CORPORATE FINANCE ffirs 13 January 2012; 9:6:55
|
|
- Randolph Hampton
- 5 years ago
- Views:
Transcription
1
2
3 CORPORATE FINANCE
4 CFA Institute is the premier association for investment professionals around the world, with over 101,000 members in 134 countries. Since 1963 the organization has developed and administered the renowned Chartered Financial Analyst s Program. With a rich history of leading the investment profession, CFA Institute has set the highest standards in ethics, education, and professional excellence within the global investment community, and is the foremost authority on investment profession conduct and practice. Each book in the CFA Institute Investment Series is geared toward industry practitioners along with graduate-level finance students and covers the most important topics in the industry. The authors of these cutting-edge books are themselves industry professionals and academics and bring their wealth of knowledge and expertise to this series.
5 CORPORATE FINANCE A Practical Approach Second Edition Michelle R. Clayman, CFA Martin S. Fridson, CFA George H. Troughton, CFA John Wiley & Sons, Inc.
6 Copyright r 2012 by CFA Institute. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) , fax (978) , or on the web at com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) , fax (201) , or online at Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) , outside the United States at (317) or fax (317) Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic formats. For more information about Wiley products, visit our web site at Library of Congress Cataloging-in-Publication Data: Corporate finance : a practical approach / [edited by] Michelle R. Clayman, Martin S. Fridson, George H. Troughton. 2nd ed. p. cm. (CFA Institute investment series ; 42) Includes index. ISBN (cloth); ISBN (ebk); ISBN (ebk); ISBN (ebk) 1. Corporations Finance. I. Clayman, Michelle R. II. Fridson, Martin S. III. Troughton, George H. HG4026.C dc Printed in the United States of America
7 CONTENTS Foreword Acknowledgments About the CFA Institute Investment Series xi xv xvii CHAPTER 1 Corporate Governance 1 Learning Outcomes 1 1. Introduction 1 2. Corporate Governance: Objectives and Guiding Principles 2 3. Forms of Business and Conflicts of Interest Sole Proprietorships Partnerships Corporations 5 4. Specific Sources of Conflict: Agency Relationships Manager Shareholder Conflicts Director Shareholder Conflicts Corporate Governance Evaluation The Board of Directors Examples of Codes of Corporate Governance Environmental, Social, and Governance Factors Valuation Implications of Corporate Governance Summary 40 Problems 42 CHAPTER 2 Capital Budgeting 47 Learning Outcomes Introduction The Capital Budgeting Process Basic Principles of Capital Budgeting Investment Decision Criteria Net Present Value Internal Rate of Return Payback Period Discounted Payback Period Average Accounting Rate of Return Profitability Index NPV Profile 59 v
8 vi Contents 4.8. Ranking Conflicts between NPV and IRR The Multiple IRR Problem and the No IRR Problem Popularity and Usage of the Capital Budgeting Methods Cash Flow Projections Table Format with Cash Flows Collected by Year Table Format with Cash Flows Collected by Type Equation Format for Organizing Cash Flows More on Cash Flow Projections Straight-Line and Accelerated Depreciation Methods Cash Flows for a Replacement Project Spreadsheet Modeling Effects of Inflation on Capital Budgeting Analysis Project Analysis and Evaluation Mutually Exclusive Projects with Unequal Lives Capital Rationing Risk Analysis of Capital Investments Standalone Methods Risk Analysis of Capital Investments Market Risk Methods Real Options Common Capital Budgeting Pitfalls Other Income Measures and Valuation Models The Basic Capital Budgeting Model Economic and Accounting Income Economic Profit, Residual Income, and Claims Valuation Summary 110 Problems 113 CHAPTER 3 Cost of Capital 127 Learning Outcomes Introduction Cost of Capital Taxes and the Cost of Capital Weights of the Weighted Average Applying the Cost of Capital to Capital Budgeting and Security Valuation Costs of the Different Sources of Capital Cost of Debt Cost of Preferred Stock Cost of Common Equity Topics in Cost of Capital Estimation Estimating Beta and Determining a Project Beta Country Risk Marginal Cost of Capital Schedule Flotation Costs What Do CFOs Do? Summary 160 Problems 163
9 Contents vii CHAPTER 4 Measures of Leverage 171 Learning Outcomes Introduction Leverage Business Risk and Financial Risk Business Risk and Its Components Sales Risk Operating Risk Financial Risk Total Leverage Breakeven Points and Operating Breakeven Points The Risks of Creditors and Owners Summary 194 Problems 194 CHAPTER 5 Capital Structure 199 Learning Outcomes Introduction The Capital Structure Decision Proposition I without Taxes: Capital Structure Irrelevance Proposition II without Taxes: Higher Financial Leverage Raises the Cost of Equity Taxes, the Cost of Capital, and the Value of the Company Costs of Financial Distress Agency Costs Costs of Asymmetric Information The Optimal Capital Structure According to the Static Trade-Off Theory Practical Issues in Capital Structure Policy Debt Ratings Evaluating Capital Structure Policy Leverage in an International Setting Summary 222 Problems 223 CHAPTER 6 Dividends and Share Repurchases: Basics 229 Learning Outcomes Introduction Dividends: Forms Regular Cash Dividends Extra or Special (Irregular) Dividends Liquidating Dividends 234
10 viii Contents 2.4. Stock Dividends Stock Splits Dividends: Payment Chronology Declaration Date Ex-Dividend Date Holder-of-Record Date Payment Date Interval between Key Dates in the Dividend Payment Chronology Share Repurchases Share Repurchase Methods Financial Statement Effects of Repurchases Valuation Equivalence of Cash Dividends and Share Repurchases: The Baseline Concluding Remarks Summary 251 Problems 252 CHAPTER 7 Dividends and Share Repurchases: Analysis 257 Learning Outcomes Introduction Dividend Policy and Company Value: Theory Dividend Policy Does Not Matter Dividend Policy Matters: The Bird-in-the-Hand Argument Dividend Policy Matters: The Tax Argument Other Theoretical Issues Dividend Theory: Summary Factors Affecting Dividend Policy Investment Opportunities The Expected Volatility of Future Earnings Financial Flexibility Tax Considerations Flotation Costs Contractual and Legal Restrictions Factors Affecting Dividend Policy: Summary Payout Policies Types of Dividend Policies The Dividend versus Share Repurchase Decision Global Trends in Payout Policy Analysis of Dividend Safety Summary 297 Problems 298 CHAPTER 8 Working Capital Management 303 Learning Outcomes Introduction 304
