Corporate finance Books

Book SynopsisA RINGSIDE SEAT ON SOME OF THE BIGGEST DEALS AND BIGGEST PERSONALITIES IN BUSINESS AND GLOBAL POLITICS.They are just four letters on an electronic ticker tape, but FTSE has become a byword for money, power, influence and - crucially, after numerous financial crises - trust.How this organisation, FTSE International, brought order to the financial system over several decades, is a story of how capitalism globalized and a data revolution transformed the investment industry. It is a story of how a team of innovators seized an opportunity to build a business that today leads its field and guides the fortunes of an astonishing $16 trillion of funds. It is a story that Mark Makepeace, founding Chief Executive of FTSE International, knows better than anybody.FTSE is a ringside seat on some of the biggest deals and biggest personalities in business and global politics, chronicling how the FTSE 100 was born, behind-the-scenes rows with chief executives of some of the world's largest companies, political in-fighting, diplomatic incidents, and the ferocious dealmaking that followed over 35 years of market boom and bust.'FTSE is a story which should inform and fascinate anyone interested in capital markets.' Sir Donald Brydon, CBETrade Review"Mark Makepeace takes us on a 35-year journey from a sedentary world of top hats, long lunches and fixed commissions to a dynamic global marketplace dominated by computers and algorithms, a marketplace of infinite choice. In the process he not only tells the story of a brilliant British company that kept pace with this dizzy change but he charts the development of financial markets transformed within a generation by the forces of technology and globalization." -- John Makinson, founder of Makinson & Cowell, former CFO of Pearson, and former CEO of Penguin"FTSE and Mark have had a ring-side seat for every major change in the UK stock market - and have been active players in many of the deals and mergers that have re-shaped the sector internationally. It is a fascinating story of a crucial phase in the investment landscape." -- John Ridding, CEO of the Financial Times Group and former editor of the Financial Times, Asia"FTSE is a story which should inform and fascinate anyone interested in capital markets." -- Sir Donald Brydon CBE, chairman of the Sage Group and former chairman of the London Stock Exchange Group"An inspiring success story; how a clear vision, relentless commitment and two great British brands combined to create a global leader." -- Rona Fairhead, Baroness Fairhead CBE, former chief executive of the Financial Times Group and former Minister of State at the Department for International Trade"Richly detailed, and written with an attractively light touch, bringing out personalities as well as indices, this is an important contribution to our understanding of how the modern City has developed." -- David Kynaston, social historian and author of City of London: The History and Austerity Britain 1945–1951

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Book SynopsisPivoting and the startup development process: A systematic literature review.- Designing impact case studies: Lessons from the SIDREA-CNDCEC joint project on “high-growth start-ups (Gazelles)”.- Valuing startups: Models and methods in the face of criticalities of newness.- A comparative study on the profitability performance of European innovative and social startups in pre-Covid and Covid periods.- Performance and resilience of Italian Startups: A quantitative approach.- Human capital qualification and resilience of high-growth startups (Gazelles). COVID-19 as a natural experiment.- Bank financing and survival risk in new entrepreneurial ventures: The controversial effect of credit guarantee schemes.- The development of gazelles at the turn of the pandemic crisis: Greater attention to the generation of social and environmental well-being?.- Sustainability in innovative startups: Exploring drivers, barriers, and tools for performance accountability.- Critical success factors for healthcare services gazelles: An empirical analysis of Italian companies.- Does culture matter for a FinTech new venture?.

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Book SynopsisDieses Buch beschreibt die Theorie und Praxis der Corporate Finance. Die Finanzwirtschaft des Unternehmens befasst sich schwerpunktmäßig mit der Investitionstätigkeit in Sach- und Finanzanlagen des Anlagevermögens, dem Management des Working Capital und der Finanzierungstätigkeit. Das Buch kann an Hochschulen in mittleren Semestern sowie in Weiterbildungslehrgängen eingesetzt werden. Darüber hinaus eignet es sich auch für Praktiker, die im finanzwirtschaftlichen Bereich eines Unternehmens tätig sind und sich ein fundiertes Verständnis der Corporate Finance aneignen wollen. Neben der Theorie werden auch praktische Problemstellungen wie beispielsweise die Bestimmung des Kapitalkostensatzes auf Unternehmens- und Projektebene behandelt.Table of ContentsGrundlagen.- Sachinvestitionen und Working Capital Management.- Finanzinvestitionen.- Finanzierung.- Ausgewählte Spezialthemen.

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Book SynopsisIn diesem Lehrbuch lernen Sie die Grundlagen des Sponsorings sowie verschiedene Ausprägungen und Erscheinungsformen des Sportsponsorings kennen. Anhand zahlreicher Praxisbeispiele, Statistiken und Studienergebnisse bekommen Sie eine realistische Vorstellung von der Größenordnung, in der sich das Sportsponsoringvolumen in Deutschland und weltweit bewegt und welche Sportarten und Branchen in diesem Sektor von Relevanz sind. Ihnen werden die Ziele, Motive und die Akteure im Bereich des Sportsponsorings vorgestellt. Des Weiteren lernen Sie die theoretische Verortung des Sportsponsorings aus Management- bzw. Marketing- und Kommunikationssicht kennen und können sich mit dem strukturierten Sponsoringmanagementprozess vertraut machen. Insgesamt erhalten Sie mit diesem Lehrbuch ein breites Grundlagenwissen zum Thema Sportsponsoring.Table of ContentsSponsoring: Begriff, Definition, Merkmale, Typen.- Sportsponsoring: Abgrenzung, Bedeutung, Wirkungspotenziale, Erscheinungsformen.- Sportsponsoring als Marketing- und Kommunikationsinstrument.

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Book SynopsisDurch staatliche Förderung (EEG) und stetige Verbesserungen im Wirkungsgrad von Solaranlagen wird diese Form der Energiegewinnung immer attraktiver. Neben der Förderung gilt es, die steuerrechtlichen Vorteile optimal zu nutzen. Das Werk gibt dazu einen praxisnahen Leitfaden.Die 4. Auflage berücksichtigt die zahlreichen Änderungen, die bei der Förderung einer Photovoltaikanlage durch das EEG eingetreten sind. Daraus ergeben sich auch umfangreiche Auswirkungen auf die Besteuerung einer Photovoltaikanlage. Zudem hat die Rechtsprechung bisher noch offene Punkte geklärt.Table of ContentsAktuelle Entwicklungen im Bereich der Photovoltaik.- Anwendung des Erneuerbare Energien Gesetzes (EEG).- Ertragsteuerliche Besonderheiten.- Umsatzsteuerliche Besonderheiten.- Auswirkungen bei der Gewerbesteuer.- Grunderwerbsteuer.- Zahlreiche Beispiele und Berechnungen.

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Book SynopsisBased on the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) in January 2010, this provides a simplified summary of the main elements - using diagrams for each of the Standards to help the reader visualize the key decisions and choices their application requires.Table of ContentsContents Preface to the 4th Edition List of Abbreviations I. Introduction II. International Financial Reporting Standards IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property IAS 41 Agriculture IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments IFRS 9 Financial Instruments III. Interpretations of IFRIC IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a Specific Market- Waste Electrical and Electronic Equipment IFRIC 7 Applying the Restatement Approach under IAS 29 "Financial Reporting in Hyperinflationary Economies" IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non-cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

