Familiarise yourself with the core concepts surrounding Corporate Finance with this reader-friendly text. Corporate Finance: Principles and Practice, 8th Edition by Denzil Watson and Antony Head, is a comprehensive guide to the field, introducing you to the key topics and basic areas of Corporate Finance. This thoroughly updated edition is ideal for students in accounting, business, or finance-related studies at undergraduate, postgraduate, and professional levels. Written and structured in a reader-friendly style for those new to the subject, the book explains clearly and step-by-step the essential principles and mathematical techniques needed without burdening you with unnecessary detail. The questions for review and discussion throughout the book and the comprehensive references with further reading suggestions at the end of the text, aim to support self-study and help you develop critical thinking skills. The eighth edition is fully updated with new and improved questions and refreshed chapter vignettes, offering a deeper understanding of the topics introduced. This edition is also updated with the latest changes in regulations and taxation, ensuring your learning is in line with the most recent developments in the field. The text also includes numerous examples to help you connect the theoretical information with practical knowledge and understand how corporate finance principles work in action. Learn everything you need to know about the essential concepts in Corporate Finance with this market-leading text and get a glimpse of the tools and techniques that managers use in the real world to achieve corporate goals in the business environment. MyLab Finance is not included. Students, if MyLab® Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information
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Corporate Finance: Principles and Practice is the book that helps you to get to grips with core concepts and topics of corporate finance all in one short volume, illustrating applications with examples from well-known companies, and explaining the key principles and mathematical techniques needed to be successful in your studies and in your career.
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Preface Acknowledgements The finance function Learning objectives Introduction 1.1 Two key concepts in corporate finance1.2 The role of the financial manager1.3 Corporate objectives1.4 How is shareholder wealth maximised?1.5 Agency theory1.6 Corporate governance1.7 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Capital markets, market efficiency and ratio analysis Learning objectives Introduction 2.1 Sources of business finance2.2 Capital markets2.3 Capital market efficiency2.4 Assessing financial performance2.5 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Short-term finance and working capital management Learning objectives Introduction 3.1 The objectives of working capital management3.2 Working capital policies3.3 Working capital and the cash conversion cycle3.4 Overtrading3.5 Managing inventory3.6 Managing cash3.7 Managing trade receivables3.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Long-term finance: equity finance Learning objectives Introduction 4.1 Equity finance4.2 The Stock Exchange4.3 Rights issues4.4 Scrip issues, share splits, scrip dividends and share repurchases4.5 Preference shares4.6 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Long-term finance: debt finance, hybrid finance and leasing Learning objectives Introduction 5.1 Bonds, loan notes, loan stock and debentures5.2 Bank and institutional debt5.3 International debt finance5.4 Convertible bonds5.5 Warrants5.6 Valuing fixed interest bonds5.7 Valuing convertible bonds5.8 Leasing5.9 Evaluating the financial effects of financing choices5.10 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading An overview of investment appraisal methods Learning objectives Introduction 6.1 The payback method6.2 The return on capital employed method6.3 The net present value method6.4 The internal rate of return method6.5 Comparing the NPV and IRR methods6.6 The profitability index and capital rationing6.7 The discounted payback method6.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Investment appraisal: applications and risk Learning objectives Introduction 7.1 Relevant project cash flows7.2 Taxation and capital investment decisions7.3 Inflation and capital investment decisions7.4 Investment appraisal and risk7.5 Appraisal of foreign direct investment7.6 Empirical investigations of investment appraisal7.7 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Portfolio theory and the capital asset pricing model Learning objectives Introduction 8.1 The measurement of risk8.2 The concept of diversification8.3 Investor attitudes to risk8.4 Markowitz's portfolio theory8.5 Introduction to the capital asset pricing model8.6 Using the CAPM to value shares8.7 Empirical tests of the CAPM8.