Verfügbarkeit: Corporate finance

Corporate finance: fundamentals of value and price

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Bibliographische Detailangaben
1. Verfasser:	De Luca, Pasquale (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Cham Springer [2023]
Schriftenreihe:	Springer texts in business and economics
Schlagworte:	Corporate Finance Risk Management Mergers and Acquisitions Investment Appraisal Business enterprises—Finance Financial risk management Consolidation and merger of corporations Valuation
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	xxi, 638 Seiten
ISBN:	9783031182990

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MARC


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650		4	\|a Corporate Finance
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Datensatz im Suchindex

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adam_text	Contents Part I Economie and Financial Analysis of the Firm 1 Production Functions, Cost Minimization, and Profit Maximization...................................................................................... 3 1.1 Production Functions......................................... 3 1.1.1 Baseline Concepts.............................................................. 3 1.1.2 Assumptions........................................................................ 7 1.1.3 Marginal Product of Factor (MP)..................................... 8 1.1.4 Technical Rate of Substitution of Factor (TRS)............... 9 1.1.5 Elasticity of Substitution (ES)........................................... 11 1.1.6 Returns to Scale....................... 12 1.2 Cost Minimization............................................................................. 14 1.2.1 Weak Axiom of Cost Minimization (WACM)................ 16 1.3 Profit Maximization........................................................................... 18 1.3.1 Comparative Statics............................................................ 22 1.3.2 Weak Axiom of Profit Maximization (WAPM)............... 24 2 Cost Structure of the Firm....................................................................... 2.1 Cost Functions................................................................................... 2.1.1 Short-Run Cost Functions................................................. 2.1.2 Long-Run Cost Functions................................................. 2.1.3 Price and Cost Function.................................................... 2.2 Cost Functions in the Short run........................................................ 2.2.1 Short-Run Total Cost Functions........................................ 2.2.2 Short-Run Average Cost Functions.................................. 2.2.3 Marginal Cost Function (MC)........................................... 2.3 Cost Functions in the Short Run: Linear Approximation............... 2.3.1 Fixed Costs......................................................................... 2.3.2 Variable Costs.................................................................... 2.3.3 Cost-Output Diagram............................ 2.3.4 Contribution Margin.......................................................... 2.3.5 Break-Even Point............................................................... 2.3.6 Product Mix........................................................................ 2.3.7 Degree of Operating Leverage.......................................... 27 27 29 30 31 32 32 32 34 38 39 39 40 44 46 48 50 xi xii Contents 2.4 Cost Curves in the Long run............................................................ 2.4.1 Long-Run Marginal Cost.................................................... Full Cost of Product................................................. 2.5.1 Direct Cost........................................................................... 2.5.2 Indirect Cost........................................................................ 2.5.3 Direct-Indirect Costs andVariable-Fixed Costs............... 2.5.4 Step-Down Order Procedure.............................................. 51 54 55 56 57 58 58 3 Variance Analysis and Economic Performance.................................... 3.1 Variance Analysis: Definition and Aim.......................................... 3.2 Sales Revenue Variance....................... 3.2.1 Actual................................................................................... 3.2.2 Forecast................................................................................ 3.2.3 Variancç Actual Vs Forecast.............................................. 3.3 Cost of Material Variance................................................................ 3.3.1 Forecast.......................................... 3.3.2 Actual................................................................................... 3.3.3 Variance Forecast vs Actual.............................................. 3.4 Direct Labour Cost Variance........................................................... 3.4.1 Forecast...................................................... 3.4.2 Actual................................................................................... 3.4.3 Variance Forecast vs Actual.............................................. 3.5 Overhead Costs Variance................................................................. 3.5.1 Forecast............................................ 3.5.2 Actual. ............................. 65 65 67 67 67 67 69 69 70 71 73 74 75 76 78 79 79 4 Economic and Financial Dynamic Analysis: Operating Income and Net Income.................................................................................. 87 4.1 Economic and Financial Dynamic Analysis of the Firm............... 87 4.2 Operating Income andNet Income: Scheme of Analysis...... 89 4.2.1 Operating Section...................................................................... 90 4.2.2 Non-Operating Section....................................................... 92 4.2.3 Financial Section................................................................. 94 4.2.4 Taxes Section...................................................................... 94 4.3 Gross Profit (GP)............................................................................... 94 4.3.1 Net Operating Revenues..................................................... 94 4.3.2 Cost of Goods Sold............................................................. 97 4.3.3 Gross Profit and Contribution Margin. ............................. 99 4.3.4 Gross Profit Margin............................................................. 