Financial Markets and Corporate Strategy: European Edition - Softcover

Hillier, David; Grinblatt, Mark; Titman, Sheridan

Softcover

ISBN 10: 0077129423 ISBN 13: 9780077129422

Publisher: McGraw-Hill Education / Europe, Middle East & Africa, 2011

Synopsis

The second European edition of Financial Markets and Corporate Strategy provides comprehensive coverage of financial markets and corporate finance, brought to life by real world examples, cases and insights. Placed in a truly international context, this new and updated edition takes an academic and practical view-point to guide students through the challenges of studying and practicing finance.

Aimed specifically at an international audience, this edition boasts hundreds of references to new and relevant non-US research papers from top finance journals. Whilst retaining the well respected structure of the successful US text, Professor David Hillier has also made a number of additions which include:

Fully updated research, data and examples in every chapter.

Coverage of the global financial crisis, the impact it made on the financial markets and the lessons being learnt by the finance industry.

A stronger emphasis on corporate governance and agency theory.

Updates on accounting standards, bankruptcy laws, tax rules and tax systems.

About this title

From the Publisher:

Examples have been updated, vignettes changed, numbers modified and statements checked for currency and historical accuracy, and exercises and examples have been modified or added to so that the text is even more practical, pedagogically effective and current.
Very practical text, with many real world examples embedded throughout. Each chapter opens with a real-world vignette to motivate students to learn the issues in the respective chapter.
Each chapter includes a set of learning objectives to help the student understand what should be learned and mastered from each chapter.
Virtually every chapter includes numerous examples and case studies, some hypothetical and some real, that help students gain insight into some of the most interesting and sophisticated realms of financial theory and practice.
Major results and key words and concepts are highlighted throughout each chapter. In addition, the functional use of color is deliberately and carefully done in order to call out important topics.
Practical Insights is a feature that contains unique guidelines to help students identify the important practical issues faced by the financial manager and where to look in that part of the text to help analyze those issues. This feature enables the book to serve as a reference as well as a primer on finance. Practical Insight boxes are located at the end of each of the six parts.
Executive Perspective feature provides the reader with testimonials from important financial executives, who have looked over parts of the book and highlight what issues and topics are especially important from the practicing executive's perspective. Examples include Myron S. Scholes, Thomas E. Copeland, David C. Shimko. These are also found at the end of each of the six parts, just after the Practical Insights feature.
Increased accessibility through careful topic selection (both deletions of content as well as additional new content).
A new brief section on private equity in Chapter 3, Equity Financing.
Some of the more difficult mathematical material has been cut, and made less intimidating by using narrative discussion vs. mathematical formulas, such as chapter five's discussion of mean-variance analysis.
Chapter 7 includes a new discussion about the lessons learned from the fate of Long Term Capital Management. It also includes a section about market frictions and their implications for derivative securities pricing and the management of derivatives portfolios.
Chapter 8 includes an expanded section on covered interest rate parity.
New Chapter 9: Discounting and Valuation This chapter was created based on reviewer feedback asking for a chapter that covers the key ingredients of valuation: accounting, cash flows, and basic discounting
Chapter 10 provides a more in-depth discussion of the equivalent annual cost approach and has several new results.
Chapter 11 has an expanded discussion of the distinction between firm betas and project betas and provides several new explanations for why these might differ.

About the Author:

David Hillier is Professor of Finance at the University of Strathclyde, teaches regularly in development programs for executives and has taught courses for a wide variety of professional clients, including the World Bank and the National Health Service in the UK. It is part of the editorial board of several international journals of finance.

University of California at Los Angeles, Ph.D. Yale Mark Grinblatt is Professor of Finance at UCLAs Anderson School, where he currently serves as chair of the Finance area, and where he began his career in 1981. He is also a director on the board of Salomon Swapco, Inc., a consultant to numerous firms, and serves as an associate editor of Journal of Financial and Quantitative Analysis. From 1987 to 1989, Professor Grinblatt was a visiting professor at the Wharton School and while on leave from UCLA in 1989 and 1990, he was a vice-president for Salomon Brothers, Inc., valuing complex derivatives for the fixed income arbitrage trading group in the firm. Professor Grinblatt is a noted teacher at UCLA, having been awarded teacher of the year in 1993 for UCLAs Fully-Employed MBA Program by a vote of the students. This award was based on his teaching of a course designed around early drafts of this textbook. Professor Grinblatts areas of expertise include investments, performance evaluation of fund managers, fixed income markets, corporate finance and derivatives.

The Walter W. McAllister Centennial Chair in Financial Services at the University of Texas. He is also a research associate of the National Bureau of Economic Research and a consultant to a number of firms. Professor Titman began his academic career in 1980 at UCLA, where he served as the department chair for the finance group and as the vice chairman of the UCLA management school faculty. He designed executive education programs in corporate financial strategy at UCLA and the Hong Kong University of Science and Technology, based on material developed in this book.

About this edition

• Publisher: McGraw-Hill Education / Europe, Middle East & Africa
• Publication date: 2011
• ISBN 10: 0077129423
• ISBN 13: 9780077129422
• Binding: Paperback
• Edition number: 2
• Number of pages: 936