Contents:Preface
Frequently used symbols
Chapter 1: TOWARDS A GREEN, RESPONSIBLE AND SUSTAINABLE CORPORATE FINANCE
Section 1.1 AN UNPRECEDENTED CHANGE UNDERWAY
Section 1.2 A DECISIVE IMPETUS FROM INVESTORS
Section 1.3 BUSINESS BEHAVIOUR AND THEIR FINANCING ARE GRADUALLY CHANGING
Section 1.4 THE THREE ROLES OF THE FINANCIAL MANAGER
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Section I: FINANCIAL ANALYSIS
PART ONE: FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
Chapter 2: CASH FLOW
Section 2.1 CLASSIFYING COMPANY CASH FLOWS
Section 2.2 OPERATING AND INVESTMENT CYCLES
Section 2.3 FINANCIAL RESOURCES
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 3: EARNINGS
Section 3.1 ADDITIONS TO WEALTH AND DEDUCTIONS FROM WEALTH
Section 3.2 DIFFERENT INCOME STATEMENT FORMATS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 4: CAPITAL EMPLOYED AND INVESTED CAPITAL
Section 4.1 THE BALANCE SHEET: DEFINITIONS AND CONCEPTS
Section 4.2 A CAPITAL-EMPLOYED ANALYSIS OF THE BALANCE SHEET
Section 4.3 A SOLVENCY-AND-LIQUIDITY ANALYSIS OF THE BALANCE SHEET
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 5: WALKING THROUGH FROM EARNINGS TO CASH FLOW
Section 5.1 ANALYSIS OF EARNINGS FROM A CASH FLOW PERSPECTIVE
Section 5.2 CASH FLOW STATEMENT
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 6: GETTING TO GRIPS WITH CONSOLIDATED ACCOUNTS
Section 6.1 CONSOLIDATION METHODS
Section 6.2 CONSOLIDATION-RELATED ISSUES
Section 6.3 TECHNICAL ASPECTS OF CONSOLIDATION
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 7: HOW TO COPE WITH THE MOST COMPLEX POINTS IN FINANCIAL ACCOUNTS
Section 7.1 ACCRUALS
Section 7.2 CASH ASSETS
Section 7.3 CONSTRUCTION CONTRACTS
Section 7.4 CONVERTIBLE BONDS AND LOANS
Section 7.5 CURRENCY TRANSLATION ADJUSTMENTS
Section 7.6 DEFERRED TAX ASSETS AND LIABILITIES
Section 7.7 DILUTION PROFIT AND LOSSES
Section 7.8 FINANCIAL HEDGING INSTRUMENTS
Section 7.9 IMPAIRMENT LOSSES
Section 7.10 INTANGIBLE FIXED ASSETS
Section 7.11 INVENTORIES
Section 7.12 LEASES
Section 7.13 OFF-BALANCE-SHEET COMMITMENTS
Section 7.14 PENSIONS AND OTHER EMPLOYEE BENEFITS
Section 7.15 PREFERENCE SHARES17
Section 7.16 PROVISIONS
Section 7.17 STOCK OPTIONS
Section 7.18 TANGIBLE ASSETS
Section 7.19 TREASURY SHARES
BIBLIOGRAPHY
NOTES
PART TWO: FINANCIAL ANALYSIS AND FORECASTING
Chapter 8: HOW TO PERFORM A FINANCIAL ANALYSIS
Section 8.1 WHAT IS FINANCIAL ANALYSIS?
