The book that fills the practitioner need for a distillation of
the most important tools and concepts of corporate finance
In today's competitive business environment, companies must find
innovative ways to enable rapid and sustainable growth not just to
survive, but to thrive. Corporate Finance: A Practical
Approach is designed to help financial analysts, executives,
and investors achieve this goal with a practice-oriented
distillation of the most important tools and concepts of corporate
finance.
Updated for a post-financial crisis environment, the Second
Edition provides coverage of the most important issues
surrounding modern corporate finance for the new global
economy:
* Preserves the hallmark conciseness of the first edition while
offering expanded coverage of key topics including dividend policy,
share repurchases, and capital structure
* Current, real-world examples are integrated throughout the book
to provide the reader with a concrete understanding of critical
business growth concepts
* Explanations and examples are rigorous and global, but make
minimal use of mathematics
* Each chapter presents learning objectives which highlight key
material, helping the reader glean the most effective business
advice possible
* Written by the experts at CFA Institute, the world's largest
association of professional investment managers
Created for current and aspiring financial professionals and
investors alike, Corporate Finance focuses on the knowledge,
skills, and abilities necessary to succeed in today's global
corporate world.
Autorentext
MICHELLE R. CLAYMAN, CFA, is Founder, Managing Partner, and Chief Investment Officer of New Amsterdam Partners LLC, an institutional money management firm in New York City. She has been published in the Financial Analysts Journal and the Journal of Investing, and is a frequent commentator for CNBC, Bloomberg, and other financial media outlets.
MARTIN S. FRIDSON, CFA, is CEO of FridsonVision LLC in New York City and is known for his innovative work in credit analysis and investment strategy. He is the author of several highly acclaimed books on financial statement analysis, high-yield debt, and financial history and is the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame.
GEORGE H. TROUGHTON, CFA, is Professor Emeritus of Finance at California State University, Chico. He is a recipient of the C. Stewart Sheppard Award for the advancement of education in the investment profession as well as the Donald L. Tuttle Award for CFA Grading Excellence.
Klappentext
"This book provides a concise and practical treatment of important topics in corporate finance."Steven N. Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business
Praise for the First Edition:
"Covers the basics of corporate financeworking capital, capital budgeting, M&A, cost of capital, capital structure, and dividend policyin one volume. Chapters on financial statement analysis and corporate governance give context to the core subjects presented. Corporate Finance: A Practical Approach will be helpful to the student seeking to learn the field and to the experienced practitioner in need of a desk-top reference tool."Thomas A. King, Treasurer, Progressive Insurance
"This text is very comprehensive in its treatment of many issues within corporate finance, making it a great resource for both academics and practitioners."Tom Arnold, CFA, Assistant Professor of Finance, Robins School of Business, University of Richmond
"Corporate Finance teaches future CFA charterholders what they need to know about corporate finance to be successful practitioners. The CFA curriculum, including the substance and pedagogy of this book, is a market-sensitive collaboration between sophisticated practitioners and academics. This approach and this book provide an excellent bridge between the principles and their application to corporate finance."Douglas R. Emery, Bank of America Scholar and Professor of Finance, University of Miami
Don't forget to pick up the Corporate Finance Workbook, Second Edition, a companion study guide that mirrors this text chapter by chapter.
Zusammenfassung
The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate finance
In today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance.
Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy:
- Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure
- Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts
- Explanations and examples are rigorous and global, but make minimal use of mathematics
- Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible
- Written by the experts at CFA Institute, the world's largest association of professional investment managers
Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world.
Inhalt
Foreword xi
Acknowledgments xv
About the CFA Institute Investment Series xvii
CHAPTER 1 Corporate Governance 1
Learning Outcomes 1
1. Introduction 1
2. Corporate Governance: Objectives and Guiding Principles 2
3. Forms of Business and Conflicts of Interest 3
3.1. Sole Proprietorships 4
3.2. Partnerships 5
3.3. Corporations 5
4. Specific Sources of Conflict: Agency Relationships 6
4.1. ManagerShareholder Conflicts 6
4.2. DirectorShareholder Conflicts 10
5. Corporate Governance Evaluation 10
5.1. The Board of Directors 11
5.2. Examples of Codes of Corporate Governance 24
6. Environmental, Social, and Governance Factors 37
7. Valuation Implications of Corporate Governance 39
8. Summary 40
Problems 42
CHAPTER 2 Capital Budgeting 47
Learning Outcomes 47
1. Introduction 48
2. The Capital Budgeting Process 49
3. Basic Principles of Capital Budgeting 50
4. Investment Decision Criteria 52
4.1. Net Present Value 52
4.2. Internal Rate of Return 53
4.3. Payback Period 55
4.4. Discounted Payback Period 57
4.5. Average Accounting Rate of Return 58
4.6. Profitability Index 58
4.7. NPV Profile 59
4.8. Ranking Conflicts between NPV and IRR 61
4.9. The Multiple IRR Problem and the No IRR Problem 65
4.10. Popularity and Usage of the Capital Budgeting Methods 68
5. Cash Flow Projections 70
5.1. Table Format with Cash Flows Collected by Year 70
5.2. Table Format with Cash Flows Collected by Type 72
5.3. Equation Format for Organizing Cash Flows 72
6. More on Cash Flow Projections 74
6.1. Straight-Line a…