Financial Markets and Corporate Finance

Financial Markets and Corporate Finance

This collection of Michael Brennan's writing spans 30 years and reflects the development and growing importance of the field of finance.

Author: Michael J. Brennan

Publisher: Edward Elgar Pub

ISBN: IND:30000064979705

Category: Business & Economics

Page: 471

View: 896

This outstanding collection of Michael Brennan's writing spans almost thirty years and reflects the rapid development and growing importance of the field of finance over this period.The papers cover corporate finance, option pricing and derivative markets, international finance and the role of information in financial markets. The chapters on corporate finance include Brennan's seminal 1970 paper on the effects of personal taxation on financial market equilibrium, an analysis of consistency in utility rate regulation and the classic piece on the application of options analysis to natural resource investments. The chapters on option pricing range from the earliest analysis of the American put option to a synthesis of methods of valuing derivatives, portfolio insurance and the effect of derivatives on trading volume and welfare. More recent papers include empirical asset pricing studies and an innovative proposal to strip the dividends from the S&P500 portfolio.Michael Brennan has been at the forefront of recent developments in financial economics and financial management and this collection of his work will be warmly welcomed by those working in finance, monetary economics, banking and financial sector research.
Categories: Business & Economics

Stock Markets and Corporate Finance

Stock Markets and Corporate Finance

In short, the objective of the text is to instill insight in regards to the functioning of markets and corporate behavior, as opposed to algebraic derivations from unrealistic assumptions.

Author: Michael Joseph Dempsey

Publisher: Wspc (Europe)

ISBN: 1786343266

Category: Business & Economics

Page: 493

View: 182

In short, the objective of the text is to instill insight in regards to the functioning of markets and corporate behavior, as opposed to algebraic derivations from unrealistic assumptions. Rather than subscribe unthinkingly to an "efficient market hypothesis," at each stage of the development of the text's conceptual framework, we also recognize the reality of market "sentiment" and the fundamental uncertainty that managers face in their decisions.
Categories: Business & Economics

European Equity Markets and Corporate Financial Decisions

European Equity Markets and Corporate Financial Decisions

This volume of research provides a deeper understanding of equity markets in Europe.

Author: John Doukas

Publisher: Psychology Press

ISBN: 1560246626

Category: Business & Economics

Page: 249

View: 152

This volume of research provides a deeper understanding of equity markets in Europe. European Equity Markets and Corporate Financial Decisions explores the current nature of corporate decisions faced by European financial managers, the highly interdependent financial and economic environment in which they function, and how that environment seeks complete integration with other financial and economic environments. The contributing authors provide a timely core of theoretical and empirical investigations on a set of European equity markets and corporate financial management decisions such as the behavior of European stock markets, microstructure characteristics of European equity markets, investment banking decisions and market valuation effects, earnings, and divided policy decisions and European acquisition effects. This research is expected to provide new insights into the functioning of European equity markets and European corporate management decisions. Topics of specific interest include: stock return variation and expected dividends foreign acquisitions of European firms effects of European partial acquisitions of U.S. firms investment banking issues The research of European Equity Markets and Corporate Financial Decisions is ideal for MBA and PhD students as well as for technically oriented finance professionals, and those in the academic arena seeking a greater understanding of this business environment.
Categories: Business & Economics

Stock Markets Investments and Corporate Behavior

Stock Markets  Investments and Corporate Behavior

This book demonstrates that finance is more appropriately understood as a field in which investors and finance managers may or may not use rational calculations as the basis of their decision making.

