Corporate Finance - Theory and Practice, Sixth Edition by Pierre Vernimmen

Description: Pierre Vernimmen (deceased) was a founding member and the first Coordinator of the Finance Department at HEC Paris. From 1973 to his death in 1996, he worked at Paribas as a private equity investor and, subsequently, led its mergers and acquisition teams. Pascal Quiry holds the BNP Paribas Chair in Finance at HEC Paris. After 23 years as an M&A banker, he founded an investment fund that invests in startups and unlisted SMEs. He is also an active investor in several listed companies. Yann Le Fur is a former Affiliated Professor at HEC Paris and is the head of the corporate finance group for Natixis in New York. He is also an active investor in several unlisted companies. Preface viii Frequently used symbols xii 1 Towards A Green, Responsible and Sustainable Corporate Finance 1 Section I Financial Analysis 17 Part One Fundamental Concepts In Financial Analysis 19 2 Cash Flow 21 3 Earnings 31 4 Capital Employed and Invested Capital 46 5 Walking Through From Earnings To Cash Flow 58 6 Getting To Grips With Consolidated Accounts 72 7 How To Cope With The Most Complex Points In Financial Accounts 90 Part Two Financial Analysis and Forecasting 117 8 How To Perform A Financial Analysis 119 9 Margin Analysis: Structure 144 10 Margin Analysis: Risks 167 11 Working Capital and Capital Expenditures 182 12 Financing 203 13 Return On Capital Employed and Return On Equity 219 14 Conclusion of Financial Analysis 238 Section II Investors and Markets 245 Part One Investment Decision Rules 247 15 The Financial Markets 249 16 The Time Value of Money and Net Present Value 270 17 The Internal Rate of Return 286 Part Two The Risk of Securities and The Required Rate of Return 299 18 Risk and Return 301 19 The Required Rate of Return 329 Part Three Financial Securities 347 20 Bonds 349 21 Other Debt Products 370 22 Shares 386 23 Options 406 24 Hybrid Securities 427 25 Selling Securities 445 Section III Value 469 26 Value and Corporate Finance 471 27 Measuring Value Creation 491 28 Investment Criteria 509 29 The Cost of Capital 525 30 Risk and Investment Analysis 542 31 Valuation Techniques 557 Section IV Corporate Financial Policies 589 Part One Capital Structure Policies 591 32 Capital Structure and The Theory of Perfect Capital Markets 593 33 Capital Structure, Taxes and Organisation Theories 605 34 Debt, Equity and Options Theory 621 35 Working Out Details: The Design of The Capital Structure 639 Part Two Equity Capital 659 36 Returning Cash To Shareholders 661 37 Distribution In Practice: Dividends and Share Buy-Backs 678 38 Share Issues 696 Part Three Debt Capital 709 39 Implementing A Debt Policy 711 Section V Financial Management 729 Part One Corporate Governance and Financial Engineering 731 40 Setting Up A Company and Financing Start-Ups 733 41 Shareholders 754 42 Choosing A Corporate Structure 779 43 Corporate Governance 795 44 Initial Public Offerings (IPOS) 807 45 Taking Control of A Company 819 46 Mergers and Demergers 842 47 Leveraged Buyouts (LBOS) 860 48 Bankruptcy and Restructuring 876 Part Two Managing Working Capital, Cash Flows, Financial Risks and Real Estate 889 49 Managing Working Capital 891 50 Cash Management 903 51 Managing Financial Risks 922 52 Managing Operational Real Estate 946 Epilogue - Finance and Strategy 958 Top 20 Largest Listed Companies 965 Contents 973 Index 983

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