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Corporate finance : a practical approach / [edited by] Michelle R. Clayman, Martin S. Fridson, George H. Troughton.

Contributor(s): Clayman, Michelle R. | Fridson, Martin S. | Troughton, George H.
Call number: HG4026 C67 2012 Material type: TextTextSeries: CFA Institute investment series: Publisher: Hoboken, N.J. : John Wiley & Sons, c2012Edition: 2nd ed.Description: xix, 505 p. : ill. ; 26 cm.ISBN: 9781118105375 ; 1118105370 ; 9781118111970 (workbook)Subject(s): Corporations -- FinanceDDC classification: 658.15
Contents:
Contents note continued: 4.6.Profitability Index -- 4.7.NPV Profile -- 4.8.Ranking Conflicts between NPV and IRR -- 4.9.The Multiple IRR Problem and the No IRR Problem -- 4.10.Popularity and Usage of the Capital Budgeting Methods -- 5.Cash Flow Projections -- 5.1.Table Format with Cash Flows Collected by Year -- 5.2.Table Format with Cash Flows Collected by Type -- 5.3.Equation Format for Organizing Cash Flows -- 6.More on Cash Flow Projections -- 6.1.Straight-Line and Accelerated Depreciation Methods -- 6.2.Cash Flows for a Replacement Project -- 6.3.Spreadsheet Modeling -- 6.4.Effects of Inflation on Capital Budgeting Analysis -- 7.Project Analysis and Evaluation -- 7.1.Mutually Exclusive Projects with Unequal Lives -- 7.2.Capital Rationing -- 7.3.Risk Analysis of Capital Investments---Standalone Methods -- 7.4.Risk Analysis of Capital Investments---Market Risk Methods -- 7.5.Real Options -- 7.6.Common Capital Budgeting Pitfalls --
Contents note continued: 8.Other Income Measures and Valuation Models -- 8.1.The Basic Capital Budgeting Model -- 8.2.Economic and Accounting Income -- 8.3.Economic Profit, Residual Income, and Claims Valuation -- 9.Summary -- Problems -- ch. 3 Cost of Capital -- Learning Outcomes -- 1.Introduction -- 2.Cost of Capital -- 2.1.Taxes and the Cost of Capital -- 2.2.Weights of the Weighted Average -- 2.3.Applying the Cost of Capital to Capital Budgeting and Security Valuation -- 3.Costs of the Different Sources of Capital -- 3.1.Cost of Debt -- 3.2.Cost of Preferred Stock -- 3.3.Cost of Common Equity -- 4.Topics in Cost of Capital Estimation -- 4.1.Estimating Beta and Determining a Project Beta -- 4.2.Country Risk -- 4.3.Marginal Cost of Capital Schedule -- 4.4.Flotation Costs -- 4.5.What Do CFOs Do? -- 5.Summary -- Problems -- ch. 4 Measures of Leverage -- Learning Outcomes -- 1.Introduction -- 2.Leverage -- 3.Business Risk and Financial Risk --
Contents note continued: 3.1.Business Risk and Its Components -- 3.2.Sales Risk -- 3.3.Operating Risk -- 3.4.Financial Risk -- 3.5.Total Leverage -- 3.6.Breakeven Points and Operating Breakeven Points -- 3.7.The Risks of Creditors and Owners -- 4.Summary -- Problems -- ch. 5 Capital Structure -- Learning Outcomes -- 1.Introduction -- 2.The Capital Structure Decision -- 2.1.Proposition I without Taxes: Capital Structure Irrelevance -- 2.2.Proposition II without Taxes: Higher Financial Leverage Raises the Cost of Equity -- 2.3.Taxes, the Cost of Capital, and the Value of the Company -- 2.4.Costs of Financial Distress -- 2.5.Agency Costs -- 2.6.Costs of Asymmetric Information -- 2.7.The Optimal Capital Structure According to the Static Trade-Off Theory -- 3.Practical Issues in Capital Structure Policy -- 3.1.Debt Ratings -- 3.2.Evaluating Capital Structure Policy -- 3.3.Leverage in an International Setting -- 4.Summary -- Problems -- ch. 6 Dividends and Share Repurchases: Basics --
Contents note continued: Learning Outcomes -- 1.Introduction -- 2.Dividends: Forms -- 2.1.Regular Cash Dividends -- 2.2.Extra or Special (Irregular) Dividends -- 2.3.Liquidating Dividends -- 2.4.Stock Dividends -- 2.5.Stock Splits -- 3.Dividends: Payment Chronology -- 3.1.Declaration Date -- 3.2.Ex-Dividend Date -- 3.3.Holder-of-Record Date -- 3.4.Payment Date -- 3.5.Interval between Key Dates in the Dividend Payment Chronology -- 4.Share Repurchases -- 4.1.Share Repurchase Methods -- 4.2.Financial Statement Effects of Repurchases -- 4.3.Valuation Equivalence of Cash Dividends and Share Repurchases: The Baseline -- 5.Concluding Remarks -- 6.Summary -- Problems -- ch. 7 Dividends and Share Repurchases: Analysis -- Learning Outcomes -- 1.Introduction -- 2.Dividend Policy and Company Value: Theory -- 2.1.Dividend Policy Does Not Matter -- 2.2.Dividend Policy Matters: The Bird-in-the-Hand Argument -- 2.3.Dividend Policy Matters: The Tax Argument -- 2.4.Other Theoretical Issues --