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Book SynopsisIn Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management. He builds from an analysis of traditional value investing concepts to their strategic applications.Trade ReviewUnderstanding values is the key to corporate success, and Graham and Dodd is the Rosetta Stone of unlocking values. In this book, Joseph Calandro Jr. continues his application of core value investing principles into both strategy and management. A must-read for corporate managers and investors alike. -- Mario J. Gabelli, founder, chairman, and CEO of GAMCO Investors, Inc.I loved this book. Calandro has written a highly engaging work on an incredibly important, often overlooked topic: how corporate managers should allocate capital according to the principles of value investment. He draws on theory and practice to deliver a resoundingly persuasive argument. The book is fantastically well written and a pleasure to read. Every director, officer, and general manager should read it. -- Tobias Carlisle, principal, Acquirers Funds, LLC; author of The Acquirer's Multiple and Deep Value; and founder, acquirersmultiple.comA riveting blend of skill sets on strategy and management in the corporate world. Information sharing and analysis at the speed of the internet, animated by the experience of an author whose findings and recommendations are both thoughtfully and practically displayed. -- Lenny DePaul, chief inspector/commander, U. S. Marshals Service (Ret.)Joseph Calandro’s book about value investing and corporate management is timely: for more than ten years ‘value’ stocks have underperformed ‘growth’ stocks. If we assume that we will find value stocks among depressed and neglected sectors of the market, it follows that there is now ‘double value’ in the stock market; double value arises from unpopular shares and from a completely neglected investment strategy that value investing has become. I highly recommend Calandro’s book as we shall move away from passive investment styles to more active management. -- Marc Faber, editor, The Gloom, Boom, & Doom Report, and author of Tomorrow’s Gold: Asia’s Age of DiscoveryValue investing is more than a capital allocation strategy. It is a philosophy of business based on the idea that the best way to navigate a volatile marketplace is not with gut, instinct, and savvy, but with facts, verifiable data, and a margin of safety. Joseph Calandro’s Creating Strategic Value expertly shows how the principles of value investing can be applied to business strategy and management. -- Jeff Gramm, fund manager and author of Dear Chairman: Boardroom Battles and the Rise of Shareholder ActivismCalandro wastes no words in building the case for applying the precepts of value investing to general corporate management. He illustrates those precepts with portraits of the careers of a host of accomplished practitioners, from old Jay Gould to the immortals Benjamin Graham and Henry Singleton to the contemporary standouts Howard Marks and Seth Klarman. Find your “information advantage” is the theme of this fine and useful volume—and you can begin your quest in these very pages. -- James Grant, editor, Grant’s Interest Rate Observer, and author of The Forgotten Depression: 1921, The Crash That Cured ItselfThe lessons of classic, mixed, and contemporary value investing, through interviews with accomplished value practitioners, inspiring anecdotes, and thought-provoking case studies, leave the reader well equipped to see value creating opportunity and avoid value destroying activity. An invaluable resource for both corporate capital allocators and those who evaluate their effectiveness. Every corporate decision maker will emerge a more “intelligent investor” as a result of reading this essential book. -- John J. Hughes, president of Quantum Capital Management, LLCThis book fills a much needed gap for those in corporate strategy and management. Utilizing sound research and leveraging examples by thought leaders in the field, Calandro illustrates how to apply the principles of value investing theory for corporate success. Reading it will definitely give you a leg up on the competition! -- Mark McNeilly, author of Sun Tzu and the Art of BusinessThrough historical example and financial analyses, Joseph Calandro does an excellent job showing executives how to manage corporate value over the long haul. First: how to identify and then control the companies' greatest risks. Second: How and when to pounce on cheap assets offered up by companies not so enlightened. Creating Strategic Value is exactly the guide to read after a decades-long bull market has created amnesia towards financial cyclicality. -- Frederick J. Sheehan, Jr., author of Panderer to Power: The Untold Story of how Alan Greenspan Enriched Wall Street and Left a Legacy of Recession and The Coming Collapse of the Municipal Bond MarketThanks to its readable text and non-technical approach, this book will be a valuable resource for business students, their instructors, and management practitioners. * Choice *Table of ContentsForeword—Professor Sris Chatterjee, Gabelli Chair in Global Security Analysis at Fordham UniversityIntroductionAppendix: Common Ground and/or Areas of Further ResearchPart I Preface: Theory1. Value Investing and Corporate Management: Overview2. Corporate Strategy and the “Margin of Safety”3. Cash and Competitive Advantage4. Corporate Management and “Security Analysis” (including an interview with Seth A. Klarman)5. Value Creating Corporate Management: Henry E. SingletonAppendix 5.1: Evaluating a Stock BuybackAppendix 5.2: Managing Funding Obligations6. Managerial “Rationality”7. Corporate Management and “Modern Security Analysis” (including an interview with the late Martin J. Whitman)8. Value Realization Is “The Most Important Thing”Part IIPreface: Practice9. Value Realization at GEICOAppendix 9.1: Note on Estimating Growth Value10. Value Realization at GTI Corporation11. Value Realization at the Union PacificConclusion and Information AdvantageAcknowledgmentsNotesIndex

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Book SynopsisAn Introduction to Corporate Finance provides the reader with a complete overview of Corporate Finance from perspective of the investment Banker. The author, a corporate trainer and former investment banker clarifies the role of the investment banker in numerous corporate finance transactions, including mergers & acquisitions, IPO''s, and valuation. Given today''s corporate climate, every student studying corporate finance and those working in the field need this book to sharpen their skill set.Table of ContentsAbout the author xv 1 ‘BEHIND THE CHINESE WALL’ 1 Corporate finance in investment banking 2 Chinese walls 3 Corporate finance assignments 5 Flotations/IPOs 6 Mergers, acquisitions and divestitures 8 Leveraged buyouts and management buyouts 13 Financial advice 13 Careers in corporate finance 15 Organisation of this book 20 Part I CORPORATE FINANCE TRANSACTIONS 23 2 SOURCES OF CAPITAL 25 Debt securities 27 Money market securities 27 Long-term debt 29 Floating rate notes 31 Equity 32 Preference shares 32 Ordinary shares 34 Hybrids (convertible securities) 36 3 FLOTATIONS/INITIAL PUBLIC OFFERINGS 39 Primary offerings 40 Ancillary benefits of flotation 46 Disadvantages of flotation 46 Methods of flotation 47 Suitability for listing 49 The offering process 52 Participants and roles 52 Documentation and regulation 55 Due diligence and verification 57 Marketing, syndication and pricing 59 Underwriting 62 4 INTERNATIONAL EQUITY OFFERINGS 65 Rationale for international offerings 66 International investors 68 Development of international equity offerings 69 Regulation and documentation 70 Depository receipts 73 Marketing, syndication and distribution 75 Offer structure 76 Price setting, underwriting and bookbuilding 77 Fees and commissions 79 After the new issue 81 Stabilisation 81 5 RIGHTS ISSUES/SECONDARY OFFERINGS 83 Pre-emption rights 85 Setting the price 87 Calculating the theoretical rights price 88 Rights issue timetable 90 Fees and commissions 90 Secondary offerings 94 Marketed offerings 95 Bought deals 96 Accelerated bookbuilding 98 Demergers 100 6 MERGERS AND ACQUISITIONS 101 Rationale for M&A 102 Types of merger 104 Merger waves 106 Financing the transaction 107 Bootstrap transactions 109 Regulation of M&As 110 Key elements of the City Code 111 7 MANAGEMENT BUYOUTS 115 Financial structure 118 Bank finance (secured lending) 120 Private equity funds 122 Mezzanine finance 123 High-yield bonds 124 Part II CORPORATE FINANCE TECHNIQUES 127 8 VALUING SECURITIES 129 Valuing bonds 130 Valuing shares and companies 132 Cash flow based valuations 135 Determination of terminal/residual value 139 Determining the discount rate 143 Determining the value of the business 143 Relative valuations 146 Price earnings ratio 148 Price/EBIT multiple 149 Market to book value 149 Dividend yield 150 Enterprise value to EBITDA 151 Determining the value of a business based on ratios/multiples 152 9 DETERMINING THE COST OF CAPITAL 159 Weighted average cost of capital 160 Use market values 161 Use target/optimal weighting 162 After tax 163 Match nominal rates with nominal cash flows 163 Cost of debt: Kd 165 Cost of equity: Ke 166 Capital asset pricing model 168 Risk-free rate 170 Market risk premium (equity risk premium) 170 Beta (β) 171 Health warning 172 10 SHAREHOLDER VALUE ADDED (ECONOMIC PROFIT) 173 Just another number? 174 Benefits of SVA 175 Calculation of SVA 177 Limitations of economic profit calculations 181 Appendix: UK CORPORATE VALUATION METHODS: A SURVEY 183 Scoring and tables 184 A.1 Valuation methodology 185 A.1.1 Frequency of use 186 A.1.2 Calculation of final valuation or value range 188 A.2 Discounted cash flows 189 A.2.1 DCF approaches 189 A.2.2 Forecast period 190 A.2.3 Terminal value 191 A.3 Cost of capital 192 A.3.1 Determining the cost of equity 192 A.3.2 Capital asset pricing model 193 Sources of information 197 Glossary 199 List of abbreviations 211 Additional reading 213 Index 215

