Financial Management and Real Options
Buku ini diterbitkan tahun 2003 oleh John Wiley & Sons Ltd, England adalah buku edisi Pertama.
Judul: Financial Management and Real Options
Oleh: Jack Broyles
Penerbit: John Wiley & Sons Ltd, England
Tahun: 2003
Jumlah Halaman: 457 hal.
Editor:
Jack Broyles
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Lingkup Pembahasan:
Buku ini terutama adalah tentang manajemen keuangan dan, sebagai judul menyiratkan, pilihan nyata adalah terpisahkan, anak tema. Pilihan nyata peluang yang tersedia untuk manajemen mengizinkan
mereka untuk beradaptasi perusahaan untuk perubahan kebutuhan. Memahami nilai opsi riil
penting untuk manajemen keuangan perusahaan. Contoh dalam beberapa bab menunjukkan mengapa kegagalan untuk menilai nilai pilihan nyata mengarah ke keputusan investasi yang salah. Sebuah ciri khas dari buku ini menunjukkan bagaimana melakukan analisis riil pilihan tanpa matematika yang lebih tinggi.
Daftar Isi:
Preface xi
Part 1 Introduction to Financial Management 1
1 Financial Management and Corporate Governance 3
1-1 What Financial Management is Really About 3
1-2 How Finance Is Organized in Corporations 6
1-3 The Chief Financial Officer 8
1-4 The Chief Accountant 8
1-5 The Treasurer 9
1-6 Corporate Financial Objectives 11
1-7 Corporate Governance 14
1-8 Conclusions 15
Further Reading 15
Questions and Problems 15
2 Fundamental Methods of Financial Analysis 17
2-1 What is a rate of return? 18
2-2 What is Risk? 19
2-3 How to Relate Required Rates of Return to Risk 22
2-4 Discounted Cash Flow and Net Value for Shareholders 24
2-5 Precision Discounting 28
2-6 The Internal Rate of Return 30
2-7 The Present Value of a Perpetuity 32
2-8 The Present Value of an Annuity 33
2-9 The Loan Balance Method 36
2-10 The Value of Growth 37
2-11 Why Flexibility and Choice Have Value 37
2-12 Conclusions 39
Questions and Problems 39
3 An Introduction to Corporate Debt and Equity 42
3-1 How Much Should an Investor pay for a Corporate Bond? 43
3-2 How Much Should an Investor Pay for Shares in a Company’s Equity? 46
3-3 How Limited Liability Affects the Relative Values of Equity and Debt 49
3-4 Executive Stock Options 52
3-5 Equity Warrants 53
3-6 Other Corporate Securities 54
3-7 Traded Equity Options 55
3-8 Conclusions 57
Further Reading 57
Questions and Problems 57
Appendix 3.1 Using the Black and Scholes Option Pricing Formula 59
4 Shareholder Value in Efficient Markets 61
4-1 Conditions Conducive to Capital Market Efficiency 62
4-2 Weak-form Tests of Market Efficiency 64
4-3 Semistrong-form Tests of Market Efficiency 66
4-4 Strong-form Tests of Market Efficiency 68
4-5 Apparent Exceptions to Market Efficiency 71
4-6 Conclusions 73
Further Reading 73
Questions and Problems 73
Part 2 Valuation of Investment and Real Options 75
5 An Introduction to the Appraisal of Capital Projects 77
5-1 Capital Budgeting 78
5-2 Competitive Advantage and Value Creation 78
5-3 Project Appraisal 79
5-4 Incremental Cash Flow and Incremental Value 80
5-5 Net Present Value 83
5-6 The Rate of Return on a Project 83
5-7 Project Liquidity 85
5-8 Some Related Issues 87
5-9 About Taxes 89
5-10 Measuring Project Risk and Determining the Discount Rate 89
5-11 Real Options 91
5-12 Conclusions 91
Further Reading 93
Questions and Problems 93
6 Pitfalls in Project Appraisal 96
6-1 Specifying a Project’s Incremental Cash Flow Requires Care 96
6-2 The Internal Rate of Return Is Biased 98
6-3 The Payback Period Is Often Ambiguous 103
6-4 Discount Rates Are Frequently Wrong 104
6-5 Rising Rates of Inflation Are Dangerous 106
6-6 The Precise Timing of Cash Flows Is Important 109
6-7 Forecasting Is Often Untruthful 110
6-8 Risk Adds Value to Real Options 110
6-9 Real Options Affect the NPV Rule 111
6-10 Conclusions 112
Further Reading 113
Questions and Problems 114
7 Further Project Appraisal Methods 116
7-1 Adjusted Present Value Method 116
