Quantitative Corporate Finance

دانلود کتاب Quantitative Corporate Finance

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توضیحاتی در مورد کتاب Quantitative Corporate Finance

نام کتاب : Quantitative Corporate Finance
ویرایش : 3 ed.
عنوان ترجمه شده به فارسی : مالی شرکت کمی
سری :
نویسندگان : , ,
ناشر : Springer
سال نشر : 2022
تعداد صفحات : 665 [666]
ISBN (شابک) : 3030872688 , 9783030872687
زبان کتاب : English
فرمت کتاب : pdf
حجم کتاب : 26 Mb



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توضیحاتی در مورد کتاب :


این کتاب درسی به بررسی جامعی از ترتیبات قانونی شرکت، ابزارها و مؤسساتی که از طریق آنها می‌توان سرمایه را افزایش داد، مدیریت جریان وجوه از طریق شرکت منفرد، و روش‌های تقسیم ریسک و بازده را ارائه می‌کند. مشارکت کنندگان مختلف وجوه.

اکنون در ویرایش سوم خود، این کتاب طیف گسترده ای از موضوعات را در امور مالی شرکت ها، از مدل سازی سری های زمانی و تحلیل رگرسیون گرفته تا مدل های ریسک چندعاملی و مدل قیمت گذاری دارایی های سرمایه ای را پوشش می دهد. Guerard، Gultekin و Saxena به طور قابل توجهی بر روی اولین نسخه از متن ساخته شده اند، اما فصل های اصلی را در مورد موضوعات اساسی مانند ادغام و ادغام، محیط های نظارتی، ورشکستگی و مفاهیم بنیادی مختلف دیگر از امور مالی شرکت حفظ می کنند.

جدید به ویرایش سوم، بررسی های انتخاب پورتفولیو APT و مدل سازی سری های زمانی و پیش بینی از طریق برنامه نویسی SAS، SCA و OxMetrics، الگوهای داده های بنیادی FactSet است. این در نظر گرفته شده است که یک کتاب درسی در سطح فارغ التحصیل باشد و می تواند به عنوان متن اولیه در دوره های MBA و مهندسی مالی سطح بالا و همچنین متن تکمیلی برای دوره های تحصیلات تکمیلی در تجزیه و تحلیل داده های مالی و سرمایه گذاری های مالی استفاده شود.

فهرست مطالب :


