This—revised and enhanced—book examines the role of finance in supporting other functional areas while fostering an understanding of how financial decisions can create value. Corporate Finance covers areas related to estimating divisional cost of capital; executing a financing strategy; establishing debt and dividend policies consistent with the company`s strategy and environment; choosing between dividends and stock repurchases; managing high growth and managing working capital. Its new topics include: - Corporate Financial Flexibility (Real options) - New Financial Instruments - Project Finance - Acquisitions and Control - Performance Measurement and Incentive Compensation The goal of this book is to provide a thorough understanding of how and why firms make their financial decisions the way they do and their impact on shareholder value. The central theme of the book is Value Based Management, which assumes that maximizing shareholder value is the governing objective of a firm. Each chapter of this new edition has detailed and real-life cases to help students easily understand and grasp concepts. The author has also provided the case-map of the Harvard Business School to make this book more user-friendly in classrooms. The inclusion of several new topics/cases, extensive pedagogical tools and a finance-for-non-finance approach make this book ideal for MBA/CA/CFA/ICWA students and executive education programs.
Market_Desc: · Finance Professionals· Business Executives Special Features: · Real Companies, Real Data. Three companies, Boeing, The Home Depot, and Infosoft, are used as examples throughout the text. By following the same three companies throughout, readers gain the necessary background to understand the financial principles as they are presented· Real Companies, Real Time. These end of chapter exercises present readers with a guiding set of activities and questions for them to apply to a company of their choosing. This live case study approach allows the reader to study a company of interest to them while applying chapter concepts to a real company· With an emphasis on framework, Damodaran uses a big picture approach to insure that readers do not get intimidated by the detail of the formulas and theoretical models About The Book: Aswath Damodaran is nationally recognized for his teaching approach, using theory and the models that flow from it to understand, analyze and solve problems. He treats corporate finance as a living discipline by making it much more applied than other textbooks. Throughout the text, real companies and real data are used in examples and exercises.
This bestseller offers a complete introduction to financial management and corporate finance modules for a one-year university course. It is a relatively non-mathematical text and its simple explanations of a complex area have made it extremely popular with students. The author’s educational and training expertise is reflected at every stage of the book: worked examples are given after each explanation, followed by a chapter summary, ‘quickie’ questions and more detailed practice questions. The ‘quickie’ questions are all answered at the back of the book and the accompanying teacher’s manual contains answers to all the remaining questions.
Aswath Damodaran is nationally recognized for his teaching approach, using theory and the models that flow from it to understand, analyze and solve problems. He treats corporate finance as a living discipline by making it much more applied than other textbooks. Throughout the text, real companies and real data are used in examples and exercises. - The website now provides more online links and support for students and teachers, especially for the end-of-chapter 'Real Companies, Real Time' exercises - Treatment of valuation has been moved up to Chapter 5. By introducing valuation earlier, it provides a basis for the discussion of the valuation effects of capital structure later in the book - There is now a fuller discussion of value enhancement measures and real options
"The second edition of Modern Corporate Finance: Theory and Practice combines a forward-looking vision of corporate finance with the tried and true practices of the past. This text emphasizes the modernist movement in finance, which is based on systematic methodology with an emphasis on deductive reasoning and empirical validation. The modernist movement produces a market-value-based approach to finance that emphasizes shareholder wealth maximization, options, and agency relationships. This movement has expanded without question, the frontiers of knowledge in finance. Until Modern Corporate Finance: Theory and Practice, instructors have lacked a framework from which to teach these concepts at the introductory level."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
This text offers an introduction to financial management and corporate finance modules for a one-year university course. It is a relatively non-mathematical text and its explanations of a complex area have made it popular with students.
As there is no current book that deals extensively or exclusively with survey research in corporate finance Survey Research in Corporate Finance is the only one of its kind. For even while there are numerous books on survey methodology, none focus on this methodology as specifically applied to corporate finance. In the book, Baker, Singleton, and Velt do nothing less than provide an overview of survey methodology useful to financial researchers, synthesize the major streams or clusters of survey research in corporate finance, and offer a valuable resource and guide for those interested in conducting survey research in finance. Thus this volume will be an essential reference for practitioners, academics, and graduate students - who all must know the methodology of finance survey research. In addition to methodology, the book identifies areas that will be best served by survey-based research. Researchers will have a wealth of information regarding past surveys and will be aware of suitable candidates for future surveys. Several chapters are devoted to synthesizing survey results on major issues in finance. These will help decision makers in finance and in non-finance firms to acquire knowledge learned from years of communications between academics and practitioners.
