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Corporate Finance for Long-Term Value

Gebonden Engels 2023 1e druk 9783031350085
Verwachte levertijd ongeveer 9 werkdagen

Samenvatting

This open access textbook offers a guide to corporate finance for modern companies that want to create long-term value. Drawing on recent literature on sustainable companies, it starts by analysing the Sustainable Development Goals as a strategy for the transition to a sustainable economy. Next, it translates the general concept of sustainability into core corporate finance methods, such as net present value, company valuation, cost of capital, capital structure and M&A.

Current corporate finance textbooks are primarily based on the shareholder model, designed to maximise financial value. This book instead adopts the integrated model, which argues that companies have to serve the interests of their current and future stakeholders. Accordingly, companies move from simply maximising financial value to optimising integrated value, which combines financial, social and environmental value. Applying this new paradigm of integrated value is the truly innovative feature of this textbook.

Written for undergraduate and graduate students of Finance, Economics, and Business Administration, this textbook provides a fresh analysis of corporate finance. Combining theory, empirical data and examples from actual companies, it reveals the sustainability challenges for corporate investment and shows how finance can be used to steer funds to sustainable companies and projects and thus accelerate the transition to a sustainable economy.

Specificaties

ISBN13:9783031350085
Taal:Engels
Bindwijze:gebonden
Aantal pagina's:630
Uitgever:Springer
Druk:1
Verschijningsdatum:14-9-2023
ISSN:

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Over Dirk Schoenmaker

Dirk Schoenmaker is a Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University. He is also academic director of the Erasmus Platform for Sustainable Value Creation, a Fellow at the Brussels-based think tank Bruegel and a Research Fellow at the CEPR. Before joining RSM, Dirk was Dean of the Duisenberg School of Finance and worked at the Dutch Ministry of Finance and the Bank of England. Prof Schoenmaker is author of Governance of International Banking: The Financial Trilemma (Oxford University Press, 2013) and co-author of Financial Markets and Institutions: A European Perspective (Cambridge University Press, fourth edition 2019).

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Over Willem Schramade

Over de auteur Dr Willem Schramade is onafhankelijk adviseur en onderzoeker in duurzame financiering en ondernemingswaardering, met twintig jaar ervaring in de financiële wereld. Zo was hij aandelenanalist bij Robeco en fondsmanager impactaandelen bij NN Investment Partners. In 2006 promoveerde hij op obligatie emissies aan de Erasmus Universiteit te Rotterdam. Via zijn Sustainable Finance Factory adviseert hij financiële instellingen, maar ook overheden en internationale instellingen zoals OECD en WBCSD, en is hij betrokken bij verschillende impact startups. Hij publiceerde eerder over duurzame financiering in wetenschappelijke tijdschriften en doceert duurzame financiering aan de Erasmus Universiteit. Zijn academisch tekstboek ‘Principles of Sustainable Finance’ (met prof. Dirk Schoenmaker) verscheen in december 2018 bij Oxford University Press.

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Inhoudsopgave

Introduction.

Part 1: Why Corporate Finance for Long-term Value?.
Chapter 1. The Company Within Social and Planetary Boundaries.
Chapter 2. Integrated Value Creation.
Chapter 3. Corporate Governance.

Part 2: Discount Rates and Valuation Methods.
Chapter 4. Discount Rates and the Scarcity of Capital.
Chapter 5. Calculating Social and Environmental Value.
Chapter 6. Investment Decision Rules.
Chapter 7. Capital Budgeting.

Part 3: Valuation of Companies.
Chapter 8. Valuing Bonds.
Chapter 9. Valuing Public Equity.
Chapter 10. Valuing Private Equity.
Chapter 11. Case-study Integrated Valuation: Inditex.

Part 4: Risk, Return and Impact.
Chapter 12. Risk-return Analysis.
Chapter 13. Cost of Capital.
Chapter 14. Capital Market Adaptability, Investor Behaviour and Impact.

Part 5: Corporate Financial Policies.
Chapter 15. Capital Structure.
Chapter 16. Issues and Pay-outs.
Chapter 17. Reporting and Investor Relations.
Chapter 18. Mergers and Acquisitions.
Chapter 19. Options on All Capitals.

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