Finance and the Firm: An Introduction to Corporate Finance
This well-established textbook has been extensively revised to incorporate innovations in the financial markets and financial instruments of the late 1980s. Two new chapters on International Finance and Mergers and Takeovers ensure that the reader will be kept up to date with recent developments in financial theory and practice. Distinctive features of the book which make it attractive to students facing a complex subject for the first time are integration of the theory and practice of finance and clear description of the institutional framework of corporate finance. This is an ideal textbook for courses on corporate finance, and is accompanied by a workbook which includes worked examples, questions, and solutions.
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Introduction to Part II
Net Present Value and Internal Rate of Return
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15 per cent advance corporation tax annual APR for 12 asset pricing model assume bank beta coefficient borrowing calculate call option capital allowances capital asset pricing capital market capital structure cash inflows cent per annum Chapter corporation tax cost of capital covariance current share price debenture debt capital discount rate dividends effect efficient market Equation equilibrium equity capital equity cost example exchange rate expected firm firm's funds future hedge increased interest rates internal rate investment investors leasing loan long-term market portfolio market rate maturity merger operating cash flow opportunity cost payments pence Post-tax APR Pre-tax preference present value profits rate of interest rate of return relevant required rate retained earnings rights issue risk-free rate security market line shareholder wealth shareholders short-term standard deviation sterling Stock Exchange systematic risk Table tax rate tax savings tax system theory tion transactions valuation variance yield zero