Justin Pettit

Strategic Corporate Finance

Applications in Valuation and Capital Structure

• Gebundenes Buch

Produktbeschreibung

The financial decisions made by a corporation not only affect its shareholders, but they also affect its stakeholders. Strategic Corporate Finance provides readers with a "real-world" look at the application and related challenges of modern corporate finance principals from an investment banking advisory perspective. It encompasses all the critical finance decisions of the modern corporation, including where and when to invest, how to finance those investments and optimize capital structure, how to manage risk, and how to grow and distribute wealth prudently. Topics covered along the way range from weighted average cost of capital, value-based management, and M and A, to optimal capital structure and dividend/buyback policy. Strategic Corporate Finance provides a real world application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. A major new text on corporate finance, this book addresses all the critical issues in corporate finance both for practitioners, and students, entering this field.

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Essential guidance for the corporate finance professional -- advisor, Board Director, CFO, Treasurer, business development executive, or M&A expert--to ask the right questions and make the critical decisions. Strategic Corporate Finance is a practical guide to the key issues, their context, and their solutions. From performance measurement and capital planning to risk management and capital structure, Strategic Corporate Finance, translates principles of corporate finance theory into practical methods for implementing them. Filled with in-depth insights, expert advice, and detailed case studies, Strategic Corporate Finance will prepare you for the issues involved in raising, allocating and managing capital, and its associated risks.

Justin Pettit (New York, NY) draws on his 15 years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.

Produktdetails

• Wiley Finance Editions
• Verlag: Wiley & Sons
• Artikelnr. des Verlages: 14505264000
• 1. Auflage
• Seitenzahl: 304
• Erscheinungstermin: 1. Januar 2007
• Englisch
• Abmessung: 235mm x 157mm x 21mm
• Gewicht: 490g
• ISBN-13: 9780470052648
• ISBN-10: 0470052643
• Artikelnr.: 22170376

Autorenporträt

JUSTIN PETTIT draws on his fifteen years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.

Inhaltsangabe

Preface. List of Figures. List of Tables. Acknowledgments. About the
Author. PART ONE: Managing the Left-Hand Side of the Balance Sheet. Chapter
1: The Cost Of Capital. Calculation Pitfalls. Market Risk Premium (MRP).
Toward a Better Beta. The "Riskless Rate" The Cost of Debt. Global Capital
Costs. WACC and Hurdle Rates. Chapter 2: Fix: Finding Your Sources of
Value. Why Shareowner Value? Performance Measurement Pitfalls. Measuring
Economic Profit and Value. Analyzing the Corporate Portfolio. Incorporating
the Cost of Capacity. Value-Based Strategies and Tactics. Managing for
Value. Balancing Performance with Value. Chapter 3: Sell: Creating Value
Through Divestiture. Divestiture Creates Value. Sources of Value: Motives
for Divestiture. Alternative Methods of Disposition. What Works Best for
Whom? What Happens Longer Term? Practical Impediments to Divestiture.
Financial Policy Considerations. Tax Considerations and Structural
Refinements. Chapter 4: Grow: How To Make M&A Pay. M&A Today. Transactions
that Create Value. M&A Fact and Fallacy. RX for the "Conglomerate
Discount." EVA and M&A. How ''Serial Acquirers'' Create Value. Financial
Policy Considerations. Financing Growth. Chapter 5: Cash and The Optimal
Capital Structure. Trends and Implications. How Much Is Too Much? The Costs
and Benefits of Excess Cash. How the Market Views Excess Cash. Optimal
Capital Allocation. PART TWO: Managing the Right-Hand Side of the Balance
Sheet. Chapter 6: An Executive's Guide to Credit Ratings. Trends and
Implications. Empirical Evidence. Limitations of Quantitative Credit
Analysis. What Metrics Matter Most? Case Study: Treatment of Pension and
Postretirement Liabilities. Multivariate Credit Models. Industry
Considerations. Case Study: Property and Casualty Insurance. Application
Issues. How to Manage Your Agencies. Case Study: Illustration of Secured
and Unsecured Notching. Chapter 7: Today's Optimal Capital Structure.
Value-Based Financial Policy. Less Debt Is Now "Optimal." Extend Duration
When Rates Are Low. Maintain Financial Liquidity to "Insure" Your Equity. A
New Perspective on Equity. Case Study: Does Tech Need Debt? Chapter 8:
Dividends and Buybacks: Calibrating Your Shareholder Distributions. The
Cash Problem. Dividends Are Back. How Dividends and Buybacks Create Value.
Should You Increase Your Dividend? How Large Should Your Buyback Program
Be? How to Execute Your Share Repurchase Program. Chapter 9: The Stock
Liquidity Handbook. Measuring Stock Liquidity. The "Liquidity Discount."
Implications of Stock Illiquidity. Solutions to Illiquidity. Stock Splits.
PART THREE: Managing the Enterprise. Chapter 10: Strategic Risk Management:
Where ERM Meets Optimal Capital Structure. The Value of Risk Management.
Mapping and Modeling Risk. Managing to a Benchmark. External Considerations
and Constraints. ERM Case Study: Metallgesellschaft AG. Capital Structure
Solutions. Chapter 11: Best Practices In Hedging. Which "Exposure" to
Hedge. Hedge Horizon. Hedge Ratio. Options versus Forwards. Accounting
Considerations. Implementation. Chapter 12: ERM Case Study: Reengineering
The Corporate Pension. Why Now? The Problems with Equity. The Case for More
Bonds. Optimal Capital Structure Reprise. Capital Markets Solutions. The
Boots Case. Why It Still Hasn't Happened. APPENDIX A: Resources. Tools and
Portals. New Research and Literature Search. Economic Research and Data.
News and Market Data. Corporate Governance and Compensation. Other
Agencies. Endnotes. References. Index.