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Curso: Finanzas Corporativas Avanzadas: Libro: Corporate Finance,…
Curso: Finanzas Corporativas Avanzadas:
Libro: Corporate Finance
Chapter 1:
Introduction to
Corporate Finance
1.1 Corporate Finance:
Financial Manager:
www.cfo.com.
Balance Sheet:
In what long-lived assets should the firm invest?
How can the firm raise cash for required capital expenditures?
3.How should short-term operating cash flows be managed?
1.2. The Corporate Firm
THE SOLE PROPRIETORSHIP
THE PARTNERSHIP
THE CORPORATION
1.3 The Importance of Cash Flows
Buy assets that generate mroe cash than they cost
Sell bodns, stocks and other finantial instrumentes that raise more cash than they cost
IDENTIFICATION OF CASH FLOWS
TIMING OF CASH FLOWS
RISK OF CASH FLOWS
1.4 The Goal of Financial Management
Make money or add value for the owners
A MORE GENERAL GOAL: Maximize the value of the existing owners’ equity
THE GOAL OF THE FINANCIAL MANAGER: maximize the current value per share of the existing
stock.
The Agency Problem and Control
of the Corporation
AGENCY RELATIONSHIPS: Such a relationship exists whenever someone (the principal) hires another (the agent) to
represent his or her interests.
MANAGEMENT GOALS
DO MANAGERS ACT IN THE STOCKHOLDERS’ INTERESTS?
Managerial Compensation
Control of the Firm
STAKEHOLDERS
1.6 Regulation
SARBANES-OXLEY
THE SECURITIES ACT OF 1933 AND THE SECURITIES
EXCHANGE ACT OF 1934
Chapter 2.
Financial Statements
and Cash Flow
2.1 The Balance Sheet
2.2The Income Statement
2.3 Taxes
2.4 Net Working Capital
2.6 The Accounting Statement of Cash Flows
2.5 Cash Flow of the Firm
2.7 Cash Flow Management
Chaper 3.
Financial Statements Analysis
and Financial Models
3.1 Financial Statements Analysis
Financial Ratios
Dupont Identity
External Financing and Growth:
External financing needed (EFN)
Internal growth rate
The Sustainable Growth Rate
Chapter 4
Discounted Cash
Flow Valuation
Chapter 5
Net Present Value and Other
Investment Rules
IRR
Defecto de la IRR
a. Some projects have cash inflows followed by one or more outflows. The IRR rule is inverted here: One should accept when the IRR is below the discount rate.
b. Some projects have a number of changes of sign in their cash flows. Here, there are likely to be multiple internal rates of return. The practitioner must use NPV.
The Profitability Index: We described capital rationing as the case where funds are limited to a fixed dollar amount.
With capital rationing, the profitability index is a useful method of adjusting the NPV.
NPV
Payback Period
Chapter 6
Making Capital Investment
Decisions
SUNK COSTS: Un costo hundido es un costo que ya se ha producido. Debido a que los costos hundidos están en el pasado,
no se puede cambiar por la decisión de aceptar o rechazar el proyecto
OPPORTUNITY COSTS: Your firm may have an asset that it is considering selling, leasing, or employing elsewhere in the business. If the asset is used in a new project, potential cash flows from alternative uses are lost
SIDE EFFECTS
Another difficulty in determining incremental cash flows comes from the side effects of the proposed project on other parts of the firm.
Ejemplo:
Alternative Definitions of Operating
Cash Flow
THE TOP-DOWN APPROACH OCF = Sales − Cash costs − Taxes
THE TAX SHIELD APPROACH OCF = Sales − Cash costs − (Sales − Cash costs − Depreciation) × TC
THE BOTTOM-UP APPROACH OCF = Net income + Depreciation
Chapter 7
Risk Analysis, Real Options,
and Capital Budgeting
BREAK-EVEN ANALYSIS
Real Options
TIMING OPTIONS
Decision Trees
Chapter 8
Interest Rates
and Bond Valuation
BOND VALUES AND YIELDS:
Bond value = C × [ 1 − 1/ (1 + R)t ] / R + F/ (1 + R)t
If a bond has (1) a face value of F paid at maturity, (2) a coupon of C paid per period, (3) t periods to maturity, and (4) a yield of R per period, its value is:
INTEREST RATE RISK
chapter 9
Stock Valuation
Adjusted Present Value Approach
adjusted present value (APV) = APV = NPV + NPVF
Flow to Equity Approach
Weighted Average Cost
of Capital Method
Chapter 18
Valuation and Capital
Budgeting for the Levered Firm