Corporate Finance: Theory and Practice covers the theory and practice of Corporate Finance from a truly European perspective.В It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financiers.В Corporate Finance is split into four sections and covers the basics of financial analysis; the basic theoretical knowledge that you will need to value a firm; the major types of financial securities: equity, debt & options and finally financial management which shows you how to organise a companyвЂ™s equity capital, buying and selling companies, M&A, bankruptcy and cash flow management. В Key features include:… A section on financial analysis вЂ“ a Corporate Financier must understand a company based on a detailed analysis of its accounts.В Large numbers neglected this approach during the last stock market bubble and were caught in the crash that inevitably followed.В How many investors took the trouble to read EnronвЂ™s annual report?В Those who did found that it spoke volumes! End of Chapter Summary, Questions and Answers, Glossary, European Case Studies A supporting Website http://www.vernimmen.com with free access to statistics, a glossary & lexicon; articles, notes on financial transactions, basic financial figures for more than 10,000 European and US listed companies, thesis topics, a bibliography; case studies, Q&A; A letter box for your questions to the authors вЂ“ a reply guaranteed within 72 hours! A free monthly newsletter on Corporate Finance sent out to subscribers to the site. The book, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. ''Impressive book for finance professionals - Probably the best recently published Corporate Finance book with a truly European emphasis. The balance between theory and practice makes this book an excellent tool for Investment Bankers and other finance professionals, as it covers both basic as well as more sophisticated topics. Particularly impressive is their commitment to continuously updating material, as well as the regular publication of a newsletter containing timely articles on various current finance topics. The possibility of asking questions to the authors and effectively receiving in-depth answers for free is a very valuable feature. I sincerely recommend this text.'' Amazon.co.uk 31 October 2005 '' An excellent book for all business students - For a few months already, the Vernimmen.com website had been helping me for my finance class, as well as the monthly newsletter. I finally bought the book, and I have not been disappointed: the style is clear, very practical ; theories are mixed with real cases, which makes them easy to understand. Valuation techniques are well explained (discounted cash flow methods, methods based on ratios). Fundamental concepts (accounting, finance, financial markets) are recalled in the first part; when more complex concepts are tackled (investment analysis, LBOs, capital structure...), they are explained with lots of simplicity and conciseness. I recommend this book for every student in Management or Finance!'' Amazon.co.uk 30 July 2005
The Internet bubble has collapsed and the largest bankruptcy in US history, Enron, has made the call for greater transparency in financial reporting more important than ever. Andrew Higson draws attention to what is a 'true and fair view' in reporting and critically examines accounting theory and modern practice.
Business Finance is suitable for undergraduates in accounting and finance and for those on finance and financial management courses. It is also appropriate for postgraduate students with an option in accounting and finance and will be highly useful for professional accounting students.
