Modern Corporate Finance | Donald R. Chambers and Nelson J. Lacey

- 1Introduction to Modern Corporate Finance
  - 1.1Modern Corporate Finance
  - 1.2What Is Finance?
  - 1.3Defining the Corporation
  - 1.4What Is Meant by Modern?
  - 1.5The Goal or Purpose of the Corporation
  - 1.6Economic Foundations of Finance
  - 1.7Time and Risk
  - 1.8End-of-Chapter Material
- 2Markets and Contracts
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  - 2.1Market Efficiency
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  - 2.2Inefficient Markets
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  - 2.3Acquiring Assets in the Financial System
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  - 2.4Real versus Financial Assets
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  - 2.5Asset Ownership Through Financial Intermediation
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  - 2.6Markets
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  - 2.7Contracting
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  - 2.8End-of-Chapter Material
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- 3Corporate Ethics and Shareholder Wealth Maximization
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  - 3.1Corporate Ethics Introduced
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  - 3.2Can Corporations Act Ethically?
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  - 3.3Two Approaches to Corporate Ethics
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  - 3.4The Contractual-Rights Approach to Corporate Ethics
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  - 3.5The Societal-Good Approach to Corporate Ethics
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  - 3.6Debating the Two Approaches to Corporate Ethics
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  - 3.7Unrequired Behavior versus Required Behavior: “Oughttas” versus “Gottas”
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  - 3.8Personal versus Public-Policy Debates
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  - 3.9Public-Policy Ethical Decisions
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  - 3.10Corporate Ethics and Shareholder Wealth Maximization
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  - 3.11Corporate Ethics and Market Values
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  - 3.12End-of-Chapter Material
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  - 3.13Appendix: Overview in the History of the Philosophy of Ethics and Economics
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  - 3.14Appendix: The Origin of Individual Rights
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- 4The Time Value of Money
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  - 4.1Time Value
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  - 4.2Dollars Through Time as Different Commodities
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  - 4.3Discounting Cash Flows
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  - 4.4Compounding Cash Flows
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  - 4.5The Techniques of Discounting and Compounding
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  - 4.6The Time Value for More than One Cash Flow
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  - 4.7The Present Value of Annuities
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  - 4.8Beginning and Ending Payments
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  - 4.9The Future Value of an Annuity
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  - 4.10Solving for the Interest Rate
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  - 4.11Solving for the Time Period
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  - 4.12End-of-Chapter Material
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- 5The Valuation of Financial Securities
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  - 5.1Review of Discounting Annuities
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  - 5.2Financial Securities
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  - 5.3The Valuation of Common Stock
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  - 5.4End-of-Chapter Material
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- 6Introduction to Options
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  - 6.1The Importance of Option Theory
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  - 6.2The Mechanics of Options
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  - 6.3Who Pays the Profits to Call Option Buyers?
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  - 6.4The Black-Scholes Option Pricing Model
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  - 6.5Option Pricing—A Two-State Example
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  - 6.6An Application of Option Theory to the Equity of a Firm
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  - 6.7End-of-Chapter Material
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  - 6.8Appendix: The Black-Scholes Option Pricing Model
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- 7The Techniques of Capital Budgeting
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  - 7.1Creating Value
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  - 7.2Net Present Value
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  - 7.3Competitors of NPV
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  - 7.4NPV versus IRR—Which Method Is Better?
