1613:
investments and projects so the company can continue to expand its business operations into the future. When companies reach maturity levels within their industry (i.e. companies that earn approximately average or lower returns on invested capital), managers of these companies will use surplus cash to payout dividends to shareholders. Managers must do an analysis to determine the appropriate allocation of the firm's capital resources and cash surplus between projects and payouts of dividends to shareholders, as well as paying back creditor related debt.
2776:. This represents the time difference between cash payment for raw materials and cash collection for sales. The cash conversion cycle indicates the firm's ability to convert its resources into cash. Because this number effectively corresponds to the time that the firm's cash is tied up in operations and unavailable for other activities, management generally aims at a low net count. (Another measure is gross operating cycle which is the same as net operating cycle except that it does not take into account the creditors deferral period.)
42:
1751:
when corporations invest equity capital and other funds into projects (or investments) that earn a positive rate of return for the owners. Investors prefer to buy shares of stock in companies that will consistently earn a positive rate of return on capital in the future, thus increasing the market value of the stock of that corporation. Shareholder value may also be increased when corporations payout excess cash surplus (funds from retained earnings that are not needed for business) in the form of dividends.
487:
1812:
1338:
1358:
5672:
5662:
1348:
1983:(EPS) are maximized. An emerging area in finance theory is right-financing whereby investment banks and corporations can enhance investment return and company value over time by determining the right investment objectives, policy framework, institutional structure, source of financing (debt or equity) and expenditure framework within a given economy and under given market conditions.
2272:, each management decision in response to an "event" generates a "branch" or "path" which the company could follow; the probabilities of each event are determined or specified by management. Once the tree is constructed: (1) "all" possible events and their resultant paths are visible to management; (2) given this "knowledge" of the events that could follow, and assuming
2476:, etc.). As an example, the analyst may specify various revenue growth scenarios (e.g. -5% for "Worst Case", +5% for "Likely Case" and +15% for "Best Case"), where all key inputs are adjusted so as to be consistent with the growth assumptions, and calculate the NPV for each. Note that for scenario based analysis, the various combinations of inputs must be
1734:
annual installments of the borrowed debt above regular interest charges. Corporations that issue callable bonds are entitled to pay back the obligation in full whenever the company feels it is in their best interest to pay off the debt payments. If interest expenses cannot be made by the corporation through cash payments, the firm may also use
1473:. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms "corporate finance" and "corporate financier" may be associated with transactions in which capital is raised in order to create, develop, grow or acquire businesses.
2204:). Even when employed, however, these latter methods do not normally properly account for changes in risk over the project's lifecycle and hence fail to appropriately adapt the risk adjustment. Management will therefore (sometimes) employ tools which place an explicit value on these options. So, whereas in a DCF valuation the
2096:(WACC) to reflect the financing mix selected. (A common error in choosing a discount rate for a project is to apply a WACC that applies to the entire firm. Such an approach may not be appropriate where the risk of a particular project differs markedly from that of the firm's existing portfolio of assets.)
2625:(excess cash) and influenced by the company's long-term earning power. When cash surplus exists and is not needed by the firm, then management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program.
2767:
The (short term) goals of working capital are therefore not approached on the same basis as (long term) profitability, and working capital management applies different criteria in allocating resources: the main considerations are (1) cash flow / liquidity and (2) profitability / return on capital (of
2715:
In general this is as follows: As above, the goal of
Corporate Finance is the maximization of firm value. In the context of long term, capital budgeting, firm value is enhanced through appropriately selecting and funding NPV positive investments. These investments, in turn, have implications in terms
2675:
or secondary stocks would prefer the management of these companies to payout surplus earnings in the form of cash dividends when a positive return cannot be earned through the reinvestment of undistributed earnings. A share buyback program may be accepted when the value of the stock is greater than
1616:
Choosing between investment projects will thus be based upon several inter-related criteria. (1) Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate in consideration of risk. (2)
2744:
Working capital is the amount of funds that are necessary for an organization to continue its ongoing business operations, until the firm is reimbursed through payments for the goods or services it has delivered to its customers. Working capital is measured through the difference between resources
1612:
that increase the firm's long term profitability and sustainability, along with paying excess cash in the form of dividends to shareholders. Managers of growth companies (i.e. firms that earn high rates of return on invested capital) will use most of the firm's capital resources and surplus cash on
1750:
Corporations can alternatively sell shares of the company to investors to raise capital. Investors, or shareholders, expect that there will be an upward trend in value of the company (or appreciate in value) over time to make their investment a profitable purchase. Shareholder value is increased
1733:
payments (interest expenses) on the borrowed capital until the debt reaches its maturity date, therein the firm must pay back the obligation in full. One exception is zero-coupon bonds (or "zeros"). Debt payments can also be made in the form of sinking fund provisions, whereby the corporation pays
1631:
Capital budgeting is also concerned with the setting of criteria about which projects should receive investment funding to increase the value of the firm, and whether to finance that investment with equity or debt capital. Investments should be made on the basis of value-added to the future of the
1617:
These projects must also be financed appropriately. (3) If no growth is possible by the company and excess cash surplus is not needed to the firm, then financial theory suggests that management should return some or all of the excess cash to shareholders (i.e., distribution via dividends).
1636:. When no growth or expansion is possible by a corporation and excess cash surplus exists and is not needed, then management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program.
3349:), p. 17. As Mark Smith (2003) notes, "the first joint-stock companies had actually been created in England in the sixteenth century. These early joint-stock firms, however, possessed only temporary charters from the government, in some cases for one voyage only. (One example was the
2620:
Dividend policy is concerned with financial policies regarding the payment of a cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends, and what amount, is determined mainly on the basis of the company's unappropriated
2632:
exceed the hurdle rate, and excess cash surplus is not needed, then – finance theory suggests – management should return some or all of the excess cash to shareholders as dividends. This is the general case, however there are exceptions. For example, shareholders of a
1653:
released a statement, signed by 181 prominent U.S. CEOs, which committed to lead their companies for "the benefit of all stakeholders". Despite intense debate and recent momentum for the stakeholder theory, shareholder theory still dominates corporate world strategy.
1782:
Similar to bonds, preferred stocks are rated by the major credit-rating companies. The rating for preferreds is generally lower, since preferred dividends do not carry the same guarantees as interest payments from bonds and they are junior to all creditors.
2191:
projects, a project may open (or close) various paths of action to the company, but this reality will not (typically) be captured in a strict NPV approach. Some analysts account for this uncertainty by adjusting the discount rate (e.g. by increasing the
2558:
and other sensitivities – is then observed. This histogram provides information not visible from the static DCF: for example, it allows for an estimate of the probability that a project has a net present value greater than zero (or any other value).
4228:
2996:. Here, businesses actively manage any impact on profitability, cash flow, and hence firm value, due to credit and operational factors - this, overlapping "working capital management" to a large extent. Firms then devote much time and effort to
3353:, chartered in England in 1533 for trade with Russia; another, chartered the same year, was a company with the intriguing title Guinea Adventurers.) The Dutch East India Company was the first joint-stock company to have a permanent charter."
1729:) as sources of investment to sustain ongoing business operations or to fund future growth. Debt comes in several forms, such as through bank loans, notes payable, or bonds issued to the public. Bonds require the corporation to make regular
4362:
1823:
Management must identify the "optimal mix" of financing – the capital structure that results in maximum firm value, - but must also take other factors into account (see trade-off theory below). Financing a project through debt results in a
2931:– i.e. with transactions in which capital is raised for the corporation or shareholders; the services themselves are often referred to as advisory, financial advisory, deal advisory and transaction advisory services. See under
2539:. Here, the cash flow components that are (heavily) impacted by uncertainty are simulated, mathematically reflecting their "random characteristics". In contrast to the scenario approach above, the simulation produces several
2267:
production otherwise. In turn, given further demand, it would similarly expand the factory, and maintain it otherwise. In a DCF model, by contrast, there is no "branching" – each scenario must be modelled separately.) In the
1694:). However, as above, since both hurdle rate and cash flows (and hence the riskiness of the firm) will be affected, the financing mix will impact the valuation of the firm, and a considered decision is required here. See
2745:
in cash or readily convertible into cash (Current Assets), and cash requirements (Current
Liabilities). As a result, capital resource allocations relating to working capital are always current, i.e. short-term.
2432:
as specified (usually at set increments, e.g. -10%, -5%, 0%, 5%...), and then determine the sensitivity using this formula. Often, several variables may be of interest, and their various combinations produce a
1828:
or obligation that must be serviced, thus entailing cash flow implications independent of the project's degree of success. Equity financing is less risky with respect to cash flow commitments, but results in a
1607:
The primary goal of financial management is to maximize or to continually increase shareholder value. Maximizing shareholder value requires managers to be able to balance capital funding between investments in
1759:
Preferred stock is a specialized form of financing which combines properties of common stock and debt instruments, and is generally considered a hybrid security. Preferreds are senior (i.e. higher ranking) to
2664:. Financial theory suggests that the dividend policy should be set based upon the type of company and what management determines is the best use of those dividend resources for the firm to its shareholders.
2839:. Identify the level of inventory which allows for uninterrupted production but reduces the investment in raw materials – and minimizes reordering costs – and hence increases cash flow. See discussion under
2072:. Thus, identifying the proper discount rate – often termed, the project "hurdle rate" – is critical to choosing appropriate projects and investments for the firm. The hurdle rate is the minimum acceptable
4225:
2676:
the returns to be realized from the reinvestment of undistributed profits. In all instances, the appropriate dividend policy is usually directed by that which maximizes long-term shareholder value.
2507:
A further advancement which "overcomes the limitations of sensitivity and scenario analyses by examining the effects of all possible combinations of variables and their realizations" is to construct
4359:
2883:. Identify the appropriate source of financing, given the cash conversion cycle: the inventory is ideally financed by credit granted by the supplier; however, it may be necessary to utilize a bank
2984:. The discipline is thus related to corporate finance, both re operations and funding, as below; and in large firms, the risk management function then overlaps "Corporate Finance", with the
1786:
Preferred stock is a special class of shares which may have any combination of features not possessed by common stock. The following features are usually associated with preferred stock:
5076:
4261:
2861:, i.e. credit terms which will attract customers, such that any impact on cash flows and the cash conversion cycle will be offset by increased revenue and hence Return on Capital (or
1496:
is the reporting of historical financial information, while financial management is concerned with the deployment of capital resources to increase a firm's value to the shareholders.
2656:, firms may elect to retain earnings or to perform a stock buyback, in both cases increasing the value of shares outstanding. Alternatively, some companies will pay "dividends" from
3937:
1649:
value should be the primary focus of corporate managers, with stakeholders widely interpreted to refer to shareholders, employees, suppliers and the local community. In 2019, the
4394:
3909:
3754:
2582:– so as to generate several thousand random but possible scenarios, with corresponding valuations, which are then used to generate the NPV histogram. The resultant statistics (
3023:
Firm exposure to market (and business) risk is a direct result of previous capital investments and funding decisions: where applicable here, typically in large corporates and
2637:", expect that the company will, almost by definition, retain most of the excess cash surplus so as to fund future projects internally to help increase the value of the firm.
2424:. The sensitivity of NPV to a change in that factor is then observed, and is calculated as a "slope": ΔNPV / Δfactor. For example, the analyst will determine NPV at various
1949:
when choosing how to allocate the company's resources. However economists have developed a set of alternative theories about how managers allocate a corporation's finances.
