Principles of corporate finance:
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
New York
McGraw-Hill Education
[2017]
|
| Edition: | 12th edition, international student edition |
| Series: | The McGraw-Hill/Irwin series in finance, insurance, and real estate
|
| Subjects: | |
| Links: | http://www.gbv.de/dms/zbw/829392815.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028983442&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Item Description: | Auf dem Cover: This International Student Edition is for use outside the U.S. Hier auch später erschienene, unveränderte Nachdrucke |
| Physical Description: | xxvii, 896, A-10, G-18, I-22 Seiten Illustrationen, Diagramme |
| ISBN: | 9781259253331 1259253333 |
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MARC
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| 245 | 1 | 0 | |a Principles of corporate finance |c Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Robert C. Merton (1970), Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London and Nippon Life Professor of Finance, The Wharton School, University of Pennsylvania) |
| 250 | |a 12th edition, international student edition | ||
| 264 | 1 | |a New York |b McGraw-Hill Education |c [2017] | |
| 264 | 4 | |c © 2017 | |
| 300 | |a xxvii, 896, A-10, G-18, I-22 Seiten |b Illustrationen, Diagramme | ||
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| 490 | 0 | |a The McGraw-Hill/Irwin series in finance, insurance, and real estate | |
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| adam_text | Brief Contents1
Preface vii
I Part One: Value_______________________________
1 Introduction to Corporate Finance I
2 How to Calculate Present Values 19
3 Valuing Bonds 46
4 The Value of Common Stocks 76
5 Net Present Value and Other Investment
Criteria 105
6 Making Investment Decisions with the Net Present
Value Rule 132
I Part Two: Risk_________________________________
7 Introduction to Risk and Return 162
8 Portfolio Theory and the Capital Asset Pricing
Model 192
9 Risk and the Cost of Capital 221
I Part Three: Best Practices in Capital
_______________Budgeting_________________________
10 Project Analysis 249
II Investment, Strategy, and Economic Rents 279
12 Agency Problems, Compensation, and Performance
Measurement 302
I Part Four: Financing Decisions and
_______________Market Efficiency_________________
13 Efficient Markets and Behavioral Finance 327
14 An Overview of Corporate Financing 355
15 How Corporations Issue Securities 379
I Part Five: Payout Policy and Capital
Structure_____________________________________
16 Payout Policy 410
17 Does Debt Policy Matter? 436
xviii
18 How Much Should a Corporation Borrow? 460
19 Financing and Valuation 491
I Part Six: Options___________________________
20 Understanding Options 525
21 Valuing Options 547
22 Real Options 573
I Part Seven: Debt Financing__________________
23 Credit Risk and the Value of Corporate Debt 597
24 The Many Different Kinds of Debt 618
25 Leasing 652
I Part Eight: Risk Management__________________
26 Managing Risk 673
27 Managing International Risks 707
I Part Nine: Financial Planning and
Working Capital Management
28 Financial Analysis 732
29 Financial Planning 759
30 Working Capital Management 787
I Part Ten; Mergers, Corporate Control, and
Governance_____________________________
31 Mergers 813
32 Corporate Restructuring 843
33 Governance and Corporate Control Around the
World 867
I Part Eleven: Conclusion_______________________
34 Conclusion: What We Do and Do Not Know about
Finance 887
* Contents
Preface vii
I Part One: Value
1 Introduction to Corporate
Finance 1
1-1 Corporate Investment and Financing
Decisions 2
Investment Decisions/Financing Decisions/What
Is a Corporation ?/The Role of the Financial
Manager
1-2 The Financial Goal of the Corporation 7
Shareholders Want Managers to Maximize Market
Value/A Fundamental Result/The Investment
Trade-Off/Should Managers Look After the
Interests of Their Shareholders?/Agency Problems
and Corporate Governance
1- 3 Preview of Coming Attractions 13
Summary 14 • Problem Sets 14 • Appendix: Why
Maximizing Shareholder Value Makes Sense 17
