Verfügbarkeit: Principles of corporate finance | Technische Universität München

Principles of corporate finance:

Gespeichert in:

Bibliographische Detailangaben
Beteiligte Personen:	Brealey, Richard A. 1936- (VerfasserIn), Myers, Stewart C. 1940- (VerfasserIn), Allen, Franklin 1956- (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	New York, NY McGraw-Hill 2011
Ausgabe:	10. ed.
Schlagwörter:	Corporations > Finance Unternehmen Corporate Finance Finanzierung Finanzmanagement Finanzplanung Einführung Lehrbuch
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024406654&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Umfang:	XXVIII, 875 S. graph. Darst.
ISBN:	9780073530734

Internformat

MARC


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Datensatz im Suchindex

_version_	1819363456118161408
adam_text	IMAGE 1 CONTENTS I PART ONE VALUE 1 GOALS AND GOVERNANCE OF THE FIRM 1 1-2 1-3 1-4 1-1 CORPORATE INVESTMENT AND FINANCING DECISIONS 2 INVESTMENT DECISIONS/FINANCING DECISIONS/WHAT IS A CORPORATION? THE ROLE OF THE FINANCIAL MANAGER AND THE OPPORTUNITY COST OF CAPITAL 6 THE INVESTMENT TRADE-OFF GOALS OF THE CORPORATION 9 SHAREHOLDERS WANT MANAGERS TO MAXIMIZE MARKET VALUE/A FUNDAMENTAL RESULT/SHOULD MANAGERS LOOK AFTER THE INTERESTS OF THEIR SHAREHOLDERS?/SHOULD FIRMS BE MANAGED FOR SHAREHOLDERS OR ALL STAKEHOLDERS! AGENCY PROBLEMS AND CORPORATE GOVERNANCE 12 PUSHING SUBPRIME ALORTGAGES: VALUE MAXIMIZATION RUN AMOK, OR AN AGENCY PROBLEMVAGENCY PROBLEMS ARE MITIGATED BY GOOD SYSTEMS OF CORPORATE GOVERNANCE SUMMARY 15 PROBLEM SETS 16 * APPENDIX: FOUNDATIONS OF THE NET PRESENT VALUE RULE 18 2 HOW TO CALCULATE PRESENT VALUES 20 2-1 FUTURE VALUES AND PRESENT VALUES 21 CALCULATING FUTURE VALUES/CALCULATING PRESENT VALUES/CALCULATING THE PRESENT VALUE OF AN INVESTMENT OPPORTUNITY/NET PRESENT VALUE/RISK AND PRESENT VALUE/PRESENT VALUES AND RATES OF RETURN/CALCULATING PRESENT VALUES WHEN THERE ARE MULTIPLE CASH FLOWS/ THE OPPORTUNITY COST OF CAPITAL 2-2 LOOKING FOR SHORTCUTS-PERPETUITIES AND ANNUITIES 27 HOW TO VALUE PERPETUITIES/HOW TO VALUE ANNUITIES/ PV ANNUITIES DUE/CALCULATING ANNUAL PAYMENTS/ FUTURE VALUE OF AN ANNUITY 2-3 MORE SHORTCUTS-GROWING PERPETUITIES AND ANNUITIES 33 GROWING PERPETUITIES/GROWING ANNUITIES 2-4 HOW INTEREST IS PAID AND QUOTED 35 CONTINUOUS COMPOUNDING SUMMARY 39 * PROBLEM SETS 39 REAL-TIME DATA ANALYSIS 43 3 VALUING BONDS 45 3-1 USING THE PRESENT VALUE FORMULA TO VALUE BONDS 46 A SHORT TRIP TO PARIS TO VALUE A GOVERNMENT BOND/BACK TO THE UNITED STATES: SEMIANNUAL COUPONS AND BOND PRICES 3-2 HOW BOND PRICES VARY WITH INTEREST RATES 49 DURATION AND VOLATILITY 3-3 THE TERM STRUCTURE OF INTEREST RATES 53 SPOT RATES, BOND PRICES, AND THE LAW OF ONE PRICE/ MEASURING THE TERM STRUCTURE/WHY THE DISCOUNT FACTOR DECLINES AS FUTURITY INCREASES-AND A DIGRESSION ON MONEY MACHINES 3-4 EXPLAINING THE TERM STRUCTURE 57 EXPECTATIONS THEORY OF THE TERM STRUCTURE/INTRODUCING RISK/INFLATION AND TERM STRUCTURE 3-5 REAL AND NOMINAL RATES OF INTEREST 59 INDEXED BONDS AND THE REAL RATE OF INTEREST/WHAT DETERMINES THE REAL RATE OF INTEREST?/INFLATION AND NOMINAL INTEREST RATES 3-6 CORPORATE BONDS AND THE RISK OF DEFAULT 65 CORPORATE BONDS COME IN MANY FORMS SUMMARY 68 * FURTHER READING 69 PROBLEM SETS 69 * REAL-TIME DATA ANALYSIS 73 4 THE VALUE OF COMMON STOCKS 74 4-1 HOW COMMON STOCKS ARE TRADED 75 4-2 HOW C O M M ON STOCKS ARE VALUED 76 VALUATION BY COMPARABKS/THE DETERMINANTS OF STOCK PRICES/TODAY S PRICE/BUT WHAT DETERMINES NEXT YEAR S PRICE? 