By Denzil Watson, Antony Head
This quantity addresses the center subject components in company finance and establishes an built-in knowing of the 3 choice components in finance - funding, financing, and the dividend decision.
content material: bankruptcy 1: The finance functionality bankruptcy 2: Capital markets, marketplace potency and ratio research bankruptcy three: momentary finance and the administration of operating capital bankruptcy four: long term finance: fairness finance bankruptcy five: long term finance: debt finance, hybrid finance and leasing bankruptcy 6: an summary of funding appraisal equipment bankruptcy 7: funding appraisal: purposes and possibility bankruptcy eight: Portfolio idea and the capital asset pricing version bankruptcy nine: the price of capital and capital constitution bankruptcy 10: Dividend coverage bankruptcy eleven: Mergers and takeovers bankruptcy 12: hazard management
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Extra resources for Corporate finance : principles and practice
Polly Peck plc’s dramatic failure in 1990 is one such example. This leads us to the first of three fundamental problems with profit maximisation as an overall corporate goal. The first problem is that there are quantitative difficulties associated with profit. Maximisation of profit as a financial objective requires that profit be defined and measured accurately, and that all the factors contributing to it are known and can be taken into account. It is very doubtful that this requirement can be met on a consistent basis.
I think we did. The question is why we weren’t listened to and I don’t know the answer to that,’ Mr Chambers said. Too often, nonexecutive directors had failed to challenge executives and had then blocked investors who asked for checks and balances to be imposed on executives, Mr Chambers added. His comments exposed a wider tension in relations between shareholders and boards that has been escalating as the recession has taken hold. That tension has largely centred around the banks but has been manifest in a series of clashes between shareholders and companies.
Therefore shareholder wealth is not increased by the diversifying activities of managers. Another agency problem can arise in the area of risk if managers undertake low-risk projects when the preference of shareholders is for higher-risk projects. The agency problem can also manifest itself in the financing decision. Managers will prefer to use equity finance rather than debt finance, even though equity finance is more expensive than debt finance, since lower interest payments mean lower bankruptcy risk and higher job security.
Corporate finance : principles and practice by Denzil Watson, Antony Head