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Business Finance Theory and Practice 8th Edition by Eddie Mclaney ISBN 978-0273717683 0273717685

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Author(s): Eddie McLaney
ISBN(s): 9780273717683, 0273717685
Edition: 8th
File Details: PDF, 4.18 MB
Year: 2009
Language: english
SKU: EB-2389240 Category: Tag:

Business Finance Theory and Practice 8th Edition by Eddie Mclaney – Ebook PDF Instant Download/Delivery: 978-0273717683, 0273717685
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Product details: 

ISBN 10:  0273717685 

ISBN 13: 978-0273717683

Author: Eddie Mclaney

Now in its 8th edition, Business Finance is an essential introduction to financial decision making in businesses. Taking a user’s perspective it explores the type of investments a business should make and how they should be financed, and successfully blends the theoretical, analytical and practical aspects of finance and investment. This new edition of Business Finance has a real-world flavour, exploring the theories surrounding financial decision making and relating these theories to what happens in the real world.
This book is for undergraduates in accounting and finance and for those in finance and financial management courses. It is also appropriate for postgraduate students with an option in accounting and finance and will be highly useful for professional accounting students.

Table of contents: 

Part 1: The Business Finance Environment

Chapter 1: Introduction

  • Objectives

  • The Role of Business Finance

  • Risk and Business Finance

  • The Relationship Between Business Finance and Accounting

  • The Organisation of Businesses – The Limited Company

  • Corporate Governance and the Role of Directors

  • Long-Term Financing of Companies

  • Liquidation

  • Derivatives

  • Private Equity Funds

  • Summary

  • Further Reading

  • Relevant Websites

  • Review Questions

Chapter 2: A Framework for Financial Decision Making

  • Objectives

  • Financial Decision Making

  • Business Objectives

  • Conflicts of Interest: Shareholders Versus Managers – The ‘Agency’ Problem

  • Financing, Investment and Separation

  • Theory and Practice

  • Summary

  • Further Reading

  • Review Questions

  • Problem

  • Appendix: Formal Derivation of the Separation Theorem

Chapter 3: Financial (Accounting) Statements and Their Interpretation

  • Objectives

  • Introduction

  • The Financial Statements

  • Definitions and Conventions of Accounting

  • Problems with Using Accounting Information for Decision Making

  • Creative Accounting

  • Ratio Analysis

  • Using Accounting Ratios to Predict Financial Failure

  • Summary

  • Further Reading

  • Relevant Websites

  • Review Questions

  • Problems

  • Appendix: Jackson plc’s Income Statement and Balance Sheet for 2007

Part 2: Investment Decisions

Chapter 4: Investment Appraisal Methods

  • Objectives

  • Introduction

  • Net Present Value

  • Internal Rate of Return

  • Payback Period

  • Accounting (Unadjusted) Rate of Return

  • Investment Appraisal Methods Used in Practice

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 5: Practical Aspects of Investment Appraisal

  • Objectives

  • Introduction

  • Cash Flows or Accounting Flows?

  • Do Cash Flows Really Occur at Year Ends?

  • Which Cash Flows?

  • Taxation

  • Inflation

  • An Example of an Investment Appraisal

  • Capital Rationing

  • Replacement Decisions

  • Routines for Identifying, Assessing, Implementing and Reviewing Investment Projects

  • Investment Appraisal and Strategic Planning

  • Value-Based Management

  • Real Options

  • Summary

  • Further Reading

  • Relevant Website

  • Review Questions

  • Problems

Chapter 6: Risk in Investment Appraisal

  • Objectives

  • Introduction

  • Sensitivity Analysis

  • Use of Probabilities

  • Expected Value

  • Systematic and Specific Risk

  • Utility Theory

  • Attitudes to Risk and Expected Value

  • Particular Risks Associated with Making Investments Overseas

  • Some Evidence on Risk Analysis in Practice

  • Risk – The Story So Far

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 7: Portfolio Theory and Its Relevance to Real Investment Decisions

  • Objectives

  • The Relevance of Security Prices

  • The Expected Value/Variance (or Mean/Variance) Criterion

  • Security Investment and Risk

  • Portfolio Theory

  • Capital Asset Pricing Model (CAPM)

  • CAPM: An Example of Beta Estimation

  • Assumptions of CAPM

  • Tests of CAPM

  • CAPM – What Went Wrong?

  • How CAPM is Used to Derive Discount Rates for Real Investments

  • Use of CAPM in Practice

  • Arbitrage Pricing Model

  • Portfolio Theory – Where Are We Now?

