Strategic Financial Management - MDP

R. A. Hill

St rat egic Financial Managem ent

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St rat egic Financial Managem ent ? 2008 R. A. Hill t o be ident ifi ed as Aut hor Finance & Vent us Publishing ApS I SBN 978- 87- 7681- 425- 0

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Strategic Financial Management

Cont ent s

PART ONE: AN INTRODUCTION

1. Finance ? An Overview 1.1 Financial Objectives and Shareholder Wealth 1.2 Wealth Creation and Value Added 1.3 The Investment and Finance Decision 1.4 Decision Structures and Corporate Governance 1.5 The Developing Finance Function 1.6 The Principles of Investment 1.7 Perfect Markets and the Separation Theorem 1.8 Summary and Conclusions 1.9 Selected References

PART TWO: THE INVESTMENT DECISION

2. Capital Budgeting Under Conditions of Certainty 2.1 The Role of Capital Budgeting 2.2 Liquidity, Profitability and Present Value 2.3 The Internal Rate of Return (IRR) 2.4 The Inadequacies of IRR and the Case for NPV 2.5 Summary and Conclusions

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Strategic Financial Management

3. Capital Budgeting and the Case for NPV 3.1 Ranking and Acceptance Under IRR and NPV 3.2 The Incremental IRR 3.3 Capital Rationing, Project Divisibility and NPV 3.4 Relevant Cash Flows and Working Capital 3.5 Capital Budgeting and Taxation 3.6 NPV and Purchasing Power Risk 3.7 Summary and Conclusions

4. The Treatment of Uncertainty 4.1 Dysfunctional Risk Methodologies 4.2 Decision Trees, Sensitivity and Computers 4.3 Mean-Variance Methodology 4.4 Mean-Variance Analyses 4.5 The Mean-Variance Paradox 4.5 Certainty Equivalence and Investor Utility 4.6 Summary and Conclusions 4.7 Reference

PART THREE: THE FINANCE DECISION

5. Equity Valuation and the Cost of Capital 5.1 The Capitalisation Concept 5.2 Single-Period Dividend Valuation 5.3 Finite Dividend Valuation

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