Contents note continued: 2.5.Dividend Theory: Summary -- 3.Factors Affecting Dividend Policy -- 3.1.Investment Opportunities -- 3.2.The Expected Volatility of Future Earnings -- 3.3.Financial Flexibility -- 3.4.Tax Considerations -- 3.5.Flotation Costs -- 3.6.Contractual and Legal Restrictions -- 3.7.Factors Affecting Dividend Policy: Summary -- 4.Payout Policies -- 4.1.Types of Dividend Policies -- 4.2.The Dividend versus Share Repurchase Decision -- 4.3.Global Trends in Payout Policy -- 5.Analysis of Dividend Safety -- 6.Summary -- Problems -- ch. 8 Working Capital Management -- Learning Outcomes -- 1.Introduction -- 2.Managing and Measuring Liquidity -- 2.1.Defining Liquidity Management -- 2.2.Measuring Liquidity -- 3.Managing the Cash Position -- 3.1.Forecasting Short-Term Cash Flows -- 3.2.Monitoring Cash Uses and Levels -- 4.Investing Short-Term Funds -- 4.1.Short-Term Investment Instruments -- 4.2.Strategies -- 4.3.Evaluating Short-Term Funds Management --
Contents note continued: 5.Managing Accounts Receivable -- 5.1.Key Elements of the Trade Credit Granting Process -- 5.2.Managing Customers' Receipts -- 5.3.Evaluating Accounts Receivable Management -- 6.Managing Inventory -- 6.1.Approaches to Managing Levels of Inventory -- 6.2.Inventory Costs -- 6.3.Evaluating Inventory Management -- 7.Managing Accounts Payable -- 7.1.The Economics of Taking a Trade Discount -- 7.2.Managing Cash Disbursements -- 7.3.Evaluating Accounts Payable Management -- 8.Managing Short-Term Financing -- 8.1.Sources of Short-Term Financing -- 8.2.Short-Term Borrowing Approaches -- 8.3.Asset-Based Loans -- 8.4.Computing the Costs of Borrowing -- 9.Summary -- Problems -- ch. 9 Financial Statement Analysis -- Learning Outcomes -- 1.Introduction -- 2.Common-Size Analysis -- 2.1.Vertical Common-Size Analysis -- 2.2.Horizontal Common-Size Analysis -- 3.Financial Ratio Analysis -- 3.1.Activity Ratios -- 3.2.Liquidity Analysis -- 3.3.Solvency Analysis --
Contents note continued: 3.4.Profitability Analysis -- 3.5.Other Ratios -- 3.6.Effective Use of Ratio Analysis -- 4.Pro Forma Analysis -- 4.1.Estimating the Sales-Driven Relations -- 4.2.Estimating the Fixed Burdens -- 4.3.Forecasting Revenues -- 4.4.Constructing Pro Forma Statements -- 5.Summary -- Problems -- ch. 10 Mergers and Acquisitions -- Learning Outcomes -- 1.Introduction -- 2.Mergers and Acquisitions: Definitions and Classifications -- 3.Motives for Merger -- 3.1.Synergy -- 3.2.Growth -- 3.3.Increasing Market Power -- 3.4.Acquiring Unique Capabilities and Resources -- 3.5.Diversification -- 3.6.Bootstrapping Earnings -- 3.7.Managers' Personal Incentives -- 3.8.Tax Considerations -- 3.9.Unlocking Hidden Value -- 3.10.Cross-Border Motivations -- 4.Transaction Characteristics -- 4.1.Form of Acquisition -- 4.2.Method of Payment -- 4.3.Mind-Set of Target Management -- 5.Takeovers -- 5.1.Pre-Offer Takeover Defense Mechanisms -- 5.2.Post-Offer Takeover Defense Mechanisms --
Contents note continued: 6.Regulation -- 6.1.Antitrust -- 6.2.Securities Laws -- 7.Merger Analysis -- 7.1.Target Company Valuation -- 7.2.Bid Evaluation -- 8.Who Benefits from Mergers? -- 9.Corporate Restructuring -- 10.Summary -- Problems.
Summary: "The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate financeIn today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance.Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy: Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts Explanations and examples are rigorous and global, but make minimal use of mathematics Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible Written by the experts at CFA Institute, the world's largest association of professional investment managers Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world"--Provided by publisher.
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Item type Location Location Call number Unit Copy number Barcode Status Date due
10000 General Book General Book ODI General Collection
ODI General Collection HG4026 C67 2012 (Browse shelf) v.2 1 1000501978 Available
10000 General Book General Book ODI General Collection
ODI General Collection HG4026 C67 2012 (Browse shelf) v.1 1 1000501977 Available

v.1 text -- v.2 workbook.