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Book SynopsisStrategic Corporate Finance provides a 'real-world' application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. A major new text on corporate finance, this book addresses all the critical issues in corporate finance both for practitioners, and students, entering this field.Table of ContentsPreface xi List of Figures xiii List of Tables xv Acknowledgments xvii About the Author xix PART ONE Managing the Left-Hand Side of the Balance Sheet CHAPTER 1 The Cost Of Capital 3 Calculation Pitfalls 3 Market Risk Premium (MRP) 5 Toward a Better Beta 10 The ‘‘Riskless Rate’’ 13 The Cost of Debt 14 Global Capital Costs 16 WACC and Hurdle Rates 23 CHAPTER 2 Fix: Finding Your Sources of Value 26 Why Shareowner Value? 27 Performance Measurement Pitfalls 28 Measuring Economic Profit and Value 30 Analyzing the Corporate Portfolio 35 Incorporating the Cost of Capacity 39 Value-Based Strategies and Tactics 43 Managing for Value 45 Balancing Performance with Value 52 CHAPTER 3 Sell: Creating Value Through Divestiture 54 Divestiture Creates Value 56 Sources of Value: Motives for Divestiture 58 Alternative Methods of Disposition 60 What Works Best for Whom? 63 What Happens Longer Term? 64 Practical Impediments to Divestiture 65 Financial Policy Considerations 70 Tax Considerations and Structural Refinements 70 CHAPTER 4 Grow: How To Make M&A Pay 73 M&A Today 73 Transactions that Create Value 77 M&A Fact and Fallacy 81 RX for the ‘‘Conglomerate Discount’’ 86 EVA and M&A 88 How ‘‘Serial Acquirers’’ Create Value 90 Financial Policy Considerations 93 Financing Growth 94 CHAPTER 5 Cash and The Optimal Capital Structure 97 Trends and Implications 98 How Much Is Too Much? 100 The Costs and Benefits of Excess Cash 105 How the Market Views Excess Cash 108 Optimal Capital Allocation 109 PART TWO Managing the Right-Hand Side of the Balance Sheet CHAPTER 6 An Executive’s Guide to Credit Ratings 117 Trends and Implications 117 Empirical Evidence 123 Limitations of Quantitative Credit Analysis 123 What Metrics Matter Most? 126 Case Study: Treatment of Pension and Postretirement Liabilities 131 Multivariate Credit Models 133 Industry Considerations 135 Case Study: Property and Casualty Insurance 135 Application Issues 137 How to Manage Your Agencies 137 Case Study: Illustration of Secured and Unsecured Notching 139 CHAPTER 7 Today’s Optimal Capital Structure 141 Value-Based Financial Policy 141 Less Debt Is Now ‘‘Optimal’’ 143 Extend Duration When Rates Are Low 146 Maintain Financial Liquidity to ‘‘Insure’’ Your Equity 149 A New Perspective on Equity 151 Case Study: Does Tech Need Debt? 154 CHAPTER 8 Dividends and Buybacks: Calibrating Your Shareholder Distributions 160 The Cash Problem 162 Dividends Are Back 163 How Dividends and Buybacks Create Value 165 Should You Increase Your Dividend? 171 How Large Should Your Buyback Program Be? 178 How to Execute Your Share Repurchase Program 181 CHAPTER 9 The Stock Liquidity Handbook 187 Measuring Stock Liquidity 188 The ‘‘Liquidity Discount’’ 191 Implications of Stock Illiquidity 192 Solutions to Illiquidity 193 Stock Splits 195 PART THREE Managing the Enterprise CHAPTER 10 Strategic Risk Management: Where ERM Meets Optimal Capital Structure 203 The Value of Risk Management 204 Mapping and Modeling Risk 209 Managing to a Benchmark 213 External Considerations and Constraints 216 ERM Case Study: Metallgesellschaft AG 219 Capital Structure Solutions 220 CHAPTER 11 Best Practices In Hedging 224 Which ‘‘Exposure’’ to Hedge 225 Hedge Horizon 230 Hedge Ratio 232 Options versus Forwards 233 Accounting Considerations 235 Implementation 236 CHAPTER 12 ERM Case Study: Reengineering The Corporate Pension 238 Why Now? 239 The Problems with Equity 240 The Case for More Bonds 243 Optimal Capital Structure Reprise 246 Capital Markets Solutions 248 The Boots Case 251 Why It Still Hasn’t Happened 252 APPENDIX A Resources 254 Tools and Portals 254 New Research and Literature Search 254 Economic Research and Data 254 News and Market Data 254 Corporate Governance and Compensation 255 Other Agencies 255 Endnotes 256 References 268 Index 277

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Book SynopsisEssentials of Corporate Fraud Full of valuable tips, techniques, illustrative real-world examples, exhibits, and best practices, this handy and concise paperback will help you stay up to date on the newest thinking, strategies, developments, and technologies in corporate fraud.Trade Review"…presents an insider's look at corporate fraud." (The Business Journal of Milwaukee , 4/4/08)Table of ContentsPreface. Acknowledgements. Chapter 1. The Fraud Problem. Chapter 2. People Who Commit Fraud. Chapter 3. Red Flags of Fraud. Chapter 4. Asset Misappropriation, Bribery, and Corruption. Chapter 5. Financial Statement Fraud. Chapter 6. Fraud Detection and Investigation. Chapter 7. Fraud Prevention. Chapter 8. Best Practices in Fraud Management. Chapter 9. The Future of Fraud. Index.

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Book Synopsis* Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. * Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring.Table of ContentsForeword xi Introduction xv Part One Restructuring Debt and Liabilities 1 Chapter 1 Investing in Distressed Situations: Strategies, Opportunities, and Risks 17 Chapter 2 Note on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) 69 Chapter 3 Kmart and ESL Investments (A) 85 Chapter 4 Kmart and ESL Investments (B): The Sears Merger 115 Chapter 5 National Convenience Stores Incorporated 129 Chapter 6 Continental Airlines—1992 157 Chapter 7 Flagstar Companies, Inc. 185 Chapter 8 The Finova Group, Inc. 225 Chapter 9 Arch Wireless, Inc. 259 Chapter 10 Adelphia Communications Corp.’s Bankruptcy 291 Chapter 11 Buenos Aires Embotelladora S.A. (BAESA): A South American Restructuring 341 Chapter 12 Alphatec Electronics PCl 377 Chapter 13 Groupe Eurotunnel S.A. 417 Chapter 14 Delphi Corp. and the Credit Derivatives Market 447 Part Two Restructuring Equity and Assets 473 Chapter 15 Humana Inc.: Managing in a Changing Industry 487 Chapter 16 USX Corporation 511 Chapter 17 E.I. du Pont de Nemours and Company: The Conoco Split-off 535 Chapter 18 Seagate Technology Buyout 561 Chapter 19 The Loewen Group Inc. 587 Chapter 20 Donald Salter Communications Inc. 617 Part Three Restructuring Employees’ Claims 641 Chapter 21 Restructuring at Delphi Corporation 651 Chapter 22 Navistar International 683 Chapter 23 Scott Paper Company 713 Chapter 24 UAL Corporation 747 Appendix A Closing the Value Gap: A Simple Framework for Analyzing Corporate Restructuring 781 Appendix B Valuing Companies in Corporate Restructurings: Technical Note 785 About the Author 803 Index 805

