Muutke küpsiste eelistusi

E-raamat: Corporate Finance: Fundamentals of Value and Price

Teised raamatud teemal:
  • Formaat - EPUB+DRM
  • Hind: 122,88 €*
  • * hind on lõplik, st. muud allahindlused enam ei rakendu
  • Lisa ostukorvi
  • Lisa soovinimekirja
  • See e-raamat on mõeldud ainult isiklikuks kasutamiseks. E-raamatuid ei saa tagastada.
Corporate Finance: Fundamentals of Value and PriceSuurem pilt
Teised raamatud teemal:

DRM piirangud

  • Kopeerimine (copy/paste):

    ei ole lubatud

  • Printimine:

    ei ole lubatud

  • Kasutamine:

    Digitaalõiguste kaitse (DRM)
    Kirjastus on väljastanud selle e-raamatu krüpteeritud kujul, mis tähendab, et selle lugemiseks peate installeerima spetsiaalse tarkvara. Samuti peate looma endale  Adobe ID Rohkem infot siin. E-raamatut saab lugeda 1 kasutaja ning alla laadida kuni 6'de seadmesse (kõik autoriseeritud sama Adobe ID-ga).

    Vajalik tarkvara
    Mobiilsetes seadmetes (telefon või tahvelarvuti) lugemiseks peate installeerima selle tasuta rakenduse: PocketBook Reader (iOS / Android)

    PC või Mac seadmes lugemiseks peate installima Adobe Digital Editionsi (Seeon tasuta rakendus spetsiaalselt e-raamatute lugemiseks. Seda ei tohi segamini ajada Adober Reader'iga, mis tõenäoliselt on juba teie arvutisse installeeritud )

    Seda e-raamatut ei saa lugeda Amazon Kindle's. 

This book on corporate finance systemically integrates firms' approach toward the market, the value fundamentals of investors, and the pricing dynamics of financial markets. The reader is first introduced to an illustration and analysis of some of the main models used in corporate finance and in asset pricing. The text moves to define the core analysis and valuation techniques to demonstrate how integrating the fields of corporate finance and asset pricing allows us to make comprehensive and precise valuations over time.





