cPrinciples and Practice 5th Edition by Denzil Watson ISBN 978-0273725251 0273725254
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Product details:
ISBN 10: 0273725254
ISBN 13: 978-0273725251
Author: Denzil Watson
The fifth edition of Corporate Finance: Principles and Practice by Denzil Watson and Antony Head is a comprehensive and accessible guide designed to introduce students and professionals to the core concepts of corporate finance. This edition emphasizes a clear, step-by-step explanation of key principles and mathematical techniques, making it suitable for those new to the subject.
Table of contents:
1 The finance function
LEARNING OBJECTIVES INTRODUCTION
1.1 Two key concepts in corporate finance
1.2 The role of the financial manager
1.3 Corporate objectives
Vignette 1.1 Shareholder value re-evaluated
1.4 How is shareholder wealth maximised?
1.5 Agency theory
1.6 Corporate governance
Vignette 1.2 Higgs review sets out boardroom code
Vignette 1.3 Investors up in arms over poor corporate governance
1.7 Conclusion
Vignette 1.4 Companies warned over executive pay-outs
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW. QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
2 Capital markets, market efficiency and ratio analysis
LEARNING OBJECTIVES INTRODUCTION
2.1 Sources of business finance
2.2 Capital markets
2.3 Capital market efficiency
2.4 Assessing financial performance
Vignette 2.1 If only investors could compare like with like
2.5 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW. QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
3 Short-term finance and the management of working capital
LEARNING OBJECTIVES INTRODUCTION
3.1 The objectives of working capital management
3.2 Working capital policies
3.3 Working capital and the cash conversion cycle
Example Calculating working capital required
3.4 Overtrading
3.5 The management of inventory
Example Using the EOQ model
3.6 The management of cash
Vignette 3.1 Reed Elsevier refinancing seen as ‘good housekeeping’
Vignette 3.2 UK launches £37bn bank rescue
3.7 The management of receivables
Example Evaluating a change in trade receivables policy
Example Cost-benefit analysis of factoring
3.8 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW. QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
4 Long-term finance: equity finance
LEARNING OBJECTIVES INTRODUCTION
4.1 Equity finance
4.2 The stock exchange
Vignette 4.1 Big names wait in wings for end to IPO drought
Vignette 4.2 Delisting from Aim accelerates in March
4.3 Rights issues
Vignette 4.3 Rights issues remain the preferred route
Example Calculation of the theoretical ex rights price
Example Wealth effect of a rights issue
Vignette 4.4 Taylor Wimpey to raise £510m in debt plan
4.4 Scrip issues, share splits, scrip dividends and share repurchases
Vignette 4.5 Share buy-backs show limitations
4.5 Preference shares
Vignette 4.6 Securities settlement
4.6 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
5 Long-term finance: debt finance, hybrid finance and leasing
LEARNING OBJECTIVES INTRODUCTION
5.1 Bonds, loan stock and debentures
Vignette 5.1 Britvic completes refinancing
Vignette 5.2 GE’s pristine rating cut back after 42 years
Vignette 5.3 Apollo unit halts cash payments and repays debt with more bonds
Vignette 5.4 Syndicate to back Italian buy-out
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5.2 Bank and institutional debt
Example Interest and capital elements of annual loan payments
5.3 International debt finance
5.4 Convertible bonds
Example Convertible bond terms
Vignette 5.5 Companies return to convertible bond market
5.5 Warrants
5.6 The valuation of fixed-interest bonds
Example Valuation of an irredeemable bond
Example Valuation of a redeemable bond with annual interest
Example Valuation of a redeemable bond with semi-annual interest
5.7 The valuation of convertible bonds
Example Valuation of a convertible bond
5.8 Leasing
Vignette 5.6 Accounts proposals threaten leasing shake-up
Vignette 5.7 Asset finance lending tumbles
Example Evaluation of leasing versus borrowing to buy
5.9 Evaluating the financial effect of financing choices
Example Evaluation of equity finance versus debt finance
5.10 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
6 An overview of investment appraisal methods
LEARNING OBJECTIVES INTRODUCTION
6.1 The payback method
6.2 The return on capital employed method
Example Calculation of the return on capital employed
6.3 The net present value method
Example Calculation of the net present value
6.4 The internal rate of return method
Example Calculation of internal rates of return
6.5 A comparison of the NPV and IRR methods
6.6 The profitability index and capital rationing
Vignette 6.1 M&A surge on horizon for Europe
6.7 The discounted payback method
6.8 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW.
