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Strategic Financial Management





Finance - An OverviewIntroductionFinancial Objectives and Shareholder WealthWealth Creation and Value AddedThe Investment and Finance DecisionDecision Structures and Corporate GovernanceThe Developing Finance FunctionThe Principles of InvestmentPerfect Markets and the Separation TheoremSummary and ConclusionsSelected ReferencesThe Investment DecisionCapital Budgeting Under Conditions Of CertaintyIntroductionThe Role of Capital BudgetingLiquidity, Profitability and Present ValueThe Internal Rate of Return (IRR)The Inadequacies of IRR and the Case for NPVSummary and ConclusionsCapital Budgeting and the Case for NPVIntroductionRanking and Acceptance Under IRR and NPVThe Incremental IRRCapital Rationing, Project Divisibility and NPVRelevant Cash Flows and Working CapitalCapital Budgeting and TaxationNPV and Purchasing Power RiskSummary and ConclusionsThe Treatment of UncertaintyIntroductionDysfunctional Risk MethodologiesDecision Trees, Sensitivity and ComputersMean-Variance MethodologyMean-Variance AnalysesThe Mean-Variance ParadoxCertainty Equivalence and Investor UtilitySummary and ConclusionsReferenceThe Finance DecisionEquity Valuation and the Cost of CapitalIntroductionThe Capitalisation ConceptSingle-Period Dividend ValuationFinite Dividend ValuationGeneral Dividend ValuationConstant Dividend ValuationThe Dividend Yield and Corporate Cost of EquityDividend Growth and the Cost of EquityCapital Growth and the Cost of EquityGrowth Estimates and the Cut-Off RateEarnings Valuation and the Cut-Off RateSummary and ConclusionsSelected ReferencesDebt Valuation and the Cost of CapitalIntroductionCapital Gearing (Leverage): An IntroductionThe Value of Debt Capital and Capital CostThe Tax-Deductibility of DebtThe Impact of Issue CostsSummary and ConclusionsCapital Gearing and the Cost of CapitalIntroductionThe Weighted Average Cost of Capital (WACC)The Real-World Problems of WACC EstimationSummary and ConclusionsSelected ReferenceThe Wealth DecisionShareholder Wealth and Value AddedIntroductionThe Concept of Economic Value Added (EVA)The Concept of Market Value Added (MVA)Profit and Cash FlowEVA and Periodic MVANPV Maximisation, Value Added and WealthSummary and ConclusionsSelected References
 
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