Quantitative Corporate Finance

ISBN-13: 9781402070198 / Angielski / Twarda / 2007 / 542 str.

Jr. John B. Guerard; Eli Schwartz

Opis

Quantitative Corporate Finance is designed to be an advanced graduate corporate financial management textbook. The book will address several problems in contemporary corporate finance: optimal capital structure, both in the US and in the G7 economies, the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Model (APT) and the implications for the cost of capital, dividend policy, sales forecasting and pro forma statement analysis, leverage and bankruptcy, and mergers and acquisitions.

Spis treści

Introduction: Capital Formation, Risk, and the Corporation.- The Corporation and Other Forms of Business Organization.- The Corporation Balance Sheet.- The Operating Statements: The Income Statement and Annual Cash Flow Statement.- Financing Current Operations, Ratio And Credit Analysis.- Financing Current Operations And The Cash Budget.- Capital and New Issue Markets.- The Equity of the Corporation: Common and Preferred Stock.- Long-Term Debt.- Debt, Equity, the Optimal Financial Structure and the Cost of Funds.- Investing in Assets: Theory of Investment Decision Making.- Regression Analysis And Forecasting Models.- Time Series Modeling and the Forecasting Effectiveness of the U.S. Leading Economic Indicators.- Risk and Return on Equity and the Capital Asset Pricing Model.- Multi-Factor Risk Models.- Options.- Real Options.- Mergers and Acquisitions.- Liquidation, Failure, Bankruptcy, and Reorganization.- Corporation Growth and Economic Growth and Stability.- International Business Finance.- Management-Stockholder Relations.

O autorze

John B. Guerard, Jr.

Director of Global Quantitative Research

Ph.D. Finance, University of Texas at Austin, 1980
M.S.I.M. Finance, Georgia Institute of Technology, 1977
M.A. Economics, University of Virginia, 1976
A.B. Economics, Duke University, cum laude, 1975

John B. Guerard Jr. joined McKinley Capital Management in 2005 as Co-Director of Global Quantitative Research. Mr. Guerard's passion for global equity markets, along with his academic credentials and broad practitioner experience make him a notable addition to our team. Mr. Guerard shares oversight responsibility for the Global Quantitative Research team with long-time Director, Ted L. Gifford. Both will work to maintain and enhance our quantitative capabilities and investment models. Prior to joining McKinley Capital, Mr. Guerard held a number of senior-level positions including Vice President for Daiwa Securities Trust Co. where he co-managed the Japan Equity Fund with Nobel prize winner Dr. Harry Markowitz. He is also a former Faculty and Adjunct Faculty member at Wharton, University of Pennsylvania and Rutgers University Graduate School of Management.

Eli Schwartz is an Emeritus Professor at Lehigh University (1991) and former Chairman, Economics Dept, Lehigh University, 1978-1984. Visiting Professor and lecturer at the following: Tel Aviv University; Fulbright Lecturer and consulting professor at Autonomous University of Madrid, Spain (1979); Wharton School, University of Pennsylvania; London School of Economics; Michigan State; Brown University and University of Rhode Island. Professor Schwartz is extremely well known and remains active in academic research. He has published several books and many papers in the field of corporate finance, including "Management Policies in Local Government Finance", Theory and Application of the Interest Rate, The Economic Growth Controversy, among others.

Blurb

Quantitative Corporate Finance presents a comprehensive treatment of the legal arrangement of the corporation, the instruments and institutions through which capital can be raised, the management of the flow of funds through the individual firm, and the methods of dividing the risks and returns among the various contributors of funds. Guerard and Schwartz cover a wide variety of tools and techniques used to evaluate and manage financial performance, with particular emphasis on the application of regression analysis, time series modeling, the Capital Asset Pricing Model (CAPM), and multi-factor risk models. Moreover, they address such timely topics as optimal capital structure (in the United States and internationally), dividend policy, sales forecasting and pro forma statement analysis, the regulatory environment, mergers and acquisitions, bankruptcy, management-shareholder relations, and the corporation as a social and economic institution. Featuring detailed worked examples and practical problems throughout, the book is designed to serve as a graduate-level text and a practical reference for practitioners, analysts, and regulators.

"In Chapters 1 to 11, Quantitative Corporate Finance covers basic financial analysis, legal-regulatory background, financing instruments, financing, and capital budgeting. The strength of this text that differentiates it from more traditional (i.e., less quantitative) corporate finance texts is an introduction to statistics and forecasting (Chapter 12) and on-going integration of statistical and forecasting tools into much of the following ten chapters. It is also very strong on integrating modern portfolio theory and competitive financial markets with imperfect, costly information into decision frameworks (including multifactor/multibeta risk and BARRA optimization). In the hands of a skilled instructor, this text can move students closer to that crucial job skill of being able to apply and use financial concepts and methods – a critical need for today’s very competitive market for finance graduates."

Bernell K. Stone, Harold F. Silver Professor of Finance, Brigham Young University

 

"Guerard and Schwartz have written an excellent introduction to quantitative corporate finance, making their ideas accessible to practicing managers and students alike."

Jim Vander Weide, Research Professor of Finance and Economics, Duke University