A First Course in Corporate Finance (Essentials)

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A First Course in Corporate Finance

by Ivo Welch
The only meaningful constraint that I am imposing for permittingdownloads is that you must not be currently involved in writing orpublishing a finance textbook. If you are, please exit this site now.(If you are not, you can freely read this book; reading or registeringwill not prevent you from writing a book in the future.)

    * Based on numerical examples, with easy 1-to-1 formula correspondence.
    * Half the size of a traditional text --- less is more.
    * Conversational tone.
    * Closely tied and easily integrated into the finance curriculum.
    * Clean design --- not just another clone.
      (The book can serve not only as a substitute, but also as a complement to a traditional textbook.)
    * Many, many other innovations.
(Pro formas are the "capstone" chapter. There is a goodstand-alone chapter explaining financials from a finance perspective.Comparables are put into perspective. Capital structure reflects morerecent findings and is thus much more modern. WACC and APV and thedirect approach from financials have clear explanations. Robustness anderrors are emphasized throughout the book. The default premium and riskpremium are clearly distinguished from one another. There is oneintuitive CAPM explanation anyone can understand, and (in theinvestments book) a hands-on explanation so anyone will reallyunderstand it. There is an ethics chapter. The governance chapter ismore skeptical. And many more.)

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关键词：Essentials Corporate Essential Finance Course Finance Corporate Course First Essentials

Chapter 1 Introduction 1
1·1 The Goal of Finance: Relative Valuation 2
The Law of One Price, 2;
1·2 Investments, Projects, and Firms 3
1·3 Firms vs. Individuals 5
I Value and Capital Budgeting
(in a Perfect Market under Risk-Neutrality) 9
Chapter 2 The Time Value of Money and Net Present Value  13
2·1 Our Basic Scenario: Perfect Markets, Certainty, Constant Interest Rates  14
2·2 Loans and Bonds  14
2·3 Returns, Net Returns, and Rates of Return 15
2·4 The Time Value of Money, Future Value, and Compounding  17
The Future Value of Money, 17; • Compounding and Future Value, 18; • How Banks Quote Interest Rates, 22;
2·5 Present Values, Discounting, and Capital Budgeting  23
2·6 Net Present Value   27
Application: Are Faster Growing Firms Better Bargains?, 30;
2·7 Summary   32
Chapter 3 Stock and Bond Valuation: Annuities and Perpetuities  37
3·1 Perpetuities  38
The Simple Perpetuity Formula, 38; • The Growing Perpetuity Formula, 39;
• Perpetuity Application: Stock Valuation with A Gordon Growth Model, 41;
3·2 Annuities   43
Annuity Application: Fixed-Rate Mortgage Payments, 44; • Annuity Application: A
Level-Coupon Bond, 44;
3·3 The Four Formulas Summarized   47
3·4 Summary   49
A Advanced Material   50
Projects With Different Lives and Rental Equivalents, 50; • Perpetuity and Annuity
Derivations, 53;
Chapter 4 A First Encounter With Capital Budgeting Rules  59
4·1 Net Present Value   60
Separating Investment Decisions and Consumption Choices: Does Project Value
Depend on When You Need Cash?, 60;
4·2 The Internal Rate of Return (IRR)  63
Projects with Multiple or No IRRs, 66; • IRR as a Capital Budgeting Rule, 68;
• Problems with IRR as a Capital Budgeting Rule, 69;
4·3 The Profitability Index  70
4·4 The Payback Capital Budgeting Rule   72
4·5 How do Chief Financial Officers (CFOs) Decide? 73