4-3 ESTIMATING THE COST OF EQUITY CAPITAL 81 USING THE DCFMODEL TO SET GAS AND ELECTRICITY PRICES/DANGERS LURK IN CONSTANT-GROWTH FORMULAS XIX IMAGE 2 XX CONTENTS 4-4 THE LINK BETWEEN STOCK PRICE AND EARNINGS PER SHARE 87 CALCULATING THE PRESENT VALUE OJ GROWTH OPPORTUNITIES FOR FLEDGLING ELECTRONICS 4-5 VALUING A BUSINESS BY DISCOUNTED CASH FLOW 90 I ALUM THE COUCATEUATOR BUSINESS/VALUATION FORMAT - ESTIMATING HORIZON VALUE/A FURTHER REALITY CHECK SUMMARY 94 * FURTHER READING 95 PROBLEM SETS 95 * REAL-TIME DATA ANALYSIS 99 MINI-CASE: REEBY SPORTS 99 5 NET PRESENT VALUE AND OTHER INVESTMENT CRITERIA 101 5-1 A REVIEW OF THE BASICS 101 XCT PRESENT MILNE S COMPCTHORS/TI. REE POINTS TO REMEMBER ABOUT XP VXPV DEPENDS ON CASH FLOW, XOT ON BOOK RETURNS 5-2 PAYBACK 105 DISCOUNTED PAYBACK 5-3 INTERNAL (OR DISCOUNTED-CASH-FLOW) RATE OF RETURN 107 CALCULATING THE IRR THE IRR RULE/PITFALL I-LENDING OR BORROWING/ PITFALL2-MULTIPLE RATES OF RETURN/PITFALL 3-MUTUALLY EXCLUSIVE PROJECTS- PITFALL 4- XHIT HAPPENS W EN TLIERE IS MORE THAN ONE OPPORTUNITY COST OF CAPITAL F/TOE VERDICT M IRR 5-4 CHOOSING CAPITAL INVESTMENTS WHEN RESOURCES ARE LIMITED 115 AN EAY PROBLEM IN CAPITAL RATIONING/USES OF CARNAL RATIONING MODELS SUMMARY 119 FURTHER READING 120 PROBLEM SETS 120 MINI-CASE: VEGETRON S C FO CALLS AGAIN 124 6 MAKING INVESTMENT DECISIONS WITH THE NET PRESENT VALUE RULE 127 6-1 APPLYING THE NET PRESENT VALUE RULE 128 RULE 1: ONLY CASH FLOW IS RELEVANT/RULE 2: ;TUNATE CASH FLOIOS ON AN INCREMENTAL BASIS/RULE 3: TREAT INFLATION CONSISTENTLY 6-2 EXAMPLE-IM&C S FERTILIZER PROJECT 132 SEPARATING INVESTMENT AND FINANCING DECISIONS/INVESTMENTS IN WORKING CAPITAL/A FURTHER NOTE ON DEPRECIATION/A FINAL COMMENT ON TAXES/PROJECT ANALYSIS/CALCULATING NPV IN OTHER COUNTRIES AND CURRENCIES INVESTMENT TIMING 140 EQUIVALENT ANNUAL CASH FLOWS 141 INVESTING TO PRODUCE REFORMULATED GASOLINE AT CALIFORNIA REFINERIES/CHOOSING BETWEEN LONG- AND SHORT-LIVED EQUIPMENT/EQUIVALENT ANNUAL CASH FLOW AND INFLATION/ EQUIVALENT ANNUAL CASH FLOW AND TECHNOLOGICAL CHANGE/DECIDING WLJEN TO REPLACE AN EXISTING MACHINE SUMMARY 146 * PROBLEM SETS 146 MINI-CASE: NEW ECONOMY TRANSPORT (A) AND (B) 153 6-3 6-4 7 INTRODUCTION TO RISK AND RETURN 156 7-1 OVER A CENTURY OF CAPITAL MARKET HISTORY IN ONE EASY LESSON 156 ARITHMETIC AVERAGES AND COMPOUND ANNUAL RETURNS/USING HISTORICAL EVIDENCE TO EVALUATE TODAY S COST OF CAPITAL/DIVIDEND YIELDS AND THE RISK PREMIUM 7-2 MEASURING PORTFOLIO RISK 163 VARIANCE AND STANDARD DEVIATION/MEASURING VARIABILITY/HOW DIVERSIFICATION REDUCES RISK 7-3 CALCULATING PORTFOLIO RISK 170 GENERAL FORMULA FOR COMPUTING PORTFOLIO RISK/LIMITS TO DIVERSIFICATION 7-4 HOW INDIVIDUAL SECURITIES AFFECT PORTFOLIO RISK 174 MARKET RISK IS MEASURED BY BETA/WHY SECURITY BETAS DETERMINE PORTFOLIO RISK 7-5 DIVERSIFICATION AND VALUE ADDITIVITY 177 SUMMARY 178 * FURTHER READING 179 PROBLEM SETS 179 . REAL-TIME DATA ANALYSIS 184 8 PORTFOLIO THEORY AND THE CAPITAL ASSET MODEL PRICING 185 8-1 HARRY MARKOWITZ AND THE BIRTH OF PORTFOLIO THEORY 185 COMBINING STOCKS INTO PORTFOLIOS/WE INTRODUCE BORROWING AND LENDING IMAGE 3 CONTENTS XXI - 8-2 THE RELATIONSHIP BETWEEN RISK AND RETURN 192 SOME ESTIMATES OF EXPECTED RE TURNS/REVIEW OF THE CAPITAL ASSET PRICING MODEL/WHAT IF A STOCK DID NOT LIE ON THE SECURITY MARKET LINE? 8-3 VALIDITY AND ROLE OF THE CAPITAL ASSET PRICING MODEL 195 TESTS OF THE CAPITAL ASSET PRICING MODEL/ASSUMPTIONS