2590:
of NPV) will be a more accurate mirror of the project's "randomness" than the variance observed under the scenario based approach. These are often used as estimates of the
2562:
Continuing the above example: instead of assigning three discrete values to revenue growth, and to the other relevant variables, the analyst would assign an appropriate
2355:. (3) The "true" value of the project is then the NPV of the "most likely" scenario plus the option value. (Real options in corporate finance were first discussed by
1632:
corporation. Projects that increase a firm's value may include a wide variety of different types of investments, including but not limited to, expansion policies, or
3178:
2800:
Guided by the above criteria, management will use a combination of policies and techniques for the management of working capital. These policies aim at managing the
4773:
4518:
See "III.A.1.7 Market Risk
Management in Non-financial Firms", in Carol Alexander, Elizabeth Sheedy eds. "The Professional Risk Managers’ Handbook" 2015 Edition.
5069:
3669:
Myers, Stewart C. "Interactions of corporate financing and investment decisions—implications for capital budgeting." The
Journal of finance 29.1 (1974): 1-25.
2919:
it is used, as above, to describe activities, analytical methods and techniques that deal with many aspects of a company's finances and capital. In the
2320:
3820:
3653:
3817:
3650:
1674:
Achieving the goals of corporate finance requires that any corporate investment be financed appropriately. The sources of financing are, generically,
5062:
2393:
4883:
4721:
4505:
2671:
would prefer managers to retain earnings and pay no dividends (use excess cash to reinvest into the company's operations), whereas shareholders of
2547:
2851:: given the potential impact on cash flow, and on the balance sheet in general, finance typically "gets involved in an oversight or policing way".
4430:
1994:
literature, states that firms look for the cheaper type of financing regardless of their current levels of internal resources, debt and equity.
3328:, p. 15. "Moreover, their company was a permanent joint-stock company, unlike the English company, which did not become permanent until 1650."
4391:
2397:
1596:
4808:
4204:
4539:
4340:
4297:
2442:
1624:" is the planning of value-adding, long-term corporate financial projects relating to investments funded through and affecting the firm's
454:
2077:
2163:). With the cost of capital correctly and correspondingly adjusted, these valuations should yield the same result as the DCF. See also
17:
2787:(ROE) shows this result for the firm's shareholders. As above, firm value is enhanced when, and if, the return on capital exceeds the
3906:
2221:
4166:
4329:
4276:
3537:
1592:
5049:
1560:
acted as a center of corporate finance for companies around the world, which innovated new forms of lending and investment; see
4221:
3415:
Smith, Clifford W.; Jensen, Michael C. (2000-09-29). "The Theory of
Corporate Finance: A Historical Overview". Rochester, NY.
4592:
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3890:
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3466:
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but possible outcomes, or trials, "covering all conceivable real world contingencies in proportion to their likelihood;" see
2062:
1976:
978:
844:
176:
2255:
1819:
As mentioned, the financing mix will impact the valuation of the firm: there are then two interrelated considerations here:
3196:
1484:
alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.
4155:
4121:
2783:(ROC). The result is shown as a percentage, determined by dividing relevant income for the 12 months by capital employed;
3036:
3005:
4867:
4841:
4818:
4797:
4782:
4743:
4684:
4665:
4646:
4624:
4570:
4527:
4462:
3856:
2948:
2516:
5002:
Graham, John R.; Harvey, Campbell R. (1999). "The Theory and
Practice of Corporate Finance: Evidence from the Field".
2976:, focusing on the financial exposures and opportunities arising from business decisions, and their link to the firm’s
2831:. Identify the cash balance which allows for the business to meet day to day expenses, but reduces cash holding costs.
2756:
and profitability considerations; decisions here are also "reversible" to a much larger extent. (Considerations as to
2579:
2492:" NPV, where management determines a (subjective) probability for each scenario – the NPV for the project is then the
2488:), whereas for the sensitivity approach these need not be so. An application of this methodology is to determine an "
2007:
4953:
4907:
4762:
4705:
4489:
4418:
4055:
3719:
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3399:
3371:
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1587:, developed in the second half of the 20th century, particularly driven by innovations in theory and practice in the
1387:
5543:
4072:
Schaum's quick guide to business formulas: 201 decision-making tools for business, finance, and accounting students
2116:
2093:
1873:
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1857:– and so equity financing may result in an increased hurdle rate which may offset any reduction in cash flow risk.
5025:
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4454:
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551:
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3493:
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3288:
3264:
3168:
3013:
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2389:
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1415:, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to
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886:
103:
58:
4142:
3755:"Business Roundtable Redefines the Purpose of a Corporation to Promote 'An Economy That Serves All Americans'"
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of cash flows, and must take into account the project-relevant financing mix. Managers use models such as the
5602:
3841:
2100:
1702:. Finally, there is much theoretical discussion as to other considerations that management might weigh here.
1289:
1232:
5396:
4127:
3136:
3066:
2720:. The goal of Working Capital (i.e. short term) management is therefore to ensure that the firm is able to
1513:
1259:
636:
5120:
4360:
Best-Practice
Working Capital Management: Techniques for Optimizing Inventories, Receivables, and Payables
2281:
5513:
3852:"Preferred Stock ... generally carries no voting rights unless scheduled dividends have been omitted." –
3211:
3024:
2932:
2910:
2527:
in 1964, although it has only recently become common: today analysts are even able to run simulations in
2425:
2165:
2085:
1840:
1080:
4473:
4104:
3938:
Optimal
Balance of Financial Instruments: Long-Term Management, Market Volatility & Proposed Changes
2936:
5696:
5476:
4402:
4159:
3981:
3375:
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available and avoid new equity financing while they can engage in new debt financing at reasonably low
1913:
1040:
968:
800:
526:
440:
302:
78:
4192:
2456:
forecasts of NPV. Here, a scenario comprises a particular outcome for economy-wide, "global" factors (
1864:
being financed as closely as possible, in terms of both timing and cash flows. Managing any potential
1430:
is concerned with the setting of criteria about which value-adding projects should receive investment
5647:
5632:
5622:
5461:
5276:
4695:
4479:
4217:
4047:
3191:
2953:
2811:
2136:
2108:
2104:
1628:. Management must allocate the firm's limited resources between competing opportunities (projects).
943:
778:
4337:
4245:
3441:
5665:
5642:
5580:
5406:
5331:
5291:
5271:
4851:
4378:
3951:
3244:
3071:
2866:
2563:
2228:. The difference between the two valuations is the "value of flexibility" inherent in the project.
2089:
2040:
1987:
1946:
1905:
1865:
1844:
1633:
1351:
893:
812:
98:
4220:
sometimes employ the "Hill of Value" methodology in their planning; see, e.g., B. E. Hall (2003).
2481:
2058:
2053:). These present values are then summed, and this sum net of the initial investment outlay is the
5376:
5366:
5336:
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4554:
3940:, Nishant Choudhary, LL.M. 2011 (Business & finance), George Washington University Law School
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2201:
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783:
571:
418:
4226:"A Practical Application of an Economic Optimisation Model in an Underground Mining Environment"
3985:
3828:
3646:
3594:
2602:. A more robust Monte Carlo model would include the possible occurrence of risk events (e.g., a
2446:
5617:
5518:
5381:
5219:
5189:
4313:
4039:
3201:
3048:
2840:
2724:, and that it has sufficient cash flow to service long-term debt, and to satisfy both maturing
2340:
2236:
2225:
2156:
2120:
1885:
1825:
277:
124:
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3483:
2927:
countries, the terms "corporate finance" and "corporate financier" tend to be associated with
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5011:
4982:
3567:
3510:
3456:
3428:
3420:
3032:
2848:
2773:
2721:
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2152:
2029:
1584:
1489:
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1314:
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973:
832:
611:
601:
352:
217:
166:
154:
88:
3389:
1462:, and short-term borrowing and lending (such as the terms on credit extended to customers).
5555:
5550:
5054:
4991:, edited by Michael C. Jensen and Clifford H. Smith Jr., pp. 2–20. McGraw-Hill, 1990.
4026:
3121:
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2733:
2629:
2555:
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2489:
2415:
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2081:
2073:
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2021:
2011:
1953:
1942:
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management is the management of the company's monetary funds that deal with the short-term
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207:
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49:
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and return targets remain identical, although some constraints – such as those imposed by
2024:(DCF) valuation, and the opportunity with the highest value, as measured by the resultant
8:
5505:
4284:
4174:
3240:
3017:
2753:
2728:
and upcoming operational expenses. In so doing, firm value is enhanced when, and if, the
2622:
2520:
2276:, management chooses the branches (i.e. actions) corresponding to the highest value path
2124:
2050:
1917:
1650:
1542:
1519:
1447:
1420:
1304:
1130:
1120:
1070:
1008:
717:
586:
531:
413:
383:
332:
5039:
4413:
William Lasher (2010). Practical
Financial Management. South-Western College Pub; 6 ed.
4163:
3592:
2080:. The hurdle rate should reflect the riskiness of the investment, typically measured by
1986:
One of the more recent innovations in this area from a theoretical point of view is the
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5587:
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5528:
5451:
5443:
5229:
5214:
5089:
4877:
4733:
4715:
4499:
4326:
4273:
4178:
3779:
3326:
Empire: The Rise and Demise of the
British World Order and the Lessons for Global Power
3158:
3126:
3116:
3086:
2997:
2985:
2928:
2736:(EVA). Managing short term finance and long term finance is one task of a modern CFO.
2587:
2485:
2411:
2368:
2213:
2140:
2003:
1991:
1980:
1965:
1961:
1925:
1881:
1854:
1720:
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1505:
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1018:
993:
958:
746:
566:
471:
423:
252:
171:
144:
93:
5612:
4827:
4066:
See: §32 "Certainty Equivalent Approach" & §165 "Risk Adjusted Discount Rate" in:
2212:
cash flows are discounted, here the "flexible and staged nature" of the investment is
1565:
5607:
5592:
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3305:
3284:
3260:
2888:
2780:
2729:
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2339:; (2) an appropriate valuation technique is then employed – usually a variant on the
2295:
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1909:
1877:
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197:
149:
108:
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as a framework, the decision to be taken is identified as corresponding to either a
2327:. Again, a DCF valuation would capture only one of these outcomes.) Here: (1) using
1952:
One of the main alternative theories of how firms manage their capital funds is the
5565:
5560:
5471:
5426:
5326:
5224:
5145:
5130:
5105:
4829:
4729:
3963:
3791:
3236:
3091:
2965:
2858:
2835:
2784:
2661:
2360:
2328:
2304:
2273:
1938:
1726:
1435:
1373:
1341:
1269:
1247:
1227:
1202:
1065:
1055:
963:
881:
403:
297:
282:
267:
262:
242:
129:
73:
3593:
Carlos Correia; David K. Flynn; Enrico Uliana; Michael Wormald (15 January 2007).
5627:
5538:
5491:
5481:
5416:
5341:
5311:
5261:
5209:
5181:
5125:
4899:
4850:
4602:
4580:
4366:
4344:
4333:
4280:
4232:
4170:
3913:
3860:
3824:
3680:
3657:
3350:
3173:
3148:
3131:
3052:
3028:
2915:
Use of the term "corporate finance" varies considerably across the world. In the
2827:
2822:) and the short term financing, such that cash flows and returns are acceptable.
