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Strategic Corporate Finance Applications in Valuation+Capi
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- Sofort-KaufenStrategic Corporate Finance Applications in Valuation+Capital Justin Pettit 2007
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Standort: Brentwood, Tennessee, USA
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eBay-Artikelnr.:157416682718
Artikelmerkmale
- Artikelzustand
- Signed
- No
- Ex Libris
- No
- Narrative Type
- Nonfiction
- Inscribed
- No
- Intended Audience
- Young Adults, Adults
- Edition
- First Edition
- Country of Origin
- United States
- Vintage
- No
- ISBN
- 9780470052648
Über dieses Produkt
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
0470052643
ISBN-13
9780470052648
eBay Product ID (ePID)
56923717
Product Key Features
Book Title
Strategic Corporate Finance : Applications in Valuation and Capital Structure
Number of Pages
304 Pages
Language
English
Publication Year
2007
Topic
Finance / General, Economics / General, Corporate Finance / General, Economics / Theory
Illustrator
Yes
Genre
Business & Economics
Book Series
Wiley Finance Ser.
Format
Hardcover
Dimensions
Item Height
1.2 in
Item Weight
17.5 Oz
Item Length
9.4 in
Item Width
6.4 in
Additional Product Features
Intended Audience
Trade
LCCN
2006-021653
Dewey Edition
22
Series Volume Number
381
Dewey Decimal
658.15
Table Of Content
Preface xi List of Figures xiii List of Tables xv Acknowledgments xvii About the Author xix PART ONE Managing the Left-Hand Side of the Balance Sheet CHAPTER 1 The Cost Of Capital 3 Calculation Pitfalls 3 Market Risk Premium (MRP) 5 Toward a Better Beta 10 The ''''Riskless Rate'''' 13 The Cost of Debt 14 Global Capital Costs 16 WACC and Hurdle Rates 23 CHAPTER 2 Fix: Finding Your Sources of Value 26 Why Shareowner Value? 27 Performance Measurement Pitfalls 28 Measuring Economic Profit and Value 30 Analyzing the Corporate Portfolio 35 Incorporating the Cost of Capacity 39 Value-Based Strategies and Tactics 43 Managing for Value 45 Balancing Performance with Value 52 CHAPTER 3 Sell: Creating Value Through Divestiture 54 Divestiture Creates Value 56 Sources of Value: Motives for Divestiture 58 Alternative Methods of Disposition 60 What Works Best for Whom? 63 What Happens Longer Term? 64 Practical Impediments to Divestiture 65 Financial Policy Considerations 70 Tax Considerations and Structural Refinements 70 CHAPTER 4 Grow: How To Make M&A Pay 73 M&A Today 73 Transactions that Create Value 77 M&A Fact and Fallacy 81 RX for the ''''Conglomerate Discount'''' 86 EVA and M&A 88 How ''''Serial Acquirers'''' Create Value 90 Financial Policy Considerations 93 Financing Growth 94 CHAPTER 5 Cash and The Optimal Capital Structure 97 Trends and Implications 98 How Much Is Too Much? 100 The Costs and Benefits of Excess Cash 105 How the Market Views Excess Cash 108 Optimal Capital Allocation 109 PART TWO Managing the Right-Hand Side of the Balance Sheet CHAPTER 6 An Executive''s Guide to Credit Ratings 117 Trends and Implications 117 Empirical Evidence 123 Limitations of Quantitative Credit Analysis 123 What Metrics Matter Most? 126 Case Study: Treatment of Pension and Postretirement Liabilities 131 Multivariate Credit Models 133 Industry Considerations 135 Case Study: Property and Casualty Insurance 135 Application Issues 137 How to Manage Your Agencies 137 Case Study: Illustration of Secured and Unsecured Notching 139 CHAPTER 7 Today''s Optimal Capital Structure 141 Value-Based Financial Policy 141 Less Debt Is Now ''''Optimal'''' 143 Extend Duration When Rates Are Low 146 Maintain Financial Liquidity to ''''Insure'''' Your Equity 149 A New Perspective on Equity 151 Case Study: Does Tech Need Debt? 154 CHAPTER 8 Dividends and Buybacks: Calibrating Your Shareholder Distributions 160 The Cash Problem 162 Dividends Are Back 163 How Dividends and Buybacks Create Value 165 Should You Increase Your Dividend? 