  • Summary

  • Further Reading

  • Review Questions

  • Problems

  • Appendix: Derivation of CAPM

Part 3: Financing Decisions

Chapter 8: Sources of Long-Term Finance

  • Objectives

  • Introduction

  • Ordinary (Equity) Capital

  • Methods of Raising Additional Equity Finance

  • Preference Shares

  • Loan Notes and Debentures

  • Convertible Loan Notes

  • Warrants

  • Term Loans

  • Asset-Backed Finance (Securitisation)

  • Leasing

  • Grants from Public Funds

  • Conclusions on Long-Term Finance

  • Summary

  • Further Reading

  • Relevant Websites

  • Review Questions

  • Problems

Chapter 9: The Secondary Capital Market (The Stock Exchange) and Its Efficiency

  • Objectives

  • Introduction

  • The London Stock Exchange

  • Capital Market Efficiency

  • Tests of Capital Market Efficiency

  • The Efficient Market Paradox

  • Conclusions on, and Implications of, Capital Market Efficiency

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 10: Cost of Capital Estimations and the Discount Rate

  • Objectives

  • Introduction

  • Cost of Individual Capital Elements

  • Weighted Average Cost of Capital (WACC)

  • Practicality of Using WACC as the Discount Rate

  • WACC Values Used in Practice

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 11: Gearing, the Cost of Capital and Shareholders’ Wealth

  • Objectives

  • Introduction

  • Is Debt Finance as Cheap as It Seems?

  • Business Risk and Financial Risk

  • The Traditional View

  • The Modigliani and Miller View of Gearing

  • Other Thoughts on the Tax Advantage of Debt Financing

  • Capital/Financial Gearing and Operating Gearing

  • Other Practical Issues Relating to Capital Gearing

  • Evidence on Gearing

  • Gearing and the Cost of Capital – Conclusion

  • The Trade-Off Theory

  • Pecking Order Theory

  • Likely Determinants of Capital Gearing

  • Weighted Average Cost of Capital Revisited

  • Summary

  • Further Reading

  • Review Questions

  • Problems

  • Appendix I: Proof of the MM Cost of Capital Proposition (Pre-Tax)

  • Appendix II: Proof of the MM Cost of Capital Proposition (After Tax)

Chapter 12: The Dividend Decision

  • Objectives

  • Introduction

  • Modigliani and Miller on Dividends

  • The Traditional View on Dividends

  • Who is Right About Dividends?

  • Other Factors

  • Dividends: The Evidence

  • Conclusions on Dividends

  • Summary

  • Further Reading

  • Review Questions

  • Problems

  • Appendix: Proof of the MM Dividend Irrelevancy Proposition

Part 4: Integrated Decisions

Chapter 13: Management of Working Capital

  • Objectives

  • Introduction

  • The Dynamics of Working Capital

  • The Importance of the Management of Working Capital

  • Working Capital and Liquidity

  • Overtrading

  • Inventories (Stock in Trade)

  • Just-in-Time Inventories Management

  • Trade Receivables (Trade Debtors or Accounts Receivable)

  • Cash (Including Overdrafts and Short-Term Deposits)

  • Trade Payables (Trade Creditors)

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 14: Corporate Restructuring (Including Takeovers and Divestments)

  • Objectives

  • Introduction

  • Takeovers and Mergers

  • Mergers: The Practicalities

  • Divestments

  • Summary

  • Further Reading

  • Relevant Websites

  • Review Questions

  • Problems

Chapter 15: International Aspects of Business Finance

  • Objectives

  • Introduction

  • Foreign Exchange

  • Problems of Internationalisation

  • International Investment Appraisal

  • Risks of Internationalisation, Management of Those Risks and Portfolio Theory

  • Summary

  • Further Reading

  • Review Questions

  • Problems

Chapter 16: Small Businesses

  • Objectives

  • Introduction

  • Corporate Objectives

  • Organisation of Small Businesses

  • Taxation of Small Businesses

  • Investment Decisions

  • Risk and the Discount Rate

  • Sources of Finance

  • Valuation of Small Businesses

  • Gearing

  • Dividends

  • Working Capital and Small Businesses

  • Summary

  • Further Reading

  • Relevant Websites

  • Review Questions

  • Problems

Appendices

  • Appendix 1: Present Value Table

  • Appendix 2: Annuity Table

  • Appendix 3: Suggested Answers to Review Questions

  • Appendix 4: Suggested Answers to Selected Problem Questions

Glossary
References
Index

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