Section 8.2 ECONOMIC ANALYSIS OF COMPANIES
Section 8.3 AN ASSESSMENT OF A COMPANY'S ACCOUNTING POLICY
Section 8.4 STANDARD FINANCIAL ANALYSIS PLAN
Section 8.5 THE VARIOUS TECHNIQUES OF FINANCIAL ANALYSIS
Section 8.6 RATINGS
Section 8.7 SCORING TECHNIQUES
Section 8.8 ARTIFICIAL INTELLIGENCE APPLIED TO FINANCIAL ANALYSIS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTE
Chapter 9: MARGIN ANALYSIS: STRUCTURE
Section 9.1 HOW OPERATING PROFIT IS FORMED
Section 9.2 HOW OPERATING PROFIT IS ALLOCATED
Section 9.3 STANDARD INCOME STATEMENTS (INDIVIDUAL AND CONSOLIDATED ACCOUNTS)
Section 9.4 FINANCIAL ASSESSMENT
Section 9.5 CASE STUDY: ARCELORMITTAL
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
NOTES
Chapter 10: MARGIN ANALYSIS: RISKS
Section 10.1 HOW OPERATING LEVERAGE WORKS
Section 10.2 A MORE REFINED ANALYSIS PROVIDES GREATER INSIGHT
Section 10.3 FROM ANALYSIS TO FORECASTING: THE CONCEPT OF NORMATIVE MARGIN
Section 10.4 CASE STUDY: ARCELORMITTAL4
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 11: WORKING CAPITAL AND CAPITAL EXPENDITURES
Section 11.1 THE NATURE OF WORKING CAPITAL
Section 11.2 WORKING CAPITAL TURNOVER RATIOS
Section 11.3 READING BETWEEN THE LINES OF WORKING CAPITAL
Section 11.4 ANALYSING CAPITAL EXPENDITURES (CAPEX)
Section 11.5 CASE STUDY: ARCELORMITTAL
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 12: FINANCING
Section 12.1 A DYNAMIC ANALYSIS OF THE COMPANY'S FINANCING
Section 12.2 A STATIC ANALYSIS OF THE COMPANY'S FINANCING
Section 12.3 CASE STUDY: ARCELORMITTAL
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 13: RETURN ON CAPITAL EMPLOYED AND RETURN ON EQUITY
Section 13.1 ANALYSIS OF CORPORATE PROFITABILITY
Section 13.2 LEVERAGE EFFECT
Section 13.3 USES AND LIMITATIONS OF THE LEVERAGE EFFECT
Section 13.4 CASE STUDY: ARCELORMITTAL
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 14: CONCLUSION OF FINANCIAL ANALYSIS
Section 14.1 SOLVENCY
Section 14.2 VALUE CREATION
Section 14.3 FINANCIAL ANALYSIS WITHOUT THE RELEVANT ACCOUNTING DOCUMENTS
Section 14.4 CASE STUDY: ARCELORMITTAL
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
EXERCISE
NOTES
Section II: INVESTORS AND MARKETS
PART ONE: INVESTMENT DECISION RULES
Chapter 15: THE FINANCIAL MARKETS
Section 15.1 THE ROLE OF CAPITAL MARKETS
Section 15.2 PRIMARY, SECONDARY AND DERIVATIVE MARKETS
Section 15.3 THE FUNCTIONS OF A FINANCIAL SYSTEM
Section 15.4 THE RELATIONSHIP BETWEEN BANKS AND COMPANIES
Section 15.5 THEORETICAL FRAMEWORK: EFFICIENT MARKETS
Section 15.6 ANOTHER THEORETICAL FRAMEWORK UNDER CONSTRUCTION: BEHAVIOURAL FINANCE
Section 15.7 INVESTORS' BEHAVIOUR
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 16: THE TIME VALUE OF MONEY AND NET PRESENT VALUE
Section 16.1 CAPITALISATION
Section 16.2 DISCOUNTING
Section 16.3 PRESENT VALUE AND NET PRESENT VALUE OF A FINANCIAL SECURITY
Section 16.4 WHAT DOES NET PRESENT VALUE DEPEND ON?
