Corporate Finance

Námskeið Fjármál I - Höfundur: David Hillier

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Fjármál I

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The fifth European edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the integrated nature of global supply chains, financial risk management, and key regulatory changes impacting the sector.

It addresses the impact that FinTech, the climate and geopolitics are having on the development of corporate finance, considers the questions brought about by the global corona virus pandemic, and looks to the future of the industry. Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth.

•Real World Insight boxes use companies like Apple, Volkswagen and Adidas to show how they have applied corporate finance theories and concepts to their business decisions. •Chapter links throughout provide quick cross-referencing to show the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice application and learning. •Questions and Problems in each chapter, categorised by topic and level of difficulty, allow for rigorous testing of the chapter content.

•Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths. •Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice.

New to This Edition •Sustainability in Action boxes draw on issues relating to the environment, society, the economy and climate change to show how corporate finance is so important to the resolution of sustainability challenges. •Updated discussions and new sections on sustainable value added, green bonds, dividend policy and share repurchases, Islamic Financing, intangible valuation, and the differential value method.

Available on McGraw Hill’s Connect®, the well-established online learning platform, which features our award-winning adaptive reading experience as well as resources to help faculty and institutions improve student outcomes and course delivery efficiency. To learn more, visit mheducation. co. uk/connect David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School.

A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator. His YouTube channel of finance lectures (professordavidhillier) has attracted nearly half a million views worldwide. This European edition is originally based on the Corporate Finance text by Stephen A.

Annað

Höfundar: David Hillier, Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
Útgáfa:5
Útgáfudagur: 2024-02-12
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Format:ePub
ISBN 13: 9781526849922
ISBN 10: 1526849925

Lesa meira Minnka

Efnisyfirlit

Table of Contents and Preface
- Half Title Page
- Title Page
- Copyright Page
- Dedication
- Brief Table of Contents
- Detailed Table of Contents
- Preface
- Guided Tour
  - Understanding and Application
  - Mastery of Mathematics
  - Signposting and Navigation
  - Practice and Proficiency
- Transform learning with Connect®
  - The Three Pillars of Connect®
  - Connect® for Finance
  - Excel Simulations
  - Algorithmic Problem Sets
  - Calculation Questions
  - Case Studies
  - Smarter studying with
  - The ReadAnywhere App
- About the Author
  - US Authors
- Acknowledgements
- Make the grade!
- Create & Custom Publishing
  - How do I Get Started?
Chapter 1: Introduction to Corporate Finance
- Part 1: Overview
- Introduction
- 1.1 What is Corporate Finance?
  - The Balance Sheet Model of the Firm
  - Capital Structure
  - The Financial Manager
- 1.2 The Goal of Financial Management
  - Possible Goals
  - The Goal of Financial Management
  - A More General Goal
  - The Triple Bottom Line
  - Purpose-driven Businesses
- 1.3 Financial Markets
  - The Primary Market: New Issues
  - Peer-to-peer Investing Platforms
  - Secondary Markets
  - Exchange Trading of Listed Companies
  - Listing
- 1.4 Corporate Finance in Action: The Case of Alphabet
  - Early Days
  - Google and Corporate Governance
  - Google and Financing Decisions
  - Google and the Financing Process
  - Google Becomes Alphabet
  - Alphabet as a Business
  - Alphabet and Short-term Financing
  - So What Is Corporate Finance?
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Practical Case Study
- References
- Additional Reading
Chapter 2: Corporate Governance
- Introduction
- 2.1 The Corporate Firm
  - The Sole Proprietorship
  - The Partnership
  - The Corporation
  - A Corporation by Another Name …
- 2.2 The Agency Problem and Control of the Corporation
  - Type I Agency Relationships
  - Management Goals
  - Do Managers Act in the Shareholders’ Interests?