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Book Synopsis* Today, valuation is an important and highly sophisticated process, and valuators need legitimate guidance to perform their work. * This book provides guidance on appraising estate, gift, charitable contribution, income taxes, and purposes for which fair market value is the standard.Table of ContentsForeword to Second Edition xv Foreword: Legal Practitioner’s Perspective xvii Foreword: Law Professor’s Perspective xix Foreword: Business Appraiser’s Perspective xxi Preface to the New Edition xxiii Origin of the Book xxiii Authors Provide Own Perspectives xxiv Topics Covered xxiv Acknowledgments xxvii About the Authors xxix Chapter 1 Standards of Business Valuation 1 Summary 1 Introduction 2 Sources for Defining Value 3 Definitions of Value 7 Premise of Value 17 Conclusion 18 Chapter 2 Subsequent Events 19 Summary 19 Key Question 19 Valuation Date 20 Subsequent Events—Exceptions 21 Conclusion 27 Chapter 3 Business Valuation Experts 28 Summary 28 Introduction 29 Proving Business Value 29 The Expert Appraiser 30 Types of Experts 31 Various Roles of Experts 32 Business Valuation Litigation Witnesses 32 Admissibility of Evidence Underlying Expert Opinions 33 Limitations to Admissibility 35 Reliability of the Expert 36 Minimum Thresholds for the Business Valuation Expert 38 Sarbanes-Oxley Act of 2002 40 Attorney Assistance to the Expert 40 Qualified Appraiser 43 Concerns about Expert Testimony 44 Court-Appointed Expert 46 Conclusion 48 Appendix: Expert Credentials and Qualifications 49 Chapter 4 Sources of Law and Choice of Courts 58 Summary 58 Structure of the American Legal System 59 Tax Law 60 Tax Litigation 62 Conclusion 66 Chapter 5 Burden of Proof in Valuation Controversies 67 Summary 67 Burden of Proof 69 Who Bears the Burden of Proof? 71 Burden of Proof: Exceptions to the General Rule 71 Chapter 6 Penalties and Sanctions 76 Summary 76 Introduction 77 Valuation Penalties 78 Preparer and Appraiser Penalties 81 General Penalties 82 Discretionary Sanctions 84 Chapter 7 How the Form of Entity Affects Valuation 86 Summary 86 Introduction 87 Corporations 88 General Partnerships 89 Limited Partnerships 89 Limited Liability Companies 91 Sole Proprietorships 91 Tax Classifications 91 Valuation Considerations 92 Entity-Level Discounts 94 Choice of Jurisdiction 95 Conclusion 97 Chapter 8 Valuation of S Corporations and Other Pass-Through Tax Entities: Minority and Controlling Interests 98 Introduction 98 Case Law Background 100 S Corporation Minority Interest Appraisals 104 Comparison of Minority Interest Theories—A Summary of the Issues 106 S Corporation Controlling Interest Appraisals 108 General S Corporation Appraisal Considerations 110 Conclusion 110 Chapter 9 Transfer Pricing 112 Summary 112 Introduction 113 Conclusion 123 Chapter 10 Customs Valuation 124 Summary 124 Introduction 125 Customs Valuation Methods and Concepts 125 Related-Party Transactions 130 Conclusion 132 Chapter 11 Adjustments to Financial Statements 133 Summary 133 Separating Nonoperating Items from Operating Items 134 Addressing Excess Assets and Asset Deficiencies 135 Handling Contingent Assets and Liabilities 135 Adjusting Cash-Basis Statements to Accrual-Basis Statements 136 Normalizing Adjustments 136 Controlling Adjustments 137 Conclusion 139 Chapter 12 Comparative Financial Statement Analysis 140 Summary 140 Comparable Ratio Analysis 142 Common Size Statements 147 Tying the Financial Statement Analysis to the Value Conclusion 147 Conclusion 148 Chapter 13 Economic and Industry Analysis 149 Summary 149 Objective of Economic and Industry Analysis 150 International Economic Analysis 150 National Economic Analysis 150 Regional and Local Economic Analysis 151 Industry Analysis 151 Conclusion 153 Partial Bibliography of Sources for Economic and Industry Analysis 153 Chapter 14 Site Visits and Interviews 159 Summary 159 Site Visits 159 Management Interviews 160 Interviews with Persons Outside the Company 160 Conclusion 161 Chapter 15 The Income Approach 162 Summary of Approaches, Methods, and Procedures 162 Introduction to the Income Approach 163 Net Cash Flow: The Preferred Measure of Economic Benefit in the Income Approach 164 Discounting versus Capitalizing 166 Relationship between Discount Rate and Capitalization Rate 166 Projected Amounts of Expected Returns 172 Developing Discount and Capitalization Rates for Equity Returns 172 Weighted Average Cost of Capital (WACC) 176 The Midyear Convention 177 The Income Approach in the Courts 179 Conclusion 185 Appendix: An Illustration of the Income Approach to Valuation 186 Chapter 16 The Market Approach 195 Summary 196 The Market Approach 196 Revenue Ruling 59-60 Emphasizes Market Approach 196 The Guideline Public Company and the Guideline Transaction (Merger and Acquisition) Method 197 How Many Guideline Companies? 202 Selection of Guideline Companies 204 Documenting the Search for Guideline Companies 206 Choosing Multiples Based on Objective Empirical Evidence 206 What Prices to Use in the Numerators of the Market Valuation Multiples 206 Choosing the Level of the Valuation Multiple 207 Selecting Which Valuation Multiples to Use 209 Assigning Weights to Various Market Multiples 211 Sample Market Valuation Approach Tables 211 Other Methods Classified Under the Market Approach 211 Conclusion 216 Appendix: An Illustration of the Market Approach to Valuation 217 Chapter 17 The Asset-Based Approach 243 Summary 243 Adjusted Net Asset Value Method 243 Excess Earnings Method (The Formula Approach) 244 Conclusion 248 Chapter 18 Entity-Level Discounts 249 Summary 249 Trapped-In Capital Gains Discount 250 Key Person Discount 256 Portfolio (Nonhomogeneous Assets) Discount 263 Discount for Contingent Liabilities 267 Conclusion 269 Chapter 19 Minority Discounts/Control Premiums 271 Summary 271 Minority Discounts/Control Premiums 271 Conclusion 278 Chapter 20 Discounts for Lack of Marketability 279 Summary: General Introduction to Shareholder-Level Discounts and Premiums 280 Definition of Marketability 281 Benchmark for Marketability Is Cash in Three Days 281 Investors Cherish Liquidity, Abhor Illiquidity 282 Degrees of Marketability or Lack Thereof 283 Empirical Evidence to Quantify Discounts for Lack of Marketability: Restricted Stock Studies 283 Empirical Evidence to Quantify Discounts for Lack of Marketability: Pre-IPO Studies 290 Criticisms of the Pre-IPO Studies 292 Factors Affecting the Magnitude of Discounts for Lack of Marketability 294 Use of the Databases for Quantifying Discounts for Lack of Marketability 297 Discounts for Lack of Marketability for Controlling Interests 300 Option Pricing as Indicator of DLOM 305 Discounts for Lack of Marketability in the Courts 309 Conclusion 319 Partial Bibliography of Sources for Discounts for Lack of Marketability 320 Chapter 21 Other Shareholder-Level Discounts 321 Summary 321 Voting versus Nonvoting Shares 321 Blockage 324 Discounts for Undivided Fractional Interests in Property 330 Conclusion 332 Chapter 22 Personal versus Enterprise Goodwill 333 Summary 333 Definitions of Goodwill 334 Tax Implications 334 Indications of Personal versus Enterprise Goodwill 334 Landmark Cases 335 Excerpt from Personal Goodwill Appraisal Report 339 Conclusion 342 Chapter 23 Weighting of Approaches 343 Summary 343 Theory and Practice 343 Mathematical versus Subjective Weighting 344 Examples of Weighting of Approaches 345 Conclusion 347 Chapter 24 IRS Positions 348 Summary 348 Introduction 349 Rev. Rul. 59-60 350 Rev. Rul. 65-192 358 Rev. Rul. 65-193 362 Rev. Proc. 66-49 363 Rev. Rul. 68-609 366 Rev. Proc. 77-12 368 Rev. Rul. 77-287 370 Rev. Rul. 83-120 376 Rev. Rul. 85-75 379 Rev. Rul. 93-12 381 Tax Advice Memorandum 9436005 383 Rev. Proc. 2003-51 386 Rev. Proc. 2007-41 390 Rev. Rul. 2008-35 393 Chapter 25 Business Appraisal Reports 399 Summary 400 Business Valuation Report-Writing Standards 400 Elements of the Business Valuation Report 412 Organization of the Report 418 Qualities of a Good Appraisal Report 418 Conclusion 419 Chapter 26 Valuation of Options 420 Summary 420 Introduction and Background 421 General Principles of Option Valuation 422 Specific Rules for Valuing Options 427 Conclusion 433 Chapter 27 Questions to Ask Business Valuation Experts 434 Summary 434 Qualifications 434 Financial Statement Adjustments and Analysis 435 Economic and Industry Data 436 Site Visits and Interviews 436 General Questions about Methodology 436 Discount and Capitalization Rates in the Income Approach 436 Projections Used in the Income Approach 438 The Market Approach 438 Asset-Based Approach 438 Entity-Level Discounts 438 Minority Interest Discounts/Control Premiums 439 Discounts for Lack of Marketability 439 Voting/Nonvoting Stock 439 Questions about Contradictory Prior Testimony 439 Appendix A International Glossary of Business Valuation Terms 441 Appendix B Bibliography 447 Books 447 Articles and Papers 448 Periodicals 450 Mergers and Acquisitions Databases 451 Discount for Lack of Marketability Databases 452 Table of Cases 453 Index 461

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Book SynopsisAdopting a modular format, Corporate Finance is the only text you will need for your finance students to succeed. Corporate Finance helps students develop the intuition and analytical skills necessary to effectively apply financial toolsin real-world decision-making situations. The authors provide a fully integrated framework for understanding how value creationrelates to all aspects of corporate finance; whether it be evaluating an investment opportunity, determining the appropriate financing for a business,or managing working capital. Thisunique and integrated framework also provides robust coverage of problem solving anddecision-making skills. An essential resource featuring video clips on topical issues from the world of international finance, as well as questions for classroom discussion is available to aid teaching: www.wileyfinanceupdates.com subscribe today!Table of ContentsAbout the authors. Preface. Organisation and coverage. Proven Pedagogical Framework. Instructor and student Resources. Acknowledgements. Part One. Introduction. Chapter 1. The Financial Manager and The Firm. Part Two. Foundations. Chapter 2. The Financial Environment and the Level of Interest Rates. Chapter 3. Financial Statements, Cash Flows and Taxes. Chapter 4. Analysing Financial Statements. Part Three. Valuation of Future Cash Flows and Risk. Chapter 5. The Time Value of Money. Chapter 6. Discounted Cash Flows and Valuation. Chapter 7. Risk and Return. Chapter 8. Bond Valuation and the Structure of Interest Rates. Chapter 9. Share Valuation. Part Four. Capital Budgeting Decisions. Chapter 10. The Fundamentals of Capital Budgeting. Chapter 11. Cash Flows and Capital Budgeting. Chapter 12. Evaluating Project Economics and Capital Rationing. Chapter 13. The Cost of Capital. Part Five. Working Capital Management and Financial Decisions. Chapter 14. Working Capital Management. Chapter 15. How Firms Raise Capital. Chapter 16. Capital Structure Policy. Chapter 17. Dividends and Dividend Policy. Part Six. Business Formation, Valuation and Financial Planning. Chapter 18. Business Formation. Growth and Valuation. Chapter 19. Financial Planning and Forecasting. Part Seven. Corporate Risk Management and International Decision. Chapter 20. Corporate Risk Management. Chapter 21. International Financial Management. Appendix A. Appendix B. Glossary. Subject Index. Company Index.