2788:
2717:
2697:
2685:
2615:
2554:
of project NPV, and the average NPV of the potential investment – as well as its
2438:
2420:
2193:
2132:
1901:
1687:
1443:
1408:
1309:
1294:
1284:
1207:
1197:
1110:
1060:
1003:
983:
953:
928:
903:
817:
707:
697:
546:
521:
398:
393:
347:
337:
317:
232:
222:
2578:
between the variables. These distributions would then be "sampled" repeatedly –
2406:
inherent in project forecasting and valuation, analysts will wish to assess the
839:
5575:
5486:
4693:
4674:
4610:
4477:
3321:
3153:
2993:
2920:
2870:
2657:
2652:. Various factors may be taken into consideration: where shareholders must pay
2649:
2524:
2316:
2205:
1969:
1897:
1835:
1830:
1765:
1738:
assets as a form of repaying their debt obligations (or through the process of
1679:
1550:
1361:
1274:
1242:
1182:
1115:
1100:
1095:
1023:
822:
805:
788:
692:
657:
641:
626:
541:
486:
257:
202:
192:
83:
4787:
3388:
Baskin, Jonathan; Baskin, Jonathan Barron; Miranti, Paul J. Jr. (1999-12-28).
2418:
the analyst will vary one key factor while holding all other inputs constant,
2359:
in 1977; viewing corporate strategy as a series of options was originally per
2099:
In conjunction with NPV, there are several other measures used as (secondary)
2092:
to estimate a discount rate appropriate for a particular project, and use the
1639:
A long-standing debate in corporate finance has focused on whether maximizing
5690:
5194:
4634:
4606:
4398:
3803:
3276:
3101:
2977:
2916:
2892:
2761:
2757:
2603:
2512:
2493:
2461:
2356:
2269:
2232:
2182:
2160:
2045:
1957:
1779:. Terms of the preferred stock are stated in a "Certificate of Designation".
1775:
and may have priority over common stock in the payment of dividends and upon
1695:
1588:
1569:
1523:
1451:
1319:
1299:
1222:
1177:
948:
938:
918:
795:
606:
596:
576:
511:
501:
367:
342:
227:
63:
3853:
3458:
Capitals of Capital: A History of International Financial Centres, 1780–2005
2801:
2705:
1811:
5433:
5281:
5266:
5140:
4301:
4205:
The Role of Risk in Capital Budgeting - Scenario and Simulation Assessments
4193:
Probabilistic Approaches: Scenario Analysis, Decision Trees and Simulations
3163:
3143:
2874:
2749:
2725:
2668:
2653:
2634:
2250:
2065:
for the mechanics, with discussion re modifications for corporate finance.
1869:
1849:
1768:
in terms of claim (or rights to their share of the assets of the company).
1761:
1481:
1105:
908:
773:
712:
669:
631:
616:
536:
516:
307:
292:
272:
4771:
Tim Koller, Marc Goedhart, David Wessels (McKinsey & Company) (2020).
4601:
4224:
and I. Ballington, E. Bondi, J. Hudson, G. Lane and J. Symanowitz (2004).
4222:"How Mining Companies Improve Share Price by Destroying Shareholder Value"
5391:
5361:
5204:
5135:
4917:
4859:
3339:
A History of the Global Stock Market: From Ancient Rome to Silicon Valley
3179:
Professional certification in financial services § Corporate finance
2981:
2961:
2957:
2772:
The most widely used measure of cash flow is the net operating cycle, or
2672:
2575:
2528:
2403:
2332:
2277:
2260:
1979:
hypothesizes that management manipulates the capital structure such that
1921:
1776:
1739:
1412:
1264:
1155:
1125:
736:
621:
556:
506:
357:
327:
322:
287:
4067:
2857:. There are two inter-related roles here: (1) Identify the appropriate
2752:, working capital management differs from capital budgeting in terms of
2504:, where cash flows, as opposed to scenarios, are probability-weighted.)
2398:
Discrete-event simulation § Evaluating capital investment decisions
2028:(NPV) will be selected (first applied in a corporate finance setting by
1426:
Correspondingly, corporate finance comprises two main sub-disciplines.
5637:
5597:
5401:
5351:
5321:
5199:
4891:
3921:
2595:
2591:
2523:
to analyze the project's NPV. This method was introduced to finance by
2508:
2336:
2300:
2148:
1716:
1403:
is the area of finance that deals with the sources of funding, and the
741:
3881:
Kieso, Donald E.; Weygandt, Jerry J. & Warfield, Terry D. (2007).
2280:; (3) this path is then taken as representative of project value. See
1518:
Corporate finance for the pre-industrial world began to emerge in the
41:
5371:
5234:
4939:
3925:
2815:
2551:
2473:
2465:
2264:
2263:
for its product exceeded a certain level during the pilot-phase, and
2217:
2036:
2032:
in 1951). This requires estimating the size and timing of all of the
1459:
854:
676:
4969:
4943:
3302:
The Declaration of Dependence: Dividends in the Twenty-First Century
2519:
models as above. For this purpose, the most common method is to use
2394:
Valuation using discounted cash flows § Determine equity value
1860:
Management must attempt to match the long-term financing mix to the
5421:
5316:
5301:
3998:
2992:
Both areas share the goal of enhancing, and preserving, the firm's
2645:
2410:
of project NPV to the various inputs (i.e. assumptions) to the DCF
2200:, or applying (subjective) "haircuts" to the forecast numbers; see
1772:
1730:
1538:
898:
731:
68:
27:
Framework for corporate funding, capital structure, and investments
5001:
4579:
3922:
A Generalised Procedure for Locating the Optimal Capital Structure
3678:
2700:
position to sustain ongoing business operations is referred to as
2531:
based DCF models, typically using a risk-analysis add-in, such as
2131:. Alternatives (complements) to NPV, which more directly consider
1771:
Preferred stock usually carries no voting rights, but may carry a
5251:
3706:
Lawrence J. Gitman; Michael D. Joehnk; George E. Pinches (1985).
3106:
3009:
3001:
2583:
2017:
1609:
1480:
which studies the financial management of all firms, rather than
1431:
1217:
988:
591:
134:
4068:
Joel G. Siegel; Jae K. Shim; Stephen Hartman (1 November 1997).
3780:"Where Does the Value of A Corporation Lie? A Literature Review"
2988:
consulted on capital-investment and other strategic decisions.
2628:
If there are no NPV positive opportunities, i.e. projects where
2606:) that drive variations in one or more of the DCF model inputs.
4806:
4143:
Schaum's outline of theory and problems of financial management
3885:(12th ed.). New York: John Wiley & Sons. p. 738.
3461:. Cambridge, UK: Cambridge University Press. pp. 1, 74–5.
2819:
2543:
2457:
2308:
2188:
1557:
768:
4828:
Pascal Quiry; Yann Le Fur; Antonio Salvi; Maurizio Dallochio;
4639:
Corporate Finance: Economic Foundations and Financial Modeling
1529:
The Dutch East India Company (also known by the abbreviation "
1407:
of businesses, the actions that managers take to increase the
5150:
4519:
4434:
2779:
In this context, the most useful measure of profitability is
2598:" and volatility for the real option valuation as above; see
1861:
876:
827:
5084:
4675:
Thomas E. Copeland; J. Fred Weston; Kuldeep Shastri (2004).
4246:
Using Monte Carlo simulation for a capital budgeting project
2515:
financial models – as opposed to the traditional static and
2039:
resulting from the project. Such future cash flows are then
1549:. Public markets for investment securities developed in the
4105:
Capital Budgeting and Initial Cash Outlay (ICO) Uncertainty
3508:
3502:
2899:
2884:
2807:
2704:. These involve managing the relationship between a firm's
2644:
of the dividend distribution, as stated, generally as cash
2501:
2312:
1678:
and capital from external funders, obtained by issuing new
1439:
1085:
923:
849:
478:
4553:
4164:
How Do You Assess The Value of A Company's "Real Options"?
3378:
first issued permanent shares in 1657 (Harris, 2005: 45)."
4160:
Applications of option pricing theory to equity valuation
4027:
Real Options Analysis and the Assumptions of the NPV Rule
2935:
for a listing of the various transaction-types here, and
2887:(or overdraft), or to "convert debtors to cash" through "
2574:), and, where possible, specify the observed or supposed
2324:
1937:
Much of the theory here, falls under the umbrella of the
1725:
Corporations may rely on borrowed funds (debt capital or
5050:
Corporate Finance Overview - Corporate Finance Institute
4774:
Valuation: Measuring and Managing the Value of Companies
4694:
Julie Dahlquist, Rainford Knight, Alan S. Adams (2022).
4478:
Julie Dahlquist, Rainford Knight, Alan S. Adams (2022).
3679:
Pamela P. Peterson; Frank J. Fabozzi (4 February 2004).
4788:
Joseph Ogden; Frank C. Jen; Philip F. O'Connor (2002).
2968:. Within corporates, the scope is broadened to overlap
2877:
on any new business is acceptable given these criteria.
2315:; if the price is too low, management will abandon the
4975:
The Theory of Corporate Finance: A Historical Overview
4658:
The New Corporate Finance: Where Theory Meets Practice
4437:, April 2005 (revised January 2011 and September 2020)
4103:
Michael C. Ehrhardt and John M. Wachowicz, Jr (2006).
4044:
Strategic Risk Taking: A Framework for Risk Management
3880:
3539:
The City: A Guide to London's Global Financial Centre
3515:. New York, NY: Oxford University Press. p. 13.
2956:, generically, is focused on measuring and managing
4244:
Virginia Clark, Margaret Reed, Jens Stephan (2010).
4137:
4135:
3027:
their investment bankers, firms actively manage and
5004:
AFA 2001 New Orleans; Duke University Working Paper
4752:
3672:
3387:
3077:
Financial economics § Corporate finance theory
2287:ROV is usually used when the value of a project is
1997:
4069:
3999:Campbell R. Harvey's Hypertextual Finance Glossary
3707:
3082:Outline of finance § Corporate finance theory
2972:, and then addresses risks to the firm's overall
2949:Financial risk management § Corporate finance
2008:Mergers and acquisitions § Business valuation
4188:
4186:
4132:
3778:Chuma, Casius; Qutieshat, Abubaker (2023-03-30).
2768:which cash flow is probably the most important).
2548:Monte Carlo Simulation versus "What If" Scenarios
1793:Preference in assets, in the event of liquidation
5688:
4728:
4429:Shaun Beaney, Katerina Joannou and David Petrie
4238:
3874:
3699:
3586:
3561:
3559:
2847:. Note that "inventory" is usually the realm of
2795:
2259:. (For example, a company would build a factory
1896:, as discussed below. Other techniques, such as
4355:
4353:
3454:
2282:Decision theory § Choice under uncertainty
2239:(ROV); they may often be used interchangeably:
1893:
4854:, Randolph Westerfield, Jeffrey Jaffe (2012).