4·6 Summary   74
Chapter 5 Time-Varying Rates of Return and the Yield Curve  79
5·1 Working With Time-Varying Rates of Return  80
Compounding Different Rates of Return, 80; • Annualized Rates of Return , 81;
• Present Values With Time-Varying Interest Rates, 84;
5·2 Inflation   85
Defining the Inflation Rate, 85; • Real and Nominal Interest Rates, 87; • Inflation in
Net Present Values, 88;
5·3 Time-Varying Interest Rates in Bonds: U.S. Treasuries and The Yield Curve 90
Yield Curve Shapes, 90; • An Example: The Yield Curve on December 31, 2004, 92;
• Bond Payoffs and Your Investment Horizon, 94; • The Effect of Interest Rate
Changes on Short-Term and Long-Term Bonds, 94;
5·4 Why is the (Nominal) Yield Curve Usually Upward-Sloping?  98
Does It Predict Higher Future Inflation?, 98; • Does It Predict Higher Future Interest
Rates?, 99; • Does It Mean Bargains on the Long End?, 100; • Does It Compensate
Investors For Risk?, 100; • Corporate Insights About Time-Varying Costs of Capital
From the Yield Curve, 100;
5·5 Summary    101
A The Finer Points of Bonds    104
Extracting Forward Interest Rates, 104; • Shorting and Locking in Forward Interest
Rates, 106; • Bond Duration, 108; • Duration Similarity, 109; • Duration
Hedging, 110; • Continuous Compounding, 111; • Some Institutional Knowledge:
Price Quotes and STRIPS, 112; • Appendix Summary, 113;
Chapter 6 Uncertainty, Default, and Risk 117
6·1 An Introduction to Statistics    118
Random Variables and Expected Values, 118; • Variance, and Standard
Deviation, 120; • Risk-Neutrality (and Risk-Aversion Preview), 121;
6·2 Interest Rates and Credit Risk (Default Risk) 122
Risk-Neutral Investors Demand Higher Promised Rates, 122; • A More Elaborate
Example With Probability Ranges, 124; • Deconstructing Quoted Rates of Return —
Time and Default Premiums, 125; • Credit Ratings and Default Rates, 126;
• Differences in Quoted Bond Returns in 2002, 128; • Credit Default Swaps, 129;
6·3 Uncertainty in Capital Budgeting  130
Present Value With State-Contingent Payoff Tables, 130;
6·4 Splitting Uncertain Project Payoffs into Debt and Equity 133
The Loan, 133; • The Levered Equity, 134; • Reflections On The Example: Payoff
Tables, 135; • Reflections On The Example: Debt and Equity Risk, 136; • What
“Leverage” Really Means — Financial and Operational Leverage, 137; • Working More
Than Two Possible Outcomes, 138;
6·5 Summary    141
II Investments: Risk Vs. Expected Returns
(in a Perfect Market under Risk-Aversion) 147
Chapter 7 A First Look at Investments   151
7·1 Stocks, Bonds, and Cash, 1970–2004   152
Graphical Representations of Historical Returns, 152; • Historical Investment
Performance, 155; • Comovement, Market-Beta, and Correlation, 159; • The Big
Picture Take-aways, 161; • Will History Repeat Itself?, 162;
7·2 A Brief Overview of Equities Market Institutions and Vehicles  164
Brokers, 164; • Exchanges and Non-Exchanges, 164; • Investment Companies
(ADRs and Funds), 166; • How Securities Appear and Disappear, 166;
7·3 Summary  168
Chapter 8 Investor Choice: Risk and Reward  171
8·1 Measuring Risk and Reward  172
Measuring Reward: The Expected Rate of Return, 174; • Measuring Risk: The
Standard Deviation of the Rate of Return, 174;
8·2 Portfolios, Diversification, and Investor Preferences　 . . 175
Assume Investors Care Only About Risk and Reward, 178;
8·3 How To Measure Risk Contribution 　 . 179
An Asset’s own Risk is not a Good Measure for Risk Contribution To a Portfolio, 179;
• Beta Is a Good Measure for Risk Contribution to a Portfolio, 181; • Why not
