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![Yale University, Welch] A First Course in Corporate Finance.pdf
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Total of 720 pages, and it covers many topics!
I Investments and Returns 1
Chapter 1: A Short Introduction 5
1·1 The Goal of Finance: Relative Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1·2 Learning How to Approach New Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1·3 The Main Parts of This Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Chapter 2: The Time Value of Money 9
2·1 Basic Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2·1.A. Investments, Projects, and Firms 10
2·1.B. Loans and Bonds 11
2·1.C. U.S. Treasuries 12
2·2 Returns, Net Returns, and Rates of Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2·3 The Time Value of Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2·3.A. The Future Value of Money 15
2·3.B. Compounding 15
2·3.C. Confusion: Interest Rates vs. Interest Quotes 19
2·4 Capital Budgeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
2·4.A. Discount Factor and Present Value (PV) 21
2·4.B. Net Present Value (NPV) 23
2·5 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Chapter 3: More Time Value of Money 31
3·1 Separating Investment Decisions and Present Values From Other Considerations . . . . 32
3·1.A. Does It Matter When You Need Cash? 32
3·1.B. Corporate Valuation: Growth as Investment Criteria? 33
3·1.C. The Value today is just “All Inflows” or just “All Outflows” 34
3·2 Perpetuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
3·2.A. The Simple Perpetuity Formula 36
3·2.B. The Growing Perpetuity Formula 37
3·2.C. A Growing Perpetuity Application: Individual Stock Valuation with Gordon Growth Mod-
els 39
3·3 The Annuity Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
3·3.A. An Annuity Application: Fixed-Rate Mortgage Payments 41
3·3.B. An Annuity Example: A Level-Coupon Bond 42
3·4 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
a Advanced Appendix: Proofs of Perpetuity and Annuity Formulas . . . . . . . . . . . . . . 48
Chapter 4: Investment Horizon, The Yield Curve, and (Treasury) Bonds 49
4·1 Time-Varying Rates of Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
4·2 Annualized Rates of Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
4·3 The Yield Curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
4·3.A. An Example: The Yield Curve in May 2002 54
4·3.B. Compounding With The Yield Curve 56
4·3.C. Yield Curve Shapes 57
4·4 Present Values With Time-Varying Interest Rates . . . . . . . . . . . . . . . . . . . . . . . . 58
4·4.A. Valuing A Coupon Bond With A Particular Yield Curve 59
4·5 Why is the Yield Curve not Flat? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
4·5.A. The Effect of Interest Rate Changes on Short-Term and Long-Term Treasury Bond Val-
ues 62
4·6 The Yield To Maturity (YTM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
4·7 Optional Bond Topics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
4·7.A. Extracting Forward Interest Rates 66
4·7.B. Shorting and Locking in Forward Interest Rates 68
4·7.C. Bond Duration 70
4·7.D. Continuous Compounding 74
4·8 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Chapter 5: Uncertainty, Default, and Risk 79
5·1 An Introduction to Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
5·1.A. Random Variables and Expected Values 80
5·1.B. Risk Neutrality (and Risk Aversion Preview) 82
5·2 Interest Rates and Credit Risk (Default Risk) . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
5·2.A. Risk-Neutral Investors Demand Higher Promised Rates 84
5·2.B. A More Elaborate Example With Probability Ranges 85
5·2.C. Preview: Risk-Averse Investors Have Demanded Higher Expected Rates 87
5·3 Uncertainty in Capital Budgeting, Debt, and Equity . . . . . . . . . . . . . . . . . . . . . . . 89
5·3.A. Present Value With State-Contingent Payoff Tables 89
5·3.B. Splitting Project Payoffs into Debt and Equity 92
5·4 Robustness: How Bad are Your Mistakes? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
5·4.A. Short-Term Projects 100
5·4.B. Long-Term Projects 100
5·5 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
a Appendix: A Short Glossary of Some Bonds and Rates . . . . . . . . . . . . . . . . . . . . . 105
Chapter 6: Dealing With Imperfect Markets 109
6·1 Causes and Consequences of Imperfect Markets . . . . . . . . . . . . . . . . . . . . . . . . . 110
6·1.A. Perfect Market Assumptions 110
6·1.B. Value in Imperfect Markets 111
6·1.C. Perfect, Competitive, and Efficient Markets 111
6·2 The Effect of Disagreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
6·2.A. Expected Return Differences vs. Promised Return Differences 115
6·2.B. Corporate Finance vs. Entrepreneurial or Personal Finance? 116
6·2.C. Covenants, Collateral, and Credit Rating Agencies 117
6·3 Market Depth and Transaction Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
6·3.A. Typical Costs When Trading Real Goods—Houses 121
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many many more chapters!!!!!!!!!!!!!
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