Corporate Financial Management (2024)

Zusammenfassung

Support your teaching in Corporate Finance with a complete guide in the field. Corporate Financial Management, 6th edition is the latest version of this leading text that will support your teaching in Corporate Finance. With a variety of existing and updated features, this must-have edition will prepare your students for the real financial world.

Inhaltsverzeichnis

• Front Cover

  1

  -

  1

• Half Title Page

  1

  -

  3

• Title Page

  3

  -

  4

• Copyright Page

  4

  -

  7

• Brief contents

  7

  -

  9

• Contents

  9

  -

  21

• Topics covered in the book

  21

  -

  23

• Introduction to the book

  23

  -

  29

• Acknowledgements

  29

  -

  33

• +

  PART 1 Introduction

  33

  -

  81

  • +

    Chapter 1 The financial world

    34

    -

    80

    • LEARNING OUTCOMES

      34

      -

      35

    • Introduction

      35

      -

      35

    • The objective of the firm

      35

      -

      35

    • Case study 1.1 Experian

      35

      -

      37

    • Some possible objectives

      37

      -

      48

    • Corporate governance

      48

      -

      54

    • Primitive and modern economies

      54

      -

      56

    • The role of the financial manager

      56

      -

      59

    • The flow of funds and financial intermediation

      59

      -

      65

    • Growth in the financial services sector

      65

      -

      67

    • The financial system

      67

      -

      73

    • Concluding comments

      73

      -

      73

    • Key points and concepts

      73

      -

      75

    • References and further reading

      75

      -

      78

    • Case study recommendations

      78

      -

      78

    • Websites

      78

      -

      78

    • Self-review questions

      78

      -

      79

    • Questions and problems

      79

      -

      80

    • Assignments

      80

      -

      81

• +

  PART 2 The investment decision

  81

  -

  205

  • +

    Chapter 2 Project appraisal: net present value and internal rate of return

    82

    -

    121

    • LEARNING OUTCOMES

      82

      -

      83

    • Introduction

      83

      -

      84

    • Value creation and corporate investment

      84

      -

      89

    • Net present value and internal rate of return

      89

      -

      104

    • Modified internal rate of return

      104

      -

      108

    • Concluding comments

      108

      -

      109

    • Key points and concepts

      109

      -

      109

    • Appendix 2.1 Mathematical tools for finance

      109

      -

      116

    • References and further reading

      116

      -

      117

    • Case study recommendations

      117

      -

      117

    • Websites

      117

      -

      117

    • Self-review questions

      117

      -

      118

    • Questions and problems

      118

      -

      120

    • Assignments

      120

      -

      121

  • +

    Chapter 3 Project appraisal: cash flow and applications

    121

    -

    157

    • LEARNING OUTCOMES

      121

      -

      122

    • Introduction

      122

      -

      122

    • Case study 3.1 Toyota invests £240m to upgrade car plant in boost for Brexit Britain

      122

      -

      123

    • Quality of information

      123

      -

      124

    • Are profit calculations useful for estimating project viability?

