Corporate Financial Management

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Corporate Financial Management, 3e is a thorough and comprehensive introduction to corporate finance, set within a realistic and practical context. It provides extensive coverage of financial decision-making within a firm and explains financial markets in a highly accessible manner. The emphasis is on connecting finance theory to management practice. The core theoretical principles of corporate financial management are explained with rigor and clarity and given strong real-world relevance through the use of articles from the Financial Times, vignettes and mini case studies. Key Features Comprehensive coverage of all key- and emerging topics in corporate finance, such as risk management using derivatives and shareholder value analysis FT articles and exhibits are integrated throughout the text to both equip readers with the skillsto read the financial press and to develop an appreciation of how theory is used by practitioners on a daily basis Up-to-date mini case studies featuring top companies, which firmly place the discussions within the modern world of business Extensive end-of-chapter assessment material allows students to consolidate their understanding Fully updated and expanded coverage of value based management provides clear insight into the strategic shaping of the financial future of a business. Table of Contents The financial world Project appraisal: net present value and internal rate of return Project appraisal: cash flow and applications The decision-making process for investment appraisal Project appraisal: capital rationing, taxation and inflation Risk and project appraisal Portfolio theory The capital asset pricing model and multi-factor models Stock markets Raising equity capital Long-term debt finance Short-term and medium-term finance Treasury and working capital management Stock market efficiency Value-based management Managing a value-based company and the cost of capital Valuing shares Capital structure Dividend policy Mergers Derivatives Managing exchange-rate risk