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Fundamentals of Corporate Finance
John Wiley & Sons Inc (Verlag)
978-1-119-37140-3 (ISBN)
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1 The Financial Manager and the Firm 1-1
1.1 The Role of the Financial Manager 1-2
Stakeholders 1-2
It’s All About Cash Flows 1-2
Three Fundamental Decisions in Financial Management 1-4
1.2 Forms of Business Organization 1-6
Sole Proprietorships 1-7
Partnerships 1-8
Corporations 1-8
1.3 Managing the Financial Function 1-10
Organizational Structure 1-10
Positions Reporting to the CFO 1-11
External Auditor 1-11
The Audit Committee 1-12
The Compliance and Ethics Director 1-12
1.4 The Goal of the Firm 1-12
What Should Management Maximize? 1-12
Why Not Maximize Profits? 1-13
Maximize the Value of the Firm’s Stock 1-13
Can Management Decisions Affect Stock Prices? 1-14
1.5 Agency Conflicts: Separation of Ownership and Control 1-15
Ownership and Control 1-16
Agency Relationships 1-16
Do Managers Really Want to Maximize Stock Price? 1-16
Aligning the Interests of Managers and Stockholders 1-17
Sarbanes-Oxley and Other Regulatory Reforms 1-18
1.6 The Importance of Ethics in Business 1-21
Business Ethics 1-21
Are Business Ethics Different from Everyday Ethics? 1-21
Types of Ethical Conflicts in Business 1-22
The Importance of an Ethical Business Culture 1-23
Serious Consequences 1-23
Summary of Learning Objectives / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems / Sample Test Problems
Ethics Case: Incentives And Ethics: Cross-Selling at Wells Fargo 1-27
2 The Financial System and the Level of Interest Rates 2-1
2.1 The Financial System 2-2
The Financial System at Work 2-3
How Funds Flow through the Financial System 2-3
2.2 Direct Financing 2-4
A Direct Market Transaction 2-5
Investment Banks and Direct Financing 2-5
2.3 Types of Financial Markets 2-7
Primary and Secondary Markets 2-7
Exchanges and Over-the-Counter Markets 2-8
Money and Capital Markets 2-8
Public and Private Markets 2-9
Futures and Options Markets 2-10
2.4 Market Efficiency 2-10
Efficient Market Hypotheses 2-11
2.5 Financial Institutions and Indirect Financing 2-12
Indirect Market Transactions 2-12
Financial Institutions and Their Services 2-13
Corporations and the Financial System 2-14
2.6 The Determinants of Interest Rate Levels 2-16
The Real Rate of Interest 2-16
Loan Contracts and Inflation 2-18
The Fisher Equation and Inflation 2-18
Cyclical and Long-Term Trends in Interest Rates 2-20
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
3 Financial Statements, Cash Flows, and Taxes 3-1
3.1 Financial Statements and Accounting Principles 3-2
The Annual Report 3-2
Generally Accepted Accounting Principles 3-3
Fundamental Accounting Principles 3-3
International GAAP 3-4
Illustrative Company: Diaz Manufacturing 3-5
3.2 The Balance Sheet 3-5
Current Assets and Liabilities 3-7
Long-Term Assets and Liabilities 3-8
Equity 3-9
3.3 Market Value versus Book Value 3-11
A More Informative Balance Sheet 3-11
A Market-Value Balance Sheet 3-12
3.4 The Income Statement and the Statement of Retained Earnings 3-14
The Income Statement 3-14
The Statement of Retained Earnings 3-16
3.5 The Statement of Cash Flows 3-17
Sources and Uses of Cash 3-17
3.6 Tying Together the Financial Statements 3-20
3.7 Cash Flow to Investors 3-22
Net Income versus the Cash Flow to Investors 3-22
Cash Flow to Investors: Putting It All Together 3-26
3.8 Federal Income Tax 3-27
Corporate Income Tax Rates 3-27
Average versus Marginal Tax Rates 3-28
Unequal Treatment of Dividends and Interest Payments 3-28
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
4 Analyzing Financial Statements 4-1
4.1 Background for Financial Statement Analysis 4-2
Perspectives on Financial Statement Analysis 4-2
Guidelines for Financial Statement Analysis 4-3
4.2 Common-Size Financial Statements 4-4
Common-Size Balance Sheets 4-4
Common-Size Income Statements 4-6
4.3 Financial Ratios and Firm Performance 4-7
Why Ratios are Better Measures 4-7
Short-Term Liquidity Ratios 4-8
Efficiency Ratios 4-11
Leverage Ratios 4-14
Profitability Ratios 4-18