171 How Large Should Your Buyback Program Be? 178 How to Execute Your Share Repurchase Program 181 CHAPTER 9 The Stock Liquidity Handbook 187 Measuring Stock Liquidity 188 The ''''Liquidity Discount'''' 191 Implications of Stock Illiquidity 192 Solutions to Illiquidity 193 Stock Splits 195 PART THREE Managing the Enterprise CHAPTER 10 Strategic Risk Management: Where ERM Meets Optimal Capital Structure 203 The Value of Risk Management 204 Mapping and Modeling Risk 209 Managing to a Benchmark 213 External Considerations and Constraints 216 ERM Case Study: Metallgesellschaft AG 219 Capital Structure Solutions 220 CHAPTER 11 Best Practices In Hedging 224 Which ''''Exposure'''' to Hedge 225 Hedge Horizon 230 Hedge Ratio 232 Options versus Forwards 233 Accounting Considerations 235 Implementation 236 CHAPTER 12 ERM Case Study: Reengineering The Corporate Pension 238 Why Now? 239 The Problems with Equity 240 The Case for More Bonds 243 Optimal Capital Structure Reprise 246 Capital Markets Solutions 248 The Boots Case 251 Why It Still Hasn''t Happened 252 APPENDIX A Resources 254 Tools and Portals 254 New Research and Literature Search 254 Economic Research and Data 254 News and Market Data 254 Corporate Governance and Compensation 255 Other Agencies 255 Endnotes 256 References 268 Index 277
Synopsis
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., 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., Sweeping changes in corporate governance and globalization of the capital markets have made the language and issues of modern corporate finance previously left to finance executives and investment bankers a critical point of accountability for all senior executives and board directors. Strategic Corporate Finance is not another book on financial theory; rather, it is a practical guide to the key issues, their context, and their solutions. In Strategic Corporate Finance , author Justin Pettit drawing on his years of corporate financial advisory experience translates principles of corporate finance theory into practical methods for implementing them, on topical subjects ranging from performance measurement and capital planning to risk management and capital structure. Divided into three straightforward and accessible parts, this useful guide contains important information and actionable strategies that you can use whether you are a Board Director, CFO, Treasurer, business development executive, or M&A expert to ask the right questions and make important financial decisions regarding your organization. Part One outlines the essential issues of managing the left-hand side of the balance sheet following the prevalent "fix, sell, grow" mantra used today with an intrinsic value perspective. Here, you will learn how to resolve a variety of performance measurement and valuation issues, from estimating and applying the weighted average cost of capital (WACC) to creating value through operational improvements, divestitures, and M&A. Part Two addresses the right-hand side of the balance sheet, including optimal capital structure, managing credit ratings, and setting dividend and share repurchase policy. Special attention is given to todays growing problem of too much cash. The issues of stock liquidity, and illiquidity, are also covered in detail. The third, and final, part of Strategic Corporate Finance adopts an enterprise-wide perspective for capital management. You will be introduced to strategic risk management and the substitutability of capital structure and risk management choices, such as process control efforts, financial, physical, and operational hedging. You will also receive an executive education on best practices in financial hedging. Capital markets solutions are highlighted in a comprehensive pension re-engineering case study. Filled with in-depth insights, expert advice, and detailed case studies, Strategic Corporate Finance will prepare you to ask the key questions and make the critical decisions involved in raising, allocating, and managing capital, and its associated risks.
LC Classification Number
HG4026.P468 2007
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Angemeldet als privater VerkäuferDaher finden verbraucherschützende Vorschriften, die sich aus dem EU-Verbraucherrecht ergeben, keine Anwendung. Der eBay-Käuferschutz gilt dennoch für die meisten Käufe. Mehr erfahrenMehr erfahren
Verkäuferbewertungen (79)
- p***e (3267)- Bewertung vom Käufer.Letzter MonatBestätigter KaufGreat seller! Item just as described, sent quickly and well packed. Thanks!
- c***c (60)- Bewertung vom Käufer.Letzte 6 MonateBestätigter KaufGreat seller, good shipment , good packaging vinyl as described1961 Release 1st Press The Unique Thelonious Monk Riverside RLP 12-209 RS 9209 (Nr. 157017399612)
- 8***t (189)- Bewertung vom Käufer.Letzter MonatBestätigter KaufItem was as described, well packed and shipped promptly. It arrived sooner than predicted which was a bonus. It's worth what I paid.