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An intuitive introduction to fundamental corporate finance concepts and methods Lessons in Corporate Finance, Second Edition offers a comprehensive introduction to the subject, using a unique interactive question and answer-based approach. Asking a series of increasingly difficult questions, this text provides both conceptual insight and specific numerical examples. Detailed case studies encourage class discussion and provide real-world context for financial concepts. The book provides a thorough coverage of corporate finance including ratio and pro forma analysis, capital structure theory,…mehr

Produktbeschreibung
An intuitive introduction to fundamental corporate finance concepts and methods Lessons in Corporate Finance, Second Edition offers a comprehensive introduction to the subject, using a unique interactive question and answer-based approach. Asking a series of increasingly difficult questions, this text provides both conceptual insight and specific numerical examples. Detailed case studies encourage class discussion and provide real-world context for financial concepts. The book provides a thorough coverage of corporate finance including ratio and pro forma analysis, capital structure theory, investment and financial policy decisions, and valuation and cash flows provides a solid foundational knowledge of essential topics. This revised and updated second edition includes new coverage of the U.S. Tax Cuts and Jobs Act of 2017 and its implications for corporate finance valuation. Written by acclaimed professors from MIT and Tufts University, this innovative text integrates academic research with practical application to provide an in-depth learning experience. Chapter summaries and appendices increase student comprehension. Material is presented from the perspective of real-world chief financial officers making decisions about how firms obtain and allocate capital, including how to: Manage cash flow and make good investment and financing decisions Understand the five essential valuation methods and their sub-families Execute leveraged buyouts, private equity financing, and mergers and acquisitions Apply basic corporate finance tools, techniques, and policies Lessons in Corporate Finance, Second Edition provides an accessible and engaging introduction to the basic methods and principles of corporate finance. From determining a firm's financial health to valuation nuances, this text provides the essential groundwork for independent investigation and advanced study.
  • Produktdetails
  • Wiley Finance Editions
  • Verlag: Wiley & Sons; Wiley
  • Artikelnr. des Verlages: 1W119537830
  • 2. Aufl.
  • Seitenzahl: 560
  • Erscheinungstermin: 22. März 2019
  • Englisch
  • Abmessung: 261mm x 181mm x 45mm
  • Gewicht: 1070g
  • ISBN-13: 9781119537830
  • ISBN-10: 1119537835
  • Artikelnr.: 55121655
Autorenporträt
PAUL ASQUITH is the Gordon Y. Billard professor of finance at M.I.T.'s Sloan School. He is a specialist in corporate finance and has written on all areas of corporate finance including mergers, LBOs, equity issues, dividend policy, and more.

LAWRENCE A. WEISS is professor of International Accounting at Tufts University. He is a specialist in accounting and finance and has written on corporate bankruptcy, firm performance, international accounting, mergers, and more.
Inhaltsangabe
About the Authors xiii Acknowledgments xv Preface xvii Chapter 1 Introduction 1 Two Markets: Product and Capital 2 The Basics: Tools and Techniques 3 A Diagram of Corporate Finance 4 A Brief History of Modern Finance 5 Reading This Book 6 Part One Financial Health of a Firm and Cash Flow Management Chapter 2 Determining a Firm's Financial Health (PIPES-A) 11 The Conversation with the Banker Is Like a Job Interview 11 Starting with the Product Market Strategy 13 Is PIPES Profitable? 14 Doing the Math 14 Sources and Uses of Funds 16 Ratio Analysis 20 The Cash Cycle 26 Summary 28 Chapter 3 Pro Forma Forecasts (PIPES-B) 31 First, Let's Take a Closer Look at Ratio Analysis 31 Pro Forma Forecasts 33 Circular Relationships 40 Back to (Forecasting) the Future 42 Projecting Out to 2018 and 2019 43 Evaluating the Loan 45 Summary 50 Appendix 3A: Accounting Is Not Economic Reality 52 Chapter 4 The Impact of Seasonality on a Firm's Funding (PIPES-C) 57 Monthly Pro Forma Income Statements 58 Monthly Pro Forma Balance Sheets 60 A Different Picture of the Firm 68 Summary 72 Appendix 4A: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2018 73 Appendix 4B: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2019 76 Part Two Firm Financing and Financial Policies Chapter 5 Why Financing Matters (Massey Ferguson) 81 Product Market Position and Strategy 81 Political Risk and Economies of Scale in Production 82 Massey Ferguson, 1971-1976 83 Sustainable Growth 85 The Period after 1976 87 Conrad Runs Away 90 The Competitors 91 Back to Massey 93 Massey's Restructuring 96 Postscript: What Happened to Massey 100 Summary 100 Appendix 5A: Massey Ferguson Financial Statements 102 Chapter 6 An Introduction to Capital Structure Theory 107 Optimal Capital Structure 108 M&M and Corporate Finance 111 Taxes 116 Costs of Financial Distress 126 The Textbook View of Capital Structure 131 The Cost of Capital 133 Summary 134 Chapter 7 Capital Structure Decisions (Marriott Corporation and Gary Wilson) 137 Capital Structure 137 The Cost of Capital 144 How Firms Set Capital Structure in Practice 147 Corporate Financial Policies 148 Sustainable Growth and Excess Cash Flow 151 What to Do with Excess Cash? 152 Summary 154 Appendix 7A: Marriott Corporation Income Statements and Balance Sheets 156 Appendix 7B: Marriott Corporation Selected Ratios 158 Chapter 8 Investment Decisions (Marriott Corporation and Gary Wilson) 159 What Is the Correct Price? 160 How Should Marriott Buy Its Shares? 160 The Loan Covenants 164 The Impact of the Product Market on Financial Policies 165 The Capital Market Impact and the Future 167 Summary 173 Chapter 9 Financial Policy Decisions (AT&T: Before and After the 1984 Divestiture) 177 Background on AT&T 178 M&M and the Practice of Corporate Finance 178 Old (pre-1984) AT&T 180 New (post-1984) AT&T 195 Summary 207 Appendix 9A: Development of AT&T Pro Formas, 1984-1988 (Expected-Case) 208 Chapter 10 The Impact of Operating Strategy on Corporate Finance Policy (MCI) 211 A Brief Summary 211 A Brief History of MCI 213 Convertible Preferred Stock and Convertible Bonds 218 Interest Rates and Debt Ratios 222 Leases 223 Financing Needs of the New MCI 223 MCI's Financing Choice 234 MCI Postscript 235 Summary 236 Appendix 10A: Development of MCI's Pro Formas, 1984-1988 238 Chapter 11 Dividends and Stock Repurchases (Apple Inc.) 241 The Theory of Dividend Policy 241 Empirical Evidence 245 Apple Inc. and the Decision on Whether to Pay Dividends 248 What Did Apple Do about Dividends? 260 What Happened Next 261 Summary 264 Chapter 12 A Continuation of Capital Structure Theory 265 The Tax Shield of Debt 266 The Costs of Financial Distress 267