  - Managing Agency Costs in Sustainable Firms
  - Managerial Compensation
  - Control of the Firm
  - Shareholder Rights
  - Proxy Voting
  - Classes of Shares
  - Other Rights
  - Dividends
  - Type II Agency Relationships
  - International Ownership Structure
  - Stakeholders
- 2.3 The Governance Structure of Corporations
  - The Sole Proprietorship
  - Partnerships
  - Corporations
- 2.4 Corporate Governance Principles
  - I. Ensuring the Basis for an Effective Corporate Governance Framework
  - II. The Rights and Equitable Treatment of Shareholders and Key Ownership Functions
  - III. Institutional Investors, Stock Markets and Other Intermediaries
  - IV. The Role of Stakeholders in Corporate Governance
  - V. Disclosure and Transparency
  - VI. The Responsibilities of the Board
  - Bringing It All Together
- 2.5 International Corporate Governance
  - Investor Protection: The Legal Environment
  - The Financial System: Bank and Market-based Countries
  - Culture and Corporate Governance
  - Ethics and Corporate Governance
- 2.6 Corporate Governance in Action: Starbucks
  - Board Meetings
  - Authority and Responsibilities of the Board
  - Policies and Practices
  - Director Share Ownership
  - Assessing Board Performance
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnote
Chapter 3: Financial Statement Analysis
- Part 2: Value and Capital Budgeting
- Introduction
- 3.1 The Statement of Financial Position
  - Liquidity
  - Debt versus Equity
  - Value versus Cost
- 3.2 The Income Statement
  - Non-cash Items
  - Time and Costs
- 3.3 Taxes
  - Corporate Tax Rates
  - Average versus Marginal Tax Rates
- 3.4 Net Working Capital
- 3.5 Cash Flow
- 3.6 Financial Statement Analysis
  - Standardizing Statements
- 3.7 Ratio Analysis
  - Short-term Solvency or Liquidity Measures
  - Long-term Solvency Measures
  - Asset Management or Turnover Measures
  - Profitability Measures
  - Market Value Measures
- 3.8 The DuPont Identity
  - A Closer Look at ROE
- 3.9 Using Financial Statement Information
  - Choosing a Benchmark
  - Problems with Financial Statement Analysis
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
Chapter 4: Discounted Cash Flow Valuation
- Introduction
- 4.1 Valuation: The One-period Case
- 4.2 Valuation: The Multi-period Case
  - Future Value and Compounding
  - Present Value and Discounting
- 4.3 Compounding Periods
  - Compounding Over Many Years
  - The Annual Percentage Rate
  - Continuous Compounding
- 4.4 Simplifications
  - Perpetuity
  - Growing Perpetuity
  - Annuity
  - Growing Annuity
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Additional Reading
- Endnotes
Chapter 5: How to Value Bonds and Stocks
- Introduction
- 5.1 Definition and Example of a Bond
- 5.2 How to Value Bonds
  - Pure Discount Bonds
  - Level Coupon Bonds
  - Consols
- 5.3 Bond Concepts
  - Interest Rates and Bond Prices
  - Yield to Maturity
- 5.4 The Present Value of Equity
  - Dividends versus Capital Gains
  - Valuation of Different Types of Equities
- 5.5 Estimates of Parameters in the Dividend Growth Model
  - A Healthy Sense of Scepticism
- 5.6 Growth Opportunities
  - Growth in Earnings and Dividends versus Growth Opportunities
  - Dividends or Earnings: Which to Discount?