      124

      -

      136

    • The replacement decision

      136

      -

      136

    • Replacement cycles

      136

      -

      143

    • When to introduce a new machine

      143

      -

      144

    • Drawbacks of the annual equivalent annuity method

      144

      -

      144

    • Timing of projects

      144

      -

      145

    • The make or buy decision

      145

      -

      146

    • Fluctuating output

      146

      -

      147

    • Concluding comments

      147

      -

      148

    • Key points and concepts

      148

      -

      148

    • References and further reading

      148

      -

      149

    • Case study recommendations

      149

      -

      149

    • Self-review questions

      149

      -

      150

    • Questions and problems

      150

      -

      156

    • Assignments

      156

      -

      157

  • +

    Chapter 4 The decision-making process for investment appraisal

    157

    -

    183

    • LEARNING OUTCOMES

      157

      -

      158

    • Introduction

      158

      -

      159

    • Evidence on the employment of appraisal techniques

      159

      -

      160

    • Payback

      160

      -

      162

    • Accounting rate of return

      162

      -

      165

    • Internal rate of return: reasons for continued popularity

      165

      -

      166

    • The managerial ‘art’ of investment appraisal

      166

      -

      170

    • The investment process

      170

      -

      176

    • Concluding comments

      176

      -

      176

    • Key points and concepts

      176

      -

      177

    • References and further reading

      177

      -

      179

    • Case study recommendations

      179

      -

      180

    • Self-review questions

      180

      -

      180

    • Questions and problems

      180

      -

      182

    • Assignment

      182

      -

      183

  • +

    Chapter 5 Project appraisal: capital rationing, taxation and inflation

    183

    -

    203

    • LEARNING OUTCOMES

      183

      -

      184

    • Introduction

      184

      -

      184

    • Capital rationing

      184

      -

      188

    • Taxation and investment appraisal

      188

      -

      191

    • Inflation

      191

      -

      197

    • Concluding comments

      197

      -

      197

    • Key points and concepts

      197

      -

      197

    • References and further reading

      197

      -

      198

    • Case study recommendations

      198

      -

      198

    • Self-review questions

      198

      -

      198

    • Questions and problems

      198

      -

      203

    • Assignments

      203

      -

      205

• +

  PART 3 Risk and return

  205

  -

  357

  • +

    Chapter 6 Risk and project appraisal

    206

    -

    254

    • LEARNING OUTCOMES

      206

      -

      207

    • Case study 6.1 Camelot

      207

      -

      207

    • Introduction

      207

      -

      208

    • What is risk?

      208

      -

      210

    • Adjusting for risk through the discount rate

      210

      -

      211

    • Sensitivity analysis

      211

      -

      215

    • Scenario analysis

      215

      -

      227

    • The risk of insolvency

      227

      -

      217

    • Probability analysis

      217

      -

      232

    • Problems of using probability analysis

      232

      -

      233

    • Evidence of risk analysis in practice

      233

      -

      233

    • Real options (managerial options)