99 4.4 EBITDA............................................................................................. 100 4.4.1 Personnel Cost..................................................................... 101 4.4.2 Research and Development (R D) Cost.......................... 102 4.4.3 Marketing and Sales (M S) Cost...................................... 104 4.4.4 Logistic Cost........................................................................ 104 4.4.5 Advisory Cost...................................................................... 105 4.4.6 Leasing and Rent (L R) Cost........................................... 106 2.5 xiii Contents 4.5 4.6 4.7 4.4.7 General and Administrative(G A) Cost........................... 4.4.8 EBITDA Margin................................................................. EBIT.................................................................................................. 4.5.1 EBIT Margin....................................................................... 4.5.2 Net Operating Profit After Taxes(NOPAT)...................... EBT-Operating.............................................................................. . . 4.6.1 EBT-Operating Margin...................................................... EBT and Net Income....................................................................... 4.7.1 EBT Margin...................... 4.7.2 Net Income.......................................................................... 4.7.3 Net tacóme Margin............................................................ 4.7.4 Earnings per Share (EPS)................................................... 106 107 108 108 109 110 Ill Ill 112 112 113 113 5 Economic and Financial Dynamic Analysis: Invested Capital and Capital Structure........................... 115 5.1 Invested Capital and Capital Structure: Scheme of Analysis.... 115 5.1.1 Invested Capital (IC).......................................................... 116 5.1.2 Capital Structure (CS)........................................................ 118 5.1.3 Identity Condition............................. 120 5.2 Capital Expenditures.................................................................... 120 5.2.1 Operating CapEx (CAPEXOp)........................................... 121 5.2.2 Non-Operating CapEx (CAPEXNOp)................................ 122 5.3 Net Working Capital.................................................................... 123 5.3.1 Operating Net Working Capital (NWCOP)....................... 124 5.3.2 Non-Operating Net Working Capital (NWCNOp)...... 125 5.3.3 Net Working Capital Management.................................... 126 5.4 Provisions (PS)............................................................................. 129 5.5 Equity Capital............................................................................... 130 5.5.1 Book Value and Market Value of Equity.......................... 130 5.5.2 Financial Independence............................................... 132 5.6 Debt Capital................................................................................. 133 5.6.1 Firm Leverage..................................................................... 135 5.6.2 Financial Debt Sustainability............................................. 136 5.7 Relationship between Invested Capital and Capital Structure. . . 138 5.7.1 Relationship in Long Run.................................................. 139 5.7.2 Relationship in Short Run.................................................. 140 6 Economic and Financial Dynamic Analysis: Free Cash-Flow to the Firm and Free Cash-Flow to Equity................................... 143 6.1 Free Cash-Flow to the Firm and Free Cash-Flow to Equity: Scheme of Analysis.................................... 143 6.2 Cash-In and Cash- Out...................................................................... 6.2.1 Credits................................................................................. 6.2.2 Debts................................................................................... 6.2.3 Inventories.......................................................................... 146 146 147 147 Contents xiv 6.2.4 Tangible and Intangible Assets.......................................... 6.2.5 Financial Assets.................................................................. 6.2.6 Provisions.................................................... 6.2.7 Equity................................................................................... 6.2.8 Liquidity.............................................................................. Free Cash-Flow to the Firm..................................... 6.3.1 EBITDA.............................................................................. 6.3.2 Operating CapEx................................................................. 6.3.3 Operating Net Working Capital (NWCop)....................... 6.3.4 Decrease of Provisions (PS)...................... 6.3.5 Non-Operating Revenues and Costs................................. 6.3.6 Non-Operating Net Working Capital (NWCNOp)............ 6.3.7 Non-Operating CapEx (CAPEXnop)................................ Free Cash-Flow to Equity...................................... 147 148 148 149 149 149 150 150 151 153 154 154 155 156 7 Financial Ratios.......................................................................................... 7.1 Return on Investment......................................................................... 7.1.1 Return on Investment (ROI).............................................. 7.1.2 Return on Operating Invested Capital (ROIC)................. 7.1.3 Return on Assets (ROA).................................................... 7.2 Operating Income Growth Rate.................. . ................................... 7.3 Return on Equity............................. 7.3.1 Return on Equity (ROE)..................................................... 7.3.2 Total Return on Shareholders (TRS)................................ 7.4 Net Income Growth Rate.................................................................. 161 161 161 162 163 163 165 165 167 170 8 Investment Analysis Rules......................................................................... 8.1 Investment Decisions........................................................................ 8.2 Net Present Value (NPV)......................... 8.3 Internal Rate of Return (IRR)...................................................... . 173 173 174 177 6.3 6.4 Part II 9 Risk and Return in the Capital Markets Mean-Variance Portfolio Analysis........................................................... 