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Fundamentals of Corporate Finance
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Table of Contents

1 The Financial Manager and the Firm 1 1.1 The Role of the Financial Manager 2 1.2 Forms of Business Organisation 7 1.3 Managing the Financial Function 10 1.4 The Goal of the Firm 13 1.5 Agency Conflicts: Separation of Ownership and Control 16 1.6 The Importance of Ethics in Business 23 2 The Financial Environment and the Level of Interest Rates 31 2.1 The Financial System 33 2.2 Direct Financing 35 2.3 Types of Financial Markets 38 2.4 Market Efficiency 42 2.5 The Stock Market 44 2.6 Financial Institutions and Indirect Financing 46 2.7 The Determinants of Interest Rate Levels 50 3 Financial Statements, Cash Flows and Taxes 61 3.1 Financial Statements and Accounting Principles 62 3.2 The Statement of Financial Position (Balance Sheet) 66 3.3 Market Value versus Book Value 73 3.4 The Income Statement and the Statement of Retained Earnings 76 3.5 Cash Flows 80 3.6 Tying the Financial Statements Together 85 3.7 International Accounting Issues 87 3.8 Corporate Income Tax 90 4 Analysing Financial Statements 101 4.1 Background for Financial Statement Analysis 102 4.2 Common-Size Financial Statements 104 4.3 Financial Statement Analysis 108 4.4 The DuPont System: A Diagnostic Tool 125 4.5 Selecting a Benchmark 131 4.6 Using Financial Ratios 134 5 The Time Value of Money 147 5.1 The Time Value of Money 148 5.2 Future Value and Compounding 151 5.3 Present Value and Discounting 163 5.4 Additional Concepts and Applications 170 6 Discounted Cash Flows and Valuation 179 6.1 Multiple Cash Flows 180 6.2 Level Cash Flows: Annuities and Perpetuities 186 6.3 Cash Flows That Grow at a Constant Rate 204 6.4 The Effective Annual Interest Rate 206 7 Risk and Return 219 7.1 Risk and Return 220 7.2 Quantitative Measures of Return 221 7.3 The Variance and Standard Deviation as Measures of Risk 227 7.4 Risk and Diversification 236 7.5 Systematic Risk 246 7.6 Compensation for Bearing Systematic Risk 250 7.7 The Capital Asset Pricing Model 251 8 Bond Valuation and the Structure of Interest Rates 261 8.1 Corporate Bonds 262 8.2 Bond Valuation 265 8.3 Bond Yields 273 8.4 Interest Rate Risk 278 8.5 The Structure of Interest Rates 281 9 Share Valuation 293 9.1 The Market for Shares 294 9.2 Valuing Ordinary Shares 299 9.3 Share Valuation: Some Simplifying Assumptions 304 9.4 Valuing Preference Shares 314 10 The Fundamentals of Capital Budgeting 323 10.1 An Introduction to Capital Budgeting 324 10.2 Net Present Value 328 10.3 The Payback Period 336 10.4 The Accounting Rate of Return 341 10.5 Internal Rate of Return 342 10.6 Capital Budgeting in Practice 353 11 Cash Flows and Capital Budgeting 363 11.1 Calculating Project Cash Flows 364 11.2 Estimating Cash Flows in Practice 373 11.3 Forecasting Free Cash Flows 389 11.4 Special Cases 391 12 Evaluating Project Economics and Capital Rationing 403 12.1 Variable Costs, Fixed Costs and Project Risk 404 12.2 Calculating Operating Leverage 412 12.3 Break-Even Analysis 415 12.4 Risk Analysis 419 12.5 Investment Decisions with Capital Rationing 423 13 The Cost of Capital 433 13.1 The Firm s Overall Cost of Capital 434 13.2 The Cost of Debt 439 13.3 The Cost of Equity 445 13.4 Using the WACC in Practice 454 14 Working Capital Management 467 14.1 Working Capital Basics 468 14.2 The Operating and Cash Conversion Cycles 472 14.3 Working Capital Investment Strategies 476 14.4 Accounts Receivable 480 14.5 Inventory Management 483 14.6 Cash Management and Budgeting 485 14.7 Financing Working Capital 487 15 How Firms Raise Capital 499 15.1 Bootstrapping 500 15.2 Venture Capital 502 15.3 Initial Public Offering 508 15.4 IPO Pricing and Cost 515 15.5 Seasoned Offerings by a Public Company 520 15.6 Private Markets and Bank Loans 526 16 Capital Structure Policy 539 16.1 Capital Structure and Firm Value 540 16.2 The Benefits and Costs of Using Debt 550 16.3 Two Theories of Capital Structure 563 16.4 Practical Considerations in Choosing a Capital Structure 565 17 Dividends, Share Repurchases and Payout Policy 573 17.1 Dividends 574 17.2 Share Repurchases 580 17.3 Dividends and Firm Value 582 17.4 Share Dividends and Share Splits 587 17.5 Setting a Dividend Policy 590 18 Business Formation, Growth and Valuation 595 18.1 Starting a Business 596 18.2 The Role of the Business Plan 606 18.3 Valuing a Business 608 18.4 Important Issues in Valuation 624 19 Financial Planning and Forecasting 633 19.1 Financial Planning 634 19.2 Financial Planning Models 637 19.3 A Better Financial Planning Model 643 19.4 Beyond the Basic Planning Models 651 19.5 Managing and Financing Growth 653 20 Corporate Risk Management 671 20.1 Why Companies Manage Corporate Risks 673 20.2 Managing Operational, Business and Financial Risks 676 20.3 Forwards and Futures 678 20.4 Swaps 685 20.5 Financial Options 694 20.6 Option Valuation 698 20.7 Real Options 709 20.8 Agency Costs 712 21 International Financial Management 723 21.1 Introduction to International Finance Management 724 21.2 Foreign Exchange Markets 732 21.3 Country Risk 741 21.4 Cost of Capital for International Projects 746 21.5 International Capital Budgeting 752 21.6 Islamic Finance 758 Glossary 767 Subject Index 781 Company Index 789 Appendices Available online at www.wiley.com/college/parrino Appendix A: Present Value and Future Value Tables Appendix B: Solutions to Selected Questions and Problems

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