Section 16.5 SOME EXAMPLES OF SIMPLIFICATION OF PRESENT VALUE CALCULATIONS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTE
Chapter 17: THE INTERNAL RATE OF RETURN
Section 17.1 CALCULATING YIELD TO MATURITY
Section 17.2 YIELD TO MATURITY AS AN INVESTMENT CRITERION
Section 17.3 THE LIMITS OF YIELD TO MATURITY OR IRR
Section 17.4 EFFECTIVE ANNUAL RATE, NOMINAL RATES AND PROPORTIONAL RATES
Section 17.5 SOME MORE FINANCIAL MATHEMATICS: LOAN REPAYMENT TERMS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTE
PART TWO: THE RISK OF SECURITIES AND THE REQUIRED RATE OF RETURN
Chapter 18: RISK AND RETURN
Section 18.1 SOURCES OF RISK
Section 18.2 RISK AND FLUCTUATION IN THE VALUE OF A SECURITY
Section 18.3 TOOLS FOR MEASURING RETURN AND RISK
Section 18.4 MARKET AND SPECIFIC RISK
Section 18.5 THE BETA COEFFICIENT
Section 18.6 PORTFOLIO RISK
Section 18.7 CHOOSING AMONG SEVERAL RISKY ASSETS AND THE EFFICIENT FRONTIER
Section 18.8 CHOOSING BETWEEN SEVERAL RISKY ASSETS AND A RISK-FREE ASSET: THE CAPITAL MARKET LINE
Section 18.9 HOW PORTFOLIO MANAGEMENT WORKS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTE
Chapter 19: THE REQUIRED RATE OF RETURN
Section 19.1 RETURN REQUIRED BY INVESTORS: THE CAPM
Section 19.2 THE SECURITY MARKET LINE
Section 19.3 LIMITS OF THE CAPM
Section 19.4 MULTIFACTOR MODELS
Section 19.5 FRACTALS AND OTHER LEADS
Section 19.6 TERM STRUCTURE OF INTEREST RATES
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
PART THREE: FINANCIAL SECURITIES
Chapter 20: BONDS
Section 20.1 BASIC CONCEPTS
Section 20.2 THE YIELD TO MATURITY
Section 20.3 FLOATING-RATE BONDS
Section 20.4 GREEN AND SOCIALLY RESPONSIBLE BONDS
Section 20.5 THE VOLATILITY OF DEBT SECURITIES
Section 20.6 DEFAULT RISK AND THE ROLE OF RATING
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 21: OTHER DEBT PRODUCTS
Section 21.1 MARKETABLE DEBT SECURITIES
Section 21.2 BANK DEBT PRODUCTS
Section 21.3 ASSET-BASED FINANCING
Section 21.4 OTHER DEBT PRODUCTS
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 22: SHARES
Section 22.1 BASIC CONCEPTS
Section 22.2 MULTIPLES
Section 22.3 KEY MARKET DATA
Section 22.4 HOW TO PERFORM A STOCK MARKET ANALYSIS
Section 22.5 ADJUSTING PER SHARE DATA FOR TECHNICAL FACTORS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 23: OPTIONS
Section 23.1 DEFINITION AND THEORETICAL FOUNDATION OF OPTIONS
Section 23.2 MECHANISMS USED IN PRICING OPTIONS
Section 23.3 ANALYSING OPTIONS
Section 23.4 PARAMETERS TO VALUE OPTIONS
Section 23.5 METHODS FOR PRICING OPTIONS
Section 23.6 TOOLS FOR MANAGING AN OPTIONS POSITION
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
Chapter 24: HYBRID SECURITIES
Section 24.1 WARRANTS
Section 24.2 CONVERTIBLE BONDS
Section 24.3 PREFERENCE SHARES
Section 24.4 OTHER HYBRID SECURITIES
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 25: SELLING SECURITIES
Section 25.1 GENERAL PRINCIPLES IN THE SALE OF SECURITIES
Section 25.2 INITIAL PUBLIC OFFERINGS
Section 25.3 ICOS
Section 25.4 CAPITAL INCREASES
Section 25.5 BLOCK TRADES OF SHARES
Section 25.6 BONDS
Section 25.7 CONVERTIBLE AND EXCHANGEABLE BONDS
Section 25.8 SYNDICATED LOANS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Section III: VALUE
Chapter 26: VALUE AND CORPORATE FINANCE
Section 26.1 THE FINANCIAL PURPOSE OF A COMPANY IS TO CREATE VALUE
Section 26.2 VALUE CREATION AND MARKETS IN EQUILIBRIUM
Section 26.3 VALUE AND ORGANISATION THEORIES
Section 26.4 HOW CAN WE CREATE VALUE?