7-2 Multiperiod Capital Rationing: The Profitability Index Annuity 120
7-3 Multiperiod Capital Rationing: Mathematical Programming 123
7-4 Measuring Project Yield 127
7-5 Conclusions 131
Further Reading 132
Questions and Problems 132
8 Appraising Projects with Real Options 134
8-1 Real Options in Capital Projects 135
8-2 The Impact of Uncertainty on Project Profitability 137
8-3 How Uncertainty Creates Real Option Value 138
8-4 Estimating the PI of the Expected Payoff on a Real Option 140
8-5 Risk-neutral Valuation of Real Options 141
8-6 Refining the Valuation 144
8-7 Applications 147
8-8 Conclusions 149
Further Reading 150
Questions and Problems 150
9 Valuing Interrelated Real Options 155
9-1 The Project Frame 155
9-2 The One-step Binomial Tree: Two Branches 157
9-3 Multistep Binomial Trees: More Branches 162
9-4 Incorporating the Values of Real Options 163
9-5 Obtaining the Net Present Value of the Project 166
9-6 Real Options Sensitivity Analysis 166
9-7 Conclusions 171
Further Reading 172
Questions and Problems 172
10 Valuation of Companies with Real Options 174
10-1 Are Financial Ratios Sufficient to Value a Company? 174
10-2 The Investment Opportunities Approach 176
10-3 Formulation of the Investment Opportunities Approach 177
10-4 Inputs to the Investment Opportunities Approach 184
10-5 Investment Opportunities as Expected Pay-offs on Real Options 188
10-6 Conclusions 190
Further Reading 190
Questions and Problems 190
11 Mergers and Acquisitions 194
11-1 What are Mergers and Acquisitions? 195
11-2 Types of Merger 195
11-3 MergerWaves 196
11-4 Motivations for Mergers and Acquisitions 197
11-5 How Much to Pay for an Acquisition 199
11-6 Synergy 203
11-7 Other Motives for Mergers and Acquisitions 207
11-8 Financing Mergers and Acquisitions 208
11-9 The Bidding Process 209
11-10 Defending Against a Bid 210
11-11 Who Gains from Mergers and Acquisitions? 212
11-12 Conclusions 213
Further Reading 214
Questions and Problems 214
Part 3 Financial Structure 219
12 Portfolio Theory and Asset Pricing 221
12-1 Returns to Equity Investors 222
12-2 Risk to Equity Investors 223
12-3 Risk Reduction through Portfolio Diversification 226
12-4 The Two-Security Portfolio 228
12-5 Portfolios of More than Two Securities 231
12-6 Efficient Portfolio Diversification 233
12-7 The Optimum Portfolio of Risky Securities 234
12-8 The Capital Asset Pricing Model (CAPM) 236
12-9 Using the Capital Asset Pricing Model 238
12-10 Limitations of the Capital Asset Pricing Model 239
12-11 Arbitrage Pricing Theory (APT) 240
12-12 Summary 241
Further Reading 242
Questions and Problems 242
Appendix 12.1 Calculation of the Standard Deviation 244
Appendix 12.2 Calculation of the Correlation Coefficient 245
13 Calculating the Cost of Capital 246
13-1 Adjusting the Weighted Average Cost of Capital for Risk 247
13-2 Estimating the Company’s Weighted Average Cost of Capital 248
13-3 Extraction of the Company’s Risk Premium from Its WACC 252
13-4 Adjusting the Company’s Risk Premium for Project Risk 252
13-5 Adjusting the WACC for the Project’s Risk Premium 255
13-6 The Costs of Capital for a Risk Class 255
13-7 Conclusions 258
Further Reading 258
Questions and Problems 258
Appendix 13.1 After-tax Interest Rates for Temporarily Non-taxpaying Companies 260
Appendix 13.2 Linear Growth and the Cost of Equity 261
Appendix 13.3 The Method of Similars 262
14 Long-term Financing 264
14-1 Financial Policy 265
14-2 Primary and Secondary Financial Markets 266
14-3 Corporate Securities 267
14-4 Government Debt 268
14-5 Corporate Debt 272
14-6 Corporate Equity 275
14-7 How Securities are Issued in the Primary Market 277
14-8 The Rights Issue Procedure 279
14-9 Rights Issues and Market Prices 279
14-10 Rights Issue Signaling Effects 281
14-11 New Issues for Unquoted Companies 281
14-12 Conclusions 282
Further Reading 282
Questions and Problems 283
Appendix 14.1 Moody’s Corporate Bond Ratings 284