BEHIND THE CAPITAL ASSET PRICING MODEL 8-4 SOME ALTERNATIVE THEORIES 199 ARBITRAGE PRICING THEORY/A COMPARISON OF THE CAPITAL ASSET PRICING MODEL AND ARBITRAGE PRICING THEORY/THE T})REE-FACTOR MODEL SUMMARY 203 FURTHER READING 204 PROBLEM SETS 204 . REAL-TIME DATA ANALYSIS 210 MINI-CASE: JOHN AND MARSHA ON PORTFOLIO SELECTION 211 9 RISK AND THE COST OF CAPITAL 213 9-1 COMPANY AND PROJECT COSTS OF CAPITAL 214 PERFECT PITCH AND THE COST OF CAPITAL/DEBT AND THE COMPANY COST OF CAPITAL 9-2 MEASURING THE COST OF EQUITY 217 ESTIMATING BETA/TBE EXPECTED RETURN ON UNION PACIFIC CORPORATION S COMMON STOCK/ UNION PACIFIC S AFTER-TAX WEIGHTED-AVERAGE COST OF CAPITAL/UNION PACIFIC S ASSET BETA 9-3 ANALYZING PROJECT RISK 221 WHAT DETERMINES ASSET BETAS?/DON / BE FOOLED BY DIVERSIFIABLE RISK/AVOID FUDGE FACTORS IN DISCOUNT RATES/DISCOUNT RATES FOR INTERNATIONAL PROJECTS 9-4 CERTAINTY EQUIVALENTS-ANOTHER WAY TO ADJUST FOR RISK 227 VALUATION BY CERTAINTY EQUIVALENTS/WLMI TO USE A SINGLE RISK-ADJUSTED DISCOUNT RATE FOR LONG-LIVED ASSETS/A COMMON MISTAKE/WHEN YOU CANNOT USE A SINGLE RISK-ADJUSTED DISCOUNT RATE FOR LONG- LIVED ASSETS SUMMARY 232 * FURTHER READING 233 PROBLEM SETS 233 * REAL-TIME DATA ANALYSIS 237 MINI-CASE: THE JONES FAMILY, INCORPORATED 237 I BEST PRACTICES IN _ - _JCAPITAL BUDGETING^ 10 PROJECT ANALYSIS 240 10-1 THE CAPITAL INVESTMENT PROCESS 241 PROJECT AUTHORIZATIONS-AND THE PROBLEM QJ BIASED FORECASTS/POSTAUDITS 10-2 SENSITIVITY ANALYSIS 243 VALUE OF HIJONNATWN/LIMITS TO SENSITIVITY ANALYSIS/ SCENARIO ANALYSIS/BREAK-EVEN ANALYSIS/OPERATING LEVERAGE AND THE BREAK-EVEN POINT 10-3 MONTE CARLO SIMULATION 249 SIMULATING THE ELECTRIC SCOOTER PROJECT 10-4 REAL OPTIONS AND DECISION TREES 253 THE OPTION TO EXPAND/TLIE OPTION TO ABANDON/PRODUCTION OPTIONS/TIMING OPTIONS/MORE ON DECISION TREES/PRO AND CON DECISION TREES SUMMARY 260 * FURTHER READING 261 PROBLEM SETS 262 MINI-CASE: WALDO COUNTY 266 II INVESTMENT, STRATEGY, AND ECONOMIC RENTS 268 11-1 LOOK FIRST TO MARKET VALUES 268 THE CADILLAC AND THE MOVIE STAR 11-2 ECONOMIC RENTS AND COMPETITIVE ADVANTAGE 273 11-3 MARVIN ENTERPRISES DECIDES TO EXPLOIT A NEW TECHNOLOGY: AN EXAMPLE 276 FORECASTING PRICES OF GARGLE BLASTERS / TFJE VALUE OF MARVM S NEA : EXPANSION / ALTERNATIVE EXPANSION PLANS / THE VALUE OF MARVIN STOCK / TLJE LESSONS OF MARVIN ENTERPRISES SUMMARY 283 * FURTHER READING 284 PROBLEM SETS 284 MINI-CASE: ECSY-COLA 289 12 AGENCY PROBLEMS, COMPENSATION, AND PERFORMANCE MEASUREMENT 290 12-1 INCENTIVES AND COMPENSATION 290 AGENCY PROBLEMS IN CAPITAL BUDGETING/ MONITORING/MANAGEMENT COMPENSATION/INCENTIVE COMPENSATION IMAGE 4 XXII CONTENTS 12-2 MEASURING AND REWARDING PERFORMANCE: RESIDUAL INCOME AND EVA 298 PRO AND COTH OF EVA 12-3 BIASES IN ACCOUNTING MEASURES OF PERFORMANCE 301 EXAMPLE: MEASURING THE PROFITABILITY OF THE XODHEAD SUPERMARKET/MANURING ECONOMIC PROFITABILITY DO THE BIASES WASH OUT IN THE LOUT RUN? WHAT CAN WE DO ABOUT BIASES IN . LECOUNTING PROFITABILITY MEASURES?/EARNINGS AND EARNING TARGETS SUMMARY 307 FURTHER READING 307 PROBLEM SETS 308 I FINANCING DECISIONS AND MARKETJEFFICIENCY__ _ 13 EFFICIENT MARKETS AND BEHAVIORAL FINANCE 312 13-1 WE ALWAYS COME BACK TO NPV 313 DI TCRCNCCS BETICEEN INVESTMENT AND FINANCING DECISIONS 13-2 WHAT IS AN EFFICIENT MARKET? 314 . I STARTLING DIH OVERV: PRICE CHANGES ARE RAN,MM THREE FARMS OF MARKET EFFICIENCY; EFFICIENT MARKETS: THE EVIDENCE 13-3 THE EVIDENCE AGAINST MARKET EFFICIENCY 321 / I . 