- Артикул:00-01107387
- Автор: Aswath Damodaran
- ISBN: 978-1-118-80893-1
- Обложка: Мягкая обложка
- Издательство: John Wiley & Sons Ltd (все книги издательства)
- Город: USA
- Страниц: 654
- Год: 2015
- Вес: 1628 г
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Издание на английском языке
The book explores the principles of corporate finance, focusing on the universality of investment, financing, and dividend solutions. She uses real-life examples of companies to illustrate the theory and show how basic financial concepts are applied in various contexts. The author emphasizes the importance of practical application of theory and provides tools for active learning, including online resources and case studies. The book also takes into account changes in the financial environment after the 2008 crisis and introduces elements of behavioral finance to better understand managers' decisions.
Contents
About the Author
Preface
Acknowledgments
Chapter 1 The Foundations
The Firm: Structural Setup
First Principles
Corporate Financial Decisions, Firm Value, and Equity Value
A Real-World Focus
A Resource Guide
Some Fundamental Propositions about Corporate Finance
Conclusion
Live Case Study: Company Choice/Background
Chapter 2 The Objective in Decision Making
Choosing the Right Objective
The Classical Objective
Maximize Stock Prices: The Best-Case Scenario
Maximize Stock Prices: Real-World Conflicts of Interest
Alternatives to Stock Price Maximization
Maximize Stock Prices: Salvaging a Flawed Objective
A Postscript: The Limits of Corporate Finance
Conclusion
Live Case Study: Corporate Governance Analysis
Problemsand Questions
Chapter 3 The Basics of Risk
Motivation and Perspective in Analyzing Risk
Equity Risk and Expected Returns
The Risk in Borrowing: Default Risk and the Cost of Debt
Conclusion
Live Case Study: Stockholder Analysis
Problems and Questions
Chapter 4 Risk Measurement and Hurdle Rates in Practice
Cost of Equity
From Cost of Equity to Cost of Capital
Conclusion
Live Case Study: Risk and Return: Analysis for the Firm
Problems and Questions
Chapter 5 Measuring Return on Investments
What Is a Project?
Hurdle Rates for Firms versus Hurdle Rates for Projects
Measuring Returns: The Choices
Investment Decision Rules
Probabilistic Approaches to Investment Analysis
Conclusion
Live Case Study: Estimating Earnings and Cash Flows
Problems and Questions
Chapter 6 Project Interactions, Side Costs, and Side Benefits
Mutually Exclusive Projects
Project Dependence from Capital Rationing
Project Dependence for Operating Reasons
Side Costs from Projects
Product Cannibalization
Side Benefits from Projects
Options Embedded in Projects
Measuring the Quality of Existing Investments
Conclusions
Live Case Study: Evaluating Existing Investments and Competitive Advantages
Problemsand Questions
Chapter 7 Capital Structure: Overview of the Financing Decision
The Choices: Types of Financing
Financing Behavior
The Process of Raising Capital
The Trade-Off of Debt
No Optimal Capital Structure
There Is an Optimal Capital Structure
How Firms Choose their Capital Structures
Conclusion
Live Case Study: Analyzing a Firm's Current Financing Choices
Problemsand Questions
Chapter 8 Capital Structure: The Optimal Financial Mix
Operating Income Approach
Cost of Capital Approach
Adjusted Present Value Approach
Comparative Analysis
Selecting the Optimal Debt Ratio
Conclusion
Live Case Study: The Optimal Financing Mix
Problems and Questions
Chapter 9 Capital Structure: The Financing Details
A Framework for Capital Structure Changes
Immediate or Gradual Change
Choosing the Right Financing Instruments
Conclusion
Live Case Study: Mechanics of Moving to the Optimal
Problems and Questions
Chapter10 Dividend Policy
Background on Dividend Policy
When Are Dividends Irrelevant?
The “Dividends Are Bad” School
The “Dividends Are Good” School
Managerial Interests and Dividend Policy
Conclusion
Live Case Study: The Tradeoff on Dividend Policy
Problems and Questions
Chapter 11 Analyzing Cash Returned to Stockholders
Cash Returned to Stockholders
A Cash Flow Approach to Analyzing Dividend Policy
A Comparable-Firm Approach to Analyzing Dividend Policy
Managing Changes in Dividend Policy
Conclusion
Live Case Study: A Framework for Analyzing Dividends
Problems and Questions
Chapter 12 Valuation: Principles and Practice
Discounted Cash Flow Valuation
Relative Valuation
Reconciling Different Valuations
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