The essential corporate finance text, updated with new data Corporate Finance has long been a favourite among both students and professionals in the field for its unique blend of theory and practice with a truly global perspective. The fact that the authors are well-known academics and professionals in the world of mergers and acquisitions (M&A) and investment explains this popularity. This new Fifth Edition continues the tradition, offering a comprehensive tour of the field through scenario-based instruction that places concept and application in parallel. A new chapter has been added, devoted to the financial management of operating buildings that aims to answer questions such as, “to own or to rent?” “variable or fixed rents?” etc. The book’s companion website features regularly updated statistics, graphs and charts, along with study aids including quizzes, case studies, articles, lecture notes and computer models, reflecting the author team’s deep commitment to facilitating well-rounded knowledge of corporate finance topics. In addition, a monthly free newsletter keeps the readers updated on the latest developments in corporate finance as well as the book’s Facebook page, which publishes a post daily. Financial concepts can be quite complex, but a familiar setting eases understanding while immediate application promotes retention over simple memorisation. As comprehensive, relevant skills are the goal, this book blends academic and industry perspective with the latest regulatory and practical developments to provide a complete corporate finance education with real-world applicability. Blend theory and practice to gain a more relevant understanding of corporate finance concepts Explore the field from a truly European perspective for a more global knowledge base Learn essential concepts, tools and techniques by delving into real-world applications Access up-to-date data, plus quizzes, case studies, lecture notes and more A good financial manager must be able to analyse a company’s economic, financial and strategic situation, and then value it, all while mastering the conceptual underpinnings of all decisions involved. By emphasising the ways in which concepts impact and relate to real-world situations, Corporate Finance provides exceptional preparation for working productively and effectively in the field.
Section I Financial Analysis 15 Part One Fundamental Concepts in Financial Analysis 17 Part Two Financial Analysis and Forecasting 115 Section II Investors and Markets 243 Part One Investment Decision Rules 245 Part Two The Risk of Securities and the Required Rate of Return 297 Part Three Financial Securities 345 Section III Value 469 Setion IV Corporate Financial Policies 585 Part One Capital Structure Policies 587 Part Two Equity Capital 657 Part Three Debt Capital 705 Section V Financial Management 725 Part One Corporate Governance and Financial Engineering 727 Part Two Managing Working Capital, Cash Flows, Financial Risks and Real Estate 863
Corporate FINANCE Corporate Finance: Theory and Practice continues to hold sway as one of the most popular financial textbooks available, thanks to its four unique features: A balanced blend of theory and practice: the authors hold academic positions at top-ranking universities and business schools and are also financial managers, private investors or sit on the boards of listed and unlisted companies. A presentation of concepts that explain situations, followed by a discussion of techniques in a direct and succinct style. Content enriched by the www.vernimmen.com website, which, with 1,500 daily visitors, is one of the world's leading sites for teaching finance. Free monthly finance updates with The Vernimmen.com Newsletter, which currently has over 60,000 subscribers. The authors draw on their dual experience to enhance and expand the content of the book through the inclusion of a new chapter on the financial management of operating real estate. "The Vernimmen: proof that an outstanding teaching approach and genuine accessibility are fully compatible with comprehensive and sharp analyses." —CHRISTIAN MULLIEZ, Executive Vice-President and Chief Financial Officer, L'Oréal "I opened my first Vernimmen in 1982. After having spent just a few weekends reading it, I felt better equipped for my role in financial management at Paribas. Now at Apax, the Vernimmen remains my companion in my search for value creation (key in the private equity industry)." —MONIQUE COHEN, Associated Director at Apex Partners "Vernimmen's Corporate Finance is an outstanding clear and complete manual, a wonderful merger of practice and theory. Its coverage of the market aspects of corporate finance distinguishes its content, but its treatment of all the material makes it essential reading for the student, financier or industrialist." —HOWARD JONES, Senior Research Fellow in Finance at Saïd Business School, University of Oxford "The book itself covers all the important techniques that a financial manager must have in his repertoire of tools. The exposition is clear and concise and, most importantly, relies on commonsense reasoning throughout. This is not a book with obscure formulae, yet is still rigorous and at the same time a model of clarity." —RICHARD ROLL, Joel Fried Professor of Applied Finance at UCLA Anderson School of Management
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