9.1 Portfolio Expected Return................................................................. 9.1.1 Portfolio of Two Assets..................................................... 9.1.2 Portfolio of N Assets.......................................................... 9.2 Portfolio Variance: Two Assets........................................................ 9.2.1 Case 1 : Portfolio of Two Assets—Perfect Positive Correlation........................................................... 9.2.2 Case 2: Portfolio of Two Assets—Perfect Negative Correlation............................................................ 9.2.3 Correlation Coefficient Between -1 and +1.................. 9.3 Portfolio Variance: N Assets............................................................ 9.4 Asset Marginal Contribution to the Portfolio................................. 9.4.1 Asset Marginal Contribution to the Portfolio Return.. . 183 183 184 186 187 190 193 197 199 203 204 Contents xv Asset Marginal Contribution to Portfolio Variance.... Asset Marginal Contribution to Portfolio Standard Deviation............................................................. 207 204 10 Efficient Fronder........................................................................................ 10.1 Portfolio of Two Risky Assets..................................................... . 10.2 Portfolio of N Risky Assets............................................................ 10.3 Portfolio of N Risky Assets and One Riskless Asset.................... 10.4 Determination of the Efficient Frontier.......................................... 10.4.1 Case 1) Short Sales Allowed and Riskless Lending and Borrowing..................................................... 10.4.2 Case 2) Short Sales Allowed and No Riskless Lending and Borrowing............. ....................................... 233 209 209 217 220 224 11 235 235 238 9.4.2 9.4.3 224 Optimum Portfolio.................................... 11.1Expected Utility Theorem.................................................................... 11.1.1 Axiomatic Theory .............................................................. 11.1.2 Axiom 1: Consistent—Completeness and Transitivity........... 239 11.1.3 Axiom 2: Monotonicity..................................................... 11.1.4 Axiom 3: Continuity.......................................................... 11.1.5 Axiom 4: Independence..................................................... 11.1.6 Axiom 5 : Reduction........................................................... 11.2 Investor Behaviour About Risk....................................................... 11.2.1 Risk Aversion..................................................................... 11.2.2 Risk Seeking....................................................................... 11.2.3 Risk Neutrality.................................................................... 11.3 Risk Aversion Measurement........................................................... 11.3.1 Utility Functions................................................................. 11.4 Expected Utility and the Mean-Variance Approach...................... 11.4.1 Portfolio’s Returns Follow a Normal Distribution........... 11.4.2 Quadratic Utility Function................................................. 11.5 Selection of Optimal Portfolio......................................................... 239 240 240 241 241 242 245 248 250 252 255 256 257 261 12 Single Index Model.................................................................................... 12.1 Structure of the Model..................................................................... 12.2 Portfolio Expected Return and Variance. . . .................................. 12.3 Asset Contribution to the Portfolio’s Risk..................................... 12.4 Determination of the Optimum Portfolio........................................ 269 269 272 275 278 13 Capital Asset Pricing Model: Standard Form...................................... 13.1 Baseline Assumptions...................................................................... 13.2 Intuitive Approach to CAPM................ 13.3 Rigorous Approach to CAPM......................................................... 13.4 CAPM in Terms of Prices............................................................... 281 281 282 289 296 14 Capital Asset Pricing Model: Non-standard Form.............................. 14.1 Zero-Beta CAPM............................................................................. 301 301 xvi Contents 14.2 14.3 Part ПІ 15 16 17 302 304 309 311 314 Money, Interest Rates and Bond Market Demand for Money, Supply of Money, and Equilibrium Interest Rate.................................. .................................................... 319 15.1 Monetary Base.................................... 15.2 Deposit Multiplier............................................................................ 15.3 Money Multiplier............................................................................. 15.4 Equilibrium Interest Rate: Currency Only..................................... 15.4.1 The Demand for Money..................................................... 15.4.2 The Supply of Money........................................................ 15.4.3 Equilibrium Interest Rate................................................... 15.5 Equilibrium Interest Rate: Currency and Checkable Deposits . . . 15.5.1 The Demand for Money......................................... 339 15.5.2 The Supply of Money........................................................ 15.5.3 The Equilibrium Interest Rate........................................... 319 324 329 331 331 334 335 339 340 340 Behaviour of Interest Rates................ ..................................................... 16.1 Government Bonds............................................................................ 16.1.1 Bond Rating..................... 16.2 Price, Interest Rate, and Yield to Maturity...................................... 16.3 Supply, Demand, and Equilibrium in Bond Market....................... 16.3.1 Demand Curve of Bond..................................................... 16.3.2 Supply Curve............................ 16.3.3 Market Equilibrium....................................................... 16.4 Shift in the Demand Curve for Bonds............................................. 16.5 Shift in the Supply Curve for Bonds............................................... 16.6 Expected Inflation and Business Cycle Effects on Demand and Supply of Bond.......................................................................... 16.6.1 Expected Inflation............................................................... 