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Full Description
This book examines financial decision-making by firms and discusses how these decisions can create value for the shareholders.
Woven around the theme of value-based management, Corporate Finance: Text and Cases offers a rigorous understanding of the role of finance in supporting other functional areas of a business, how and why firms arrive at particular financial decisions and the impact of these decisions on the shareholders. The book also helps to build a strong theoretical background and practical knowledge of doing business in emerging markets. Using cases developed on emerging market scenarios, it emphasizes the fact that financial strategy should be aligned with overall business strategy. It closely scrutinizes topics such as execution of capital investment decisions, financial strategy, management of working capital, estimation of divisional cost capital and management of growth.
This revised edition, designed as a core textbook, will be a suitable companion for students of business management and other professional courses. It will also be useful
for those seeking a career in corporate finance, investment banking, general management, strategy consulting, securities analysis, turnaround management, commercial banking and investment management.
Key Features:
• All topics summarized with real-life examples and anecdotes.
• Twelve full-length teaching cases based on emerging market scenarios to accentuate practical understanding.
• Robust companion website bearing detailed teaching notes, questions for classroom discussion, additional references and much more.
Contents
Preface
Acknowledgements
SECTION 1: BUILDING BLOCKS
Introduction
Time Value of Money
Risk and Return
Estimation of Cost of Capital
Financial Statements and Firm Value
SECTION 2: CAPITAL INVESTMENTS
Overview of Capital Budgeting
Free Cash Flow Valuation
Risk Analysis in Capital Investments
A Real Option's Perspective of Capital Budgeting
A Follow-up Note on Capital Budgeting
SECTION 3: MANAGING CURRENT ASSETS
Working Capital Estimation and Financing
Cash Management
Receivables Management
SECTION 4: THE FINANCING DECISION
Optimal Capital Structure
An Overview of Financing Choices
Initial Public Offerings
Bank Loans
A Follow-up Note on Financing
Project Financing
The Leasing Decision
SECTION 5: DIVIDEND POLICY
The Dividend Policy
SECTION 6: FINANCIAL POLICY, COMPETITIVE STRATEGY AND SHAREHOLDER VALUE
Growth and Shareholder Value
Mergers and Acquisitions
EVA and Divisional Performance Measurement
TEACHING CASES
MODULE 1: RISK AND RETURN
ICICI Prudential
MODULE 2: COST OF CAPITAL, CAPITAL BUDGETING AND CAPITAL STRUCTURE
The Bolivian Tropical Wood Consortium
Hutchison Whampoa and the Shanghai Deep Water Project
Shanghai Disneyland
MODULE 3: FINANCING YOUNG AND MATURE FIRMS
Iceland Submarine Cable Project
Air Deccan Initial Public Offering
Wockhardt Limited: Will it rise from the ashes?
MODULE 4: PROJECT FINANCE
The Dalian Water Supply Project
AES Corporation: Building a LNG Power Plant in Honduras
MODULE 5: DIVIDENDS AND STOCK REPURCHASES
Dividend Policy at SRF Limited: Buyback of Shares
MODULE 6: ACQUISITIONS AND CORPORATE RESTRUCTURING
Restructuring at Suzlon Energy Ltd
Lanco Infratech Limited
Index
