Corporate finance and investment : decisions and strategies / / Richard Pike, Bill Neale and Philip Linsley

• Autore: Pike Richard
• Pubblicazione: Harlow, England : , : Pearson, , 2015
• Edizione: Eighth edition.
• Descrizione fisica: 1 online resource (867 pages) : color illustrations, photographs
• Disciplina: 658.150941
• Soggetto topico: Corporations - Great Britain - Finance; Capital investments - Great Britain; Capital investments
• Persona (resp. second.): NealeBill; LinsleyPhilip
• Nota di bibliografia: Includes bibliographical references and index.
• 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.
• Sommario/riassunto: Were you looking for the book with access to MyFinanceLab? This product is the book alone, and does NOT come with access to MyFinanceLab. Buy Corporate Finance and Investment, plus MyFinanceLab (ISBN 9781292064161) if you need access to the MyLab as well, and save money on this brilliant resource. Now in its eighth edition, Corporate Finance and Investment is a popular and well-regarded text for students wanting to gain essential knowledge of corporate finance and the tools to apply it. With its international perspective, the eighth edition has been thoroughly updated to now include important topics such as the impact of the financial crisis, along with additional material on risk management and behavioural finance. With its focus on strategic issues of finance in a business setting, this text uses the latest data, articles and figures to effectively illustrate the theory in practice. MyFinanceLab: Join over 10 million students benefiting from Pearson MyLabs This title can be supported by MyFinanceLab, an online tutorial and assessment centre available to aid your learning in finance. You need both an access card and a course ID to access MyFinanceLab 1. Is your lecturer using MyFinanceLab? Ask your lecturer for your Course ID 2. Has an access card been included with the book at a reduced cost? Check the inside back cover of the book 3. If you have a Course ID but no access card go to www.myfinancelab.com to buy access to this interactive study programme. Richard Pike is Emeritus Professor of Finance at the School of Management, University of Bradford. Bill Neale has lectured and researched at several UK Universities and is now freelancing. Philip Linsley is Senior Lecturer in Accounting and Finance; at the University of York.[RP1] [RP1]Are there any changes you wish to be made in this section?.
• Titolo autorizzato: Corporate finance and investment
• ISBN: 9781292064086; 9781292064062; 1292064064
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910154770603321
• Lo trovi qui: Univ. Federico II
• Serie: Always learning.