By Richard Pike, Bill Neale
This article has a realistic orientation with a wealth of examples and case experiences. This renowned textual content takes a realistic method of company finance, using key suggestions and methods to a wide diversity of latest concerns in finance. analyzing monetary concerns from a managerial stand element, the authors show the position finance has to play in explaining and shaping company improvement instead of targeting quantitative features. This ebook is appropriate for moment and 3rd 12 months undergraduate scholars of industrial experiences, accounting, finance and economics. it's fairly beneficial for these learning an MBA or MSc in enterprise. it's a thorough and good written booklet with sturdy examples Hugh Metcalf, college of Newcastle upon Tyne, united kingdom I instantly loved it Ivar Bredesen, Oslo college university, Norway it is a excellent, trustworthy, effortless to learn textual content e-book Anne Butchers, collage of Warwick, united kingdom
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Extra info for Corporate Finance and Investment: Decisions and Strategies
This change has been brought about largely through the need to respond to the changing economic climate. With continuing industrialisation in the UK and much of Europe in the first quarter of the last century, the key financial issues centred on forming new businesses and raising capital for expansion. Legal and descriptive consideration was given to the types of security issued, company formations and mergers. QXD 10/31/08 9:33 AM Page 9 Chapter 1 An overview of financial management 9 As the focus of business activity moved from growth to survival during the depression of the 1930s, finance evolved by focusing more on business liquidity, reorganisation and insolvency.
Inflation and technological developments), making globalisation of finance a reality and the need to concentrate on more strategic issues essential. ■ The distinction should be drawn between accounting – the mere provision of relevant financial information for internal and external users – and financial management – the utilisation of financial and other data to assist financial decision-making. ■ In finance, we assume that the primary corporate goal is to maximise value for the shareholders. ■ The agency problem – managers pursuing actions not totally consistent with shareholders’ interests – can be reduced both by managerial incentive schemes and also by closer monitoring of their actions.
Recent years have seen the emergence of financial management as a major contributor to the analysis of investment and financing decisions. The subject continues to respond to external economic and technical developments: 1 Successive waves of merger activity over the past forty years have increased our understanding of valuation and takeover tactics. With governments committed to freedom of markets and financial liberalisation, acquisitions, mega-mergers and management buy-outs have become a regular part of business life.