  - The No-dividend Firm
- 5.7 The Dividend Growth Model and the NPVGOModel
  - The Dividend Growth Model
  - The NPVGO Model
  - Summation
- 5.8 Stock Market Reporting
- 5.9 Firm Valuation
  - Valuation of a Firm’s Cash Flows
  - The Price–Earnings Ratio
  - Market Multiples Valuation
  - Free Cash Flow to the Firm
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnotes
Chapter 6: Net Present Value and Other Investment Rules
- Introduction
- 6.1 The Net Present Value Method
- 6.2 The Payback Period Method
  - Defining the Rule
  - Problems with the Payback Method
  - Managerial Perspective
  - Summary of Payback
- 6.3 The Discounted Payback Period Method
- 6.4 The Average Accounting Return Method
  - Defining the Rule
  - Analysing the Average Accounting Return Method
- 6.5 The Internal Rate of Return
- 6.6 Problems with the IRR Approach
  - Definition of Independent and Mutually Exclusive Projects
  - Two General Problems Affecting Both Independent and Mutually Exclusive Projects
  - Problems Specific to Mutually Exclusive Projects
  - Redeeming Qualities of IRR
  - A Test
- 6.7 The Profitability Index
  - Calculation of the Profitability Index
- 6.8 Other Investment Appraisal Methods
  - The Modified Internal Rate of Return
  - Margin of Safety
  - Net Present Social Value
- 6.9 The Practice of Capital Budgeting
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Additional Reading
- Endnotes
Chapter 7: Making Capital Investment Decisions
- Introduction
- 7.1 Incremental Cash Flows
  - Cash Flows, Not Accounting Income
  - Sunk Costs
  - Opportunity Costs
  - Side Effects
  - Allocated Costs
- 7.2 Energy Renewables Ltd: An Example
  - History
  - Market Research
  - The Proposal
  - Step 1: Depreciation
  - Step 2: The Statement of Profit and Loss
  - Step 3: Cash Flow Forecast
  - Net Cash Flow
  - Step 4: Investment Appraisal
  - A Note about Net Working Capital
  - A Note about Depreciation
  - Interest Expense
- 7.3 Inflation and Capital Budgeting
  - Interest Rates and Inflation
  - Cash Flow and Inflation
  - Discounting: Nominal or Real?
- 7.4 Alternative Definitions of Operating Cash Flow
  - The Bottom-up Approach
  - The Top-down Approach
  - The Tax Shield Approach
  - Conclusion
- 7.5 Investments of Unequal Lives: The Equivalent Annual Cost Method
  - The General Decision to Replace
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnote
Chapter 8: Risk Analysis, Real Options and Capital Budgeting
- Introduction
- 8.1 Sensitivity Analysis, Scenario Analysis and Break-even Analysis
  - Sensitivity Analysis and Scenario Analysis
  - Break-even Analysis
- 8.2 Monte Carlo Simulation
  - Step 1: Specify the Basic Model
  - Step 2: Specify a Distribution for Each Variable in the Model
  - Step 3: The Computer Draws One Outcome
  - Step 4: Repeat the Procedure
  - Step 5: Calculate NPV
- 8.3 Real Options
  - The Option to Expand
  - The Option to Abandon
  - Timing Options
- 8.4 Decision Trees
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnotes
Chapter 9: Risk and Return: Lessons from Market History
- Part 3: Risk
- Introduction
- 9.1 Returns
  - Monetary Returns
  - Percentage Returns
- 9.2 Holding Period Returns
- 9.3 Return Statistics
  - Asset Class Performance
- 9.4 Average Stock Returns and Risk-free Returns
- 9.5 Risk Statistics
  - Variance
  - Normal Distribution and Its Implications for Standard Deviation
  - Other Measures of Risk
  - Value at Risk
- 9.6 More on Average Returns
  - Arithmetic versus Geometric Averages
  - Calculating Geometric Average Returns
  - Arithmetic Average Return or Geometric Average Return?
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnote
Chapter 10: Risk and Return: The Capital Asset Pricing Model
- Introduction
- 10.1 Individual Securities
- 10.2 Expected Return, Variance and Covariance
  - Expected Return and Variance
  - Covariance and Correlation
- 10.3 The Return and Risk for Portfolios
  - The Expected Return on a Portfolio
  - Variance and Standard Deviation of a Portfolio
  - The Matrix Approach
  - Standard Deviation of a Portfolio
  - The Diversification Effect
  - An Extension to Many Assets
- 10.4 The Efficient Set for Two Assets
- 10.5 The Efficient Set for Many Securities
  - Variance and Standard Deviation in a Portfolio of Many Assets
- 10.6 Diversification: An Example
  - Risk and the Sensible Investor
- 10.7 Riskless Borrowing and Lending
  - The Optimal Portfolio
- 10.8 Market Equilibrium
  - Definition of the Market Equilibrium Portfolio
  - Definition of Risk When Investors Hold the Market Portfolio
  - The Formula for Beta
  - A Test
- 10.9 The Capital Asset Pricing Model
  - Expected Return on Market
  - Expected Return on an Individual Security
- 10.10 Criticisms of the CAPM
  - Roll’s (1977) Critique of the CAPM
  - Empirical Tests of the CAPM
- 10.11 Variations of the CAPM
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 11: Factor Models, the Arbitrage Pricing Theory, and Other Alternatives to CAPM
- Introduction
- 11.1 Factor Models: Announcements, Surprises and Expected Returns
- 11.2 Risk: Systematic and Unsystematic
- 11.3 Systematic Risk and Betas
- 11.4 Portfolios and Factor Models
  - Portfolios and Diversification
- 11.5 Betas and Expected Returns
  - The Linear Relationship
  - The Market Portfolio and the Single Factor
- 11.6 The Capital Asset Pricing Model and theArbitrage Pricing Theory
  - Differences in Pedagogy
  - Differences in Application
- 11.7 Other Alternatives to the CAPM
  - Price-based Models
  - Accounting-based Pricing Models
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 12: Risk, Cost of Capital and Capital Budgeting
- Introduction
- 12.1 The Cost of Equity Capital
- 12.2 Estimation of Beta
  - Real-world Betas
  - Using an Industry Beta
- 12.3 Determinants of Beta
  - Cyclicality of Revenues
  - Operating Leverage
  - Financial Leverage and Beta
- 12.4 Extensions of the Basic Model
  - The Firm versus the Project
  - The Cost of Capital with Debt
- 12.5 Estimating Carrefour Group’s Cost of Capital
  - Carrefour Group’s Cost of Equity
  - Carrefour’s Cost of Debt
  - Carrefour’s WACC
- 12.6 Reducing the Cost of Capital
  - What is Liquidity?
  - Liquidity, Expected Returns and the Cost of Capital
  - Liquidity and Adverse Selection
  - What the Corporation Can Do
  - International Considerations
- 12.7 How Do Corporations Estimate Cost of CapitalinPractice?
- 12.8 Economic and Sustainable Value Added
  - Criticisms of EVA
  - Sustainable Value Added
  - Criticisms of SVA
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 13: Efficient Capital Markets and Behavioural Finance
- Introduction
- 13.1 Can Financing Decisions Create Value?
- 13.2 A Description of Efficient Capital Markets
  - Foundations of Market Efficiency
- 13.3 The Different Types of Efficiency
  - The Weak Form
  - The Semi-strong and Strong Forms
  - Some Common Misconceptions about the Efficient Market Hypothesis
- 13.4 The Evidence
  - The Weak Form
  - The Semi-strong Form
  - The Strong Form
- 13.5 The Behavioural Challenge to Market Efficiency
  - Rationality
  - Independent Deviations from Rationality
  - Arbitrage
- 13.6 Empirical Challenges to Market Efficiency
  - Limits to Arbitrage
  - Earnings Surprises
  - Value versus Growth
  - Crashes and Bubbles
- 13.7 Behavioural Biases in Corporate Finance
  - Overoptimism
  - Overconfidence
  - Confirmation Bias
  - Frame Dependence
  - Loss Aversion
  - The Academic Viewpoints
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 14: Long-Term Financing: An Introduction
- Part 4: Long-term Financing
- Introduction
- 14.1 Ordinary Shares: The Basics
  - Par and No-par Shares
  - Authorized versus Outstanding Shares
  - Retained Earnings
  - Market Value and Book Value
  - Shareholders’ Rights
  - Dividends
  - Multiple Share Classes
- 14.2 Corporate Long-term Debt: The Basics
  - Interest versus Dividends
  - Is It Debt or Equity?
  - Basic Features of Long-term Debt
  - Different Types of Debt
  - Repayment
  - Seniority
  - Security
  - Indenture
- 14.3 Preference Shares
  - Stated Value
  - Cumulative and Non-cumulative Dividends
  - Are Preference Shares Really Debt?
- 14.4 Patterns of Financing
  - International Patterns in Capital Structure
  - Which Are Best: Book or Market Values?