      233

      -

      244

    • Concluding comments

      244

      -

      244

    • Key points and concepts

      244

      -

      245

    • References and further reading

      245

      -

      247

    • Case study recommendations

      247

      -

      247

    • Self-review questions

      247

      -

      248

    • Questions and problems

      248

      -

      253

    • Assignments

      253

      -

      254

  • +

    Chapter 7 Portfolio theory

    254

    -

    300

    • LEARNING OUTCOMES

      254

      -

      255

    • Introduction

      255

      -

      255

    • Holding period returns

      255

      -

      257

    • Expected return and standard deviation for shares

      257

      -

      260

    • Combinations of investments

      260

      -

      267

    • Portfolio expected return and standard deviation

      267

      -

      271

    • Dominance and the efficient frontier

      271

      -

      275

    • Indifference curves

      275

      -

      277

    • Choosing the optimal portfolio

      277

      -

      278

    • The boundaries of diversification

      278

      -

      280

    • Extension to a large number of securities

      280

      -

      281

    • Evidence on the benefits of diversification

      281

      -

      285

    • The capital market line

      285

      -

      288

    • Problems with portfolio theory

      288

      -

      291

    • Concluding comments

      291

      -

      292

    • Key points and concepts

      292

      -

      293

    • References and further reading

      293

      -

      294

    • Case study recommendations

      294

      -

      294

    • Self-review questions

      294

      -

      295

    • Questions and problems

      295

      -

      299

    • Assignments

      299

      -

      300

  • +

    Chapter 8 The Capital Asset PricingModel and multi-factor models

    300

    -

    356

    • LEARNING OUTCOMES

      300

      -

      301

    • Introduction

      301

      -

      302

    • Some fundamental ideas and problems

      302

      -

      303

    • A short history of shares, bonds and bills

      303

      -

      317

    • The Capital Asset Pricing Model

      317

      -

      335

    • Factor models

      335

      -

      338

    • The arbitrage pricing theory

      338

      -

      339

    • The three-factor model

      339

      -

      339

    • The five-factor model

      339

      -

      340

    • Fundamental beta

      340

      -

      341

    • Project appraisal and systematic risk

      341

      -

      342

    • Sceptics’ views – alternative perspectives on risk

      342

      -

      344

    • Concluding comments

      344

      -

      346

    • Key points and concepts

      346

      -

      346

    • Appendix 8.1: Note on arithmetic and geometric means

      346

      -

      347

    • Appendix 8.2: Why professors do or do not use CAPM-beta

      347

      -

      348

    • Comments from professors who use calculated betas

      348

      -

      349

    • Comments from professors who use ‘common sense’12 betas

      349

      -

      349

    • Comments from professors who do not use betas

      349

      -

      350

    • References and further reading

      350

      -

      354

    • Case study recommendations

      354

      -

      354

    • Self-review questions

      354

      -

      355

    • Questions and problems

      355

      -

      356

    • Assignments

      356

      -

      357

• +

  PART 4 Sources of finance

  357

  -

  639

  • +

    Chapter 9 Stock markets

    358

    -

    395

    • LEARNING OUTCOMES

      358

      -

      359

    • Case study 9.1 Using the stock market both to create wealth and to treat disease

      359

      -

      359

    • Introduction

      359

      -

      359

    • Stock exchanges around the world

      359

      -

      363

    • Globalisation of financial flows

      363

      -

      365

    • Why do companies list their shares on more than one exchange?

      365

      -

      367

    • The importance of a well-run stock exchange

      367

      -

      369

    • The London Stock Exchange

      369

      -

      373

    • The UK equity markets available to companies

      373

      -

      375

    • Tasks for stock exchanges

      375

      -

      376

    • How stock exchanges work

      376

      -

      383

    • The ownership of UK shares

      383

      -

      384

    • Regulation

      384

      -

      387

    • Understanding the figures in the financial pages

      387

      -

      389

    • Taxation and corporate finance

      389

      -

      390

    • Concluding comments

      390

      -

      391

    • Key points and concepts

      391

      -

      392

    • References and further reading

      392

      -

      392

    • Case study recommendations

      392

      -

      393

    • Websites

      393

      -

      393

    • Video presentations

      393

      -

      393

    • Self-review questions

      393

      -

      394

    • Questions and problems

      394

      -

      394

    • Assignments

      394

      -

      395

  • +

    Chapter 10 Raising equity capital

    395

    -

    451

    • LEARNING OUTCOMES

      395

      -

      396

    • Case study 10.1 To float or not to float?

      396

      -

      396

    • Introduction

      396

      -

      397

    • What is equity capital?

      397

      -

      400

    • Preference shares

      400

      -

      401

    • Some unusual types of shares

      401

      -

      403

    • Floating on the Main Market (Official List)

      403

      -

      408

    • The new issue process

      408

      -

      410

    • Other methods of floating

      410

      -

      411

    • How does an AIM flotation differ from one on the Official List?