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading The cost of capital and capital structure Learning objectives Introduction 9.1 Calculating the cost of individual sources of finance9.2 Calculating the weighted average cost of capital9.3 Average and marginal cost of capital9.4 The CAPM and investment appraisal9.5 Practical problems with calculating WACC9.6 WACC in the real world9.7 The cost of capital for foreign direct investment9.8 Gearing: its measurement and significance9.9 The concept of an optimal capital structure9.10 The traditional approach to capital structure9.11 Miller and Modigliani (I): net income approach9.12 Miller and Modigliani (II): corporate tax9.13 Market imperfections9.14 Miller and personal taxation9.15 Pecking order theory9.16 Conclusion: does an optimal capital structure exist? Key points Self-test questions Questions for review Questions for discussion References Recommended reading Dividend policy Learning objectives Introduction 10.1 Dividends: operational and practical issues10.2 The effect of dividends on shareholder wealth10.3 Dividend irrelevance10.4 Dividend relevance10.5 Dividend relevance or irrelevance?10.6 Dividend policies10.7 Alternatives to cash dividends10.8 Empirical evidence on dividend policy10.9 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Mergers and takeovers Learning objectives Introduction 11.1 The terminology of mergers and takeovers11.2 Justifications for acquisitions11.3 Trends in takeover activity11.4 Target company valuation11.5 The financing of acquisitions11.6 Strategic and tactical issues11.7 Divestment11.8 Private equity11.9 Empirical research on acquisitions11.10 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Risk management Learning objectives Introduction 12.1 Interest and exchange rate risk12.2 Internal risk management12.3 External risk management12.4 Futures contracts12.5 Options12.6 Swaps12.7 Issues in interest and exchange risk management12.8 Political risk12.9 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Answers to self-test questions Glossary Present value tables Index
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In this new and fully updated Eighth Edition, the core concepts and topics of corporate finance are introduced in an approachable, user-friendly style. Key principles and mathematical techniques needed for a career in business are clearly explained step-by-step and are put into practice through numerous examples and vignettes which take a closer look at real-world and well-known companies.   What’s new? Chapter vignettes are refreshed and the accompanying questions are updated, with the aim of deepening student's knowledge of key contemporary issues Up-to-date with the latest changes in regulations and taxation, such as the UK tax treatment of dividends Denzil Watson is a Principal Lecturer and Antony Head is an Associate Lecturer in the Sheffield Business School at Sheffield Hallam University. They have extensive experience of teaching corporate finance, managerial finance and strategic financial management over many years and in a wide range of courses at undergraduate, postgraduate and professional level.
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Hallmark features of this title A comprehensive list of the core ideas at the end of each chapter encourages your students' better understanding of the topics.The text explains step-by-step the key principles and mathematical techniques needed for a career in business.A variety of questions help students practice and develop their critical thinking skills — questions for class discussion, questions for students to review and learn from, and self-text questions to assess their knowledge.Numerous examples and vignettes take a closer look at real companies, giving your students the opportunity to get a glimpse of Corporate Finance in action.A detailed list of references helps your students with relevant texts and articles to support self-study and reflection
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New and updated features of this title Refreshed chapter vignettes and updated accompanying questions, aiming to deepen your knowledge of key contemporary issues.Up-to-date content, reflecting the latest changes in regulations and taxation, such as the UK tax treatment of dividends.
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Produktdetaljer

ISBN
9781292244310
Publisert
2019-03-05
Utgave
8. utgave
Utgiver
Vendor
Pearson Education Limited
Vekt
880 gr
Høyde
244 mm
Bredde
188 mm
Dybde
18 mm
Aldersnivå
U, 05
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
520

Biographical note

Denzil Watson is a Principal Lecturer, and Antony Head is an Associate Lecturer in the Sheffield Business School at Sheffield Hallam University. They both have extensive experience teaching Corporate Finance, managerial finance, and strategic financial management in a wide range of courses, at undergraduate, postgraduate, and professional levels.