{"product_id":"strategic-corporate-finance-applications-in-valuation-and-capital-structure-hardback-9780470052648","title":"Strategic Corporate Finance; Applications in Valuation and Capital Structure (Hardback) 9780470052648","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eStrategic Corporate Finance\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eApplications in Valuation and Capital Structure\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eJustin Pettit (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780470052648, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 2 February 2007\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e304 pages, Drawings: 29 B\u0026amp;W, 0 Color; Screen captures: 1 B\u0026amp;W, 0 Color; Tables: 26 B\u0026amp;W, 0 Color\u003cbr\u003e23.9 x 16.3 x 3 cm, 0.494 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eEssential guidance for the corporate finance professional — advisor, Board Director, CFO, Treasurer, business development executive, or M\u0026amp;A expert—to ask the right questions and make the critical decisions. \u003ci\u003eStrategic Corporate Finance\u003c\/i\u003e is a practical guide to the key issues, their context, and their solutions. From performance measurement and capital planning to risk management and capital structure, \u003ci\u003eStrategic Corporate Finance,\u003c\/i\u003e translates principles of corporate finance theory into practical methods for implementing them. Filled with in-depth insights, expert advice, and detailed case studies, \u003ci\u003eStrategic Corporate Finance\u003c\/i\u003e will prepare you for the issues involved in raising, allocating and managing capital, and its associated risks.  \u003cp\u003eJustin Pettit (New York, NY) draws on his 15 years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eList of Figures xiii\u003c\/p\u003e \u003cp\u003eList of Tables xv\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003eAbout the Author xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Managing the Left-Hand Side of the Balance Sheet\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 The Cost Of Capital 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCalculation Pitfalls 3\u003c\/p\u003e \u003cp\u003eMarket Risk Premium (MRP) 5\u003c\/p\u003e \u003cp\u003eToward a Better Beta 10\u003c\/p\u003e \u003cp\u003eThe ‘‘Riskless Rate’’ 13\u003c\/p\u003e \u003cp\u003eThe Cost of Debt 14\u003c\/p\u003e \u003cp\u003eGlobal Capital Costs 16\u003c\/p\u003e \u003cp\u003eWACC and Hurdle Rates 23\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Fix: Finding Your Sources of Value 26\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Shareowner Value? 27\u003c\/p\u003e \u003cp\u003ePerformance Measurement Pitfalls 28\u003c\/p\u003e \u003cp\u003eMeasuring Economic Profit and Value 30\u003c\/p\u003e \u003cp\u003eAnalyzing the Corporate Portfolio 35\u003c\/p\u003e \u003cp\u003eIncorporating the Cost of Capacity 39\u003c\/p\u003e \u003cp\u003eValue-Based Strategies and Tactics 43\u003c\/p\u003e \u003cp\u003eManaging for Value 45\u003c\/p\u003e \u003cp\u003eBalancing Performance with Value 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Sell: Creating Value Through Divestiture 54\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDivestiture Creates Value 56\u003c\/p\u003e \u003cp\u003eSources of Value: Motives for Divestiture 58\u003c\/p\u003e \u003cp\u003eAlternative Methods of Disposition 60\u003c\/p\u003e \u003cp\u003eWhat Works Best for Whom? 63\u003c\/p\u003e \u003cp\u003eWhat Happens Longer Term? 64\u003c\/p\u003e \u003cp\u003ePractical Impediments to Divestiture 65\u003c\/p\u003e \u003cp\u003eFinancial Policy Considerations 70\u003c\/p\u003e \u003cp\u003eTax Considerations and Structural Refinements 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Grow: How To Make M\u0026amp;A Pay 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Today 73\u003c\/p\u003e \u003cp\u003eTransactions that Create Value 77\u003c\/p\u003e \u003cp\u003eM\u0026amp;A Fact and Fallacy 81\u003c\/p\u003e \u003cp\u003eRX for the ‘‘Conglomerate Discount’’ 86\u003c\/p\u003e \u003cp\u003eEVA and M\u0026amp;A 88\u003c\/p\u003e \u003cp\u003eHow ‘‘Serial Acquirers’’ Create Value 90\u003c\/p\u003e \u003cp\u003eFinancial Policy Considerations 93\u003c\/p\u003e \u003cp\u003eFinancing Growth 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Cash and The Optimal Capital Structure 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrends and Implications 98\u003c\/p\u003e \u003cp\u003eHow Much Is Too Much? 100\u003c\/p\u003e \u003cp\u003eThe Costs and Benefits of Excess Cash 105\u003c\/p\u003e \u003cp\u003eHow the Market Views Excess Cash 108\u003c\/p\u003e \u003cp\u003eOptimal Capital Allocation 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Managing the Right-Hand Side