Market-Value Indicators 4-21
Concluding Comments on Ratios 4-22
4.4 The Dupont System: A Diagnostic Tool 4-22
An Overview of the DuPont System 4-22
The ROA Equation 4-23
The ROE Equation 4-24
The DuPont Equation 4-25
Applying the DuPont System 4-25
Is Maximizing ROE an Appropriate Goal? 4-27
4.5 Selecting a Benchmark 4-27
Trend Analysis 4-27
Industry Analysis 4-28
Peer Group Analysis 4-28
4.6 Using Financial Ratios 4-30
Performance Analysis of Diaz Manufacturing 4-30
Limitations of Financial Statement Analysis 4-33
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Ethics Case: A Sad Tale: The Demise of Arthur Andersen 4-45
5 The Time Value of Money 5-1
5.1 The Time Value of Money 5-2
Consuming Today or Tomorrow 5-2
Time Lines as Aids to Problem Solving 5-3
Financial Calculator 5-3
5.2 Future Value and Compounding 5-4
Single-Period Investment 5-4
Two-Period Investment 5-5
The Future Value Equation 5-6
Using a Calculator to Compute the Future Value Factor 5-8
Future Value Factor Tables 5-8
Applying the Future Value Formula 5-8
Calculator Tips for Future Value Problems 5-13
5.3 Present Value and Discounting 5-16
Single-Period Investment 5-16
Multiple-Period Investment 5-17
The Present Value Equation 5-17
Future and Present Value Equations Are the Same 5-17
Applying the Present Value Formula 5-18
The Relations Among Time, the Discount Rate, and Present Value 5-20
Calculator Tips for Present Value Problems 5-20
Future Value Versus Present Value 5-21
5.4 Additional Concepts and Applications 5-22
Finding the Interest Rate 5-23
Finding How Many Periods It Takes an Investment to Grow a Certain Amount 5-24
The Rule of 72 5-25
Compound Growth Rates 5-25
Concluding Comments 5-27
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
6 Discounted Cash Flows and Valuation 6-1
6.1 Multiple Cash Flows 6-2
Future Value of Multiple Cash Flows 6-2
Present Value of Multiple Cash Flows 6-5
6.2 Level Cash Flows: Annuities and Perpetuities 6-9
Present Value of an Annuity 6-9
Future Value of an Annuity 6-18
Perpetuities 6-20
Annuities Due 6-21
6.3 Cash Flows That Grow at a Constant Rate 6-24
Growing Annuity 6-24
Growing Perpetuity 6-25
6.4 The Effective Annual Interest Rate 6-26
Why the Confusion? 6-26
Calculating the Effective Annual Interest Rate 6-26
Comparing Interest Rates 6-27
Consumer Protection Acts and Interest Rate Disclosure 6-29
The Appropriate Interest Rate Factor 6-29
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Appendix: Deriving the Formula for the Present Value of an Ordinary Annuity 6-37
Problem 6-38
Ethics Case: America’s Ailing Drug Prices 6-38
7 Risk and Return 7-1
7.1 Risk and Return 7-2
7.2 Quantitative Measures of Return 7-3
Holding Period Returns 7-3
Expected Returns 7-4
7.3 Variance and Standard Deviation as Measures of Risk 7-8
Calculating Variance and Standard Deviation 7-8
Interpreting Variance and Standard Deviation 7-9
Historical Market Performance 7-12
Arithmetic Average and Geometric (Compounded) Average Returns 7-15
7.4 Risk and Diversification 7-17
Single-Asset Portfolios 7-17
Portfolios with More Than One Asset 7-19
The Limits of Diversification 7-25
7.5 Systematic Risk 7-26
Why Systematic Risk Is All That Matters 7-27
Measuring Systematic Risk 7-27
7.6 Compensation for Bearing Systematic Risk 7-30
7.7 The Capital Asset Pricing Model 7-31
The Security Market Line 7-32
The Capital Asset Pricing Model and Portfolio Returns 7-33
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
8 Bond Valuation and the Structure of Interest Rates 8-1
8.1 Corporate Bonds 8-2
Market for Corporate Bonds 8-2
Bond Price Information 8-3
Types of Corporate Bonds 8-3
8.2 Bond Valuation 8-4
The Bond Valuation Formula 8-5
Calculator Tip: Bond Valuation Problems 8-6
Par, Premium, and Discount Bonds 8-7
Semiannual Compounding 8-9
Zero Coupon Bonds 8-10
8.3 Bond Yields 8-12
Yield to Maturity 8-12
Effective Annual Yield 8-13
Realized Yield 8-15
8.4 Interest Rate Risk 8-15
Bond Theorems 8-16
Bond Theorem Applications 8-17
8.5 The Structure of Interest Rates 8-18
Marketability 8-19
Call Provision 8-19
Default Risk 8-19
The Term Structure of Interest Rates 8-21
