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2023 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Corporate Finance: A Systematic Approach

verfasst von: Kuo-Ping Chang

Verlag: Springer Nature Singapore

Buchreihe : Springer Texts in Business and Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This textbook takes on a systematic approach to elaborating on the different subjects within corporate finance. The chapters bring together existing concepts with examples and stories that allow students to easily understand and apply financial tools. In doing so, the book strives to clarify misconceptions in the literature on topics related to firm’s ownership and control, problems of the Modigliani-Miller first and second propositions, relationship between options and corporate finance, behavioral finance versus corporate finance, etc.

The book takes into consideration the growing importance of the Asian economy and financial markets in recent years, and constructs the P-index to measure and compare the risk structures of US and China’s stocks and stock indexes.

This book is a primary text written for the introductory courses in corporate finance at the M.B.A. level and for the intermediate courses in undergraduate programs, but can also be of great use to Ph.D. students as well as professionals.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
Every person on every day needs to make decisions (choices) on many things: to do or not to do. Decision-making is based on cost and benefit analysis. If benefit is greater than cost, then it is worthwhile to do it. Benefit and cost can be money or utility. However, cost must be opportunity cost which means you still have an opportunity (choice) to spend or not to spend. That is, opportunity cost is ex-ante and related to decision-making.
Kuo-Ping Chang
Chapter 2. The Ownership and Objectives of the Firm
Abstract
The essence of economics and management is choice (i.e., decision-making). Choice is about cost and benefit analysis.
Kuo-Ping Chang
Chapter 3. Basic Concepts of Valuation
Abstract
In a one-period model, deposit money in a bank, and on the maturity date, in addition to the principal, the depositor usually can get interest payment.
Kuo-Ping Chang
Chapter 4. Financial Statements and Financial Ratios
Abstract
As the report of physical examination for a person, financial statements provide information about financial conditions of a firm. Financial statements can help the management team to discover potential problems of the firm and internal control.
Kuo-Ping Chang
Chapter 5. Opportunity Cost and Investment Criteria
Abstract
In corporate finance or investment, cost–benefit analysis is the main theme.
Kuo-Ping Chang
Chapter 6. Internal Rate of Return, Profitability Index and Payback Period Methods
Abstract
This chapter discusses several other investment criteria, and how they are related to the net present value (NPV) method.
Kuo-Ping Chang
Chapter 7. Risk and Return
Abstract
Under uncertainty the discount rate for an asset’s future cash flows needs incorporate risk.
Kuo-Ping Chang
Chapter 8. Capital Structure in a Perfect Market
Abstract
In their famous and influential article in 1958, Modigliani and Miller present two propositions: First, the market value of any firm is independent of its capital structure, and second, the expected rate of return on the equity of the levered firm increases in proportion to the debt-equity ratio.
Kuo-Ping Chang
Chapter 9. Derivatives and Corporate Finance
Abstract
This chapter discusses how forward and futures contracts and options are related to corporate finance.
Kuo-Ping Chang
Chapter 10. Real Options
Abstract
Among the derivatives mentioned in Chap. 9, forward and futures contracts are obligations, and options are rights.
Kuo-Ping Chang
Chapter 11. Behavioral Finance and Corporate Finance
Abstract
The seminal works by Daniel Kahneman, Amos Tversky and Richard Thaler have inspired many researches in behavioral economics. Behavioral economics and behavioral finance incorporate the concepts and methods in psychology science into traditional economics (finance).
Kuo-Ping Chang
Chapter 12. Capital Structure in an Imperfect Market
Abstract
In this chapter, transaction costs are defined as the costs when people cooperate to produce or to trade. Section 12.1 shows the transaction costs if the firm has low debt.
Kuo-Ping Chang
Chapter 13. Payout Policy
Abstract
Investment is for consumption. After resource providers finance (provide) resources to a firm and producing and selling, the firm needs to split and distribute the big pie generated to all the resource providers.
Kuo-Ping Chang
Chapter 14. Mergers and Acquisitions, and Corporate Governance
Abstract
Mergers and acquisitions are competitions for firms’ controlling right and interest. Different takeover strategies and defensive tactics can affect the interests of the target firm’s senior management and shareholders.
Kuo-Ping Chang
Chapter 15. International Corporate Finance
Abstract
Multinational corporations (MNC) are prevalent in the world.
Kuo-Ping Chang
Backmatter
Metadaten
Titel
Corporate Finance: A Systematic Approach
verfasst von
Kuo-Ping Chang
Copyright-Jahr
2023
Verlag
Springer Nature Singapore
Electronic ISBN
978-981-19-9119-6
Print ISBN
978-981-19-9118-9
DOI
https://doi.org/10.1007/978-981-19-9119-6