11 Contents ix 2. Managing and Measuring Liquidity Defining Liquidity Management Measuring Liquidity Managing the Cash Position Forecasting Short-Term Cash Flows Monitoring Cash Uses and Levels Investing Short-Term Funds Short-Term Investment Instruments Strategies Evaluating Short-Term Funds Management Managing Accounts Receivable Key Elements of the Trade Credit Granting Process Managing Customers Receipts Evaluating Accounts Receivable Management Managing Inventory Approaches to Managing Levels of Inventory Inventory Costs Evaluating Inventory Management Managing Accounts Payable The Economics of Taking a Trade Discount Managing Cash Disbursements Evaluating Accounts Payable Management Managing Short-Term Financing Sources of Short-Term Financing Short-Term Borrowing Approaches Asset-Based Loans Computing the Costs of Borrowing Summary 343 Problems 344 CHAPTER 9 Financial Statement Analysis 347 Learning Outcomes Introduction Common-Size Analysis Vertical Common-Size Analysis Horizontal Common-Size Analysis Financial Ratio Analysis Activity Ratios Liquidity Analysis Solvency Analysis Profitability Analysis Other Ratios Effective Use of Ratio Analysis Pro Forma Analysis Estimating the Sales-Driven Relations Estimating the Fixed Burdens 396
12 x Contents 4.3. Forecasting Revenues Constructing Pro Forma Statements Summary 401 Problems 402 CHAPTER 10 Mergers and Acquisitions 407 Learning Outcomes Introduction Mergers and Acquisitions: Definitions and Classifications Motives for Merger Synergy Growth Increasing Market Power Acquiring Unique Capabilities and Resources Diversification Bootstrapping Earnings Managers Personal Incentives Tax Considerations Unlocking Hidden Value Cross-Border Motivations Transaction Characteristics Form of Acquisition Method of Payment Mind-Set of Target Management Takeovers Pre-Offer Takeover Defense Mechanisms Post-Offer Takeover Defense Mechanisms Regulation Antitrust Securities Laws Merger Analysis Target Company Valuation Bid Evaluation Who Benefits from Mergers? Corporate Restructuring Summary 452 Problems 454 Glossary 463 References 475 About the Authors 481 About the CFA Program 487 Index 489
13 FOREWORD I am honored to introduce this second edition of Corporate Finance: A Practical Approach, which promises to be an important and comprehensive discourse on corporate financial management. The significant additions in this edition and revisions to the first edition build on the topic areas introduced in Furthermore, they bring much-needed practical dimensions to the complex and dynamic aspects of corporate finance. Certainly, the global financial landscape has changed dramatically since the release of the first edition of this work. The economic drama and financial carnage injected into the marketplace starting in late 2007 have penetrated the very core of financial thought and practice and have challenged long-standing economic beliefs and relationships. The effects on corporate governance, capital structure, and budgeting caused by this extreme market volatility and economic upheaval have moved corporate treasurers and chief financial officers to the front lines in their companies continuing pursuits of profitability and financial security. Only those institutions that can quickly adapt their financial management and corporate structure to this new normal will survive well into the future. The chapters in this edition have been revised to take into consideration some of the profound changes that have affected this new global financial setting. Yet, it is refreshing to note that no matter what economic environment exists in the future, sound, traditional financial management practices will always be essential to the long-term success of any entity. The authors of these chapters are leading industry practitioners and recognized academic thought leaders. Their unique perspectives and thorough understanding of their respective topic areas are invaluable in providing readers with a factual exposition of the subject matter. In addition, their commonsense approach of highlighting important learning outcomes and incorporating practical problem-solving tools gives readers techniques they can apply in realworld financial settings. Like the original text, this edition is assembled from readings used in the CFA Program curriculum. The CFA Program is a comprehensive, self-directed, distance learning program administered by CFA Institute. Since the early 1960s, the attainment of the CFA designation has been viewed as a significant achievement in the realm of finance and investment management. Those who enter the CFA Program sit for three consecutive and rigorous examinations that cover a broad range of important financial topics, including accounting, quantitative methods, equity and fixed-income analysis, portfolio management, and ethics. Most who enter this program already possess a strong record of achievement in the financial industry, as well as advanced business degrees, but welcome the additional focus and comprehensive curriculum of this designation program. I am fortunate to have earned the CFA charter and am proud to serve on the Board of Governors of CFA Institute. xi
14 xii Foreword WHY THIS TEXT IS IMPORTANT Competing in the global financial arena has been a far more daunting challenge during this decade than in earlier periods. The scarcity of credit and risk capital following the global financial challenges of the past few years, along with the evolution of emerging economies as formidable players on the world financial stage, demands that businesses operate at utmost efficiency. Optimal financial management and peak operating effectiveness are prerequisites not only for success but also for survival. And in order to successfully commit risk capital, companies must incorporate disciplined, systematic capital-budgeting techniques so as to allocate capital to only those projects with optimal returns. Furthermore, companies must be able to understand the life spans of projects, effectively anticipate cash flow needs, and accurately forecast lean periods in their liquidity to avoid potentially devastating shocks to their financial and market health. Also critical in this new financial environment is the ability to