The textbook combines rigorous quantitative analysis with effective use of graphics to aid intuitive understanding, as well as didactic elements to help grasp the theoretical framework. Suitable for advanced undergraduate and graduate students, as well as financial analysts and advisors, investors, and bankers, the book also provides an overview of Mergers and Acquisitions (M&A), IPO, and Private Equity to help illustrate the theoretical concepts in practice.
Part I Economic and Financial Analysis of the Firm
1 Production Functions, Cost Minimization, and Profit Maximization
3(24)
1.1 Production Functions
3(11)
1.1.1 Baseline Concepts
3(4)
1.1.2 Assumptions
7(1)
1.1.3 Marginal Product of Factor (MP)
8(1)
1.1.4 Technical Rate of Substitution of Factor (TRS)
9(2)
1.1.5 Elasticity of Substitution (ES)
11(1)
1.1.6 Returns to Scale
12(2)
1.2 Cost Minimization
14(4)
1.2.1 Weak Axiom of Cost Minimization (WACM)
16(2)
1.3 Profit Maximization
18(9)
1.3.1 Comparative Statics
22(2)
1.3.2 Weak Axiom of Profit Maximization (WAPM)
24(3)
2 Cost Structure of the Firm
27(38)
2.1 Cost Functions
27(5)
2.1.1 Short-Run Cost Functions
29(1)
2.1.2 Long-Run Cost Functions
30(1)
2.1.3 Price and Cost Function
31(1)
2.2 Cost Functions in the Short run
32(6)
2.2.1 Short-Run Total Cost Functions
32(1)
2.2.2 Short-Run Average Cost Functions
32(2)
2.2.3 Marginal Cost Function (MC)
34(4)
2.3 Cost Functions in the Short Run: Linear Approximation
38(13)
2.3.1 Fixed Costs
39(1)
2.3.2 Variable Costs
39(1)
2.3.3 Cost-Output Diagram
40(4)
2.3.4 Contribution Margin
44(2)
2.3.5 Break-Even Point
46(2)
2.3.6 Product Mix
48(2)
2.3.7 Degree of Operating Leverage
50(1)
2.4 Cost Curves in the Long ran
51(4)
2.4.1 Long-Run Marginal Cost
54(1)
2.5 Full Cost of Product
55(10)
2.5.1 Direct Cost
56(1)
2.5.2 Indirect Cost
57(1)
2.5.3 Direct-Indirect Costs and Variable-Fixed Costs
58(1)
2.5.4 Step-Down Order Procedure
58(7)
3 Variance Analysis and Economic Performance
65(22)
3.1 Variance Analysis: Definition and Aim
65(2)
3.2 Sales Revenue Variance
67(2)
3.2.1 Actual
67(1)
3.2.2 Forecast
67(1)
3.2.3 Variance Actual Vs Forecast
67(2)
3.3 Cost of Material Variance
69(4)
3.3.1 Forecast
69(1)
3.3.2 Actual
70(1)
3.3.3 Variance Forecast vs Actual
71(2)
3.4 Direct Labour Cost Variance
73(5)
3.4.1 Forecast
74(1)
3.4.2 Actual
75(1)
3.4.3 Variance Forecast vs Actual
76(2)
3.5 Overhead Costs Variance
78(9)
3.5.1 Forecast
79(1)
3.5.2 Actual
79(8)
4 Economic and Financial Dynamic Analysis: Operating Income and Net Income
87(28)
4.1 Economic and Financial Dynamic Analysis of the Firm
87(2)
4.2 Operating Income and Net Income: Scheme of Analysis
89(5)
4.2.1 Operating Section
90(2)
4.2.2 Non-Operating Section
92(2)
4.2.3 Financial Section
94(1)
4.2.4 Taxes Section
94(1)
4.3 Gross Profit (GP)
94(6)
4.3.1 Net Operating Revenues
94(3)
4.3.2 Cost of Goods Sold
97(2)
4.3.3 Gross Profit and Contribution Margin
99(1)
4.3.4 Gross Profit Margin
99(1)
4.4 EBITDA
100(8)
4.4.1 Personnel Cest
101(1)
4.4.2 Research and Development (R&D) Cost
102(2)
4.4.3 Marketing and Sales (M&S) Cost
104(1)
4.4.4 Logistic Cost
104(1)
4.4.5 Advisory Cost
105(1)
4.4.6 Leasing and Rent (L&R) Cost
106(1)
4.4.7 General and Administrative (G&A) Cost
106(1)
4.4.8 EBITDA Margin
107(1)
4.5 EBIT
108(2)
4.5.1 EBIT Margin
108(1)
4.5.2 Net Operating Profit After Taxes (NOPAT)
