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Strategic Financial Management - Robert Alan Hill

Strategic Financial Management 1st edition © 2008 R.A. Hill


Year 2008



Part 1. An Introduction1. Finance - An OverviewIntroduction1.1. Financial Objectives and Shareholder Wealth1.2. Wealth Creation and Value Added1.3. The Investment and Finance Decision1.4. Decision Structures and Corporate Governance1.5. The Developing Finance Function1.6. The Principles of Investment1.7. Perfect Markets and the Separation Theorem1.8. Summary and Conclusions1.9. Selected ReferencesPart 2. The Investment Decision2. Capital Budgeting Under Conditions Of CertaintyIntroduction2.1. The Role of Capital Budgeting2.2. Liquidity, Profitability and Present Value2.3. The Internal Rate of Return (IRR)2.4. The Inadequacies of IRR and the Case for NPV2.5. Summary and Conclusions3. Capital Budgeting and the Case for NPVIntroduction3.1. Ranking and Acceptance Under IRR and NPV3.2. The Incremental IRR3.3. Capital Rationing, Project Divisibility and NPV3.4. Relevant Cash Flows and Working Capital3.5. Capital Budgeting and Taxation3.6. NPV and Purchasing Power Risk3.7. Summary and Conclusions4. The Treatment of UncertaintyIntroduction4.1. Dysfunctional Risk Methodologies4.2. Decision Trees, Sensitivity and Computers4.3. Mean-Variance Methodology4.4. Mean-Variance Analyses4.5. The Mean-Variance Paradox4.5. Certainty Equivalence and Investor Utility4.6. Summary and Conclusions4.7. ReferencePart 3. The Finance Decision5. Equity Valuation and the Cost of CapitalIntroduction5.1. The Capitalisation Concept5.2. Single-Period Dividend Valuation5.3. Finite Dividend Valuation5.4. General Dividend Valuation5.5. Constant Dividend Valuation5.6. The Dividend Yield and Corporate Cost of Equity5.7. Dividend Growth and the Cost of Equity5.8. Capital Growth and the Cost of Equity5.9. Growth Estimates and the Cut-Off Rate5.10. Earnings Valuation and the Cut-Off Rate5.11. Summary and Conclusions5.12. Selected References6. Debt Valuation and the Cost of CapitalIntroduction6.1. Capital Gearing (Leverage): An Introduction6.2. The Value of Debt Capital and Capital Cost6.3. The Tax-Deductibility of Debt6.4. The Impact of Issue Costs6.5. Summary and Conclusions7. Capital Gearing and the Cost of CapitalIntroduction7.1. The Weighted Average Cost of Capital (WACC)7.3. The Real-World Problems of WACC Estimation7.4. Summary and Conclusions7.5. Selected ReferencePart 4. The Wealth Decision8. Shareholder Wealth and Value AddedIntroduction8.1. The Concept of Economic Value Added (EVA)8.2. The Concept of Market Value Added (MVA)8.3. Profit and Cash Flow8.4. EVA and Periodic MVA8.5. NPV Maximisation, Value Added and Wealth8.6. Summary and Conclusions8.7. Selected References
 
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