properly analyze the effects of inflation, disinflation, foreign currency shocks, and regulatory risk on existing projects, as well as the ability to recognize capital-budgeting biases and errors. This book offers comprehensive insights into avoiding these common pitfalls. In particular, the chapter on capital budgeting is instrumental in instilling in the reader the discipline to anticipate extraneous influences on capital planning. Another critical section of the book concerns forecasting and evaluating the weighted average cost of capital that an entity faces. Recent as well as long-term financial history has taught everyone the importance of properly analyzing this crucial financial component. The degree of assumed leverage, tax benefits and implications of using debt over other forms of capitalization, the cost of debt versus common and preferred equity, and the impact of changes in debt ratings all are essential areas of knowledge for company leaders. The ability to use the cost of capital as an effective discipline in organizational budgeting is yet another key component of continued financial stability. In addition to the tools and techniques for measuring the cost of capital, the appropriate use of financial leverage is an important topic in this text. Clearly, increased leverage heightens the level of earnings volatility and, ultimately, the cost of equity and the overall risk attached to any company. Properly understanding the prudent use of financial leverage as an earnings-enhancement vehicle is essential. Furthermore, examining the degree of operating leverage and the impact of cost structure on production is a vital component of measuring and evaluating the operating efficiency of any organization. And last but not least, an incredibly large part of ultimately determining the financial competitiveness of a company is successfully anticipating and accounting for the effect of taxes. A key element of attracting investors and maintaining adequate sources of capital is fully understanding how an entity manages its own equity in the context of dividends and share repurchases. In addition, I cannot overstate the advantages of having a technical grasp of the effects on financial statements of altering dividend policy or engaging in share buybacks or secondary offerings, nor can I overemphasize the commensurate impacts on a company s effective cost of capital and overall financial flexibility. In this environment of heightened investor focus on liquidity and financial health, effective working capital management is a necessity. The text walks the reader through the important steps in successfully monitoring an optimal cash balance, contains a primer on short-term investment instruments, and delves into accounts receivable and inventory management. It also examines the benefits of shortterm borrowing versus cash disbursements and other accounts payable strategies.
15 Foreword xiii Finally, the critical steps in a merger and acquisition strategy are defined and analyzed. This segment of the text highlights the effects of the successful use of these approaches on firm competitiveness, scale, and market power and addresses the potential pitfalls of integration and cost management. Finally, this section examines the impact of taxes and regulatory challenges on a potentially successful business combination tactic, as well as discussing when an acquisition posture makes sense. WHAT HAS CHANGED SINCE THE FIRST EDITION This second edition provides the reader with comprehensive updates on all topics, especially where new techniques or technologies have emerged, and gears the learning outcomes, descriptions, and end-of-chapter exercises to the new economic realities of this decade. The sections on dividend policy, share repurchases, and capital structure have also been revised and reconstructed. These chapters contain significantly new content as well as updated exercises. No book can provide a practitioner or student with a no-fail recipe for comprehensive success in financial management, and most entities have discovered that challenges and impacts generally appear from unexpected sources and directions. The authors have tried to create a substantial taxonomy of corporate financial topics with real-world, commonsense applications as well as rigorous problems and exercises that allow readers to test their comprehension of the subjects covered. This book will become an important resource for a wide array of individuals. Some may ask whether the intricacies of capital budgeting, corporate liquidity, and dividend policy are of interest to a cross section of practitioners, but as many have discovered over the past five years, ignoring the key building blocks of an optimal corporate financial structure and a lean, competitive, and well-capitalized organization can be perilous. Today s corporate landscape, with all its volatility and high barriers to entry, requires that most members of a corporate entity be well schooled in the fundamentals of financial management. Organizations today must deal with formidable foreign competition, an older workforce, and significant capital investments in order to achieve critical scale. A sound understanding of the capital management techniques needed to maintain competitiveness and innovation is a necessity. Students will use this book either as a resource to gain a broad understanding of corporate financial practice or as a useful reference tool for quickly comprehending specific areas of the financial domain. The long-term performance of all organizations is based on sound decision making by their constituents, whose decisions have wide-ranging implications for the future soundness of their companies. I hope this book will prove to be a valuable resource for present and future members of these organizations. Matthew Scanlan, CFA President and CEO Renaissance Institutional Management LLC CFA Institute Board of Governors
QUANTITATIVE INVESTMENT ANALYSIS WORKBOOK
QUANTITATIVE INVESTMENT ANALYSIS WORKBOOK Second Edition Richard A. DeFusco, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA David E. Runkle, CFA John Wiley & Sons, Inc. QUANTITATIVE INVESTMENT ANALYSIS
THE NEW WEALTH MANAGEMENT
THE NEW WEALTH MANAGEMENT CFA Institute is the premier association for investment professionals around the world, with over 101,000 members in 134 countries. Since 1963 the organization has developed and
Hedge Fund. Course STUART A. MCCRARY. John Wiley & Sons, Inc.