109(1)
4.6 EBT-Operating
110(1)
4.6.1 EBT-Operating Margin
111(1)
4.7 EBT and Net Income
111(4)
4.7.1 EBT Margin
112(1)
4.7.2 Net Income
112(1)
4.7.3 Net Income Margin
113(1)
4.7.4 Earnings per Share (EPS)
113(2)
5 Economic and Financial Dynamic Analysis: Invested Capital and Capital Structure
115(28)
5.1 Invested Capital and Capital Structure: Scheme of Analysis
115(5)
5.1.1 Invested Capital (IC)
116(2)
5.1.2 Capital Structure (CS)
118(2)
5.1.3 Identity Condition
120(1)
5.2 Capital Expenditures
120(3)
5.2.1 Operating CapEx (CAPEXop)
121(1)
5.2.2 Non-Operating CapEx (CAPEXNOP)
122(1)
5.3 Net Working Capital
123(6)
5.3.1 Operating Net Working Capital (NWCOP)
124(1)
5.3.2 Non-Operating Net Working Capital (NWCNOP)
125(1)
5.3.3 Net Working Capital Management
126(3)
5.4 Provisions (PS)
129(1)
5.5 Equity Capital
130(3)
5.5.1 Book Value and Market Value of Equity
130(2)
5.5.2 Financial Independence
132(1)
5.6 Debt Capital
133(5)
5.6.1 Firm Leverage
135(1)
5.6.2 Financial Debt Sustainability
136(2)
5.7 Relationship between Invested Capital and Capital Structure
138(5)
5.7.1 Relationship in Long Run
139(1)
5.7.2 Relationship in Short Run
140(3)
6 Economic and Financial Dynamic Analysis: Free Cash-Flow to the Firm and Free Cash-Flow to Equity
143(18)
6.1 Free Cash-Flow to the Firm and Free Cash-Flow to Equity: Scheme of Analysis
143(3)
6.2 Cash-In and Cash-Out
146(3)
6.2.1 Credits
146(1)
6.2.2 Debts
147(1)
6.2.3 Inventories
147(1)
6.2.4 Tangible and Intangible Assets
147(1)
6.2.5 Financial Assets
148(1)
6.2.6 Provisions
148(1)
6.2.7 Equity
149(1)
6.2.8 Liquidity
149(1)
6.3 Free Cash-Flow to the Firm
149(7)
6.3.1 EBITDA
150(1)
6.3.2 Operating CapEx
150(1)
6.3.3 Operating Net Working Capital (NWCOP)
151(2)
6.3.4 Decrease of Provisions (PS)
153(1)
6.3.5 Non-Operating Revenues and Costs
154(1)
6.3.6 Non-Operating Net Working Capital (NWCNOp)
154(1)
6.3.7 Non-Operating CapEx (CAPEXNOP)
155(1)
6.4 Free Cash-Flow to Equity
156(5)
7 Financial Ratios
161(12)
7.1 Return on Investment
161(2)
7.1.1 Return on Investment (ROI)
161(1)
7.1.2 Return on Operating Invested Capital (ROIC)
162(1)
7.1.3 Return on Assets (ROA)
163(1)
7.2 Operating Income Growth Rate
163(2)
7.3 Return on Equity
165(5)
7.3.1 Return on Equity (ROE)
165(2)
7.3.2 Total Return on Shareholders (TRS)
167(3)
7.4 Net Income Growth Rate
170(3)
8 Investment Analysis Rules
173(10)
8.1 Investment Decisions
173(1)
8.2 Net Present Value (NPV)
174(3)
8.3 Internal Rate of Return (IRR)
177(6)
Part II Risk and Return in the Capital Markets
9 Mean-Variance Portfolio Analysis
183(26)
9.1 Portfolio Expected Return
183(4)
9.1.1 Portfolio of Two Assets
184(2)
9.1.2 Portfolio of N Assets
186(1)
9.2 Portfolio Variance: Two Assets
187(12)
9.2.1 Case 1: Portfolio of Two Assets---Perfect Positive Correlation
190(3)
9.2.2 Case 2: Portfolio of Two Assets---Perfect Negative Correlation
193(4)
9.2.3 Correlation Coefficient Between -1 and +1
197(2)
9.3 Portfolio Variance: N Assets
199(4)
9.4 Asset Marginal Contribution to the Portfolio
203(6)
9.4.1 Asset Marginal Contribution to the Portfolio Return
204(1)
9.4.2 Asset Marginal Contribution to Portfolio Variance
204(3)
9.4.3 Asset Marginal Contribution to Portfolio Standard Deviation
207(2)
10 Efficient Frontier
209(26)
10.1 Portfolio of Two Risky Assets
209(8)
10.2 Portfolio of N Risky Assets