Section 26.5 VALUE AND TAXATION
Section 26.6 A BREAK BEFORE MOVING TO THE NEXT STEP
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 27: MEASURING VALUE CREATION
Section 27.1 OVERVIEW OF THE DIFFERENT CRITERIA
Section 27.2 NPV, THE ONLY RELIABLE CRITERION
Section 27.3 FINANCIAL/ACCOUNTING CRITERIA
Section 27.4 MARKET CRITERIA
Section 27.5 ACCOUNTING CRITERIA
Section 27.6 SYNTHESIS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 28: INVESTMENT CRITERIA
Section 28.1 THE PREDOMINANCE OF NPV AND THE IMPORTANCE OF IRR
Section 28.2 THE MAIN LINES OF REASONING
Section 28.3 WHICH CASH FLOWS ARE RELEVANT?
Section 28.4 OTHER INVESTMENT CRITERIA
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
Chapter 29: THE COST OF CAPITAL
Section 29.1 THE COST OF CAPITAL AND THE RISK OF ASSETS
Section 29.2 COMPUTING THE COST OF CAPITAL
Section 29.3 SOME PRACTICAL APPLICATIONS
Section 29.4 CAN CORPORATE MANAGERS INFLUENCE THE COST OF CAPITAL?
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 30: RISK AND INVESTMENT ANALYSIS
Section 30.1 ASSESSING RISK THROUGH THE BUSINESS PLAN
Section 30.2 ASSESSING RISK THROUGH A MATHEMATICAL APPROACH
Section 30.3 THE CONTRIBUTION OF REAL OPTIONS
Section 30.4 WHAT IF THE RISK WAS YOU?
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTE
Chapter 31: VALUATION TECHNIQUES
Section 31.1 OVERVIEW OF THE DIFFERENT METHODS
Section 31.2 VALUATION BY DISCOUNTED CASH FLOW
Section 31.3 MULTIPLE APPROACH OR PEER-GROUP COMPARISONS
Section 31.4 THE SUM-OF-THE-PARTS METHOD (SOTP) OR NET ASSET VALUE (NAV)
Section 31.5 COMPARISON OF VALUATION METHODS
Section 31.6 PREMIUMS AND DISCOUNTS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Section IV: CORPORATE FINANCIAL POLICIES
PART ONE: CAPITAL STRUCTURE POLICIES
Chapter 32: CAPITAL STRUCTURE AND THE THEORY OF PERFECT CAPITAL MARKETS
Section 32.1 THE ENTERPRISE VALUE
Section 32.2 DEBT AND EQUITY
Section 32.3 WHAT OUR GREAT-GRANDPARENTS THOUGHT
Section 32.4 THE CAPITAL STRUCTURE POLICY IN PERFECT FINANCIAL MARKETS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 33: CAPITAL STRUCTURE, TAXES AND ORGANISATION THEORIES
Section 33.1 THE BENEFITS OF DEBT OR THE TRADE-OFF MODEL
Section 33.2 DEBT TO CONTROL MANAGEMENT
Section 33.3 SIGNALLING AND DEBT POLICY
Section 33.4 INFORMATION ASYMMETRIES AND THE PECKING ORDER THEORY
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 34: DEBT, EQUITY AND OPTIONS THEORY
Section 34.1 ANALYSING THE FIRM IN LIGHT OF OPTIONS THEORY
Section 34.2 CONTRIBUTION OF OPTIONS THEORY TO THE VALUATION OF EQUITY
Section 34.3 USING OPTIONS THEORY TO ANALYSE A COMPANY'S FINANCIAL DECISIONS
Section 34.4 RESOLVING CONFLICTS BETWEEN SHAREHOLDERS AND CREDITORS
Section 34.5 ANALYSING THE FIRM'S LIQUIDITY
Section 34.6 CONCLUSION
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 35: WORKING OUT DETAILS: THE DESIGN OF THE CAPITAL STRUCTURE
Section 35.1 THE MAJOR CONCEPTS
Section 35.2 HOW TO CHOOSE A CAPITAL STRUCTURE
Section 35.3 EFFECTS OF THE FINANCING CHOICE ON ACCOUNTING AND FINANCIAL CRITERIA
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
PART TWO: EQUITY CAPITAL
Chapter 36: RETURNING CASH TO SHAREHOLDERS
Section 36.1 REINVESTED CASH FLOW AND THE VALUE OF EQUITY
Section 36.2 INTERNAL FINANCING AND FINANCIAL CRITERIA
Section 36.3 WHY RETURN CASH TO SHAREHOLDERS?
