Fundamentals of Corporate Finance , 3rd Edition International Student Version
Auteurs : Parrino Robert, Kidwell David S., Bates Thomas, Moles Peter
The authors believe that students who understand the intuition underlying the basic concepts of finance are better able to develop critical judgments necessary to apply financial tools in real decision–making situations. The Third Edition offers a level of rigor that is appropriate for both business and finance majors and presents the content in a manner that all students find accessible and engaging.
1.1 The Role of the Financial Manager 2
1.2 Forms of Business Organisation 7
1.3 Managing the Financial Function 10
1.4 The Goal of the Firm 13
1.5 Agency Conflicts: Separation of Ownership and Control 16
1.6 The Importance of Ethics in Business 23
2 The Financial Environment and the Level of Interest Rates 31
2.1 The Financial System 33
2.2 Direct Financing 35
2.3 Types of Financial Markets 38
2.4 Market Efficiency 42
2.5 The Stock Market 44
2.6 Financial Institutions and Indirect Financing 46
2.7 The Determinants of Interest Rate Levels 50
3 Financial Statements, Cash Flows and Taxes 61
3.1 Financial Statements and Accounting Principles 62
3.2 The Statement of Financial Position (Balance Sheet) 66
3.3 Market Value versus Book Value 73
3.4 The Income Statement and the Statement of Retained Earnings 76
3.5 Cash Flows 80
3.6 Tying the Financial Statements Together 85
3.7 International Accounting Issues 87
3.8 Corporate Income Tax 90
4 Analysing Financial Statements 101
4.1 Background for Financial Statement Analysis 102
4.2 Common–Size Financial Statements 104
4.3 Financial Statement Analysis 108
4.4 The DuPont System: A Diagnostic Tool 125
4.5 Selecting a Benchmark 131
4.6 Using Financial Ratios 134
5 The Time Value of Money 147
5.1 The Time Value of Money 148
5.2 Future Value and Compounding 151
5.3 Present Value and Discounting 163
5.4 Additional Concepts and Applications 170
6 Discounted Cash Flows and Valuation 179
6.1 Multiple Cash Flows 180
6.2 Level Cash Flows: Annuities and Perpetuities 186
6.3 Cash Flows That Grow at a Constant Rate 204
6.4 The Effective Annual Interest Rate 206
7 Risk and Return 219
7.1 Risk and Return 220
7.2 Quantitative Measures of Return 221
7.3 The Variance and Standard Deviation as Measures of Risk 227
7.4 Risk and Diversification 236
7.5 Systematic Risk 246
7.6 Compensation for Bearing Systematic Risk 250
7.7 The Capital Asset Pricing Model 251
8 Bond Valuation and the Structure of Interest Rates 261
8.1 Corporate Bonds 262
8.2 Bond Valuation 265
8.3 Bond Yields 273
8.4 Interest Rate Risk 278
8.5 The Structure of Interest Rates 281
9 Share Valuation 293
9.1 The Market for Shares 294
9.2 Valuing Ordinary Shares 299
9.3 Share Valuation: Some Simplifying Assumptions 304
9.4 Valuing Preference Shares 314
10 The Fundamentals of Capital Budgeting 323
10.1 An Introduction to Capital Budgeting 324
10.2 Net Present Value 328
10.3 The Payback Period 336
10.4 The Accounting Rate of Return 341
10.5 Internal Rate of Return 342
10.6 Capital Budgeting in Practice 353
11 Cash Flows and Capital Budgeting 363
11.1 Calculating Project Cash Flows 364
11.2 Estimating Cash Flows in Practice 373
11.3 Forecasting Free Cash Flows 389
11.4 Special Cases 391
12 Evaluating Project Economics and Capital Rationing 403
12.1 Variable Costs, Fixed Costs and Project Risk 404
12.2 Calculating Operating Leverage 412
12.3 Break–Even Analysis 415
12.4 Risk Analysis 419
12.5 Investment Decisions with Capital Rationing 423
13 The Cost of Capital 433
13.1 The Firm s Overall Cost of Capital 434
13.2 The Cost of Debt 439
13.3 The Cost of Equity 445
13.4 Using the WACC in Practice 454
14 Working Capital Management 467
14.1 Working Capital Basics 468
14.2 The Operating and Cash Conversion Cycles 472
14.3 Working Capital Investment Strategies 476
14.4 Accounts Receivable 480
14.5 Inventory Management 483
14.6 Cash Management and Budgeting 485
14.7 Financing Working Capital 487
15 How Firms Raise Capital 499
15.1 Bootstrapping 500
15.2 Venture Capital 502
15.3 Initial Public Offering 508
15.4 IPO Pricing and Cost 515
15.5 Seasoned Offerings by a Public Company 520
15.6 Private Markets and Bank Loans 526
16 Capital Structure Policy 539
16.1 Capital Structure and Firm Value 540
16.2 The Benefits and Costs of Using Debt 550
16.3 Two Theories of Capital Structure 563
16.4 Practical Considerations in Choosing a Capital Structure 565
17 Dividends, Share Repurchases and Payout Policy 573
17.1 Dividends 574
17.2 Share Repurchases 580
17.3 Dividends and Firm Value 582
17.4 Share Dividends and Share Splits 587
17.5 Setting a Dividend Policy 590
18 Business Formation, Growth and Valuation 595
18.1 Starting a Business 596
18.2 The Role of the Business Plan 606
18.3 Valuing a Business 608
18.4 Important Issues in Valuation 624
19 Financial Planning and Forecasting 633
19.1 Financial Planning 634
19.2 Financial Planning Models 637
19.3 A Better Financial Planning Model 643
19.4 Beyond the Basic Planning Models 651
19.5 Managing and Financing Growth 653
20 Corporate Risk Management 671
20.1 Why Companies Manage Corporate Risks 673
20.2 Managing Operational, Business and Financial Risks 676
20.3 Forwards and Futures 678
20.4 Swaps 685
20.5 Financial Options 694
20.6 Option Valuation 698
20.7 Real Options 709
20.8 Agency Costs 712
21 International Financial Management 723
21.1 Introduction to International Finance Management 724
21.2 Foreign Exchange Markets 732
21.3 Country Risk 741
21.4 Cost of Capital for International Projects 746
21.5 International Capital Budgeting 752
21.6 Islamic Finance 758
Glossary 767
Subject Index 781
Company Index 789
Appendices Available online at
Appendix A: Present Value and Future Value Tables
Appendix B: Solutions to Selected Questions and Problems
Date de parution : 05-2015
Ouvrage de 832 p.
20.4x25.3 cm
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