Why a Third Edition of Quantitative Corporate Finance? Why a Second Edition of Quantitative Corporate Finance? Contents Chapter 1: Introduction: Capital Formation, Risk, and the Corporation 1.1 Financial Mathematics and Theory 1.2 Growth and Survival of the Firm 1.3 Risk and Uncertainty Inherent in Finance 1.4 Types of Business Risk 1.5 Financial Risk 1.6 Division of Risk, Income, and Control 1.7 Profitability and Risk 1.8 Areas Covered in This Book References Chapter 2: The Corporation and Other Forms of Business Organization 2.1 The Sole or Single Proprietorship 2.2 The Partnership 2.3 The Limited Partnership 2.4 The Corporation, Its Basic Characteristics 2.4.1 Chartering the Corporation 2.4.2 Administrative Organization 2.5 Major Rights of the Shareholders 2.6 The Advantages of the Corporate Form 2.7 The Corporation in 2020: Trying to Maintain Economic Growth in the COVID-19 Pandemic with the Payroll Protection Plan References Chapter 3: The Corporation Balance Sheet 3.1 The Balance Sheet 3.2 Assets 3.3 Liabilities and Stockholder Equity 3.4 Book Value of Common Stock 3.5 Summary and Conclusions References Chapter 4: The Annual Operating Statements: The Income Statement and Cash Flow Statement 4.1 Form and Content of the Income Statement 4.2 Retained Earnings vs Dividends 4.3 Income Statement in the World of Business: IBM, Boeing, and Dominion Energy 4.4 Annual Cash Flow Statement 4.5 US Firm Cash Flow Analysis, 1971-2020 4.6 Summary References Chapter 5: Financing Current Operations and Efficiency Ratio Analysis 5.1 Working Capital Concepts 5.2 Snapshots of Financial Ratios 5.3 The Calculations of Financial Ratios and Their Implications for Stockholder Wealth Maximization 5.3.1 The Dupont Analysis Return on Invested Capital 5.3.2 Current Ratio 5.3.3 Sales to Total Assets 5.3.4 The Altman Z Model 5.4 The Time Series of WRDS Ratios in the United States, 1970-2020 5.5 Industry Production of Financial Ratios 5.6 Limitations of Ratio Analysis 5.7 A Summary of Ratio Analysis References Chapter 6: Financing Current Operations and the Cash Budget 6.1 Sources of Short-Term Financing 6.2 Trade Credit 6.3 Bank Credit 6.4 Other Forms of Short-Term Financing 6.5 Quantitative Working Capital Models: Cash Management 6.6 The Cash Budget References Chapter 7: Capital and New Issue Markets 7.1 The Secondary Markets 7.2 The Primary Market 7.3 The Originating House 7.3.1 The Underwriting Group 7.3.2 The Selling Group 7.3.3 Other Aspects of Investment Banking 7.4 Initial Public Offerings (IPOs) 7.4.1 Expansion of a Privately Held Firm into a Public Corporation 7.4.2 The Problem of Control 7.4.3 Promotion of a Subsidiary by Parent Corporations 7.5 Formation of a Joint Subsidiary by Two or More Parent Companies 7.6 The SEC and the Flotation of New Issues 7.6.1 Secondary Floatations 7.7 Issuing Securities Through Rights 7.8 Stock Tenders 7.9 Costs of Floating an Issue 7.10 Regulation of the Capital Markets 7.11 The Capital Market as a Source of Funds 7.12 The Debate on the Optimal Organization of the Capital Market 7.13 Capital Markets and Long-Term Economic Growth References Chapter 8: The Equity of the Corporation: Common and Preferred Stock 8.1 Common Stock 8.2 Rewards of Common Shareholders 8.3 The Corporate Sector: A Net Exporter of Funds 8.4 Corporate Exports and the Maximization of Stockholder Wealth 8.5 Definitions of the Value of Common Shares 8.5.1 Book Value 8.5.2 Market Value 8.5.3 Intrinsic or ``Normal´´ Value 8.6 Stock Splits and Stock Dividends 8.7 Stock Prices and Dividends: An Example of Valuation 8.7.1 Noncash-Paying Growth Shares 8.7.2 Valuing a Dividend-Paying Super-Growth Stock 8.7.3 Super Growth Cannot Be Infinite 8.7.4 The Paradox of the Low Current Return on Growth Options 8.8 Risk and Returns to Growth Investments 8.8.1 The Cost of Capital to a Growth Firm 8.8.2 The Cost of Common Stock Financing: The Norm 8.9 Preferred Stock 8.9.1 Features of Preferred Stock 8.9.2 Rational for Preferred Stock Financing 8.9.3 Convertible Preferred 8.9.4 Protective Features on Preferred Shares 8.9.5 Floating New Common Equity Issues 8.10 Advantage of New Share Financing References Chapter 9: Long-Term Debt 9.1 Bonds 9.1.1 Mortgage Agreement 9.1.2 Subordinate Mortgages 9.1.3 Net Working Capital Maintenance Requirements 9.1.4 Restrictions on Creating New Debt 9.2 Other Types of Long-Term Debt 9.2.1 Term Loans 9.2.2 Private Placements 9.2.3 Equipment Trust Certificates 9.3 Long-Term Lease 9.4 Lease Accounting: Recent Changes 9.5 The Cost of Debt Capital 9.6 Level and Structure of the Interest Rates 9.7 The Liquidity Preference Theory of the Term Structure 9.7.1 The Pure Expectations Theory of the Term Structure 9.7.2 The Market Segmentation Theory of the Term Structure 9.7.3 Setting the Rate on a New Issue 9.8 The Call Feature on Bonds 9.9 Convertible Bonds and Bonds with Warrants Attached 9.10 The Advantages and Disadvantages of Long-Term Debt 9.11 Malkiel´s Bond Theorems 9.12 Retirement of Debt 9.12.1 Toward a More Conservative Capital Structure 9.12.2 Decreasing the Level of Operations 9.12.3 Methods