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Corporate finance and investment : decisions and strategies / / Richard Pike, Bill Neale and Philip Linsley
| Corporate finance and investment : decisions and strategies / / Richard Pike, Bill Neale and Philip Linsley |
| Autore | Pike Richard |
| Edizione | [Eighth edition.] |
| Pubbl/distr/stampa | Harlow, England : , : Pearson, , 2015 |
| Descrizione fisica | 1 online resource (867 pages) : color illustrations, photographs |
| Disciplina | 658.150941 |
| Collana | Always Learning |
| Soggetto topico |
Corporations - Great Britain - Finance
Capital investments - Great Britain Capital investments |
| ISBN |
9781292064086
9781292064062 1292064064 |
| Formato | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Cover -- Title -- Copyright -- Contents -- List of figures and tables -- Preface -- Acknowledgements -- Publisher's acknowledgements -- Part I: A FRAMEWORK FOR FINANCIAL DECISIONS -- Chapter 1 An overview of financial management -- 1.1 Introduction -- 1.2 The finance function -- 1.3 Investment and financial decisions -- 1.4 Cash - the lifeblood of the business -- 1.5 The emergence of financial management -- 1.6 The finance department in the firm -- 1.7 The financial objective -- 1.8 The agency problem -- 1.9 Managing the agency problem -- 1.10 Social responsibility and shareholder wealth -- 1.11 The corporate governance debate -- 1.12 The risk dimension -- 1.13 The strategic dimension -- Summary -- Key points -- Further reading -- Useful websites -- Questions -- Chapter 2 The financial environment -- 2.1 Introduction -- 2.2 Financial markets -- 2.3 The financial services sector -- 2.4 The London Stock Exchange (LSE) -- 2.5 Are financial markets efficient? -- 2.6 Reading the financial pages -- 2.7 Taxation and financial decisions -- Summary -- Key points -- Further reading -- Useful websites -- Appendix: Financial statement analysis -- Questions -- Chapter 3 Present values, and bond and share valuation -- 3.1 Introduction -- 3.2 Measuring wealth -- 3.3 Time-value of money -- 3.4 Financial arithmetic for capital growth -- 3.5 Present value -- 3.6 Present value arithmetic -- 3.7 Valuing bonds -- 3.8 Valuing shares: the dividend valuation model -- 3.9 Problems with the dividend growth model -- Summary -- Key points -- Further reading -- Useful websites -- Appendix I: The term structure of interest rates and the yield curve -- Appendix II: Present value formulae -- Appendix III: The P:E ratio and the constant dividend valuation model -- Questions -- Part II: INVESTMENT DECISIONS AND STRATEGIES -- Chapter 4 Investment appraisal methods.
4.1 Introduction -- 4.2 Cash flow analysis -- 4.3 Net present value -- 4.4 Investment techniques - net present value -- 4.5 Internal rate of return -- 4.6 Profitability index -- 4.7 Payback period -- 4.8 Accounting rate of return -- 4.9 Ranking mutually exclusive projects -- 4.10 Investment evaluation and capital rationing -- Summary -- Key points -- Further reading -- Appendix I: Modified IRR -- Appendix II: Multi-period capital rationing and mathematical programming -- Questions -- Chapter 5 Project appraisal - applications -- 5.1 Introduction -- 5.2 Incremental cash flow analysis -- 5.3 Replacement decisions -- 5.4 Inflation cannot be ignored -- 5.5 Taxation is a cash flow -- 5.6 Use of DCF techniques -- 5.7 Traditional appraisal methods -- Summary -- Key points -- Further reading -- Appendix: The problem of unequal lives: Poulter plc -- Questions -- Chapter 6 Investment strategy and process -- 6.1 Introduction -- 6.2 Strategic considerations -- 6.3 Advanced manufacturing technology (AMT) investment -- 6.4 Environmental aspects of investment -- 6.5 The capital investment process -- 6.6 Post-auditing -- Summary -- Key points -- Further reading -- Questions -- Part III: VALUE, RISK AND THE REQUIRED RETURN -- Chapter 7 Analysing investment risk -- 7.1 Introduction -- 7.2 Expected net present value (ENPV): Betterway plc -- 7.3 Attitudes to risk -- 7.4 The many types of risk -- 7.5 Measurement of risk -- 7.6 Risk description techniques -- 7.7 Adjusting the NPV formula for risk -- 7.8 Risk analysis in practice -- 7.9 Capital investment options -- Summary -- Key points -- Further reading -- Appendix: Multi-period cash flows and risk -- Questions -- Chapter 8 Relationships between investments: portfolio theory -- 8.1 Introduction -- 8.2 Portfolio analysis: the basic principles -- 8.3 How to measure portfolio risk. 8.4 Portfolio analysis where risk and return differ -- 8.5 Different degrees of correlation -- 8.6 Worked example: Gerrybild plc -- 8.7 Portfolios with more than two components -- 8.8 Can we use this for project appraisal? Some reservations -- Summary -- Key points -- Further reading -- Questions -- Chapter 9 Setting the risk premium: the Capital Asset Pricing Model -- 9.1 Introduction -- 9.2 Security valuation and discount rates -- 9.3 Concepts of risk and return -- 9.4 International portfolio diversification -- 9.5 Systematic risk -- 9.6 Completing the model -- 9.7 Using the CAPM: assessing the required return -- 9.8 Worked example -- 9.9 The underpinnings of the CAPM -- 9.10 Portfolios with many components: the capital market line -- 9.11 How it all fits together: the key relationships -- 9.12 Reservations about the CAPM -- 9.13 Testing the CAPM -- 9.14 Factor models -- 9.15 The Arbitrage Pricing Theory -- 9.16 Fama and French's three-factor model -- 9.17 Issues raised by the CAPM: some food for managerial thought -- Summary -- Key points -- Further reading -- Appendix: Analysis of variance -- Questions -- Chapter 10 The required rate of return on investment -- 10.1 Introduction -- 10.2 The required return in all-equity firms: the DGM -- 10.3 The required return in all-equity firms: the CAPM -- 10.4 Using 'tailored' discount rates -- 10.5 Worked example: Tieko plc -- 10.6 Another problem: taxation and the CAPM -- 10.7 Problems with 'tailored' discount rates -- 10.8 A critique of divisional hurdle rates -- Summary -- Key points -- Further reading -- Questions -- Chapter 11 Enterprise value and equity value -- 11.1 Introduction -- 11.2 The valuation problem -- 11.3 Valuation using published accounts -- 11.4 Valuing the earnings stream: P:E ratios -- 11.5 EBITDA - a halfway house -- 11.6 Valuing cash flows -- 11.7 The DCF approach. 11.8 Valuation of unquoted companies -- 11.9 Shareholder value analysis -- 11.10 Using value drivers -- 11.11 Worked example: Safa plc -- 11.12 Economic Value Added (EVA) -- Summary -- Key points -- Further reading -- Questions -- Chapter 12 Identifying and valuing options -- 12.1 Introduction -- 12.2 Share options -- 12.3 Option pricing -- 12.4 Application of option theory to corporate finance -- 12.5 Capital investment options (real options) -- 12.6 Why conventional NPV may not tell the whole story -- Summary -- Key points -- Further reading -- Useful websites -- Appendix: Black-Scholes option pricing formula -- Questions -- Part IV: SHORT-TERM FINANCING AND POLICIES -- Chapter 13 Risk and treasury management -- 13.1 Introduction -- 13.2 The treasury function -- 13.3 Funding -- 13.4 How firms can use the yield curve -- 13.5 Banking relationships -- 13.6 Treasury risk management -- 13.7 Risk management -- Summary -- Key points -- Further reading -- Useful websites -- Questions -- Chapter 14 Working capital and short-term asset management -- 14.1 Introduction -- 14.2 Working capital management -- 14.3 Predicting