More than 30 leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values. ERM is the corporate-wide effort to manage the right-hand side of the balance sheet--a firm's total liability structure-in ways that enable management to make the most of the firm's assets. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. Contributors summarize the development and use of risk management products and their practical applications. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds. Contributors: Tom Aabo (Aarhus School of Business); Albéric Braas and Charles N. Bralver (Oliver, Wyman & Company); Keith C. Brown (University of Texas at Austin); David A. Carter (Oklahoma State University); Christopher L. Culp (University of Chicago); Neil A. Doherty (University of Pennsylvania); John R. S. Fraser (Hyrdo One, Inc.); Kenneth R. French (University of Chicago); Gerald D. Gay (Georgia State University); Jeremy Gold (Jeremy Gold Pensions); Scott E. Harrington (University of South Carolina); J. B. Heaton (Bartlit Beck Herman Palenchar & Scott LLP); Joel Houston (University of Florida); Nick Hudson (Stern Stewart & Co.); Christopher James (University of Florida); A. John Kearney and Judy C. Lewent (Merck & Co., Inc.); Robert C. Merton and Lisa K. Meulbroek (Harvard Business School); Merton H. Miller (University of Chicago); Jouahn Nam (Pace University); Andrea M. P. Neves (CP Risk Management LLC); Brian W. Nocco (Nationwide Insurance); André F. Perold (Harvard Business School); S. Waite Rawls III (Continental Bank); Kenneth J. Risko (Willis Risk Solutions); Angelika Schöchlin (University of St. Gallen); Betty J. Simkins (Oklahoma State University); Donald J. Smith (Boston University); Clifford W. Smith Jr. (University of Rochester); Charles W. Smithson (Continental Bank); René M. Stulz (Ohio State University); D. S All the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Morgan Stanley's ownership of the journal is a reflection of its commitment to identifying outstanding academic research and promoting its application in the practicing corporate and investment communities.
The definitive question and answer guide to understanding corporate finance From the team behind the popular corporate finance website, Vernimmen.com comes a concise guide to the subject, presented in an easy-to-use, highly accessible "question and answer" format. An essential reference for students of corporate finance and practising corporate financiers alike, Frequently Asked Questions in Corporate Finance answers key questions in financial engineering, valuation, financial policy, cost of capital, financial analysis, and financial management. Covering both the theory and practice of corporate finance, the book demonstrates how financial theory can be put to use solving practical problems. What advantages are there to a business looking to spin off its divisions into subsidiaries? Is there a formula that can be used to determine the change in normalised free cash flows? What are the possible reasons behind a share buyback? What are the pros and cons of off-market share buy-back? Filled with the answers to all of the most common, and not so common, questions about corporate finance, the book presents authoritative, reliable information from a respected team of experts from the banking, corporate, and academic worlds.
The fourth edition of Corporate Finance: Principles & Practice - now in full colour throughout - is a concise introduction to the core concepts and key topic areas of corporate finance. It offers integrated coverage of the three key decision areas in finance - investment, financing and dividends - using a clear and logical framework for study and incorporates a wide range of topical real-world examples, allowing students to relate theory to practice. Corporate Finance: Principles & Practice is suitable for specialist and non-specialist corporate and business finance courses at undergraduate, DMS and MBA/management at Masters level.
This book presents comprehensive coverage of project finance in Europe and North America. The Second Edition features two new case studies, all new pedagogical supplements including end-of-chapter questions and answers, and insights into the recent market downturn. The author provides a complete description of the ways a project finance deal can be organized - from industrial, legal, and financial standpoints - and the alternatives available for funding it. After reviewing recent advances in project finance theory, he provides illustrations and case studies. At key points Gatti brings in other project finance experts who share their specialized knowledge on the legal issues and the role of advisors in project finance deals. Forword by William Megginson, Professor and Rainbolt Chair in Finance, Price College of Business, The University of Oklahoma Comprehensive coverage of theory and practice of project finance as it is practiced today in Europe and North America Website contains interactive spreadsheets so that readers can input data and run and compare various scenarios, including up to the minute treatment of the cutting-edge areas of PPPs and the new problems raised by Basel II related to credit risk measurement
A text with a thoroughly integrated applications orientation revolving around the philosophy that companies need to know how to finance organizations in order to reach optimal capital structure. Recognizing that every investment decision involves choosing the right amount of debt and equity, the text suggests readers look at data and ask, "What is relevant? Why is this detail important? How does it answer the question?"
Brealey/Myers' Principles of Corporate Finance is the worldwide leading text that describes the theory and practice of corporate finance. Throughout the book the authors show how managers use financial theory to solve practical problems and as a way of learning how to respond to change by showing not just how but why companies and management act as they do. The text is comprehensive, authoritative, and modern and yet the material is presented at a common sense level. The discussions and illustrations are unique due to the depth of detail blended with a distinct sense of humor for which the book is well known and highly regarded. This text is a valued reference for thousands of practicing financial managers.
A clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercises Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed. Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to: Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis; Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros; Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital; Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins; Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements. Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field.