Correlation or Covariance?, 186; • Interpreting Typical Stock Market Betas, 186;
8·4 Expected Rates of Return and Market-Betas For (Weighted) Portfolios and Firms 188
8·5 Spreadsheet Calculations For Risk and Reward 　 . 191
Statistical Nuances, 191;
8·6 Summary 　 　 . 193
A An Investor’s Specific Trade-Off of Risk vs Reward 　  196
A Short-Cut Formula For the Risk of a Portfolio, 198; • Graphing the Mean-Variance
Efficient Frontier, 200; • Adding a Risk-Free Rate, 203;
Chapter 9 The Capital Asset Pricing Model　 　 . . 213
9·1 What You Already Know And What You Want To Know　 　 　 　  214
9·2 The Capital-Asset Pricing Model (CAPM) — A Cookbook Recipe Approach 　  215
The Security Market Line (SML), 216;
9·3 The CAPM Cost of Capital in the Present Value Formula 　 　 　 　  219
Deconstructing Quoted Rates of Return — Risk Premiums, 219;
9·4 Estimating the CAPM Inputs 　 　  221
The Equity Premium, 221; • The Risk-Free Rate and Multi-Year Considerations, 225;
• Investment Projects’ Market Betas, 226;
9·5 Empirical Reality 　 　 　 　  232
The Relationship Between Beta and Expected Rates of Return If the CAPM Does Not
Work, 232; • Does the CAPM Work?, 234;
9·6 Summary 　 　 . 240
A Application: Certainty Equivalence 　  243
Valuing Goods Not Priced at Fair Value, 243; • Application: The CAPM Hurdle Rate
For a Project With Cash Flow History Only, 246;
B Theory: CAPM Background 　 　  248
Portfolio Separation, 248; • The Mean-Variance Efficient Frontier and CAPM-type
Formulas, 248; • CAPM Logic Recap, 250;
C Theory: CAPM Alternatives!?　 　  251
The Arbitrage Pricing Theory (APT) and Intertemporal CAPM (ICAPM), 251; • The
Fama-French-Momentum (-And-More) Model , 253;
III Value and Market Efficiency in an Imperfect Market 259
Chapter 10 Market Imperfections 　 　 . . 263
10·1 Causes and Consequences of Imperfect Markets 　 264
Perfect Market Assumptions and Violations, 264; • Application: How Perfect is the
Market for PepsiCo Shares?, 265; • Ambiguous Value in Imperfect Markets, 266;
• Some Imperfect Market Examples, 267; • Do You Always Get What You Pay
For?, 267; • Social Value and Surplus, 268;
10·2 The Effects of Disagreements 　 　 . . 269
Expected Return Differences vs. Promised Return Differences, 269; • Corporate
Finance vs. Entrepreneurial Finance: The Firm’s Credit Quality, 270; • Covenants,
Collateral, and Credit Rating Agencies, 271;
10·3 Market Depth and Transaction Costs 　 272
Typical Costs When Trading Real Goods—Real Estate, 272; • Typical Costs When
Trading Financial Goods—Stocks, 273; • Transaction Costs in Returns and Net
Present Values, 275; • The Value of Liquidity, 276;
10·4 An Introduction to The Tax Code 　 　 277
The Basics of (Federal) Income Taxes, 277;
10·5 Working With Taxes 　 　 　 　 . 279
Taxes in Rates of Returns, 279; • Tax-Exempt Bonds and the Marginal Investor, 279;
• Taxes in Net Present Values, 280; • Tax Timing, 282;
10·6 Stated Yields and Premiums in Imperfect Markets 　 　 283
Deconstructing Quoted Rates of Return — Liquidity and Tax Premiums, 284;
10·7 Multiple Effects: How to Work Problems You Have Not Yet Encountered 　 . . 286
Solving a Problem With Inflation and Taxes, 286; • Taxes on Nominal Returns?, 287;
10·8 Summary 　 　 . 288
Chapter 11 Efficient Markets, Classical Finance, and Behavioral Finance　 . 295

Chapter 11 Efficient Markets, Classical Finance, and Behavioral Finance　 . 295
11·1 Arbitrage and Great Bets 　 　 　 . 296
11·2 Market Efficiency　 　 　 　 　 . 298
Short-Term vs. Long-Term Market Efficiency, 299; • Relation to Perfect Market, 300;