2 How to Calculate Present
Values 19
2- 1 Future Values and Present Values 19
Calculating Future Values/Calculating Present
ValuesNaluing an Investment Opportunity/Net
Present Value/Risk and Present Vcilue/Present
Values and Rates of Return/Calculating Present
Values When There Are Multiple Cash FloxvsfThe
Opportunity Cost of Capital
2-2 Looking for Shortcuts—Perpetuities and
Annuities 27
How to Value Perpetuities/How to Value Annuities/
Valuing Annuities Due/Calculating Annual
Payments/Future Value of an Annuity
2-3 More Shortcuts—Growing Perpetuities and
Annuities 34
Growing Perpetuities/Growing Annuities
2- 4 How Interest Is Paid and Quoted 36
Continuous Compounding
Summary 39 • Problem Sets 40 • Finance on the Web 45
3 Valuing Bonds 46
3- 1 Using the Present Value Formula to Value
Bonds 47
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 50
Duration and Volatility
3-3 The Term Structure of Interest Rates 54
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 58
Expectations Theory of the Term
Structure/Introducing Risk/lnflation and Term
Structure
3-5 Real and Nominal Rates of Interest 60
Indexed Bonds and the Real Rate of Interest/What
Determines the Real Rate of Interest?/Inflation and
Nominal Interest Rates
3- 6 The Risk of Default 64
Corporate Bonds and Default Risk/Sovereign
Bonds and Default Risk
Summary 70 • Further Reading 71 • Problem Sets 71
Finance on the Web 75
4 The Value of Common Stocks 76
4- 1 How Common Stocks Are Traded 76
Trading Results for GE
4-2 How Common Stocks Are Valued 78
Valuation by Comparables/Stock Prices and
Dividends
XIX
XX
Contents
4-3 Estimating the Cost of Equity Capital 85
Using the DCF Model to Set Gas and Electricity
Prices/Dangers Lurk in Constant-Growth Formulas
4-4 The Link Between Stock Price and Earnings per
Share 90
Calculating the Present Value of Growth
Opportunities for Fledgling Electronics
4- 5 Valuing a Business by Discounted Cash Flow 93
Valuing the Concatenator Business/Valuation
Format/Estimating Horizon Value!A Further Reality
Check/Free Cash Flow; Dividends, and Repurchases
Summary 98 • Problem Sets 99 ■ Finance on the Web 103
Mini-Case: Reeby Sports 104
5 Net Present Value and Other
Investment Criteria 105
5- 1 A Review of the Basics 105
Net Present Value s Competitors/Three Points to
Remember about NPV/NPV Depends on Cash
Flow, Not on Book Returns
5-2 Payback 109
Discounted Payback
5-3 Internal (or Discounted-Cash-Flow) Rate of
Return 111
Calculating the IRR/The IRR Rule/Pitfall 1—
Lending or Borrowing?/Pitfall 2—Multiple Rates of
Return/Pitfall 3—Mutually Exclusive Projects/Pitfall
4—What Happens When There Is More than One
Opportunity Cost of Capital?/The Verdict on IRR
5- 4 Choosing Capital Investments When Resources
Are Limited 119
An Easy Problem in Capital Rationing/Uses of
Capital Rationing Models
Summary 123 • Further Reading 124 • Problem Sets
125 • Mini-Case: Vegetron’s CFO Calls Again 129
6 Making investment Decisions with
the Net Present Value Rule 132
6- 1 Applying the Net Present Value Rule 132
Rule 1: Only Cash Flow Is Relevant/Rule 2:
Estimate Cash Flows on an Incremental Basis!
Rule 3: Treat Inflation Consistently/Rule 4:
Separate Investment and Financing Decisions
6-2 Example—IM C’s Fertilizer Project 139
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
6-3 Using the NPV Rule to Choose among
Projects 146
Problem 1: The Investment Timing Decision!
Problem 2: The Choice between Long- and Short-
Lived Equipment/Problem 3: When to Replace an
Old Machine/Prohlem 4: Cost of Excess Capacity
Summary 151 Problem Sets 152 • Mini-Case: New
Economy Transport (A) and (B) 159
I Part Two: Risk
7 Introduction to Risk and
Return 162
7-1 Over a Century of Capital Market History in
One Easy Lesson 162
Arithmetic Averages and Compound Annual
Returns/Using Historical Evidence to Evaluate
Today s Cost of CapitaUDividend Yields and the
Risk Premium
7-2 Measuring Portfolio Risk 169
Variance and Standard Deviation
Measuring Variability!How Diversification
Reduces Risk
7-3 Calculating Portfolio Risk 176
General Formula for Computing Portfolio Risk/Do
I Really Have to Add up 25 Million Boxes?
