Financial Markets and Corporate Strategy
This text, appropriate for Corporate Finance at either the undergraduate or graduate level, has been written in a way that makes it both intuitive and non-technical. This text, while rigourous, is both practical and very teachable.
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acquisition after-tax analysis arbitrage Arbitrage Pricing Theory Assume average bankruptcy banks call option capital structure CAPM certainty equivalent changes Chapter compute convenience yield cost of capital coupon covariance debt and equity debt financing debt holders decisions derivative discount rate distress costs dividend dollar earnings effect equation equity holders estimate Example Exhibit expected return factor betas factor portfolios financial distress Financial Economics firm's formula forward contract forward price funds future cash flows futures contracts illustrates implies incentive increase investment investors issue Journal of Financial managers market portfolio market value mean-variance method million payments percent portfolio weights present value profits rate of return repurchase Result risk-free asset risk-free rate risk-neutral risk-neutral probabilities riskless risky securities sell shareholders shares standard deviation stock price stock returns strategy swap takeover tangency portfolio tax shields tracking portfolio valuation variance WACC yield to maturity zero zero-coupon bond