LEADER 10781nam 2200505 450 001 9910586592303321 005 20230106192623.0 010 $a3-030-87269-6 035 $a(MiAaPQ)EBC7068765 035 $a(Au-PeEL)EBL7068765 035 $a(CKB)24342143100041 035 $a(PPN)264195264 035 $a(EXLCZ)9924342143100041 100 $a20230106d2022 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aQuantitative corporate finance /$fJohn Guerard, Anureet Saxena, Mustafa N. Gu?ltekin 205 $aThird edition. 210 1$aCham, Switzerland :$cSpringer,$d[2022] 210 4$d©2022 215 $a1 online resource (666 pages) 311 08$aPrint version: Guerard Jr., John B. Quantitative Corporate Finance Cham : Springer International Publishing AG,c2022 9783030872687 320 $aIncludes bibliographical references and index. 327 $aIntro -- Why a Third Edition of Quantitative Corporate Finance? -- Why a Second Edition of Quantitative Corporate Finance? -- Contents -- Chapter 1: Introduction: Capital Formation, Risk, and the Corporation -- 1.1 Financial Mathematics and Theory -- 1.2 Growth and Survival of the Firm -- 1.3 Risk and Uncertainty Inherent in Finance -- 1.4 Types of Business Risk -- 1.5 Financial Risk -- 1.6 Division of Risk, Income, and Control -- 1.7 Profitability and Risk -- 1.8 Areas Covered in This Book -- References -- Chapter 2: The Corporation and Other Forms of Business Organization -- 2.1 The Sole or Single Proprietorship -- 2.2 The Partnership -- 2.3 The Limited Partnership -- 2.4 The Corporation, Its Basic Characteristics -- 2.4.1 Chartering the Corporation -- 2.4.2 Administrative Organization -- 2.5 Major Rights of the Shareholders -- 2.6 The Advantages of the Corporate Form -- 2.7 The Corporation in 2020: Trying to Maintain Economic Growth in the COVID-19 Pandemic with the Payroll Protection Plan -- References -- Chapter 3: The Corporation Balance Sheet -- 3.1 The Balance Sheet -- 3.2 Assets -- 3.3 Liabilities and Stockholder Equity -- 3.4 Book Value of Common Stock -- 3.5 Summary and Conclusions -- References -- Chapter 4: The Annual Operating Statements: The Income Statement and Cash Flow Statement -- 4.1 Form and Content of the Income Statement -- 4.2 Retained Earnings vs Dividends -- 4.3 Income Statement in the World of Business: IBM, Boeing, and Dominion Energy -- 4.4 Annual Cash Flow Statement -- 4.5 US Firm Cash Flow Analysis, 1971-2020 -- 4.6 Summary -- References -- Chapter 5: Financing Current Operations and Efficiency Ratio Analysis -- 5.1 Working Capital Concepts -- 5.2 Snapshots of Financial Ratios -- 5.3 The Calculations of Financial Ratios and Their Implications for Stockholder Wealth Maximization. 327 $a5.3.1 The Dupont Analysis Return on Invested Capital -- 5.3.2 Current Ratio -- 5.3.3 Sales to Total Assets -- 5.3.4 The Altman Z Model -- 5.4 The Time Series of WRDS Ratios in the United States, 1970-2020 -- 5.5 Industry Production of Financial Ratios -- 5.6 Limitations of Ratio Analysis -- 5.7 A Summary of Ratio Analysis -- References -- Chapter 6: Financing Current Operations and the Cash Budget -- 6.1 Sources of Short-Term Financing -- 6.2 Trade Credit -- 6.3 Bank Credit -- 6.4 Other Forms of Short-Term Financing -- 6.5 Quantitative Working Capital Models: Cash Management -- 6.6 The Cash Budget -- References -- Chapter 7: Capital and New Issue Markets -- 7.1 The Secondary Markets -- 7.2 The Primary Market -- 7.3 The Originating House -- 7.3.1 The Underwriting Group -- 7.3.2 The Selling Group -- 7.3.3 Other Aspects of Investment Banking -- 7.4 Initial Public Offerings (IPOs) -- 7.4.1 