7-4 How Individual Securities Affect Portfolio
Risk 180
Market Risk Is Measured by Beta/Why Security
Betas Determine Portfolio Risk
7-5 Diversification and Value Additivity 184
Summary 185 • Further Reading 186
Problem Sets 186 • Finance on the Web 191
Contents
xxi
8 Portfolio Theory and the Capital
Asset Pricing Model 192
8-1 Harry Markowitz and the Birth of Portfolio
Theory 192
Combining Stocks into Portfolios/We Introduce
Borrowing and Lending
8-2 The Relationship Between Risk and
Return 199
Some Estimates of Expected Returns/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 202
Tests of the Capital Asset Pricing Model/
Assumptions behind the Capital Asset Pricing Model
8- 4 Some Alternative Theories 206
Arbitrage Pricing Theory!A Comparison of the
Capital Asset Pricing Model and Arbitrage Pricing
Theory/The Three-Factor Model
Summary 211- Further Reading 212 • Problem
Sets 212 • Finance on the Web 218 • Mini-Case: John
and Marsha on Portfolio Selection 219
9 Risk and the Cost of Capital 221
9- 1 Company and Project Costs of Capital 222
Perfect Pitch and the Cost of CapitaUDebt and the
Company Cost of Capital
9-2 Measuring the Cost of Equity 225
Estimating Beta/The Expected Return on Union
Pacific Corporation s Common StockJUnion
Pacific s After-Tax Weighted-Average Cost of
Capital/Union Pacific s Asset Beta
9-3 Analyzing Project Risk 229
What Determines Asset Betas?/Don t 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 235
Valuation by Certainty Equivalents/When 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 241 • Further Reading 242 • Problem Sets
242 • Finance on the Web 246 • Mini-Case: The Jones
Family, Incorporated 247
I Part Three; Best Practices in Capital
Budgeting_______________________________________
10 Project Analysis 249
10-1 The Capital Investment Process 250
Project Authorizations—and the Problem of Biased
Forecasts/Postaudits
10-2 Sensitivity Analysis 252
Value of Information/Limits to Sensitivity
Analysis/Scenario Analysis/Break-Even
Analysis/Operating Leverage and the Break-Even
Point
10-3 Monte Carlo Simulation 259
Simulating the Electric Scooter Project
10-4 Real Options and Decision Trees 262
The Option to Expand/The Option to
Abandon/Production Options/Timing Options/
More on Decision Trees/Pro and Con
Decision Trees
Summary 270 • Further Reading 271
Problem Sets 271 • Mini-Case: Waldo County 277
11 Investment, Strategy,
and Economic Rents 279
11-1 Look First to Market Values 279
The Cadillac and the Movie Star
11-2 Economic Rents and Competitive
Advantage 284
11-3 Marvin Enterprises Decides to Exploit a New
Technology—an Example 288
Forecasting Prices of Gargle Blasters/The Value
of Marvin’s New Expcmsion/Alternative Expansion
PlansTThe Value of Marvin Stock/The Lessons of
Marvin Enterprises
Summary 295 • Further Reading 295- Problem Sets 295
Mini-Case: Ecsy-Cola 300
H XXII
Contents
12 Agency Problems,
Compensation, and Performance
Measurement 302
12-1 Incentives and Compensation 302
Agency Problems in Capital Budgeting/
Agency Problems and Risk Taking/Monitoring/
Management Compensation/lncentive
Compensation/Monitoring Pay for Performance
12-2 Measuring and Rewarding Performance:
Residual Income and EVA 311
Pros and Cons of EVA
12- 3 Biases in Accounting Measures of
Performance 314
Example: Measuring the Profitability, of the Nodhead
Supermarket/Measuring Economic Profitability/
Do the Biases Wash Out in the Long Run?/What
Can We Do about Biases in Accounting Profitability
Measures?/Earnings and Earnings Targets
Summary 320 * Further Reading 321 * Problem Sets 322
i Part Four: Financing Decisions and
Market Efficiency_____________________________
13 Efficient Markets
and Behavioral Finance 327
13- 1 We Always Come Back to NPV 328
Differences between Investment and Financing
Decisions
13-2 What Is an Efficient Market? 329
A Startling Discovery: Price Changes Are Random/
Competition and the Efficient Market Hypothesis/
Efficient Markets: The Evidence
13-3 The Evidence Against Market Efficiency 336
Do Investors Respond Slowly to New Information?/
Bubbles and Market Efficiency
13-4 Behavioral Finance 340
Sentiment/Limits to Arbitrage/Incentive Problems