1I S OU /Y TO R EV I TNI! MARKET EFFICIENCY 13-4 BEHAVIORAL FINANCE 326 I WIVE PROBLEMS AND THE 13-5 THE SIX LESSONS OF MARKET EFFICIENCY 329 I I ) I HI 14 AN OVERVIEW OF CORPORATE FINANCING 341 14-1 PATTERNS OF CORPORATE FINANCING 341 DO FIRMS RELY TOO MUCH ON INTERNAL FUNDS?/HOW MUCH DO FIRMS BORROW? 14-2 COMMON STOCK 345 OWNERSHIP OF THE CORPORATION/VOTING PROCEDURES/DUAL-CLASS SHARES AND PRIVATE BENEFITS/EQUITY IN DISGUISE/PREFERRED STOCK 14-3 DEBT 351 DEBT COMES IN MANY FORMS/A DEBT BY ANY OTHER NAME/VARIETY S THE VERY SPICE OF LIJE 14-4 FINANCIAL MARKETS AND INSTITUTIONS 354 TJK FINANCIAL CRISIS OF2007-2009/TK ROLE OF FINANCIAL INSTITUTIONS SUMMARY 357 FURTHER READING 358 PROBLEM SETS 359 * REAL-TIME DATA ANALYSIS 361 15 HOW CORPORATIONS ISSUE SECURITIES 362 15-1 VENTURE CAPITAL 362 TJIE VENTURE CAPITAL MARKET 15-2 THE INITIAL PUBLIC OFFERING 366 ARRANGING AN INITIAL PUBLIC OFFERING/TLIE SALE OF MARVIN STOCK/THE UNDERWRITERS/COSTS OF A NEW ISSUE/UN OVERPRICING OF IPOS/HOT NEW-ISSUE PERIODS 15-3 ALTERNATIVE ISSUE PROCEDURES FOR IPOS 375 TYPES OF AUCTION: A DIGRESSION 15-4 SECURITY SALES BY PUBLIC COMPANIES 376 GENERAL CASH OFFERS/INTERNATIONAL SECURITY ISSUES/JLJE COSTS OF A GENERAL CASH OFFER/MARKET REACTION TO STOCK ISSUES/RIGHTS ISSUES 15-5 PRIVATE PLACEMENTS AND PUBLIC ISSUES 381 SUMMARY 382 FURTHER READING 383 PROBLEM SETS 383 . REAL-TIME DATA ANALYSIS 387 APPENDIX: MARVIN S NEW-ISSUE PROSPECTUS 387 M ITIONS SUMMARY 335 FURTHER READING 335 PROBLEM SETS 337 REAL-TIME DATA ANALYSIS 340 L PAYOUT POLICY AND CAPITAL STRUCTURE 16 PAYOUT POLICY 391 16-1 FACTS ABOUT PAYOUT 391 IMAGE 5 CONTENTS XXIII - 16-2 HOW FIRMS PAY DIVIDENDS AND REPURCHASE STOCK 392 HOW FIRMS REPURCHASE STOCK 16-3 HOW DO COMPANIES DECIDE ON PAYOUTS? 394 16-4 THE INFORMATION IN DIVIDENDS AND STOCK REPURCHASES 395 THE INFORMATION CONTENT OF SHARE REPURCHASES 16-5 THE PAYOUT CONTROVERSY 397 DIVIDEND POLICY IS IRRELEVANT IN PERFECT CAPITAL MARKETS/DIVIDEND IRRELEVANCE-AN ILLUSTRATION/CALCULATING SHARE PRICE/STOCK REPURCHASE/STOCK REPURCHASE AND VALUATION 16-6 THE RIGHTISTS 402 PAYOUT POLICY, INVESTMENT POLICY, AND MANAGEMENT INCENTIVES 16-7 TAXES AND THE RADICAL LEFT 404 WLIY PAY ANY DIVIDENDS AT ALL?/EMPIRICAL EVIDENCE ON DIVIDENDS AND TAXES/THE TAXATION OF DIVIDENDS AND CAPITAL GAINS/ALTERNATIVE TAX SYSTEMS 16-8 THE MIDDLE-OF-THE-ROADERS 409 PAYOUT POLICY AND THE LIFE CYCLE OF THE FIRM SUMMARY 411 * FURTHER READING 412 PROBLEM SETS 412 17 DOES DEBT POLICY MATTER? 418 17-1 THE EFFECT OF FINANCIAL LEVERAGE IN A COMPETITIVE TAX-FREE ECONOMY 419 ENTER MODIGLIANI AND MILLER/TLU LAW OF CONSERVATION OF VALUE/AN EXAMPLE OF PROPOSITION 1 17-2 FINANCIAL RISK AND EXPECTED RETURNS 424 PROPOSITION 2/HOW CHANGING CAPITAL STRUCTURE AFFECTS BETA 17-3 THE WEIGHTED-AVERAGE COST OF CAPITAL 428 TWO WARNINGS/RATES OF RETURN ON LEVERED EQUITY-TLIE TRADITIONAL POSITION/TODAY S UNSATISFIED CLIENTELES ARE PROBABLY INTERESTED IN EXOTIC SECURITIES/IMPERFECTIONS AND OPPORTUNITIES YL-X A FINAL WORD ON THE AFTER-TAX WEIGHTED- AVERAGE COST OF CAPITAL 433 SUMMARY 434 * FURTHER READING 434 PROBLEM SETS 435 18 HOW MUCH SHOULD A CORPORATION BORROW? 