16.6.2 Business Cycle.................................................................... 345 345 347 348 350 351 351 352 354 359 Risk and Term Structure of Interest Rates............................................ 17.1 Risk Structure of Interest Rates........................................................ 17.2 Term Structure of Interest Rates....................................................... 17.2.1 Expectations Theory........................................................... 17.2.2 Liquidity Premium Theory................................................ 367 367 370 371 373 Part IV 18 14.1.1 Intuitive Approach.............................................................. 14.1.2 Rigorous Approach............................................................ 14.1.3 Riskless Lending and No Riskless Borrowing................ TaxCAPM.................................................................. Consumption CAPM....................................................................... 361 362 363 Financial Policies and Capital Structure Choices Firm Financing: Equity and Debt........................................................... 18.1 Shareholders Equity.......................................................................... 379 379 Contents 18.2 18.3 18.4 19 xvi։ 18.1.1 Share Capital....................................................................... 18.1.2 Treasury Share................................. 18.1.3 Retained Earnings.............................................................. Stocks Issue........................................................... 18.2.1 New Shares Issue with Option.......................................... 18.2.2 New Shares Issue Without Option.................................... Private Debt........... .. ........................................................................ 18.3.1 Bank Loans......................................................................... 18.3.2 Secured Loans..................................................................... 18.3.3 Other Types of Loans........................................................ Corporate Bond................................................................................ 18.4.1 Callable Bonds.................................................................... 18.4.2 Convertible Bonds.............................................................. 379 381 382 382 382 384 385 385 386 388 388 390 390 Capital Structure Choice and Company Value.................................... 393 19.1 Modigliani-Miller Propositions...................................................... 393 19.2 Proposition 1..................................................................................... 395 19.3 Proposition П........................................... 402 19.4 Proposition I with Corporate Taxes.............. 404 19.5 Proposition П with Corporate Taxes.............................................. 408 19.6 Corporate and Personal Taxes......................................................... 410 19.7 Optimal Capital Structure Theories................................................ 412 19.7.1 Trade-Off Theory................................................................ 412 19.7.2 Pecking Order Theory............................. 414 19.7.3 Market Time Theory.......................................................... 414 20 Payout Policy............................................................................................... 417 20.1 Payout Policy: Dividend and Buyback. ......................................... 417 20.1.1 Dividends............................................................................ 417 20.1.2 Buyback.............................................................................. 418 20.2 Payout Policy in Perfect Capital Market......................................... 419 20.3 Payout Policy and Taxes.................................................................. 422 20.4 Payout Policy and Signaling Theory............................................... 427 20.5 Stock Dividend and Stock Split....................................................... 428 21 Cost of Capital............................................................................................. 21.1 Investor Expected Return and the Firm’s Cost of Capital............. 21.2 Cost of Equity.................................................................................... 21.3 Risk-Free Rate Estimation................................................................ 21.4 Risk Premium Estimation................................................................. 21.4.1 Historical Premiums................................... 21.4.2 Implied Equity Premiums.................................................. 21.5 Beta Estimation................................................................................. 21.5.1 Regression Beta Approach................................................ 21.5.2 Fundamental Beta.............................................................. 21.6 Cost of Debt....................................................................................... 21.7 Weighted Average Cost of Capital.................................................. 431 431 432 433 434 434 437 438 438 441 446 448 Contents xviii Part V Valuation 22 Firm Valuation Approach......................................................................... 453 22.1 The General Equation of Value of the Firm................................... 453 22.2 Valuation Time Period: Analytical and Synthetical Valuation. . . 454 22.3 Valuation Perspective: Equity Side and Asset Side....................... 458 22.3.1 Equity Side Perspective............................ 458 22.3.2 Asset Side Perspective...................................................... 459 23 Equity Valuation Models.......................................................................... 23.1 Dividend Discount Model.......... ...................................................... 23.2 Discount Dividend Model: Constant Growth.................................. 23.3 Discount Dividend Model: Two-Stage Growth.............................. 23.3.1 The DDM2S Based on Dividends Estimation.................. 23.3.2 Two-Stage Growth DDM with H-Model Specification........................................................ 473 23.4 Discount Dividend Model: Three-Stage Growth............................ 23.4.1 The DDMļs Based on Dividends Estimation................... 23.5 Free Cash-Flow to Equity Discounted Model................................ 23.6 Free Cash-Flow to Equity Discounted Model: Constant Growth.............................................................................. 