• Market Efficiency in Modern Financial Markets, 301;
11·3 Classifications Of Market Efficiency Beliefs and Behavioral Finance　 　 　 302
The Traditional Classification, 303; • The Fundamentals-Based Classification and
Behavioral Finance, 304;
11·4 The Random Walk and The Signal-To-Noise Ratio 　 　 . 305
The Signal, 306; • The Noise, 308; • Detecting an Abnormal Signal in the Noise, 308;
• Technical Analysis, 309; • Investment Manager Performance Evaluation, 312;
11·5 Corporate Consequences 　 　 　 . 315
If the Financial Markets are (Close To) Perfect, 315; • If the Market is not Perfect but
at least Efficient, 316; • If the Finance Market is Not Even Efficient, 317;
• Comparison and Summary, 318;
11·6 Event Studies Can Measure Instant Value Impacts　 　 . 319
An Example: The Congressional Mid-Term Election of 2006, 319; • Important Event
Study Limitations, 322; • Some Other Event Study Results, 323;
11·7 Summary 　 　 . 324
IV Financial Analysis and Applied Valuation 329
Chapter 12 Capital Budgeting Applications and Pitfalls 　 　 　 　 　 . 333
12·1 So Many Returns: The Internal Rate of Return, the Cost of Capital, the Hurdle Rate,
and the Expected Rate of Return 　 　 . 334
12·2 Promised vs. Expected Returns and Cash Flows　 . 335
Expected, Typical, and Most Likely Scenarios, 335;
12·3 Badly Blended Costs of Capital　 　 . 337
Does Risk-Reducing Corporate Diversification Create Value?, 337; • How To Misuse
the CAPM, 339; • Differential Costs of Capital — Theory and Practice, 341;
12·4 The Economics of Project Interactions　 　 　 343
The Ultimate Project Selection Rule, 344; • Project Pairs, 344; • One More Project:
Incremental Rather Than Average Contribution, 347;
12·5 Future Contingencies and Real Options　 　 　 . 354
A Specific Example, 354; • Valuing Real Options — Importance and Difficulty, 356;
• Embedded Real Options, 357;
12·6 Behavioral Biases　 　 　 　 　 . 358
12·7 Incentive (Agency) Biases 　 　 　 . 359
12·8 An NPV Checklist 　 　 　 　 　 363
12·9 Summary 　 　 . 365
A Valuing Some More Real Options　 　 . 367
Decision Trees: One Set of Parameters, 367; • Projects With Different
Parameters, 373;
Chapter 13 From Financial Statements To Economic Cash Flows 　 　 　 . 379
13·1 Financial Statements 　 　 　 　 380
The Contents of Financials, 381; • PepsiCo’s Financials, 387; • Why Financiers and
Accountants Think Differently, 388;
13·2 A Bottom-Up Example — Long-Term Accruals (Depreciation) 　 　 　 　 390
Doing Accounting, 391; • Doing Finance, 392; • Reverse-Engineering Accounting
into Finance, 394; • Depreciation Nuances, 396;
13·3 A Bottom-Up Example — Deferred Taxes 　 　 . . 398
Reverse-Engineering Accounting into Finance, 399;
13·4 A Bottom-Up Example — Short-Term Accruals 　 . . 400
(Net) Working Capital, 400;
13·5 Earnings Management 　 　 　 　 . 403
13·6 Extracting Present Value Cash Flows from PepsiCo’s Financials 　 　 　 . 404
13·7 Summary 　 　 . 409
A Supplementary Financials — Coca Cola　 　 　 . 410
Coca Cola’s Financials From EdgarScan, Restated, 410; • Coca Cola’s Financials From
Yahoo!Finance, Not Restated, 410;
Chapter 14 Valuation From Comparables and Some Financial Ratios 　 　 . 419
14·1 Comparables and Net Present Value　 . 420
The Law of One Price, 420;
14·2 The Price-Earnings (P/E) Ratio　 　 . . 423
Definition, 424; • Why P/E Ratios differ, 425; • Empirical Evidence, 427;
14·3 Problems With Price-Earnings Ratios 　 433
Selection of Comparison Firms, 435; • (Non-) Aggregation of Comparables, 436;
• Trailing Twelve Month (TTM) Figures and Other Adjustments, 440; • Debt
Adjustments For P/E Ratios, 441;
