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Pierre Vernimmen
CORPORATE
FINANCE
THEORY AND PRACTICE
Second Edition
Pascal Quiry
Maurizio Dallocchio
Yann Le Fur
Antonio...
CORPORATE FINANCE
Corporate Finance is a very useful reference book for students and for operators who will get great help in the present
co...
Pierre Vernimmen
CORPORATE
FINANCE
THEORY AND PRACTICE
Second Edition
Pascal Quiry
Maurizio Dallocchio
Yann Le Fur
Antonio...
c 2009 John Wiley & Sons Ltd.
Registered office
John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex,
...
About the authors
Pascal Quiry is a professor of finance at the leading European business school HEC
Paris, and a managing ...
Summary
A detailed table of contents can be found on page 1001
The 2007–2008 crisis, or rediscovering
financial risk viii
P...
SUMMARY vii
23 FROM THE COST OF EQUITY TO THE COST
OF CAPITAL 447
24 THE TERM STRUCTURE OF INTEREST
RATES 467
PART THREE
F...
The 2007–2008 crisis, or rediscovering
financial risk
For some Vernimmen readers, this will be your first financial crisis. I...
THE 2007–2008 CRISIS, OR REDISCOVERING FINANCIAL RISK ix
But as long as everything is ticking along nicely, risk aversion ...
x THE 2007–2008 CRISIS, OR REDISCOVERING FINANCIAL RISK
results show that the idea that carrying debt to reduce the cost o...
THE 2007–2008 CRISIS, OR REDISCOVERING FINANCIAL RISK xi
takes a risk and earns a lot, all well and good, as that’s just o...
Preface
This book aims to cover the full scope of corporate finance as it is practised today
worldwide.
A way of thinking a...
PREFACE xiii
prices. A good financial manager always thinks in terms of value rather than costs or
earnings.
Section I goes...
xiv PREFACE
Suggestions for the reader
To make sure that you get the most out of your book, each chapter ends with a summa...
PREFACE xv
Many thanks
• To the Deloitte IFRS MNC Advisory IFRS team, and in particular Elisabeth Baudin,
for helping us o...
Frequently used symbols
AN
k Annuity factor for N years and an interest rate of k
ABCP Asset Backed Commercial Paper
ACES ...
FREQUENTLY USED SYMBOLS xvii
EVA Economic Value Added
EVCA European Private Equity and Venture Capital Association
f Forwa...
xviii FREQUENTLY USED SYMBOLS
P price
PBO Projected Benefit Obligation
PBR Price to Book Ratio
PBT Profit Before Tax
P/E rat...
Chapter 1
WHAT IS CORPORATE FINANCE?
To whet your appetite . . .
The primary role of the financial manager is to ensure tha...
2 CORPORATE FINANCE
Transactions that take place on the capital markets are made up of the following
elements:
• a commodi...
Chapter 1 WHAT IS CORPORATE FINANCE? 3
Depending on your point of view, i.e. traditional or financial, supply and demand ar...
4 CORPORATE FINANCE
We will develop this theme further throughout the third part of this book, but we
would like to warn y...
Chapter 1 WHAT IS CORPORATE FINANCE? 5
affect the payment of those cash flows, including political risk, strikes, natural d...
6 CORPORATE FINANCE
on a secondary market (see p. 7) and “listed”. Bonds and commercial paper fall into this
category.
A b...
Chapter 1 WHAT IS CORPORATE FINANCE? 7
Section 1.3
. . . VALUED CONTINUOUSLY BY THE FINANCIAL MARKETS
Our view of finance c...
8 CORPORATE FINANCE
exit. As a result, they are constantly evaluating whether they should buy or sell such and
such asset....
Chapter 1 WHAT IS CORPORATE FINANCE? 9
3/ DERIVATIVE MARKETS: FUTURES AND OPTIONS
Over the last 35 years, fluctuations in i...
10 CORPORATE FINANCE
Theoretically, the financial manager sells expected future cash flows that can derive
only from the com...
Chapter 1 WHAT IS CORPORATE FINANCE? 11
more, the company deserves the kudos it will get. But it should also remain humble...
12 CORPORATE FINANCE
In his first role, the financial manager transforms the company’s real assets into financial
assets. He ...
Chapter 1 WHAT IS CORPORATE FINANCE? 13
14/Explain how the poor performance of the secondary market can impact the primary...
Section I
FINANCIAL ANALYSIS
PART ONE
FUNDAMENTAL CONCEPTS IN
FINANCIAL ANALYSIS
The following six chapters provide a gradual introduction to the found...
Chapter 2
CASH FLOWS
Let’s work from A to Z (unless it turns out to be Z to A!)
In the introduction, we emphasised the imp...
20 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
Section 2.1
OPERATING AND INVESTMENT CYCLES
1/ THE IMPORTANCE OF THE OPERATI...
Chapter 2 CASH FLOWS 21
2/ INVESTMENT AND OPERATING OUTFLOWS
Let’s return to the example of our greengrocer, who now decid...
22 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
Note also that a company may sell some assets in which it has invested in th...
Chapter 2 CASH FLOWS 23
Without casting any doubt on their managerial capabilities, all our readers have prob-
ably had to...
24 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
Debt and short-term financial investments or marketable securities should not...
Chapter 2 CASH FLOWS 25
be measured only over several operating cycles, unlike operating payments which belong
to a single...
26 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
9/Should the cash outflows of launching a new perfume be considered as an ope...
Chapter 2 CASH FLOWS 27
Profits are tax-free. Sales will be BC12m per month. A month’s inventory of finished
products will h...
28 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS
Exercises4
1/ Boomwichers NV
Period 2008 2009 2010 2011 2012 2013
Operating ...
Chapter 3
EARNINGS
Time to put our accounting hat on!
Following our analysis of company cash flows, it is time to consider ...
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Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
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Corporate finance theory and practice
Corporate finance theory and practice
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Corporate finance theory and practice
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Corporate finance theory and practice
Corporate finance theory and practice
Corporate finance theory and practice
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