4655:
4298:4 Reasons a Company Might Suspend Its Dividend
4183:
4060:
3777:
3281:The Business Book (Big Ideas Simply Explained)
2692:Cash flow forecasting § Corporate finance
2600:Real options valuation § Valuation inputs
1833:of share ownership, control and earnings. The
1434:, and whether to finance that investment with
5070:
4890:
4633:
4451:The AMA Handbook of Financial Risk Management
4248:, Management Accounting Quarterly, Fall, 2010
3840:Drinkard, T., A Primer On Preferred Stocks.,
3622:Financial Management; Principles and Practice
3565:
3556:
2679:
2452:Using a related technique, analysts also run
2107:. These are visible from the DCF and include
1876:respectively according to maturity pattern ("
1799:Callability, at the option of the corporation
1597:History of private equity and venture capital
1591:and Britain. Here, see the later sections of
1564:. The twentieth century brought the rise of
1381:
448:
4882:: CS1 maint: multiple names: authors list (
4755:Theoretical Foundations of Corporate Finance
4720:: CS1 maint: multiple names: authors list (
4540:Dangers of Corporate Derivative Transactions
4504:: CS1 maint: multiple names: authors list (
4350:
3625:. Freeload Press, Inc. 1968. pp. 265–.
3509:Cameron, Rondo; Bovykin, V.I., eds. (1991).
3448:
2942:
2911:Investment banking § Corporate finance
1941:in which firms are assumed to trade-off the
1488:overlaps with the financial function of the
4916:
3529:
3414:
2937:Financial analyst § Investment Banking
2933:Investment banking § Corporate finance
1806:
1476:Although it is in principle different from
5671:
5661:
5077:
5063:
4973:; Smith. Clifford W. (29 September 2000).
4807:C. Krishnamurti; S. R. Vishwanath (2010).
4445:
4443:
4032:
3737:"The Shareholders vs. Stakeholders Debate"
3651:The Investment Decision of the Corporation
3647:Investment Decisions and Capital Budgeting
2375:
1388:
1374:
455:
441:
4938:
4474:Risk Management and the Financial Manager
4467:
4392:The 20 Principles of Financial Management
4256:
4254:
3818:The Financing Decision of the Corporation
3364:The SAGE Handbook of Corporate Governance
2667:As a general rule, then, shareholders of
1932:
1815:Domestic credit to private sector in 2005
718:Transaction (checking / current)
4141:"Capital Budgeting Under Risk". Ch.9 in
4114:
2900:Relationship with other areas in finance
2319:, if sufficiently high, management will
2243:DTA values flexibility by incorporating
2105:Capital budgeting § Ranked projects
1810:
4440:
3542:. Economist. pp. 6, 12–13, 88–89.
3535:
3485:The Global Securities Market: A History
2351:type formulae are used less often; see
1593:History of banking in the United States
1541:. The VOC was also the first recorded
1514:Mergers and acquisitions § History
14:
5689:
4989:The Modern Theory of Corporate Finance
4834:Corporate Finance: Theory and Practice
4735:Corporate Finance: Theory and Practice
4660:(3rd ed.). Non Basic Stock Line.
4407:
4267:
4251:
3682:Capital Budgeting: Theory and Practice
3481:
3341:. (University of Chicago Press, 2003,
2873:policies and techniques such that the
2311:project is contingent on the price of
2172:
1888:"); managing this relationship in the
1458:; the focus here is on managing cash,
5058:
4677:Financial Theory and Corporate Policy
4587:(Second ed.). World Scientific.
4512:
3949:
3734:
3599:. Juta and Company Ltd. pp. 5–.
3569:Financial Management: An Introduction
2904:
2063:Valuation using discounted cash flows
1977:capital structure substitution theory
1705:
177:Valuation using discounted cash flows
4262:Quantifying Corporate Financial Risk
4123:Calculating value during uncertainty
3257:Introduction to Financial Technology
3072:Financial economics § Certainty
2059:Financial modeling § Accounting
2020:'s" value will be estimated using a
1847:) is also typically higher than the
1657:
1583:Modern corporate finance, alongside
1347:
4896:The Revolution in Corporate Finance
4029:, Tom Arnold & Richard Shockley
3566:Jim McMenamin (11 September 2002).
3233:Corporate Finance: First Principles
3197:List of Corporate finance theorists
2068:The NPV is greatly affected by the
1990:. This hypothesis, inspired by the
1960:), which suggests that firms avoid
24:
4963:
4777:(7th ed.). John Wiley & Sons.
3362:Clarke, Thomas; Branson, Douglas:
3277:DK Publishing (Dorling Kindersley)
2739:
2609:
1754:
1676:capital self-generated by the firm
25:
5708:
5019:
4145:, Jae K. Shim and Joel G. Siegel.
3952:"New issues in corporate finance"
2732:exceeds the cost of capital; See
2078:project appropriate discount rate
1745:
1526:of Europe from the 15th century.
5670:
5660:
4381:, Benjamin Graham and David Dodd
4128:IBM Institute for Business Value
3512:International Banking: 1870–1914
3366:. (SAGE Publications Ltd., 2012
3207:List of corporate finance topics
2640:Management must also choose the
2363:, in the late 1990s.) See also
2094:weighted average cost of capital
1998:Investment and project valuation
1872:entails matching the assets and
1465:The terms corporate finance and
1356:
1346:
1337:
1336:
485:
40:
4922:The Theory of Corporate Finance
4616:Principles of Corporate Finance
4547:
4532:
4455:American Management Association
4423:
4384:
4372:
4369:, Patrick Buchmann and Udo Jung
4319:
4306:
4290:
4210:
4198:
4148:
4097:
4019:
4007:
3991:
3974:
3943:
3930:
3907:Capital Structure: Implications
3900:
3865:
3846:
3834:
3810:
3771:
3747:
3728:
3663:
3639:
3613:
3475:
2939:for a description of the role.
1796:Convertibility to common stock.
1710:
1568:and common stock finance, with
1510:Financial centre § History
5457:Debtor-in-possession financing
4924:. Princeton University Press.
4757:. Princeton University Press.
4583:; Bernt Arne Ødegaard (2006).
3408:
3394:. Cambridge University Press.
3391:A History of Corporate Finance
3381:
3356:
3331:
3315:
3294:
3270:
3249:
3225:
3169:Strategic financial management
2764:– may be more relevant here).
2580:incorporating this correlation
2496:of the various scenarios; see
2472:for company-specific factors (
2390:Monte Carlo methods in finance
2231:The two most common tools are
1136:Strategic financial management
104:Strategic financial management
59:Asset and liability management
13:
1:
4585:Lectures on Corporate Finance
4433:, Corporate Finance Faculty,
3796:10.13132/2038-5498/14.1.15-32
3735:Smith, H. Jeff (2003-07-15).
3304:. (Archway Publishing, 2015,
3219:
3031:these exposures using traded
2980:, as well as their impact on
2869:. (2) Implement appropriate
2796:Management of working capital
2443:function of several variables
2076:on an investment – i.e., the
1562:City of London § Economy
1290:Sustainable development goals
5397:Staggered board of directors
4753:João Amaro de Matos (2001).
4656:Donald H. Chew, ed. (2000).
4296:Claire Boyte-White (2023).
4158:, Prof. Campbell R. Harvey;
4076:. McGraw-Hill Professional.
3968:10.1016/0014-2921(88)90077-3
3649:, Prof. Campbell R. Harvey;
3137:Financial statement analysis
3067:Outline of corporate finance
2494:probability-weighted average
2216:, and hence "all" potential
2061:for general discussion, and
1853:- which is, additionally, a
7:
5514:Accretion/dilution analysis
3741:MIT Sloan Management Review
3572:. Routledge. pp. 23–.
3488:. OUP Oxford. p. 149.
3059:
2696:Managing the corporation's
2566:to each variable (commonly
2365:§ Option pricing approaches
2196:) or the cash flows (using
2187:In many cases, for example
10:
5713:
5477:Leveraged recapitalization
4810:Advanced Corporate Finance
4790:Advanced Corporate Finance
4431:What is Corporate Finance?
4403:Louisiana State University
4338:Working Capital Management
4327:Working Capital Management
4162:, Prof. Aswath Damodaran;
3988:, Prof. Campbell R. Harvey
3984:, Prof. Aswath Damodaran;
3759:www.businessroundtable.org
2970:enterprise risk management
2946:
2908:
2702:working capital management
2689:
2683:
2680:Working capital management
2613:
2379:
2353:Contingent claim valuation
2176:
2103:in corporate finance; see
2001:
1914:Asset liability management
1894:working capital management
1714:
1667:
1661:
1602:
1533:" in Dutch) was the first
1503:
1499:
1041:Fractional-reserve banking
969:Enterprise risk management
79:Enterprise risk management
18:Working capital management
5656:
5648:Valuation using multiples
5633:Sum-of-the-parts analysis
5603:Modigliani–Miller theorem
5504:
5462:Dividend recapitalization
5442:
5290:
5277:Secondary market offering
5180:
5169:
5096:
5040:Resources in your library
4679:(4th ed.). Pearson.
4260:See David Shimko (2009).
4173:, Prof. Alfred Rappaport
4048:Wharton School Publishing
3784:Economia Aziendale Online
3685:. John Wiley & Sons.
3536:Roberts, Richard (2008).
3259:. (Academic Press, 2006,
3192:List of accounting topics
2954:Financial risk management
2943:Financial risk management
2660:rather than in cash; see
2137:residual income valuation
2109:discounted payback period
1576:, in preference to other
1553:during the 17th century.
1469:are also associated with
944:Diversification (finance)
5666:List of investment banks
5581:Free cash flow to equity
5407:Super-majority amendment
5332:Management due diligence
5272:Seasoned equity offering
4557:; Peter DeMarzo (2013).
4316:, Prof. Aswath Damodaran
4195:, Prof. Aswath Damodaran
4156:Identifying real options
4111:, Summer 2006, Article 2
4013:Prof. Aswath Damodaran:
3956:European Economic Review
3918:Texas A&M University
3831:, Prof. Aswath Damodaran
3455:Cassis, Youssef (2006).
3283:. (DK Publishing, 2014,
3245:Stern School of Business
3212:List of valuation topics
2867:Discounts and allowances
2564:probability distribution
2441:"), where NPV is then a
2274:rational decision making
2166:list of valuation topics
1988:market timing hypothesis
1947:bankruptcy costs of debt
1912:, are also common. See:
1866:asset liability mismatch
1807:Capitalization structure
1634:mergers and acquisitions
894:Automated teller machine
99:Mergers and acquisitions
5377:Shareholder rights plan
5367:Post-merger integration
5337:Managerial entrenchment
5307:Contingent value rights
5247:Initial public offering
4836:(3rd ed.). Wiley.
4641:(3rd ed.). Wiley.
4401:, Prof. Don M. Chance,
4015:Estimating Hurdle Rates
3916:, Prof. John C. Groth,
3883:Intermediate Accounting
3827:, Prof. Don M. Chance;
3482:Michie, Ranald (2006).
3049:foreign exchange hedges
2845:Supply chain management
2550:. The output is then a
2376:Quantifying uncertainty
2329:financial option theory
2299:of some other asset or
2202:Penalized present value
1892:is a major function of
1790:Preference in dividends
1535:publicly listed company
1141:Stress test (financial)
419:Stress test (financial)
5519:Adjusted present value
5382:Special-purpose entity
5220:Direct public offering
5190:At-the-market offering
4264:. archived 2010-07-17.
3436:Cite journal requires
3202:List of finance topics
3006:performance monitoring
2841:Inventory optimization
2710:short-term liabilities
2521:Monte Carlo simulation
2458:demand for the product
2341:binomial options model
2237:real options valuation
2233:Decision Tree Analysis
2226:Real options valuation
2153:Stern Stewart & Co
1933:Related considerations
1816:
1692:convertible securities
278:Investment performance
125:Balance sheet analysis
5534:Conglomerate discount
4697:Principles of Finance
4538:David Shimko (2009).