and the Subprime Crisis
13-5 The Five Lessons of Market Efficiency 344
Lesson 1: Markets Have No Memory/Lesson 2:
Trust Market Prices/Lesson 3: Read the Entrails/
Lesson 4: The Do-It-Yourself Alternative/Lesson 5:
Seen One Stock, Seen Them All/What If Markets
Are Not Efficient? Implications for the Financial
Manager
Summary 349 • Further Reading 350
Problem Sets 351 • Finance on the Web 354
14 An Overview of
Corporate Financing 355
14-1 Patterns of Corporate Financing 355
Do Firms Rely Too Much on Internal Funds?/How
Much Do Finns Borrow?
14-2 Common Stock J5 $
Voting Procedures/Dual-Class Shares and Private
Benefits/Equity in Disguise/Preferred Stock
14-3 Debt 363
Debt Conies in Many Forms/A Debt by Any Other
Name/Variety ’s the Very Spice of Life
14-4 Financial Markets and Institutions 366
Financial Markets/Financial Intermediaries/
Investment Funds/Financial Institutions
14- 5 The Role of Financial Markets and
Intermediaries 372
The Payment MechanismJBorrowing and Lending/
Pooling Risk/Information Provided by Financial
Markets/The Financial Crisis of2007-2009
Summary 376 • Further Reading 376
Problem Sets 377 * Finance on the Web 378
15 How Corporations Issue
Securities 379
15- 1 Venture Capital 379
The Venture Capital Market
15-2 The Initial Public Offering 384
Arranging an Initial Public Offering/The Sale of
Marvin StockJThe Underwriters/Costs of a New
Issue/Underpricing ofIPOs/Hot New-Issue Periods
15-3 Alternative Issue Procedures for IPOs 392
Types of Auction: A Digression
15-4 Security Sales by Public Companies 394
General Cash Offers/International Security
Issues/The Costs of a General Cash Offer/Market
Reaction to Stock Issues/Rights Issues
Contents
xxiii
15-5 Private Placements and Public Issues 399
Summary 400 • Further Reading 400
Problem Sets 401 • Finance on the Web 405
Appendix: Marvin’s New-Issue Prospectus 406
I Part Five; Payout Policy and Capital
Structure
16 Payout Policy 410
16-1 Facts About Payout 411
How Firms Pay Dividends/How Firms Repurchase
Stock
16-2 The Information Content of Dividends and
Repurchases 413
The Information Content of Share Repurchases
16-3 Dividends or Repurchases? The Payout
Controversy 416
Payout Policy Is Irrelevant in Perfect Capital
Markets/Dividends or Repurchases? An Example/
Stock Repurchases and DCF Models of Share
Price/Dividends and Share Issues
16-4 The Rightists 421
Payout Policy, Investment Policy, and Management
Incentives
16-5 Taxes and the Radical Left 422
Empirical Evidence on Dividends and Taxes/
Alternative Tax Systems/Taxes and Payout—A
Summary
16- 6 Payout Policy and the Life Cycle of the Firm 426
Payout and Corporate Governance
Summary 429 • Further Reading 430 • Problem Sets 430
17 Does Debt Policy Matter? 436
17- 1 The Effect of Financial Leverage in a
Competitive Tax-Free Economy 437
Enter Modigliani and Miller/The Law of
Conservation ofValue/An Example of Proposition 1
17-2 Financial Risk and Expected Returns 442
Proposition 2/How Changing Capital Structure
Affects Beta/Watch Out for Hidden Leverage
17-3 The Weighted-Average Cost of Capital 448
Two Warnings/Rates of Return on Levered
Equity—The Traditional Position/
Today s Unsatisfied Clienteles Are Probably
Interested in Exotic Securities/Imperfections and
Opportunities
17- 4 A Final Word on the After-Tax
Weighted-Average Cost of Capital 452
Summary 453 • Further Reading 453 • Problem Sets 454
Mini-Case: Claxton Drywall Comes to the Rescue 458
18 How Much Should a
Corporation Borrow? 460
18- 1 Corporate Taxes 461
How Do Interest Tax Shields Contribute to the
Value of Stockholders Equity?/Recasting Johnson
Johnson s Capital Structure/MMand Taxes
18-2 Corporate and Personal Taxes 464
18-3 Costs of Financial Distress 467
Bankruptcy Costs/Evidence on Bankruptcy Costs/
Direct versus Indirect Costs of Bankruptcy/
Financial Distress without Bankruptcy/Debt and
Incentives/Risk Shifting: The 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 479
Debt and Equity Issues with Asymmetric
Information/Implications of the Pecking Order/The
Trade-Off Theory vs. the Pecking-Order Theory—
Some Evidence/The Bright Side and the Dark Side
of Financial Slack/Is There a Theory of Optimal
Capital Structure?