Hedge Fund Course STUART A. MCCRARY John Wiley & Sons, Inc. Hedge Fund Course Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North
CORPORATE FINANCE ffirs 13 January 2012; 9:6:55
CORPORATE FINANCE CFA Institute is the premier association for investment professionals around the world, with over 101,000 members in 134 countries. Since 1963 the organization has developed and administered
TRADING OPTION GREEKS
TRADING OPTION GREEKS Since 1996, Bloomberg Press has published books for financial professionals on investing, economics, and policy affecting investors. Titles are written by leading practitioners and
HIGH- FREQUENCY TRADING
A Practical Guide to Algorithmic Strategies and Trading Systems HIGH- FREQUENCY TRADING Irene Aldridge High-Frequency Trading A Practical Guide to Algorithmic Strategies and Trading Systems IRENE ALDRIDGE
DANIEL W. HALPIN, PURDUE UNIVERSITY BOLIVAR A. SENIOR, COLORADO STATE UNIVERSITY JOHN WILEY & SONS, INC.
FINANCIAL MANAGEMENT AND ACCOUNTING FUNDAMENTALS FOR CONSTRUCTION DANIEL W. HALPIN, PURDUE UNIVERSITY BOLIVAR A. SENIOR, COLORADO STATE UNIVERSITY JOHN WILEY & SONS, INC. This book is printed on acid-free
The Fundamentals of Hedge Fund Management
The Fundamentals of Hedge Fund Management Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia,
Measuring and Managing the Value of Companies UNIVERSITY EDITION. M c K I N S E Y & C O M P A N Y CORPORATE VALUATION
THE #1 BESTSELLING GUIDE TO CORPORATE VALUATION VALUATION UNIVERSITY EDITION Measuring and Managing the Value of Companies Updated and Revised with New Insights into Business Strategy and Investor Behavior
Business Ratios and Formulas
Business Ratios and Formulas A COMPREHENSIVE GUIDE SECOND EDITION Steven M. Bragg John Wiley & Sons, Inc. Business Ratios and Formulas SECOND EDITION Business Ratios and Formulas A COMPREHENSIVE GUIDE
An in-depth look at the global Materials sector investment universe, including gold and other metals, chemicals, paper, cement, and more
on MATERIALS An in-depth look at the global Materials sector investment universe, including gold and other metals, chemicals, paper, cement, and more Tips and tools for security analysis and portfolio
Understanding the Mathematics of Personal Finance An Introduction to Financial Literacy Lawrence N. Dworsky A John Wiley & Sons, Inc., Publication Understanding the Mathematics of Personal Finance Understanding
Accounts Receivable Management Best Practices
Accounts Receivable Management Best Practices John G. Salek John Wiley & Sons, Inc. Accounts Receivable Management Best Practices Accounts Receivable Management Best Practices John G. Salek John Wiley
FIXED INCOME ANALYSIS WORKBOOK
FIXED INCOME ANALYSIS WORKBOOK CFA Institute is the premier association for investment professionals around the world, with over 124,000 members in 145 countries. Since 1963 the organization has developed
Budgeting Basics and Beyond
Budgeting Basics and Beyond Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Asia, and Australia, Wiley is globally
Advanced and Basic Strategies on Stocks, ETFs, Indexes, and Stock Index Futures
$95.00 USA / $105.00 CAN ( c o n t i n u e d f r o m f r o n t f l a p ) Three Appendices illustrate many of the strategies covered throughout this book and present them according to whether the strategies
Strategic Corporate tax planning JOHN E. KARAYAN CHARLES W. SWENSON JOSEPH W. NEFF John Wiley & Sons, Inc.
Strategic Corporate tax planning JOHN E. KARAYAN CHARLES W. SWENSON JOSEPH W. NEFF John Wiley & Sons, Inc. Strategic Corporate tax planning Strategic Corporate tax planning JOHN E. KARAYAN CHARLES W.
ADDITIONAL PRAISE FOR MIDDLE MARKET M&A
ADDITIONAL PRAISE FOR MIDDLE MARKET M&A At last we have a comprehensive body of knowledge for the M&A middle market. This anthology of contemporary thinking is very timely considering how global this market
TREASURY MANAGEMENT The Practitioner s Guide. Steven M. Bragg. John Wiley & Sons, Inc.
TREASURY MANAGEMENT The Practitioner s Guide Steven M. Bragg John Wiley & Sons, Inc. Copyright 2010 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
TREASURY MANAGEMENT. The Practitioner's Guide STEVEN M. BRAGG
TREASURY MANAGEMENT The Practitioner's Guide STEVEN M. BRAGG TREASURY MANAGEMENT The Practitioner s Guide Steven M. Bragg John Wiley & Sons, Inc. Copyright 2010 by John Wiley & Sons, Inc. All rights reserved.