4481:Principles of Finance
4449:John Hampton (2011).
3950:Mayer, Colin (1988).
3660:, Prof. Don M. Chance
3033:financial instruments
2909:Further information:
2849:operations management
2774:cash conversion cycle
2478:internally consistent
2380:Further information:
2198:certainty equivalents
2179:Real options analysis
2002:Further information:
1814:
1764:, but subordinate to
1715:Further information:
1668:Further information:
1585:investment management
1566:managerial capitalism
1490:accounting profession
1315:Too connected to fail
1076:Investment management
974:Environmental finance
833:Correspondent account
527:Community development
353:Too connected to fail
218:Cash conversion cycle
167:Management accounting
89:Investment management
5556:Economic value added
5551:Discounted cash flow
4336:, Studyfinance.com;
4283:, Prof. Sam Savage,
4274:The Flaw of Averages
3714:. Harper & Row.
3596:Financial Management
3300:Huston, Jeffrey L.:
3122:Financial management
3112:Financial accounting
3097:Corporate governance
3037:standard derivatives
2974:strategic objectives
2881:Short term financing
2836:Inventory management
2734:Economic value added
2498:First Chicago Method
2437:" (or even a "value-
2416:sensitivity analysis
2382:Sensitivity analysis
2303:. (For example, the
2278:probability weighted
2256:management decisions
2220:are considered. See
2022:discounted cash flow
2012:fundamental analysis
1954:Pecking Order Theory
1943:tax benefits of debt
1556:By the early 1800s,
1537:ever to pay regular
1494:financial accounting
1486:Financial management
1213:Exchange traded fund
1091:Mathematical finance
1051:Fundamental analysis
1046:Full-reserve banking
652:Bank holding company
562:Export credit agency
470:Part of a series on
429:Supply chain finance
363:Volatility (finance)
248:Exchange traded fund
238:Economic value added
208:Capital appreciation
162:Fundamental analysis
50:Financial management
5141:Senior secured debt
4285:Stanford University
4207:, Boundless Finance
4175:Columbia University
4109:Financial Decisions
4040:Risk Adjusted Value
3241:New York University
3025:under guidance from
3018:treasury management
2301:underlying variable
2173:Valuing flexibility
2051:Time value of money
2043:to determine their
1918:Treasury management
1651:Business Roundtable
1543:joint-stock company
1520:Italian city-states
1467:corporate financier
1456:current liabilities
1411:of the firm to the
1305:Time value of money
1131:Statistical finance
1121:Sustainable finance
1071:Investment advisory
713:Time deposit (Bond)
414:Statistical finance
384:Factoring (finance)
333:Sustainable finance
5676:Outline of finance
5588:Market value added
5571:Financial modeling
5529:Business valuation
5452:Debt restructuring
5230:Follow-on offering
5215:Corporate spin-off
5173:(terms/conditions)
5090:investment banking
4971:Jensen, Michael C.
4365:2014-02-01 at the
4347:, treasury.govt.nz
4343:2007-10-17 at the
4332:2004-11-07 at the
4279:2011-12-07 at the
4231:2013-07-02 at the
4179:Michael Mauboussin
4169:2019-10-20 at the
4038:Aswath Damodaran:
3924:, Ruben D. Cohen,
3912:2012-01-21 at the
3859:2012-06-23 at the
3823:2012-10-12 at the
3710:Managerial finance
3656:2012-10-12 at the
3255:Freedman, Roy S.:
3159:Security (finance)
3127:Financial planning
3117:Financial analysis
3087:Capital management
2929:investment banking
2905:Investment banking
2891:"; see generally,
2855:Debtors management
2588:standard deviation
2486:Financial modeling
2369:Business valuation
2125:capital efficiency
2121:equivalent annuity
2101:selection criteria
2016:In general, each "
2004:Business valuation
1992:behavioral finance
1981:earnings per share
1966:internal financing
1962:external financing
1926:Interest rate risk
1910:credit derivatives
1855:deductible expense
1817:
1721:Financial distress
1706:Sources of capital
1670:Security (finance)
1578:sources of capital
1506:History of banking
1478:managerial finance
1471:investment banking
1280:Security (finance)
1255:History of banking
1151:Structured product
1146:Structured finance
959:Economic expansion
472:financial services
424:Structured product
253:Financial analysis
172:Structured finance
94:Managerial finance
5697:Corporate finance
5684:
5683:
5608:Net present value
5593:Minority interest
5524:Associate company
5500:
5499:
5467:Financial sponsor
5387:Special situation
5357:Pre-emption right
5347:Minority discount
5257:Private placement
5156:Subordinated debt
5111:Exchangeable debt
5098:Capital structure
5086:Corporate finance
5031:Corporate Finance
5026:Library resources
4945:Corporate Finance
4858:(10th ed.).
4856:Corporate Finance
4792:. Prentice Hall.
4594:978-981-256-899-1
4559:Corporate Finance
4379:Security Analysis
4083:978-0-07-058031-2
3892:978-0-471-74955-4
3829:Capital Structure
3692:978-0-471-44642-2
3632:978-1-930789-02-9
3606:978-0-7021-7157-4
3579:978-1-134-67624-8
3522:978-0-19-506271-7
3468:978-0-511-33522-8
2978:appetite for risk
2781:return on capital
2730:return on capital
2716:of cash flow and
2706:short-term assets
2386:Scenario planning
2261:given that demand
2253:) and consequent
2210:scenario specific
2026:net present value
1878:cashflow matching
1664:Capital structure
1658:Capital structure
1626:capital structure
1622:capital budgeting
1428:Capital budgeting
1421:shareholder value
1405:capital structure
1401:Corporate finance
1398:
1397:
1193:Corporate finance
1188:Capital structure
1163:
1162:
934:Corporate finance
754:
753:
465:
464:
409:Position of trust
389:Financial analyst
313:Return on capital
213:Capital structure
109:Wealth management
34:Corporate finance
16:(Redirected from
5704:
5674:
5673:
5664:
5663:
5566:Fairness opinion
5561:Enterprise value
5544:Weighted average
5472:Leveraged buyout
5327:Drag-along right
5225:Equity carve-out
5182:Equity offerings
5178:
5177:
5174:
5146:Shareholder loan
5131:Second lien debt
5126:Preferred equity
5106:Convertible debt
5079:
5072:
5065:
5056:
5055:
5015:
4986:
4959:
4948:(4th ed.).
4935:
4913:
4898:(4th ed.).
4887:
4881:
4873:
4847:
4830:Pierre Vernimmen
4824:
4803:
4768:
4749:
4730:Aswath Damodaran
4725:
4719:
4711:
4690:
4671:
4652:
4630:
4598:
4576:
4561:(3rd ed.).
4542:
4536:
4530:
4516:
4510:
4509:
4503:
4495:
4471:
4465:
4447:
4438:
4427:
4421:
4411:
4405:
4388:
4382:
4376:
4370:
4357:
4348:
4323:
4317:
4310:
4304:
4294:
4288:
4271:
4265:
4258:
4249:
4242:
4236:
4218:mining companies
4214:
4208:
4202:
4196:
4190:
4181:
4152:
4146:
4139:
4130:
4118:
4112:
4101:
4095:
4094:
4092:
4090:
4075:
4064:
4058:
4036:
4030:
4023:
4017:
4011:
4005:
4003:investopedia.com
3997:See for example
3995:
3989:
3986:Equity Valuation
3978:
3972:
3971:
3962:(5): 1167–1183.
3947:
3941:
3934:
3928:
3904:
3898:
3896:
3878:
3872:
3869:
3863:
3850:
3844:
3838:
3832:
3814:
3808:
3807:
3775:
3769:
3768:
3766:
3765:
3751:
3745:
3744:
3732:
3726:
3725:
3713:
3703:
3697:
3696:
3676:
3670:
3667:
3661:
3643:
3637:
3636:
3617:
3611:
3610:
3590:
3584:
3583:
3563:
3554:
3553:
3533:
3527:
3526:
3506:
3500:
3499:
3479:
3473:
3472:
3452:
3446:
3445:
3439:
3434:
3432:
3424:
3412:
3406:
3405:
3385:
3379:
3374:), p. 431. "The
3360:
3354:
3337:Smith, B. Mark:
3335:
3329:
3319:
3313:
3298:
3292:
3274:
3268:
3253:
3247:
3237:Aswath Damodaran
3229:
3092:Corporate budget
2966:operational risk
2812:cash equivalents
2785:return on equity
2669:growth companies
2662:Corporate action
2654:tax on dividends
2466:commodity prices
2361:Timothy Luehrman
2345:simulation model
1964:while they have
1939:Trade-Off Theory
1390:
1383:
1376:
1360:
1350:
1349:
1340:
1339:
1270:Personal finance
1203:Equity (finance)
1066:Impact investing
1056:Growth investing
964:Enterprise value
871:
870:
682:
681:
637:Savings and loan
489:
467:
466:
457:
450:
443:
404:Investor profile
303:Over-the-counter
283:Investor profile
268:Growth investing
263:Financial system
243:Equity (finance)
130:Enterprise value
74:Corporate action
44:
30:
29:
21:
5712:
5711:
5707:
5706:
5705:
5703:
5702:
5701:
5687:
5686:
5685:
5680:
5652:
5628:Stock valuation
5623:Residual income
5539:Cost of capital
5496:
5492:Project finance
5482:High-yield debt
5438:
5417:Tag-along right
5342:Mandatory offer
5312:Control premium
5293:
5286:
5262:Public offering
5210:Bought out deal
5172:
5171:
5165:
5092:
5083:
5046:
5045:
5044:
5034:
5033:
5029:
5022:
4966:
4964:Further reading
4956:
4932:
4910:
4900:Wiley-Blackwell
4875:
4874:
4870:
4844:
4821:
4813:. MediaMatics.
4800:
4765:
4746:
4713:
4712:
4708:
4687:
4668:
4649:
4627:
4619:. Mcgraw-Hill.