217(3)
10.3 Portfolio of N Risky Assets and One Riskless Asset
220(4)
10.4 Determination of the Efficient Frontier
224(11)
10.4.1 Case 1) Short Sales Allowed and Riskless Lending and Borrowing
224(9)
10.4.2 Case 2) Short Sales Allowed and No Riskless Lending and Borrowing
233(2)
11 Optimum Portfolio
235(34)
11.1 Expected Utility Theorem
235(6)
11.1.1 Axiomatic Theory
238(1)
11.1.2 Axiom 1: Consistent---Completeness and Transitivity
239(1)
11.1.3 Axiom 2: Monotonicity
239(1)
11.1.4 Axiom 3: Continuity
240(1)
11.1.5 Axiom 4: Independence
240(1)
11.1.6 Axiom 5: Reduction
241(1)
11.2 Investor Behaviour About Risk
241(9)
11.2.1 Risk Aversion
242(3)
11.2.2 Risk Seeking
245(3)
11.2.3 Risk Neutrality
248(2)
11.3 Risk Aversion Measurement
250(5)
11.3.1 Utility Functions
252(3)
11.4 Expected Utility and the Mean-Variance Approach
255(6)
11.4.1 Portfolio's Returns Follow a Normal Distribution
256(1)
11.4.2 Quadratic Utility Function
257(4)
11.5 Selection of Optimal Portfolio
261(8)
12 Single Index Model
269(12)
12.1 Structure of the Model
269(3)
12.2 Portfolio Expected Return and Variance
272(3)
12.3 Asset Contribution to the Portfolio's Risk
275(3)
12.4 Determination of the Optimum Portfolio
278(3)
13 Capital Asset Pricing Model: Standard Form
281(20)
13.1 Baseline Assumptions
281(1)
13.2 Intuitive Approach to CAPM
282(7)
13.3 Rigorous Approach to CAPM
289(7)
13.4 CAPM in Terms of Prices
296(5)
14 Capital Asset Pricing Model: Non-standard Form
301(18)
14.1 Zero-Beta CAPM
301(10)
14.1.1 Intuitive Approach
302(2)
14.1.2 Rigorous Approach
304(5)
14.1.3 Riskless Lending and No Riskless Borrowing
309(2)
14.2 Tax CAPM
311(3)
14.3 Consumption CAPM
314(5)
Part III Money, Interest Rates and Bond Market
15 Demand for Money, Supply of Money, and Equilibrium Interest Rate
319(26)
15.1 Monetary Base
319(5)
15.2 Deposit Multiplier
324(5)
15.3 Money Multiplier
329(2)
15.4 Equilibrium Interest Rate: Currency Only
331(8)
15.4.1 The Demand for Money
331(3)
15.4.2 The Supply of Money
334(1)
15.4.3 Equilibrium Interest Rate
335(4)
15.5 Equilibrium Interest Rate: Currency and Checkable Deposit
339(6)
15.5.1 The Demand for Money
339(1)
15.5.2 The Supply of Money
340(1)
15.5.3 The Equilibrium Interest Rate
340(5)
16 Behaviour of Interest Rates
345(22)
16.1 Government Bonds
345(3)
16.1.1 Bond Rating
347(1)
16.2 Price, Interest Rate, and Yield to Maturity
348(2)
16.3 Supply, Demand, and Equilibrium in Bond Market
350(4)
16.3.1 Demand Curve of Bond
351(1)
16.3.2 Supply Curve
351(1)
16.3.3 Market Equilibrium
352(2)
16.4 Shift in the Demand Curve for Bonds
354(5)
16.5 Shift in the Supply Curve for Bonds
359(2)
16.6 Expected Inflation and Business Cycle Effects on Demand and Supply of Bond
361(6)
16.6.1 Expected Inflation
362(1)
16.6.2 Business Cycle
363(4)
17 Risk and Term Structure of Interest Rates
367(12)
17.1 Risk Structure of Interest Rates
367(3)
17.2 Term Structure of Interest Rates
370(9)
17.2.1 Expectations Theory
371(2)
17.2.2 Liquidity Premium Theory
373(6)
Part IV Financial Policies and Capital Structure Choices
18 Firm Financing: Equity and Debt
379(14)
18.1 Shareholders Equity
379(3)
18.1.1 Share Capital
379(2)
18.1.2 Treasury Share
381(1)
18.1.3 Retained Earnings
382(1)
18.2 Stocks Issue
382(3)
18.2.1 New Shares Issue with Option
382(2)
18.2.2 New Shares Issue Without Option
