Corporate Finance and Valuation / Edition 1

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Overview

Corporate finance is a key subject within business, but one that often presents a real challenge to those coming to grips with it for the first time. Often teachers too find it a challenging subject to put across in a practically relevant way whilst at the same time ensuring that the 'mathematics gap' between the capabilities of the student and the demands of theory are effectively bridged. Corporate Finance and Valuation is designed to overcome these challenges by presenting the subject in the simplest way possible and by connecting vital principles with vivid practical examples. Corporate Finance and Valuation offers a practical managerial perspective on the subject. The three themes of value, return and risk are developed and form a unifying thread throughout the book. Practical tools and techniques for identifying and solving financial problems in the real world are presented. For every practical finance problem, from estimating a company's cost of capital through to the valuation of its intangible assets, Corporate Finance and Valuation places emphasis on how the job can be done using readily available tools and freely available data.

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Product Details

  • ISBN-13: 9781844802715
  • Publisher: Cengage Learning EMEA Higher Education
  • Publication date: 10/20/2006
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 624
  • Product dimensions: 7.40 (w) x 9.60 (h) x 1.00 (d)

Table of Contents

Preface Acknowledgements Walk through tour PART I INTRODUCTION TO CORPORATE FINANCE AND VALUATION 1 Introduction - the foundations of finance Learning outcomes The origins of financial markets The modern financial markets Corporate finance and the modern firm Theoretical development in finance Risk and return Interest - simple and compound The time value of money Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) 2 Traditional approaches to investment appraisal Learning outcomes The investment project The objectives of business decision making Calculating the Net Present Value Other methods of investment appraisal Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix PART II THE FINANCIAL MARKETS AND THE COST OF CAPITAL 3 The market for capital finance and the price of risk Learning outcomes The structure of the capital market Stock market efficiency A portfolio theory of risk Capital asset pricing theory Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix 4 The fixed interest market Learning outcomes The nature of debt and the equity finance Calculating the yield on bonds The yield curve Duration, modified duration, convexity and bond risk Raising corporate debt Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) 5 The cost of capital Learning outcomes The opportunity cost of capital The cost of equity capital Estimating the cost of debt capital The weighted average cost of capital Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix A Appendix B 6 Capital structure and distribution decisions Learning outcomes Introduction Business and financial risk The Modigliani and Miller analysis of the capital structure problem Dividend policy Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix PART III DEVELOPMENTS IN CORPORATE FINANCE 7 Modelling inflation, tax and uncertainty Learning outcomes Investment appraisal and changing price levels The problem of capital rationing The impact of taxation upon investment appraisal Evaluating the impact of structural changes in investment appraisal Modelling uncertainty Testing the capital requirement for a project - the test framework Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) 8 Introduction to options and option pricing Learning outcomes The derivatives markets The basics of option valuation Valuing an option contract The general option pricing model (Black and Scholes) Estimating volatility The sensitivity of option prices The binomial model Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix 9 Options and the valuation of assets and liabilities Learning outcomes Can we do better than net present value? The logic of the real options approach The real options method The valuation of real options The valuation of intangible assets using real options Option pricing and valuation of corporate liabilities Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) PART IV VALUATION 10 Valuing the firm Learning outcomes Introduction to valuation Asset valuation Relative valuation models Price earnings multiples Tobins Q Flow valuation methods Contingent methods of valuation Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Appendix 11 The valuation of intangibles Learning outcomes The problem of intangibility The financial measurement of intangibles Prioritizing investment in intangibles Managerial models of investment appraisal Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) PART V CORPORATE FINANCIAL CONTROL 12 Mergers and acquisitions Learning outcomes Introduction to mergers and acquisitions The regulation of takeovers Financing and accounting for acquisitions Valuing a target company Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) 13 Short term finance and the management of interest rate risk Learning outcomes The money markets The drivers of interest rates Money market finance The management of interest rate risk using money market derivatives Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) 14 International financial markets Learning outcomes Introduction to exchange rates The determinants of exchange rates International capital budgeting Managing currency risk External hedging Summary Further reading Progress check Questions (answers at end of book) Questions (answers on website) Glossary Answers to selected review activities and end of chapter questions Index

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