[Ebook PDF] Modern Corporate Finance: Theory and Practice Version 8.0

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Modern Corporate Finance: Theory and Practice Version 8.0

ISBN-10: 1453385312
ISBN-13: 978-1453385319

Author: Donald R. Chambers (Author), Nelson J. Lacey (Author)

When purchased from FlatWorld (the publisher), this Color Print Textbook includes Online Access, Quizzes, Flashcards and Homework (if professor uses Homework system). Online textbook is accessible. Modern Corporate Finance combines a forward-looking vision of corporate finance with the tried and true practices of the past. With a clear and concise approach, the authors emphasize the modernist movement in finance, which is based on systematic methodology with an emphasis on deductive reasoning and empirical validation.

Brief Contents
About the Authors
Acknowledgments
Dedication
Preface
Chapter 01 Introduction to Modern Corporate Finance
Chapter 02 Markets and Contracts
Chapter 03 Corporate Ethics and Shareholder Wealth Maximization
Chapter 04 The Time Value of Money
Chapter 05 The Valuation of Financial Securities
Chapter 06 Introduction to Options
Chapter 07 The Techniques of Capital Budgeting
Chapter 08 Estimating Project Cash Flows
Chapter 09 Real Options
Chapter 10 Advanced Topics in Capital Budgeting
Chapter 11 Risk and Diversification
Chapter 12 Modern Portfolio Theory and the Capital Asset Pricing Model
Chapter 13 Financial Leverage
Chapter 14 Financing: Why Might it Matter
Chapter 15 The Dividend Decision
Chapter 16 Financial Analysis
Chapter 17 Working Capital Management
Chapter 18 Corporate Financial Planning
Chapter 19 International Finance
Chapter 20 Mergers and Other Reorganizations
Chapter 21 Financial Engineering

PREFACE
Apple, Inc. is a company that has reinvented itself in the new millennium. The firm has leveraged its position in the computer business into new and related markets with great success. Annual revenues soared past $20 billion in 2006, and the company’s stock price is now trading at about 8 times its level only five years prior. Apple truly serves as an example of a media powerhouse as evidenced by their product line, applications, methods of delivery, and service.
Managing the stunning growth of Apple required both the vision of its CEO and co-founder Steven Jobs and the experience of seasoned executives. Like Apple, the fifth edition of Modern Corporate Finance: Theory and Practice combines a forward-looking vision of corporate finance with the tried and true practices of the past. Like Apple this text delivers a product that meets the needs of the consumer as clearly and efficiently as possible. This text emphasizes the modernist movement in finance, which is based on systematic methodology with an emphasis on deductive reasoning and empirical validation. The modernist movement produces a market-value based approach to finance that is built around shareholder wealth maximization, options, and agency relationships. While this movement has, without question, expanded the frontiers of knowledge in finance, instructors have lacked a framework from which to teach these concepts at the introductory level. To date, undergraduate finance texts based on the modernist approach have been written from graduate texts. Thus, our text fills an important void in the market—a modernist book written for the introductory level of study.
THE TEXT AND ITS FEATURES
The text contains a number of distinctive features. First, it presents the essential points of finance theory and reinforces these points with hands-on applications. Second, the text focuses on essential material, a contrast with other corporate finance texts whose 30 chapters or more organized under eight to ten broad headings leave the instructor with the task of figuring out what to cover in a semester’s work. Third, each chapter contains two demonstration problems that take the student step-by-step to the solution, review questions, extensive problem sets, and discussion questions to be used both inside and outside the classroom.
CHAPTER ORGANIZATION
The 21 chapters of this text introduce modern corporate finance, cover the firm’s investment decision, the firm’s financing decision, the working capital decision, and special topics. The introductory section of the text defines corporate finance, introduces contracts and markets, and includes a separate chapter on corporate ethics. Chapter 1 presents an innovative approach that derives, through economic principles, a set of decision rules for corporate managers who are making decisions for shareholders. Chapter 2 discusses contracts and markets, including the concept of efficient markets, and sets forth the view of ownership through the corporation with contracting and agency relationships. Chapter 3 on ethics doesn’t attempt to teach right or wrong behavior but instead provides a framework with which to bring ethics into the corporate discussion.
The next main section provides the conceptual and analytical building blocks to finance. Chapter 4 on the time value of money delivers the message that money through time should be considered different commodities that cannot be added to or subtracted from each other. Applications are next as Chapter 5 shows how to value financial assets. The basics of options are introduced in Chapter 6 as a way to illustrate limited liability—how the firm’s equity can be viewed as an option on the firm’s assets—as well as setting the stage for a more complete understanding of bankruptcy and firm financing.
This edition of the text includes four chapters in the area of capital budgeting. Chapter 7 draws an important distinction between financial assets and real assets, discusses how value can be created, and introduces the various techniques of capital budgeting. Chapter 8 details the estimation of project cash flows, while Chapter 9 illustrates how projects can be best modeled as real options, offering a more rich set of decisions in the valuation of real assets. Chapter 10 concludes this section with advanced topics in capital budgeting.
A common theme in Chapters 11 and 12 is the separation of total risk into systematic and unsystematic components, and the use of the capital asset pricing model to “price” systematic risk. Chapters 13 to 15 cover the firm’s financing and dividend decisions, first in perfect markets and next incorporating market imperfections such as taxes and bankruptcy.
Chapters 16 through 21 offer a menu of topics from which instructors can rank-order according to their own preferences. To the extent possible, these chapters have been designed so that they can be used at various parts of the course. Chapters 16 through 18 cover more traditional finance material such as financial analysis, working capital management, and corporate financial planning.
Chapters 19 to 21 cover three special topics: international finance, mergers, and financial engineering.