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Book SynopsisLooks at the synthetic structures and credit derivatives used in CDOs and at the new Basel Capital Accord and addresses the framework of these structures as well as the regulatory and accounting implications. This work offers coverage of both the financial and legal aspects of securitization, and a glossary of market and legal terminology.Table of ContentsPreface. About the Author. 1 Introduction. 1.1 Forms of securitisation. 1.2 Rationale for securitisation. 1.3 Global ABS markets. 2 Rating and Credit Structure. 2.1 Rating agencies. 2.2 Credit enhancement and liquidity. 2.3 Hedging and prepayment risk. 3 Deal Structure. 3.1 Ring-fencing and true sale. 3.2 SPVs and trusts. 3.3 Offshore centers. 3.4 Commonly used offshore jurisdictions. 3.5 Bonds and CP funding. 3.6 Securities laws. 3.7 US securities laws. 3.8 UK securities laws. 3.9 EU securities laws. 3.10 Tax treatment. 3.11 Accounting treatment. 3.12 Capital treatment. 3.13 Data and consumer regulation. 3.14 Regulatory approvals. 3.15 Administration and systems. 4 Investor Concerns. 4.1 Investor credit analysis. 4.2 Eligibility criteria. 4.3 Cash flow waterfall. 4.4 Bond pricing and valuation. 4.5 Performance and reporting. 5 Asset Classes. 5.1 ABS: Commercial and EETCs. 5.2 ABS: Consumer and credit cards. 5.3 Collateralised debt obligations. 5.4 Commercial mortgage-backed securities. 5.5 Covered bonds and Pfandbriefe. 5.6 Future flows. 5.7 Non-performing loans. 5.8 Real estate investment trusts. 5.9 Repackagings. 5.10 Residential mortgage-backed securities. 5.11 Trade receivables. 5.12 Whole business securitisation. 6 Opportunities and Challenges. 6.1 Introduction. 6.2 Significance of accounting and capital off-balance-sheet reform. 6.3 New Basel Accord. 7 Synthetics and Credit Derivatives. 7.1 Synthetic securitisation: Credit derivatives. 7.2 Super-senior pieces. 7.3 Pros and cons of synthetic securitisations for investors. 7.4 Terminology and types of credit derivative. 7.5 Use and pricing for credit derivatives. 7.6 Structure and concerns. 7.7 Regulatory capital advantages of synthetics. 7.8 International capital treatment for credit derivatives. 8 Whole Business Securitisation. 8.1 Benefits and requirements of whole business deals. 8.2 Structures. 8.3 Corporate valuation. 8.4 Rating analysis. 8.5 Feasibility in different countries. 8.6 Threats to whole business technology. 9 The European Union. 9.1 Ring-fencing and true sale. 9.2 Securities laws. 9.3 Tax treatment. 9.4 Accounting treatment. 9.5 Capital treatment. 9.6 Data protection/confidentiality. 9.7 Consumer protection. 9.8 Other issues. 10 Accounting for Securitisation. 10.1 US accounting standards. 10.2 UK accounting standards. 10.3 International Accounting Standards. 10.4 The influence of the European Union. 11 Capital. 11.1 Banking book. 11.2 Trading book. 11.3 New Basel Accord. 11.4 Basel capital arbitrage. 11.5 Off-balance-sheet treatment under Basel. 11.6 Basel capital treatment and new Basel proposals. 11.7 Capital for banking book exposures. 11.8 Capital for trading book exposures. 12 Global Securitisation Markets. 12.1 Argentina. 12.2 Australia. 12.3 Austria. 12.4 Belgium. 12.5 Bolivia. 12.6 Brazil. 12.7 Canada. 12.8 Chile. 12.9 China. 12.10 Colombia. 12.11 Czech Republic. 12.12 Denmark. 12.13 Egypt. 12.14 Finland. 12.15 France. 12.16 Germany. 12.17 Greece. 12.18 Hong Kong SAR. 12.19 Hungary. 12.20 India. 12.21 Indonesia. 12.22 Ireland. 12.23 Israel. 12.24 Italy. 12.25 Japan. 12.26 Korea. 12.27 Luxembourg. 12.28 Malaysia. 12.29 Mexico. 12.30 The Netherlands. 12.31 New Zealand. 12.32 Norway. 12.33 Pakistan. 12.34 Panama. 12.35 Paraguay. 12.36 Peru. 12.37 The Philippines. 12.38 Poland. 12.39 Portugal. 12.40 Russia. 12.41 Scotland. 12.42 Singapore. 12.43 South Africa. 12.44 Spain. 12.45 Sweden. 12.46 Switzerland. 12.47 Taiwan. 12.48 Thailand. 12.49 Turkey. 12.50 United Kingdom. 12.51 United States. 12.52 Venezuela. 13 Terminology in the Securitisation and Derivatives Markets. References. Index.

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Book SynopsisThis title takes a practical, step-by-step approach to valuing both public and closely-held companies in emerging economies for merger or acquisition purposes. It bridges the gap between theory and the practice of company valuation in transitioning markets. Focuses on the valuation issues for emerging markets.Table of ContentsFOREWORD xvii CHAPTER 1 Valuing Companies in Emerging Markets: Importance and Challenges 1 CHAPTER 2 Valuing Companies in Developed Markets: A Review 32 CHAPTER 3 Fundamental Discounted Cashflow Valuation in Emerging Markets: Cashflows and the Cost-of-Equity Capital 92 CHAPTER 4 Fundamental Discounted Cashflow Valuation in Emerging Markets: Unsystematic Risk and Synthetic Company Value 175 CHAPTER 5 Valuing Companies in Emerging Markets via Real Options 222 CHAPTER 6 Relative Valuation in Emerging Markets: Comparable Companies and Transactions 247 CHAPTER 7 Valuing Technology Startups in Emerging Markets 319 APPENDIX A Valuation Parameters in the Reference Emerging Markets 429 APPENDIX B Valuation Parameters in the United States 438 APPENDIX C Valuation Parameters in Argentina 449 APPENDIX D Sources of Data on Comparable Companies and Transactions 462 APPENDIX E Valuation Parameters of U.S. Internet Companies 464 APPENDIX F Present Value of Asset/Present Value of Exercise Price 483 APPENDIX G Best Valuation Practices in the United States and Argentina 488 INDEX 497

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Book SynopsisThis text is intended for the Corporate Finance course at the MBA level, but it can also be appropriate for undergraduates at higher level schools. Aswath Damodaran is nationally recognized for his teaching approach, using theory and the models that flow from it to understand, analyze and solve problems. He treats corporate finance as a living discipline by making it much more applied than other textbooks. Throughout the text, real companies and real data are used in examples and exercises.Table of ContentsIntroduction to Corporate Finance The Objective in Corporate Finance The Time Value of Money Understanding Financial Statements Value and Price: An Introduction The Basics of Risk Estimating Hurdle Rates for Firms Estimating Hurdle Rates for Projects Estimating Earnings and Cash Flows on Projects Investment Decision Rules Investment Analysis with Inflation and Exchange Rate Risk Project Interactions, Side Benefits and Side Costs Investments in Non-Cash working Capital Investments in Cash and Marketable Securities Investment Returns and Corporate Strategy An Overview of Financing Choices The Financing Process The Financing Mix The Optimal Financing Mix Financing Mix and Choices Dividend Policy Analyzing Cash Returned to Stockholders Beyond Cash Dividends: Buybacks, Spin Offs and Divestitures Valuation: Principles and Practice Value Enhancement: Tools and Techniques Acquisitions and Takeovers Option Applications in Corporate Finance