Author: Michael DEMPSEY

Publisher: World Scientific

ISBN: 9781783267002

Category: Business & Economics

Page: 332

View: 209

"Stock Markets, Investments and Corporate Behavior examines the nature of stock market growth and decline, the function of financial markets, and their implications for commercial companies. Traditionally, finance academics have attempted to understand financial markets and commercial companies as physicists approach their subject matter: with a set of laws in mind that govern the field. But finance is not physics. The academic's approach falsely assumes that financial markets can be understood as systems within which self-interested maximizers behave in logical ways that are coordinated by the invisible hand of the price mechanism. This book demonstrates that finance is more appropriately understood as a field in which investors and finance managers may or may not use rational calculations as the basis of their decision making. This book opens with an effective dismantling of the traditional mathematical approach used to understand and describe markets and corporate financial behavior. In its place, the mathematics of growth and decline is developed anew, while holding to the realization that the decisions of organizations rely on the choices of real people with limited information available to them. The book will appeal to all students who wish to reappraise their knowledge of finance in a thoughtful manner. Specifically, this book is designed to appeal to anyone who wishes to refine their understanding of the nature of stock markets and financial growth, optimal portfolio allocation, option pricing, asset valuation, corporate financial behavior, and what it means to be ethical in our financial institutions."--
Categories: Business & Economics

The Basics of Finance

The Basics of Finance

If you're looking to learn about finance, this is the best place to start.

Author: Pamela Peterson Drake

Publisher: John Wiley & Sons

ISBN: 0470877723

Category: Business & Economics

Page: 672

View: 187

An introductory guide to the world of finance The Basics of Finance is an accessible book for those who want to gain a better understanding of this field, but lack a strong business background. It covers essential concepts, tools, methods, and strategies in finance without delving too far into theory. Written by the experienced author team of Frank Fabozzi and Pamela Peterson Drake, this reliable resource discusses everything from financial instruments and markets to portfolio management techniques, understanding and analyzing financial statements, and different types of corporate financial strategy, planning, and policy. Explores, in a basic way, topics such as cash flow analysis, asset valuation, capital budgeting, and derivatives Provides a solid foundation in the field of finance, which you can quickly build upon Explains concepts in various areas of finance without getting too complicated The Basics of Finance offers essential guidance on financial markets and institutions, corporate finance, portfolio management, risk management, and much more. If you're looking to learn more about finance, this is the best place to start.
Categories: Business & Economics

Zambia s Stock Exchange and Privatisation Programme

Zambia s Stock Exchange and Privatisation Programme

This work proposes a method for educating for spirituality in contemporary North American culture. The text brings the concerns of social and political action directly into the discussion of spirituality.

Author: Kenneth Kaoma Mwenda

Publisher:

ISBN: 0773475605

Category: Business & Economics

Page: 565

View: 202

This work proposes a method for educating for spirituality in contemporary North American culture. The text brings the concerns of social and political action directly into the discussion of spirituality.
Categories: Business & Economics

Principles of Corporate Finance Law

Principles of Corporate Finance Law

With the additional contribution of Look Chan Ho, an expert in the field of corporate finance, this thoroughly revised and updated second edition of Ferran's 'Principles of Corporate Finance Law' explores the relationship between law and ...

Author: Eilis Ferran

Publisher: Oxford University Press

ISBN: 9780199671359

Category: Law

Page: 477

View: 902

With the additional contribution of Look Chan Ho, an expert in the field of corporate finance, this thoroughly revised and updated second edition of Ferran's 'Principles of Corporate Finance Law' explores the relationship between law and finance.
Categories: Law

Conflicts of Interest

Conflicts of Interest

This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management.

Author: Luc Thévenoz

Publisher: Kluwer Law International B.V.

ISBN: 9789041125781

Category: Law

Page: 394

View: 831

Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. ""Conflicts of Interest"" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the.
Categories: Law

The Stock Market

The Stock Market

Presents an introduction to the inner workings of the stock market, covering such topics as investment strategies, stock indexes, funds, derivatives, regulatory practices, technological innovations, and international markets.