The Handbook of Variable Income Annuities
The Handbook of Variable Income Annuities JEFFREY K. DELLINGER John Wiley & Sons, Inc. The Handbook of Variable Income Annuities Founded in 1807, John Wiley & Sons is the oldest independent publishing
Behavioral Finance and Wealth Management
Behavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor Biases MICHAEL M. POMPIAN John Wiley & Sons, Inc. Behavioral Finance and Wealth Management Founded in
Strategic Corporate Finance
Strategic Corporate Finance Applications in Valuation and Capital Structure JUSTIN PETTIT John Wiley & Sons, Inc. Additional Praise for Strategic Corporate Finance Strategic Corporate Finance provides
Quantitative Risk Management
Quantitative Risk Management Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally
The Option Trader Handbook
The Option Trader Handbook Strategies and Trade Adjustments GEORGE M. JABBOUR, PhD PHILIP H. BUDWICK, MsF John Wiley & Sons, Inc. The Option Trader Handbook Founded in 1807, John Wiley & Sons is the oldest
Risk Management and Financial Institutions
Risk Management and Financial Institutions Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia,
Wiley CPAexcel EXAM REVIEW FOCUS NOTES
2016 Wiley CPAexcel EXAM REVIEW FOCUS NOTES 2016 Wiley CPAexcel EXAM REVIEW FOCUS NOTES FINANCIAL ACCOUNTING AND REPORTING Cover Design: Wiley Cover image: turtleteeth/istockphoto Copyright 2016 by John
CURRENCY GETTING STARTED IN TRADING INCLUDES COMPANION WEB SITE WINNING IN TODAY S FOREX MARKET MICHAEL DUANE ARCHER
GETTING STARTED IN CURRENCY TRADING INCLUDES COMPANION WEB SITE WINNING IN TODAY S FOREX MARKET T H I R D E D I T I O N MICHAEL DUANE ARCHER Getting Started in CURRENCY TRADING T H I R D E D I T I O N
Additional Praise for So You Want to Start a Hedge Fund
Additional Praise for So You Want to Start a Hedge Fund There are virtually no books on the topic of how to pick individual hedge fund managers, so this is a must read for any asset allocator, whether
SUPER SECTORS JOHN NYARADI HOW TO OUTSMART SECTOR ROTATION THE MARKET USING. AND ETFs
Included among the Year s Top Investment Books in the 2011 Stock Trader s Almanac, Super Sectors identifies five super sectors that will likely advance far faster and higher than the general indexes due
MARVIN RAUSAND. Risk Assessment. Theory, Methods, and Applications STATISTICS I:-\ PRACTICE
MARVIN RAUSAND Risk Assessment Theory, Methods, and Applications STATISTICS I:-\ PRACTICE RISK ASSESSMENT STATISTICS IN PRACTICE Advisory Editor Wolfgang Jank University of Maryland, USA Founding Editor
Insights and Techniques for Successful Hedging
Convertible Arbitrage Insights and Techniques for Successful Hedging NICK P. CALAMOS John Wiley & Sons, Inc. Convertible Arbitrage Convertible Arbitrage Insights and Techniques for Successful Hedging
Margin Trading from A to Z
Margin Trading from A to Z A Complete Guide to Borrowing, Investing, and Regulation MICHAEL T. CURLEY John Wiley & Sons, Inc. Margin Trading from A to Z Founded in 1807, John Wiley & Sons is the oldest
The Budget-Building Book for Nonprofits
The Budget-Building Book for Nonprofits A Step-by-Step Guide for Managers and Boards Second Edition Murray Dropkin Jim Halpin Bill La Touche Praise for The Budget-Building Book for Nonprofits First Edition
Investment Philosophies
Investment Philosophies Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally
DAY TRADING AND SWING TRADING THE CURRENCY MARKET
DAY TRADING AND SWING TRADING THE CURRENCY MARKET The Wiley Trading series features books by traders who have survived the market s ever changing temperament and have prospered some by reinventing systems,
Forensic Accounting and Fraud Investigation for Non-Experts
Forensic Accounting and Fraud Investigation for Non-Experts SECOND EDITION Howard Silverstone Michael Sheetz WILEY John Wiley & Sons, Inc. Forensic Accounting and Fraud Investigation for Non-Experts SECOND
Simple Profits from Swing Trading, Revised and Updated
Simple Profits from Swing Trading, Revised and Updated Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia,
M &A. Valuation for. Valuation. Standards. Building Value in Private Companies SECOND EDITION. Valuation for M & A. Valuation for M & A.
(continued from front flap) to prepare for the sale and acquisition of your firm, spelling out how to identify, quantify, and qualify the synergies that increase its value to strategic buyers. Valuation
Financial derivatives Third Edition ROBERT W. KOLB JAMES A. OVERDAHL John Wiley & Sons, Inc.