14·4 Other Financial Ratios 　 　 　 　 . 443
Valuation Ratios, 443; • Non-Valuation Diagnostic Financial Ratios, 446;
14·5 Summary 　 　 . 453
V Capital Structure and Payout Policy 457
Chapter 15 Corporate Claims　 　 　 . . 461
15·1 The Basic Building Blocks　 　 　 . 462
Cash Flow Rights as Payoff Diagrams, 463;
15·2 Liabilities 　 　 . 465
Financial Claims (Debt), 465; • Non-Financial Liabilities, 470;
15·3 Ordinary Equity (Common Stock) 　 　 471
Preferred Equity and Warrants, 472;
15·4 Tracking IBM’s Capital Structure From 2001 to 2003 　 . 473
IBM’s Liabilities, 473; • IBM’s Equity, 479; • Observations on the Evolution of IBM’s
Capital Structure, 481;
15·5 Measuring Leverage 　 　 　 　 . 482
Total Leverage: The Total-Liabilities-To-Total-Assets Ratio, 482; • Financial Leverage:
The Financial Debt-To-Financial Capital Ratio, 483; • Comparing Total and Financial
Leverage Ratios, 484; • A Flow-Based Approach: The Interest-Coverage Ratio, 486;
15·6 Summary 　 　 . 486
Chapter 16 Capital Structure and Capital Budgeting in a Perfect Market　 . 491
16·1 Conceptual Basics　 　 　 　 　 492
Maximization of Equity Value or Firm Value?, 492;
16·2 Modigliani and Miller, The Informal Way 　 　 . . 494
16·3 Modigliani and Miller, The Formal Way 　 　 　 . 496
16·4 The Weighted Average Cost of Capital (WACC)　 . . 500
An Example In a Risk-Averse World In Which Riskier Securities Must Offer Higher
Expected Rates of Return , 500; • The WACC Formula (Without Taxes), 503; • The
CAPM and WACC in the NPV Formula — A Seamless Magical Fit, 505; • How the Cost
of Capital Varies With Leverage, 507; • The Effect of Debt on Earnings-Per-Share and
Price-Earnings Ratios, 511;
16·5 The Big Picture: How to Think of Debt and Equity　 　 . 513
16·6 M&M For Operations and For Non-Financial Liabilities 　 514
Value Irrelevance, 514; • The Weighted Average Cost of Capital, 515;
16·7 Summary 　 　 . 516
Chapter 17 The Weighted Cost of Capital and Adjusted Present Value in an
Imperfect Market With Taxes 　 　 　 . . 521
17·1 Relative Taxation of Debt and Equity 　 522
Hypothetical Equal Taxation and Capital Budgeting, 522; • Realistic Differential
Taxation of Debt and Equity, 523;
17·2 Firm Value Under Different Capital Structures 　 . . 524
Future Corporate Income Taxes and Owner Returns, 524;
17·3 Formulaic Valuation Methods: APV and WACC　 . . 526
Adjusted Present Value (APV): Theory, 526; • Tax-Adjusted Weighted Average Cost
of Capital (WACC) Valuation: Theory, 529;
17·4 A Sample Application of Tax-Adjusted Valuation Techniques　 　 　 　 533
The Flow-To-Equity Direct Valuation from the Pro Forma Financials, 533; • APV, 535;
• WACC, 536;
17·5 The Tax Subsidy on PepsiCo’s Financial Statement 　 　 538
17·6 Contemplating Corporate Taxes 　 　 . 539
Which Tax-Adjusted Valuation Method is Best?, 539; • A Quick-and-Dirty Heuristic
Tax-Savings Rule, 540; • Can Investment and Financing Decisions Be Separate?, 541;
• Some Other Corporate Tax Avoidance Schemes, 541;
17·7 Summary 　 　 . 543
A The Discount Factor on Tax Obligations and Tax Shelters 　 　 　 　 . 546
Chapter 18 More Market Imperfections Influencing Capital Structure　 　 . 555
18·1 What Matters? 　 　 　 　 　 . 556
18·2 The Role of Personal Income Taxes and Clientele Effects 　 　 　 　 . . 557
Background: The Tax Code For Security Owners, 557; • The Principle Should Be
“Joint Tax Avoidance”, 558; • Tax Clienteles, 559; • How to Think About Different
(International) Tax Codes, 566;
18·3 Operating Policy: Behavior in Bad Times (Financial Distress)　 　 　 　 . 569
The Tradeoff in the Presence of Financial Distress Costs, 569; • Direct Losses of Firm