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Book SynopsisThe most complete guide to business valuation written by industry-leading valuation specialists! Handbook of Business Valuation Second Edition In this thoroughly revised and updated edition of the number-one guide to business valuation, nearly 50 experts provide expert advice and guidance on all facets of the subject. This is a single-source guide to valuation approaches and methods, in addition to all of the procedures necessary to accurately value a business. The Second Edition of the Handbook of Business Valuation enables you to find precisely the information you need; just go directly to the chapter concerning the topic you are interested in. There is no need to read the entire volume-it''s quick and easy. This is the only valuation book you need. It provides chapters on valuing specific businesses, such as: software companies, radio and cable stations, medical practices, home-based businesses, and many more, plus a special chapter on researching business valuation information on tTable of ContentsTHE PURPOSE, MARKET, AND RESOURCES FOR VALUING BUSINESSES. Reasons for Value a Business and Who Should Do It. Valuation Issues from a Seller's Perspective. Valuation Issues from a Buyer's Perspective. Valuation Issues from an Intermediary's Perspective. The Investment Banker's Perspective on Due Diligence for Mergers, Acquisitions, and Securities Offerings. Valuation Issues from the Legal Perspective. Valuation From the Lender's Perspective. Notable Differences Between Middle Market and Small Businesses. Where to Find Industry Information and Guideline Market Data. VALUATION APPROACHES AND METHODS. Recasting Financial Statements. To Infinity and Beyond: Statistical Techniques Appraising the Closely Held Business. Machinery and Equipment Valuation Approaches and Methods Used in Conjunction with a Going Concern Business. Rules of Thumb: What They Are and How to Use Them. The Direct Market Data Method of Valuing Midsize and Smaller Closely Held Businesses. The Market Approach Using Public Company Data. The Excess Earnings Method. Multiple of Discretionary Earnings Method. Capitalization of Earnings: An Income Approach. Discounted Future Benefits Method: An Income Approach. VALUATION ISSUES BY INDUSTRY. Valuing Retail Businesses. Valuing Manufacturing Businesses. Valuing Automobile Dealerships. Valuing Restaurants. Valuing Medical Practices. Valuing Accounting Firms. Valuing Radio and Cable TV Businesses. Valuation of Hotels and Motels. Valuing a Software Company. Valuing Publishing Companies. Valuing Home Healthcare Businesses. Valuing Lumberyards and Home Centers. Valuing Printing Businesses. Valuing Home-Based Businesses. Valuing Country Businesses. SPECIAL ISSUES. Perspectives on Valuing a Minority Interest in a Private Company. Valuation for ESOP Purposes. Valuing Family Limited Partnerships and Limited Liability Company Interests for Estate Planning Purposes. Valuing Intellectual Property. Corporate Taxes and Valuation. The Use and Abuse of Experts. Index.

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Book SynopsisPREPARE FOR THE PARTNERSHIPS OF THE FUTURE This invaluable guide through the complex but highly worthwhile partnering between public and private entities in developing and constructing a wide range of building projects offers objective, comprehensive information integral to both the public and private partners.Table of ContentsPublic/Private Development Partnerships and Other Methods toRealize Projects. Emergence of Public/Private Development Partnerships. Advantages and Disadvantages of Public/Private DevelopmentPartnerships. A Highly Integrated Process Is Required to Achieve SuccessfulPublic/Private Development Partnerships. The Role and Responsibilities of the Public Partners. Partnerships Can Be Customized to Meet the Objectives of BothPartners. Structuring Public/Private Finance Plans. The Developer Solicitation Process. The Precarious Future of Public/Private DevelopmentPartnerships. Eight Case Studies. Appendices. Glossary. Index.

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Book SynopsisCorporate giving currently accounts for nearly 10 percent of allcharitable donations nationwide, and most experts agree that theflow of corporate resources earmarked for nonprofit programs is onthe rise. Yet, many fund raisers are held back from tapping thisgold mine by the fear they don t know how to play the systemcorrectly. When it comes to soliciting corporate funds, even oldhands at private fund raising find themselves stymied by the lackof clear-cut answers to such critical questions as: How do I findout which companies give and how do I obtain information aboutthem? Who are the funding decision makers, and how do I appeal tothem and cultivate relationships with them? What hidden stringsand pitfalls should I be aware of when soliciting corporatefunds? Successful Corporate Fund Raising provides in-depth answers tothese and all your questions about finding and winning corporatefunds. The distillation of Scott Sheldon s more than two decades ofexperience as a corporate fundTable of ContentsTHE BACKGROUND. Introduction to Corporate Giving. The Philosophy of Corporate Giving. TYPES OF SUPPORT. Direct Cash Support. In-Kind Support. Corporate Volunteerism. THE PROCESS. Researching Corporate Giving Programs. Cultivation. Solicitation. Evaluation. Recognition and Stewardship. THE PEOPLE. The Decision Makers. THE STRATEGY. Creating and Implementing an Effective and Sustainable CorporateFund-Raising Strategy. Matching Gifts: A Case Study. Issues, Trends, and Technology. Appendices. Resource Bibliography. Index.

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Book SynopsisA comprehensive guide to best practices within the investment industry Investment Leadership provides readers with the tools to understand the leadership factors that contribute to sustainable growth; diagnose their firm''s culture and understand why it is important; and replicate best practices from leading firms. With the help of diagnostic tools, practical advice from industry leaders, and real-life case studies, this book sets out to explain what is wrong with the status quo and reveal the secrets of long-term success in the investment industry. James W. Ware, CFA, currently works as a consultant to money managers. He is the coauthor of The Leadership Genius of George W. Bush (0-471-42006-9). Beth Michaels has worked with many organizations, including Chevrolet Motors and the McDonald''s Corporation. Dale Primer has worked with business executives from more than 700 individual businesses in over eighty-five separate industries.Table of ContentsPART ONE: Foundation Pieces: Cornerstones of Long-Term Success. CHAPTER 1: Leadership and Culture in the Investment Industry. CHAPTER 2: Core Values. CHAPTER 3: Vision: Where Are We Going? CHAPTER 4: Strong Cultures. PART TWO: Assessment Tools: Putting Numbers to the Soft Stuff. CHAPTER 5: Leader Types. CHAPTER 6: Measuring Culture. CHAPTER 7: Diagnosing Culture by Measuring Values. CHAPTER 8: Leadership and Trust. PART THREE: Getting Practical: Specific Tools for Improvement. CHAPTER 9: Ambitious Goals and Implementation. CHAPTER 10: The Innovative Culture. CHAPTER 11: Compensation and Ownership. CHAPTER 12: Homegrown Leadership. PART FOUR: Putting It All Together: Case Study. CHAPTER 13: The Best of the Best: Ariel Capital. CHAPTER 14: Continuous Improvement. PART FIVE: Other Audiences. CHAPTER 15: Consultant’s View.. CHAPTER 16: Stock Picker’s Corner: Rounding up the Un-Usual Suspects. NOTES. INDEX.

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Book SynopsisFocusing on the structuring and practical applications of derivatives, this book introduces the reader to a flexible approach, emphasizing 'financial architecture'. It explains the reasons why derivatives exist and why there is such a large variety.Trade Review"...there is no question that many industry participants will learn from and enjoy reading his book." (Risk, March 2002)Table of ContentsPreface. The General Framework. Stocks and Stock Market Indices. Special Contract Features. Index-Linked Cash Flows. Pricing and Hedging. Improved Efficiency. Risk Management. Reducing the Costs of Buying Options. Equity-Linked Bull Notes. Raising the Participation Rate. Market Timing and Non-Bullish Views. Digital and Coupon Bearing Notes. Equity-Linked Saving. Appendix A. Appendix B. Appendix C. Bibliography. Index.

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Book SynopsisOver recent years the insurance industry has faced a period of rapid change and consolidation with recent disasters, both natural and manmade highlighting the problems the industry faces. Yet this has also been a time of opportunity, with the rise of securitization, the insurance industry has turned financial necessity into lucrative invention.Table of ContentsPreface. The Basics of Property-Casualty Insurance. Securitizing Insurance Risks. Life Insurance in the United States: History of a Crisis. ALM in Insurance: An Empirical Wander Around Europe. Life Insurance Pricing and the Measurement of the Duration of Liabilities. A Functional Approach to the Insurance Industry. Conclusion and Future Challenges. Appendix: The ALM Survival Toolkit. Index.