Expansion of a Privately Held Firm into a Public Corporation -- 7.4.2 The Problem of Control -- 7.4.3 Promotion of a Subsidiary by Parent Corporations -- 7.5 Formation of a Joint Subsidiary by Two or More Parent Companies -- 7.6 The SEC and the Flotation of New Issues -- 7.6.1 Secondary Floatations -- 7.7 Issuing Securities Through Rights -- 7.8 Stock Tenders -- 7.9 Costs of Floating an Issue -- 7.10 Regulation of the Capital Markets -- 7.11 The Capital Market as a Source of Funds -- 7.12 The Debate on the Optimal Organization of the Capital Market -- 7.13 Capital Markets and Long-Term Economic Growth -- References -- Chapter 8: The Equity of the Corporation: Common and Preferred Stock -- 8.1 Common Stock -- 8.2 Rewards of Common Shareholders -- 8.3 The Corporate Sector: A Net Exporter of Funds -- 8.4 Corporate Exports and the Maximization of Stockholder Wealth -- 8.5 Definitions of the Value of Common Shares -- 8.5.1 Book Value -- 8.5.2 Market Value. 327 $a8.5.3 Intrinsic or ``Normal´´ Value -- 8.6 Stock Splits and Stock Dividends -- 8.7 Stock Prices and Dividends: An Example of Valuation -- 8.7.1 Noncash-Paying Growth Shares -- 8.7.2 Valuing a Dividend-Paying Super-Growth Stock -- 8.7.3 Super Growth Cannot Be Infinite -- 8.7.4 The Paradox of the Low Current Return on Growth Options -- 8.8 Risk and Returns to Growth Investments -- 8.8.1 The Cost of Capital to a Growth Firm -- 8.8.2 The Cost of Common Stock Financing: The Norm -- 8.9 Preferred Stock -- 8.9.1 Features of Preferred Stock -- 8.9.2 Rational for Preferred Stock Financing -- 8.9.3 Convertible Preferred -- 8.9.4 Protective Features on Preferred Shares -- 8.9.5 Floating New Common Equity Issues -- 8.10 Advantage of New Share Financing -- References -- Chapter 9: Long-Term Debt -- 9.1 Bonds -- 9.1.1 Mortgage Agreement -- 9.1.2 Subordinate Mortgages -- 9.1.3 Net Working Capital Maintenance Requirements -- 9.1.4 Restrictions on Creating New Debt -- 9.2 Other Types of Long-Term Debt -- 9.2.1 Term Loans -- 9.2.2 Private Placements -- 9.2.3 Equipment Trust Certificates -- 9.3 Long-Term Lease -- 9.4 Lease Accounting: Recent Changes -- 9.5 The Cost of Debt Capital -- 9.6 Level and Structure of the Interest Rates -- 9.7 The Liquidity Preference Theory of the Term Structure -- 9.7.1 The Pure Expectations Theory of the Term Structure -- 9.7.2 The Market Segmentation Theory of the Term Structure -- 9.7.3 Setting the Rate on a New Issue -- 9.8 The Call Feature on Bonds -- 9.9 Convertible Bonds and Bonds with Warrants Attached -- 9.10 The Advantages and Disadvantages of Long-Term Debt -- 9.11 Malkiel´s Bond Theorems -- 9.12 Retirement of Debt -- 9.12.1 Toward a More Conservative Capital Structure -- 9.12.2 Decreasing the Level of Operations -- 9.12.3 Methods for Retiring Specific Issues -- 9.12.4 Repurchase on the Open Market. 327 $a9.12.5 Repayment or Refunding at Maturity -- 9.12.6 Gradual Reduction of Debt Issue by Sinking Fund Purchase -- 9.12.7 Reduction of Debt Through Serial Issues -- 9.12.8 Debt Retirement and the Call Privilege -- 9.12.9 Forced Conversion -- 9.13 Summary -- References -- Chapter 10: Debt, Equity, the Optimal Financial Structure, and the Cost of Funds -- 10.1 Definition of Leverage: Profits and Financial Risk -- 10.2 Illustrations of Leverage: Return and Risk -- 10.3 Surrogate Evidence on the Development of ``Optimum´´ Financial Structure -- 10.4 The Pure Theory of the Optimal Financial Structure -- 