Introducing Corporate Finance 2nd edition is an Australian text written for one semester introductory finance and corporate finance courses at both the undergraduate and postgraduate level. This text focuses on offering a true introduction to corporate finance, with extensive explanations and case studies that apply real-world finance scenarios to corporate finance theory. The fundamental concepts and theories of corporate finance are effectively contextualised through the use of Australian company financial data, strategically placed pedagogical elements to reinforce learning and an accessible writing style.N EW TO THIS EDITION * Aspects of behavioural finance are considered throughout the text, helping students understand how the predictions of the theories discussed may not always hold in the real world* The writing style and content is accessible to all students as the text offers extensive explanations and case studies to support the theories presented in the text* Real-world data from Australian companies and the financial media help students contextualise the content* Expanded end-of-chapter activities and end-of-book case studies * Extensive use of easy-to-follow and fully-worked examples for calculation questions, many with a corresponding Finance Workshop that allows students to try their skills straight away and refer to the relevant material without flipping through the chapter.F EATURES * Scene setters present diverse real-world corporate finance scenarios that support learning and apply the theory developed in the chapter* Finance Workshops positioned throughout encourage students to apply their knowledge to typical corporate finance decisions and processes Worked examples are strategically positioned to reiterate important corporate finance processes and calculations, enabling students to develop a deeper understanding of the topic presented* Finance World is a chapter vignette that presents contemporary business thinking, decisions and opinions on a range of relevant events in the corporate world* Self-Test Problems at the end of each chapter contain a number of activities designed to provide students with the confidence to work through the end-of-chapter exercises and problems. Worked solutions to these Self-Test Problems are provided.
PART 1: FOUNDATIONS OF CORPORATE FINANCE Chapter 1: Introducing the firm and its goals Chapter preview Goals of firms Roles of financial managers The principal - agent problem Ethics in business Challenges facing modern firms How being a person affects decision making Executive summaryChapter 2: Business structures and Taxation Chapter preview Forms of business organisation Features of Australian income taxation arrangements Dividend imputation Executive summaryChapter 3: Business and the financial markets Chapter preview The roles of the financial markets Financing business operations Types of financial institutions Classifying the markets Debt and equity Forms of debt Equity instruments Regulators and regulation Executive summaryChapter 4: Financial mathematics Chapter preview Cash flows, interest and the time value money Simple interest An application of simple interest: pricing commercial bills Compound interest Future and present value of several equal sums Present and future value of unequal amounts Solving time value problems executive summaryChapter 5: Understanding risk and return Chapter preview What is return? Calculating returns What is risk? The relationship between risk and return Reducing risk The capital asset pricing model Executive summaryPART 2: INVESTMENT CHOICESChapter 6: Valuation of bonds and shares Chapter preview Price and value How are security prices set? Principles of security valuation Valuing bonds Valuing preference shares Valuing ordinary shares Price - earning ratio Executive summaryChapter 7: Cost of capital Chapter preview The cost of capital concept Estimating the component costs Under-utilisation of imputation credits The weighted-average cost of capital Capital structure Evaluation changes in capital structure Executive summaryChapter 8: Planning investments - discounted cash flow techniques Chapter preview Investment and the business of the firm Investments and firm value Estimating cash flows Net present value Internal rate of return Executive summaryChapter 9: Planning investments - some real-world companies Chapter preview Analysing a set of projects Incorporating risk into the analysis Taxation and investment planning Non-discounted methods of project evaluation Non-financial factors in project choices Executive summaryPART 3: FINANCING THE FIRMChapter 10: Short-term finance - working capital Chapter preview Working capital Ana appropriate level of net working capital Sources and costs of informal short-term finance Sources and costs off normal short-term finance Executive summaryChapter 11: Managing current assets Chapter preview The dual meaning of \'cash\' The motives for holding cash Managing cash Using electronic funds transfer (EFT) Debtors or accounts receivable Managing inventories Executive summaryChapter 12: Long-term external finance Chapter preview Intermediated finance The lease or buy decision Debt finance from the Australian market Hybrid finance from the Australian market International sources of funding Equity finance securities Raising equity finance Executive summaryChapter 13: Dividend policy and internal financing Chapter preview Fundamental dividend concepts Dividend irrelevance theory Dividend relevance theories Alternatives to cash dividends Optimal dividend policy Executive summaryChapter 14: Forecasting to evaluate financial decisions Chapter preview Overview of Australian corporate financial statements Planning an forecasting Cash budgeting Pro-forma financial statements Developing the pro-forma financial statements Whit is financial ratio analysis? Key ratios and financial statements Executive summaryPART 4: SPECIAL TOPICS IN CORPORATE FINANCEChapter 15: Risk management Chapter preview Managing risk Types of traders in the markets Futures markets The FRA market The swaps markets Company-issued options Rules for hedgers using derivatives Executive summaryChapter 16: Capital restructuring - takeovers and divestments Chapter preview Takeovers
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