This acclaimed new text book introduces the core principles and practices of corporate finance and financial strategy. The content and structure of this user-friendly book have been carefully researched to meet the typical requirements of introductory undergraduate corporate finance and financial strategy courses. The text also provides a useful resource for postgraduates, MBA students and students undertaking professional accounting and finance courses. "Strategic Corporate Finance" is topical and up-to-date in its comprehensive coverage of all the key areas of corporate finance: acquisition of financial resources; effective use of financial resources; control of these activities. In addition, it introduces some contemporary financial issues and topics of growing importance such as Islamic finance and corporate governance, and includes financial planning, shareholder value creation and financial strategy.This book includes a large number of step-by-step worked examples in every chapter, which apply the appropriate techniques to deal with specific business problems. Extensive illustrative diagrams and charts are used to reinforce learning.
It features comprehensive progress checks in every chapter to facilitate effective learning and provide frequent reinforcement. It contains major case studies that illustrate strategic corporate finance issues in practice, providing the opportunity to apply and develop the techniques, analytical skills and judgement acquired from working through each chapter. At the end of each chapter, a range of about 15 to 20 graded Exercises, Questions and Discussion Points link theory with business practice and encourage the use of the techniques and learning points covered in each chapter.Press Extracts in each chapter offer insights into real-life business scenarios and include companies such as BSkyB, Marks and Spencer, Umbro, Matalan and Samsung, and provide further links between theory and practice. There is a comprehensive Glossary of Financial Terminology at the end of each chapter with easy reference to when they are first used in the book.
Table of Contents
Part I: Corporate Finance Introduction to Part I and Part II Chapter 1The financial environment Chapter 2Corporate objectives Chapter 3Corporate governance Chapter 4Capital investment decisions Chapter 5 Risk, return, and portfolio theory Chapter 6 Capital structure and the cost of capital Chapter 7Sources of finance and the capital markets Chapter 8Financial analysis Chapter 9Financial planning Case Study I: Gegin Chapter 10Management of working capital Chapter 11International operations and investment Chapter 12Financial risk management Case Study II: Millpot Part II: Financial Strategy Introduction to Part II Chapter 13The business life cycle and financial strategy Chapter 14Financial strategies from start-up to growth Case Study III: Derlex Case Study IV: Bircom Chapter 15Financial strategies from growth to maturity to decline Case Study V: Kite Chapter 16Mergers and acquisitions (M&As) Chapter 17Financial strategies in M&As Chapter 18Reorganisations and restructuring Case Study VI: Chamberlain Appendices Appendix 1Present value tables Appendix 2Solutions to selected chapter-end exercises
Tony Davies MBA FCMA MCMI heads up Lucis Consulting, an international business and financial consultancy and training provider, and formerly lectured in finance and accounting at Bangor Business School, University of Wales. Tony Boczko MA FCCA is a lecturer in accounting at Hull University Business School. Dr Jean Chen BSc PhD is a senior lecturer in finance and financial management at the University of Surrey.