384(1)
18.3 Private Debt
385(3)
18.3.1 Bank Loans
385(1)
18.3.2 Secured Loans
386(2)
18.3.3 Other Types of Loans
388(1)
18.4 Corporate Bond
388(5)
18.4.1 Callable Bonds
390(1)
18.4.2 Convertible Bonds
390(3)
19 Capital Structure Choice and Company Value
393(24)
19.1 Modigliani-Miller Propositions
393(2)
19.2 Proposition I
395(7)
19.3 Proposition II
402(2)
19.4 Proposition I with Corporate Taxes
404(4)
19.5 Proposition II with Corporate Taxes
408(2)
19.6 Corporate and Personal Taxes
410(2)
19.7 Optimal Capital Structure Theories
412(5)
19.7.1 Trade-Off Theory
412(2)
19.7.2 Pecking Order Theory
414(1)
19.7.3 Market Time Theory
414(3)
20 Payout Policy
417(14)
20.1 Payout Policy: Dividend and Buyback
417(2)
20.1.1 Dividends
417(1)
20.1.2 Buyback
418(1)
20.2 Payout Policy in Perfect Capital Market
419(3)
20.3 Payout Policy and Taxes
422(5)
20.4 Payout Policy and Signaling Theory
427(1)
20.5 Stock Dividend and Stock Split
428(3)
21 Cost of Capital
431(22)
21.1 Investor Expected Return and the Firm's Cost of Capital
431(1)
21.2 Cost of Equity
432(1)
21.3 Risk-Free Rate Estimation
433(1)
21.4 Risk Premium Estimation
434(4)
21.4.1 Historical Premiums
434(3)
21.4.2 Implied Equity Premiums
437(1)
21.5 Beta Estimation
438(8)
21.5.1 Regression Beta Approach
438(3)
21.5.2 Fundamental Beta
441(5)
21.6 Cost of Debt
446(2)
21.7 Weighted Average Cost of Capital
448(5)
Part V Valuation
22 Firm Valuation Approach
453(10)
22.1 The General Equation of Value of the Firm
453(1)
22.2 Valuation Time Period: Analytical and Synthetical Valuation
454(4)
22.3 Valuation Perspective: Equity Side and Asset Side
458(5)
22.3.1 Equity Side Perspective
458(1)
22.3.2 Asset Side Perspective
459(4)
23 Equity Valuation Models
463(20)
23.1 Dividend Discount Model
463(3)
23.2 Discount Dividend Model: Constant Growth
466(3)
23.3 Discount Dividend Model: Two-Stage Growth
469(5)
23.3.1 The DDM2S Based on Dividends Estimation
472(1)
23.3.2 Two-Stage Growth DDM with H-Model Specification
473(1)
23.4 Discount Dividend Model: Three-Stage Growth
474(3)
23.4.1 The DDM3S Based on Dividends Estimation
475(2)
23.5 Free Cash-Flow to Equity Discounted Model
477(2)
23.6 Free Cash-Flow to Equity Discounted Model: Constant Growth
479(1)
23.7 Free Cash-Flow to Equity Discounted Model: Two-Stage Growth
480(1)
23.8 Free Cash-Flow to Equity Discounted Model: Three-Stage Growth
481(2)
24 Firm Valuation Models
483(24)
24.1 Free Cash-Flow to the Firm Discount Models
483(2)
24.2 Free Cash-Flow to the Firm Discount Model: Cost of Capital Approach
485(5)
24.2.1 Steady-State Growth Model
486(1)
24.2.2 Two-Stage Growth Model
487(2)
24.2.3 Three-Stage Growth Model
489(1)
24.3 Free Cash-Flow to the Firm Discount Model: Adjusted Present Value Approach
490(8)
24.3.1 Unlevered Value
491(5)
24.3.2 Value of Tax Shields
496(1)
24.3.3 Value of Bankruptcy Costs
497(1)
24.3.4 Firm Value
497(1)
24.4 Discounted Economic Profit
498(9)
24.4.1 Steady-State Growth Rate
499(8)
25 Multiples Valuation
507(28)
25.1 Multiples Approach
507(2)
25.2 Price to Earnings
509(4)
25.2.1 Steady-State Growth Scenario
511(1)
25.2.2 Two-Stage Growth Scenario
512(1)
25.3 Price to Earning to Growth
513(3)
25.3.1 Steady-State Growth Scenario
514(1)
25.3.2 Two-Stage Growth Scenario
515(1)
25.4 Price to Book Value
516(3)
25.4.1 Steady-State Growth Scenario