Author: Rik W. Hafer

Publisher: Greenwood Publishing Group

ISBN: 0313338248

Category: Business & Economics

Page: 140

View: 395

Presents an introduction to the inner workings of the stock market, covering such topics as investment strategies, stock indexes, funds, derivatives, regulatory practices, technological innovations, and international markets.
Categories: Business & Economics

Corporate Governance Financial Markets and Global Convergence

Corporate Governance  Financial Markets and Global Convergence

Manne, H. (1965) Mergers and the market for corporate control', Journal of
Political Economy 73, 110–120. Mayer, C. (1988) 'New issues in corporate
finance', European Economic Review 32, 1167–1189. Mayer, C. (1990) '
Financial systems, ...

Author: Morten Balling

Publisher: Springer Science & Business Media

ISBN: 9781475726336

Category: Business & Economics

Page: 338

View: 211

for many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.
Categories: Business & Economics

The Stock Market and the Financing of Corporate Growth in Africa

The Stock Market and the Financing of Corporate Growth in Africa

I. INTRODUCTION Over the past few decades the world stock markets have
surged and emerging market countries have ... At the micro level such effects can
be addressed in terms of the impact of the stock market on corporate finance.

Author: Charles Amo Yartey

Publisher: International Monetary Fund

ISBN: 9781451993073

Category: Business & Economics

Page: 44

View: 622

This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh''s theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth hold in the case of Ghana. Replicating Singh''s methodology, our results show that compared with corporations in advanced countries, the average listed Ghanaian firm finances its growth of total assets mainly from short-term debt. The stock market, however, is the most important source of long-term finance for listed Ghanaian firms. Overall, the evidence in this paper suggests that the stock market is a surprisingly important source of finance for funding corporate growth and that stock market development in Ghana has been important.
Categories: Business & Economics

Advanced Corporate Finance

Advanced Corporate Finance

The first book devoted exclusively to modern advanced corporate finance, this volume provides a comprehensive exploration of theoretical and empirical literature on corporate financial policies and strategies—particularly those of U.S. ...

Author: Joseph P. Ogden

Publisher: Pearson College Division

ISBN: PSU:000050017690

Category: Business & Economics

Page: 702

View: 446

The first book devoted exclusively to modern advanced corporate finance, this volume provides a comprehensive exploration of theoretical and empirical literature on corporate financial policies and strategies—particularly those of U.S. nonfinancial firms—defined in rational, economic terms. Throughout, Cases in Point show theory in relation to financial decisions made by specific firms; and Real-World Focus highlights numerous articles from the financial press, providing insights from practitioners' points of view. Empirical Perspectives On The Financial Characteristics Of Publicly Traded U.S. Nonfinancial Firms. Valuation And Financing Decisions In An Ideal Capital Market. Separation Of Ownership And Control, Principal-Agent Conflicts, And Financial Policies. Information Asymmetry And The Markets For Corporate Securities. The Roles Of Government, Securities Markets, Financial Institutions, Ownership Structure, Board Oversight, And Contract Devices. The Leverage Decision. Analyses Of The Firm And The Valuation Of Equity And Debt. Industry Analysis And Financial Policies And Strategies. The Firm's Environment, Governance, Strategy, Operations, And Financial Structure. Market Efficiency, Event Studies, Cost Of Equity Capital, And Equity Valuation. Corporate Bonds: Terms, Issuance, And Valuation. Private Equity And Venture Capital. Initial Public Offerings Of Stock. Managing Internal Equity And Seasoned Equity Offerings. Dividend Policy And Stock Repurchases. Corporate Liabilities: Strategic Selections Of Lenders And Contract Terms. Mergers, Acquisitions, Takeovers, And Buyouts. Financial Distress And Restructuring. Debt Restructuring, Being Acquired, Bankruptcy, Reorganization, And Liquidation. Organizational Architecture, Risk Management, And Security Design. For CEOs and CFOs of corporations, senior lending officers at commercial banks, and senior officers and analysts at investment banks.
Categories: Business & Economics

Equity Markets Valuation and Analysis

Equity Markets  Valuation  and Analysis

This book helps you grow your investing skills and profits." —Vesa Puttonen, Professor of Finance, Aalto University School of Business "Equity Markets, Valuation, and Analysis is a welcome book and is a must-read for students and ...

