Corporate Finance: Theory and Practice
A text with a thoroughly integrated applications orientation revolving around the philosophy that companies need to know how to finance organizations in order to reach optimal capital structure. Recognizing that every investment decision involves choosing the right amount of debt and equity, the text suggests readers look at data and ask, "What is relevant? Why is this detail important? How does it answer the question?"
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Part One An Introdution to Corporate Finance Chapter 1 Introduction to Corporate Finance
The Objective Function in Corporate Finance
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after-tax annuity approach assume average Boeing bondholders book value borrowing capital expenditures CAPM changes Chapter computed Concept corporate finance cost of capital cost of debt cost of equity decision default risk depreciation discount rate dividend policy earnings EBIT effect equity investors estimated excess returns exchange rate expected growth expected return factors FCFE Figure financial markets firm value firm's flows to equity free cash flows funds future growth rate higher Home Depot increase interest rate inventory investment analysis issue lease leverage liability long-term market value maximizing measure million objective function operating cash flows operating income operating leverage optimal debt ratio outstanding payments payout ratio present value pricing model profit publicly traded firms rate of return regression repurchase return on equity revenues share stock price stockholders Table takeover tax rate Treasury bond rate value of equity variables variance