Fundamentals of Corporate Finance [antikvár]

In the 1990s, the challenge of financial management is greater than ever. The previous decade brought fundamental changes in financial markets and instruments, and the practice of corporate fináncé continues to evolve rapidly. Often, what was yesterday's state of the art is commonplace today, and it is essential that our fináncé courses and fináncé texts do not get left behind. Fundamentals of Corporate Fináncé provides what we believe is a modern, unified treatment of financial management that is suitable for beginning students. The Underlying Philosophy Rapid and extensive changes place new burdens on the teaching of corporate fináncé. On the one hand, it is much more difficult to keep materials up to date. On the other, the permanent must be distinguished from the temporary to avoid following what is merely the latest fad. Our solution is to stress the modern fundamentals of fináncé and to make the subject come alive with contemporary examples. As we emphasize throughout this book, we view the subject of corporate fináncé as the working of a small number of integrated and very powerful intuitions. From our survey of existing introductory textbooks, including the ones we have used, this commonsense approach seems to be the exception rather than the rule. Ali too often, the beginning student views corporate fináncé as a collection of unrelated topics which are unified by virtue of being bound together between the covers of one book. In many cases, this perception is only natural because the subject is treated in a way that is both topic oriented and procedúrái. Commonly, emphasis is placed on detailed and specific "solutions" to certain narrowly posed problems. How often have we heard students exclaim that they could solve a particular problem if only they knew which formula to use? We think this approach misses the forest for the trees. As time passes, the details fade, and what remains, if we are successful, is a sound grasp of the underlying principles. This is why our overriding concern, from the first page to the last, is with the basic logic of financial decision making. Distinctive Features Our generál philosophy is apparent in the following ways: An Emphasis on Intuition We are always careful to separate and explain the principles at work on an intuitive level before launching into any specifics. The underlying ideas are discussed first in very generál terms and then by way of examples that illustrate in more concrete terms how a financial manager might proceed in a given situation. A Unified Valuation Approach Many texts pay only lip service to net present value (NPV) as the basic concept of corporate fináncé and stop short