517(1)
25.4.2 Two-Stage Growth Scenario
518(1)
25.5 Price to Sales
519(3)
25.5.1 Steady-State Growth Scenario
520(1)
25.5.2 Two-Stage Growth Scenario
521(1)
25.6 Firm Value to EBITDA
522(3)
25.6.1 Steady-State Growth Scenario
523(1)
25.6.2 Two-Stage Growth Scenario
524(1)
25.7 Firm Value to Book Value
525(4)
25.7.1 Steady-State Growth Scenario
526(1)
25.7.2 Two-Stage Growth Scenario
527(2)
25.8 Firm Value to Sales Revenue
529(6)
25.8.1 Steady-State Growth Scenario
529(1)
25.8.2 Two-Stage Growth Scenario
530(5)
Part VI Options
26 Financial Options
535(14)
26.1 Definitions and Basic Elements
535(1)
26.2 Payoffs and Profit
536(5)
26.2.1 Investor in Long Position
536(2)
26.2.2 Investor in Short Position
538(2)
26.2.3 Profit for Call and Put Options
540(1)
26.3 Call and Put Combinations
541(3)
26.3.1 Straddle
541(1)
26.3.2 Stock and Portfolio Insurance
542(2)
26.4 Put-Call Parity
544(1)
26.5 European and American Options
545(4)
27 Option Pricing
549(22)
27.1 Binomial Option Pricing Model
549(9)
27.1.1 Two-State Single-Period Model
549(4)
27.1.2 A Multiperiod Model
553(5)
27.2 Black-Scholes Option Pricing Model
558(6)
27.2.1 European Put Options
560(1)
27.2.2 Call Option on Dividend-Paying Stocks
561(1)
27.2.3 Replicating Portfolio
562(2)
27.3 Risk-Neutral Probabilities
564(7)
Part VII Special Topics
28 Mergers & Acquisitions
571(22)
28.1 Reasons of the M&A
571(4)
28.2 Investors Approach
575(1)
28.3 The Team of M&A
576(3)
28.3.1 Financial Advisor
577(1)
28.3.2 Legal Advisor
577(1)
28.3.3 Fiscal Advisor
578(1)
28.3.4 Transaction Advisor
578(1)
28.3.5 Strategic Advisor
579(1)
28.4 Buy-Side M&A
579(5)
28.4.1 Step (1): Preliminary Phase
580(1)
28.4.2 Step (2): Exploratory Phase
581(1)
28.4.3 Step (3): Selection Phase
581(1)
28.4.4 Step (4): Negotiation and Closing Phase
582(2)
28.5 Sell-Side M&A
584(2)
28.6 Price and Terms of Payment
586(4)
28.7 Takeover Defence
590(3)
28.7.1 Poison Pills
591(1)
28.7.2 White Knights
592(1)
28.7.3 Golden Parachutes
592(1)
28.7.4 Recapitalization
592(1)
29 Private Equity, Venture Capital, and Hedge Fund
593(20)
29.1 Private Equity
593(2)
29.2 Phases of the Private Equity Investment
595(7)
29.2.1 Phase (1): Fundraising
595(2)
29.2.2 Phase (2): Investment
597(3)
29.2.3 Phase (3): Monitoring
600(1)
29.2.4 Phase (4): Exit
601(1)
29.3 Venture Capital
602(2)
29.4 Venture Capital Valuation Method
604(2)
29.5 Venture Capital Control Tools
606(2)
29.6 Hedge Fund
608(5)
29.6.1 The Team and Fees
609(1)
29.6.2 Investment Strategy
610(3)
30 Initial Public Offering
613(8)
30.1 Reasons of IPO
613(1)
30.2 Preparation of the IPO
614(3)
30.2.1 Timing
615(1)
30.2.2 Equity Story
616(1)
30.2.3 Financial Model
616(1)
30.2.4 IPO Prospectus
617(1)
30.2.5 Pilot-Fishing
617(1)
30.3 Pricing of the IPO
617(4)
References 621
Pasquale De Luca is Associate Professor at Sapienza University of Rome, Italy, where he teaches Business Administration and Finance. His main fields of research are corporate finance and asset pricing, with a specific focus on topics including corporate valuation, capital structure choices and cost of capital, restructuring, mergers and acquisitions, private equity, and planning and control systems for management decisions.
Lisainfo e-raamatute kohta Lisainfo e-raamatute kohta
Püsilink: https://www.kriso.ee/db/97830311830036e.html
Märksõnad: