Financial theory and corporate policy

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FOURTH EDITION

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STUDENT SOLUTIONS MANUAL
Thomas E. Copeland J. Fred Weston Kuldeep Shastri
Managing Director of Corporate Finance Monitor Group, Cambridge, Massachusetts Professor of Finance Recalled, The Anderson School University of California at Los Angeles Roger S. Ahlbrandt, Sr. Endowed Chair in Finance and Professor of Business Administration Joseph M. Katz Graduate School ofBusiness University of Pittsburgh

Reproduced by Pearson Addison-Wesley from electronic files supplied by author. Copyright © 2005 Pearson Education, Inc. Publishing as Pearson Addison-Wesley, 75 Arlington Street, Boston, MA 02116 All rights reserved. This manual may be reproduced for classroom use only. Printed in the United States of America. ISBN 0-321-17954-4

1 2 3 4 5 6 OPM 07 06 05 04 Contents
Preface...............................................................................................................................................v Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Introduction: Capital Markets,Consumption, and Investment................................1 Investment Decisions: The Certainty Case..............................................................6 The Theory of Choice: Utility Theory Given Uncertainty ....................................13 State Preference Theory.........................................................................................32 Objects of Choice: Mean-VariancePortfolio Theory............................................44 Market Equilibrium: CAPM and APT...................................................................60 Pricing Contingent Claims: Option Pricing Theory and Evidence........................77 The Term Structure of Interest Rates, Forward Contracts, and Futures ................90 Multiperiod Capital Budgeting under Uncertainty: RealOptions Analysis ..........97 Efficient Capital Markets: Theory .......................................................................119 Efficient Capital Markets: Evidence....................................................................125 Information Asymmetry and Agency Theory......................................................128 The Role of the CFO, Performance Measurement, and IncentiveDesign ..........133 Valuation and Tax Policy ....................................................................................137 Capital Structure and the Cost of Capital: Theory and Evidence ........................140 Dividend Policy: Theory and Empirical Evidence ..............................................160 Applied Issues in Corporate Finance...................................................................166 Acquisitions, Divestitures, Restructuring, and Corporate Governance ...............172 International Financial Management ...................................................................184

Preface
The last forty years have seen a revolution in thought in the field of Finance. The basic questions remain the same. How are real and financial assets valued? Does themarket place provide the best price signals for the allocation of scarce resources? What is meant by risk and how can it be incorporated into the decision-making process? Does financing affect value? These will probably always be the central questions. However, the answers to them have changed dramatically in the recent history of Finance. Forty years ago the field was largely descriptive innature. Students learned about the way things were rather than why they came to be that way. Today the emphasis is on answering the question — why have things come to be the way we observe them? If we understand why then we can hope to understand whether or not it is advisable to change things. The usual approach to the question of “why” is to build simple mathematical models. Needless to say,...
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