Corporate Financial Management

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MBA and intermediate undergraduate-level corporate finance or financial management courses. This book, from the former editors of FMAs Journal of Financial Management, is the first to integrate the major developments made in finance in the last twenty years, such as principal-agent considerations, asymmetric information considerations, and contingent claims analysis. The format parallels that of competitors, but the new material is woven into, and enriches, the traditional presentations. This is also the first corporate finance textbook to truly marry practice with theory, by having a full-time practitioner author. - Student intuition is developed using twelve basic principles of finance, such as Self-Interested Behavior, Risk-Return Trade-Off, Signaling, and Capital Market Efficiency. - Valuation concepts, such as net present value, and required, expected, and realized rates of return are applied to all topics, not just capital budgeting. - Many more current real-world examples integrated throughout, such as Chrysler's poison pIII, the Baring's Bank failure, Gibson Greeting's treasury-linked swap, GE's stock split, Eurotunnel's rights offerings, the Green Canyon Project (Ch. 9), a

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Contents

Introduction and Overview
1
and Principles
19
Appendu
41
Copyright

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About the author (2004)

Douglas R. Emery is Bank of America Scholar, Professor of Finance, and Finance Department Chair in the School of Business at the University of Miami. For six and a half years, He and John Finnerty were the editors of Financial Management, the signature journal of the Financial Management Association International (FMA). This is their fifth book and their second with John Stowe. Their most recent book together, Debt Management: A Practitioner's Guide, was published by Harvard Business School Press in 2001. In addition to having been an editor, Doug serves or has served as an Associate Editor of Journal of Financial Research, The Financial Review, Journal of Applied Finance, Financial Practice and Education, and FMA Online. He has also served as President of the Southern Finance Association and the Eastern Finance Association, and has been a Director of FMA. His research has been published in a wide variety of journals, including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Financial Research, Journal of Accounting Research, Journal of Banking and Finance, Journal of Applied Corporate Finance, Journal of Applied Finance, Decision Sciences, Psychometrika, and the Journal of Marketing Research.

John D. Finnerty is a Principal of Analysis Group/Economics and a Professor of Finance in the Graduate School of Business Administration at Fordham University. He has previously worked for Morgan Stanley & Co., Lazard Freres & Co., Houlihan Lokey Howard & Zukin, PricewaterhouseCoopers, and was the Chief Financial Officer of the College Savings Bank. He currently serves as an Editor of FMA Online and on the advisory boards of the Journal of Portfolio Management and The Financier. He has served as President of the Fixed Income Analysts Society and has been a Director of the Financial Management Association. He has authored, co-authored, or co-edited nine other books, including Debt Management: A Practitioner's Guide. His research has been published in a wide variety of journals, including the Journal of Money, Credit and Banking, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Applied Finance, Journal of Portfolio Management, and Management Science. He co-holds four patents on financial products.

John D. Stowe is Associate Dean, Professor of Finance, and past chair of the finance department in the College of Business at the University of Missouri-Columbia. He has also taught at the University of Oklahoma, Florida International University, University of California-Irvine, and the University of Houston. He is a CFA charterholder. He currently serves as an associate editor of Financial Review and is a past president of the Southwestern Finance Association. In addition to his books with Doug and John, he has recently co-authored Analysis of Equity Investments: Valuation. He has published his research in several journals, including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Financial Research, Journal of Investing, Journal of Risk and Insurance, Journal of Economics and Business, Journal of Business Finance and Accounting, Managerial and Decision Economics, and Organizational Behavior and Human Decision Processes.

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