Summary 485 • Further Reading 486 • Problem Sets 486
Finance on the Web 490
19 Financing and Valuation 491
19- 1 The After-Tax Weighted-Average Cost of
Capital 491
Review of Assumptions/Mistakes People Make in
Using the Weighted-Average Formula
xxiv
Contents
19-2 Valuing Businesses 496
Valuing Rio Corporation/Estimating Horizon
Value/WACC vs. the Flow-to-Equity Method
19-3 Using WACC In Practice 501
Some Tricks of the Trade/Adjusting WACC when Debt
Ratios and Business Risks Differ/Unlevering and
Relevering BetasfThe importance of Rebalancing/The
ModigHani-Miller Formula, Plus Some Final Advice
19-4 Adjusted Present Value 508
APV for the Perpetual Crusher/Other Financing
Side Effects!APVfor Businesses/APVfor
International Investments
19-5 Your Questions Answered 512
Summary 514 - Further Reading 515
Problem Sets 515 * Finance on the Web 520
Appendix: Discounting Safe, Nominal Cash Flows 521
I Part Six: Options_________________________________
20 Understanding Options 525
20-1 Calls, Puts, and Shares 526
Call Options and Position Diagrams/Put Options/
Selling Calls and Puts/Position Diagrams Are Not
Profit Diagrams
20-2 Financial Alchemy with Options 530
Spotting the Option
20- 3 What Determines Option Values? 536
Risk and Option Values
Summary 541 • Further Reading 541
Problem Sets 542 * Finance on the Web 546
21 Valuing Options 547
21- 1 A Simple Option-Valuation Model 548
Why Discounted Cash Flow Won t Work for
Options/Constructing Option Equivalents from
Common Stocks and Borrowing/Valuing the
Google Put Option
21-2 The Binomial Method for Valuing Options 552
Example: The Two-Step Binomial Method/The
General Binomial Method/The Binomial Method
and Decision Trees
21-3 The Black-Scholes Formula 557
Using the Black-Scholes Formula/The Risk of
an OptionJThe Black-Scholes Formula and the
Binomial Method
21-4 Black-Scholes in Action 561
Executive Stock OptionsfWarrants/Portfolio
Insurance/Calculating Implied Volatilities
21-5 Option Values at a Glance 564
21- 6 The Option Menagerie 566
Summary 567 * Further Reading 567
Problem Sets 567 * Finance on the Web 571
Mini-Case: Bruce Honiball’s Invention 571
22 Real Options 573
22- 1 The Value of Follow-On Investment
Opportunities 573
Questions and Answers about Blitzen’s Mark 11/
Other Expansion Options
22-2 The Timing Option 577
Valuing the Malted Herring Option/Optimal
Timing for Real Estate Development
22-3 The Abandonment Option 580
Bad News for the Perpetual Crusher/Abandonment
Value and Project Life/Temporary Abandonment
22-4 Flexible Production and Procurement 583
Aircraft Purchase Options
22-5 Investment in Pharmaceutical R D 587
22- 6 Valuing Real Options 589
A Conceptual Problem?/What about Taxes?/
Practical Challenges
Summary 591 • Further Reading 592 * Problem Sets 592
I Fart Seven: Debt Financing_____________________
23 Credit Risk and the Value
of Corporate Debt 597
23- 1 Yields on Corporate Debt 597
What Determines the Yield Spread?