4603:Richard Brealey
4595:
4581:Peter Bossaerts
4573:
4550:
4545:
4537:
4533:
4517:
4513:
4497:
4496:
4492:
4472:
4468:
4448:
4441:
4428:
4424:
4412:
4408:
4389:
4385:
4377:
4373:
4367:Wayback Machine
4358:
4351:
4345:Wayback Machine
4334:Wayback Machine
4324:
4320:
4314:Dividend Policy
4311:
4307:
4295:
4291:
4281:Wayback Machine
4272:
4268:
4259:
4252:
4243:
4239:
4233:Wayback Machine
4215:
4211:
4203:
4199:
4191:
4184:
4171:Wayback Machine
4153:
4149:
4140:
4133:
4119:
4115:
4102:
4098:
4088:
4086:
4084:
4065:
4061:
4037:
4033:
4024:
4020:
4012:
4008:
3996:
3992:
3979:
3975:
3948:
3944:
3935:
3931:
3914:Wayback Machine
3905:
3901:
3893:
3879:
3875:
3870:
3866:
3861:Wayback Machine
3851:
3847:
3839:
3835:
3825:Wayback Machine
3815:
3811:
3776:
3772:
3763:
3761:
3753:
3752:
3748:
3733:
3729:
3722:
3704:
3700:
3693:
3677:
3673:
3668:
3664:
3658:Wayback Machine
3644:
3640:
3633:
3619:
3618:
3614:
3607:
3591:
3587:
3580:
3564:
3557:
3550:
3534:
3530:
3523:
3507:
3503:
3496:
3480:
3476:
3469:
3453:
3449:
3437:
3435:
3426:
3425:
3413:
3409:
3402:
3386:
3382:
3361:
3357:
3351:Muscovy Company
3336:
3332:
3322:Ferguson, Niall
3320:
3316:
3299:
3295:
3275:
3271:
3254:
3250:
3230:
3226:
3222:
3183:
3174:Venture capital
3149:Investment bank
3132:Financial ratio
3062:
3053:Cash flow hedge
2951:
2945:
2913:
2907:
2902:
2875:risk of default
2828:Cash management
2798:
2789:cost of capital
2748:In addition to
2742:
2740:Working capital
2726:short-term debt
2718:cost of capital
2698:working capital
2694:
2688:
2686:Working capital
2682:
2618:
2616:Dividend policy
2612:
2610:Dividend policy
2421:ceteris paribus
2414:. In a typical
2400:
2378:
2246:possible events
2194:cost of capital
2185:
2177:Main articles:
2175:
2133:economic profit
2014:
2000:
1935:
1809:
1757:
1755:Preferred stock
1748:
1723:
1713:
1708:
1672:
1666:
1660:
1605:
1572:raised through
1545:to get a fixed
1516:
1502:
1444:Working capital
1394:
1329:
1328:
1310:Too big to fail
1295:Systematic risk
1208:Ethical banking
1198:Cost of capital
1173:
1165:
1164:
1111:Private banking
1081:Islamic banking
1061:Hedge (finance)
984:Ethical banking
954:Economic bubble
929:Climate finance
904:Bank regulation
868:
860:
859:
818:Instant payment
764:
756:
755:
679:
662:
661:
497:
461:
394:Financial asset
348:Too big to fail
338:Systematic risk
233:Economic bubble
223:Cost of capital
28:
23:
22:
15:
12:
11:
5:
5710:
5700:
5699:
5682:
5681:
5679:
5678:
5668:
5657:
5654:
5653:
5651:
5650:
5645:
5643:Terminal value
5640:
5635:
5630:
5625:
5620:
5615:
5610:
5605:
5600:
5595:
5590:
5585:
5584:
5583:
5576:Free cash flow
5573:
5568:
5563:
5558:
5553:
5548:
5547:
5546:
5536:
5531:
5526:
5521:
5516:
5510:
5508:
5502:
5501:
5498:
5497:
5495:
5494:
5489:
5487:Private equity
5484:
5479:
5474:
5469:
5464:
5459:
5454:
5448:
5446:
5440:
5439:
5437:
5436:
5431:
5430:
5429:
5419:
5414:
5409:
5404:
5399:
5394:
5389:
5384:
5379:
5374:
5369:
5364:
5359:
5354:
5349:
5344:
5339:
5334:
5329:
5324:
5319:
5314:
5309:
5304:
5298:
5296:
5288:
5287:
5285:
5284:
5279:
5274:
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5264:
5259:
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5244:
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5232:
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5207:
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5192:
5186:
5184:
5175:
5167:
5166:
5164:
5163:
5158:
5153:
5148:
5143:
5138:
5133:
5128:
5123:
5118:
5116:Mezzanine debt
5113:
5108:
5102:
5100:
5094:
5093:
5082:
5081:
5074:
5067:
5059:
5053:
5052:
5043:
5042:
5036:
5035:
5024:
5023:
5021:
5020:External links
5018:
5017:
5016:
4999:
4965:
4962:
4961:
4960:
4954:
4936:
4930:
4914:
4908:
4894:, ed. (2003).
4888:
4869:978-0078034770
4868:
4848:
4843:978-1119975588
4842:
4825:
4820:978-8120336117
4819:
4804:
4799:978-0130915689
4798:
4785:
4783:978-1119610885
4769:
4763:
4750:
4745:978-0471076803
4744:
4726:
4706:
4691:
4686:978-0321127211
4685:
4672:
4667:978-0071120432
4666:
4653:
4648:978-1119743767
4647:
4631:
4626:978-0078034763
4625:
4611:Franklin Allen
4599:
4593:
4577:
4572:978-0132992473
4571:
4549:
4546:
4544:
4543:
4531:
4528:978-0976609704
4511:
4490:
4466:
4463:978-0814417447
4439:
4422:
4406:
4397:2012-07-31 at
4383:
4371:
4349:
4318:
4305:
4289:
4266:
4250:
4237:
4209:
4197:
4182:
4147:
4131:
4120:Dan Latimore:
4113:
4096:
4082:
4059:
4031:
4018:
4006:
3990:
3973:
3942:
3929:
3899:
3891:
3873:
3864:
3854:Quantum Online
3845:
3833:
3809:
3770:
3746:
3727:
3720:
3698:
3691:
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3631:
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3578:
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3501:
3494:
3474:
3467:
3447:
3438:|journal=
3407:
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3380:
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3293:
3269:
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3199:
3194:
3182:
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3154:Private equity
3151:
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3134:
3124:
3119:
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3094:
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3079:
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3069:
3063:
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3041:interest rate-
3021:
2994:economic value
2947:Main article:
2944:
2941:
2921:United Kingdom
2906:
2903:
2901:
2898:
2897:
2896:
2878:
2871:credit scoring
2852:
2832:
2803:current assets
2797:
2794:
2793:
2792:
2777:
2762:loan covenants
2741:
2738:
2684:Main article:
2681:
2678:
2614:Main article:
2611:
2608:
2525:David B. Hertz
2462:exchange rates
2454:scenario based
2447:Stress testing
2430:annual revenue
2377:
2374:
2373:
2372:
2285:
2208:or average or
2174:
2171:
1999:
1996:
1970:interest rates
1934:
1931:
1930:
1929:
1906:interest rate-
1898:securitization
1858:
1836:cost of equity
1808:
1805:
1804:
1803:
1800:
1797:
1794:
1791:
1756:
1753:
1747:
1746:Equity capital
1744:
1712:
1709:
1707:
1704:
1662:Main article:
1659:
1656:
1604:
1601:
1551:Dutch Republic
1501:
1498:
1452:current assets
1396:
1395:
1393:
1392:
1385:
1378:
1370:
1367:
1366:
1365:
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1354:
1344:
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1327:
1326:
1323:
1322:
1317:
1312:
1307:
1302:
1297:
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1282:
1277:
1275:Public finance
1272:
1267:
1262:
1257:
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1251:
1250:
1245:
1240:
1235:
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1215:
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1183:Bond (finance)
1180:
1174:
1172:Related topics
1171:
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1128:
1123:
1118:
1116:Sustainability
1113:
1108:
1103:
1101:Money creation
1098:
1096:Mobile banking
1093:
1088:
1083:
1078:
1073:
1068:
1063:
1058:
1053:
1048:
1043:
1038:
1037:
1036:
1031:
1026:
1021:
1016:
1011:
1006:
1001:
996:
986:
981:
976:
971:
966:
961:
956:
951:
946:
941:
936:
931:
926:
921:
916:
911:
906:
901:
896:
891:
890:
889:
884:
869:
866:
865:
862:
861:
858:
857:
852:
847:
842:
837:
836:
835:
825:
820:
815:
810:
809:
808:
803:
793:
792:
791:
786:
776:
771:
765:
763:Funds transfer
762:
761:
758:
757:
752:
751:
750:
749:
744:
739:
734:
726:
725:
721:
720:
716:
715:
710:
705:
700:
695:
693:Christmas club
687:
686:
680:
668:
667:
664:
663:
658:Lists of banks
655:
654:
649:
644:
639:
634:
629:
624:
619:
614:
612:Postal savings
609:
604:
599:
594:
589:
587:Mutual savings
584:
579:
574:
569:
564:
559:
554:
549:
544:
539:
534:
529:
524:
519:
514:
509:
504:
498:
496:Types of banks
495:
494:
491:
490:
482:
481:
475:
474:
463:
462:
460:
459:
452:
445:
437:
434:
433:
432:
431:
426:
421:
416:
411:
406:
401:
396:
391:
386:
378:
377:
376:Related topics
373:
372:
371:
370:
365:
360:
355:
350:
345:
340:
335:
330:
325:
320:
315:
310:
305:
300:
295:
290:
285:
280:
275:
270:
265:
260:
258:Financial risk
255:
250:
245:
240:
235:
230:
225:
220:
215:
210:
205:
203:Bond (finance)
200:
195:
193:Angel investor
187:
186:
182:
181:
180:
179:
174:
169:
164:
159:
158:
157:
152:
147:
142:
132:
127:
119:
118:
114:
113:
112:
111:
106:
101:
96:
91:
86:
84:Financial plan
81:
76:
71:
66:
61:
53:
52:
46:
45:
37:
36:
26:
9:
6:
4:
3:
2:
5709:
5698:
5695:
5694:
5692:
5677:
5669:
5667:
5659:
5658:
5655:
5649:
5646:
5644:
5641:
5639:
5636:
5634:
5631:
5629:
5626:
5624:
5621:
5619:
5616:
5614:
5611:
5609:
5606:
5604:
5601:
5599:
5596:
5594:
5591:
5589:
5586:
5582:
5579:
5578:
5577:
5574:
5572:
5569:
5567:
5564:
5562:
5559:
5557:
5554:
5552:
5549:
5545:
5542:
5541:
5540:
5537:
5535:
5532:
5530:
5527:
5525:
5522:
5520:
5517:
5515:
5512:
5511:
5509:
5507:
5503:
5493:
5490:
5488:
5485:
5483:
5480:
5478:
5475:
5473:
5470:
5468:
5465:
5463:
5460:
5458:
5455:
5453:
5450:
5449:
5447:
5445:
5441:
5435:
5432:
5428:
5425:
5424:
5423:
5420:
5418:
5415:
5413:
5410:
5408:
5405:
5403:
5400:
5398:
5395:
5393:
5390:
5388:
5385:
5383:
5380:
5378:
5375:
5373:
5370:
5368:
5365:
5363:
5360:
5358:
5355:
5353:
5350:
5348:
5345:
5343:
5340:
5338:
5335:
5333:
5330:
5328:
5325:
5323:
5320:
5318:
5315:
5313:
5310:
5308:
5305:
5303:
5300:
5299:
5297:
5295:
5289:
5283:
5280:
5278:
5275:
5273:
5270:
5268:
5265:
5263:
5260:
5258:
5255:
5253:
5250:
5248:
5245:
5241:
5238:
5237:
5236:
5233:
5231:
5228:
5226:
5223:
5221:
5218:
5216:
5213:
5211:
5208:
5206:
5203:
5201:
5198:
5196:
5195:Book building
5193:
5191:
5188:
5187:
5185:
5183:
5179:
5176:
5168:
5162:
5159:
5157:
5154:
5152:
5149:
5147:
5144:
5142:
5139:
5137:
5134:
5132:
5129:
5127:
5124:
5122:
5119:
5117:
5114:
5112:
5109:
5107:
5104:
5103:
5101:
5099:
5095:
5091:
5087:
5080:
5075:
5073:
5068:
5066:
5061:
5060:
5057:
5051:
5048:
5047:
5041:
5038:
5037:
5032:
5027:
5013:
5009:
5005:
5000:
4998:
4994:
4990:
4984:
4980:
4976:
4972:
4968:
4967:
4957:
4955:9780984004928
4951:
4947:
4946:
4941:
4937:
4933:
4927:
4923:
4919:
4915:
4911:
4909:9781405107815
4905:
4901:
4897:
4893:
4892:Joel M. Stern
4889:
4885:
4879:
4871:
4865:
4861:
4857:
4853:
4849:
4845:
4839:
4835:
4831:
4826:
4822:
4816:
4812:
4811:
4805:
4801:
4795:
4791:
4786:
4784:
4780:
4776:
4775:
4770:
4766:
4764:9780691087948
4760:
4756:
4751:
4747:
4741:
4737:
4736:
4731:
4727:
4723:
4717:
4709:
4707:9781951693541
4703:
4699:
4698:
4692:
4688:
4682:
4678:
4673:
4669:
4663:
4659:
4654:
4650:
4644:
4640:
4636:
4635:CFA Institute
4632:
4628:
4622:
4618:
4617:
4612:
4608:
4607:Stewart Myers
4604:
4600:
4596:
4590:
4586:
4582:
4578:
4574:
4568:
4564:
4560:
4556:
4555:Jonathan Berk
4552:
4551:
4541:
4535:
4529:
4525:
4521:
4515:
4507:
4501:
4493:
4491:9781951693541
4487:
4483:
4482:
4475:
4470:
4464:
4460:
4456:
4452:
4446:
4444:
4436:
4432:
4426:
4420:
4419:1-4390-8050-X
4416:
4410:
4404:
4400:
4399:archive.today
4396:
4393:
4387:
4380:
4375:
4368:
4364:
4361:
4356:
4354:
4346:
4342:
4339:
4335:
4331:
4328:
4322:
4315:
4309:
4303:
4299:
4293:
4286:
4282:
4278:
4275:
4270:
4263:
4257:
4255:
4247:
4241:
4234:
4230:
4227:
4223:
4219:
4216:For example,
4213:
4206:
4201:
4194:
4189:
4187:
4180:
4176:
4172:
4168:
4165:
4161:
4157:
4151:
4144:
4138:
4136:
4129:
4125:
4124:
4117:
4110:
4106:
4100:
4085:
4079:
4074:
4073:
4063:
4057:
4056:0-13-199048-9
4053:
4049:
4045:
4041:
4035:
4028:
4022:
4016:
4010:
4004:
4000:
3994:
3987:
3983:
3977:
3969:
3965:
3961:
3957:
3953:
3946:
3939:
3933:
3927:
3923:
3919:
3915:
3911:
3908:
3903:
3894:
3888:
3884:
3877:
3868:
3862:
3858:
3855:
3849:
3843:
3837:
3830:
3826:
3822:
3819:
3813:
3805:
3801:
3797:
3793:
3789:
3785:
3781:
3774:
3760:
3756:
3750:
3742:
3738:
3731:
3723:
3721:9780060423360
3717:
3712:
3711:
3702:
3694:
3688:
3684:
3683:
3675:
3666:
3659:
3655:
3652:
3648:
3642:
3634:
3628:
3624:
3623:
3616:
3608:
3602:
3598:
3597:
3589:
3581:
3575:
3571:
3570:
3562:
3560:
3551:
3549:9781861978585
3545:
3541:
3540:
3532:
3524:
3518:
3514:
3513:
3505:
3497:
3491:
3487:
3486:
3478:
3470:
3464:
3460:
3459:
3451:
3443:
3430:
3422:
3418:
3411:
3403:
3401:9780521655361
3397:
3393:
3392:
3384:
3377:
3373:
3372:9781412929806
3369:
3365:
3359:
3352:
3348:
3347:9780226764047
3344:
3340:
3334:
3327:
3323:
3318:
3311:
3307:
3303:
3297:
3290:
3286:
3282:
3278:
3273:
3266:
3262:
3258:
3252:
3246:
3242:
3238:
3234:
3228:
3224:
3213:
3210:
3208:
3205:
3204:
3203:
3200:
3198:
3195:
3193:
3190:
3189:
3188:
3187:
3180:
3177:
3175:
3172:
3170:
3167:
3165:
3162:
3160:
3157:
3155:
3152:
3150:
3147:
3145:
3142:
3138:
3135:
3133:
3130:
3129:
3128:
3125:
3123:
3120:
3118:
3115:
3113:
3110:
3108:
3105:
3103:
3102:Corporate tax
3100:
3098:
3095:
3093:
3090:
3088:
3085:
3083:
3080:
3078:
3075:
3073:
3070:
3068:
3065:
3064:
3054:
3050:
3046:
3042:
3038:
3034:
3030:
3026:
3022:
3019:
3015:
3011:
3008:. (See also
3007:
3003:
2999:
2995:
2991:
2990:
2989:
2987:
2983:
2979:
2975:
2971:
2967:
2963:
2959:
2955:
2950:
2940:
2938:
2934:
2930:
2926:
2922:
2918:
2917:United States
2912:
2894:
2893:trade finance
2890:
2886:
2882:
2879:
2876:
2872:
2868:
2864:
2860:
2859:credit policy
2856:
2853:
2850:
2846:
2842:
2838:
2837:
2833:
2830:
2829:
2825:
2824:
2823:
2821:
2817:
2813:
2809:
2805:
2804:
2790:
2786:
2782:
2778:
2775:
2771:
2770:
2769:
2765:
2763:
2759:
2758:risk appetite
2755:
2751:
2746:
2737:
2735:
2731:
2727:
2723:
2719:
2713:
2711:
2707:
2703:
2699:
2693:
2687:
2677:
2674:
2670:
2665:
2663:
2659:
2655:
2651:
2650:share buyback
2647:
2643:
2638:
2636:
2631:
2626:
2624:
2617:
2607:
2605:
2604:credit crunch
2601:
2597:
2593:
2589:
2585:
2581:
2577:
2573:
2569:
2565:
2560:
2557:
2553:
2549:
2545:
2542:
2538:
2534:
2530:
2526:
2522:
2518:
2517:deterministic
2514:
2513:probabilistic
2510:
2505:
2503:
2499:
2495:
2491:
2487:
2483:
2479:
2475:
2471:
2467:
2463:
2459:
2455:
2450:
2448:
2444:
2440:
2436:
2431:
2427:
2423:
2422:
2417:
2413:
2409:
2405:
2399:
2395:
2391:
2387:
2383:
2370:
2366:
2362:
2358:
2357:Stewart Myers
2354:
2350:
2349:Black–Scholes
2346:
2343:or a bespoke
2342:
2338:
2334:
2330:
2326:
2322:
2318:
2317:mining rights
2314:
2310:
2306:
2302:
2298:
2297:
2292:
2291:
2286:
2283:
2279:
2275:
2271:
2270:decision tree
2266:
2262:
2258:
2257:
2252:
2248:
2247:
2242:
2241:
2240:
2238:
2234:
2229:
2227:
2223:
2219:
2215:
2211:
2207:
2203:
2199:
2195:
2190:
2184:
2183:decision tree
2180:
2170:
2168:
2167:
2162:
2161:Stewart Myers
2158:
2154:
2150:
2146:
2142:
2138:
2134:
2130:
2126:
2122:
2118:
2114:
2110:
2106:
2102:
2097:
2095:
2091:
2087:
2083:
2079:
2075:
2071:
2070:discount rate
2066:
2064:
2060:
2056:
2052:
2048:
2047:
2046:present value
2042:
2038:
2035:
2031:
2027:
2023:
2019:
2013:
2009:
2005:
1995:
1993:
1989:
1984:
1982:
1978:
1973:
1971:
1967:
1963:
1959:
1958:Stewart Myers
1955:
1950:
1948:
1944:
1940:
1927:
1923:
1919:
1915:
1911:
1907:
1903:
1899:
1895:
1891:
1887:
1883:
1879:
1875:
1871:
1867:
1863:
1859:
1856:
1852:
1851:
1846:
1842:
1838:
1837:
1832:
1827:
1822:
1821:
1820:
1813:
1801:
1798:
1795:
1792:
1789:
1788:
1787:
1784:
1780:
1778:
1774:
1769:
1767:
1763:
1752:
1743:
1741:
1737:
1732:
1728:
1722:
1718:
1703:
1701:
1697:
1696:Balance sheet
1693:
1689:
1685:
1681:
1677:
1671:
1665:
1655:
1652:
1648:
1647:
1642:
1637:
1635:
1629:
1627:
1623:
1618:
1614:
1611:
1600:
1598:
1594:
1590:
1589:United States
1586:
1581:
1579:
1575:
1571:
1570:share capital
1567:
1563:
1559:
1554:
1552:
1548:
1547:capital stock
1544:
1540:
1536:
1532:
1527:
1525:
1524:low countries
1521:
1515:
1511:
1507:
1497:
1495:
1491:
1487:
1483:
1479:
1474:
1472:
1468:
1463:
1461:
1457:
1453:
1449:
1445:
1441:
1437:
1433:
1429:
1424:
1422:
1418:
1414:
1410:
1406:
1402:
1391:
1386:
1384:
1379:
1377:
1372:
1371:
1369:
1368:
1363:
1359:
1355:
1353:
1345:
1343:
1335:
1334:
1333:
1332:
1325:
1324:
1321:
1320:Watered stock
1318:
1316:
1313:
1311:
1308:
1306:
1303:
1301:
1300:Systemic risk
1298:
1296:
1293:
1291:
1288:
1286:
1283:
1281:
1278:
1276:
1273:
1271:
1268:
1266:
1263:
1261:
1260:List of banks
1258:
1256:
1253:
1249:
1246:
1244:
1241:
1239:
1236:
1234:
1231:
1229:
1226:
1225:
1224:
1221:
1219:
1216:
1214:
1211:
1209:
1206:
1204:
1201:
1199:
1196:
1194:
1191:
1189:
1186:
1184:
1181:
1179:
1178:Asset pricing
1176:
1175:
1169:
1168:
1157:
1154:
1152:
1149:
1147:
1144:
1142:
1139:
1137:
1134:
1132:
1129:
1127:
1124:
1122:
1119:
1117:
1114:
1112:
1109:
1107:
1104:
1102:
1099:
1097:
1094:
1092:
1089:
1087:
1084:
1082:
1079:
1077:
1074:
1072:
1069:
1067:
1064:
1062:
1059:
1057:
1054:
1052:
1049:
1047:
1044:
1042:
1039:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1017:
1015:
1012:
1010:
1007:
1005:
1002:
1000:
997:
995:
992:
991:
990:
987:
985:
982:
980:
977:
975:
972:
970:
967:
965:
962:
960:
957:
955:
952:
950:
949:Eco-investing
947:
945:
942:
940:
939:Disinvestment
937:
935:
932:
930:
927:
925:
922:
920:
919:Capital asset
917:
915:
912:
910:
907:
905:
902:
900:
897:
895:
892:
888:
885:
883:
880:
879:
878:
875:
874:
873:
872:
864:
863:
856:
853:
851:
848:
846:
843:
841:
838:
834:
831:
830:
829:
826:
824:
821:
819:
816:
814:
811:
807:
804:
802:
799:
798:
797:
794:
790:
787:
785:
782:
781:
780:
777:
775:
772:
770:
767:
766:
760:
759:
748:
745:
743:
740:
738:
735:
733:
730:
729:
728:
727:
723:
722:
719:
714:
711:
709:
706:
704:
701:
699:
696:
694:
691:
690:
689:
688:
684:
683:
678:
675:
671:
666:
665:
660:
659:
653:
650:
648:
645:
643:
640:
638:
635:
633:
630:
628:
625:
623:
620:
618:
615:
613:
610:
608:
605:
603:
602:Participation
600:
598:
595:
593:
590:
588:
585:
583:
582:Middle market
580:
578:
575:
573:
570:
568:
565:
563:
560:
558:
555:
553:
550:
548:
545:
543:
540:
538:
535:
533:
530:
528:
525:
523:
520:
518:
515:
513:
512:Bulge bracket
510:
508:
505:
503:
500:
499:
493:
492:
488:
484:
483:
480:
477:
476:
473:
469:
468:
458:
453:
451:
446:
444:
439:
438:
436:
435:
430:
427:
425:
422:
420:
417:
415:
412:
410:
407:
405:
402:
400:
397:
395:
392:
390:
387:
385:
382:
381:
380:
379:
375:
374:
369:
368:Watered stock
366:
364:
361:
359:
356:
354:
351:
349:
346:
344:
343:Systemic risk
341:
339:
336:
334:
331:
329:
326:
324:
321:
319:
316:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
239:
236:
234:
231:
229:
228:Eco-investing
226:
224:
221:
219:
216:
214:
211:
209:
206:
204:
201:
199:
196:
194:
191:
190:
189:
188:
184:
183:
178:
175:
173:
170:
168:
165:
163:
160:
156:
153:
151:
148:
146:
143:
141:
138:
137:
136:
133:
131:
128:
126:
123:
122:
121:
120:
116:
115:
110:
107:
105:
102:
100:
97:
95:
92:
90:
87:
85:
82:
80:
77:
75:
72:
70:
67:
65:
64:Business plan
62:
60:
57:
56:
55:
54:
51:
48:
47:
43:
39:
38:
35:
32:
31:
19:
5618:Real options
5434:Tender offer
5294:acquisitions
5282:Underwriting
5267:Rights issue
5170:Transactions
5085:
5030:
5003:
4988:
4974:
4944:
4921:
4895:
4855:
4852:Stephen Ross
4833:
4809:
4789:
4772:
4754:
4734:
4696:
4676:
4657:
4638:
4615:
4584:
4558:
4548:Bibliography
4534:
4514:
4480:
4476:. Ch. 20 in
4469:
4450:
4425:
4409:
4386:
4374:
4321:
4308:
4302:Investopedia
4292:
4269:
4240:
4212:
4200:
4150:
4122:
4116:
4108:
4099:
4087:. Retrieved
4071:
4062:
4043:
4034:
4021:
4009:
3993:
3976:
3959:
3955:
3945:
3932:
3902:
3882:
3876:
3871:Drinkard, T.