Author: H. Kent Baker

Publisher: John Wiley & Sons

ISBN: 9781119632931

Category: Business & Economics

Page: 448

View: 174

Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.
Categories: Business & Economics

The Fisher Model and Financial Markets

The Fisher Model and Financial Markets

This book articulates corporate finance from a common perspective and model: by generalizing the Fisher model to include risks, it is possible to exposit and prove the classic corporate finance theorems and to establish a common foundation ...

Author: Richard D MacMinn

Publisher: World Scientific

ISBN: 9789814479837

Category: Business & Economics

Page: 120

View: 522

This monograph represents a unified coherent perspective of financial markets and the theory of corporate finance. The Fisher model is used in corporate finance texts to note the foundations of the net present value rule, but has not been developed further in textbooks as a perspective for students of the finance discipline. This book articulates corporate finance from a common perspective and model: by generalizing the Fisher model to include risks, it is possible to exposit and prove the classic corporate finance theorems and to establish a common foundation for the discipline. The classic theorems of corporate finance are collected, stated, and some are proved. The reader is challenged to prove corollaries and theorems to see how the model provides the fundamental building blocks for the discipline. Contents:The Fisher Model with CertaintyThe Fisher ModelFinancial ValuesFisher SeparationMore ValuesCorporate Finance TheoremsAgency ProblemsInformation Problems: Hidden KnowledgeCorporate Risk ManagementConcluding Remarks Readership: Financial economists, financial market theorists, actuaries, insurance economists, and post-graduate students requiring an economic foundation in financial markets. Keywords:Fisher Separation;Complete Markets;Corporate Finance;Capital Structure;Dividend Policy;Modigliani-Miller Theorem;Corporate Finance Theorems;Agency Problems;Risk-Shifting Problem;Asset Substitution Problem;Under-Investment Problem;Stock Options;Convertible Bonds;Call Options;Put Options;Risk Management;Hedging;Futures Contracts;Forward ContractsKey Features:Represents a particular perspective for viewing financial markets and integrating the theory of corporate finance in a unified and systematic settingAppropriate reading in a PhD or quantitative MBA course on corporate finance
Categories: Business & Economics

Intro to Financial Markets and Institutions

Intro to Financial Markets and Institutions

Completely revised and updated to include the ongoing financial crisis and the Obama administration's programs to combat it, this is the best available introductory textbook for an undergraduate course on Financial Markets and Institutions.

Author: Burton

Publisher: M.E. Sharpe

ISBN: 9780765628039

Category:

Page:

View: 949

Completely revised and updated to include the ongoing financial crisis and the Obama administration's programs to combat it, this is the best available introductory textbook for an undergraduate course on Financial Markets and Institutions. It provides balanced coverage of theories, policies, and institutions in a conversational style that avoids complex models and mathematics, making it a student-friendly text with many unique teaching features. Financial crises, global competition, deregulation, technological innovation, and growing government oversight have significantly changed financial markets and institutions. The new edition of this text is designed to capture the ongoing changes, and to present an analytical framework that enables students to understand and anticipate changes in the financial system and accompanying changes in markets and institutions. The text includes Learning Objectives and end-of-chapter Key Words and Questions, and an online Instructor's Manual is available to adopters.
Categories:

An Introduction to Global Financial Markets

An Introduction to Global Financial Markets

An Introduction to Global Financial Markets describes the financial world in clear, easy to understand terms.