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 37: DISTRIBUTION IN PRACTICE: DIVIDENDS AND SHARE BUY-BACKS
Section 37.1 DIVIDENDS
Section 37.2 EXCEPTIONAL DIVIDENDS, SHARE BUY-BACKS AND CAPITAL REDUCTION
Section 37.3 THE CHOICE BETWEEN DIVIDENDS, SHARE BUY-BACKS AND CAPITAL REDUCTION
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 38: SHARE ISSUES
Section 38.1 A DEFINITION OF A SHARE ISSUE
Section 38.2 CURRENT AND NEW SHAREHOLDERS
Section 38.3 SHARE ISSUES AND ACCOUNTING CRITERIA
Section 38.4 SHARE ISSUES AND FINANCE THEORY
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
PART THREE: DEBT CAPITAL
Chapter 39: IMPLEMENTING A DEBT POLICY
Section 39.1 DEBT STRUCTURE
Section 39.2 COVENANTS
Section 39.3 RENEGOTIATING DEBT
Section 39.4 WHY KEEP CASH ON THE BALANCE SHEET?
Section 39.5 THE LEVERS OF A GOOD DEBT POLICY
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTE
Section V: FINANCIAL MANAGEMENT
PART ONE: CORPORATE GOVERNANCE AND FINANCIAL ENGINEERING
Chapter 40: SETTING UP A COMPANY AND FINANCING START-UPS
Section 40.1 FINANCIAL PARTICULARITIES OF THE COMPANY BEING SET UP
Section 40.2 SOME BASIC PRINCIPLES FOR FINANCING A START-UP
Section 40.3 INVESTORS IN START-UPS
Section 40.4 THE ORGANISATION OF RELATIONSHIPS BETWEEN THE ENTREPRENEUR AND THE FINANCIAL INVESTORS
Section 40.5 THE FINANCIAL MANAGEMENT OF A START-UP
Section 40.6 THE PARTICULARITIES OF VALUING YOUNG COMPANIES
Section 40.7 EXAMPLE INSPIRED BY A REAL CASE: EXAMPLE.COM
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 41: SHAREHOLDERS
Section 41.1 SHAREHOLDER STRUCTURE
Section 41.2 HOW TO STRENGTHEN CONTROL OVER A COMPANY
Section 41.3 STOCK MARKET OR INVESTMENT FUND SHAREHOLDING?
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 42: CHOOSING A CORPORATE STRUCTURE
Section 42.1 ORGANISING A DIVERSIFIED COMPANY
Section 42.2 TO BE OR NOT TO BE LISTED
Section 42.3 HAVING MINORITY SHAREHOLDERS IN SUBSIDIARIES?
Section 42.4 JOINT VENTURES
Section 42.5 BEING IN THE MINORITY
Section 42.6 THE FINANCIAL STRUCTURE WITHIN THE GROUP
Section 42.7 THE LEGAL STRUCTURE WITHIN THE GROUP
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 43: CORPORATE GOVERNANCE
Section 43.1 WHAT IS CORPORATE GOVERNANCE?