479 23.7 Free Cash-Flow to Equity Discounted Model: Two-Stage Growth............................ 480 23.8 Free Cash-Flow to Equity Discounted Model: Three-Stage Growth............................. 481 463 463 466 469 472 24 Firm Valuation Models.............................................................................. 24.1 Free Cash-Flow to the Firm Discount Models............................... 24.2 Free Cash-Flow to the Firm Discount Model: Cost of Capital Approach..................... 485 24.2.1 Steady-State Growth Model............................................... 24.2.2 Two-Stage Growth Model........................................ 24.2.3 Three-Stage Growth Model................................................ 24.3 Free Cash-Flow to the Firm Discount Model: Adjusted Present Value Approach................... 490 24.3.1 Unlevered Value.................................................................. 24.3.2 Value of Tax Shields........................................................... 24.3.3 Value of Bankruptcy Costs................................................ 24.3.4 Firm Value........................................................................... 24.4 Discounted Economic Profit............................................................. 24.4.1 Steady-State Growth Rate................................................... 483 483 25 Multiples Valuation..................................................................................... 25.1 Multiples Approach.. ..................................................................... 25.2 Price to Earnings................................................................................ 25.2.1 Steady-State Growth Scenario........................................... 507 507 509 511 474 475 477 486 487 489 491 496 497 497 498 499 Contents xix 25.2.2 Two-Stage Growth Scenario.............................................. Price to Earning to Growth.............................. 25.3.1 Steady-State Growth Scenario.................................. 25.3.2 Two-Stage Growth Scenario.............................................. 25.4 Price to Book Value........................................................................ 25.4.1 Steady-State Growth Scenario............................................ 25.4.2 Two-Stage Growth Scenario.............................................. 25.5 Price to Sales.................................................................................... 25.5.1 Steady-State Growth Scenario............................................ 25.5.2 Two-Stage Growth Scenario.............................................. 25.6 Firm Value to EBITDA................................................................... 25.6.1 Steady-State Growth Scenario.......................................... 25.6.2 Two-Stage Growth Scenario............................................ 25.7 Firm Value to Book Value............................................................... 25.7.1 Steady-State Growth Scenario.......................................... 25.7.2 Two-Stage Growth Scenario............................................ 25.8 Firm Value to Sales Revenue.......................................................... 25.8.1 Steady-State Growth Scenario.......................................... 25.8.2 Two-Stage Growth Scenario........... ................................. 25.3 Part VI 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 529 529 530 Options 26 Financial Options....................................................................................... 26.1 Definitions and Basic Elements....................................................... 26.2 Payoffs and Profit............................................................................. 26.2.1 Investor in Long Position.................................................. 26.2.2 Investor in Short Position.................................................. 26.2.3 Profit for Call and Put Options......................................... 26.3 Call and Put Combinations.............................................................. 26.3.1 Straddle............................................................................... 26.3.2 Stock and Portfolio Insurance........................................... 26.4 Put-Call Parity.................................................................................. 26.5 European and American Options.................................................... 535 535 536 536 538 540 541 541 542 544 545 27 Option Pricing............................................................................................. 27.1 Binomial Option Pricing Model...................................................... 27.1.1 Two-State Single-Period Model........................................ 27.1.2 A Multiperiod Model......................................................... 27.2 Black-Scholes Option Pricing Model............................................. 27.2.1 European Put Options........................................................ 27.2.2 Call Option on Dividend-Paying Stocks.......................... 27.2.3 Replicating Portfolio.......................................................... 27.3 Risk-Neutral Probabilities............................................................... 549 549 549 553 558 560 561 562 564 Contents XX Part ѴП Special Topics 28 Mergers Acquisitions............................................................................. 28.1 Reasons of the M A....................................................................... 28.2 Investors Approach.......................................................................... 28.3 The Team of M A........................................................................... 28.3.1 Financial Advisor................................................................ 28.3.2 Legal Advisor...................................................................... 28.3.3 Fiscal Advisor.Հ............... .... ............................................. 28.3.4 Transaction Advisor. .......................................................... 28.3.5 Strategic Advisor...................... 28.4 Buy-Side M A................................................................................. 28.4.1 Step (1): Preliminary Phase................................................ 28.4.2 Step (2);.Exploratory Phase................................................ 28.4.3 Step (3): Selection Phase.................................................... 28.4.4 Step (4): Negotiation andClosing Phase............................ 