Author: Stephen Valdez

Publisher: Macmillan International Higher Education

ISBN: 9780230364875

Category: Business & Economics

Page: 528

View: 709

An Introduction to Global Financial Markets describes the financial world in clear, easy to understand terms. The authors provide comprehensive coverage of commercial and investment banking, foreign exchange, money and bond markets, stock markets and derivatives and an up to date analysis of the global financial crisis. Key benefits: • A new chapter on the global financial crisis and banking regulation • Updated coverage of investment banking, hedge funds and private equity • Details of controversial new market instruments: credit default stops and collateralised mortgage obligations • Expanded coverage of emerging markets, including Brazil, Russia, India and China • New companion website featuring PPT slides, interactive revision questions, case studies and exercises, bonus chapters and analytical content An Introduction to Global Financial Markets is recommended for students studying finance and financial institutions, practitioners, and those who require an understanding of the global financial system.
Categories: Business & Economics

Corporate Financial Management

Corporate Financial Management

If they demand word processors rather than typewriters then the computer firm
will find it easier to raise fresh finance than will the typewriter firm . Companies
value stock markets for their capacity to absorb new issues of financial securities
 ...

Author: Glen Arnold

Publisher: Pearson Education

ISBN: 0273710419

Category: Business & Economics

Page: 996

View: 680

Go undercover and explore how finance theory works in practice with Corporate Financial Management, fourth edition. Find out how financial decisions are made within a firm, how projects are appraised to make investment decisions, how to evaluate risk and return, where to raise finance from and how, ultimately, to create value.
Categories: Business & Economics

The Business Finance Market

The Business Finance Market

Buoyant stock markets encourage company flotations and rights issues at the
expense of long-term borrowings generally. Conversely, stock market crashes
will encourage switchbacks in corporate funding from equity to debt. Falls in
share ...

Author: Industrial Systems Research

Publisher: Industrial Systems Research

ISBN: 9780906321546

Category: Business & Economics

Page: 246

View: 467

This book provides a comprehensive survey of supply and demand, product innovation, pricing, and other matters in the business finance market. It looks at major factors affecting the competitiveness (growth, performance) of banks and other business finance suppliers. It examines the principal business finance products, new product developments, and marketing and distribution issues. Finally, it reviews key influences on businesses' demands for particular types of finance. The book will be useful to academics, commentators, and practitioners on both the supply and demand sides of the market - including executives in the business finance industry, industrial-commercial firms and their finance managers, and independent professional advisers and accountants. CONTENTS: 1. THE BUSINESS FINANCE MARKET: AN OVERVIEW 2. THE SUPPLY OF BUSINESS FINANCE 3. THE ECONOMIC & POLITICAL-LEGAL ENVIRONMENT OF BUSINESS FINANCING 4. THE FINANCING REQUIREMENTS OF DIFFERENT TYPES OF FIRM 5. BUSINESS FINANCING REQUIREMENTS IN DIFFERENT INDUSTRIES 6. THE USES OF FINANCE BY BUSINESSES 7. FACTORS INFLUENCING BUSINESSES' DEMANDS FOR PARTICULAR TYPES OF FINANCE 8. THE DEMAND FOR OVERDRAFTS & OTHER SHORT-TERM CREDIT FACILITIES 9. THE DEMAND FOR MEDIUM-TERM LOANS & OTHER FACILITIES 10. THE DEMAND FOR LARGE-SCALE LONG-TERM FINANCE
Categories: Business & Economics

Financial Institutions and Markets

Financial Institutions and Markets

Pedagogical features, such as chapter summaries, learning objectives, and internet exercises, give you the tools you need to comprehend financial markets and institutions.

Author: Jeff Madura

Publisher: Cengage Learning EMEA

ISBN: 0324655614

Category: Business & Economics

Page: 742

View: 102

Today, many financial institutions offer all types of financial services, such as banking, mutual funds, securities services, and insurance services. Although financial institutions overlap in the services they offer, the services that can be offered are distinctly different. The discussion of financial services in FINANCIAL INSTITUTIONS & MARKETS, International Edition, is organized by this type of service. Each type of financial market is described, focusing on the securities that are trade in that market and the participation by financial institutions. Pedagogical features, such as chapter summaries, learning objectives, and internet exercises, give you the tools you need to comprehend financial markets and institutions.
Categories: Business & Economics