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                                    Welcome to

        Financial Markets and Corporate Strategy

                    Preview what's new for the third edition

David Hillier, Mark Grinblatt, Sheridan Titman

Print ISBN: 9781526849496 Ebook ISBN: 9781526849502

The global pandemic restrictions, climate change, geopolitical tensions, and new
artificial technologies have fundamentally impacted international financial
markets and corporate strategy. Traditional finance theories have been
questioned and their application to corporate decision-making has come under
scrutiny like never before.


The third edition of Financial Markets and Corporate Strategy provides students
with comprehensive and engaging discussions on the strategic challenges
facing companies and their financial decisions. Brought to life by real-world
examples, international cases and insights from recent research, it guides
students through the challenges of studying and practising finance from both an
academic and practical viewpoint.

What's new

Fully Updated

 

  • Coverage of the most critical topics today, with updated data and examples in every chapter.
  • There are updates on accounting standards, bankruptcy laws, tax rules and tax systems.
  • Most chapters have been updated with new research published in the top journals since 2012 - references to the most cited journal articles appear in a list at the end of each chapter.

Current Issues and Hot Topics

 

  • Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies
  • Chapters on financing, equity and debt markets have been overhauled to bring them up to date with the latest economic paradigm in which corporations operate.
  • A stronger emphasis on sustainability, ethics, and corporate governance.

Unique in scope and approach

 

  • Written for a European audience with a wide range of real-world examples, international cases and insights from Europe and across the globe.

  • An advanced text that is designed specifically for upper level corporate finance related courses.

  • Guides students through the challenges of studying and practising finance from both an academic and practical viewpoint.

Part 1: Financial Markets and Financial Instruments
Chapter 1 Raising Capital: The Process and Players
Chapter 2 Debt Financing
Chapter 3 Equity Financing

Part 2: Valuing Financial Assets
Chapter 4 Portfolio Tools
Chapter 5 Mean-Variance Analysis and the Capital Asset Pricing Model
Chapter 6 Factor Models and the
Arbitrage Pricing Theory
Chapter 7 Pricing Derivatives
Chapter 8 Options

Part 3: Valuing Real Assets
Chapter 9 Discounting and Valuation
Chapter 10 Investing in Risk-Free Projects
Chapter 11 Investing in Risky Projects
Chapter 12 Allocating Capital and Corporate Strategy
Chapter 13 Corporate Taxes and the Impact of Financing on Real Asset Valuation

Part 4: Capital Structure
Chapter 14 How Taxes Affect Financing Choices
Chapter 15 How Taxes Affect Dividends and Share Repurchases
Chapter 16 Bankruptcy Costs and Debt Holder–Equity Holder Conflicts
Chapter 17 Capital Structure and Corporate Strategy

Part 5: Incentives, information, and corporate control
Chapter 18 How Managerial Incentives Affect Financial Decisions
Chapter 19 The Information Conveyed by Financial Decisions
Chapter 20 Mergers and Acquisitions

Part 6: Risk Management
Chapter 21 Risk Management and Corporate Strategy
Chapter 22 The Practice of Hedging
Chapter 23 Interest Rate Risk Management
 

 

A few of the changes for this new edition include:

  • Fully updated research of the most important topics, data and examples in every chapter.
  • Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies.
  • A stronger emphasis on sustainability, ethics, and corporate governance.
  • Chapters on financing, equity and debt markets have been overhauled to bring them up to date with the new economic paradigm in which corporations operate.
  • Most chapters updated with new research published in the top journals since 2012 - references to most cited journal articles appear in list at end of each chapter.

 

About the authors

David Hillier

David is a Professor of Finance, Executive Dean of Strathclyde Business School, and Associate Principal of the University of Strathclyde.

A Professor of Finance, David was recognised as in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator. 

David has acted as a World Bank consultant and provided consultancy advice to the NHS and several international stock exchanges.

 

Mark Grinblatt 

Mark is the J. Clayburn LaForce Professor of Finance at the UCLA Anderson School of Management.

Sheridan Titman

Sheridan is a Professor of Finance at the McCombs School of Business.