Fundamentals of Corporate Finance, International Adaptation

Häftad, Engelska, 2022

Av Robert Parrino, Thomas W. Bates, Stuart L. Gillan, David S. Kidwell, Austin) Parrino, Robert (University of Texas, Thomas W. (Arizona State University) Bates, Stuart L. (University of North Texas) Gillan, David S. (University of Minnesota) Kidwell

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Fundamentals of Corporate Finance develops the key concepts of corporate finance with an intuitive approach while emphasizing computational skills. Presenting the topics in a logical and stepped-out manner, this book helps students develop an understanding of key financial concepts while also enabling them to develop the critical judgments necessary to apply financial tools in real-world decision-making situations. It offers a level of rigor that is appropriate for both business and finance majors and yet presents the content in a manner that students find accessible. This International Adaptation includes new examples to help students better understand how to analyze the ethical dilemmas in business. In addition, select chapters include a new feature called Corporate Finance at Work which provides a broader perspective of the content covered in the chapter. Finally, to address the global context in which firms now operate, this edition adds to the discussion on international financial management by including sections on international accounting issues and Islamic finance.

Produktinformation

Utgivningsdatum2022-06-23
Mått10 x 10 x 10 mm
Vikt454 g
FormatHäftad
SpråkEngelska
Antal sidor848
Upplaga5
FörlagJohn Wiley & Sons Inc
ISBN9781119795445

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Redovisning och finansiering inom Ekonomi och ledarskap

