Advanced Corporate Finance

Joseph Ogden, University of Buffalo-SUNY
Frank C. Jen, Universtiy of Buffalo-SUNY
Philip F. O'Connor, University of Buffalo-SUNY

Publisher: Prentice Hall
Copyright: 2003
Format: Cloth; 702 pp

ISBN-10: 0130915688
ISBN-13: 9780130915689

Our Price: £44.99
Status: Not Yet Published
Estimated Availability: 18 Oct 2002

Description

For MBA/undergraduate-level courses Advanced Corporate Finance.

The first text devoted exclusively to modern advanced corporate finance, this book provides a comprehensive exploration of theoretical and empirical literature on corporate financial policies and strategies—particularly those of U.S. nonfinancial firms— defined in rational, economic terms. The text defines corporate financial policies and strategies broadly to include not only 1) managerial decisions regarding the issuance and retirement of debt and equity securities and the firm's overall capital structure, but also decisions regarding issues such as 2) the firm's governance and ownership structures, 3) contracting between a firm and its management, creditors, and other stakeholders, 4) dividends and stock repurchases, 5) mergers, acquisitions, takeovers, buyouts, equity carve-outs, spin-offs, etc., 6) financial distress and its resolution, and 7) risk management and the design of securities. Throughout, application of theory is often shown in relation to financial decisions made by a specific firm.

Table Of Contents

I. CORPORATE FINANCE: THEORY AND EVIDENCE.

1. Empirical Perspectives on The Financial Characteristics of Publicly Traded U.S. Nonfinancial Firms.

2. Valuation and Financing Decisions in an Ideal Capital Market.

3. Separation of Ownership and Control, Principal-Agent Conflicts, and Financial Policies.

4. Information Asymmetry and the Markets for Corporate Securities.

5. The Roles of Government, Securities Markets, Financial Institutions, Ownership Structure, Board Oversight, and Contract Devices.

6. The Leverage Decision.

II. ANALYSES OF THE FIRM AND THE VALUATION OF EQUITY AND DEBT.

7. Industry Analysis and Financial Policies and Strategies.

8. The Firm's Environment, Governance, Strategy, Operations, and Financial Structure.

9. Market Efficiency, Event Studies, Cost of Equity Capital, and Equity Valuation.

10. Corporate Bonds: Terms, Issuance, and Valuation.

III. MANAGING EQUITY AND DEBT.

11. Private Equity and Venture Capital.

12. Initial Public Offerings of Stock.

13. Managing Internal Equity and Seasoned Equity Offerings.

14. Dividend Policy and Stock Repurchases.

15. Corporate Liabilities: Strategic Selections of Lenders and Contract Terms.

IV. THE MARKETS FOR CORPORATE CONTROL.

16. Mergers, Acquisitions, Takeovers, and Buyouts.

17. Financial Distress and Restructuring.

18. Debt Restructuring, Being Acquired, Bankruptcy, Reorganization, and Liquidation.

V. ORGANIZATIONAL ARCHITECTURE, RISK MANAGEMENT, AND SECURITY DESIGN.

19. Organizational Architecture, Risk Management, and Security Design.

Selected Solutions.

Index.

Features

Early coverage of the bedrock theories of corporate finance—1) theories under ideal capital markets assumptions; 2) theories related to principal-agent conflicts; and 3) information asymmetry theory.

Empirical evidence.
- Illustrates each theory.

Case in Point —Numerous mini-cases throughout.
- Illustrates the practical application of theory by examining financial decisions made by an individual firm.

Numerous articles from the financial press—“Real-World Focus.”
- Provides insights from practitioners' points of view.

Avoidance of theoretical and mathematical derivations—But provides references to literature where such derivations can be found.
- Ensures that students don't get bogged down or lose their focus.

An abundance of figures and tables.
- Illustrates both concepts and empirical evidence related to the theories and hypotheses being discussed.

Concise chapter summaries.
- Provides students with a convenient review and assessment tool.

Extensive chapter-end questions and problems—Basic Review Questions and Problems; Creative Thinking Issues; Projects and Analyses.
- Challenges students to develop their analytical, research, and financial decision-making skills by analyzing data statistically, developing a model, analyzing financial decisions, policies, or strategies policies of a specific firm, etc.

Exhaustive lists of references—At the end of each chapter.
- Encourages students to pursue original sources on theories or empirical studies for more information and the nuances inherent in each.

Instructor Supplements

For each chapter, thoroughly but efficiently summarizes chapter material.