Financial derivatives Third Edition ROBERT W. KOLB JAMES A. OVERDAHL John Wiley & Sons, Inc. Financial derivatives John Wiley & Sons Founded in 1807, John Wiley & Sons is the oldest independent publishing
MUTUAL FUNDS. Portfolio Structures, Analysis, Management, and Stewardship. John A. Haslem, Ph.D. The Robert W. Kolb Series in Finance
MUTUAL FUNDS The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected to include approximately 65 volumes
Wiley Trading ENH A NCED INDEXING STR ATEGIES. Ut ilizing Fu ture s and O p tions to Ac hieve Higher Pe r formanc e. Tristan Yates
Wiley Trading ENH A NCED INDEXING STR ATEGIES Ut ilizing Fu ture s and O p tions to Ac hieve Higher Pe r formanc e Tristan Yates Enhanced Indexing Strategies Founded in 1807, John Wiley & Sons is the
The Mechanics of Securitization
The Mechanics of Securitization Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is
A Marketplace Book THE OPTION TRADER S GUIDE TO PROBABILITY, VOLATILITY, AND TIMING Jay Kaeppel John Wiley & Sons, Inc. THE OPTION TRADER S GUIDE TO PROBABILITY, VOLATILITY, AND TIMING Founded in 1807,
The Commitments of Traders Bible
The Commitments of Traders Bible How to Profit from Insider Market Intelligence STEPHEN BRIESE John Wiley & Sons, Inc. The Commitments of Traders Bible Founded in 1807, John Wiley & Sons is the oldest
Financial Forecasting, Analysis, and Modelling
Financial Forecasting, Analysis, and Modelling Financial Forecasting, Analysis, and Modelling A Framework for Long-Term Forecasting MICHAEL SAMONAS This edition first published 2015 2015 Michael Samonas
DYNAMIC TRADING INDICATORS
A Marketplace Book DYNAMIC TRADING INDICATORS Winning with Value Charts and Price Action Profile MARK W. HELWEG DAVID C. STENDAHL JOHN WILEY & SONS, INC. DYNAMIC TRADING INDICATORS Founded in 1807, John
Principles of Private Firm Valuation
Principles of Private Firm Valuation STANLEY J. FELDMAN John Wiley & Sons, Inc. Principles of Private Firm Valuation Founded in 1807, John Wiley & Sons is the oldest independent publishing company in
Part I: Identifying and Understanding the Trend
CONTENTS Cover Half Title Series Page Title Page Copyright Page Dedication Foreword Introduction Part I: Identifying and Understanding the Trend Chapter 1: Identifying the Major Trend Market Influencers
Quantitative. Workbook
Quantitative Investment Analysis Workbook Third Edition Richard A. DeFusco, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA David E. Runkle, CFA Cover image: r.nagy/shutterstock Cover design: Loretta
Investment Project Design
Investment Project Design Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally
HOW TO READ A FINANCIAL REPORT
HOW TO READ A FINANCIAL REPORT HOW TO READ A WRINGING VITAL SIGNS OUT OF Eighth Edition FINANCIAL REPORT THE NUMBERS JOHN A. TRACY AND TAGE C. TRACY Cover Design: Wiley Cover Illustration: Wiley Copyright
QUANTITATIVE INVESTMENT ANALYSIS WORKBOOK
QUANTITATIVE INVESTMENT ANALYSIS WORKBOOK Second Edition Richard A. DeFusco, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA David E. Runkle, CFA John Wiley & Sons, Inc. QUANTITATIVE INVESTMENT ANALYSIS
Fundamentals of Actuarial Mathematics
Fundamentals of Actuarial Mathematics Third Edition S. David Promislow Fundamentals of Actuarial Mathematics Fundamentals of Actuarial Mathematics Third Edition S. David Promislow York University, Toronto,
THE STRATEGIC DRUCKER. Growth Strategies and Marketing Insights from The Works of Peter Drucker
THE STRATEGIC DRUCKER Growth Strategies and Marketing Insights from The Works of Peter Drucker THE STRATEGIC DRUCKER Growth Strategies and Marketing Insights from The Works of Peter Drucker Robert W.
Banker s Guide to New Small Business Finance
Banker s Guide to New Small Business Finance The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their
ESSENTIALS. of Credit, Collections, and Accounts Receivable. Mary S. Schaeffer
ESSENTIALS of Credit, Collections, and Accounts Receivable Mary S. Schaeffer ESSENTIALS of Credit, Collections, and Accounts Receivable Essentials Series The Essentials Series was created for busy business
A Manager's Guide to Financial Analysis
A Manager's Guide to Financial Analysis A Manager's Guide to Financial Analysis Fifth Edition Steven D. Grossman Contents About This Course How to Take This Course Introduction ix xi xiii 1 Financial
A Foreign Exchange Primer
A Foreign Exchange Primer For other titles in the Wiley Trading series please see www.wiley.com/finance A FOREIGN EXCHANGE PRIMER Second Edition Shani Shamah A John Wiley and Sons, Ltd., Publication Copyright
Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe,
Leveraged Buyouts Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed
CAPITAL STRUCTURE AND CORPORATE FINANCING DECISIONS
CAPITAL STRUCTURE AND CORPORATE FINANCING DECISIONS The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected
51A Middle Street Newburyport MA Phone: Fax: Course Information
51A Middle Street Newburyport MA 01950 Phone: 800-588-7039 Fax: 877-902-4284 contact@bhfe.com www.bhfe.com Course Information Course Title: CFO Guidebook #362417 Number of continuing education credit hours
The Basics of Finance
The Basics of Finance The Frank J. Fabozzi Series Fixed Income Securities, Second Edition by Frank J. Fabozzi Focus on Value: A Corporate and Investor Guide to Wealth Creation by James L. Grant and James
ALEXANDER M. INEICHEN
Absolute returns The Risk and Opportunities of Hedge Fund Investing ALEXANDER M. INEICHEN John Wiley & Sons, Inc. Absolute returns Founded in 1807, John Wiley & Sons is the oldest independent publishing
SYLLABUS. 3. Total estimated time (hours/semester of didactic activities) 3.1 Total number of teaching hours per week 3. 3.
