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Description of An Introduction to Corporate Finance |
"An Introduction to Corporate Finance" provides the reader with a complete overview of Corporate Finance from perspective of the investment Banker. The author, a corporate trainer and former investment banker clarifies the role of the investment banker in numerous corporate finance transactions, including mergers & acquisitions, IPO's, and valuation. Given today's corporate climate, every student studying corporate finance and those working in the field need this book to sharpen their skill set.
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Contents of An Introduction to Corporate Finance |
About the author
1. 'BEHIND THE CHINESE WALL'
Corporate finance in investment banking
Chinese walls
Corporate finance assignments
Flotations/IPOs
Mergers, acquisitions and divestitures
Leveraged buyouts and management buyouts
Financial advice
Careers in corporate finance
Organisation of this book
PART I: CORPORATE FINANCE TRANSACTIONS
2. SOURCES OF CAPITAL
Debt securities
Money market securities
Long-term debt
Floating rate notes
Equity
Preference shares
Ordinary shares
Hybrids (convertible securities)
3. FLOTATIONS/INITIAL PUBLIC OFFERINGS
Primary offerings
Ancillary benefits of flotation
Disadvantages of flotation
Methods of flotation
Suitability for listing
The offering process
Participants and roles
Documentation and regulation
Due diligence and verification
Marketing, syndication and pricing
Underwriting
4. INTERNATIONAL EQUITY OFFERINGS
Rationale for international offerings
International investors
Development of international equity offerings
Regulation and documentation
Depository receipts
Marketing, syndication and distribution
Offer structure
Price setting, underwriting and bookbuilding
Fees and commissions
After the new issue
Stabilisation
5. RIGHTS ISSUES/SECONDARY OFFERINGS
Pre-emption rights
Setting the price
Calculating the theoretical rights price
Rights issue timetable
Fees and commissions
Secondary offerings
Marketed offerings
Bought deals
Accelerated bookbuilding
Demergers
6. MERGERS AND ACQUISITIONS
Rationale for M&A
Types of merger
Merger waves
Financing the transaction
Bootstrap transactions
Regulation of M&As
Key elements of the City Code
7. MANAGEMENT BUYOUTS
Financial structure
Bank finance (secured lending)
Private equity funds
Mezzanine finance
High-yield bonds
PART II: CORPORATE FINANCE TECHNIQUES
8. VALUING SECURITIES
Valuing bonds
Valuing shares and companies
Cash flow based valuations
Determination of terminal/residual value
Determining the discount rate
Determining the value of the business
Relative valuations
Price earnings ratio
Price/EBIT multiple
Market to book value
Dividend yield
Enterprise value to EBITDA
Determining the value of a business based on ratios/multiples
9. DETERMINING THE COST OF CAPITAL
Weighted average cost of capital
Use market values
Use target/optimal weighting
After tax
Match nominal rates with nominal cash flows
Cost of debt: Kd
Cost of equity: Ke
Capital asset pricing model
Risk-free rate
Market risk premium (equity risk premium)
Beta (&bets;)
Health warning
10. SHAREHOLDER VALUE ADDED (ECONOMIC PROFIT)
Just another number?
Benefits of SVA
Calculation of SVA
Limitations of economic profit calculations
Appendix: UK CORPORATE VALUATION METHODS: A SURVEY
Scoring and tables
A.1 Valuation methodology
A.1.1 Frequency of use
A.1.2 Calculation of final valuation or value range
A.2 Discounted cash flows
A.2.1 DCF approaches
A.2.2 Forecast period
A.2.3 Terminal value
A.3 Cost of capital
A.3.1 Determining the cost of equity
A.3.2 Capital asset pricing model
Sources of information
Glossary
List of abbreviations
Additional reading
Index
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About R. Geddes |
Ross Geddes is a practitioner and educator in the corporate finance world. He has over 20 years of experience working on financings (both debt and equity) as well as M&A transactions. During his corporate finance career in Canada and the UK, he helped corporations and governments raise over $7 billion in equity in IPOs, secondary offerings and privatisations. Ross is the author of three other books on finance. He now resides in Canada.
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