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Full Description
Fundamentals of Corporate Finance 2e reflects the reality that Finance as an intellectual discipline continues to be challenged by the experiences and events of market activity. Following the global financial crisis (GFC), mangers have embarked on even more uncertain times. Thus, although the teaching of finance may have remained robust as a framework of conceptual thought, it is imperative that students come to realise that "finance is not physics", by which we mean that even a concept as foundational to financial management as the capital asset pricing model (CAPM) should not be interpreted as a literal truth. This leads to a consideration of managing risk and risk management approaches as having behavioural aspects that are the outcomes of a manager s or the firm s accumulated experience. They cannot always be reduced to the simple directives of a quantitative algorithm. The text helps students develop the intuition and analytical skills necessary to effectively apply financial tools in real-world decision-making situations.
The text provides a fully integrated framework for understanding how value creation relates to all aspects of corporate finance: whether it be evaluating an investment opportunity, determining the appropriate financing for a business, or managing working capital. This unique and integrated framework also enables students to develop problem solving and decision-making skills. The 2nd edition has undergone a thorough revision to the end of chapter materials, and the internal design of the book has been revamped to make it more visually appealing. As a result the text is far easier to navigate for students and is significantly more engaging in its presentation. The ground breaking Wiley E-Text version of Fundamentals of Corporate Finance 2e features narrated concept summaries, animated demo problems, stepped tutorials and interactive end of chapter materials to allow students to attempt the problems in the text and receive immediate feedback. Students can also do key word searches within the E-Text, highlight content of interest and make notes. Wiley The E-Text can be used on all popular platforms and devices including OC, Mac, iPad, Android and Kindle Fire.
Contents
About the authors xi Preface xiii Organisation and coverage xv Applications at a glance xviii How to use this book xx Acknowledgements xxiii Student and lecturer resources xxiv Selected abbreviations and notation xxv PART 1. Introduction CHAPTER 1. The financial manager and the company 2 PART 2. Foundations CHAPTER 2. The financial system and the level of interest rates 30 CHAPTER 3. Financial statements, cash flows and tax 56 CHAPTER 4. Analysing financial statements 88 PART 3. Valuation of future cash flows and risk CHAPTER 5. The time value of money 138 CHAPTER 6. Discounted cash flows and valuation 178 CHAPTER 7. Risk and return 222 CHAPTER 8. Bond valuation and the structure of interest rates 266 CHAPTER 9. Share valuation 302 PART 4. Capital budgeting decisions CHAPTER 10. The fundamentals of capital budgeting 334 CHAPTER 11. Cash flows and capital budgeting 380 CHAPTER 12. Evaluating project economics and capital rationing 416 CHAPTER 13. The cost of capital 448 PART 5. Working capital management and financing decisions CHAPTER 14. Working capital management 486 CHAPTER 15. How companies raise capital 520 CHAPTER 16. Capital structure policy 548 CHAPTER 17. Dividends and dividend policy 584 PART 6. Business formation, valuation and financial planning CHAPTER 18. Business formation, growth and valuation 608 CHAPTER 19. Strategic financial planning and forecasting 646 PART 7. Options and corporate finance and international decisions CHAPTER 20. Options and corporate finance 684 CHAPTER 21. International financial management 714 Appendix A: Present value and future value tables 746 Appendix B: Solutions to self-study problems 754 Glossary 777 Index 785