- 14.5 Hierarchies in Long-term Financing
  - Senior Secured Debt
  - Second Lien Loans
  - Senior Unsecured Debt
  - Subordinated or Junior Debt
  - Shareholder Loans
  - Preference Shares
  - Ordinary Equity
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standard
- References
- Additional Reading
- Endnote
Chapter 15: Equity Financing
- Introduction
- 15.1 The Public Issue
- 15.2 Alternative Issue Methods
- 15.3 The Cash Offer
  - Investment Banking
  - The Offering Price
  - Underpricing: A Possible Explanation
  - The Winner’s Curse
- 15.4 The Announcement of New Equity and the ValueoftheFirm
- 15.5 The Cost of New Issues
- 15.6 Rights
  - The Mechanics of a Rights Issue
  - Subscription Price
  - Number of Rights Needed to Purchase a Share
  - Effect of Rights Offering on the Share Price
  - Effects on Shareholders
  - The Underwriting Arrangements
- 15.7 Shelf Registration
- 15.8 The Private Equity Market
  - Private Placement
  - The Private Equity Firm
  - Suppliers of Venture Capital
  - Stages of Financing
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standard
- References
- Additional Reading
- Endnotes
Chapter 16: Debt Financing
- Introduction
- 16.1 Bank Loans
  - Types of Bank Loan
- 16.2 Debt Financing
- 16.3 The Public Issue of Bonds
  - The Basic Terms
  - Security
  - Protective Covenants
  - The Sinking Fund
  - The Call Provision
- 16.4 Bond Refunding
  - Should Firms Issue Callable Bonds?
  - Calling Bonds: When Does It Make Sense?
- 16.5 Bond Ratings
  - Junk Bonds
- 16.6 Some Different Types of Bonds
  - Floating-rate Bonds
  - Deep-discount Bonds
  - Income Bonds
  - Islamic Bonds
  - Green Bonds
  - Other Types of Bonds
- 16.7 Private Placement Compared to Public Issues
- 16.8 Long-term Syndicated Bank Loans
  - Syndicated Loans versus Corporate Bonds
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 17: Leasing
- Introduction
- 17.1 Types of Lease Financing
  - Operating Leases
  - Financial Leases
- 17.2 Accounting and Leasing
- 17.3 The Cash Flows of Leasing
- 17.4 A Detour for Discounting and Debt Capacity withCorporate Taxes
  - Present Value of Riskless Cash Flows
  - Optimal Debt Level and Riskless Cash Flows
  - Appropriate Discount Rate for a Lease
- 17.5 NPV Analysis of the Lease-versus-buy Decision
  - The Discount Rate
- 17.6 Does Leasing Ever Pay?
  - The Base Case
  - Leases with Balloon Payments
- 17.7 Reasons for Leasing
  - Good Reasons for Leasing
  - Bad Reasons for Leasing
- 17.8 Some Unanswered Questions about Leasing
  - Are the Uses of Leases and Debt Complementary?
  - Why are Leases Offered by Both Manufacturers and Third-party Lessors?
  - Why are Some Assets Leased More than Others?
  - Are the Reasons for Leasing Different Across Firms?
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 18: Capital Structure: Basic Concepts
- Part 5: Capital Structure and Dividend Policy
- Introduction
- 18.1 The Capital Structure Question and the Pie Theory
- 18.2 Maximizing Firm Value versus MaximizingShareholder Interests
- 18.3 Financial Leverage and Firm Value: AnExample
  - Leverage and Returns to Shareholders
  - The Choice between Debt and Equity
  - A Key Assumption
- 18.4 Modigliani and Miller: Proposition II (No Taxes)
  - Risk to Equityholders Rises with Leverage
  - Proposition II: Required Return to Equityholders Rises with Leverage
  - MM: An Interpretation
- 18.5 Corporate Taxes
  - The Basic Insight
  - Present Value of the Tax Shield
  - Value of the Levered Firm
  - Expected Return and Leverage under Corporate Taxes
  - Share Prices and Leverage under Corporate Taxes
- 18.6 Personal Taxes
  - The Basics of Personal Taxes
  - The Effect of Personal Taxes on Capital Structure
  - International Comparison of Tax Rates
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 19: Capital Structure: Limits to the Use of Debt
- Introduction
- 19.1 Costs of Financial Distress
  - Bankruptcy Risk or Bankruptcy Cost?