23-2 The Option to Default 602
How the Default Option Affects a Bond s Risk and
Yield/A Digression: Valuing Government Financial
Guarantees
Contents
xxv
23-3 Bond Ratings and the Probability of Default 608
23-4 Predicting the Probability of Default 609
Credit Scoring/Market-Based Risk Models
23- 5 Value at Risk 613
Summary 614 • Further Reading 615
Problem Sets 615 • Finance on the Web 617
24 The Many Different Kinds
of Debt 618
24- 1 Long-Term Bonds 619
Bond Terms/Security and Seniority/Asset-Backed
Securities/Sinking Funds/Call Provisions/Bond
Covenants/Privately Placed Bonds/Foreign Bonds,
Eurobonds, and Global Bonds
24-2 Convertible Securities and Some Unusual
Bonds 630
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/Innovation in the Bond Market
24-3 Bank Loans 636
Commitment/Maturity/Rate of Interest/Syndicated
Loans/Security/Debt Covenants
24- 4 Commercial Paper and Medium-Term Notes 640
Commercial Paper/Medium-Term Notes
Summary 642 • Further Reading 643 • Problem Sets 643
Mini-Case: The Shocking Demise of Mr. Thorndike 648
Appendix: Project Finance 649
25 Leasing 652
25- 1 What Is a Lease? 652
25-2 Why Lease? 653
Sensible Reasons for Leasing/Some Dubious
Reasons for Leasing
25-3 Operating Leases 657
Example of an Operating Lease/Lease or Buy?
25-4 Valuing Financial Leases 660
Example of a Financial Lease/Who Really Owns
the Leased Asset?/Leasing and the Internal
Revenue Service/A First Pass at Valuing a Lease
Contract/The Story So Far
25-5 When Do Financial Leases Pay? 665
Leasing around the World
25- 6 Leveraged Leases 666
Summary 667 • Further Reading 668 ■ Problem Sets 668
I Part Eight: Risk Management__________________
26 Managing Risk 673
26- 1 Why Manage Risk? 673
Reducing the Risk of Cash Shortfalls or Financial
Distress/Agency Costs May Be Mitigated by Risk
Management/The Evidence on Risk Management
26-2 Insurance 676
26-3 Reducing Risk with Options 678
26-4 Forward and Futures Contracts 679
A Simple Forward Contract/Futures Exchanges/
The Mechanics of Futures Trading/Trading
and Pricing Financial Futures Contracts/Spot
and Futures Prices—Commodities/More about
Forward Coniracts/Homemade Forward Rate
Contracts
26-5 Swaps 687
Interest Rate Swaps/Currency Swaps/Some Other
Swaps
26-6 How to Set Up a Hedge 691
Hedging Interest Rate Risk/Hedge Ratios and
Basis Risk
26- 7 Is “Derivative” A Four-Letter Word? 695
Summary 697 * Further Reading 698
Problem Sets 698 • Finance on the Web 704
Mini-Case: Rensselaer Advisers 704
27 Managing International
Risks 707
27- 1 The Foreign Exchange Market 707
27-2 Some Basic Relationships 709
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 That
Simple?