Value, 570; • Operational Distortions of Incentives, 574; • Strategic
Considerations, 576;
18·4 Operating Policy: Behavior in Good Times 　 　 . 577
Agency Issues, 577;
18·5 Bondholder Expropriation 　 　 　 579
Project Risk Changes, 579; • Issuance of Bonds of Similar Priority, 580;
• Counteracting Forces Against Expropriation, 581;
18·6 Inside Information and Adverse Selection 　 　 . 584
18·7 Transaction Costs and Behavioral Issues 　 　 . . 586
18·8 Static Capital Structure Summary 　 　 588
The Cost of Capital, 588;
18·9 Valuation Formulas With Many Market Imperfections 　 590
Do You Need Other Valuation (APV or WACC) Formulas?, 592; • Lesser Evils:
Combining WACC with the CAPM, 593;
18·10Capital Structure Dynamics　 　 　 . 594
18·11Summary 　 　 . 596
Chapter 19 Equity Payouts: Dividends and Share Repurchases 　 　 　 . 601
19·1 Background　 　 　 　 　 　 . 602
Dividend Mechanics, 602; • Share Repurchase Mechanics, 603;
19·2 Perfect Market Irrelevance 　 　 　 604
19·3 Dividends and Share Repurchases　 　 606
Personal Income Tax Differences and Investor Clienteles, 607; • Non-Tax
Differences, 610;
19·4 Empirical Evidence 　 　 　 　 . . 611
Historical Payout Patterns, 611; • Market Reactions, 613;
19·5 Survey Evidence　 　 　 　 　 619
19·6 Summary 　 　 . 620
VI Pro Forma Financial Statements 625

Chapter 20 Pro Forma Financial Statements　 　 . . 627
20·1 The Goal and Logic　 　 　 　 . . 628
An External Analyst’s View Versus an Entrepreneur’s View, 629;
20·2 The Template 　 　 　 　 　 . . 630
20·3 The Length of the Detailed Projection Period 　 　 632
20·4 The Detailed Projection Phase 　 　 . 634
Faking It: Direct Extrapolation of Historical Cash Flows, 635; • The Real Thing:
Detailed Financial Pro Forma Projections, 637; • Ratio Calculations and Policy with
Pro Formas, 641;
20·5 The Terminal Value 　 　 　 　 . 643
The Cost of Capital, 643; • The Cost of Capital Minus the Growth Rate of Cash
Flows, 645;
20·6 Some Pro Formas 　 　 　 　 　 648
An Unbiased Pro Forma, 648; • A Calibrated Pro Forma, 648;
20·7 Alternative Assumptions and Sensitivity Analysis　 　 . 652
Fiddling with Individual Items, 652; • Do Not Forget Failure, 653; • Assessing the
Quality of a Pro Forma, 654;
20·8 Proposing Capital Structure Change　 . 655
20·9 Our Pro Forma in Hindsight 　 　 　 657
20·10Caution—The Emperor’s New Clothes 　 　 　 659
20·11Summary 　 　 . 660
A In-a-Pinch Advice: Fixed vs. Variable Components 　 　 662
VII Appendices 669
Chapter A Epilogue　 　 　 　 　 . . 671
A·1 Thoughts on Business and Finance Education　 　 672
Common Student Misconceptions, 672; • Common Faculty Misconceptions, 673;
• Business School vs. Practice, 674; • The Rankings, 675;
A·2 Finance As A Discipline 　 　 　 . . 676
Art or Science?, 676; • Will We Ever Fully Understand Finance?, 677;
A·3 Finance Research　 　 　 　 　 . 677
Accomplishments of Finance, 677; • Interesting Current Academic Research, 678;
• Getting Involved in Academic Research, 678; • Finance Degrees, 678;
• Academic Careers in Finance and Economics: A Ph.D.?, 678; • Being a Professor —
A Dream Job for the Lazy?, 679; • The Best Finance Journals, 681;
A·4 Bon Voyage 　 　 　 　 　 　 . 681
Chapter B More Resources　 　 　 　 . 683
2·1 Prominently Used Data Websites 　 　 . 684
2·2 Necessary Algebraic Background 　 　 685
2·3 Laws of Probability, Portfolios, and Expectations　 686
Single Random Variables, 686; • Portfolios, 689;
2·4 Cumulative Normal Distribution Table 　 　 　 . 691
2·5 A Short Glossary of Some Bonds and Rates 　 　 692
Chapter C Index 　 　 697
3·1 Main Index　 　 697

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