      411

      -

      412

    • The costs of new issues

      412

      -

      414

    • Rights issues

      414

      -

      419

    • Other equity issues

      419

      -

      421

    • Warrants

      421

      -

      421

    • Equity finance for unquoted firms

      421

      -

      426

    • Crowdfunding

      426

      -

      429

    • How an independent private equity fund is establishedand managed

      429

      -

      436

    • Disillusionment and dissatisfaction with quotation

      436

      -

      436

    • Concluding comments

      436

      -

      437

    • Key points and concepts

      437

      -

      439

    • Appendix 10.1: Reasons for and against floating

      439

      -

      445

    • References and further reading

      445

      -

      448

    • Case study recommendations

      448

      -

      448

    • Websites

      448

      -

      448

    • Video presentations

      448

      -

      449

    • Self-review questions

      449

      -

      449

    • Questions and problems

      449

      -

      450

    • Assignment

      450

      -

      451

  • +

    Chapter 11 Long-term debt finance

    451

    -

    503

    • LEARNING OUTCOMES

      451

      -

      452

    • Introduction

      452

      -

      452

    • Some fundamental features of debt finance

      452

      -

      452

    • Bonds

      452

      -

      458

    • Bank borrowing

      458

      -

      461

    • Syndicated loans

      461

      -

      462

    • Credit rating

      462

      -

      464

    • Mezzanine finance and high-yield ( junk) bonds

      464

      -

      468

    • Case study 11.1 The junk bond wizard: Michael Milken

      468

      -

      471

    • Convertible bonds

      471

      -

      474

    • Valuing bonds

      474

      -

      478

    • International sources of debt finance

      478

      -

      485

    • Project finance

      485

      -

      487

    • Sale and leaseback

      487

      -

      488

    • Securitisation

      488

      -

      490

    • Islamic banking

      490

      -

      490

    • Peer-to-peer lending

      490

      -

      491

    • The term structure of interest rates

      491

      -

      496

    • Concluding comments

      496

      -

      496

    • Key points and concepts

      496

      -

      498

    • References and further reading

      498

      -

      499

    • Case study recommendations

      499

      -

      499

    • Websites

      499

      -

      499

    • Video presentations

      499

      -

      500

    • Self-review questions

      500

      -

      500

    • Questions and problems

      500

      -

      502

    • Assignments

      502

      -

      503

  • +

    Chapter 12 Short- and medium-term finance,treasury and working capitalmanagement

    503

    -

    571

    • LEARNING OUTCOMES

      503

      -

      504

    • Introduction

      504

      -

      504

    • Short- and medium-term bank finance

      504

      -

      509

    • Trade credit

      509

      -

      512

    • Factoring

      512

      -

      514

    • Case study 12.1 LG Steelworks

      514

      -

      516

    • Hire purchase

      516

      -

      519

    • Leasing

      519

      -

      524

    • Bills of exchange

      524

      -

      525

    • Bankers’ acceptances (banks bills, acceptance credits)

      525

      -

      525

    • Treasury management

      525

      -

      527

    • Financing

      527

      -

      535

    • Risk management

      535

      -

      539

    • Working capital management

      539

      -

      556

    • Investment of temporary surplus funds

      556

      -

      559

    • Concluding comments

      559

      -

      560

    • Key points and concepts

      560

      -

      562

    • References and further reading

      562

      -

      563

    • Case study recommendations

      563

      -

      563

    • Websites

      563

      -

      564

    • Self-review questions

      564

      -

      564

    • Questions and problems

      564

      -

      570

    • Assignments

      570

      -

      571

  • +

    Chapter 13 Stock market efficiency

    571

    -

    637

    • LEARNING OUTCOMES

      571

      -

      572

    • Introduction

      572

      -

      572

    • What is meant by efficiency?