440 18-1 CORPORATE TAXES 441 HOW DO INTEREST TAX SHIELDS CONTRIBUTE TO THE VALUE OF STOCKHOLDERS EQUITY F/RECASTING MERCK S CAPITAL STRUCTURE/MM AND TAXES 18-2 CORPORATE AND PERSONAL TAXES 444 18-3 COSTS OF FINANCIAL DISTRESS 447 BANKRUPTCY COSTS/EVIDENCE ON BANKRUPTCY COSTS/DIRECT VERSUS INDIRECT COSTS OF BANKRUPTCY/FINANCIAL DISTRESS WITHOUT BANKRUPTCY/DEBT AND INCENTIVES/RISK SHIFTING: TIN FIRST GAME/REFUSING TO CONTRIBUTE EQUITY CAPITAL: THE SECOND GAME/AND THREE MORE GAMES, BRIEFLY/WHAT THE GAMES COST/COSTS OF DISTRESS VARY WITH TYPE OF ASSET/THE TRADE-OFF THEORY OF CAPITAL STRUCTURE 18-4 THE PECKING ORDER OF FINANCING CHOICES 460 DEBT AND EQUITY ISSUES WITH ASYMMETRIC INFORMATION/IMPLICATIONS OF THE PECKING ORDER/TLIE TRADE-OFF THEORY VS. THE PECKING-ORDER TLJEORY-SOME RECENT TESTS/TLK BRIGHT SIDE AND THE DARK SIDE OF FINANCIAL SLACK/IS THERE A TLJEORY OF OPTIMAL CAPITAL STRUCTURE I SUMMARY 465 * FURTHER READING 466 PROBLEM SETS 467 * REAL-TIME DATA ANALYSIS 470 19 FINANCING AND VALUATION 471 19-1 THE AFTER-TAX WEIGHTED-AVERAGE COST OF CAPITAL 471 REVIEW OF ASSUMPTIONS 19-2 VALUING BUSINESSES 475 VALUING RIO CORPORATION/ESTIMATING HORIZON VAHTE/WACC VS. THE FLOW-TO-EQUILY METHOD 19-3 USING WACC IN PRACTICE 479 SOME TRICKS OF THE TRADE/MISTAKES PEOPLE MAKE M USING THE WEIGHTED-AVERAGE FORMULA/ADJUSTING WACC WHEN DEBT RATIOS AND BUSINESS RISKS DIFFER/UNLEVERING AND RELEVERING BETAS/THE IMPORTANCE OF REBALANCING/THE MODIGLIANI-MILLER FORMULA, PLUS SOME FINAL ADVICE IMAGE 6 * XXIV CONTENTS 19-4 ADJUSTED PRESENT VALUE 486 ./ P LOR THE PERPETUAL CRUSHER/OTHER FINANCING SIDE FFFEEH APVJOR BUSINESSES APVFOR INTERNATIONAL 19-5 YOUR QUESTIONS ANSWERED 490 SUMMARY 492 FURTHER READING 493 PROBLEM SETS 494 * REAL-TIME DATA ANALYSIS 498 APPENDIX: DISCOUNTING SAFE, NOMINAL CASH FLOWS 498 I * * , O P T I O NS 20 UNDERSTANDING OPTIONS 502 20-1 CALLS, PUTS, AND SHARES 503 CULL OPTIONS AND POSITION DIAGRAMS/PUT OPTION, SELLING GILLS, PUTS, AND SHARES/ POSITION DIAGRAM* ARC XOT PROFIT DIAGRAMS 21-2 FINANCIAL ALCHEMY WITH OPTIONS 507 SPOILING SHE OPTION 21-3 WHAT DETERMINES OPTION VALUES? 513 RNK AND OPTION VALUES SUMMARY 519 * FURTHER READING 519 PROBLEM SETS 519 REAL-TIME DATA ANALYSIS 524 21 VALUING OPTIONS 525 21-1 A SIMPLE OPTION-VALUATION MODEL 525 WHY DISCOUNTED CASH FLXC WON T WORK FOR ()P .U! (. /INSTRUCTING OPTION EQUIVALENTS FROM { /O IMO;: STOCKS AND BORNMHNG ALUING THE GOOGLE PUT OPTION 21-2 THE BINOMIAL METHOD FOR VALUING OPTIONS 530 L:.XA!PH: VIC 7:. -O-SIAGE BINOMIAL METHOD/THE (K-.ICRAL BINOMIAL MCIHOD/THE BINOMIAL METHOD AND DECI^M TREE* 21-3 THE BLACK-SCHOLES FORMULA 534 I -INI. L : C B ACK-SCHOLCS FORMULA/THE RISK OF AN OPTION 77V B/ACK-SCHO/CS FORMULA AND THE BRNOIMAL METHOD 21-4 BLACK-SCHOKS IN ACTION 538 TXCCHIIVC STOCK OPTIONS WARRANTS/PORTFOLIO INSURANCE/CDCULITING IMPLIED VOLATILITIES 21-5 OPTION VALUES AT A GLANCE 542 21-6 THE OPTION MENAGERIE 543 SUMMARY 544 FURTHER READING 544 PROBLEM SETS 545 . REAL-TIME DATA ANALYSIS 548 MINI-CASE: BRUCE HONIBALL S INVENTION 549 APPENDIX: HOW DILUTION AFFECTS OPTION VALUE 550 22 REAL OPTIONS 554 22-1 THE VALUE OF FOLLOW-ON INVESTMENT OPPORTUNITIES 554 QITESTIONS AND ANSWERS ABOUT BLITZEN S MARK 11/OTHER EXPANSION OPTIONS 11-1 THE TIMING OPTION 558 VALUING THE MALTED HERRING OPTION/OPTIMAL TIMING FOR REAL ESTATE DEVELOPMENT 12-3 THE ABANDONMENT OPTION 561 THE ZIRCON SUBDUCTOR PROJECT/ABANDONMENT VALUE AND PROJECT LIFE/TEMPORARY ABANDONMENT 22-4 FLEXIBLE PRODUCTION 566 22-5 AIRCRAFT PURCHASE OPTIONS 567 22-6 A CONCEPTUAL PROBLEM? 569 PRACTICAL CHALLENGES SUMMARY 571 * FURTHER READING 572 PROBLEM SETS 572 J J J L L G EN 23 CREDIT RISK AND THE VALUE OF CORPORATE DEBT 577 23-1 YIELDS ON CORPORATE DEBT 577 WHAT DETMNINES THE YIELD SPREAD? 