Fundamentals of corporate finance
For undergraduate courses in corporate finance or financial management. Help students practice and connect to real-world financial decisions. Fundamentals of Corporate Finance offers a practical introduction to modern-day core principles, arming students with a problem-solving methodology, real-life...
| Otros Autores: | , , |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Harlow, England :
Pearson
[2019]
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| Edición: | Fourth, Global edition |
| Colección: | Pearson series in finance.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009670137806719 |
Tabla de Contenidos:
- Cover
- Title page
- Dedication page
- Copyright page
- Brief contents
- Detailed contents
- About the Authors
- PART 1 Introduction
- Chapter1 Corporate Finance and the Financial Manager
- 1.1 Why Study Finance?
- 1.2 The Four Types of Firms
- Sole Proprietorships
- Partnerships
- Limited Liability Companies
- Corporations
- Tax Implications for Corporate Entities
- Corporate Taxation Around the World
- 1.3 The Financial Manager
- Making Investment Decisions
- GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act
- Making Financing Decisions
- Managing Short-Term Cash Needs
- The Goal of the Financial Manager
- Shareholder Value Versus Stakeholder Value
- 1.4 The Financial Manager's Place in the Corporation
- The Corporate Management Team
- Ethics and Incentives in Corporations
- GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act on Corporate Compensation and Governance
- Citizens United v. Federal Election Commission
- 1.5 The Stock Market
- The Largest Stock Markets
- Primary Versus Secondary Markets
- Traditional Trading Venues
- INTERVIEW WITH Frank Hatheway
- New Competition and Market Changes
- Dark Pools
- Listing Standards
- Other Financial Markets
- NYSE, BATS, DJIA, S&
- P 500: Awash in Acronyms
- 1.6 Financial Institutions
- The Financial Cycle
- Types of Financial Institutions
- Role of Financial Institutions
- Summary
- Problems
- Chapter 2 Introduction to Financial Statement Analysis
- 2.1 Firms' Disclosure of Financial Information
- Preparation of Financial Statements
- International Financial Reporting Standards
- INTERVIEW WITH Ruth Porat
- Types of Financial Statements
- 2.2 The Balance Sheet
- Assets
- Liabilities
- Stockholders' Equity
- Market Value Versus Book Value
- Market-to-Book Ratio
- Enterprise Value
- 2.3 The Income Statement
- Earnings Calculations
- EBITDA.
- 2.4 The Statement of Cash Flows
- Operating Activity
- Investment Activity
- Financing Activity
- 2.5 Other Financial Statement Information
- Statement of Stockholders' Equity
- Management Discussion and Analysis
- Notes to the Financial Statements
- 2.6 Financial Statement Analysis
- Profitability Ratios
- Liquidity Ratios
- Asset Efficiency
- Working Capital Ratios
- Interest Coverage Ratios
- Leverage Ratios
- Valuation Ratios
- COMMON MISTAKE Mismatched Ratios
- Operating Returns
- The DuPont Identity
- 2.7 Financial Reporting in Practice
- Enron
- The Sarbanes-Oxley Act
- Dodd-Frank Act
- GLOBAL FINANCIAL CRISIS Bernard Madoff's Ponzi Scheme
- The Financial Statements: A Useful Starting Point
- Summary
- Critical Thinking
- Problems
- Data Case
- PART 2 Interest Rates and Valuing Cash Flows
- Chapter 3 Time Value of Money: An Introduction
- 3.1 Cost-Benefit Analysis
- Role of the Financial Manager
- Quantifying Costs and Benefits
- 3.2 Market Prices and the Valuation Principle
- The Valuation Principle
- Why There Can Be Only One Competitive Price for a Good
- Your Personal Financial Decisions
- 3.3 The Time Value of Money and Interest Rates
- The Time Value of Money
- The Interest Rate: Converting Cash Across Time
- Timelines
- 3.4 Valuing Cash Flows at Different Points in Time
- Rule 1: Comparing and Combining Values
- COMMON MISTAKE Summing Cash Flows Across Time
- Rule 2: Compounding
- Rule of 72
- Rule 3: Discounting
- Using a Financial Calculator
- Summary
- Critical Thinking
- Problems
- Chapter 4 Time Value of Money: Valuing Cash Flow Streams
- 4.1 Valuing a Stream of Cash Flows
- Applying the Rules of Valuing Cash Flows to a Cash Flow Stream
- Using a Financial Calculator: Solving for Present and Future Values of Cash Flow Streams
- 4.2 Perpetuities
- Perpetuities.
- Historical Examples of Perpetuities
- COMMON MISTAKE Discounting One Too Many Times
- 4.3 Annuities
- Present Value of an Annuity
- Future Value of an Annuity
- 4.4 Growing Cash Flows
- Growing Perpetuity
- Growing Annuity
- 4.5 Solving for Variables Other Than Present Value or Future Value
- Solving for the Cash Flows
- Rate of Return
- Solving for the Number of Periods
- 4.6 Non-Annual Cash Flows
- The Big Picture
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 4 APPENDIX Using a Financial Calculator
- Chapter 5 Interest Rates
- 5.1 Interest Rate Quotes and Adjustments
- The Effective Annual Rate
- Adjusting the Discount Rate to Different Time Periods
- Annual Percentage Rates
- COMMON MISTAKE Using the EAR in the Annuity Formula
- 5.2 Application: Discount Rates and Loans
- Computing Loan Payments
- GLOBAL FINANCIAL CRISIS Teaser Rates and Subprime Loans
- Computing the Outstanding Loan Balance
- 5.3 The Determinants of Interest Rates
- Inflation and Real Versus Nominal Rates
- Investment and Interest Rate Policy
- How Is Inflation Actually Calculated?