      572

      -

      576

    • Random walks

      576

      -

      578

    • The three levels of efficiency

      578

      -

      578

    • Weak-form tests

      578

      -

      590

    • Semi-strong form tests

      590

      -

      611

    • Strong-form tests

      611

      -

      613

    • Behavioural finance

      613

      -

      621

    • Misconceptions about the efficient market hypothesis

      621

      -

      621

    • Implications of the EMH for investors

      621

      -

      622

    • Implications of the EMH for companies

      622

      -

      623

    • Concluding comments

      623

      -

      624

    • Key points and concepts

      624

      -

      624

    • References and further reading

      624

      -

      635

    • Case study recommendations

      635

      -

      635

    • Self-review questions

      635

      -

      636

    • Questions and problems

      636

      -

      637

    • Assignment

      637

      -

      639

• +

  PART 5 Corporate value

  639

  -

  955

  • +

    Chapter 14 Value-based management

    640

    -

    686

    • LEARNING OUTCOMES

      640

      -

      641

    • Introduction

      641

      -

      643

    • The shareholder wealth-maximising goal

      643

      -

      644

    • Three steps of value

      644

      -

      645

    • Traditional measurement techniques

      645

      -

      645

    • Earnings-based management

      645

      -

      650

    • Return on capital employed (ROCE) has failings

      650

      -

      660

    • An overview of the application of value principles

      660

      -

      662

    • Strategic business unit management

      662

      -

      673

    • Corporate strategy

      673

      -

      676

    • Targets and motivation

      676

      -

      676

    • Case study 14.1 Strategy, planning and budgeting at Lloyds TSB

      676

      -

      677

    • Concluding comments

      677

      -

      677

    • Key points and concepts

      677

      -

      680

    • References and further reading

      680

      -

      682

    • Video presentations

      682

      -

      682

    • Case study recommendations

      682

      -

      683

    • Self-review questions

      683

      -

      683

    • Questions and problems

      683

      -

      685

    • Assignments

      685

      -

      686

  • +

    Chapter 15 Value-creation metrics

    686

    -

    732

    • LEARNING OUTCOMES

      686

      -

      687

    • Introduction

      687

      -

      687

    • Using cash flow to measure value

      687

      -

      692

    • Shareholder value analysis

      692

      -

      700

    • Economic profit

      700

      -

      706

    • Economic value added (EVA®)

      706

      -

      708

    • Total shareholder return (TSR)

      708

      -

      711

    • Wealth Added Index (WAI)

      711

      -

      711

    • Case study 15.1 Vone’s wealth added index

      711

      -

      712

    • Market Value Added (MVA)

      712

      -

      715

    • Excess return (ER)

      715

      -

      717

    • Market to book ratio (MBR)

      717

      -

      721

    • Concluding comments

      721

      -

      721

    • Key points and concepts

      721

      -

      724

    • References and further reading

      724

      -

      726

    • Case study recommendations

      726

      -

      726

    • Websites

      726

      -

      726

    • Self-review questions

      726

      -

      727

    • Questions and problems

      727

      -

      730

    • Assignments

      730

      -

      730

    • Appendix 15.1: Further consideration of the entity and equity EP

      730

      -

      732

  • +

    Chapter 16 The cost of capital

    732

    -

    766

    • LEARNING OUTCOMES

      732

      -

      733

    • Introduction

      733

      -

      733

    • A word of warning

      733

      -

      733

    • The required rate of return

      733

      -

      735

    • The weighted average cost of capital (WACC)

      735

      -

      740

    • The cost of equity capital

      740

      -

      743

    • The cost of retained earnings

      743

      -

      743

    • The cost of debt capital

      743

      -

      744

    • Traded debt

      744

      -

      745

    • The cost of preference share capital

      745

      -

      746

    • Calculating the weights

      746

      -

      747

    • Applying the WACC to projects and SBUs

      747

      -

      748

    • Empirical evidence of corporate practice

      748

      -

      755

    • How large is the equity risk premium?

      755

      -

      758

    • Some thoughts on the cost of capital

      758

      -

      759

    • Concluding comments

      759

      -

      760

    • Key points and concepts

      760

      -

      760

    • References and further reading

      760

      -

      763

    • Case study recommendations

      763

      -

      763

    • Websites

      763

      -

      763

    • Video presentations

      763

      -

      763

    • Self-review questions

      763

      -

      764

    • Questions and problems

      764

      -

      765

    • Assignment

      765

      -

      766

  • +

    Chapter 17 Valuing shares

    766

    -

    815

    • LEARNING OUTCOMES

      766

      -

      767

    • Introduction

      767

      -

      767

    • Case study 17.1 Amazon.com

      767

      -

      769

    • Valuation using net asset value (NAV)