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Book SynopsisProvides practical, comprehensive information and strategies for using managed futures successfully. Clearly explains the benefits of managed futures and their role in a traditional portfolio. Uses case studies and firsthand reports to show how corporations are using managed futures.Table of ContentsTHE FOUNDATIONS. The Potential Role of Managed Futures in Institutional PensionPortfolios (S. Irwin). Using Alternative Investment Strategies and Managed FuturesAccounts in Pension Portfolios (M. Dunmire). Multi-Manager Commodity Portfolios: A Risk/Return Analysis (T.Schneeweis, et al.). APPLICATIONS OF MANAGED FUTURES INVESTING. Evaluating Commodity Trading Advisors (L. Doerrer). A Guide to Organizing a Commodity Pool (M. Mitchell & D.Kozak). Fiduciary Selection and Prohibited Transactions Under ERISA (J.Collins & D. Dygert). U.S. Accounting and Taxation for Managed Futures and Options (G.Mangieri & J. Oliver). Managed Futures: The Consultant's View (H. Marmer). The Financial Considerations of Futures Execution and Clearing(P. Bennett). Inflation Hedging with Unleveraged Futures (S. Hanke & C.Culp). Futures Versus Stocks: A Risk Comparison (P. Matthews & P.Magnollay). Chapter Notes. Index.

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Book SynopsisAll companies that import or export product to an affiliate company are subject to transfer pricing - the sale, license, or lease of a product from one affiliated company to another. This book provides a comprehensive analysis of the various transfer pricing methods that are available to today's company.Table of ContentsPreface. PART ONE: UNDERSTANDING TRANSFER PRICING. Chapter 1. Practical Aspects of Transfer Pricing. Chapter 2. Business Facets of Transfer Pricing. Chapter 3. General Principles and Guidelines. Chapter 4. Transfer Pricing Basics. PART TWO: APPLYING SPECIFIC TRANSFER TECHNIQUES. Chapter 5. Comparable Uncontrolled Price Method, Resale Price Method, and Cost-Plus Method. Chapter 6. Comparable Profits Method. Chapter 7. Comparable Uncontrolled Transaction Method for Intangibles. Chapter 8. Transfer Pricing for Services. Chapter 9. Cost Sharing. Chapter 10. Profit Methods. PART THREE: FOCUS ON INTERNATIONAL TRANSFER PRICING ISSUES. Chapter 11. Foreign-Owned U.S. Corporations Reporting. Chapter 12. Organization for Economic Cooperation and Development Guidelines. Chapter 13. Transactional Net Margin Method. PART FOUR: AVOIDING TRANSFER PRICING PENALTIES. Chapter 14. Transfer Pricing Penalties. Chapter 15. Transfer Pricing Penalty Exclusion for Contemporaneous Documentation. PART FIVE: ADVANCED TRANSFER PRICING ISSUES. Chapter 16. Advanced Transfer Pricing. Chapter 17. Unfolding Transfer Pricing Issues. Index.

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Book SynopsisFinancial technology has made huge advances, allowing more people worldwide to gain access to and benefit from banking, insurance, and credit. But the democratization of finance is just starting. Marion Laboure and Nicolas Deffrennes survey barriers to financial accessibility and foresee how financial innovation could impact the broader society.Trade ReviewProvides a detailed account of the economic and social impacts of financial innovations…We recommend this book to readers…who aspire to comprehend contemporary disruptive innovations in finance and the impact of these innovations on the wider economy. -- Kirti Sood and Simarjeet Singh * Journal of Evolutionary Economics *The authors clearly state the roles and responsibilities of governments—again, particularly in developing countries—to promote democracy, but argue that fintech offers a real possibility for changing the world as we know it. This book broadens the vision of fintech's future and unfurls the democratic potential it might have. * Choice *Much is being written about fintech; little about how it may transform our lives. Based on new research, Laboure and Deffrennes explain how fintech will create new possibilities for people in advanced and low-income countries alike. -- Mervyn King, former Governor of the Bank of EnglandLaboure and Deffrennes highlight the growing importance of financial inclusion and technology. With a wealth of data and case studies, this book demystifies fintech and explains its role in democratizing finance. -- Christian Sewing, CEO of Deutsche BankFinancial services are to the economy what the nervous system is to the human body. Fintech is profoundly changing our economy and our lives. This important book is necessary reading for anyone who cares about the future of our economy or our society. -- Lawrence H. Summers, Charles W. Eliot Professor and President Emeritus, Harvard UniversityA panoramic view of the rapidly changing world of digital finance and money, Democratizing Finance spans a remarkable range of issues with clarity and depth, and provides an excellent primer on the social and economic aspects of rapidly-evolving fintech. -- Kenneth Rogoff, Harvard University

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Book SynopsisOver-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant role in the global financial crisis. This title introduces OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for advanced subjects in this field.Trade Review"Extremely informative and revealing, the book leads readers to a world of dark corners of the financial market. Those who dabble in the market should definitely read it for understanding the pitfalls and those who don't must read it for the satisfaction of knowing what they have not missed. Either way it is a valuable read."--R. Balashankar, Organiser "Dark Markets offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field."--World Book IndustryTable of ContentsList of Tables ix List of Figures xi Preface xiii Chapter 1: Over-the-Counter Markets 1 1.1 Bilateral Negotiation of Terms 2 1.2 OTC Transparency 4 1.3 Why Trade Over the Counter? 6 1.4 Managing OTC Credit Risk 8 1.5 Price Behavior with Search Frictions 9 Chapter 2: The Case of Federal Funds Lending 13 2.1 T he Federal Funds Market 14 2.2 Data 17 2.3 A nalysis of Transaction-Pairing Likelihood 19 2.4 Determinants of the Rate 22 Chapter 3: Search for Counterparties 27 3.1 Preliminaries 27 3.2 R andom Matching 28 3.3 Dynamic Search Models 31 3.4 Markov Chain for Type 33 3.5 C ontinuous-Time Search and Matching 35 3.6 O ptimal Search 36 3.7 E quilibrium Search Intensities 39 3.8 Development of the Search Literature 40 Chapter 4: A Simple OTC Pricing Model 42 4.1 Basic Risk-Neutral OTC Pricing Model 42 4.2 Bargaining over the Price 46 4.3 R isk Aversion 49 4.4 N umerical Example 54 4.5 Price Response to Supply Shocks 56 4.6 N umerical Examples 59 Chapter 5: Information Percolation in OTC Markets 63 5.1 T he Basic Model 64 5.2 Population Information Dynamics 66 5.3 Market Settings 69 5.3.1 I nformation Sharing at Wallet Games 69 5.3.2 Double Auctions 70 5.4 N umerical Example 72 5.5 N ew Private Information 73 5.6 Multiagent Information Exchanges 74 5.7 V alid Initial Type Distributions 75 5.8 C onvergence and Further Extensions 76 Appendix: Foundations for Random Matching 79 A.1 Mathematical Preliminaries 79 A.2 R andom Matching Results 80 B: Counting Processes 84 Bibliography 87 Index 93

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Book SynopsisFinancing Infrastructure Projects is an essential guide to the different methods and strategies that are used to finance infrastructure projects. Fully revised and updated, this second edition includes updated coverage across the sector with a focus on the bankability of infrastructure transactions.Trade ReviewA very useful glossary of financial terms is provided. The different types of public–private partnerships (PPP) are described together with a summary of how they can be structured. The influence of financial and foreign exchange markets is also described in detail. Typical risk in the procurement of infrastructure projects is explained, with a breakdown in terms of financial and non-financial risks. I found the case studies particularly valuable: one a PPP school in the UK and the other a project in the Middle East. While the book does not give all the answers to funding an infrastructure project, it is certainly a must-read for any civil engineer involved in the early stages of project development as well as those responsible for financial delivery. -- Stuart Ross, Arup, UK

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Book SynopsisJohn Taylor is a Senior Lecturer in accounting and auditing at Leeds Metropolitan University. He has substantial experience of working as an accountant in the audit profession and was formerly financial director of a company in the clothing industry.Justine Simpson is a Principal Lecturer in Accountancy Financial Services at Leeds Met. She teaches professional accounting qualifications (CIMA, CIPFA, ACCA) and management accountancy, project management, forensic accounting and financial management modules on BA Accounting Finance degree and MSc Accounting.Table of Contents Chapter - 00: Introduction; Chapter - 01: The need for trust; Chapter - 02: Corporate culture; Chapter - 03: Ethical behaviour; Chapter - 04: Principles of corporate governance; Chapter - 05: The role of the senior executives/board; Chapter - 06: Assessing performance and remuneration of directors and senior executives; Chapter - 07: The audit function; Chapter - 08: Corporate governance and other stakeholders; Chapter - 09: Corporate Social Responsibility and its reporting; Chapter - 10: Corporate Social Responsibility, its measurement, theories and models; Chapter - 11: Small companies, charities and other not-for-profit organizations; Chapter - 12: Emerging issues

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Book SynopsisThis book serves as a toolkit on risk-based audits and brings together country experiences for implementing risk-based audit systems. Risk management is an important element of effective and efficient compliance management in revenue administration.