15 Dividend Policy 286
15-1 Dividends and Earnings 286
15-2 Dividends as Signals 289
15-3 Is Dividend Policy Irrelevant? 289
15-4 Is Dividend Policy Affected by Personal Taxes? 292
15-5 Dividend Policy and Shareholder Tax Clienteles 294
15-6 Dividend Policy and Portfolio Diversification 295
15-7 Alternatives to Paying Cash Dividends 296
15-8 Macroeconomic Considerations 297
15-9 Conclusions 298
Further Reading 299
Questions and Problems 299
16 Capital Structure 303
16-1 What is Capital Structure and Why Does it Matter? 303
16-2 How Capital Structure Affects Financial Risk 305
16-3 The Weighted Average Cost of Capital 308
16-4 Contrasting Views on the Relevance of Capital Structure 310
16-5 Arbitrage and the Net Operating Income View 313
16-6 Taxes in a Classical Tax System 316
16-7 Tax Effects in Modigliani and Miller’s Equilibrium 318
16-8 Tax Effects in Miller’s After-tax Equilibrium 319
16-9 The Existence of Optimum Capital Structures 322
16-10 The Relevance of Flotation Costs 324
16-11 A Combined Approach 325
16-12 Conclusions 327
Further Reading 328
Questions and Problems 328
17 Lease Finance 331
17-1 Leasing and Ownership 332
17-2 Why Companies Lease Assets 334
17-3 How Leasing Can Affect the Capital Investment Decision 335
17-4 How to Value a Financial Lease 335
17-5 How Temporary Non-taxpaying Affects the Leasing Decision 338
17-6 The After-tax Discount Rate 339
17-7 The Loan Balance Method 339
17-8 The Internal Rate of Return Approach 341
17-9 Residual Values 342
17-10 Interactions between Leasing and Investment Decisions 344
17-11 Lease Rates and Competition in the Leasing Market 344
17-12 Conclusions 345
Further Reading 345
Questions and Problems 345
Part 4 Solvency management 347
18 Financial Planning and Solvency 349
18-1 Importance of Financial Planning and Control 350
18-2 The Pro forma Cash budget and Short-term Borrowing 352
18-3 The Funds Flow Statement and Longer Term Financing 355
18-4 Financial Modeling 357
18-5 Financial Forecasting 359
18-6 Structuring Uncertainty 360
18-7 Scenarios of the Future 361
18-8 Financial Planning Procedure 364
18-9 Conclusions 365
Further Reading 365
Questions and Problems 366
19 Managing Debtor Risk 367
19-1 Credit Terms 367
19-2 The Trade Credit Decision 369
19-3 Trade Credit as a Lending Decision 370
19-4 Trade Credit as an Investment Decision 372
19-5 The Control of Trade Credit 375
19-6 Conclusions 376
Further Reading 377
Questions and Problems 377
20 Managing Inventory Risk 379
20-1 Planning and Monitoring Inventory Levels 380
20-2 Designing the Inventory Control System 383
20-3 Elements of an Inventory Control System 384
20-4 Operating the Inventory Control System 388
20-5 Conclusions 389
Further Reading 389
Questions and Problems 389
Appendix 20.1 Economic Order Quantities 390
21 Managing Interest and Exchange Rate Risks 393
21-1 Fixed and Floating Rate Debt 394
21-2 Corporate Bonds 394
21-3 Interest Rate Swaps 397
21-4 Forward Rate Agreements 398
21-5 Interest Rate Derivatives 399
21-6 Foreign Exchange Risk Management 400
21-7 Behaviour of Foreign Exchange Rates 400
21-8 Foreign Exchange Risk Exposure 403
21-9 Foreign Exchange Risk Management Methods 405
21-10 Conclusions 408
Further Reading 409
Questions and Problems 409
Part 5 International Investment 413
22 Appraising International Capital Projects 415
22-1 Appraisal of International Projects 416
22-2 Differential Rates of Inflation and Foreign Currency Cash Flows 416
22-3 Differential Rates of Inflation and Required Rates of Return 417
22-4 Valuation Method 1 419
22-5 Differential Rates of Inflation and Expected Future Exchange Rates 421
22-6 Valuation Method 2 422
22-7 Unremitted Income 425
22-8 International Required Rates of Return 426
22-9 Conclusions 427
Further Reading 428
Questions and Problems 428
Present Value Tables 430
Probability Table 434
Index 435
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