for Retiring Specific Issues 9.12.4 Repurchase on the Open Market 9.12.5 Repayment or Refunding at Maturity 9.12.6 Gradual Reduction of Debt Issue by Sinking Fund Purchase 9.12.7 Reduction of Debt Through Serial Issues 9.12.8 Debt Retirement and the Call Privilege 9.12.9 Forced Conversion 9.13 Summary References Chapter 10: Debt, Equity, the Optimal Financial Structure, and the Cost of Funds 10.1 Definition of Leverage: Profits and Financial Risk 10.2 Illustrations of Leverage: Return and Risk 10.3 Surrogate Evidence on the Development of ``Optimum´´ Financial Structure 10.4 The Pure Theory of the Optimal Financial Structure 10.5 Modigliani and Miller: Constant Capital Costs 10.6 The Optimal Capital Structure and the M&M Hypothesis 10.7 Empirical Factors Influencing Financial Structures 10.8 Measures for Approximating Financial Risk 10.9 Outside Financing Capacity References Chapter 11: Investing in Assets: Theory of Investment Decision-Making 11.1 Net Present Value and the Internal Rate of Return 11.2 Mutually Exclusive Projects 11.3 Difference in Project Size and Durations of Cash Flow 11.4 Lowest Annualized Total Costs 11.5 The Irrational Fixed Capital Budget 11.6 Real Investments and the Cost of Funds 11.7 The Adjusted Present Value (APV) Model 11.7.1 Estimating Cash Flows 11.7.2 Gathering Information 11.7.3 Financial Statement: Pitfalls 11.7.4 Anatomy of Core Financial Statements 11.7.5 Definition of Cash Flows 11.8 CFO Practice 11.9 Current Costs of the ``Optimum´´ Financial Mix 11.10 The Effect of Taxes on the Financial Structure 11.11 Costing the Components of the Financial Mix 11.11.1 Cost of Trade Credit 11.11.2 Cost of Bank Credit 11.11.3 Cost of Long-Term Debt 11.11.4 Cost of Preferred Stock 11.11.4.1 Cost of Common Stock 11.11.4.2 Internal Funds 11.11.5 The Cost of Retained Earnings 11.11.6 Other Internal Funds-Depreciation, Depletion, etc. 11.12 Investments Under Negative Interest Rates and Hyperinflation 11.12.1 Negative Interest Rates 11.12.2 Hyperinflationary Regime 11.13 Summary Appendix A: Application of APV Basic Extensions of Valuation Theory Application of APV References Chapter 12: Regression Analysis and Estimating Regression Models 12.1 Estimating an Ordinary Least Squares Regression Line 12.2 Autocorrelation 12.3 Estimating Multiple Regression Lines 12.4 Influential Observations and Possible Outliers and the Application of Robust Regression 12.5 The Conference Board Composite Index of Leading Economic Indicators and Real US GDP Growth: A Regression Example Includin... 12.6 The Conference Board Composite Index of Leading Economic Indicators and the US Unemployment Rate: Another Regression Exam... 12.7 Summary and Conclusions Appendices Appendix A: Influential Observations and Outlier Detection The US Leading Economic Indicators Appendix C: Identifying Influential Observations in a Regression References Chapter 13: Time Series Modeling and the Forecasting Effectiveness of the US Leading Economic Indicators 13.1 Basic Statistical Properties of Economic Series 13.1.1 The Autoregressive and Moving Average Processes 13.2 ARMA Model Identification in Practice 13.3 Estimating an ARIMA RWD for US GDP, 1959Q2-2020Q3 13.3.1 Estimating an ARIMA RWD for DLGDP, 1959Q2-2020Q3 13.4 Estimating a Transfer Function Time Series Model of US GDP with the US Leading Economic Indicator Time Series as Its Input 13.5 Forecasting Effectiveness of Time Series Modeling Using Autometrics to Estimate Outliers and Breaks: Studies of the US Re... 13.6 Automatic Time Series Modeling of the Unemployment Rate Using Leading Economic Indicators (LEI) 13.7 Summary and Conclusions Appendix A: Granger Causality Modeling of the Change in the US Unemployment Rate with First-Differenced Changes in the LEI Tim... Append B: Autometrics and Saturation Variables References Chapter 14: Risk and Return of Equity, the Capital Asset Pricing Model, and Stock Selection for Efficient Portfolio Constructi... 14.1 Calculating Holding Period Returns 14.2 An Introduction to Modern Portfolio Theory and Betas 14.3 Expected Returns Versus Historic Mean Returns 14.4 Fundamental Analysis and Stock Selection 14.5 Modern Portfolio Theory and GPRD: An Example of Markowitz Analysis 14.6 Further Estimations of a Composite Equity Valuation Model: The Roles of Analyst Forecasts and Momentum in Stock Selection 14.6.1 REG8 Model 14.6.2 REG9 Model 14.6.3 REG10 Model 14.7 Summary and Conclusions Appendices Appendix A: The Three-Asset Case Appendix B: ICs Appendix C: Matrix Algebra Matrix algebra in Excel Portfolio Statistics with Matrix Algebra References Chapter 15: Multifactor Risk Models and Portfolio Construction and Management 15.1 The Barra System 15.2 Barra Model Mathematics 15.3 The Barra Multifactor Model and Analysts´ Forecasts, Revisions, and Breadth 15.4 Early Alternative Multi-Beta Risk Models 15.5 APT Approach 15.6 Applying the Blin and Blender APT Model 15.7 Applying the Blin and Blender APT Model, BARRA, and Axioma: The McKinley Capital Management (MCM) Horse Race Tests 15.8 Why Use the Axioma Statistical Model? 