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  - 7.5Project Selection and the Required Rate of Returns
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  - 7.6End-of-Chapter Material
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- 8Estimating Project Cash Flows
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  - 8.1Estimating Project Cash Flows
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  - 8.2Estimating Cash Flow and NPV for Project Wivo
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  - 8.3Errors in Project Cash Flow Estimation
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  - 8.4Sensitivity Analysis
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  - 8.5End-of-Chapter Material
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- 9Real Options
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  - 9.1Real Options
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  - 9.2Decision Trees
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  - 9.3Why a Traditional NPV Can Fail
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  - 9.4End-of-Chapter Material
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- 10Advanced Topics in Capital Budgeting
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  - 10.1Overview—Complexities in Capital Budgeting Analysis
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  - 10.2Projects with Unequal Lives
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  - 10.3Least-Cost Decisions
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  - 10.4Inflation and Investment Decisions
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  - 10.5Capital Rationing
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  - 10.6End-of-Chapter Material
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  - 10.7Appendix: Integer Linear Programming
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- 11Risk and Diversification
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  - 11.1Return and Risk on Individual Assets
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  - 11.2Return and Risk on Portfolios
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  - 11.3The Normal Distribution
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  - 11.4Return and Risk on Portfolios
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  - 11.5A First Look at Portfolio Risk
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  - 11.6End-of-Chapter Material
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- 12Modern Portfolio Theory and the Capital Asset Pricing Model
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  - 12.1Portfolio Management Theory
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  - 12.2Beta
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  - 12.3The CAPM and Capital Budgeting
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  - 12.4End-of-Chapter Material
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  - 12.5Appendix: Why Expected Returns Lie in a Straight Line Against Beta
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- 13Financial Leverage
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  - 13.1An Introduction to Corporate Financing
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  - 13.2An Overview of Corporate Financing
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  - 13.3The Mechanics of Financial Leverage
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  - 13.4Capital Structure and Firm Value—The Traditionalists’ View
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  - 13.5Capital Structure and Firm Value—The Modernists’ View
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  - 13.6End-of-Chapter Material
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- 14Financing: Why Might it Matter
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  - 14.1The Rationale for Capital Structure Relevance
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  - 14.2Capital Structure with Corporate Taxes
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  - 14.3The Miller Tax Model
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  - 14.4Bankruptcy and Capital Structure
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  - 14.5Transactions Costs, Agency Costs, and Information Signaling
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  - 14.6End-of-Chapter Material
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- 15The Dividend Decision
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  - 15.1An Overview of the Firm’s Dividend Decision
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  - 15.2The Traditionlists’ View of Cash Dividends
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  - 15.3The Modernists’ Viewpoint—The M&M Model without Taxes
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  - 15.4Market Imperfections and Dividend Policy
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  - 15.5The Miller Tax Model
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  - 15.6Summary of the Two Tax Models for Dividends
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  - 15.7Dividends and Bankruptcy
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  - 15.8Dividends and Information Signaling
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  - 15.9Stock Dividends and Stock Splits
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  - 15.10End-of-Chapter Material
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- 16Financial Analysis
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  - 16.1Two Views of Financial Analysis
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  - 16.2Financial Statements
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  - 16.3Ratio Analysis
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  - 16.4Statement of Cash Flows
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  - 16.5End-of-Chapter Material
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- 17Working Capital Management
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  - 17.1An Overview of Working Capital Management
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  - 17.2Current Asset Management
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  - 17.3Current Liability Management
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  - 17.4End-of-Chapter Material
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- 18Corporate Financial Planning
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  - 18.1Short-Term Financial Planning and the Cash Budget
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  - 18.2Cash Forecasting
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  - 18.3Long-Range Financial Planning
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  - 18.4End-of-Chapter Material
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- 19International Finance
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  - 19.1An Overview of International Finance
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  - 19.2The Economics of Multiple Currencies
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  - 19.3Multiple Currencies and the Passage of Time
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  - 19.4Multiple Currencies with Time and Risk
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  - 19.5Political Risk
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  - 19.6Practical Considerations of International Financial Managment
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  - 19.7End-of-Chapter Material
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- 20Mergers and Other Reorganizations
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  - 20.1The Market for Corporate Control
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  - 20.2The Traditional View of Corporate Reorganizations
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  - 20.3The Modernists’ View of Mergers
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  - 20.4Divestitures and Liquidations
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  - 20.5End-of-Chapter Material
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- 21Financial Engineering
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  - 21.1An Overview of Financial Engineering
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  - 21.2Environmental Risk and Core Business Risk
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  - 21.3Risk Exposure Profiles
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  - 21.4Combining Risk Exposure Profiles: An Introduction
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  - 21.5The Use of Derivatives in Financial Engineering
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  - 21.6Financial Engineering and Financial Theory
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  - 21.7End-of-Chapter Material
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