      769

      -

      771

    • Valuation using income-flow methods

      771

      -

      772

    • Dividend valuation models

      772

      -

      780

    • The price-earnings ratio (PER) model

      780

      -

      785

    • Valuation using cash flow

      785

      -

      786

    • Valuation using owner earnings

      786

      -

      792

    • Case study 17.2 N Brown – owner earnings analysis

      792

      -

      795

    • EBITDA

      795

      -

      797

    • Valuing unquoted shares

      797

      -

      797

    • Unusual companies

      797

      -

      798

    • Managerial control and valuation

      798

      -

      800

    • Allowing for real option values

      800

      -

      804

    • Concluding comments

      804

      -

      804

    • Key points and concepts

      804

      -

      806

    • References and further reading

      806

      -

      807

    • Case study recommendations

      807

      -

      808

    • Websites

      808

      -

      808

    • Self-review questions

      808

      -

      808

    • Questions and problems

      808

      -

      814

    • Assignments

      814

      -

      815

  • +

    Chapter 18 Capital structure

    815

    -

    868

    • LEARNING OUTCOMES

      815

      -

      816

    • Introduction

      816

      -

      816

    • Other ideas

      816

      -

      818

    • What do we mean by ‘gearing’?

      818

      -

      824

    • The effect of gearing

      824

      -

      830

    • The value of the firm and the cost of capital

      830

      -

      831

    • Does the cost of capital (WACC) decrease with higher debt levels?

      831

      -

      832

    • Modigliani and Miller’s argument in a world with no taxes

      832

      -

      835

    • The capital structure decision in a world with tax

      835

      -

      837

    • Additional considerations

      837

      -

      851

    • Some further thoughts on debt finance

      851

      -

      855

    • Concluding comments

      855

      -

      856

    • Key points and concepts

      856

      -

      857

    • Appendix 18.1: Asset beta

      857

      -

      859

    • Appendix 18.2: Adjusted present value (APV)

      859

      -

      860

    • References and further reading

      860

      -

      864

    • Case study recommendations

      864

      -

      864

    • Video presentations

      864

      -

      865

    • Self-review questions

      865

      -

      865

    • Questions and problems

      865

      -

      867

    • Assignments

      867

      -

      868

  • +

    Chapter 19 Dividend policy

    868

    -

    896

    • LEARNING OUTCOMES

      868

      -

      869

    • Introduction

      869

      -

      869

    • Defining the problem

      869

      -

      871

    • Miller and Modigliani’s dividend irrelevancy proposition

      871

      -

      873

    • Dividends as a residual

      873

      -

      876

    • Clientele effects

      876

      -

      877

    • Taxation

      877

      -

      878

    • Dividends as conveyors of information

      878

      -

      881

    • Resolution of uncertainty

      881

      -

      882

    • Owner control (agency theory)