1 The Financial Manager and the Firm 1.1 The Role of the Financial Manager 1.2 Forms of Business Organization 1.3 Managing the Financial Function 1.4 The Goal of the Firm 1.5 Agency Conflicts: Separation of Ownership and Control 1.6 The Importance of Ethics in Culture Summary of Learning Objectives/Self-Study Problems/ Solutions to Self-Study Problems/Discussion Questions/ Questions and Problems/Sample Test Problems Ethics Case—Incentives and Ethics: Cross-Selling at Wells Fargo 2 The Financial System and the Level of Interest Rates 2.1 The Financial System 2.2 Direct Financing 2.3 Types of Financial Markets 2.4 Market Efficiency 2.5 Financial Institutions and Indirect Financing 2.6 The Determinants of Interest Rate Levels Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 3 Financial Statements, Cash Flows, and Taxes 3.1 Financial Statements and Accounting Principles 3.2 The Balance Sheet 3.3 Market Value versus Book Value 3.4 The Income Statement and the Statement of Retained Earnings 3.5 The Statement of Cash Flows 3.6 Tying Together the Financial Statements 3.7 International Accounting Issues 3.8 Corporate Income Tax Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 4 Analyzing Financial Statements 4.1 Background for Financial Statement Analysis 4.2 Common-Size Financial Statements 4.3 Financial Ratios and Firm Performance 4.4 The Dupont System: A Diagnostic Tool 4.5 Selecting a Benchmark 4.6 Using Financial Ratios Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—A Sad Tale: The Demise of Arthur Andersen 5 The Time Value of Money 5.1 The Time Value of Money 5.2 Future Value and Compounding 5.3 Present Value and Discounting 5.4 Additional Concepts and Applications Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 6 Discounted Cash Flows and Valuation 6.1 Multiple Cash Flows 6.2 Level Cash Flows: Annuities 6.3 Level Cash Flows: Perpetuities 6.4 Cash Flows That Grow at a Constant Rate 6.5 The Effective Annual Interest Rate Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems/Appendix: Deriving the Formula for the Present Value of an Ordinary Annuity/Problem Ethics Case—Buy It on Credit and Be True to Your University 7 Risk and Return 7.1 Risk and Return 7.2 Holding Period Returns 7.3 Expected Returns 7.4 Variance and Standard Deviation as Measures of Risk 7.5 Arithmetic Average and Geometric (Compounded) Average Returns 7.6 Risk and Diversification 7.7 Systematic Risk 7.8 The Capital Asset Pricing Model Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—Pay for Performance or Just More Pay? The Conflicting Case for CEO Pay 8 Bond Valuation and the Structure of Interest Rates 8.1 Corporate Bonds 8.2 Bond Valuation 8.3 Bond Yields 8.4 Interest Rate Risk 8.5 The Determinants of Corporate Borrowing Costs 8.6 The Term Structure of Interest Rates Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—The Subprime Mortgage Market Meltdown: How Did It Happen? 9 Stock Valuation 9.1 The Market for Stocks 9.2 Common and Preferred Stock 9.3 Common Stock Valuation 9.4 The General Dividend-Valuation Model 9.5 Stock Valuation: Some Simplifying Assumptions 9.6 The Relation between R and g 9.7 Valuing Preferred Stock Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—Insider Trading: Exploiting the System 10 The Fundamentals of Capital Budgeting 10.1 An Introduction to Capital Budgeting 10.2 Net Present Value 10.3 The Payback Period 10.4 The Accounting Rate of Return 10.5 Internal Rate of Return 10.6 Investment Decisions with Capital Rationing 10.7 Capital Budgeting in Practice Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—Going Green: Can Automakers Invest in Environmental Solutions? 11 Cash Flows and Capital Budgeting 11.1 Calculating Project Cash Flows 11.2 Estimating Cash Flows in Practice 11.3 Forecasting Free Cash Flows 11.4 Special Cases 11.5 Harvesting an Asset Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—Unilever’s Sustainable Living Plan 12 Evaluating Project Economics 12.1 Variable Costs, Fixed Costs, and Project Risk 12.2 Calculating Operating Leverage 12.3 Break-Even Analysis 12.4 The Economic Break-Even Point 12.5 Risk Analysis Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 13 The Cost of Capital 13.1 The Firm’s Overall Cost of Capital 13.2 The Cost of Debt 13.3 The Cost of Equity 13.4 Using the WACC in Practice Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 14 Working Capital Management 14.1 Working Capital Basics 14.2 The Operating and Cash Conversion Cycles 14.3 Working Capital Management Strategies 14.4 Accounts Receivable 14.5 Inventory Management 14.6 Cash Management and Budgeting 14.7 Financing Working Capital Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 15 How Firms Raise Capital 15.1 Bootstrapping 15.2 Venture Capital 15.3 Initial Public Offering 15.4 IPO Pricing and Cost 15.5 General Cash Offer by a Public Company 15.6 Private Markets and Bank Loans Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems Ethics Case—Profiting from Death: “Janitor’s Insurance” 16 Capital Structure Policy 16.1 Capital Structure and Firm Value 16.2 The Benefits and Costs of Using Debt 16.3 Two Theories of Capital Structure 16.4 Practical Considerations in Choosing a Capital Structure Appendix: Leasing Summary of Learning Objective/Self-Study Problem/ Solution to Self-Study Problem/Discussion Questions/ Questions and Problems 17 Dividends, Stock Repurchases, and Payout Policy 17.1 Dividends 17.2 Stock Repurchases 17.3 Dividends and Firm Value 17.4 Stock Dividends and Stock Splits 17.5 Setting a Dividend Payout Summary of Learning Objectives/Self-Study Problems/ Solutions to Self-Study Problems/Discussion Questions/ Questions and Problems/Sample Test Problems 18 Business Formation, Growth, and Valuation 18.1 Starting a Business 18.2 The Role of the Business Plan 18.3 Valuing a Business 18.4 Important Issues in Valuation Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems 19 Financial Planning and Managing Growth 19.1 Financial Planning 19.2 Financial Planning Models 19.3 A Better Financial Planning Model 19.4 Beyond the Basic Planning Models 19.5 Managing and Financing Growth Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems /Discussion Questions/Questions and Problems/ Sample Test Problems 20 Corporate Risk Management 20.1 Why Companies Manage Corporate Risks 20.2 Managing Operational, Business, and Financial Risks 20.3 Forwards and Futures 20.4 Swaps 20.5 Financial Options 20.6 Option Valuation 20.7 Real Options 20.8 Agency Costs Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/Sample Test Problems 21 International Financial Management 21.1 Introduction to International Financial Management 21.2 Foreign Exchange Markets 21.3 International Capital Budgeting 21.4 Global Money and Capital Markets 21.5 International Banking 21.6 Islamic Finance Summary of Learning Objectives/Summary of Key Equations/Self-Study Problems/Solutions to Self-Study Problems/Discussion Questions/Questions and Problems/ Sample Test Problems APPENDIX A Future Value and Present Value Tables APPENDIX B The 2017 Tax Cuts and Jobs Act: Implications for Cash Flow to Investors, the Cost of Capital, and Capital Structure GLOSSARY SUBJECT INDEX COMPANY INDEX