A discussion-based learning approach to corporate finance fundamentals Lessons in Corporate Finance explains the fundamentals of the field in an intuitive way, using a unique Socratic question and answer approach. Written by award-winning professors at M.I.T. and Tufts, this book draws on years of research and teaching to deliver a truly interactive learning experience. Each case study is designed to facilitate class discussion, based on a series of increasingly detailed questions and answers that reinforce conceptual insights with numerical examples. Complete coverage of all areas of corporate finance includes capital structure and financing needs along with project and company valuation, with specific guidance on vital topics such as ratios and pro formas, dividends, debt maturity, asymmetric information, and more. Corporate finance is a complex field composed of a broad variety of sub-disciplines, each involving a specific skill set and nuanced body of knowledge. This text is designed to give you an intuitive understanding of the fundamentals to provide a solid foundation for more advanced study. * Identify sources of funding and corporate capital structure * Learn how managers increase the firm's value to shareholders * Understand the tools and analysis methods used for allocation * Explore the five methods of valuation with free cash flow to firm and equity Navigating the intricate operations of corporate finance requires a deep and instinctual understanding of the broad concepts and practical methods used every day. Interactive, discussion-based learning forces you to go beyond memorization and actually apply what you know, simultaneously developing your knowledge, skills, and instincts. Lessons in Corporate Finance provides a unique opportunity to go beyond traditional textbook study and gain skills that are useful in the field.
Autorentext
PAUL ASQUITH is the Gordon Y. Billard professor of finance at M.I.T.'s Sloan School. He is a specialist in corporate finance and has written on all areas of corporate finance including mergers, LBOs, equity issues, dividend policy, and more.
LAWRENCE A. WEISS is professor of International Accounting at The Fletcher School of Law and Diplomacy at Tufts University. He is a specialist in accounting and finance and has written on corporate bankruptcy, firm performance, international accounting, mergers, and more.
Klappentext
Praise for Lessons in Corporate Finance
"Lessons in Corporate Finance presents the technical concepts in a very thoughtful manner that, combined with the case illustrations, provide a real window into the world in which CFOs operate every day."
Daniel J. Brennan, Executive Vice President and Chief Financial Officer, Boston Scientific
"Asquith and Weiss provide a highly readable, clear, and practical treatment of corporate finance. This book will help any manager make better investment and financing decisions."
Steven Neil Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, The University of Chicago Booth School of Business
"Lessons in Corporate Finance, by Asquith and Weiss, provides an intuitive, step-by-step introduction to both the tools and theory of finance. The clarity of the presentation is not surprising given the fact that it is by two academics who changed the theory and practice of corporate finance in the 1980s and 1990s. While clearly useful as a textbook, it is even more suited to finance practitioners who may not be familiar with all the underpinnings of finance theory."
Matthew E. Zames, Chief Operating Officer, JP Morgan Chase & Co.
Join the Discussion on the Essentials of Corporate Finance
Lessons in Corporate Finance is a one-of-a-kind instructive experience, developed by two top educators in finance, that uses examples of actual companies to discuss the theory, tools, and techniques that enable chief financial officers (CFOs) to consistently make valuable decisions.
The deliberate question-and-answer format develops your intuitive understanding of the fundamental principles and tools of corporate finance to ensure a solid foundation for real-world practice and advanced study. Fulfill every major role of a CFO by making good investment and financing decisions, as well as ensuring a consistent cash flow with the ability to:
- Identify sources of funding and corporate capital structure
- Use strategic management to increase a company's value to shareholders
- Efficiently apply the tools and analysis methods for allocation
- Value a firm and project in a variety of different ways within four main families
Go beyond the traditional textbook with Lessons in Corporate Finance, and prepare yourself to meet the academic and practical demands of the real business world.
Zusammenfassung
A discussion-based learning approach to corporate finance fundamentals
Lessons in Corporate Finance explains the fundamentals of the field in an intuitive way, using a unique Socratic question and answer approach. Written by award-winning professors at M.I.T. and Tufts, this book draws on years of research and teaching to deliver a truly interactive learning experience. Each case study is designed to facilitate class discussion, based on a series of increasingly detailed questions and answers that reinforce conceptual insights with numerical examples. Complete coverage of all areas of corporate finance includes capital structure and financing needs along with project and company valuation, with specific guidance on vital topics such as ratios and pro formas, dividends, debt maturity, asymmetric information, and more.
Corporate finance is a complex field composed of a broad variety of sub-disciplines, each involving a specific skill set and nuanced body of knowledge. This text is designed to give you an intuitive understanding of the fundamentals to provide a solid foundation for more advanced study.
- Identify sources of funding and corporate capital structure
- Learn how managers increase the firm's value to shareholders
- Understand the tools and analysis methods used for allocation
- Explore the five methods of valuation with free cash flow to firm and equity
Navigating the intricate operations of corporate finance requires a deep and instinctual understanding of the broad concepts and practical methods used every day. Interactive, discussion-based learning forces you to go beyond memorization and actually apply what you know, simultaneously developing your knowledge, skills, and instincts. Lessons in Corporate Finance provides a unique opportunity to go beyond traditional textbook study and gain skills that are useful in the field.
Inhalt
Preface xiii
Acknowledgments xv
About the Authors xvii
CHAPTER 1 Introduction
Two Markets: Product and Capital 2
The Basics: Tools and Techniques 2
A Diagram of Corporate Finance 3
A Brief History of Modern Finance 4
Reading This Book 6
CHAPTER 2 Determining a Firm's Financial Health (PIPES-A)
The Conversation with the Banker Is Like a Job Interview 7
Starting with the Product Market Strategy 9
Is PIPES Profi table? 10
Doing the Math 10
Sources and Uses of Funds 12
Ratio Analysis 16
The Cash Cycle 21
Summary 24
CHAPTER 3 Pro Forma Forecasts (PIPES-B)
First, Let's Take a Closer Look at Ratio Analysis 27
Pro Forma Forecasts 29
Circular Relationships 36
Back to (Forecasting) the Future 38
Projecting Out to 2014 and 2015 39
Evaluating the Loan 41
Summary 45
Appendix 3A: Accounting Is Not Economic Reality 47<…