SYLLABUS 1. Program description 1.1 University Bucharest University of Economic Studies 1.2 Faculty Finance, Insurance, Banks and Stock Exchanges 1.3 Department Finance 1.4 Field of study Finance 1.5 Study
Advanced Equity Derivatives
Advanced Equity Derivatives Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally
CONFESSIONS of a SUBPRIME LENDER
CONFESSIONS of a SUBPRIME LENDER An Insider s Tale of Greed, Fraud, and Ignorance Conveys the authority of someone who was in the trenches where this dirty work was going on. NEWSWEEK RICHARD BITNER CONFESSIONS
51A Middle Street Newburyport MA Phone: Fax: Course Information
51A Middle Street Newburyport MA 01950 Phone: 800-588-7039 Fax: 877-902-4284 contact@bhfe.com www.bhfe.com Course Information Course Title: Mergers and Acquisitions #360618 Recommended CPE credit hours
Handbook of Budgeting
Handbook of Budgeting Sixth Edition WILLIAM R. LALLI Editor John Wiley & Sons, Inc. Copyright 2012 by John Wiley & Sons, Inc. All rights reserved. The fifth edition of this book, titled Handbook of Budgeting,
ANTHONY MANGANIELLO FOUNDER AND CREATOR, DEBTFREE.COM THE WINNING STRATEGIES TO CREATING GREAT CREDIT AND RETIRING RICH
ANTHONY MANGANIELLO FOUNDER AND CREATOR, DEBTFREE.COM THE WINNING STRATEGIES TO CREATING GREAT CREDIT AND RETIRING RICH Additional Praise for The Debt-FREE Millionaire Anthony Manganiello tells it like
Accounting for Management: Concepts and Tools
Accounting for Management: Concepts and Tools Accounting for Management: Concepts and Tools Copyright 2014 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by
Finance and Accounting for Nonfinancial Managers Second Edition
Finance and Accounting for Nonfinancial Managers Second Edition Finance and Accounting for Nonfinancial Manager Second Edition Eliot H. Sherman 2006 American Management Association. All rights reserved.
DETAILED CONTENTS. Preface...xxi. Part I The Healthcare Environment
DETAILED CONTENTS Preface...xxi Part I The Healthcare Environment Chapter 1. Introduction to Healthcare Financial Management...3 Learning Objectives...3 Introduction...3 How to Use This Book...4 The Role
Ordinary People, Extraordinary Profits
Ordinary People, Extraordinary Profits How to Make a Living as an Independent Stock, Options, and Futures Trader DAVID S. NASSAR John Wiley & Sons, Inc. Additional Praise for Ordinary People, Extraordinary
MSF Corporate Finance Courses
Last updated: April 2017 MSF Corporate Finance Courses Summer Online Foundation Workshops FIN 510 Introduction to Finance The main topics to be covered in this course are (1) principles of investments,
CFA Level II - LOS Changes
CFA Level II - LOS Changes 2017-2018 Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Topic LOS Level II - 2017 (464 LOS) LOS Level II - 2018 (465 LOS) Compared 1.1.a 1.1.b 1.2.a 1.2.b 1.3.a
CFA Level II - LOS Changes
CFA Level II - LOS Changes 2018-2019 Topic LOS Level II - 2018 (465 LOS) LOS Level II - 2019 (471 LOS) Compared Ethics 1.1.a describe the six components of the Code of Ethics and the seven Standards of
THE LITTLE BOOK OF VALUATION ffirs.indd i ffirs.indd i 3/10/11 6:54:35 PM 3/10/11 6:54:35 PM
THE LITTLE BOOK OF VALUATION Little Book Big Profits Series In the Little Book Big Profi ts series, the brightest icons in the fi nancial world write on topics that range from tried-and-true investment
ESSENTIALS of Corporate Performance Measurement
ESSENTIALS of Corporate Performance Measurement George T. Friedlob Lydia L. F. Schleifer Franklin J. Plewa Jr. John Wiley & Sons, Inc. ESSENTIALS of Corporate Performance Measurement Essentials Series
S e a S o n a l S e c t o r t r a d e S
Seasonal Sector Trades The Seasonal Sector Trades series features quarterly reports that use extensive research and analysis to identify the best-performing seasonal trades of all the major financial and
FINANCE Updated 16 October 2018
CORE FINANCE COURSES 1. FNCE101 2. FNCE102 Financial Instruments, Institutions and Markets 3. FNCE103 For Law 4. FNCE201 Corporate FINANCE ELECTIVES 5. FNCE203 Analysis of Equity Investments 6. FNCE204
Nancy A. Herring, PhD, CPA. Annual Report Project
Nancy A. Herring, PhD, CPA Annual Report Project COPYRIGHT PAGE Cover page image 2010 PhotoDisc/Getty Images Copyright 2010 by John Wiley & Sons, Inc. All rights reserved. No part of this publication may
GLOBAL EDITION. Financial Management. Principles and Applications THIRTEENTH EDITION. Sheridan Titman Arthur J. Keown John D.
