Strategic Corporate Finance pot

Strategic Corporate Finance

Contents
Preface
List of Figures
List of Tables
Acknowledgments
About the Author
Part I: Managing the Left-Hand Side of the Balance Sheet
- Chapter 1: The Cost Of Capital
  - CALCULATION PITFALLS
  - MARKET RISK PREMIUM (MRP)
  - TOWARD A BETTER BETA
  - THE “RISKLESS RATE”
  - THE COST OF DEBT
  - GLOBAL CAPITAL COSTS
  - WACC AND HURDLE RATES
- Chapter 2: Fix: Finding Your Sources of Value
  - WHY SHAREOWNER VALUE?
  - PERFORMANCE MEASUREMENT PITFALLS
  - MEASURING ECONOMIC PROFIT AND VALUE
  - ANALYZING THE CORPORATE PORTFOLIO
  - INCORPORATING THE COST OF CAPACITY
  - VALUE-BASED STRATEGIES AND TACTICS
  - MANAGING FOR VALUE
  - BALANCING PERFORMANCE WITH VALUE
- Chapter 3: Sell: Creating Value Through Divestiture
  - DIVESTITURE CREATES VALUE
  - SOURCES OF VALUE: MOTIVES FOR DIVESTITURE
  - ALTERNATIVE METHODS OF DISPOSITION
  - WHAT WORKS BEST FOR WHOM?
  - WHAT HAPPENS LONGER TERM?
  - PRACTICAL IMPEDIMENTS TO DIVESTITURE
  - FINANCIAL POLICY CONSIDERATIONS
  - TAX CONSIDERATIONS AND STRUCTURAL REFINEMENTS
- Chapter 4: Grow: How To Make M& A Pay
  - M&A TODAY
  - TRANSACTIONS THAT CREATE VALUE
  - M&A FACT AND FALLACY
  - RX FOR THE “CONGLOMERATE DISCOUNT”
  - EVA AND M&A
  - HOW “SERIAL ACQUIRERS” CREATE VALUE
  - FINANCIAL POLICY CONSIDERATIONS
  - FINANCING GROWTH
- Chapter 5: Cash and The Optimal Capital Structure
  - TRENDS AND IMPLICATIONS
  - HOW MUCH IS TOO MUCH?
  - THE COSTS AND BENEFITS OF EXCESS CASH
  - HOW THE MARKET VIEWS EXCESS CASH
  - OPTIMAL CAPITAL ALLOCATION
Part II: Managing the Right-Hand Side of the Balance Sheet
- Chapter 6: An Executive’s Guide to Credit Ratings
  - TRENDS AND IMPLICATIONS
  - EMPIRICAL EVIDENCE
  - LIMITATIONS OF QUANTITATIVE CREDIT ANALYSIS
  - WHAT METRICS MATTER MOST?
  - CASE STUDY: TREATMENT OF PENSION AND POSTRETIREMENT LIABILITIES
  - MULTIVARIATE CREDIT MODELS
  - INDUSTRY CONSIDERATIONS
  - CASE STUDY: PROPERTY AND CASUALTY INSURANCE
  - APPLICATION ISSUES
  - HOW TO MANAGE YOUR AGENCIES
  - CASE STUDY: ILLUSTRATION OF SECURED AND UNSECURED NOTCHING
- Chapter 7: Today’s Optimal Capital Structure
  - VALUE-BASED FINANCIAL POLICY
  - LESS DEBT IS NOW “OPTIMAL”
  - EXTEND DURATION WHEN RATES ARE LOW
  - MAINTAIN FINANCIAL LIQUIDITY TO “INSURE” YOUR EQUITY
  - A NEW PERSPECTIVE ON EQUITY
  - CASE STUDY: DOES TECH NEED DEBT?
- Chapter 8: Dividends and Buybacks: Calibrating Your Shareholder Distributions
  - THE CASH PROBLEM
  - DIVIDENDS ARE BACK
  - HOW DIVIDENDS AND BUYBACKS CREATE VALUE
  - SHOULD YOU INCREASE YOUR DIVIDEND?
  - HOW LARGE SHOULD YOUR BUYBACK PROGRAM BE?
  - HOW TO EXECUTE YOUR SHARE REPURCHASE PROGRAM
- Chapter 9: The Stock Liquidity Handbook
  - MEASURING STOCK LIQUIDITY
  - THE “LIQUIDITY DISCOUNT”
  - IMPLICATIONS OF STOCK ILLIQUIDITY
  - SOLUTIONS TO ILLIQUIDITY
  - STOCK SPLITS
Part III: Managing the Enterprise
- Chapter 10: Strategic Risk Management: Where ERM Meets Optimal Capital Structure
  - THE VALUE OF RISK MANAGEMENT
  - MAPPING AND MODELING RISK
  - MANAGING TO A BENCHMARK
  - EXTERNAL CONSIDERATIONS AND CONSTRAINTS
  - ERM CASE STUDY: METALLGESELLSCHAFT AG
  - CAPITAL STRUCTURE SOLUTIONS
- Chapter 11: Best Practices In Hedging
  - WHICH “EXPOSURE” TO HEDGE
  - HEDGING M&A
  - HEDGE HORIZON
  - HEDGE RATIO
  - OPTIONS VERSUS FORWARDS
  - ACCOUNTING CONSIDERATIONS
  - IMPLEMENTATION
- Chapter 12: ERM Case Study: Reengineering The Corporate Pension
  - WHY NOW?
  - THE PROBLEMS WITH EQUITY
  - THE CASE FOR MORE BONDS
  - OPTIMAL CAPITAL STRUCTURE REPRISE
  - CAPITAL MARKETS SOLUTIONS
  - THE BOOTS CASE
  - WHY IT STILL HASN’T HAPPENED
Appendix A: Resources
- TOOLS AND PORTALS
- NEW RESEARCH AND LITERATURE SEARCH
- ECONOMIC RESEARCH AND DATA
- NEWS AND MARKET DATA
- CORPORATE GOVERNANCE AND COMPENSATION
- OTHER AGENCIES
Endnotes
References
Index