xxvi
Contents
27-3 Hedging Currency Risk 717
Transaction Exposure and Economic Exposure
27- 4 Exchange Risk and International Investment
Decisions 720
The Cost of Capital for International Investments
21-5 Political Risk 723
Summary 725 ■ Further Reading 726
Problem Sets 726 • Finance on the Web 730
Mini-Case: Exacta, s.a. 730
I Part Nine; Financial Planning and
Working Capital Management
28 Financial Analysis 732
28- 1 Financial Ratios 732
28-2 Financial Statements 733
28-3 Home Depot’s Financial Statements 734
The Balance Sheet/The Income Statement
28-4 Measuring Home Depot’s Performance 737
Economic Value Added (EVA)/Accounting Rates of
Return/Problems with EVA and Accounting Rates
of Retu rn
28-5 Measuring Efficiency 741
28-6 Analyzing the Return on Assets: The Du Pont
System 743
The Du Pont System
28-7 Measuring Leverage 744
Leverage and the Return on Equity
28-8 Measuring Liquidity 746
28- 9 Interpreting Financial Ratios 748
Summary 752 ■ Further Reading 752
Problem Sets 753 • Finance on the Web 758
29 Financial Planning 759
29- 1 Links Between Short-Term and Long-Term
Financing Decisions 759
29-2 Tracing Changes in Cash 762
The Cash Cycle
29-3 Cash Budgeting 767
Preparing the Cash Budget: Inflows/Preparing the
Cash Budget: Outflows
29-4 The Short-Term Financing Plan 769
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 772
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 777
Summary 778 ■ Further Reading 779
Problem Sets 779 • Finance on the Web 786
30 Working Capital
Management 787
30- 1 Inventories 788
30-2 Credit Management 790
Terms of Sale/The Promise to Pay/Credit Analysis/
The Credit Decision/Collection Policy
30-3 Cash 796
How Purchases Are Paid For/Speeding Up Check
Collections/International Cash Management/
Paying for Bank Services
30-4 Marketable Securities 800
Calculating the Yield on Money-Market
Investments/Yields on Money-Market Investments/
The International Money Market/Money-Market
Instruments
Summary 805 * Further Reading 806
Problem Sets 807 * Finance on the Web 812
I Part Ten; Mergers, Corporate Control,
and Governance
31 Mergers 813
31-1 Sensible Motives for Mergers 814
Economies of Scale/Economies of Vertical
Integration/Complementary Resources/Surplus
Funds/Eliminating Inefficiencies/lndustry
Consolidation
31-2 Some Dubious Reasons for Mergers 819
Diversificatiofi/Increasing Earnings per Share:
The Bootstrap Game/Lower Financing Costs
Contents
xxvii
31-3 Estimating Merger Gains and Costs 822
Right and Wrong Ways to Estimate the Benefits
of Merge rs/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 827
Mergers, Antitrust Law, and Popular Opposition/
The Form of Acquisition/Merger Accounting/Some
Tax Considerations/Cross-Border Mergers and Tax
Inversion
31-5 Proxy Fights, Takeovers, and the Market for
Corporate Control 830
Proxy Contests/Takeovers/Oracle Bids for PeopleSoft/
TakeoverDefenses/Who Gains Most in Mergers?
31- 6 Mergers and the Economy 836
Merger Waves/Do Mergers Generate Net Benefits?
Summary 837 • Further Reading 838 * Problem Sets 838
Appendix: Conglomerate Mergers and
Value Additivity 841
32 Corporate Restructuring 843
32- 1 Leveraged Buyouts 843
The RJR Nabisco LBO/Barharians at the Gate?/
Leveraged Restructurings/LBOs and Leveraged
Restructurings
32-2 Fusion and Fission in Corporate Finance 848
Spin-offs/Carve-outs/Asset Sales/Privatization and
Nationalization
32-3 Private Equity 853
Private-Equity Partnerships/Are Private-Equity
Funds Today’s Conglomerates?
32- 4 Bankruptcy 858
Is Chapter 11 Efficient?/Workouts/Alternative
Bankruptcy Procedures
Summary 863 • Further Reading 864 • Problem Sets 865
33 Governance and Corporate
Control Around the World 867
33- 1 Financial Markets and Institutions 867
Investor Protection and the Development of
Financial Markets
33-2 Ownership, Control, and Governance 871
Ownership and Control in Japan/ Ownership
and Control in Germany/European Boards of
Directors/Shareholders versus Stakeholders/
Ownership and Control in Other Countries/
Conglomerates Revisited
33-3 Do These Differences Matter? 880
Risk and Short-Termism/Growth Industries
and Declining Industries/Transparency and
Governance
Summary 883 * Further Reading 884 • Problem Sets 885
I Part Eleven: Conclusion
34 Conclusion: What We Do and Do
Not Know about Finance 887
34-1 What We Do Know: The Seven Most Important
Ideas in Finance 887
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 Theory
34-2 What We Do Not Know: 10 Unsolved Problems
in Finance 890
I. What Determines Project Risk and Present
Value?/2. Risk and Return—What Have We
Missed?73. How Important Are the Exceptions to
the Efficient-Market Theory ?/4. Is Management
an Off-Balance-Sheet Liability ?/5. How Can We
Explain the Success of New Securities and New
Markets ?/6. How Can We Resolve the Payout
Controversy?/?. What Risks Should a Firm
Take?/8. What Is the Value of Liquidity?/9. How
Can We Explain Merger Waves?/10. Why Are
Financial Systems So Prone to Crisis?