corporate failure -- 14.4 Cash operating cycle -- 14.5 Working capital policy -- 14.6 Overtrading problems -- 14.7 Managing trade credit -- 14.8 Inventory management -- 14.9 Cash management -- 14.10 Worked example: Mangle Ltd -- 14.11 Cash management models -- Summary -- Key points -- Further reading -- Useful websites -- Appendix: Miller-Orr cash management model -- Questions -- Chapter 15 Short- and medium-term finance -- 15.1 Introduction -- 15.2 Trade credit -- 15.3 Bank credit facilities -- 15.4 Invoice finance (or 'asset-based finance') -- 15.5 Using the money market: bill finance -- 15.6 Hire Purchase (HP) -- 15.7 Leasing -- 15.8 Lease evaluation: a simple case -- 15.9 Motives for leasing. 15.10 Allowing for corporation tax in lease evaluation -- 15.11 Worked example of leasing to include taxation: Porlock plc -- 15.12 Policy implications: when should firms lease? -- Summary -- Key points -- Further reading -- Appendix: Financing international trade -- Questions -- Part V: STRATEGIC FINANCIAL DECISIONS -- Chapter 16 Long-term finance -- 16.1 Introduction -- 16.2 Guiding lights: corporate aims and corporate finance -- 16.3 How companies raise long-term finance in practice -- 16.4 Shareholders' funds -- 16.5 How unquoted firms can raise equity finance -- 16.6 Worked example: YZ and VCI -- 16.7 Going public -- 16.8 Equity issues by quoted companies -- 16.9 Debt instruments: debentures, bonds and notes -- 16.10 Leasing and sale-and-leaseback (SAL) -- 16.11 Islamic finance -- Summary -- Key points -- Further reading -- Questions -- Chapter 17 Returning value to shareholders: the dividend decision -- 17.1 Introduction -- 17.2 The strategic dimension -- 17.3 The legal dimension -- 17.4 The theory: dividend policy and firm value -- 17.5 Objections to dividend irrelevance -- 17.6 The information content of dividends: dividend smoothing -- 17.7 Worked example -- 17.8 Alternatives to cash dividends -- 17.9 The dividend puzzle -- 17.10 Conclusions -- Summary -- Key points -- Further reading -- Appendix: Home-made dividends -- Questions -- Chapter 18 Capital structure and the required return -- 18.1 Introduction -- 18.2 Measures of gearing -- 18.3 Operating and financial gearing -- 18.4 Financial gearing and risk: Lindley plc -- 18.5 The 'traditional' view of gearing and the required return -- 18.6 The cost of debt -- 18.7 The overall cost of capital -- 18.8 Worked example: Damstar plc -- 18.9 More on Economic Value Added (EVA) -- 18.10 Financial distress -- 18.11 Two more issues: signalling and agency costs -- 18.12 Conclusions -- Summary. Key points. |
| Record Nr. | UNINA-9910154770603321 |
Pike Richard
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| Harlow, England : , : Pearson, , 2015 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
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Country finance United Kingdom
| Country finance United Kingdom |
| Pubbl/distr/stampa | New York, NY, : Economist Intelligence Unit |
| Disciplina | 332 |
| Soggetto topico |
Finance - Great Britain
Corporations - Great Britain - Finance Corporations, Foreign - Great Britain - Finance International business enterprises - Great Britain - Finance Corporations - Finance Corporations, Foreign - Finance Finance International business enterprises - Finance |
| Soggetto genere / forma | Periodicals. |
| ISSN | 2165-719X |
| Formato | Materiale a stampa |
| Livello bibliografico | Periodico |
| Lingua di pubblicazione | eng |
| Altri titoli varianti | United Kingdom |
| Record Nr. | UNISA-996209187503316 |
| New York, NY, : Economist Intelligence Unit | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. di Salerno | ||
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