysis. References. 627 627 628 Index. 651 22.7 629 630 630 634 636 640 641 643 646 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T20:44:11Z |
| indexdate | 2024-07-10T09:39:48Z |
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| isbn | 9783030872687 |
| language | English |
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| spelling | Guerard, John Baynard Verfasser (DE-588)170085600 aut Quantitative corporate finance John B. Guerard Jr., Anureet Saxena, Mustafa N. Gültekin Third edition Cham, Switzerland Springer [2022] xxiv, 657 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Corporations Finance Corporate Finance (DE-588)4269795-5 gnd rswk-swf Statistische Analyse (DE-588)4116599-8 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s Statistische Analyse (DE-588)4116599-8 s b DE-604 Saxena, Anureet Verfasser (DE-588)1225762979 aut Gültekin, Mustafa N. Verfasser (DE-588)170623572 aut Erscheint auch als Online-Ausgabe 978-3-030-87269-4 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=033876856&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Guerard, John Baynard Saxena, Anureet Gültekin, Mustafa N. Quantitative corporate finance Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Statistische Analyse (DE-588)4116599-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4269795-5 (DE-588)4116599-8 (DE-588)4017182-6 |
| title | Quantitative corporate finance |
| title_auth | Quantitative corporate finance |
| title_exact_search | Quantitative corporate finance |
| title_exact_search_txtP | Quantitative corporate finance |
| title_full | Quantitative corporate finance John B. Guerard Jr., Anureet Saxena, Mustafa N. Gültekin |
| title_fullStr | Quantitative corporate finance John B. Guerard Jr., Anureet Saxena, Mustafa N. Gültekin |
| title_full_unstemmed | Quantitative corporate finance John B. Guerard Jr., Anureet Saxena, Mustafa N. Gültekin |
| title_short | Quantitative corporate finance |
| title_sort | quantitative corporate finance |
| topic | Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Statistische Analyse (DE-588)4116599-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Corporations Finance Corporate Finance Statistische Analyse Finanzierung |
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