of the Balance Sheet\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 An Executive’s Guide to Credit Ratings 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrends and Implications 117\u003c\/p\u003e \u003cp\u003eEmpirical Evidence 123\u003c\/p\u003e \u003cp\u003eLimitations of Quantitative Credit Analysis 123\u003c\/p\u003e \u003cp\u003eWhat Metrics Matter Most? 126\u003c\/p\u003e \u003cp\u003eCase Study: Treatment of Pension and Postretirement Liabilities 131\u003c\/p\u003e \u003cp\u003eMultivariate Credit Models 133\u003c\/p\u003e \u003cp\u003eIndustry Considerations 135\u003c\/p\u003e \u003cp\u003eCase Study: Property and Casualty Insurance 135\u003c\/p\u003e \u003cp\u003eApplication Issues 137\u003c\/p\u003e \u003cp\u003eHow to Manage Your Agencies 137\u003c\/p\u003e \u003cp\u003eCase Study: Illustration of Secured and Unsecured Notching 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Today’s Optimal Capital Structure 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValue-Based Financial Policy 141\u003c\/p\u003e \u003cp\u003eLess Debt Is Now ‘‘Optimal’’ 143\u003c\/p\u003e \u003cp\u003eExtend Duration When Rates Are Low 146\u003c\/p\u003e \u003cp\u003eMaintain Financial Liquidity to ‘‘Insure’’ Your Equity 149\u003c\/p\u003e \u003cp\u003eA New Perspective on Equity 151\u003c\/p\u003e \u003cp\u003eCase Study: Does Tech Need Debt? 154\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Dividends and Buybacks: Calibrating Your Shareholder Distributions 160\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Cash Problem 162\u003c\/p\u003e \u003cp\u003eDividends Are Back 163\u003c\/p\u003e \u003cp\u003eHow Dividends and Buybacks Create Value 165\u003c\/p\u003e \u003cp\u003eShould You Increase Your Dividend? 171\u003c\/p\u003e \u003cp\u003eHow Large Should Your Buyback Program Be? 178\u003c\/p\u003e \u003cp\u003eHow to Execute Your Share Repurchase Program 181\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 The Stock Liquidity Handbook 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMeasuring Stock Liquidity 188\u003c\/p\u003e \u003cp\u003eThe ‘‘Liquidity Discount’’ 191\u003c\/p\u003e \u003cp\u003eImplications of Stock Illiquidity 192\u003c\/p\u003e \u003cp\u003eSolutions to Illiquidity 193\u003c\/p\u003e \u003cp\u003eStock Splits 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Managing the Enterprise\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Strategic Risk Management: Where ERM Meets Optimal Capital Structure 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Value of Risk Management 204\u003c\/p\u003e \u003cp\u003eMapping and Modeling Risk 209\u003c\/p\u003e \u003cp\u003eManaging to a Benchmark 213\u003c\/p\u003e \u003cp\u003eExternal Considerations and Constraints 216\u003c\/p\u003e \u003cp\u003eERM Case Study: Metallgesellschaft AG 219\u003c\/p\u003e \u003cp\u003eCapital Structure Solutions 220\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Best Practices In Hedging 224\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhich ‘‘Exposure’’ to Hedge 225\u003c\/p\u003e \u003cp\u003eHedge Horizon 230\u003c\/p\u003e \u003cp\u003eHedge Ratio 232\u003c\/p\u003e \u003cp\u003eOptions versus Forwards 233\u003c\/p\u003e \u003cp\u003eAccounting Considerations 235\u003c\/p\u003e \u003cp\u003eImplementation 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 ERM Case Study: Reengineering The Corporate Pension 238\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Now? 239\u003c\/p\u003e \u003cp\u003eThe Problems with Equity 240\u003c\/p\u003e \u003cp\u003eThe Case for More Bonds 243\u003c\/p\u003e \u003cp\u003eOptimal Capital Structure Reprise 246\u003c\/p\u003e \u003cp\u003eCapital Markets Solutions 248\u003c\/p\u003e \u003cp\u003eThe Boots Case 251\u003c\/p\u003e \u003cp\u003eWhy It Still Hasn’t Happened 252\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX A\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eResources 254\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTools and Portals 254\u003c\/p\u003e \u003cp\u003eNew Research and Literature Search 254\u003c\/p\u003e \u003cp\u003eEconomic Research and Data 254\u003c\/p\u003e \u003cp\u003eNews and Market Data 254\u003c\/p\u003e \u003cp\u003eCorporate Governance and Compensation 255\u003c\/p\u003e \u003cp\u003eOther Agencies 255\u003c\/p\u003e \u003cp\u003eEndnotes 256\u003c\/p\u003e \u003cp\u003eReferences 268\u003c\/p\u003e \u003cp\u003eIndex 277\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52483200352536,"sku":"9780470052648","price":39.29,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9780470052648.jpg?v=1786023909","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/strategic-corporate-finance-applications-in-valuation-and-capital-structure-hardback-9780470052648","provider":"Freshly Printed Books","version":"1.0","type":"link"}