3867:
3848:
3842:Investopedia
3836:
3812:
3790:(1): 15–32.
3787:
3783:
3773:
3762:. Retrieved
3758:
3749:
3740:
3730:
3709:
3701:
3681:
3674:
3665:
3641:
3621:
3615:
3595:
3588:
3568:
3538:
3531:
3511:
3504:
3484:
3477:
3457:
3450:
3429:cite journal
3410:
3390:
3383:
3363:
3358:
3338:
3333:
3325:
3317:
3301:
3296:
3280:
3272:
3256:
3251:
3227:
3185:
3184:
3164:Stock market
3144:Growth stock
2952:
2925:Commonwealth
2914:
2880:
2862:
2854:
2834:
2826:
2802:
2799:
2766:
2750:time horizon
2747:
2743:
2714:
2701:
2695:
2666:
2641:
2639:
2635:growth stock
2627:
2619:
2561:
2540:
2537:Crystal Ball
2536:
2532:
2506:
2500:. (See also
2477:
2469:
2451:
2426:growth rates
2419:
2407:
2401:
2294:
2288:
2254:
2244:
2230:
2186:
2164:
2117:Modified IRR
2098:
2067:
2044:
2033:
2015:
1985:
1974:
1951:
1936:
1889:
1886:immunization
1870:duration gap
1850:cost of debt
1848:
1834:
1818:
1785:
1781:
1770:
1762:common stock
1758:
1749:
1724:
1711:Debt capital
1673:
1644:
1640:
1638:
1630:
1619:
1615:
1606:
1582:
1555:
1528:
1517:
1482:corporations
1475:
1466:
1464:
1425:
1419:or increase
1413:shareholders
1400:
1399:
1233:participants
1192:
1106:Pension fund
933:
914:Asset growth
909:Bank secrecy
784:Bill payment
703:Money-market
673:
656:
537:Credit union
308:Pension fund
293:Market trend
273:Growth stock
33:
5392:Squeeze-out
5362:Proxy fight
5292:Mergers and
5205:Bought deal
5136:Senior debt
4918:Jean Tirole
4860:Mcgraw-Hill
4089:12 November
3039:, creating
3035:, usually
2998:forecasting
2982:share price
2962:credit risk
2958:market risk
2816:inventories
2806:(generally
2754:discounting
2576:correlation
2529:spreadsheet
2445:. See also
2408:sensitivity
2404:uncertainty
2333:call option
2206:most likely
2034:incremental
1922:Credit risk
1874:liabilities
1777:liquidation
1740:liquidation
1646:stakeholder
1641:shareholder
1492:. However,
1460:inventories
1450:balance of
1265:Market risk
1156:Toxic asset
1126:Speculation
1014:engineering
552:Development
532:Cooperative
358:Toxic asset
328:Super angel
323:Speculation
288:Market risk
155:engineering
5638:Tax shield
5598:Mismarking
5402:Stock swap
5352:Pitch book
5322:Divestment
5200:Bookrunner
5121:Pari passu
4997:0070591091
4931:0691125562
4042:; Ch 5 in
3764:2023-04-17
3495:0191608599
3310:1480825042
3289:1465415858
3265:0123704782
3220:References
3045:commodity-
2863:vice versa
2690:See also:
2596:spot price
2592:underlying
2568:triangular
2556:volatility
2509:stochastic
2482:discussion
2474:unit costs
2470:as well as
2402:Given the
2337:put option
2290:contingent
2235:(DTA) and
2149:Joel Stern
2135:, include
2082:volatility
2041:discounted
2037:cash flows
1975:Also, the
1890:short-term
1736:collateral
1717:Bankruptcy
1610:"projects"
1504:See also:
1238:regulation
887:management
882:allocation
779:Electronic
572:Industrial
567:Investment
547:Depository
522:Commercial
185:Investment
140:accounting
117:Accounting
5613:Pure play
5506:Valuation
5372:Sell side
5235:Greenshoe
4940:Ivo Welch
4878:cite book
4738:. Wiley.
4716:cite book
4500:cite book
3982:Valuation
3926:Citigroup
3804:2038-5498
3002:analytics
2889:factoring
2648:or via a
2646:dividends
2552:histogram
2305:viability
2265:outsource
2030:Joel Dean
1945:with the
1826:liability
1802:Nonvoting
1643:value or
1539:dividends
1448:operating
1442:capital.
1218:Financial
1009:economics
989:Financial
855:BRICS PAY
647:Wholesale
642:Universal
542:Custodian
135:Financial
5691:Category
5444:Leverage
5422:Takeover
5317:Demerger
5302:Buy side
4942:(2017).
4920:(2006).
4832:(2011).
4732:(1996).
4637:(2022).
4613:(2013).
4395:Archived
4363:Archived
4341:Archived
4330:Archived
4277:Archived
4229:Archived
4167:Archived
4050:, 2007.
3910:Archived
3857:Archived
3821:Archived
3654:Archived
3324:(2002).
3107:FP&A
3060:See also
3010:FP&A
2708:and its
2586:NPV and
2541:thousand
2490:unbiased
2468:, etc.)
2347:, while
2325:ore body
2214:modelled
1882:duration
1831:dilution
1773:dividend
1731:interest
1574:listings
1522:and the
1417:maximize
1342:Category
1034:services
1019:forecast
994:analysis
899:Bad debt
685:Accounts
670:Accounts
607:Payments
597:Offshore
577:Merchant
502:Advising
145:analysis
69:Clawback
5427:Reverse
5412:Synergy
5252:Pre-IPO
5240:Reverse
5161:Warrant
4563:Pearson
2865:); see
2820:debtors
2722:operate
2630:returns
2584:average
2435:surface
2433:"value-
2321:develop
2293:on the
2222:further
2218:payoffs
2189:R&D
2088:or the
2018:project
1902:hedging
1688:hybrid-
1603:Outline
1595:and of
1500:History
1432:funding
1352:Commons
1029:planner
999:analyst
747:Prepaid
708:Savings
698:Deposit
632:Savings
617:Private
592:Neobank
517:Central
479:Banking
150:analyst
5028:about
5012:220251
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3263:
3186:Lists:
3051:; see
2673:value-
2623:profit
2544:random
2396:, and
2367:under
2309:mining
2251:states
2224:under
2155:) and
2127:, and
2074:return
2057:. See
2010:, and
1904:using
1880:") or
1862:assets
1727:credit
1684:equity
1620:This "
1558:London
1512:, and
1436:equity
1362:Portal
1285:Shares
1248:system
1228:market
789:Mobile
769:Cheque
737:Credit
672:
627:Retail
622:Public
557:Direct
318:Shares
298:Option
5151:Stock
4520:PRMIA
4435:ICAEW
4025:See:
3980:See:
3816:See:
3645:See:
3029:hedge
3014:"ALM"
2658:stock
2533:@Risk
2480:(see
2439:space
2412:model
2335:or a
2307:of a
2296:value
2049:(see
1900:, or
1839:(see
1766:bonds
1686:(and
1409:value
1004:asset
877:Asset
867:Terms
828:SWIFT
742:Debit
724:Cards
677:Cards
399:Hedge
198:Asset
5088:and
5008:SSRN
4993:ISBN
4979:SSRN
4950:ISBN
4926:ISBN
4904:ISBN
4884:link
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4759:ISBN
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4722:link
4702:ISBN
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4506:link
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4390:See
4325:See
4312:See
4154:See:
4091:2011
4078:ISBN
4052:ISBN
3936:See:
3887:ISBN
3800:ISSN
3716:ISBN
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3442:help
3417:SSRN
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3306:ISBN
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3261:ISBN
3231:See
3047:and
3016:and
3004:and
2964:and
2923:and
2885:loan
2843:and
2818:and
2810:and
2808:cash
2642:form
2572:beta
2502:rNPV
2323:the
2313:gold
2249:(or
2181:and
2086:CAPM
1843:and
1841:CAPM
1719:and
1700:WACC
1682:and
1680:debt
1454:and
1440:debt
1243:risk
1086:Loan
1024:plan
924:Cash
850:SPFS
845:CIPS
823:Giro
801:RTGS
796:Wire
774:Card
507:Banq
4987:In
4001:or
3964:doi
3792:doi
3376:EIC
3243:'s
2986:CRO
2570:or
2535:or
2511:or
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2428:in
2157:APV
2145:EVA
2141:MVA
2129:ROI
2113:IRR
2090:APT
2055:NPV
1908:or
1868:or
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1742:).
1690:or
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1438:or
1223:law
979:ESG
840:CLS
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