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Ethics Case: The Subprime Mortgage Market Meltdown: How Did It Happen? 8-29
9 Stock Valuation 9-1
9.1 The Market for Stocks 9-2
Secondary Markets 9-2
Secondary Markets and Their Efficiency 9-3
Stock Market Indexes 9-5
Reading the Stock Market Listings 9-5
Common and Preferred Stock 9-6
Preferred Stock: Debt or Equity? 9-7
9.2 Common Stock Valuation 9-8
A One-Period Model 9-8
A Perpetuity Model 9-9
The General Dividend-Valuation Model 9-11
The Growth Stock Pricing Paradox 9-11
9.3 Stock Valuation: Some Simplifying Assumptions 9-12
Zero-Growth Dividend Model 9-13
Constant-Growth Dividend Model 9-13
Computing Future Stock Prices 9-16
The Relation between R and g 9-17
Mixed (Supernormal) Growth Dividend Model 9-18
9.4 Valuing Preferred Stock 9-21
Preferred Stock with a Fixed Maturity 9-22
Preferred Stock with No Maturity 9-23
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Ethics Case: Insider Trading: Have I Got a Stock Tip for You! 9-29
10 The Fundamentals of Capital Budgeting 10-1
10.1 An Introduction to Capital Budgeting 10-2
The Importance of Capital Budgeting 10-2
The Capital Budgeting Process 10-3
Sources of Information 10-4
Classification of Investment Projects 10-4
Basic Capital Budgeting Terms 10-5
10.2 Net Present Value 10-6
Valuation of Real Assets 10-6
NPV—The Basic Concept 10-6
NPV and Value Creation 10-7
Framework for Calculating NPV 10-8
Net Present Value Techniques 10-9
Concluding Comments on NPV 10-13
10.3 The Payback Period 10-14
Computing the Payback Period 10-14
How the Payback Period Performs 10-15
Discounted Payback Period 10-16
Evaluating the Payback Rule 10-17
10.4 The Accounting Rate of Return 10-18
10.5 Internal Rate of Return 10-19
Calculating the IRRy 10-20
When the IRR and NPV Methods Agree 10-21
When the NPV and IRR Methods Disagree 10-23
Modified Internal Rate of Return (MIRR) 10-26
IRR versus NPV: A Final Comment 10-28
10.6 Investment Decisions with Capital Rationing 10-29
Capital Rationing in a Single Period 10-30
Capital Rationing across Multiple Periods 10-32
10.7 Capital Budgeting in Practice 10-33
Practitioners’ Methods of Choice 10-33
Postaudit and Periodic Reviews 10-34
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
11 Cash Flows and Capital Budgeting 11-1
11.1 Calculating Project Cash Flows 11-2
Incremental After-Tax Free Cash Flows 11-3
The FCF Calculation 11-3
Cash Flows from Operations 11-5
Cash Flows Associated with Capital Expenditures and Net Working Capital 11-6
The FCF Calculation: An Example 11-6
FCF versus Accounting Earnings 11-8
11.2 Estimating Cash Flows in Practice 11-10
Five General Rules for Incremental After-Tax Free Cash Flow Calculations 11-11
Nominal versus Real Cash Flows 11-14
Tax Rates and Depreciation 11-16
Computing the Terminal-Year FCF 11-19
Expected Cash Flows 11-22
11.3 Forecasting Free Cash Flows 11-23
Cash Flows from Operations 11-24
Cash Flows Associated with Capital Expenditures and Net Working Capital 11-24
11.4 Special Cases (Optional) 11-26
Projects with Different Lives 11-26
When to Replace an Existing Asset 11-28
The Cost of Using an Existing Asset 11-29
When to Harvest an Asset 11-30
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Ethics Case: Unilever’s Sustainable Living Plan 11-37
12 Evaluating Project Economics 12-1
12.1 Variable Costs, Fixed Costs, and Project Risk 12-2
Cost Structure and Sensitivity of EBITDA to Revenue Changes 12-3
Cost Structure and Sensitivity of EBIT to Revenue Changes 12-5
12.2 Calculating Operating Leverage 12-9
Degree of Pretax Cash Flow Operating Leverage 12-9
Degree of Accounting Operating Leverage 12-10
12.3 Break-Even Analysis 12-11
Pretax Operating Cash Flow Break-Even 12-12
Accounting Operating Profit (EBIT) Break-Even 12-13
12.4 The Economic Break-Even Point 12-15
12.5 Risk Analysis 12-19
Sensitivity Analysis 12-20
Scenario Analysis 12-20
Simulation Analysis 12-21
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
13 The Cost of Capital 13-1
13.1 The Firm’s Overall Cost of Capital 13-2
The Finance Balance Sheet 13-3
Estimating a Firm’s Cost of Capital 13-5
13.2 The Cost of Debt 13-7
Key Concepts for Estimating the Cost of Debt 13-7
Estimating the Current Cost of a Bond or an Outstanding Loan 13-8
Taxes and the Cost of Debt 13-10
Estimating the Cost of Debt for a Firm 13-11
13.3 The Cost of Equity 13-13
Common Stock 13-13
Preferred Stock 13-19
13.4 Using the WACC in Practice 13-21
Calculating WACC: An Example 13-21
Limitations of WACC as a Discount Rate for Evaluating Projects 13-23
Alternatives to Using WACC for Evaluating Projects 13-26
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
14 Working Capital Management 14-1
14.1 Working Capital Basics 14-2
Working Capital Terms and Concepts 14-3
Working Capital Accounts and Trade-Offs 14-4
14.2 The Operating and Cash Conversion Cycles 14-5
Operating Cycle 14-7
Cash Conversion Cycle 14-8
14.3 Working Capital Management Strategies 14-10
Flexible Current Asset Management Strategy 14-11
Restrictive Current Asset Management Strategy 14-11
The Working Capital Trade-Off 14-11
14.4 Accounts Receivable 14-13
Terms of Sale 14-13
Aging Accounts Receivable 14-14
14.5 Inventory Management 14-16
Economic Order Quantity 14-16
Just-in-Time Inventory Management 14-17
14.6 Cash Management and Budgeting 14-18
Reasons for Holding Cash 14-18
Cash Collection 14-19
14.7 Financing Working Capital 14-20
Strategies for Financing Working Capital 14-20
Financing Working Capital in Practice 14-22
Sources of Short-Term Financing 14-22
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
15 How Firms Raise Capital 15-1
15.1 Bootstrapping 15-2
How New Businesses Get Started 15-3
Initial Funding of the Firm 15-3
15.2 Venture Capital 15-4
The Venture Capital Industry 15-4
Why Venture Capital Funding Is Different 15-4
The Venture Capital Funding Cycle 15-5
Venture Capitalists Provide More Than Financing 15-8
The Cost of Venture Capital Funding 15-9
15.3 Initial Public Offering 15-9
Advantages and Disadvantages of Going Public 15-10
Investment Banking Services 15-11
Origination 15-11
Underwriting 15-12
Distribution 15-13
The Proceeds 15-13
15.4 IPO Pricing and Cost 15-15
The Underpricing Debate 15-15
IPOs Are Consistently Underpriced 15-15
The Cost of an IPO 15-16
15.5 General Cash Offer by a Public Company 15-18
Competitive versus Negotiated Sale 15-19
The Cost of a General Cash Offer 15-21
15.6 Private Markets and Bank Loans 15-22
Private versus Public Markets 15-22
Private Placements 15-22
Private Equity Firms 15-23
Private Investments in Public Equity 15-24
Commercial Bank Lending 15-25
Concluding Comments on Funding the Firm 15-27
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Ethics Case: Profiting from Death: “Janitor’s Insurance” 15-31
16 Capital Structure Policy 16-1
16.1 Capital Structure and Firm Value 16-2
The Optimal Capital Structure 16-2
The Modigliani and Miller Propositions 16-3
16.2 The Benefits and Costs of Using Debt 16-11
The Benefits of Debt 16-11
The Costs of Debt 16-18
16.3 Two Theories of Capital Structure 16-24
The Trade-Off Theory 16-24
The Pecking Order Theory 16-24
The Empirical Evidence 16-25
16.4 Practical Considerations in Choosing a Capital Structure 16-26
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Appendix: Leasing 16-33
Two Types of Leases 16-33
Motivations for Leasing 16-34
Conflicts between Lessees and Lessors 16-37
Evaluating a Leasing Opportunity 16-39
Summary of Learning Objective / Summary of Key Equations / Self-Study Problem / Solutions to Self-Study Problem / Discussion Questions / Questions and Problems
17 Dividends, Stock Repurchases, and Payout Policy 17-1
17.1 Dividends 17-2
Types of Dividends 17-3
The Dividend Payment Process 17-4
17.2 Stock Repurchases 17-7
How Stock Repurchases Differ from Dividends 17-8
How Stock Is Repurchased 17-9
17.3 Dividends and Firm Value 17-10
Benefits and Costs of Dividends 17-11
Stock Price Reactions to Dividend Announcements 17-13
Dividends versus Stock Repurchases 17-14
17.4 Stock Dividends and Stock Splits 17-16
Stock Dividends 17-17
Stock Splits 17-17
Reasons for Stock Dividends and Splits 17-18
17.5 Setting a Dividend Payout 17-19
What Managers Tell Us 17-19