      882

      -

      884

    • Scrip dividends

      884

      -

      884

    • Share buy-backs and special dividends

      884

      -

      885

    • A round-up of the arguments

      885

      -

      888

    • Concluding comments

      888

      -

      889

    • Key points and concepts

      889

      -

      890

    • References and further reading

      890

      -

      892

    • Case study recommendations

      892

      -

      892

    • Video presentations

      892

      -

      892

    • Self-review questions

      892

      -

      893

    • Questions and problems

      893

      -

      895

    • Assignments

      895

      -

      896

  • +

    Chapter 20 Mergers

    896

    -

    953

    • LEARNING OUTCOMES

      896

      -

      897

    • Introduction

      897

      -

      897

    • The merger decision

      897

      -

      899

    • Merger statistics

      899

      -

      901

    • Merger motives

      901

      -

      917

    • Financing mergers

      917

      -

      922

    • The merger process

      922

      -

      929

    • The impact of mergers

      929

      -

      933

    • Managing mergers

      933

      -

      943

    • Concluding comments

      943

      -

      944

    • Key points and concepts

      944

      -

      945

    • References and further reading

      945

      -

      950

    • Case study recommendations

      950

      -

      950

    • Websites

      950

      -

      950

    • Video presentations

      950

      -

      951

    • Self-review questions

      951

      -

      951

    • Questions and problems

      951

      -

      953

    • Assignment

      953

      -

      955

• +

  PART 6 Managing risk

  955

  -

  1049

  • +

    Chapter 21 Derivatives

    956

    -

    1004

    • LEARNING OUTCOMES

      956

      -

      957

    • Introduction

      957

      -

      957

    • A long history

      957

      -

      958

    • Options

      958

      -

      969

    • Forwards

      969

      -

      970

    • Futures

      970

      -

      977

    • Case study 21.1 Protecting a portfolio against a major market fall

      977

      -

      982

    • Forward rate agreements (FRAs)

      982

      -

      984

    • A comparison of options, futures, forwards and FRAs

      984

      -

      985

    • Caps

      985

      -

      986

    • Swaps

      986

      -

      990

    • Derivatives users

      990

      -

      991

    • Over-the-counter (OTC) and exchange-traded derivatives

      991

      -

      992

    • Concluding comments

      992

      -

      993

    • Key points and concepts

      993

      -

      994

    • Appendix 21.1: Option pricing

      994

      -

      995

    • Appendix 21.2: The relationship between FRAs and swaps

      995

      -

      998

    • References and further reading

      998

      -

      998

    • Case study recommendations

      998

      -

      999

    • Websites

      999

      -

      999

    • Self-review questions

      999

      -

      1000

    • Questions and problems

      1000

      -

      1003

    • Assignments

      1003

      -

      1004

  • +

    Chapter 22 Managing exchange-rate risk

    1004

    -

    1047

    • LEARNING OUTCOMES

      1004

      -

      1005

    • Introduction

      1005

      -

      1005

    • Case study 22.1 What a difference a few percentage point moves on the exchange rate make

      1005

      -

      1006

    • The effects of exchange-rate changes

      1006

      -

      1009

    • Volatility in foreign exchange

      1009

      -

      1011

    • The foreign exchange markets

      1011

      -

      1014

    • Exchange rates

      1014

      -

      1020

    • Types of foreign-exchange risk

      1020

      -

      1023

    • Transaction risk strategies

      1023

      -

      1033

    • Managing translation risk

      1033

      -

      1034

    • Managing economic risk

      1034

      -

      1036

    • Exchange-rate determination

      1036

      -

      1042

    • Concluding comments

      1042

      -

      1042

    • Key points and concepts

      1042

      -

      1043

    • References and further reading

      1043

      -

      1044

    • Case study recommendations

      1044

      -

      1045

    • Websites

      1045

      -

      1045

    • Video presentations

      1045

      -

      1045

    • Self-review questions

      1045

      -

      1046

    • Questions and problems

      1046

      -

      1047

    • Assignments

      1047

      -

      1049

• +

  Appendices

  1049

  -

  1057

  • Appendix I Future value of £1 at compound interest

    1050

    -

    1051

  • Appendix II Present value of £1 at compound interest

    1051

    -

    1052

  • Appendix III Present value of an annuity of £1 at compound interest

    1052

    -

    1053

  • Appendix IV Future value of an annuity of £1 at compound interest

    1053

    -

    1054

  • Appendix V Areas under the standardised normal distribution

    1054

    -

    1055

  • Appendix VI Answers to the mathematical tools exercises inChapter 2, Appendix 2.1

    1055

    -

    1057

• Glossary

  1057

  -

  1093

• Bibliography

  1093

  -

  1113

• Index

  1113

  -

  1126

• Back Cover

  1126

  -

  1127

Über die Autoren

Glen Arnold

Author

Deborah Lewis

Author

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