Corporate Finance

Informationen zum Autor 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 The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate financeIn 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 managersCreated 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. Zusammenfassung The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate financeIn 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 profession...

Auteur

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.

Texte du rabat

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.

Contenu

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. Manager-Shareholder Conflicts 6

4.2. Director-Shareholder 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 Flow…