13-1 THE OPTION TO DEFAULT 581 HOW THE DEFAULT OPTION AFFECTS A BOND S RISK AND YIELD/A DIGRESSION: VALUING GOVERNMENT FINANCIAL GUARANTEES 23-3 BOND RATINGS AND THE PROBABILITY OF DEFAULT 587 23-4 PREDICTING THE PROBABILITY OF DEFAULT 588 CREDIT SCORING/MARKET-BASED RISK MODELS IMAGE 7 CONTENTS XXV - 23-5 VALUE AT RISK 592 SUMMARY 594 FURTHER READING 594 PROBLEM SETS 595 * REAL-TIME DATA ANALYSIS 596 24 THE MANY DIFFERENT KINDS OF DEBT 597 24-1 DOMESTIC BONDS, FOREIGN BONDS, AND EUROBONDS 598 24-2 THE BOND CONTRACT 599 INDENTURE, OR TRUST DEED/THE BOND TERMS 24-3 SECURITY AND SENIORITY 601 ASSET-BACKED SECURITIES 24-4 REPAYMENT PROVISIONS 603 SINKING FUNDS/CALL PROVISIONS 24-5 DEBT COVENANTS 605 24-6 CONVERTIBLE BONDS AND WARRANTS 607 THE VALUE OF A CONVERTIBLE AT MATURITY/ FORCING CONVERSION/WHY DO COMPANIES ISSUE CONVERTIBLES ? /VALUING CONVERTIBLE BONDS/A VARIATION ON CONVERTIBLE BONDS: THE BOND-WARRANT PACKAGE 24-7 PRIVATE PLACEMENTS AND PROJECT FINANCE 612 PROJECT FINANCE/PROJECT FINANCE-SOME COMMON FEATURES/THE ROLE OF PROJECT FINANCE 24-8 INNOVATION IN THE BOND MARKET 615 SUMMARY 617 * FURTHER READING 618 PROBLEM SETS 619 MINI-CASE: THE SHOCKING DEMISE OF MR. THORNDIKE 623 25 LEASING 625 25-1 WHAT IS A LEASE? 625 25-2 WHY LEASE? 626 SENSIBLE REASONS FOR LEASING/SOME DUBIOUS REASONS FOR LEASING 25-3 OPERATING LEASES 630 EXAMPLE OF AN OPERATING LEASE/LEASE OR BUY? 25-4 VALUING FINANCIAL LEASES 632 EXAMPLE OF A FINANCIAL LEASE/WHO REALLY OWNS THE LEASED ASSET-/LEASING ARID THE INTERNAL REVENUE SERVICE/A FIRST PASS AT VALUING A LEASE CONTRACT/THE STORY SO FAR 25-5 WHEN DO FINANCIAL LEASES PAY? 637 LEASING AROUND THE WORLD 25-6 LEVERAGED LEASES 638 SUMMARY 640 * FURTHER READING 640 PROBLEM SETS 641 I PART EIGHT RISK MANAGEMENT 26 MANAGING RISK 645 26-1 WHY MANAGE RISK? 645 REDUCING THE RISK OF CASH SHORTFALLS OR FINANCIAL DISTRESS/AGENCY COSTS MAY BE MITIGATED BY RISK MANAGEMENT/TIN EVIDENCE ON RISK MANAGEMENT 26-2 INSURANCE 648 HOW BP CHANGED ITS INSURANCE STRATEGY 26-3 REDUCING RISK WITH OPTIONS 651 26-4 FORWARD AND FUTURES CONTRACTS 652 A SIMPLE FORWARD CONTRACT/FUTURES EXCHANGES/TLIE MECHANICS OJ FUTURES TRADING/TRADING AND PRICING FINANCIAL FUTURES CONTRACTS/SPOT AND FUTURES PRICES-COMMODITIES/MORE ABOUT FORWARD CONTRACTS/HOMEMADE FORWARD RATE CONTRACTS 26-5 SWAPS 660 INTEREST RATE SWAPS/CURRENCY SWAPS/TOTAL RETURN SWAPS 26-6 HOW TO SET UP A HEDGE 664 26-7 IS DERIVATIVE A FOUR-LETTER WORD? 666 SUMMARY 668 * FURTHER READING 669 PROBLEM SETS 670 * REAL-TIME DATA ANALYSIS 675 27 MANAGING INTERNATIONAL RISKS 676 27-1 THE FOREIGN EXCHANGE MARKET 676 27-2 SOME BASIC RELATIONSHIPS 678 INTEREST RATES AND EXCHANGE RATES/THE FORWARD PREMIUM AND CHANGES IN SPOT RATES/CHANGES IN THE EXCHANGE RATE AND INFLATION RATES/ INTEREST RATES AND INFLATION RATES/IS LIFE REALLY UNIT SIMPLE? 27-3 HEDGING CURRENCY RISK 687 TRANSACTION EXPOSURE AND ECONOMIC EXPOSURE IMAGE 8 XXVI CONTENTS 27-4 EXCHANGE RISK AND INTERNATIONAL INVESTMENT DECISIONS 690 THE C ) 7 OF CAPITAL FOR INTERNATIONAL INVESTMENTS/ DO SOME COUNTRIES HAVE A LOWER INTEREST RATE? 27-5 POLITICAL RISK 694 SUMMARY 696 * FURTHER READING 696 PROBLEM SETS 698 * REAL-TIME DATA ANALYSIS 701 IVLINI-CASE: EXACTA, S.A. 702 I * R N ; FINANCIAL PLANNING AND WORKING CAPITAL MANAGEMENT 28 FINANCIAL ANALYSIS 704 28-1 FINANCIAL STATEMENTS 704 28-2 LOWE S FINANCIAL STATEMENTS 705 THE BALI/NEE SHEET THE INCOME STATEMENT 28-3 MEASURING LOWE S PERFORMANCE 708 ECIIHOMIC VALUE ADDED (EVA)/ACCOUNTING RATES OF RETURN PROBLEMS WITH EVA AND ACCOUNTING