28.5 Sell-Side M A..................................... 28.6 Price and Terms of Payment............................................................ 28.7 Takeover Defence............................................................................. 28.7.1 Poison Pills.......................................................................... 28.7.2 White Knights...................................................................... 28.7.3 Golden Parachutes.......... .................................................... 28.7.4 Recapitalization................................................................... 571 571 575 576 577 577 578 578 579 579 580 581 581 582 584 586 590 591 592 592 592 29 Private Equity, Venture Capital, and Hedge Fund.............................. 29.1 Private Equity................................................................................... 29.2 Phases of the Private Equity Investment........................................ 29.2.1 Phase (1): Fundraising........................................................ 29.2.2 Phase (2): Investment......................................................... 29.2.3 Phase (3): Monitoring..................................................... . 29.2.4 Phase (4): Exit..................................................................... 29.3 Venture Capital................................................................................. 29.4 Venture Capital Valuation Method................................................. 29.5 Venture Capital Control Tools. . . .................................................. 29.6 Hedge Fund....................................................................................... 29.6.1 The Team and Fees............................................................ 29.6.2 Investment Strategy............................................................ 593 593 595 595 597 600 601 602 604 606 608 609 610 30 Initial Public Offering................................................................................ 30.1 Reasons of IPO................................................................................. 30.2 Preparation of the IPO...................................................................... 30.2.1 Timing.................................................................................. 30.2.2 Equity Story....................................................... 613 613 614 615 616 xxi Contents 30.3 30.2.3 30.2.4 30.2.5 Pricing Financial Model.................................................................. IPO Prospectus.................................... Pilot-Fishing........................................................................ of the IPO............................................................................ References........................................................................................................... 616 617 617 617 621
adam_txt	Contents Part I Economie and Financial Analysis of the Firm 1 Production Functions, Cost Minimization, and Profit Maximization. 3 1.1 Production Functions. 3 1.1.1 Baseline Concepts. 3 1.1.2 Assumptions. 7 1.1.3 Marginal Product of Factor (MP). 8 1.1.4 Technical Rate of Substitution of Factor (TRS). 9 1.1.5 Elasticity of Substitution (ES). 11 1.1.6 Returns to Scale. 12 1.2 Cost Minimization. 14 1.2.1 Weak Axiom of Cost Minimization (WACM). 16 1.3 Profit Maximization. 18 1.3.1 Comparative Statics. 22 1.3.2 Weak Axiom of Profit Maximization (WAPM). 24 2 Cost Structure of the Firm. 2.1 Cost Functions. 2.1.1 Short-Run Cost Functions. 2.1.2 Long-Run Cost Functions. 2.1.3 Price and Cost Function. 2.2 Cost Functions in the Short run. 2.2.1 Short-Run Total Cost Functions. 2.2.2 Short-Run Average Cost Functions. 2.2.3 Marginal Cost Function (MC). 2.3 Cost Functions in the Short Run: Linear Approximation. 2.3.1 Fixed Costs. 2.3.2 Variable Costs. 2.3.3 Cost-Output Diagram. 2.3.4 Contribution Margin. 2.3.5 Break-Even Point. 2.3.6 Product Mix. 2.3.7 Degree of Operating Leverage. 27 27 29 30 31 32 32 32 34 38 39 39 40 44 46 48 50 xi xii Contents 2.4 Cost Curves in the Long run. 2.4.1 Long-Run Marginal Cost. Full Cost of Product. 2.5.1 Direct Cost. 2.5.2 Indirect Cost. 2.5.3 Direct-Indirect Costs andVariable-Fixed Costs. 2.5.4 Step-Down Order Procedure. 51 54 55 56 57 58 58 3 Variance Analysis and Economic Performance. 3.1 Variance Analysis: Definition and Aim. 3.2 Sales Revenue Variance. 3.2.1 Actual. 3.2.2 Forecast. 3.2.3 Variancç Actual Vs Forecast. 3.3 Cost of Material Variance. 3.3.1 Forecast. 3.3.2 Actual. 3.3.3 Variance Forecast vs Actual. 3.4 Direct Labour Cost Variance. 3.4.1 Forecast. 3.4.2 Actual. 3.4.3 Variance Forecast vs Actual. 3.5 Overhead Costs Variance. 3.5.1 Forecast. 3.5.2 Actual. . 65 65 67 67 67 67 69 69 70 71 73 74 75 76 78 79 79 4 Economic and Financial Dynamic Analysis: Operating Income and Net Income. 87 4.1 Economic and Financial Dynamic Analysis of the Firm. 87 4.2 Operating Income andNet Income: Scheme of Analysis. 89 4.2.1 Operating Section. 90 4.2.2 Non-Operating Section. 92 4.2.3 Financial Section. 94 4.2.4 Taxes Section. 94 4.3 Gross Profit (GP). 94 4.3.1 Net Operating Revenues. 94 4.3.2 Cost of Goods Sold. 97 4.3.3 Gross Profit and Contribution Margin. . 99 4.3.4 Gross Profit Margin. 99 4.4 EBITDA. 100 4.4.1 Personnel Cost. 101 4.4.2 Research and Development (R D) Cost. 102 4.4.3 Marketing and Sales (M S) Cost. 104 4.4.4 Logistic Cost. 104 4.4.5 Advisory Cost. 105 4.4.6 Leasing and Rent (L R) Cost. 106 2.5 xiii Contents 4.5 4.6 4.7 4.4.7 General and Administrative(G A) Cost. 4.4.8 EBITDA Margin. EBIT. 4.5.1 EBIT Margin. 4.5.2 Net Operating Profit After Taxes(NOPAT). EBT-Operating. . . 4.6.1 EBT-Operating Margin. EBT and Net Income. 4.7.1 EBT Margin. 4.7.2 Net Income. 4.7.3 Net tacóme Margin. 4.7.4 Earnings per Share (EPS). 106 107 108 108 109 110 Ill Ill 112 112 113 113 5 Economic and Financial Dynamic Analysis: Invested Capital and Capital Structure. 115 5.1 Invested Capital and Capital Structure: Scheme of Analysis. 115 5.1.1 Invested Capital (IC). 116 5.1.2 Capital Structure (CS). 118 5.1.3 Identity Condition. 120 5.2 Capital Expenditures. 120 5.2.1 Operating CapEx (CAPEXOp). 121 5.2.2 Non-Operating CapEx (CAPEXNOp). 122 5.3 Net Working Capital. 123 5.3.1 Operating Net Working Capital (NWCOP). 124 5.3.2 Non-Operating Net Working Capital (NWCNOp). 125 5.3.3 Net Working Capital Management. 126 5.4 Provisions (PS). 129 5.5 Equity Capital. 130 5.5.1 Book Value and Market Value of Equity. 130 5.5.2 Financial Independence. 132 5.6 Debt Capital. 133 5.6.1 Firm Leverage. 135 5.6.2 Financial Debt Sustainability. 136 5.7 Relationship between Invested Capital and Capital Structure. . . 