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Book SynopsisCorporate Finance for Lawyers explores the intricate relationship between law and corporate finance. Utilising the ‘Financial Mindmap’ throughout, chapters depict financial concepts by using colours and visualisations in a clear and intuitive manner.Trade Review‘Using an easy to follow financial tool the authors explain how key elements of corporate finance including leverage finance, company valuations, secured lending and non-interest bearing finance work and interrelate, how returns are achieved and what terms like enterprise value and working capital really mean. They do so in an innovative way drawing together finance theory and the reality of practice to produce what is likely to be a key foundation text not just for corporate lawyers but all those working in the world of M&A and finance.’ -- Chris Hale, Chair Emeritus, Private Equity and Financial Sponsors‘This work presents a great utility in how it addresses issues affecting businesses from legal, economic, financial and accounting perspectives from the moment of setting up to when a business experiences financial difficulties. The treatment is holistic, the materials from impeccable sources and the arguments firmly grounded in the authors' many years of experience. Without doubt, it is an important and timely text.’ -- Paul Omar, De Montfort Leicester Law School, UKTable of ContentsContents: 1 Introduction to law and corporate finance Rolef de Weijs 2. Does leverage create value? Rolef de Weijs 3. Corporate finance and company valuation: why cash became king Joost de Vries and Rolef de Weijs 4. Discounted cash flow valuation and indirect cash flow analyses: retracing the cash Joost de Vries 5. Secured credit and its use: distinguishing between productive and non-productive credit Rolef de Weijs 6 Hybrid finance by means of shareholder loans Rolef de Weijs 7. Financing through shareholder guarantees Aart Jonkers 8 Reorganisation procedures Aart Jonkers and Rolef de Weijs Index

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Book SynopsisThe thousands of mergers, acquisitions, and start-ups that have characterized the past years of business have created an increasing number of corporations in financial trouble: specifically, a shortage of venture capital or quick cash. Consequently, bankruptcy protection is now viewed as a strategic move to protect corporations from their creditors and allow them to reorganize. Fully revised and updated with new case studies and the latest coverage of regulations, Bankruptcy and Insolvency Taxation, Fourth Edition provides the answers to the questions financial managers will have on the tax aspects of bankruptcy strategy.Table of ContentsPreface ix Chapter One: Nature of Bankruptcy and Insolvency Proceedings 1 1.1 Objectives 2 1.2 Alternatives Available to a Financially Troubled Business 4 Chapter Two: Discharge of Indebtedness 27 2.1 Introduction 30 2.2 Discharge of Indebtedness Income 30 2.3 Determination of Discharge of Indebtedness Income 31 2.4 Section 108(e) Additions to Discharge of Indebtedness Income 46 2.5 Section 108(e) Subtractions from Discharge of Indebtedness Income 66 2.6 Discharge of Indebtedness Income Exclusions 71 2.7 Consequences of Qualifying for Section 108(a) Exclusions 81 2.8 Section 108(i) Deferral and Ratable Inclusion of DOI from Business Indebtedness Discharged by the Reacquisition of a Debt Instrument 97 2.9 Use of Property to Cancel Debt 106 2.10 Consolidated Tax Return Treatment 117 2.11 Discharge of Indebtedness Reporting Requirements 138 Chapter Three: Partnerships and S Corporations: Tax Impact of Workouts and Bankruptcies 143 3.1 Introduction 144 3.2 Partnerships 144 3.3 S Corporations 161 Chapter Four: Taxation of Bankruptcy Estates and Debtors 173 4.1 Introduction 174 4.2 Responsibility for Filing Income Tax Returns 174 4.3 Accounting for the Bankruptcy Estate 177 4.4 Accounting for the Debtor (Individual) 215 4.5 Summary 228 Chapter Five: Corporate Reorganizations 231 5.1 Introduction 232 5.2 Elements Common to Many Reorganization Provisions 233 5.3 Overview of Specific Tax-Free Reorganizations under Section 368 249 5.4 Acquisitive Asset Reorganizations 249 5.5 Stock Acquisitions 261 5.6 Single-Entity Reorganizations 270 5.7 Divisive Reorganizations 275 5.8 Insolvency Reorganizations 286 5.9 Summary 309 Chapter Six: Use of Net Operating Losses 311 6.1 Introduction 313 6.2 I.R.C. Section 381 315 6.3 Restructuring under Prior I.R.C. Section 382 320 6.4 Current I.R.C. Section 382 322 6.5 I.R.C. Section 383: Carryovers Other than Net Operating Losses 396 6.6 I.R.C. Section 384 397 6.7 I.R.C. Section 269: Transactions to Evade or Avoid Tax 401 6.8 Libson Shops Doctrine 406 6.9 Consolidated Return Regulations 407 Chapter Seven: Other Corporate Issues 425 7.1 Introduction 426 7.2 Earnings and Profits 426 7.3 Incorporation 430 7.4 Liquidation 434 7.5 I.R.C. Section 338 440 7.6 Limited Liability Corporation 454 7.7 Other Tax Considerations 454 7.8 Administrative Expenses 457 7.9 Other Administrative Issues 465 Chapter Eight: State and Local Taxes 471 8.1 Introduction 471 8.2 Bankruptcy Estates 472 8.3 Stock for Debt 479 8.4 Cancellation of Indebtedness 479 8.5 Net Operating Loss Carryback and Carryover 480 8.6 Stamp Tax 481 8.7 Tax Impact of Plan for State and Local Purposes 485 Chapter Nine: Tax Consequences to Creditors of Loss from Debt Forgiveness 487 9.1 Introduction 488 9.2 Nature of Losses 488 9.3 Business and Nonbusiness Losses 490 9.4 Determination of Worthlessness 501 9.5 Secured Debt 509 9.6 Reorganization 516 Chapter Ten: Tax Procedures and Litigation 519 10.1 Introduction 520 10.2 Notice and Filing Requirements 520 10.3 Tax Determination 521 10.4 Bankruptcy Courts 575 10.5 Minimization of Tax and Related Payments 578 Chapter Eleven: Tax Priorities and Discharge 581 11.1 Introduction 582 11.2 Priorities 582 11.3 Tax Discharge 635 Chapter Twelve: Tax Preferences and Liens 669 12.1 Introduction 669 12.2 Tax Preferences 669 12.3 Tax Liens 675 About the Authors 703 About the Web Site 704 Statutes Citations 705 Treasury Regulations, Revenue Procedures, and Revenue Rulings Citations 714 Case Index 722 Subject Index 732

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Book SynopsisThe workbook to accompany Corporate Finance: A Practical Approach, Second EditionTable of ContentsPart I Learning Outcomes, Summary Overview, and Problems 1 Chapter 1 Corporate Governance 3 Learning Outcomes 3 Summary Overview 3 Problems 5 Chapter 2 Capital Budgeting 11 Learning Outcomes 11 Summary Overview 12 Problems 15 Chapter 3 Cost of Capital 29 Learning Outcomes 29 Summary Overview 29 Problems 31 Chapter 4 Measures of Leverage 39 Learning Outcomes 39 Summary Overview 39 Problems 40 Chapter 5 Capital Structure 45 Learning Outcomes 45 Summary Overview 45 Problems 46 Chapter 6 Dividends and Share Repurchases: Basics 51 Learning Outcomes 51 Summary Overview 51 Problems 52 Chapter 7 Dividends and Share Repurchases: Analysis 57 Learning Outcomes 57 Summary Overview 57 Problems 59 Chapter 8 Working Capital Management 63 Learning Outcomes 63 Summary Overview 63 Problems 64 Chapter 9 Financial Statement Analysis 67 Learning Outcomes 67 Summary Overview 67 Problems 68 Chapter 10 Mergers and Acquisitions 73 Learning Outcomes 73 Summary Overview 74 Problems 75 Part II Solutions 83 Chapter 1 Corporate Governance 85 Solutions 85 Chapter 2 Capital Budgeting 87 Solutions 87 Chapter 3 Cost of Capital 99 Solutions 99 Chapter 4 Measures of Leverage 103 Solutions 103 Chapter 5 Capital Structure 107 Solutions 107 Chapter 6 Dividends and Share Repurchases: Basics 111 Solutions 111 Chapter 7 Dividends and Share Repurchases: Analysis 113 Solutions 113 Chapter 8 Working Capital Management 115 Solutions 115 Chapter 9 Financial Statement Analysis 119 Solutions 119 Chapter 10 Mergers and Acquisitions 125 Solutions 125 About the CFA Program 131

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