- 19.2 Description of Financial Distress Costs
  - Direct Costs of Financial Distress
  - Indirect Costs of Financial Distress
  - Agency Costs
- 19.3 Can Costs of Debt Be Reduced?
  - Protective Covenants
  - Consolidation of Debt
- 19.4 Integration of Tax Effects and Financial Distress Costs
  - Pie Again
- 19.5 Signalling
  - Bank Debt
- 19.6 Shirking, Perquisites and Bad Investments: A Note on Agency Cost of Equity
  - Effect of Agency Costs of Equity on Debt–Equity Financing
  - Free Cash Flow
- 19.7 The Pecking Order Theory
  - Rules of the Pecking Order
  - Implications
- 19.8 Growth and the Debt–Equity Ratio
  - No Growth
  - Growth
- 19.9 Market Timing Theory
- 19.10 How Firms Establish Capital Structure
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 20: Valuation and Capital Budgeting for the Levered Firm
- Introduction
- 20.1 Adjusted Present Value Approach
- 20.2 Flow to Equity Approach
- 20.3 Weighted Average Cost of Capital Method
- 20.4 A Comparison of the APV, FTE and WACCApproaches
  - Which Method is Best?
- 20.5 Capital Budgeting When the Discount Rate Must Be Estimated
- 20.6 APV Example
- 20.7 Beta and Leverage
  - The Project is Not Scale Enhancing
- 20.8 Net Asset Value
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
- Endnotes
Chapter 21: Dividends and Other Payouts
- Introduction
- 21.1 Different Types of Dividends
- 21.2 Standard Method of Cash Dividend Payment
- 21.3 The Benchmark Case: An Illustration of theIrrelevance of Dividend Policy
  - Current Policy: Dividends Set Equal to Cash Flow
  - Alternative Policy: Initial Dividend is Greater than Cash Flow
  - The Indifference Proposition
  - Homemade Dividends
  - A Test
  - Dividends and Investment Policy
- 21.4 Share Repurchases
  - Dividend versus Repurchase: Conceptual Example
  - Dividends versus Repurchases: Real-world Considerations
- 21.5 Personal Taxes and Dividends
  - Firms without Sufficient Cash to Pay a Dividend
  - Firms with Sufficient Cash to Pay a Dividend
  - Summary of Personal Taxes
- 21.6 Real-world Factors Favouring a High-dividend Policy
  - Desire for Current Income
  - Behavioural Finance
  - Agency Costs
  - Information Content of Dividends and Dividend Signalling
  - Managerial Characteristics
- 21.7 The Clientele Effect
- 21.8 A Catering Theory of Dividends
- 21.9 What We Know and Do Not Know about DividendPolicy
  - Corporate Dividends are Substantial
  - Fewer Companies Pay Dividends
  - Corporations Smooth Dividends
  - Payouts Provide Information to the Market
  - A Sensible Payout Policy
  - Some Survey Evidence about Dividends
- 21.10 Stock Dividends and Stock Splits
  - Some Details about Stock Splits and Stock Dividends
  - Value of Stock Splits and Stock Dividends
  - Reverse Splits
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 22: Options and Corporate Finance
- Part 6: Options, Futures and Corporate Finance
- Introduction
- 22.1 Options
- 22.2 Call Options
  - The Value of a Call Option at Expiration
- 22.3 Put Options
  - The Value of a Put Option at Expiration
- 22.4 Writing Options
- 22.5 Option Quotes
- 22.6 Option Combinations
- 22.7 Valuing Options
  - Bounding the Value of a Call
  - The Factors Determining Call Option Values
  - A Quick Discussion of Factors Determining Put Option Values
- 22.8 An Option Pricing Formula
  - A Two-state Option Model
  - The Black–Scholes Model
- 22.9 The ‘Greeks’
- 22.10 Shares and Bonds as Options
  - The Firm Expressed in Terms of Call Options
  - The Firm Expressed in Terms of Put Options
  - A Resolution of the Two Views
  - A Note about Loan Guarantees
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Reference
- Additional Reading
- Endnotes
Chapter 23: Options and Corporate Finance: Extensions and Applications
- Introduction
- 23.1 Executive Share Options
  - Why Options?