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
7 Investment appraisal: applications and risk
LEARNING OBJECTIVES INTRODUCTION
7.1 Relevant project cash flows
7.2 Taxation and capital investment decisions
Example NPV calculation involving taxation
7.3 Inflation and capital investment decisions
Example NPV calculation involving inflation
7.4 Investment appraisal and risk
Example Application of sensitivity analysis
Example Calculation of expected net present value
7.5
Appraisal of foreign direct investment
Example Foreign direct investment evaluation
7.6 Empirical investigations of investment appraisal
7.7 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
8 Portfolio theory and the capital asset pricing model
LEARNING OBJECTIVES INTRODUCTION
8.1 The measurement of risk
8.2 The concept of diversification
8.3 Investor attitudes to risk
8.4 Markowitz’s portfolio theory
8.5 Introduction to the capital asset pricing model
8.6 Using the CAPM to value shares
Vignette 8.1 Sizing up the historical equity risk premium
8.7 Empirical tests of the CAPM
8.8 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
RECOMMENDED READING
QUESTIONS FOR DISCUSSION REFERENCES
9 The cost of capital and capital structure
LEARNING OBJECTIVES INTRODUCTION
9.1 Calculating the cost of individual sources of finance
9.2 Calculation of weighted average cost of capital
Example Calculation of the weighted average cost of capital
9.3 Average and marginal cost of capital
9.4 The CAPM and investment appraisal
Example The CAPM in the investment appraisal process
9.5 Practical problems with calculating WACC
9.6 WACC in the real world
9.7 The cost of capital for foreign direct investment
9.8 Gearing: its measurement and significance
Vignette 9.1 Companies address the call for more equity
9.9 The concept of an optimal capital structure
9.10 The traditional approach to capital structure
9.11 Miller and Modigliani (I): the net income approach
Example Arbitrage process using two companies
9.12 Miller and Modigliani (II): corporate tax
9.13 Market imperfections
9.14 Miller and personal taxation
9.15 Pecking order theory
9.16 Does an optimal capital structure exist? A conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
10 Dividend policy
LEARNING OBJECTIVES INTRODUCTION
10.1 Dividends: operational and practical issues
10.2 The effect of dividends on shareholder wealth
10.3 Dividend irrelevance
10.4 Dividend relevance
Vignette 10.1 Pru falls 18% on dividend fears
Vignette 10.2 M&S buoyed by relief
Example Calculation of share price using the dividend growth model
10.5 Dividend relevance or irrelevance?
10.6 Dividend policies
Vignette 10.3 Boards weigh the pay-out pressures
10.7 Alternatives to cash dividends
Vignette 10.4 Cadbury defends the bid price
Vignette 10.5 Vodafone reveals plan for £1bn share buy-back
10.8 Empirical evidence on dividend policy
10.9 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
11 Mergers and takeovers
LEARNING OBJECTIVES INTRODUCTION
11.1 The terminology of mergers and takeovers
11.2 Justifications for acquisitions
Example Boot-strapping
11.3 Trends in takeover activity
Vignette 11.1 M&A springs back to life
11.4 Target company valuation
Example Takeover (Commons and Hulse)
11.5 The financing of acquisitions
Vignette 11.2 Morrison bid value drops to £2bn
11.6 Strategic and tactical issues
Vignette 11.3 The Takeover Panel cracks down on Indigo
Vignette 11.4 More EU member states opt for ‘poison pill’
Vignette 11.5 Chairman of Aer Lingus hits out at Ryanair
9.12 Miller and Modigliani (II): corporate tax
9.13 Market imperfections
9.14 Miller and personal taxation
9.15 Pecking order theory
9.16 Does an optimal capital structure exist? A conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
10 Dividend policy
LEARNING OBJECTIVES INTRODUCTION
10.1 Dividends: operational and practical issues
10.2 The effect of dividends on shareholder wealth
10.3 Dividend irrelevance
10.4 Dividend relevance
Vignette 10.1 Pru falls 18% on dividend fears
Vignette 10.2 M&S buoyed by relief
Example Calculation of share price using the dividend growth model
10.5 Dividend relevance or irrelevance?
10.6 Dividend policies
Vignette 10.3 Boards weigh the pay-out pressures
10.7 Alternatives to cash dividends
Vignette 10.4 Cadbury defends the bid price
Vignette 10.5 Vodafone reveals plan for £1bn share buy-back
10.8 Empirical evidence on dividend policy
10.9 Conclusion
KEY POINTS SELF-TEST QUESTIONS QUESTIONS FOR REVIEW
QUESTIONS FOR DISCUSSION REFERENCES RECOMMENDED READING
11 Mergers and takeovers
LEARNING OBJECTIVES INTRODUCTION
11.1 The terminology of mergers and takeovers
11.2 Justifications for acquisitions
Example Boot-strapping
11.3 Trends in takeover activity
Vignette 11.1 M&A springs back to life
11.4 Target company valuation
Example Takeover (Commons and Hulse)
11.5 The financing of acquisitions
Vignette 11.2 Morrison bid value drops to £2bn
11.6 Strategic and tactical issues
Vignette 11.3 The Takeover Panel cracks down on Indigo
Vignette 11.4 More EU member states opt for ‘poison pill’
Vignette 11.5 Chairman of Aer Lingus hits out at Ryanair
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