Verfügbarkeit: Stock markets and corporate finance

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Titel:	Stock markets and corporate finance a primer
Von:	Michael Dempsey (Ton Duc Thang University, Vietnam)
Person:	Dempsey, Michael 1951- Verfasser aut
Hauptverfasser:	Dempsey, Michael 1951- (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	New Jersey World Scientific [2023]
Ausgabe:	[Revised and amended edition]
Schlagworte:	Corporate Finance Börse Management
Online-Zugang:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883730&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Beschreibung:	Revised edition of the author's: Stock markets and corporate finance, [2018] Includes index
Beschreibung:	xxii, 350 Seiten Illustrationen, Diagramme
ISBN:	9781800611603 9781800611474

Internformat

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Datensatz im Suchindex

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adam_text	Contents Preface v About the Author vii Welcome to the Revised and Amended Stock Markets and Corporate Finance xv xxi The Important Formulas 1 Part A 1. 2. Introduction: Stock Markets, Investments and Corporate Financial Decision-Making 3 Financial Institutions and a History ofStock Markets 11 2.1 2.2 12 23 The supporting cast for financial markets.................... Prologue: The early background economy.................... 2.2.1 Act I: The 1980s bull market and Black Monday.................................................... 2.2.2 Act II: The dot.com bubble and Black Friday....................................................... 2.2.3 Act III: Securitisation and the global financial crisis .................................................... 2.2.4 Act IV: Market recovery, COVID-19 and cash injections: From here to eternity............ 47 ix 25 32 38 x 3. 4. Stock Markets and Corporate Finance: A Primer The Time Value of Money and Financial Planning 61 3.1 3.2 Introduction........................................................................ The time-value of money: Discrete returns, compounding, and discounting......................................... 3.2.1 Percentages as fractions...................................... 3.2.2 Single period growth............................................. 3.2.3 Multiple period growth....................................... 3.2.4 Discounting............................................................. 3.3 Perpetuities and annuities................................................ 3.3.1 A growing perpetuity .......................................... 3.3.2 A perpetuity.......................................................... 3.3.3 Present value of an annuity................................ 3.3.4 Future value of an annuity ................................ 3.4 Quarterly (and semi-annual, etc.) payments................. 3.5 Life policies......................................................................... 3.6 Planning for retirement...................................................... 3.7 Real rates of return............................................................ 3.8 Planning for retirement allowing for money purchasing power.................................................................................... 3.9 Repayment of a mortgage ................................................ 3.10 Time for reflection: What have we learned?.................... 62 Market Debt, Interest Rates, and Bond Valuation 91 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 5. Introduction......................................................................... Short-term financing: The money markets.................... 4.2.1 Finance companies............................................... The role of a central bank in determining interest rates........................................................................ Long-term debt.................................................................. Valuation of bonds............................................................ Required discount rate and risk of default ................... Interrogating bonds............................................................ Time for reflection: What have we learned?................... The Valuation of Equity Shares 5.1 5.2 Introduction........................................................................ Share price response to new equity issues....................... 63 63 64 65 66 67 67 68 69 70 72 74 76 79 81 83 85 92 93 96 97 98 100 104 106 112 119 120 121 Contents xi The discounting of dividends model of share valuation............................................................................. 5.4 A firm with a fixed growth............................................... 5.5 A firm with zero (real) growth......................................... 5.6 Motivation for dividends.................................................. 5.7 Self-sustaining growth ..................................................... 5.8 The P/E ratio..................................................................... 5.9 Share price determination in practice............................. 5.10 Time for reflection: What have welearned?..................... 126 130 132 134 136 141 146 147 Shareholders’ Required Rate of Return (The Cost of Equity Capital) 157 5.3 6. 6.1 6.2 6.3 6.4 6.5 6.6 6.7 7. Introduction........................................................................ The CAPM as a determination of the discount rate....................................................................... Empirical issues withthe CAPM ................................... Empirical testsof the CAPM .......................................... The tournament nature of investing as an explanation for the ineffectiveness of the CAPM............................... The Fama and French three-factor (FF-3F) model . . . Time for reflection: What have we learned?.................... Statistical Patterns of Stock Market Returns 7.1 7.2 7.3 7.4 7.5 Introduction....................................................................... Building a model of risk and return............................... Empirical observations of stock market outcomes and the investment time horizon..................................... The “behavioural” nature of the market: Bull and bear markets....................................................................... Time for reflection: What have we learned?................... Part В 8. 159 165 168 170 171 173 179 180 181 184 187 190 193 Financial Leverage 8.1 8.2 8.3 159 Introduction....................................................................... Leverage of the firm’s capital structure......................... Debt and the economy..................................................... 195 196 197 200 xii Stock Markets and Corporate Finance: A Primer 8.4 8.5 8.6 8.7 8.8 8.9 9. Derivation of Modigliani and Miller’s Propositions I and II ....................................................................... 201 The Modigliani and Miller propositions and the CAPM................................................................. 204 Consistency of the discounting of dividends model with leverage and the CAPM and MM propositions........... The MM propositions challenged ................................... An optimal debt leverage.................................................... Time for reflection: What have we learned?.................... Valuation of Cash Flows 9.1 9.2 10. 11. 208 213 214 217 227 Introduction ......................................................................... Methods of discounting: The CFE {kß) and FCF (WACC) approaches......................................................... 9.2.1 The cash flow to equity (CFE) approach .... 9.2.2 The operating free cash flow (FCF) discounted by the WACC approach...................................... 9.3 Additional examples demonstrating consistency of the discounting methods............................................... 9.4 The WACC as industry-favoured approach.................... 9.5 Key elements of the cash flow.......................................... 9.6 Time for reflection: What have we learned?................... Appendix....................................................................................... 228 Investment Decision-Making: Theory and Practice 259 10.1 Introduction........................................................................ 10.2 Investment decision-making............................................ 10.3 Time for reflection: What have we learned?................... 260 261 268 Financial Planning and Working Capital: The Firm’s Financial Statements 271 11.1 Introduction........................................................................ 11.2 The statements.................................................................. 11.2.1 The Income Statement (Table 11.1) ............... 11.2.2 The Balance Sheet (Table11.2).......................... 11.2.3 The self-locking nature of the Income Statement and Balance Sheet............................ 11.2.4 The Statement of Cash Flows (Table 11.3) . . 231 231 234 237 243 244 247 248 273 275 275 278 282 283 Contents xiii 11.3 11.4 Ratio analysis (Table 11.4).............................................. Du Pont ratio analysis.................................................... 11.4.1 The Du Pont analysis of Return on Assets (ROA) ՝ = Total assets ........................................... 11.4.2 The Du Pont analysis of Return on Equity ^ncome 286 298 Time for reflection: What have we learned?.................. 301 _ Shareholders equity 11.5 Ethical Behaviour 12. 12.1 12.2 12.3 Introduction....................................................................... The meaning of ethicalbehaviour................................... Time for reflection: What havewe learned?.................... 298 9QQ 307 308 309 312 SOLUTIONS to Multiple Choice Questions and Illustrative Examples 313 Index 345
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isbn	9781800611603 9781800611474
language	English
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physical	xxii, 350 Seiten Illustrationen, Diagramme
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spellingShingle	Dempsey, Michael 1951- Stock markets and corporate finance a primer Corporate Finance (DE-588)4269795-5 gnd Börse (DE-588)4007502-3 gnd Management (DE-588)4037278-9 gnd
subject_GND	(DE-588)4269795-5 (DE-588)4007502-3 (DE-588)4037278-9
title	Stock markets and corporate finance a primer
title_auth	Stock markets and corporate finance a primer
title_exact_search	Stock markets and corporate finance a primer
title_full	Stock markets and corporate finance a primer Michael Dempsey (Ton Duc Thang University, Vietnam)
title_fullStr	Stock markets and corporate finance a primer Michael Dempsey (Ton Duc Thang University, Vietnam)
title_full_unstemmed	Stock markets and corporate finance a primer Michael Dempsey (Ton Duc Thang University, Vietnam)
title_short	Stock markets and corporate finance
title_sort	stock markets and corporate finance a primer
title_sub	a primer
topic	Corporate Finance (DE-588)4269795-5 gnd Börse (DE-588)4007502-3 gnd Management (DE-588)4037278-9 gnd
topic_facet	Corporate Finance Börse Management
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883730&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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