34-3 A Final Word 896
APPENDIX A-l
GLOSSARY G-l
INDEX 1-1
Note: Present value tables are available in Connect.
|
| any_adam_object | 1 |
| 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- |
| author_role | aut aut aut |
| author_sort | Brealey, Richard A. 1936- |
| author_variant | r a b ra rab s c m sc scm f a fa |
| building | Verbundindex |
| bvnumber | BV043568496 |
| classification_rvk | QP 700 |
| classification_tum | WIR 680f |
| ctrlnum | (OCoLC)950883891 (DE-599)GBV829392815 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 12th edition, international student edition |
| format | Book |
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| genre | 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Einführung Lehrbuch |
| id | DE-604.BV043568496 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T17:39:44Z |
| institution | BVB |
| isbn | 9781259253331 1259253333 |
| language | English |
| lccn | 2015025071 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-028983442 |
| oclc_num | 950883891 |
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| owner | DE-92 DE-1050 DE-355 DE-BY-UBR DE-2070s DE-898 DE-BY-UBR DE-Aug4 DE-1043 DE-11 DE-706 DE-473 DE-BY-UBG DE-739 DE-858 DE-634 DE-573 DE-19 DE-BY-UBM DE-20 DE-83 DE-862 DE-BY-FWS DE-188 DE-384 DE-945 DE-521 DE-523 DE-91 DE-BY-TUM |
| owner_facet | DE-92 DE-1050 DE-355 DE-BY-UBR DE-2070s DE-898 DE-BY-UBR DE-Aug4 DE-1043 DE-11 DE-706 DE-473 DE-BY-UBG DE-739 DE-858 DE-634 DE-573 DE-19 DE-BY-UBM DE-20 DE-83 DE-862 DE-BY-FWS DE-188 DE-384 DE-945 DE-521 DE-523 DE-91 DE-BY-TUM |
| physical | xxvii, 896, A-10, G-18, I-22 Seiten Illustrationen, Diagramme |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | McGraw-Hill Education |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance, and real estate |
| spellingShingle | Brealey, Richard A. 1936- Myers, Stewart C. 1940- Allen, Franklin 1956- Principles of corporate finance Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| subject_GND | (DE-588)4017200-4 (DE-588)4017182-6 (DE-588)4061963-1 (DE-588)4139075-1 (DE-588)4269795-5 (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 (Professor of Finance, London Business School), Stewart C. Myers (Robert C. Merton (1970), Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London and Nippon Life Professor of Finance, The Wharton School, University of Pennsylvania) |
| title_fullStr | Principles of corporate finance Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Robert C. Merton (1970), Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London and Nippon Life Professor of Finance, The Wharton School, University of Pennsylvania) |
| title_full_unstemmed | Principles of corporate finance Richard A. Brealey (Professor of Finance, London Business School), Stewart C. Myers (Robert C. Merton (1970), Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology), Franklin Allen (Professor of Finance and Economics, Imperial College London and Nippon Life Professor of Finance, The Wharton School, University of Pennsylvania) |
| title_short | Principles of corporate finance |
| title_sort | principles of corporate finance |
| topic | Finanzplanung (DE-588)4017200-4 gnd Finanzierung (DE-588)4017182-6 gnd Unternehmen (DE-588)4061963-1 gnd Finanzmanagement (DE-588)4139075-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| topic_facet | Finanzplanung Finanzierung Unternehmen Finanzmanagement Corporate Finance Einführung Lehrbuch |
| url | http://www.gbv.de/dms/zbw/829392815.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028983442&sequence=000002&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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