  - Valuing Executive Compensation
- 23.2 Investment in Real Projects and Options
- 23.3 Valuing a Start-up
- 23.4 More about the Binomial Model
  - Heating Oil
- 23.5 Shutdown and Reopening Decisions
  - Valuing a Palladium Mine
  - The Abandonment and Opening Decisions
  - How to Value a Mine: Binomial Option Pricing Model and Monte Carlo Simulation
- 23.6 Options and Capital Budgeting
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 24: Warrants and Convertibles
- Introduction
- 24.1 Warrants
- 24.2 The Difference between Warrants and CallOptions
- 24.3 Warrant Pricing and the Black–Scholes Model
- 24.4 Convertible Bonds
- 24.5 The Value of Convertible Bonds
  - Straight Bond Value
  - Conversion Value
  - Option Value
- 24.6 Reasons for Issuing Warrants and Convertibles
  - Convertible Debt versus Straight Debt
  - Convertible Debt versus Equity
  - The ‘Free Lunch’ Story
  - The ‘Expensive Lunch’ Story
  - A Reconciliation
- 24.7 Why Are Warrants and Convertibles Issued?
  - Sustainability Objectives
  - Matching Cash Flows
  - Risk Synergy
  - Agency Costs
  - Backdoor Equity
  - The European Puzzle
  - Who Buys Convertible Bonds?
- 24.8 Conversion Policy
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 25: Financial Risk Management with Derivatives
- Introduction
- 25.1 Derivatives, Hedging and Risk
- 25.2 Forward Contracts
- 25.3 Futures Contracts
- 25.4 Hedging
- 25.5 Interest Rate Derivatives
  - Pricing of Treasury Bonds
  - Interest Rate Forward Contracts
  - Interest Rate Futures Contracts
  - Hedging in Interest Rate Futures
- 25.6 Duration Hedging
  - The Case of Zero Coupon Bonds
  - The Case of Two Bonds with the Same Maturity but with Different Coupons
  - Duration
  - Matching Liabilities with Assets
- 25.7 Swaps Contracts
  - Interest Rate Swaps
  - Currency Swaps
  - Exotics
- 25.8 Financial Risk Management in Practice
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 26: Short-term Finance and Planning
- Part 7: Financial Planning and Short-term Finance
- Introduction
- 26.1 Tracing Cash and Net Working Capital
- 26.2 Defining Cash in Terms of Other Elements
  - The Sources and Uses of Cash
- 26.3 The Operating Cycle and the Cash Cycle
- 26.4 Some Aspects of Short-term Financial Policy
  - The Size of the Firm’s Investment in Current Assets
  - Alternative Financing Policies for Current Assets
- 26.5 Cash Budgeting
  - Cash Outflow
  - The Cash Balance
- 26.6 The Short-term Financial Plan
  - Unsecured Loans
  - Secured Loans
  - Other Sources
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 27: Short-term Capital Management
- Introduction
- 27.1 Reasons for Holding Cash
- 27.2 Determining the Target Cash Balance
  - The Baumol Model
  - The Miller–Orr Model
  - Other Factors Influencing the Target Cash Balance
- 27.3 Managing the Collection and Disbursement of Cash
- 27.4 Investing Idle Cash
  - Seasonal or Cyclical Activities
  - Planned Expenditures
  - Different Types of Money Market Securities
- 27.5 Terms of Sale
  - Credit Period
  - Cash Discounts
  - Credit Instruments
- 27.6 The Decision to Grant Credit: Risk and Information
  - The Value of New Information about Credit Risk
  - Future Sales
- 27.7 Optimal Credit Policy
- 27.8 Credit Analysis
  - Credit Information
  - Credit Scoring
- 27.9 Collection Policy
  - Average Collection Period
  - Ageing Schedule
  - Collection Effort
  - Factoring
- 27.10 How to Finance Trade Credit
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- References
- Additional Reading
Chapter 28: Mergers and Acquisitions
- Part 8: Special Topics
- Introduction
- 28.1 The Basic Forms of Acquisition
  - Merger or Consolidation
  - Acquisition of Shares
  - Acquisition of Assets
  - A Classification Scheme
  - A Note about Takeovers
- 28.2 Synergy
- 28.3 Intangibles
  - Multiperiod Excess Earnings
  - Relief from Royalties
  - Differential Value Method
- 28.4 Sources of Synergy
  - Revenue Enhancement
  - Cost Reduction
  - Tax Gains
  - Reduced Capital Requirements
- 28.5 Two ‘Bad’ Reasons for Mergers
  - Earnings Growth
  - Diversification
- 28.6 A Cost to Shareholders from Reduction in Risk
  - The Base Case
  - Both Firms Have Debt
  - How Can Shareholders Reduce Their Losses From the Coinsurance Effect?