15.9 Alpha Alignment Factor 15.10 Financial Anomalies in Global Portfolio Management: Evidence Through COVID-19 15.11 Summary and Conclusions Appendices Appendix A: US-E3 Descriptor Definitions 1. Volatility 2. Momentum 3. Size 4. Size Nonlinearity 5. Trading Activity 6. Growth 7. Earnings Yield 8. Value 9. Earnings Variability 10. Leverage 11. Currency Sensitivity 12. Dividend Yield 13. Nonestimation Universe Indicator Appendix B: Factor Alignment Problems and Quantitative Portfolio Management Bibliography References Chapter 16: Options 16.1 The Malkiel-Quandt Notation 16.2 The Binominal Option Pricing Model 16.3 The More Traditional Black and Scholes Option Pricing Model Derivation 16.4 Black and Scholes Model Calculation 16.5 The OPM and Corporate Liabilities References Chapter 17: Real Options 17.1 The Option to Delay a Project 17.2 Implications of Viewing the Right to Delay a Project as an Option 17.3 Abandonment Value 17.4 Options in Investment Analysis/Capital Budgeting References Chapter 18: Mergers and Acquisitions 18.1 Noneconomic Motives for Combinations 18.2 Holding Companies 18.3 A Merger History of the United States 18.4 Using an Accounting Basis 18.5 The Economic Basis for Acquisitions 18.6 Theories of Conglomerate Mergers 18.7 Combinations Correcting Economic or Financial Imbalances 18.8 Combinations Increasing Market Dominance 18.9 Combinations for Tax Advantages 18.10 The Larson-Gonedes Exchange Ratio Model 18.11 Valuation of a Merger Candidate 18.12 Testing for Synergism: Do Mergers Enhance Stockholder Wealth? 18.13 Divestment and Spinoff 18.14 Summary and Conclusions References Chapter 19: Liquidation, Failure, Bankruptcy, and Reorganization 19.1 Voluntary Liquidation 19.2 A Liquidation Example 19.3 Remaining in Business 19.4 Failure 19.5 Informal Remedies 19.6 Bankruptcy 19.6.1 Bankruptcy Procedures 19.6.2 Priorities in Liquidation 19.6.3 Reorganization 19.6.4 Analysis of the Reorganization 19.7 Summary References Chapter 20: Corporation Growth and Economic Growth and Stability 20.1 Factors in Economic Growth 20.2 Savings and Real Investment 20.3 Corporation Investment Spending and Economic Stability 20.4 Monetary Policy, the Cost of Capital, and the Firm Investment Process 20.5 Economic Growth and Firm Growth 20.6 Firm Growth and Economic Growth References Chapter 21: International Business Finance 21.1 Currency Exchange Rates 21.2 International Diversification 21.3 International Stock Selection and Portfolio Construction and Optimization 21.4 International Corporate Finance Decisions References Chapter 22: Management-Stockholder Relations: Is Optimal Behavior All That Is Necessary? 22.1 General Agreement and Potential Conflicts in Management and Control 22.2 Areas of Potential Conflict 22.2.1 Managerial and Board of Directors Compensation 22.2.2 Executive Compensation 22.2.3 Board of Directors 22.2.4 Stock Options 22.2.5 Bonuses 22.2.6 Dividends, Buy Backs, and Retained Earnings 22.2.7 Excessively Conservative Financial or Asset Structures 22.2.8 Liquidating or Selling the Firm 22.2.9 Risky Acquisitions 22.3 Turning Agents into Owners 22.4 The Diseconomies of Financial Scams 22.5 Insider Trading 22.6 Conflict of Interests 22.7 Stockholder Remedies 22.7.1 Sell His Shares 22.7.2 Institute a Stockholder Suit 22.7.3 Organize a Proxy Fight to Vote Out the Management 22.8 To Whom Is Management Responsible? 22.9 Summary and Conclusions Appendix A From Raw to Normalized Score Definitions Raw Score Normalized Scores Fama and French-Weighted Portfolios A Return to Optimized Portfolio Construction and Management CTEF MVTaR with Normalized KLD Criteria The Interaction of Environmental Scores and Expected Return Models Summary of SRI/ESG Portfolio Construction and Analysis References Index

توضیحاتی در مورد کتاب به زبان اصلی :


This textbook presents a comprehensive treatment of the legal arrangement of the corporation, the instruments and institutions through which capital can be raised, the management of the flow of funds through the individual firm, and the methods of dividing the risks and returns among the various contributors of funds.

Now in its third edition, the book covers a wide range of topics in corporate finance, from time series modeling and regression analysis to multi-factor risk models and the Capital Asset Pricing Model. Guerard, Gultekin and Saxena build significantly on the first edition of the text, but retain the core chapters on cornerstone topics such as mergers and acquisitions, regulatory environments, bankruptcy and various other foundational concepts of corporate finance.

New to the third edition are examinations of APT portfolio selection and time series modeling and forecasting through SAS, SCA and OxMetrics programming, FactSet fundamental data templates. This is intended to be a graduate-level textbook, and could be used as a primary text in upper level MBA and Financial Engineering courses, as well as a supplementary text for graduate courses in financial data analysis and financial investments.



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