David Hillier is Professor of Finance at the University of Strathclyde, teaches regularly in development programs for executives and has taught courses for a wide variety of professional clients, including the World Bank and the National Health Service in the UK. It is part of the editorial board of several international journals of finance.

Texte du rabat

The global pandemic restrictions, climate change, geopolitical tensions, and new artificial technologies have fundamentally impacted international financial markets and corporate strategy. Traditional finance theories have been questioned and their application to corporate decision-making has come under scrutiny like never before.

The third edition of Financial Markets and Corporate Strategy provides students with comprehensive and engaging discussions on the strategic challenges facing companies and their financial decisions. Brought to life by real-world examples, international cases and insights from recent research, it guides students through the challenges of studying and practising finance from both an academic and practical viewpoint.

Key Features:

· Fully updated research of the most important topics, data and examples in every chapter.

· Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies

· A stronger emphasis on sustainability, ethics, and corporate governance.

· Updates on accounting standards, bankruptcy laws, tax rules and tax systems.

David Hillier is Professor of Finance, Executive Dean of Strathclyde Business School, and Associate Principal of the University of Strathclyde.

Mark Grinblatt is the J. Clayburn LaForce Professor of Finance at the UCLA Anderson School of Management

Sheridan Titman is Professor of Finance at the McCombs School of Business.

Contenu

Part 1: Financial Markets and Financial Instruments Chapter 1 Raising Capital: The Process and Players Chapter 2Debt Financing Chapter 3Equity Financing Part 2: Valuing Financial Assets Chapter 4Portfolio Tools Chapter 5Mean-Variance Analysis and the Capital Asset Pricing Model Chapter 6Factor Models and the Arbitrage Pricing Theory Chapter 7Pricing Derivatives Chapter 8Options Part 3: Valuing Real Assets Chapter 9Discounting and Valuation Chapter 10Investing in Risk-Free Projects Chapter 11Investing in Risky Projects Chapter 12Allocating Capital and Corporate Strategy Chapter 13Corporate Taxes and the Impact of Financing on Real Asset Valuation Part 4: Capital Structure Chapter 14How Taxes Affect Financing Choices Chapter 15How Taxes Affect Dividends and Share Repurchases Chapter 16Bankruptcy Costs and Debt Holder-Equity Holder Conflicts Chapter 17Capital Structure and Corporate Strategy Part 5: Incentives, information, and corporate control Chapter 18How Managerial Incentives Affect Financial Decisions Chapter 19The Information Conveyed by Financial Decisions Chapter 20Mergers and Acquisitions Part 6: Risk Management Chapter 21Risk Management and Corporate Strategy Chapter 22The Practice of Hedging Chapter 23Interest Rate Risk Management