- 28.7 The NPV of a Merger
  - Cash
  - Equity
  - Cash versus Equity
- 28.8 Valuation of Mergers in Practice
  - Stage 1: Value the Target as a Stand-alone Firm
  - Stage 2: Calibrate the Valuation
  - Stage 3: Value the Synergies
  - Stage 4: Value the Merger
- 28.9 Friendly versus Hostile Takeovers
- 28.10 Defensive Tactics
  - Deterring Takeovers before Being in Play
  - Deterring a Takeover after the Company is in Play
- 28.11 The Diary of a Takeover: Takeda and Shire plc
  - 28 March 2018: Takeda Announces Bid Intention
  - 19 April 2018: Shire Rejects a Third Bid from Takeda
  - 20 April 2018: Takeda Makes a Fourth Bid
  - 25 April 2018: Shire Accepts a Further Revised Bid
  - June 2018: Takeda Shareholders in Revolt
  - July 2018 to January 2019: Takeda Completes Purchase of Shire
- 28.12 Do Mergers Add Value?
  - Target Companies
  - The Managers versus the Shareholders
- 28.13 Accounting and Tax Considerations
- 28.14 Going Private and Leveraged Buyouts
- 28.15 Divestitures
  - Sale
  - Spin-off
  - Carve-out
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 29: Financial Distress
- Introduction
- 29.1 What is Financial Distress?
- 29.2 What Happens in Financial Distress?
  - Asset Expansion Policies
  - Operational Contraction Policies
  - Financial Policies
  - External Control Activity
  - Changes in Managerial Control
  - Wind Up Company
- 29.3 Bankruptcy, Liquidation and Reorganization
  - Bankruptcy Law
- 29.4 Private Workout or Bankruptcy: Which is Best?
  - The Marginal Firm
  - Holdouts
  - Complexity
  - Lack of Information
  - Institutional Factors
- 29.5 Predicting Financial Distress: The Z-score Model
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- References
- Additional Reading
- Endnotes
Chapter 30: International Corporate Finance
- Introduction
- 30.1 Terminology
- 30.2 Foreign Exchange Markets and Exchange Rates
  - Exchange Rates
- 30.3 Purchasing Power Parity
  - Absolute Purchasing Power Parity
  - Relative Purchasing Power Parity
- 30.4 Interest Rate Parity, Unbiased Forward Rates and the International Fisher Effect
  - Covered Interest Arbitrage
  - Interest Rate Parity
  - Forward Rates and Future Spot Rates
  - Putting It All Together
- 30.5 International Capital Budgeting
  - Differences between International and Domestic Capital Budgeting
  - Fundamentals of International Capital Budgeting
  - Method 1: The Home Currency Approach
  - Method 2: The Foreign Currency Approach
  - Unremitted Cash Flows
- 30.6 Exchange Rate Risk
  - Short-term Exposure
  - Long-term Exposure
  - Translation Exposure
  - Managing Exchange Rate Risk
- 30.7 Political Risk
- 30.8 Long-term Islamic Financing
  - Types of Islamic Financing Methods
- Summary and Conclusions
- Questions and Problems
- Exam Question (45 minutes)
- Mini Case
- Practical Case Study
- Relevant Accounting Standards
- Additional Reading
- Endnote
Table of Equations
- Table of Equations
Glossary
- Glossary
Index
- Index
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