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Book Title | : | CORPORATE FINANCE AND INVESTMENT |
| Edition | : | 6th | |
| Author(s) | : | Richard Pike and Bill Neale | |
| Page | : | 825 Pages | |
| Year Published | : | 2009 | |
| Publisher | : | Pearson Education Limited. | |
| ISBN | : | 978-0-273-71550-4 | |
| File Size | : | 6.67 MB | |
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Book Description:
Not all textbooks survive to a sixth edition. As one of the lucky survivors, we wish to preface this edition with yet another ‘thank you’ – thank you to the lecturers who have recommended our book and also to the students who have purchased and used it. Hopefully, you have all obtained good value from it.
We first began work on this project around 1990, almost two decades ago. Over this period, there have been many changes in the financial arena. For example, a radical downshift in inflationary expectations, increasing integration of world financial markets, powered by the ongoing revolution in communications, the end of the ‘Japanese Miracle’, and the introduction of the euro. We have seen several financial meltdowns – at the national level, the ‘Asian Crisis’, Argentina, and at the micro-level, the ‘dotcom’ boom and bust, the crisis in corporate governance and the ‘credit-crunch’ starting in 2007. It is not surprising that financial issues increasingly dominate the news bulletins, emphasising the need for both students of business and also business practitioners to have at least a working knowledge of finance. Yet academic courses are becoming increasingly fragmented, for example, with the move to semesterisation. At the same time, within academic courses, the emphasis now placed on formal mathematical and statistical training, and even economics, is also being reduced.
These considerations reinforce our view that finance should be about developing, explaining and, above all, applying key concepts and techniques to a broad range of contemporary management and business policy concerns and challenges. It is becoming more appropriate, certainly at the undergraduate level, to demonstrate the role finance has to play in explaining and shaping business development rather than concentrating on rigorous, quantitative aspects.
The focus of the sixth edition, as in previous ones, is distinctly corporate, examining financial issues from a managerial standpoint. To simplify greatly, we have tried, wherever possible, to present the reader with the question ‘OK, but how does this help the managerial decision-maker?’ and also to provide a few answers, or at least pointers. Some might say we should include chapters on other financial issues deemed to have a degree of importance equivalent to those covered here. Yet we believe, as ever, that there is a trade-off between comprehensiveness and manageability. This edition is directed at those issues, which in our experience are regarded as the central issues in finance.
Not all textbooks survive to a sixth edition. As one of the lucky survivors, we wish to preface this edition with yet another ‘thank you’ – thank you to the lecturers who have recommended our book and also to the students who have purchased and used it. Hopefully, you have all obtained good value from it.
We first began work on this project around 1990, almost two decades ago. Over this period, there have been many changes in the financial arena. For example, a radical downshift in inflationary expectations, increasing integration of world financial markets, powered by the ongoing revolution in communications, the end of the ‘Japanese Miracle’, and the introduction of the euro. We have seen several financial meltdowns – at the national level, the ‘Asian Crisis’, Argentina, and at the micro-level, the ‘dotcom’ boom and bust, the crisis in corporate governance and the ‘credit-crunch’ starting in 2007. It is not surprising that financial issues increasingly dominate the news bulletins, emphasising the need for both students of business and also business practitioners to have at least a working knowledge of finance. Yet academic courses are becoming increasingly fragmented, for example, with the move to semesterisation. At the same time, within academic courses, the emphasis now placed on formal mathematical and statistical training, and even economics, is also being reduced.
These considerations reinforce our view that finance should be about developing, explaining and, above all, applying key concepts and techniques to a broad range of contemporary management and business policy concerns and challenges. It is becoming more appropriate, certainly at the undergraduate level, to demonstrate the role finance has to play in explaining and shaping business development rather than concentrating on rigorous, quantitative aspects.
The focus of the sixth edition, as in previous ones, is distinctly corporate, examining financial issues from a managerial standpoint. To simplify greatly, we have tried, wherever possible, to present the reader with the question ‘OK, but how does this help the managerial decision-maker?’ and also to provide a few answers, or at least pointers. Some might say we should include chapters on other financial issues deemed to have a degree of importance equivalent to those covered here. Yet we believe, as ever, that there is a trade-off between comprehensiveness and manageability. This edition is directed at those issues, which in our experience are regarded as the central issues in finance.
| Table of Contents: | |
| Chapter 1 | An overview of financial management. |
| Chapter 2 | The financial environment. |
| Chapter 3 | Present values, and bond and shar evaluation. |
| Chapter 4 | Investment appraisal methods. |
| Chapter 5 | Project appraisal – applications. |
| Chapter 6 | Investment strategy and process. |
| Chapter 7 | Analysing investment risk. |
| Chapter 8 | Identifying and valuing options. |
| Chapter 9 | Relationships between investments: portfolio theory. |
| Chapter 10 | Setting the risk premium: the Capital Asset Pricing Model. |
| Chapter 11 | The required rate of return on investment. |
| Chapter 12 | Enterprise value and equity value. |
| Chapter 13 | Treasury management and working capital policy. |
| Chapter 14 | Short-term asset management. |
| Chapter 15 | Short- and medium-term finance. |
| Chapter 16 | Long-term finance. |
| Chapter 17 | Returning value to shareholders: the dividend decision. |
| Chapter 18 | Capital structure and the required return. |
| Chapter 19 | Does capital structure really matter? |
| Chapter 20 | Acquisitions and restructuring. |
| Chapter 21 | Managing currency risk. |
| Chapter 22 | Foreign investment decisions. |
| Chapter 23 | Key issues in modern finance: a review. |
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