Practical Considerations in Setting a Dividend Payout 17-19
Summary of Learning Objectives / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems / Sample Test Problems
18 Business Formation, Growth, and Valuation 18-1
18.1 Starting a Business 18-2
Making the Decision to Proceed 18-3
Choosing the Right Organizational Form 18-3
Financial Considerations 18-5
18.2 The Role of the Business Plan 18-10
Why Business Plans Are Important 18-10
The Key Elements of a Business Plan 18-10
18.3 Valuing a Business 18-11
Fundamental Business Valuation Principles 18-12
Business Valuation Approaches 18-13
18.4 Important Issues in Valuation 18-26
Public versus Private Companies 18-26
Young (Rapidly Growing) versus Mature Companies 18-27
Controlling Interest versus Minority Interest 18-28
Key People 18-28
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
19 Financial Planning and Managing Growth 19-1
19.1 Financial Planning 19-2
The Planning Documents 19-2
Concluding Comments 19-5
19.2 Financial Planning Models 19-5
The Sales Forecast 19-5
Building a Financial Planning Model 19-6
A Simple Planning Model 19-7
19.3 A Better Financial Planning Model 19-11
The Blackwell Sales Company 19-11
The Income Statement 19-12
The Balance Sheet 19-12
The Preliminary Pro Forma Balance Sheet 19-15
The Final Pro Forma Balance Sheet 19-17
19.4 Beyond the Basic Planning Models 19-18
Improving Financial Planning Models 19-18
19.5 Managing and Financing Growth 19-20
External Funding Needed 19-21
A Graphical View of Growth 19-23
The Sustainable Growth Rate 19-25
Growth Rates and Profits 19-27
Growth as a Planning Goal 19-27
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
20 Options and Corporate Finance 20-1
20.1 Financial Options 20-2
Call Options 20-2
Put Options 20-4
American, European, and Bermudan Options 20-5
More on the Shapes of Option Payoff Functions 20-5
20.2 Option Valuation 20-6
Limits on Option Values 20-6
Variables That Affect Option Values 20-8
The Binomial Option Pricing Model 20-9
Put-Call Parity 20-12
Valuing Options Associated with the Financial Securities That Firms Issue 20-13
20.3 Real Options 20-15
Options to Defer Investment 20-15
Options to Make Follow-On Investments 20-16
Options to Change Operations 20-17
Options to Abandon Projects 20-17
Concluding Comments on NPV Analysis and Real Options 20-18
20.4 Agency Costs 20-19
Agency Costs of Debt 20-19
Agency Costs of Equity 20-21
20.5 Options and Risk Management 20-22
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
21 International Financial Management 21-1
21.1 Introduction to International Financial Management 21-2
Globalization of the World Economy 21-3
The Rise of Multinational Corporations 21-3
Factors Affecting International Financial Management 21-3
Goals of International Financial Management 21-6
Basic Principles Remain the Same 21-6
21.2 Foreign Exchange Markets 21-7
Market Structure and Major Participants 21-8
Foreign Exchange Rates 21-8
The Equilibrium Exchange Rate 21-10
Foreign Currency Quotations 21-11
21.3 International Capital Budgeting 21-17
Determining Cash Flows 21-17
Exchange Rate Risk 21-17
Country Risk 21-18
The Barcelona Example 21-18
21.4 Global Money and Capital Markets 21-21
The Emergence of the Euromarkets 21-21
The Eurocurrency Market 21-22
The Eurocredit Market 21-22
International Bond Markets 21-22
21.5 International Banking 21-24
Risks Involved in International Bank Lending 21-25
Eurocredit Bank Loans 21-26
Summary of Learning Objectives / Summary of Key Equations / Self-Study Problems / Solutions to Self-Study Problems / Discussion Questions / Questions and Problems /
Sample Test Problems
Appendix A Future Value and Present Value Tables A-1
Appendix B Solutions to Odd Problems B-1
Glossary / Subject Index / Company Index
Erscheinungsdatum | 21.10.2017 |
---|---|
Verlagsort | New York |
Sprache | englisch |
Maße | 206 x 272 mm |
Gewicht | 1633 g |
Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
ISBN-10 | 1-119-37140-6 / 1119371406 |
ISBN-13 | 978-1-119-37140-3 / 9781119371403 |
Zustand | Neuware |
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