10.5 Modigliani and Miller: Constant Capital Costs -- 10.6 The Optimal Capital Structure and the M& -- M Hypothesis -- 10.7 Empirical Factors Influencing Financial Structures -- 10.8 Measures for Approximating Financial Risk -- 10.9 Outside Financing Capacity -- References -- Chapter 11: Investing in Assets: Theory of Investment Decision-Making -- 11.1 Net Present Value and the Internal Rate of Return -- 11.2 Mutually Exclusive Projects -- 11.3 Difference in Project Size and Durations of Cash Flow -- 11.4 Lowest Annualized Total Costs -- 11.5 The Irrational Fixed Capital Budget -- 11.6 Real Investments and the Cost of Funds -- 11.7 The Adjusted Present Value (APV) Model -- 11.7.1 Estimating Cash Flows -- 11.7.2 Gathering Information -- 11.7.3 Financial Statement: Pitfalls -- 11.7.4 Anatomy of Core Financial Statements -- 11.7.5 Definition of Cash Flows -- 11.8 CFO Practice -- 11.9 Current Costs of the ``Optimum´´ Financial Mix -- 11.10 The Effect of Taxes on the Financial Structure -- 11.11 Costing the Components of the Financial Mix -- 11.11.1 Cost of Trade Credit -- 11.11.2 Cost of Bank Credit -- 11.11.3 Cost of Long-Term Debt -- 11.11.4 Cost of Preferred Stock -- 11.11.4.1 Cost of Common Stock -- 11.11.4.2 Internal Funds. 327 $a11.11.5 The Cost of Retained Earnings -- 11.11.6 Other Internal Funds-Depreciation, Depletion, etc. -- 11.12 Investments Under Negative Interest Rates and Hyperinflation -- 11.12.1 Negative Interest Rates -- 11.12.2 Hyperinflationary Regime -- 11.13 Summary -- Appendix A: Application of APV -- Basic Extensions of Valuation Theory -- Application of APV -- References -- Chapter 12: Regression Analysis and Estimating Regression Models -- 12.1 Estimating an Ordinary Least Squares Regression Line -- 12.2 Autocorrelation -- 12.3 Estimating Multiple Regression Lines -- 12.4 Influential Observations and Possible Outliers and the Application of Robust Regression -- 12.5 The Conference Board Composite Index of Leading Economic Indicators and Real US GDP Growth: A Regression Example Includin... -- 12.6 The Conference Board Composite Index of Leading Economic Indicators and the US Unemployment Rate: Another Regression Exam... -- 12.7 Summary and Conclusions -- Appendices -- Appendix A: Influential Observations and Outlier Detection -- The US Leading Economic Indicators -- Appendix C: Identifying Influential Observations in a Regression -- References -- Chapter 13: Time Series Modeling and the Forecasting Effectiveness of the US Leading Economic Indicators -- 13.1 Basic Statistical Properties of Economic Series -- 13.1.1 The Autoregressive and Moving Average Processes -- 13.2 ARMA Model Identification in Practice -- 13.3 Estimating an ARIMA RWD for US GDP, 1959Q2-2020Q3 -- 13.3.1 Estimating an ARIMA RWD for DLGDP, 1959Q2-2020Q3 -- 13.4 Estimating a Transfer Function Time Series Model of US GDP with the US Leading Economic Indicator Time Series as Its Input -- 13.5 Forecasting Effectiveness of Time Series Modeling Using Autometrics to Estimate Outliers and Breaks: Studies of the US Re. 327 $a13.6 Automatic Time Series Modeling of the Unemployment Rate Using Leading Economic Indicators (LEI). 606 $aCorporations$xFinance 615 0$aCorporations$xFinance. 676 $a658.15 700 $aGuerard$b John$027814 702 $aSaxena$b Anureet 702 $aGu?ltekin$b Mustafa N. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910586592303321 996 $aQuantitative corporate finance$92999169 997 $aUNINA