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Applied Corporate Finance, 3rd Edition,9780470384640
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Applied Corporate Finance, 3rd Edition

by
Edition:
3rd
ISBN13:

9780470384640

ISBN10:
0470384646
Format:
Paperback
Pub. Date:
3/1/2010
Publisher(s):
Wiley
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Summary

Readable and usable in style and valuable in approach, this text provides the practical and succinct advice that students and practitioners need, rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, the author applies corporate finance to real companies. The new Third Edition has four real-world core companies to study and follow. Perfected suited for MBA programsrs" corporate finance and equity valuation courses, all business decisions are classified into three groups: the investment, financing, and dividend decisions.

Table of Contents

Prefacep. iv
Acknowledgmentsp. ix
The Foundationsp. 1
The Firm: Structural Set-upp. 1
First Principlesp. 2
Corporate Financial Decisions, Firm Value, and Equity Valuep. 5
A Real-World Focusp. 6
A Resource Guidep. 7
Some Fundamental Propositions About Corporate Financep. 7
Conclusionp. 8
The Objective in Decision Makingp. 9
Choosing the Right Objectivep. 10
The Classical Objectivep. 11
Maximize Stock Prices: The Best-Case Scenariop. 14
Maximize Stock Prices: Real-World Conflicts of Interestp. 14
Alternatives to Stock Price Maximizationp. 37
Maximize Stock Prices: Salvaging a Flawed Objectivep. 40
A Postscript: The Limits of Corporate Financep. 53
Conclusionp. 54
Live Case Study: Corporate Governance Analysisp. 55
Problems and Questionsp. 57
The Basics of Riskp. 58
Motivation and Perspective in Analyzing Riskp. 59
Equity Risk and Expected Returnsp. 60
The Risk in Borrowing: Default Risk and the Cost of Debtp. 87
Conclusionp. 94
Live Case Study: Stockholder Analysisp. 95
Problems and Questionsp. 96
Risk Measurement and Hurdle Rates in Practicep. 100
Cost of Equityp. 101
From Cost of Equity to Cost of Capitalp. 155
Conclusionp. 174
Live Case Study: Risk and Return: Analysis for the Firmp. 175
Problems and Questionsp. 177
Measuring Return on Investmentsp. 182
What Is a Project?p. 183
Hurdle Rates for Firms Versus Hurdle Rates for Projectsp. 185
Measuring Returns: The Choicesp. 191
Investment Decision Rulesp. 214
Probabilistic Approaches to Investment Analysisp. 239
Conclusionp. 254
Live Case Study: Estimating Earnings and Cash Flowsp. 256
Problems and Questionsp. 257
Project Interactions, Side Costs, and Side Benefitsp. 260
Mutually Exclusive Projectsp. 261
Side Costs from Projectsp. 282
Side Benefits from Projectsp. 287
Options Embedded in Projectsp. 293
Measuring the Quality of Existing Investmentsp. 307
Conclusionp. 321
Live Case Study: Estimating Earnings and Cash Flowsp. 323
Problems and Questionsp. 324
Capital Structure: Overview of the Financing Decisionp. 328
The Choices: Types of Financingp. 329
Financing Behaviorp. 340
The Process of Raising Capitalp. 347
The Tradeoff of Debtp. 359
No Optimal Capital Structurep. 372
There is an Optimal Capital Structurep. 378
How Firms Choose Their Capital Structuresp. 380
Conclusionp. 385
Live Case Study: Analyzing a Firm's Current Financing Choicesp. 387
Problems and Questionsp. 389
Capital Structure: The Optimal Financial Mixp. 393
Operating Income Approachp. 394
Cost of Capital Approachp. 398
Adjusted Present Value Approachp. 434
Comparative Analysisp. 441
Selecting the Optimal Debt Ratiop. 444
Conclusionp. 445
Live Case Study: The Optimal Financing Mixp. 447
Problems and Questionsp. 448
Capital Structure: The Financing Detailsp. 455
A Framework for Capital Structure Changesp. 456
Immediate, Gradual or no Changep. 456
Choosing the Right Financing Instrumentsp. 475
Conclusionp. 498
Live Case Study: Mechanics of Moving to the Optimalp. 500
Problems and Questionsp. 502
Dividend Policyp. 505
Background on Dividend Policyp. 506
When are Dividends Irrelevant?p. 519
The "Dividends are Bad" Schoolp. 522
The "Dividends are Good" Schoolp. 529
Managerial Interests and Dividend Policyp. 540
Conclusionp. 543
Live Case Study: The Tradeoff on Dividend Policyp. 544
Problems and Questionsp. 545
Analyzing Cash Returned to Stockholdersp. 546
Cash Returned to Stockholdersp. 547
A Cash Flow Approach to Analyzing Dividend Policyp. 555
A Comparable Firm Approach to Analyzing Dividend Policyp. 581
Managing Changes in Dividend Policyp. 585
Conclusionp. 588
Live Case Study: A Framework for Analyzing Dividendsp. 589
Problems and Questionsp. 591
Valuation: Principles and Practicep. 595
Discounted Cash Flow Valuationp. 597
Relative Valuationp. 649
Reconciling Different Valuationsp. 667
Conclusionp. 668
Live Case Study: Valuationp. 669
Problems and Questionsp. 671
Basic Statisticsp. 675
Financial Statementsp. 682
Time Value of Moneyp. 694
Option Pricingp. 707
Glossaryp. 718
Indexp. 721
Table of Contents provided by Ingram. All Rights Reserved.


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