Includes bibliographical references (p. 475-479) and index.

Contents note continued: 4.6.Profitability Index -- 4.7.NPV Profile -- 4.8.Ranking Conflicts between NPV and IRR -- 4.9.The Multiple IRR Problem and the No IRR Problem -- 4.10.Popularity and Usage of the Capital Budgeting Methods -- 5.Cash Flow Projections -- 5.1.Table Format with Cash Flows Collected by Year -- 5.2.Table Format with Cash Flows Collected by Type -- 5.3.Equation Format for Organizing Cash Flows -- 6.More on Cash Flow Projections -- 6.1.Straight-Line and Accelerated Depreciation Methods -- 6.2.Cash Flows for a Replacement Project -- 6.3.Spreadsheet Modeling -- 6.4.Effects of Inflation on Capital Budgeting Analysis -- 7.Project Analysis and Evaluation -- 7.1.Mutually Exclusive Projects with Unequal Lives -- 7.2.Capital Rationing -- 7.3.Risk Analysis of Capital Investments---Standalone Methods -- 7.4.Risk Analysis of Capital Investments---Market Risk Methods -- 7.5.Real Options -- 7.6.Common Capital Budgeting Pitfalls --

Contents note continued: 8.Other Income Measures and Valuation Models -- 8.1.The Basic Capital Budgeting Model -- 8.2.Economic and Accounting Income -- 8.3.Economic Profit, Residual Income, and Claims Valuation -- 9.Summary -- Problems -- ch. 3 Cost of Capital -- Learning Outcomes -- 1.Introduction -- 2.Cost of Capital -- 2.1.Taxes and the Cost of Capital -- 2.2.Weights of the Weighted Average -- 2.3.Applying the Cost of Capital to Capital Budgeting and Security Valuation -- 3.Costs of the Different Sources of Capital -- 3.1.Cost of Debt -- 3.2.Cost of Preferred Stock -- 3.3.Cost of Common Equity -- 4.Topics in Cost of Capital Estimation -- 4.1.Estimating Beta and Determining a Project Beta -- 4.2.Country Risk -- 4.3.Marginal Cost of Capital Schedule -- 4.4.Flotation Costs -- 4.5.What Do CFOs Do? -- 5.Summary -- Problems -- ch. 4 Measures of Leverage -- Learning Outcomes -- 1.Introduction -- 2.Leverage -- 3.Business Risk and Financial Risk --

Contents note continued: 3.1.Business Risk and Its Components -- 3.2.Sales Risk -- 3.3.Operating Risk -- 3.4.Financial Risk -- 3.5.Total Leverage -- 3.6.Breakeven Points and Operating Breakeven Points -- 3.7.The Risks of Creditors and Owners -- 4.Summary -- Problems -- ch. 5 Capital Structure -- Learning Outcomes -- 1.Introduction -- 2.The Capital Structure Decision -- 2.1.Proposition I without Taxes: Capital Structure Irrelevance -- 2.2.Proposition II without Taxes: Higher Financial Leverage Raises the Cost of Equity -- 2.3.Taxes, the Cost of Capital, and the Value of the Company -- 2.4.Costs of Financial Distress -- 2.5.Agency Costs -- 2.6.Costs of Asymmetric Information -- 2.7.The Optimal Capital Structure According to the Static Trade-Off Theory -- 3.Practical Issues in Capital Structure Policy -- 3.1.Debt Ratings -- 3.2.Evaluating Capital Structure Policy -- 3.3.Leverage in an International Setting -- 4.Summary -- Problems -- ch. 6 Dividends and Share Repurchases: Basics --

Contents note continued: Learning Outcomes -- 1.Introduction -- 2.Dividends: Forms -- 2.1.Regular Cash Dividends -- 2.2.Extra or Special (Irregular) Dividends -- 2.3.Liquidating Dividends -- 2.4.Stock Dividends -- 2.5.Stock Splits -- 3.Dividends: Payment Chronology -- 3.1.Declaration Date -- 3.2.Ex-Dividend Date -- 3.3.Holder-of-Record Date -- 3.4.Payment Date -- 3.5.Interval between Key Dates in the Dividend Payment Chronology -- 4.Share Repurchases -- 4.1.Share Repurchase Methods -- 4.2.Financial Statement Effects of Repurchases -- 4.3.Valuation Equivalence of Cash Dividends and Share Repurchases: The Baseline -- 5.Concluding Remarks -- 6.Summary -- Problems -- ch. 7 Dividends and Share Repurchases: Analysis -- Learning Outcomes -- 1.Introduction -- 2.Dividend Policy and Company Value: Theory -- 2.1.Dividend Policy Does Not Matter -- 2.2.Dividend Policy Matters: The Bird-in-the-Hand Argument -- 2.3.Dividend Policy Matters: The Tax Argument -- 2.4.Other Theoretical Issues --

