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New Complete Summary: Fundamentals of Corporate Finance David Hillier; Iain Clacher; Stephen A. Ross; Randolph Westerfield; Bradford D. Jordan

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Corporate Finance

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Radboud Universiteit Nijmegen (RU)

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Fundamentals of Corporate Finance 3e

This summary is specially written for your exam prep. A useful and clear summary of 50 pages. Now with a brand-new design that makes it easier to navigate and study the summary! The summary also covers all the content you need to know for your exam and includes all formulas. Corporate Finance (M...

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Geupload op 9 februari 2022
Aantal pagina's 51
Geschreven in 2021/2022
Type Samenvatting

corporate governance
introduction to corporate finance
corporate finance and the financial manager
the goal of financial management
financial markets and the corporation
forms of business organization

Titel boek:Fundamentals of Corporate Finance 3e

Auteur(s):David Hillier, Iain Clacher

Uitgave:maart 2017
ISBN:9780077178239
Druk:1

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Excel template (exam)
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Summary + lecture notes Corporate finance

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Radboud Universiteit Nijmegen (RU)
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Corporate Finance

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1
Complete Summary: Fundamentals of Corporate Finance (Use for Exam Prep)

Complete Summary:
Fundamentals of Corporate Finance
(European edition)
By
David Hillier; Iain Clacher; Stephen A. Ross;
Randolph Westerfield; Bradford D. Jordan

NEW AND UPDATED!
Contents
Chapter 1 Introduction to corporate finance ........................................................................................... 5
1.1 Corporate finance and the financial manager ................................................................................ 5
1.2 The goal of financial management.................................................................................................. 6
1.3 Financial markets and the corporation ........................................................................................... 6
Chapter 2 Corporate Governance ............................................................................................................. 7
2.1 Forms of Business organization ...................................................................................................... 7
2.2 The agency problem and control of the corporation...................................................................... 8
2.3 International corporate governance ............................................................................................... 9
Chapter 3 Financial analysis and planning .............................................................................................. 10
3.1 The annual report ......................................................................................................................... 10
3.2 Ratio Analysis ................................................................................................................................ 12
3.3 The Du Pont identity ..................................................................................................................... 13
3.4 Using financial statement information ........................................................................................ 13
3.5 Financial planning ......................................................................................................................... 13

, 2
Complete Summary: Fundamentals of Corporate Finance (Use for Exam Prep)

3.6 Financial Planning models ............................................................................................................. 13
3.7 External financing and growth ...................................................................................................... 14
3.8 Some caveats regarding financial planning models ...................................................................... 14
Chapter 4 Introduction to valuation: the time value of money.............................................................. 15
4.1 Future value and compounding .................................................................................................... 15
4.2 Present value and discounting ...................................................................................................... 15
4.3 More about present and future values ......................................................................................... 15
Chapter 5 Discounted cash flow valuation ............................................................................................. 17
5.1 Future and present values of multiple cash flows ........................................................................ 17
5.2 Valuing level cash flows: annuities and perpetuities .................................................................... 17
5.3 Comparing rates: The effect of compounding .............................................................................. 18
5.4 Loan types and loan amortization................................................................................................. 19
Chapter 6 Bond valuation ....................................................................................................................... 20
6.1 Bonds and bond valuation ............................................................................................................ 20
6.2 More about bond features............................................................................................................ 21
6.3 Bond rating.................................................................................................................................... 22
6.4 Some different types of bond ....................................................................................................... 23
6.5 Bond markets ................................................................................................................................ 24
6.6 Inflation and interest rates ........................................................................................................... 24
6.7 Determinants of bond yields......................................................................................................... 24
Chapter 7 Equity valuation...................................................................................................................... 26
7.1 Share valuation ............................................................................................................................. 26
7.2 Some features of ordinary and preference shares ....................................................................... 27
7.3 The stock market........................................................................................................................... 27
Chapter 8 Net present value and other investment criteria .................................................................. 29
8.1 Net present value. ......................................................................................................................... 29
8.2 The payback rule ........................................................................................................................... 29
8.3 The discounted payback ............................................................................................................... 30
8.4 The average accounting return. .................................................................................................... 30
8.5 The internal rate of return ............................................................................................................ 31
8.6 The profitability index ................................................................................................................... 32
8.7 The Practice of Capital Budgeting ................................................................................................. 32
Chapter 9 Making Capital investment decisions..................................................................................... 33

, 3
Complete Summary: Fundamentals of Corporate Finance (Use for Exam Prep)

9.1 Project cash flows; a first look ...................................................................................................... 33
9.2 Incremental Cash flows ................................................................................................................. 33
9.3 Pro forma financial statements and project cash flows. .............................................................. 34
9.4 More about project cash flow....................................................................................................... 34
9.5 Alternative definitions of operating cash flow ............................................................................. 35
Chapter 10 Project analysis and evaluation............................................................................................ 36
10.1 Evaluating NPV estimates ........................................................................................................... 36
10.2 Scenario and other what-if analyses ........................................................................................... 36
10.3 Break-even analysis..................................................................................................................... 37
10.4 Operating cash flow, sales volume and break-even. .................................................................. 38
10.5 Operating leverage...................................................................................................................... 38
10.6 Capital rationing .......................................................................................................................... 39
Chapter 11 Some lessons from recent capital market history ............................................................... 39
11.1 Returns ........................................................................................................................................ 39
11.2 The Historical Record .................................................................................................................. 40
11.3 Average returns: The first lesson ............................................................................................... 40
11.4 The variability of returns: the second lesson .............................................................................. 41
11.5 More about average returns. ...................................................................................................... 41
11.6 Capital market efficiency ............................................................................................................ 42
Chapter 12 Return, risk and the security market line. ............................................................................ 43
12.1 Expected returns and variances. ................................................................................................. 43
12.2 Portfolios ..................................................................................................................................... 43
12.3 Announcement, surprises and expected returns. ...................................................................... 43
12.4 Risk: Systematic and unsystematic. ............................................................................................ 44
12.5 Diversification and portfolio risk................................................................................................. 44
12.6 Systematic risk and Beta. ............................................................................................................ 44
12.7 The security market line. ............................................................................................................ 45
Chapter 13 Cost of capital....................................................................................................................... 46
13.1 The cost of capital: some preliminaries. ..................................................................................... 46
13.2 The cost of equity........................................................................................................................ 46
13.3 The cost of debt and preference shares. .................................................................................... 47
13.4 The weighted average costs of capital........................................................................................ 47
Chapter 14 Raising capital....................................................................................................................... 48

, 4
Complete Summary: Fundamentals of Corporate Finance (Use for Exam Prep)

14.1 The financing life cycle of a firm. ................................................................................................ 48
14.2 Selling securities to the Public: The basic procedure.................................................................. 48
14.3 Alternative issue methods. ......................................................................................................... 49
14.4 Underwriters ............................................................................................................................... 49
14.5 IPOs and underpricing ................................................................................................................. 49
14.6 New equity sales and the value of the firm. ............................................................................... 50
14.7 The costs of issuing securities. .................................................................................................... 50

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