RATES OF RETURN 28-4 MEASURING EFFICIENCY 713 28-5 ANALYZING THE RETURN ON ASSETS: THE DU PONT SYSTEM 714 THE DU PONT SYSTEM 28-6 MEASURING LEVERAGE 716 L.ERERAGC AND THE RETURN ON EQUITY 28-7 MEASURING LIQUIDITY 718 28-8 INTERPRETING FINANCIAL RATIOS 720 SUMMARY 724 * FURTHER READING 724 PROBLEM SETS 725 29 FINANCIAL PLANNING 731 29-1 LINKS BETWEEN LONG-TERM AND SHORT-TERM FINANCING DECISIONS 731 29-2 TRACING CHANGES IN CASH 734 77V CASH CYCLE 29-3 CASH BUDGETING 737 PREPARING THE CASH BUDGET: INFLOWS/ PREPARING THE CASH BUDGET: OUTFLOWS 29-4 THE SHORT-TERM FINANCING PLAN 740 OPTIONS FOR SHORT-TERM FINANCING/ DYNAMIC S FINANCING PLAN/EVALUATING THE PLAN/A NOTE ON SHORT-TERM FINANCIAL PLANNING MODELS 29-5 LONG-TERM FINANCIAL PLANNING 743 WHY BUILD FINANCIAL PLANS?/A LONG-TERM FINANCIAL PLANNING MODEL FOR DYNAMIC MATTRESS/ PITFALLS IN MODEL DESIGN/CHOOSING A PLAN 29-6 GROWTH AND EXTERNAL FINANCING 748 SUMMARY 749 * FURTHER READING 750 PROBLEM SETS 750 * REAL-TIME DATA ANALYSIS 756 30 WORKING CAPITAL MANAGEMENT 757 30-1 INVENTORIES 758 30-2 CREDIT MANAGEMENT 760 TERMS OF SALE/THE PROMISE TO PAY/CREDIT ANALYSIS/THE CREDIT DECISION/COLLECTION POLICY 30-3 CASH 766 HOW PURCHASES ARE PAID FOR/SPEEDING UP CHECK COLLECTIONS/INTERNATIONAL CASH MANAGEMENT/PAYING FOR BANK SERVICES 30-4 MARKETABLE SECURITIES 771 CALCULATING THE YIELD ON MONEY-MARKET INVESTMENTS/YIELDS ON MONEY-MARKET INVESTMENTS/THE INTERNATIONAL MONEY MARKET/MONEY-MARKET INSTRUMENTS 30-5 SOURCES OF SHORT-TERM BORROWING 777 BANK LOANS/COMMERCIAL PAPER/MEDIUM-TERM NOTES SUMMARY 782 * FURTHER READING 784 PROBLEM SETS 784 * REAL-TIME DATA ANALYSIS 791 L PART TEN MERGERS, CORPORATE CONTROL, 31 MERGERS 792 31-1 SENSIBLE MOTIVES FOR MERGERS 792 ECONOMIES OF SCALE/ECONOMIES OF VERTICAL INTEGRATION/COMPLEMENTARY RESOURCES/SURPLUS FUNDS/ELIMINATING INEFFICIENCIES/INDUSTRY CONSOLIDATION IMAGE 9 CONTENTS XXVII 31-2 SOME DUBIOUS REASONS FOR MERGERS 798 DIVERSIFICATION/INCREASING EARNINGS PER SHARE: THE BOOTSTRAP GAME/LOWER FINANCING COSTS 31-3 ESTIMATING MERGER GAINS AND COSTS 801 RIGHT AND WRONG WAYS TO ESTIMATE THE BENEFITS OF MERGERS/MORE ON ESTIMATING COSTS-WHAT IF THE TARGET S STOCK PRICE ANTICIPATES THE MERGER?/ESTIMATING COST WHEN THE MERGER IS FINANCED BY STOCK/ASYMMETRIC INFORMATION 31-4 THE MECHANICS OF A MERGER 805 MERGERS, ANTITRUST LAW, AND POPULAR OPPOSITION/ HIE FORM OF ACQUISITION/MERGER ACCOUNTING/SOME TAX CONSIDERATIONS 31-5 PROXY FIGHTS, TAKEOVERS, AND THE MARKET FOR CORPORATE CONTROL 808 PROXY CONTESTS/TAKEOVERS/ORACLE BIDS FOR PEOPLESOFI /TAKEOVER DEFE?ISES/W]JO GAINS MOST IN MERGERS ? 31-6 MERGERS AND THE ECONOMY 814 MERGER WAVES/DO MERGERS GENERATE NET BENEFITS? SUMMARY 816 * FURTHER READING 817 PROBLEM SETS 817 * APPENDIX: CONGLOMERATE MERGERS AND VALUE ADDITIVITY 820 32 CORPORATE RESTRUCTURING 822 32-1 LEVERAGED BUYOUTS 822 RJR NABISCO/BARBARIANS AT THE GATE?/LEVERAGED RESTRUCTURINGS/LBOS AND LEVERAGED RESTRUCTURINGS 32-2 FUSION AND FISSION IN CORPORATE FINANCE 827 SPIN-OFFS/CARVE-OUTS/ASSET SALES/PRIVATIZATION AND NATIONALIZATION 32-3 PRIVATE EQUITY 831 PRIVATE-EQUITY PARTNERSHIPS/ARE PRIVATE-EQUITY FUNDS TODAY S CONGLOMERATES 1 32-4 BANKRUPTCY 837 IS CHAPTER 11 EFFICIENT?/WORKOUTS/ALTERNATIVE BANKRUPTCY PROCEDURES SUMMARY 842 * FURTHER READING 843 PROBLEM SETS 844 33 GOVERNANCE AND CORPORATE CONTROL AROUND THE WORLD 846 33-1 FINANCIAL MARKETS AND INSTITUTIONS 846 INVESTOR PROTECTION AND THE DEVELOPMENT OF FINANCIAL MARKETS 33-2 OWNERSHIP, CONTROL, AND GOVERNANCE 851 OWNERSHIP AND CONTROL IN JAPAN/OWNERSHIP AND CONTROL M GERMANY/EUROPEAN BOARDS OF DIRECTORS/ OWNERSHIP AND CONTROL IN OTHER COUNTRIES/CONGLOMERATES REVISITED 33-3 DO THESE DIFFERENCES MATTER? 