Fundamentals of Corporate Finance

ISBN-13: 9781119795445 / Angielski / Miękka / 2022 / 832 str.

Stuart L. Gillan

Spis treści

1 The Financial Manager and the Firm1.1 The Role of the Financial Manager1.2 Forms of Business Organization1.3 Managing the Financial Function1.4 The Goal of the Firm1.5 Agency Conflicts: Separation of Ownership and Control1.6 The Importance of Ethics in CultureSummary of Learning Objectives/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Incentives and Ethics: Cross-Selling at Wells Fargo2 The Financial System and the Level of Interest Rates2.1 The Financial System2.2 Direct Financing2.3 Types of Financial Markets2.4 Market Efficiency2.5 Financial Institutions and Indirect Financing2.6 The Determinants of Interest Rate LevelsSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems3 Financial Statements, Cash Flows, and Taxes3.1 Financial Statements and Accounting Principles3.2 The Balance Sheet3.3 Market Value versus Book Value3.4 The Income Statement and the Statement of Retained Earnings3.5 The Statement of Cash Flows3.6 Tying Together the Financial Statements3.7 International Accounting Issues3.8 Corporate Income TaxSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems4 Analyzing Financial Statements4.1 Background for Financial Statement Analysis4.2 Common-Size Financial Statements4.3 Financial Ratios and Firm Performance4.4 The Dupont System: A Diagnostic Tool4.5 Selecting a Benchmark4.6 Using Financial RatiosSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--A Sad Tale: The Demise of Arthur Andersen5 The Time Value of Money5.1 The Time Value of Money5.2 Future Value and Compounding5.3 Present Value and Discounting5.4 Additional Concepts and ApplicationsSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems6 Discounted Cash Flows and Valuation6.1 Multiple Cash Flows6.2 Level Cash Flows: Annuities6.3 Level Cash Flows: Perpetuities6.4 Cash Flows That Grow at a Constant Rate6.5 The Effective Annual Interest RateSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems/Appendix: Deriving the Formula forthe Present Value of an Ordinary Annuity/ProblemEthics Case--Buy It on Credit and Be True to Your University7 Risk and Return7.1 Risk and Return7.2 Holding Period Returns7.3 Expected Returns7.4 Variance and Standard Deviation as Measures of Risk7.5 Arithmetic Average and Geometric (Compounded) Average Returns7.6 Risk and Diversification7.7 Systematic Risk7.8 The Capital Asset Pricing ModelSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Pay for Performance or Just More Pay? The Conflicting Case for CEO Pay8 Bond Valuation and the Structure of Interest Rates8.1 Corporate Bonds8.2 Bond Valuation8.3 Bond Yields8.4 Interest Rate Risk8.5 The Determinants of Corporate Borrowing Costs8.6 The Term Structure of Interest RatesSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--The Subprime Mortgage Market Meltdown: How Did It Happen?9 Stock Valuation9.1 The Market for Stocks9.2 Common and Preferred Stock9.3 Common Stock Valuation9.4 The General Dividend-Valuation Model9.5 Stock Valuation: Some Simplifying Assumptions9.6 The Relation between R and g9.7 Valuing Preferred StockSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Insider Trading: Exploiting the System10 The Fundamentals of Capital Budgeting10.1 An Introduction to Capital Budgeting10.2 Net Present Value10.3 The Payback Period10.4 The Accounting Rate of Return10.5 Internal Rate of Return10.6 Investment Decisions with Capital Rationing10.7 Capital Budgeting in PracticeSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Going Green: Can Automakers Invest in Environmental Solutions?11 Cash Flows and Capital Budgeting11.1 Calculating Project Cash Flows11.2 Estimating Cash Flows in Practice11.3 Forecasting Free Cash Flows11.4 Special Cases11.5 Harvesting an AssetSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Unilever's Sustainable Living Plan12 Evaluating Project Economics12.1 Variable Costs, Fixed Costs, and Project Risk12.2 Calculating Operating Leverage12.3 Break-Even Analysis12.4 The Economic Break-Even Point12.5 Risk AnalysisSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems13 The Cost of Capital13.1 The Firm's Overall Cost of Capital13.2 The Cost of Debt13.3 The Cost of Equity13.4 Using the WACC in PracticeSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems14 Working Capital Management14.1 Working Capital Basics14.2 The Operating and Cash Conversion Cycles14.3 Working Capital Management Strategies14.4 Accounts Receivable14.5 Inventory Management14.6 Cash Management and Budgeting14.7 Financing Working CapitalSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems15 How Firms Raise Capital15.1 Bootstrapping15.2 Venture Capital15.3 Initial Public Offering15.4 IPO Pricing and Cost15.5 General Cash Offer by a Public Company15.6 Private Markets and Bank LoansSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsEthics Case--Profiting from Death: "Janitor's Insurance"16 Capital Structure Policy16.1 Capital Structure and Firm Value16.2 The Benefits and Costs of Using Debt16.3 Two Theories of Capital Structure16.4 Practical Considerations in Choosing a Capital StructureAppendix: LeasingSummary of Learning Objective/Self-Study Problem/Solution to Self-Study Problem/Discussion Questions/Questions and Problems17 Dividends, Stock Repurchases, and Payout Policy17.1 Dividends17.2 Stock Repurchases17.3 Dividends and Firm Value17.4 Stock Dividends and Stock Splits17.5 Setting a Dividend PayoutSummary of Learning Objectives/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/Sample Test Problems18 Business Formation, Growth, and Valuation18.1 Starting a Business18.2 The Role of the Business Plan18.3 Valuing a Business18.4 Important Issues in ValuationSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems19 Financial Planning and Managing Growth19.1 Financial Planning19.2 Financial Planning Models19.3 A Better Financial Planning Model19.4 Beyond the Basic Planning Models19.5 Managing and Financing GrowthSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems /Discussion Questions/Questions and Problems/Sample Test Problems20 Corporate Risk Management20.1 Why Companies Manage Corporate Risks20.2 Managing Operational, Business, and Financial Risks20.3 Forwards and Futures20.4 Swaps20.5 Financial Options20.6 Option Valuation20.7 Real Options20.8 Agency CostsSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test Problems21 International Financial Management21.1 Introduction to International Financial Management21.2 Foreign Exchange Markets21.3 International Capital Budgeting21.4 Global Money and Capital Markets21.5 International Banking21.6 Islamic FinanceSummary of Learning Objectives/Summary of KeyEquations/Self-Study Problems/Solutions to Self-StudyProblems/Discussion Questions/Questions and Problems/Sample Test ProblemsAPPENDIX A Future Value and Present Value TablesAPPENDIX B The 2017 Tax Cuts and Jobs Act: Implications for Cash Flow to Investors, theCost of Capital, and Capital StructureGLOSSARYSUBJECT INDEXCOMPANY INDEX