138 5.7.1 Relationship in Long Run. 139 5.7.2 Relationship in Short Run. 140 6 Economic and Financial Dynamic Analysis: Free Cash-Flow to the Firm and Free Cash-Flow to Equity. 143 6.1 Free Cash-Flow to the Firm and Free Cash-Flow to Equity: Scheme of Analysis. 143 6.2 Cash-In and Cash- Out. 6.2.1 Credits. 6.2.2 Debts. 6.2.3 Inventories. 146 146 147 147 Contents xiv 6.2.4 Tangible and Intangible Assets. 6.2.5 Financial Assets. 6.2.6 Provisions. 6.2.7 Equity. 6.2.8 Liquidity. Free Cash-Flow to the Firm. 6.3.1 EBITDA. 6.3.2 Operating CapEx. 6.3.3 Operating Net Working Capital (NWCop). 6.3.4 Decrease of Provisions (PS). 6.3.5 Non-Operating Revenues and Costs. 6.3.6 Non-Operating Net Working Capital (NWCNOp). 6.3.7 Non-Operating CapEx (CAPEXnop). Free Cash-Flow to Equity. 147 148 148 149 149 149 150 150 151 153 154 154 155 156 7 Financial Ratios. 7.1 Return on Investment. 7.1.1 Return on Investment (ROI). 7.1.2 Return on Operating Invested Capital (ROIC). 7.1.3 Return on Assets (ROA). 7.2 Operating Income Growth Rate. . . 7.3 Return on Equity. 7.3.1 Return on Equity (ROE). 7.3.2 Total Return on Shareholders (TRS). 7.4 Net Income Growth Rate. 161 161 161 162 163 163 165 165 167 170 8 Investment Analysis Rules. 8.1 Investment Decisions. 8.2 Net Present Value (NPV). 8.3 Internal Rate of Return (IRR). . 173 173 174 177 6.3 6.4 Part II 9 Risk and Return in the Capital Markets Mean-Variance Portfolio Analysis. 9.1 Portfolio Expected Return. 9.1.1 Portfolio of Two Assets. 9.1.2 Portfolio of N Assets. 9.2 Portfolio Variance: Two Assets. 9.2.1 Case 1 : Portfolio of Two Assets—Perfect Positive Correlation. 9.2.2 Case 2: Portfolio of Two Assets—Perfect Negative Correlation. 9.2.3 Correlation Coefficient Between -1 and +1. 9.3 Portfolio Variance: N Assets. 9.4 Asset Marginal Contribution to the Portfolio. 9.4.1 Asset Marginal Contribution to the Portfolio Return. . 183 183 184 186 187 190 193 197 199 203 204 Contents xv Asset Marginal Contribution to Portfolio Variance. Asset Marginal Contribution to Portfolio Standard Deviation. 207 204 10 Efficient Fronder. 10.1 Portfolio of Two Risky Assets. . 10.2 Portfolio of N Risky Assets. 10.3 Portfolio of N Risky Assets and One Riskless Asset. 10.4 Determination of the Efficient Frontier. 10.4.1 Case 1) Short Sales Allowed and Riskless Lending and Borrowing. 10.4.2 Case 2) Short Sales Allowed and No Riskless Lending and Borrowing. . 233 209 209 217 220 224 11 235 235 238 9.4.2 9.4.3 224 Optimum Portfolio. 11.1Expected Utility Theorem. 11.1.1 Axiomatic Theory . 11.1.2 Axiom 1: Consistent—Completeness and Transitivity. 239 11.1.3 Axiom 2: Monotonicity. 11.1.4 Axiom 3: Continuity. 11.1.5 Axiom 4: Independence. 11.1.6 Axiom 5 : Reduction. 11.2 Investor Behaviour About Risk. 11.2.1 Risk Aversion. 11.2.2 Risk Seeking. 11.2.3 Risk Neutrality. 11.3 Risk Aversion Measurement. 11.3.1 Utility Functions. 11.4 Expected Utility and the Mean-Variance Approach. 11.4.1 Portfolio’s Returns Follow a Normal Distribution. 11.4.2 Quadratic Utility Function. 11.5 Selection of Optimal Portfolio. 239 240 240 241 241 242 245 248 250 252 255 256 257 261 12 Single Index Model. 12.1 Structure of the Model. 12.2 Portfolio Expected Return and Variance. . . . 12.3 Asset Contribution to the Portfolio’s Risk. 12.4 Determination of the Optimum Portfolio. 269 269 272 275 278 13 Capital Asset Pricing Model: Standard Form. 13.1 Baseline Assumptions. 13.2 Intuitive Approach to CAPM. 13.3 Rigorous Approach to CAPM. 13.4 CAPM in Terms of Prices. 281 281 282 289 296 14 Capital Asset Pricing Model: Non-standard Form. 14.1 Zero-Beta CAPM. 301 301 xvi Contents 14.2 14.3 Part ПІ 15 16 17 302 304 309 311 314 Money, Interest Rates and Bond Market Demand for Money, Supply of Money, and Equilibrium Interest Rate. . 319 15.1 Monetary Base. 15.2 Deposit Multiplier. 15.3 Money Multiplier. 15.4 Equilibrium Interest Rate: Currency Only. 15.4.1 The Demand for Money. 15.4.2 The Supply of Money. 15.4.3 Equilibrium Interest Rate. 15.5 Equilibrium Interest Rate: Currency and Checkable Deposits . . . 15.5.1 The Demand for Money. 339 15.5.2 The Supply of Money. 15.5.3 The Equilibrium Interest Rate. 319 324 329 331 331 334 335 339 340 340 Behaviour of Interest Rates. . 16.1 Government Bonds. 16.1.1 Bond Rating. 16.2 Price, Interest Rate, and Yield to Maturity. 16.3 Supply, Demand, and Equilibrium in Bond Market. 16.3.1 Demand Curve of Bond. 16.3.2 Supply Curve. 16.3.3 Market Equilibrium. 16.4 Shift in the Demand Curve for Bonds. 16.5 Shift in the Supply Curve for Bonds. 16.6 Expected Inflation and Business Cycle Effects on Demand and Supply of Bond. 16.6.1 Expected Inflation. 16.6.2 Business Cycle. 345 345 347 348 350 351 351 352 354 359 Risk and Term Structure of Interest Rates. 17.1 Risk Structure of Interest Rates. 17.2 Term Structure of Interest Rates. 17.2.1 Expectations Theory. 17.2.2 Liquidity Premium Theory. 367 367 370 371 373 Part IV 18 14.1.1 Intuitive Approach. 14.1.2 Rigorous Approach. 14.1.3 Riskless Lending and No Riskless Borrowing. TaxCAPM. Consumption CAPM. 361 362 363 Financial Policies and Capital Structure Choices Firm Financing: Equity and Debt. 18.1 Shareholders Equity. 379 379 Contents 18.2 18.3 18.4 19 xvi։ 18.1.1 Share Capital. 18.1.2 Treasury Share. 18.1.3 Retained Earnings. Stocks Issue. 18.2.1 New Shares Issue with Option. 18.2.2 New Shares Issue Without Option. Private Debt. . . 18.3.1 Bank Loans. 18.3.2 Secured Loans. 18.3.3 Other Types of Loans. Corporate Bond. 18.4.1 Callable Bonds. 18.4.2 Convertible Bonds. 379 381 382 382 382 384 385 385 386 388 388 390 390 Capital Structure Choice and Company Value. 393 19.1 Modigliani-Miller Propositions. 393 19.2 Proposition 1. 395 19.3 Proposition П. 402 19.4 Proposition I with Corporate Taxes. 404 19.5 Proposition П with Corporate Taxes. 408 19.6 Corporate and Personal Taxes. 410 19.7 Optimal Capital Structure Theories. 412 19.7.1 Trade-Off Theory. 412 19.7.2 Pecking Order Theory. 414 19.7.3 Market Time Theory. 414 20 Payout Policy. 417 20.1 Payout Policy: Dividend and Buyback. . 417 20.1.1 Dividends. 417 20.1.2 Buyback. 418 20.2 Payout Policy in Perfect Capital Market. 419 20.3 Payout Policy and Taxes. 422 20.4 Payout Policy and Signaling Theory. 427 20.5 Stock Dividend and Stock Split. 428 21 Cost of Capital. 21.1 Investor Expected Return and the Firm’s Cost of Capital. 21.2 Cost of Equity. 21.3 Risk-Free Rate Estimation. 21.4 Risk Premium Estimation. 21.4.1 Historical Premiums. 21.4.2 Implied Equity Premiums. 21.5 Beta Estimation. 21.5.1 Regression Beta Approach. 21.5.2 Fundamental Beta. 21.6 Cost of Debt. 21.7 Weighted Average Cost of Capital. 431 431 432 433 434 434 437 438 438 441 446 448 Contents xviii Part V Valuation 22 Firm Valuation Approach. 