Brealey & Myers on Corporate Finance: Financing and Risk Management

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9780071383783: Brealey & Myers on Corporate Finance: Financing and Risk Management

This book offers a comprehensive look at how corporations balance financing and risk from two of today's most popular and influential finance writers. Today's corporation has an unprecedented number of avenues for financing its operations. At the same time, the specter of risk is always in the background, ready to extract a heavy toll from any executive who overlooks or disregards its long shadow. "Financing and Risk Management" addresses the many ways in which corporations raise capital as they manage the concurrent risk. Filled with information and ideas that are both thought provoking and functional, it provides an indispensable look into the theory and mechanics of financing and risk, including: how, why, and when a firm should assume debt, while keeping that debt from working against it; financial techniques for hedging against omnipresent domestic and international risks; and strategies for creating shareholder value through integrated investment and operating programs.Through six editions, Brealey and Myers' classic textbook "Principles of Corporate Finance" has become renowned for presenting in-depth discussions of financial theory and practice in an engaging and lively style. The Brealey & Myers on "Corporate Finance" series brings this classic text into the business environment, providing time-pressed professionals with a more focused format while retaining the timeless guidance and inherent readability of the original. "It is hard enough getting New York cab drivers to give you change for a $20 bill; try asking them to split a Treasury bill." - From Chapter Eighteen. "Financing and Risk Management" belies the notion that corporate finance texts must be dull. This handbook for practicing professional combines in-depth finance information and methodology with dynamic and often humorous writing as it focuses on the many issues professionals face as they take on questions of financing.Its step-by-step treatment encompasses: Financial and securities markets - Types of securities: when and how they are issued and how they are priced by investors; Dividend policy and capital structure - How to determine the appropriate mix of securities issued, debt level, and more; options-strategies for using options, warrants, and convertibles plus different models - including Black-Scholes - for their valuation; debt financing - techniques for managing a company's debt and explanations of the many types of debt that can be issued; and risk management - methods for hedging against today's wide array of business hazards, both domestic and international. It includes financial planning - ways to measure and manage a firm's leverage, liquidity, efficiency, profitability, and market valuation, and short-term financing - channels for short-term borrowing and lending plus descriptions of programs for credit and cash management."Financing and Risk Management" also differs from the majority of finance tomes by consistently reflecting on the human side of the equation. What must you do to strike a balance between appeasing investors with dividends and retaining earnings for expansion, and what if the needs of your firm change? How can you generate global profits while assessing and hedging your firm's foreign currency exposure? What are the questions you should ask when determining which of two (or more) available vehicles your firm should adopt for efficient financing? Corporate financial management is at its core a fluid and constantly challenging area."Financing and Risk Management" takes you inside the fundamental question of how a corporation generates capital. It introduces you to the subject's often-conflicting objectives and outlines ways in which you can satisfy the greatest number of those objectives, while ensuring that all areas of a corporation operate - and conflicts are resolved - under one consistent set of financial rules.

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From the Back Cover:

A Comprehensive Look at How Corporations Balance Financing and Risk from Two of Today's Most Popular and Influential Finance Writers

Today's corporation has an unprecedented number of avenues for financing its operations. At the same time, the specter of risk is always in the background, ready to extract a heavy toll from any executive who overlooks or disregards its long shadow.

Financing and Risk Management addresses the many ways in which corporations raise capital as they manage the concurrent risk. Filled with information and ideas that are both thought provoking and functional, it provides an indispensable look into the theory and mechanics of financing and risk, including:

  • How, why, and when a firm should assume debt, while keeping that debt from working against it
  • Financial techniques for hedging against omnipresent domestic and international risks
  • Strategies for creating shareholder value through integrated investment and operating programs

Through six editions, Brealey and Myers' classic textbook Principles of Corporate Finance has become renowned for presenting in-depth discussions of financial theory and practice in an engaging and lively style. The Brealey & Myers on Corporate Finance series brings this classic text into the business environment, providing time-pressed professionals with a more focused format while retaining the timeless guidance and inherent readability of the original

"It is hard enough getting New York cab drivers to give you change for a $20 bill; try asking them to split a Treasury bill."--From Chapter Eighteen

Financing and Risk Management belies the notion that corporate finance texts must be dull. This handbook for practicing professional combines in-depth finance information and methodology with dynamic and often humorous writing as it focuses on the many issues professionals face as they take on questions of financing. Its step-by-step treatment encompasses:

  • Financial and securities markets--Types of securities: when and how they are issued and how they are priced by investors
  • Dividend policy and capital structure--How to determine the appropriate mix of securities issued, debt level, and more
  • Options--Strategies for using options, warrants, and convertibles plus different models--including Black-Scholes--for their valuation
  • Debt financing--Techniques for managing a company's debt and explanations of the many types of debt that can be issued
  • Risk management--Methods for hedging against today's wide array of business hazards, both domestic and international
  • Financial planning--Ways to measure and manage a firm's leverage, liquidity, efficiency, profitability, and market valuation
  • Short-term financing--Channels for short-term borrowing and lending plus descriptions of programs for credit and cash management

Financing and Risk Management also differs from the majority of finance tomes by consistently reflecting on the human side of the equation. What must you do to strike a balance between appeasing investors with dividends and retaining earnings for expansion, and what if the needs of your firm change? How can you generate global profits while assessing and hedging your firm's foreign currency exposure? What are the questions you should ask when determining which of two (or more) available vehicles your firm should adopt for efficient financing?

Corporate financial management is at its core a fluid and constantly challenging area. Financing and Risk Management takes you inside the fundamental question of how a corporation generates capital. It introduces you to the subject's often-conflicting objectives and outlines ways in which you can satisfy the greatest number of those objectives, while ensuring that all areas of a corporation operate--and conflicts are resolved--under one consistent set of financial rules.

About the Author:

Richard A. Brealey, Ph.D. and Stewart C. Myers, Ph.D. are coauthors of the perpetually best-selling textbook Principles of Corporate Finance, and two of the most respected and accomplished names in education and corporate finance. Dr. Brealey has taught at the London Business School for more than thirty years and is former president of the European Finance Association. Dr. Myers is the Gordon Y. Billard Professor of Finance at MIT's Sloan School of Management and is past president of the American Finance Association.

"About this title" may belong to another edition of this title.

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