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Applied Corporate Finance, Second Edition converts the theory and models in corporate finance into tools that can be used to analyze, understand, and help any business. With this hands-on guide, you can find real solutions to real corporate finance problems, using real-time data.
Offering a user perspective to corporate finance, this text poses three major questions that every business has to answer, and provides the tools and the analytical techniques needed to answer these questions.
1. Where do we invest our resources? (The Investment Decision)
The first part of the book shows how to assess risk and develop a risk profile for a firm, and convert this risk profile into a hurdle rate. You'll also learn basic rules for estimating the returns on any investment.
2. How should we fund these investments? (The Financing Decision)
Firms generally can use debt, equity, or some combination of the two to fund projects. This part of the book examines the relationship between this choice and the hurdle rate for analyzing projects, and shows how to use the financing decision to maximize firm value. You'll also find a framework for picking the right kind of security for any firm.
3. How much cash can and should we return to the owners? (The Dividend Decision)
The third part of the book establishes a process for deciding how much cash should be taken out of the business and in what form (dividends or stock buybacks).
The final chapter in the book ties the value of the firm to these three decisions, and provides insight into how firms can enhance value.
Chapter 2. The Objective in Decision Making.
Chapter 3. The Basics of Risk.
Chapter 4. Risk Measurement and Hurdle Rates.
Chapter 5. Measuring Return on Investment.
Chapter 6. Project Interactions, Side Costs and Side Benefits.
Chapter 7. Capital Structure: Overview of the Financing Decision.
Chapter 8. Capital Structure: The Optimal Financing Mix.
Chapter 9. Capital Structure: The Financing Details.
Chapter 10. Dividend Policy.
Chapter 11. Analyzing Cash Returned to Stockholders.
Chapter 12. Valuation: Principles and Practice.
Appendix 1: Basic Statistics.
Appendix 2: Financial Statements.
Appendix 3: Time Value of Money.
Appendix 4: Option Pricing.
Posted November 5, 2008
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