GLOBAL EDITION Financial Management Principles and Applications THIRTEENTH EDITION Sheridan Titman Arthur J. Keown John D. Martin The Pearson Series in Finance Berk/DeMarzo Corporate Finance* Corporate
Interpretation and Application of. IFRS Standards
Interpretation and 2017 Application of IFRS Standards BECOME A SUBSCRIBER! Did you purchase this product from a bookstore? If you did, it s important for you to become a subscriber. John Wiley & Sons,
WILEY SERIES 66 EXAM REVIEW 2013
WILEY SERIES 66 EXAM REVIEW 2013 WILEY FINRA SERIES This series includes the following titles: Wiley Series 4 Exam Review 2013 + Test Bank: The Registered Options Principal Qualification Examination Wiley
Figure 14.1 Per Share Earnings and Dividends of the S&P500 Index. III. Figure 14.2 Aggregate Dividends and Repurchases for All U.S.
I. The Basics of Payout Policy: A. The term payout policy refers to the decisions that a firm makes regarding whether to distribute cash to shareholders, how much cash to distribute, and the means by which
51A Middle Street Newburyport MA Phone: Fax: Course Information
51A Middle Street Newburyport MA 01950 Phone: 800-588-7039 Fax: 877-902-4284 contact@bhfe.com www.bhfe.com Course Information Course Title: GAAP Guidebook 2018 #360318 Number of continuing education credit
The Art of Trend Trading
The Art of Trend Trading The Art of Trend Trading ANIMAL SPIRITS AND YOUR PATH TO PROFITS Michael Parness Copyright 2016 by Michael Parness. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken,
Financial Management and Analysis. Workbook PAMELA P. PETERSON FRANK J. FABOZZI WENDY D. HABEGGER. Step-by-Step Exercises and Tests to Help You Master
Financial Management and Analysis Workbook Step-by-Step Exercises and Tests to Help You Master Financial Management and Analysis PAMELA P. PETERSON FRANK J. FABOZZI WENDY D. HABEGGER John Wiley & Sons,
CFA Level 2 - LOS Changes
CFA Level 2 - LOS s 2014-2015 Ethics Ethics Ethics Ethics Ethics Ethics Topic LOS Level II - 2014 (477 LOS) LOS Level II - 2015 (468 LOS) Compared 1.1.a 1.1.b 1.2.a 1.2.b 1.3.a 1.3.b describe the six components
MERGERS, ACQUISITIONS, AND CORPORATE RESTRUCTURINGS
MERGERS, ACQUISITIONS, AND CORPORATE RESTRUCTURINGS FIFTH EDITION PATRICK A. GAUGHAN WILEY JOHN WILEY & SONS, INC. CONTENTS Case Study Preface xi xv Part 1 Background 1 1 Introduction 3 Recent M&A Trends
INVESTMENTS ANALYSIS AND MANAGEMENT TENTH EDITION
INSTRUCTOR'S RESOURCE GUIDE To Accompany INVESTMENTS ANALYSIS AND MANAGEMENT TENTH EDITION CHARLES P. JONES NORTH CAROLINA STATE UNIVERSITY 2007 All Rights Reserved JOHN WILEY & SONS, INC. New York Chicester
Whole Life Appraisal for Construction
Whole Life Appraisal for Construction Roger Flanagan Carol Jewell with George Norman Blackwell Science ß 2005 by Blackwell Publishing Ltd Editorial offices: Blackwell Science Ltd, 9600 Garsington Road,
THE. quarters theory ILIAN YOTOV THE REVOLUTIONARY NEW FOREIGN CURRENCIES TRADING METHOD. FX Strategist and Host, All Things Forex Daily Broadcast
THE quarters theory THE REVOLUTIONARY NEW FOREIGN CURRENCIES TRADING METHOD ILIAN YOTOV FX Strategist and Host, All Things Forex Daily Broadcast The Quarters Theory Founded in 1807, John Wiley & Sons
INTRODUCTION AND OVERVIEW
CHAPTER ONE INTRODUCTION AND OVERVIEW 1.1 THE IMPORTANCE OF MATHEMATICS IN FINANCE Finance is an immensely exciting academic discipline and a most rewarding professional endeavor. However, ever-increasing
UNIVERSITY TRAINING BOOT CAMP
UNIVERSITY TRAINING BOOT CAMP MERGERS & ACQUISITIONS AND LBO MODELING CURRICULUM AND DETAILED COURSE DESCRIPTIONS +1 (212) 537-6631 +1 (212) 656-1221 (fax) ABOUT WALL ST. TRAINING WALL ST. TRAINING OVERVIEW
European Edition. Peter Moles, Robert Parrino and David Kidwell. WILEY A John Wiley and Sons, Ltd, Publication
European Edition Peter Moles, Robert Parrino and David Kidwell WILEY A John Wiley and Sons, Ltd, Publication Preface Organisation and coverage Proven pedagogical framework Instructor and student resources
Governmental Accounting Standards Board of the Financial Accounting Foundation
IMPLEMENTATION GUIDE Guide to Implementation of GASB Statement 10 on Accounting and Financial Reporting for Risk Financing and Related Insurance Issues Questions and Answers Governmental Accounting Standards
The Enlargement of the European Union
The Enlargement of the European Union A Guide for the Entrepreneur Ine Lejeune and Walter Van Denberghe PricewaterhouseCoopers The Enlargement of the European Union The Enlargement of the European Union
Fundamentals of. Finance EDITION. Richard A. Brealey London Business School
Fundamentals of Finance EDITION Richard A. Brealey London Business School Stewart C. Myers Sloan School of Management, Massachusetts Institute of Technology Alan J. Marcus Carroll School of Management,