859 RISK AND SBORT-TERMISNI/GROWTH INDUSTRIES AND DECLINING INDUSTRIES/TRANSPARENCY AND GOVERNANCE SUMMARY 863 * FURTHER READING 864 PROBLEM SETS 864 I CONCLUSION 34 CONCLUSION: WHAT WE DO AND DO NOT KNOW ABOUT FINANCE 866 34-1 WHAT WE DO KNOW: THE SEVEN MOST IMPORTANT IDEAS IN FINANCE 866 1. NET PRESENT VALUE/2. THE CAPITAL ASSET PRICING MODEL/3. EFFICIENT CAPITAL MARKETS/4. VALUE ADDITIVITY AND THE LAW OF CONSERVATION OF VALUE/5. CAPITAL STRUCTURE THEORY/6. OPTION THEORY/7. AGENCY TLIEORY 34-2 WHAT WE DO NOT KNOW: 10 UNSOLVED PROBLEMS IN FINANCE 869 /. WHAT DETERMINES PROJECT RISK AND PRESENT VALUE?/!. RISK AND RETURN- WHAT HAVE WE MISSED?/3. HOW IMPORTANT AN THE EXCEPTIONS TO THE EFFICIENT-MARKET TL)EORY1 4. IS MMIDGEMENT AN OFF-BA/ANCE-SHEET LIABILITY?/5. HOW CAN WE EXPLAIN THE SUCCESS OF NEW SECURITIES AND AVA MARKETS?/6. HOW CAN WE RESOLVE THE PAYOUT CONTROVERSY?/?, WNAT RISKS SHOULD A FIRM LAKE?/8. WHAT I THE LAKE OF LIQUIDITY?/9. HOW CAN WE EXPLAIN MERGER WAVES?/10. W]IY ARE FINANCIAL SYSTEMS SO PRONE TO CRISIS? 34-3 A FINAL WORD 875 IMAGE 10 XXVIII CONTENTS APPENDIX: ANSWERS TO SELECT BASIC PROBLEMS A GLOSSARY G INDEX 1-1 NOTE: PRESENT VALUE TABLES ARE AVAILABLE ON THE BOOK S WEB SITE, WWW.MHHE.COM/BMA.
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author	Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956-
author_GND	(DE-588)124289401 (DE-588)129325023 (DE-588)136922465
author_facet	Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956-
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author_sort	Brealey, Richard A. 1936-
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indexdate	2024-12-20T15:57:12Z
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language	English
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physical	XXVIII, 875 S. graph. Darst.
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spellingShingle	Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Principles of corporate finance Corporations Finance Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd
subject_GND	(DE-588)4061963-1 (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4139075-1 (DE-588)4017200-4 (DE-588)4151278-9 (DE-588)4123623-3
title	Principles of corporate finance
title_auth	Principles of corporate finance
title_exact_search	Principles of corporate finance
title_full	Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen
title_fullStr	Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen
title_full_unstemmed	Principles of corporate finance Richard A. Brealey ; Stewart C. Myers ; Franklin Allen
title_short	Principles of corporate finance
title_sort	principles of corporate finance
topic	Corporations Finance Unternehmen (DE-588)4061963-1 gnd Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd Finanzplanung (DE-588)4017200-4 gnd
topic_facet	Corporations Finance Unternehmen Corporate Finance Finanzierung Finanzmanagement Finanzplanung Einführung Lehrbuch
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024406654&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT brealeyricharda principlesofcorporatefinance AT myersstewartc principlesofcorporatefinance AT allenfranklin principlesofcorporatefinance

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