Contents note continued: 2.5.Dividend Theory: Summary -- 3.Factors Affecting Dividend Policy -- 3.1.Investment Opportunities -- 3.2.The Expected Volatility of Future Earnings -- 3.3.Financial Flexibility -- 3.4.Tax Considerations -- 3.5.Flotation Costs -- 3.6.Contractual and Legal Restrictions -- 3.7.Factors Affecting Dividend Policy: Summary -- 4.Payout Policies -- 4.1.Types of Dividend Policies -- 4.2.The Dividend versus Share Repurchase Decision -- 4.3.Global Trends in Payout Policy -- 5.Analysis of Dividend Safety -- 6.Summary -- Problems -- ch. 8 Working Capital Management -- Learning Outcomes -- 1.Introduction -- 2.Managing and Measuring Liquidity -- 2.1.Defining Liquidity Management -- 2.2.Measuring Liquidity -- 3.Managing the Cash Position -- 3.1.Forecasting Short-Term Cash Flows -- 3.2.Monitoring Cash Uses and Levels -- 4.Investing Short-Term Funds -- 4.1.Short-Term Investment Instruments -- 4.2.Strategies -- 4.3.Evaluating Short-Term Funds Management --

Contents note continued: 5.Managing Accounts Receivable -- 5.1.Key Elements of the Trade Credit Granting Process -- 5.2.Managing Customers' Receipts -- 5.3.Evaluating Accounts Receivable Management -- 6.Managing Inventory -- 6.1.Approaches to Managing Levels of Inventory -- 6.2.Inventory Costs -- 6.3.Evaluating Inventory Management -- 7.Managing Accounts Payable -- 7.1.The Economics of Taking a Trade Discount -- 7.2.Managing Cash Disbursements -- 7.3.Evaluating Accounts Payable Management -- 8.Managing Short-Term Financing -- 8.1.Sources of Short-Term Financing -- 8.2.Short-Term Borrowing Approaches -- 8.3.Asset-Based Loans -- 8.4.Computing the Costs of Borrowing -- 9.Summary -- Problems -- ch. 9 Financial Statement Analysis -- Learning Outcomes -- 1.Introduction -- 2.Common-Size Analysis -- 2.1.Vertical Common-Size Analysis -- 2.2.Horizontal Common-Size Analysis -- 3.Financial Ratio Analysis -- 3.1.Activity Ratios -- 3.2.Liquidity Analysis -- 3.3.Solvency Analysis --

Contents note continued: 3.4.Profitability Analysis -- 3.5.Other Ratios -- 3.6.Effective Use of Ratio Analysis -- 4.Pro Forma Analysis -- 4.1.Estimating the Sales-Driven Relations -- 4.2.Estimating the Fixed Burdens -- 4.3.Forecasting Revenues -- 4.4.Constructing Pro Forma Statements -- 5.Summary -- Problems -- ch. 10 Mergers and Acquisitions -- Learning Outcomes -- 1.Introduction -- 2.Mergers and Acquisitions: Definitions and Classifications -- 3.Motives for Merger -- 3.1.Synergy -- 3.2.Growth -- 3.3.Increasing Market Power -- 3.4.Acquiring Unique Capabilities and Resources -- 3.5.Diversification -- 3.6.Bootstrapping Earnings -- 3.7.Managers' Personal Incentives -- 3.8.Tax Considerations -- 3.9.Unlocking Hidden Value -- 3.10.Cross-Border Motivations -- 4.Transaction Characteristics -- 4.1.Form of Acquisition -- 4.2.Method of Payment -- 4.3.Mind-Set of Target Management -- 5.Takeovers -- 5.1.Pre-Offer Takeover Defense Mechanisms -- 5.2.Post-Offer Takeover Defense Mechanisms --

Contents note continued: 6.Regulation -- 6.1.Antitrust -- 6.2.Securities Laws -- 7.Merger Analysis -- 7.1.Target Company Valuation -- 7.2.Bid Evaluation -- 8.Who Benefits from Mergers? -- 9.Corporate Restructuring -- 10.Summary -- Problems.

"The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate financeIn today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance.Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy: Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts Explanations and examples are rigorous and global, but make minimal use of mathematics Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible Written by the experts at CFA Institute, the world's largest association of professional investment managers Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world"--Provided by publisher.

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