453 22.1 The General Equation of Value of the Firm. 453 22.2 Valuation Time Period: Analytical and Synthetical Valuation. . . 454 22.3 Valuation Perspective: Equity Side and Asset Side. 458 22.3.1 Equity Side Perspective. 458 22.3.2 Asset Side Perspective. 459 23 Equity Valuation Models. 23.1 Dividend Discount Model. . 23.2 Discount Dividend Model: Constant Growth. 23.3 Discount Dividend Model: Two-Stage Growth. 23.3.1 The DDM2S Based on Dividends Estimation. 23.3.2 Two-Stage Growth DDM with H-Model Specification. 473 23.4 Discount Dividend Model: Three-Stage Growth. 23.4.1 The DDMļs Based on Dividends Estimation. 23.5 Free Cash-Flow to Equity Discounted Model. 23.6 Free Cash-Flow to Equity Discounted Model: Constant Growth. 479 23.7 Free Cash-Flow to Equity Discounted Model: Two-Stage Growth. 480 23.8 Free Cash-Flow to Equity Discounted Model: Three-Stage Growth. 481 463 463 466 469 472 24 Firm Valuation Models. 24.1 Free Cash-Flow to the Firm Discount Models. 24.2 Free Cash-Flow to the Firm Discount Model: Cost of Capital Approach. 485 24.2.1 Steady-State Growth Model. 24.2.2 Two-Stage Growth Model. 24.2.3 Three-Stage Growth Model. 24.3 Free Cash-Flow to the Firm Discount Model: Adjusted Present Value Approach. 490 24.3.1 Unlevered Value. 24.3.2 Value of Tax Shields. 24.3.3 Value of Bankruptcy Costs. 24.3.4 Firm Value. 24.4 Discounted Economic Profit. 24.4.1 Steady-State Growth Rate. 483 483 25 Multiples Valuation. 25.1 Multiples Approach. . 25.2 Price to Earnings. 25.2.1 Steady-State Growth Scenario. 507 507 509 511 474 475 477 486 487 489 491 496 497 497 498 499 Contents xix 25.2.2 Two-Stage Growth Scenario. Price to Earning to Growth. 25.3.1 Steady-State Growth Scenario. 25.3.2 Two-Stage Growth Scenario. 25.4 Price to Book Value. 25.4.1 Steady-State Growth Scenario. 25.4.2 Two-Stage Growth Scenario. 25.5 Price to Sales. 25.5.1 Steady-State Growth Scenario. 25.5.2 Two-Stage Growth Scenario. 25.6 Firm Value to EBITDA. 25.6.1 Steady-State Growth Scenario. 25.6.2 Two-Stage Growth Scenario. 25.7 Firm Value to Book Value. 25.7.1 Steady-State Growth Scenario. 25.7.2 Two-Stage Growth Scenario. 25.8 Firm Value to Sales Revenue. 25.8.1 Steady-State Growth Scenario. 25.8.2 Two-Stage Growth Scenario. . 25.3 Part VI 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 529 529 530 Options 26 Financial Options. 26.1 Definitions and Basic Elements. 26.2 Payoffs and Profit. 26.2.1 Investor in Long Position. 26.2.2 Investor in Short Position. 26.2.3 Profit for Call and Put Options. 26.3 Call and Put Combinations. 26.3.1 Straddle. 26.3.2 Stock and Portfolio Insurance. 26.4 Put-Call Parity. 26.5 European and American Options. 535 535 536 536 538 540 541 541 542 544 545 27 Option Pricing. 27.1 Binomial Option Pricing Model. 27.1.1 Two-State Single-Period Model. 27.1.2 A Multiperiod Model. 27.2 Black-Scholes Option Pricing Model. 27.2.1 European Put Options. 27.2.2 Call Option on Dividend-Paying Stocks. 27.2.3 Replicating Portfolio. 27.3 Risk-Neutral Probabilities. 549 549 549 553 558 560 561 562 564 Contents XX Part ѴП Special Topics 28 Mergers Acquisitions. 28.1 Reasons of the M A. 28.2 Investors Approach. 28.3 The Team of M A. 28.3.1 Financial Advisor. 28.3.2 Legal Advisor. 28.3.3 Fiscal Advisor.Հ. . . 28.3.4 Transaction Advisor. . 28.3.5 Strategic Advisor. 28.4 Buy-Side M A. 28.4.1 Step (1): Preliminary Phase. 28.4.2 Step (2);.Exploratory Phase. 28.4.3 Step (3): Selection Phase. 28.4.4 Step (4): Negotiation andClosing Phase. 28.5 Sell-Side M A. 28.6 Price and Terms of Payment. 28.7 Takeover Defence. 28.7.1 Poison Pills. 28.7.2 White Knights. 28.7.3 Golden Parachutes. . 28.7.4 Recapitalization. 571 571 575 576 577 577 578 578 579 579 580 581 581 582 584 586 590 591 592 592 592 29 Private Equity, Venture Capital, and Hedge Fund. 29.1 Private Equity. 29.2 Phases of the Private Equity Investment. 29.2.1 Phase (1): Fundraising. 29.2.2 Phase (2): Investment. 29.2.3 Phase (3): Monitoring. . 29.2.4 Phase (4): Exit. 29.3 Venture Capital. 29.4 Venture Capital Valuation Method. 29.5 Venture Capital Control Tools. . . . 29.6 Hedge Fund. 29.6.1 The Team and Fees. 29.6.2 Investment Strategy. 593 593 595 595 597 600 601 602 604 606 608 609 610 30 Initial Public Offering. 30.1 Reasons of IPO. 30.2 Preparation of the IPO. 30.2.1 Timing. 30.2.2 Equity Story. 613 613 614 615 616 xxi Contents 30.3 30.2.3 30.2.4 30.2.5 Pricing Financial Model. IPO Prospectus. Pilot-Fishing. of the IPO. References. 616 617 617 617 621
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spelling	De Luca, Pasquale Verfasser (DE-588)1071379690 aut Corporate finance fundamentals of value and price Pasquale De Luca Cham Springer [2023] xxi, 638 Seiten txt rdacontent n rdamedia nc rdacarrier Springer texts in business and economics Corporate Finance Risk Management Mergers and Acquisitions Investment Appraisal Business enterprises—Finance Financial risk management Consolidation and merger of corporations Valuation Corporate Finance (DE-588)4269795-5 gnd rswk-swf Corporate Finance (DE-588)4269795-5 s DE-604 Erscheint auch als Online-Ausgabe 978-3-031-18300-3 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=034069181&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	De Luca, Pasquale Corporate finance fundamentals of value and price Corporate Finance Risk Management Mergers and Acquisitions Investment Appraisal Business enterprises—Finance Financial risk management Consolidation and merger of corporations Valuation Corporate Finance (DE-588)4269795-5 gnd
subject_GND	(DE-588)4269795-5
title	Corporate finance fundamentals of value and price
title_auth	Corporate finance fundamentals of value and price
title_exact_search	Corporate finance fundamentals of value and price
title_exact_search_txtP	Corporate finance fundamentals of value and price
title_full	Corporate finance fundamentals of value and price Pasquale De Luca
title_fullStr	Corporate finance fundamentals of value and price Pasquale De Luca
title_full_unstemmed	Corporate finance fundamentals of value and price Pasquale De Luca
title_short	Corporate finance
title_sort	corporate finance fundamentals of value and price
title_sub	fundamentals of value and price
topic	Corporate Finance Risk Management Mergers and Acquisitions Investment Appraisal Business enterprises—Finance Financial risk management Consolidation and merger of corporations Valuation Corporate Finance (DE-588)4269795-5 gnd
topic_facet	Corporate Finance Risk Management Mergers and Acquisitions Investment Appraisal Business enterprises—Finance Financial risk management Consolidation and merger of corporations Valuation
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