Section 43.2 CORPORATE GOVERNANCE AND FINANCIAL THEORIES
Section 43.3 VALUE AND CORPORATE GOVERNANCE
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 44: INITIAL PUBLIC OFFERINGS (IPOS)
Section 44.1 PREPARATION OF AN IPO
Section 44.2 EXECUTION OF THE IPO
Section 44.4 UNDERPRICING OF IPOS
Section 44.5 HOW TO CARRY OUT A SUCCESSFUL IPO
Section 44.6 PUBLIC TO PRIVATE
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
Chapter 45: TAKING CONTROL OF A COMPANY
Section 45.1 THE RISE OF MERGERS AND ACQUISITIONS
Section 45.2 CHOOSING A NEGOTIATING STRATEGY
Section 45.3 TAKING OVER A LISTED COMPANY
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 46: MERGERS AND DEMERGERS
Section 46.1 ALL-SHARE DEALS
Section 46.2 THE MECHANICS OF ALL-SHARE TRANSACTIONS
Section 46.3 DEMERGERS AND SPLIT-OFFS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 47: LEVERAGED BUYOUTS (LBOs)
Section 47.1 LBO STRUCTURES
Section 47.2 THE PLAYERS
Section 47.3 LBOS AND FINANCIAL THEORY
Section 47.4 THE LBO MARKET: A WELL-ESTABLISHED MARKET
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 48: BANKRUPTCY AND RESTRUCTURING
Section 48.1 CAUSES OF BANKRUPTCY
Section 48.2 THE DIFFERENT BANKRUPTCY PROCEDURES
Section 48.3 BANKRUPTCY AND FINANCIAL THEORY
Section 48.4 RESTRUCTURING PLANS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTE
PART TWO: MANAGING WORKING CAPITAL, CASH FLOWS, FINANCIAL RISKS AND REAL ESTATE
Chapter 49: MANAGING WORKING CAPITAL
Section 49.1 A BIT OF COMMON SENSE
Section 49.2 MANAGING RECEIVABLES
Section 49.3 MANAGING TRADE PAYABLES
Section 49.4 INVENTORY MANAGEMENT
Section 49.5 CONCLUSION
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 50: CASH MANAGEMENT
Section 50.1 THE BASICS
Section 50.2 CASH MANAGEMENT
Section 50.3 CASH MANAGEMENT WITHIN A GROUP
Section 50.4 INVESTING CASH BALANCES
Section 50.5 THE CHANGING ROLE OF THE TREASURER
SUMMARY
QUESTIONS
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 51: MANAGING FINANCIAL RISKS
Section 51.1 INTRODUCTION TO RISK MANAGEMENT
Section 51.2 MEASURING FINANCIAL RISKS
Section 51.3 PRINCIPLES OF FINANCIAL RISK MANAGEMENT
Section 51.4 ORGANISED MARKETS – OTC MARKETS
SUMMARY
QUESTIONS
EXERCISES
ANSWERS
BIBLIOGRAPHY
NOTES
Chapter 52: MANAGING OPERATIONAL REAL ESTATE
Section 52.1 METHODS FOR FINANCING REAL ESTATE
Section 52.2 CRITERIA FOR CHOOSING REAL-ESTATE FINANCING
Section 52.3 VALUE CREATION AND INVESTOR PERCEPTION
Section 52.4 AN IDEAL WAY OF ORGANISING REAL ESTATE?
SUMMARY
QUESTIONS
EXERCISE
ANSWERS
BIBLIOGRAPHY
NOTES
Epilogue – Finance and Strategy
Section 1 CORPORATE STRATEGIES
Section 2 SHAREHOLDERS
Section 3 THE MACROECONOMIC ENVIRONMENT
NOTE
Top 20 Largest Listed Companies
Index
End User License Agreement
There are no comments on this title.