- The Yield Curve and Discount Rates
- INTERVIEW WITH Kevin M. Warsh
- COMMON MISTAKE Using the Annuity Formula When Discount Rates Vary
- The Yield Curve and the Economy
- 5.4 The Opportunity Cost of Capital
- Interest Rates, Discount Rates, and the Cost of Capital
- COMMON MISTAKE States Dig a 3 Trillion Hole by Discounting at the Wrong Rate
- Summary
- Summary
- Critical Thinking
- Problems
- Chapter 6 Bonds
- 6.1 Bond Terminology
- 6.2 Zero-Coupon Bonds
- Zero-Coupon Bond Cash Flows
- Yield to Maturity of a Zero-Coupon Bond
- GLOBAL FINANCIAL CRISIS Negative Bond Yields
- Risk-Free Interest Rates
- 6.3 Coupon Bonds
- Coupon Bond Cash Flows
- ?The U.S. Treasury Market
- Yield to Maturity of a Coupon Bond.
- ?Finding Bond Prices on the Web
- Coupon Bond Price Quotes
- 6.4 Why Bond Prices Change
- Interest Rate Changes and Bond Prices
- Time and Bond Prices
- Interest Rate Risk and Bond Prices
- Clean and Dirty Prices for Coupon Bonds
- Bond Prices in Practice
- 6.5 Corporate Bonds
- Credit Risk
- Are Treasuries Really Default-Free Securities?
- INTERVIEW WITH Lisa Black
- Corporate Bond Yields
- Bond Ratings
- Corporate Yield Curves
- The Credit Crisis and Bond Yields
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 6 APPENDIX A Solving for the Yield to Maturity of a Bond Using a Financial Calculator
- CHAPTER 6 APPENDIX B The Yield Curve and the Law of One Price
- Chapter 7 Stock Valuation
- 7.1 Stock Basics
- Stock Market Reporting: Stock Quotes
- Common Stock
- Preferred Stock
- 7.2 The Mechanics of Stock Trades
- 7.3 The Dividend-Discount Model
- A One-Year Investor
- Dividend Yields, Capital Gains, and Total Returns
- A Multiyear Investor
- Dividend-Discount Model Equation
- 7.4 Estimating Dividends in the Dividend-Discount Model
- Constant Dividend Growth
- Dividends Versus Investment and Growth
- Changing Growth Rates
- COMMON MISTAKE Forgetting to "Grow" This Year's Dividend
- Value Drivers and the Dividend-Discount Model
- 7.5 Limitations of the Dividend-Discount Model
- Uncertain Dividend Forecasts
- Non-Dividend-Paying Stocks
- 7.6 Share Repurchases and the Total Payout Model
- 7.7 Putting It All Together
- Summary
- Critical Thinking
- Problems
- PART 2 INTEGRATIVE CASE
- PART 3 Valuation and the Firm
- Chapter 8 Investment Decision Rules
- 8.1 The NPV Decision Rule
- Net Present Value
- The NPV Decision Rule
- 8.2 Using the NPV Rule
- Organizing the Cash Flows and Computing the NPV
- The NPV Profile
- Measuring Sensitivity with IRR
- Alternative Rules Versus the NPV Rule.
- 8.3 Alternative Decision Rules
- USING EXCEL Computing NPV and IRR
- The Payback Rule
- The Internal Rate of Return Rule
- COMMON MISTAKE IRR Versus the IRR Rule
- Modified Internal Rate of Return
- Why Do Rules Other Than the NPV Rule Persist?
- 8.4 Choosing Among Projects
- Differences in Scale
- INTERVIEW WITH Dick Grannis
- Timing of the Cash Flows
- 8.5 Evaluating Projects with Different Lives
- Important Considerations When Using the Equivalent Annual Annuity
- 8.6 Choosing Among Projects When Resources Are Limited
- Evaluating Projects with Different Resource Requirements
- 8.7 Putting It All Together
- Summary
- Critical Thinking
- Problems
- Data Case
- Chapter 9 Fundamentals of Capital Budgeting
- 9.1 The Capital Budgeting Process
- 9.2 Forecasting Incremental Earnings
- Operating Expenses Versus Capital Expenditures
- Incremental Revenue and Cost Estimates
- Taxes
- Incremental Earnings Forecast
- 9.3 Determining Incremental Free Cash Flow
- Converting from Earnings to Free Cash Flow
- Calculating Free Cash Flow Directly
- Calculating the NPV
- USING EXCEL Capital Budgeting Using a Spreadsheet Program
- 9.4 Other Effects on Incremental Free Cash Flows
- Opportunity Costs
- COMMON MISTAKE The Opportunity Cost of an Idle Asset
- Project Externalities
- Sunk Costs
- COMMON MISTAKE The Sunk Cost Fallacy
- Adjusting Free Cash Flow
- Replacement Decisions
- 9.5 Analyzing the Project
- Sensitivity Analysis
- Break-Even Analysis
- INTERVIEW WITH David Holland
- Scenario Analysis
- USING EXCEL Project Analysis Using Excel
- 9.6 Real Options in Capital Budgeting
- Option to Delay
- Option to Expand
- Option to Abandon
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 9 APPENDIX MACRS Depreciation
- Chapter 10 Stock Valuation: A Second Look
- 10.1 The Discounted Free Cash Flow Model.
- Valuing the Enterprise.
