By Denzil Watson, Antony Head
This quantity addresses the center subject parts in company finance and establishes an built-in realizing of the 3 selection parts in finance - funding, financing, and the dividend decision.
content material: bankruptcy 1: The finance functionality bankruptcy 2: Capital markets, industry potency and ratio research bankruptcy three: temporary finance and the administration of operating capital bankruptcy four: long term finance: fairness finance bankruptcy five: long term finance: debt finance, hybrid finance and leasing bankruptcy 6: an outline of funding appraisal equipment bankruptcy 7: funding appraisal: purposes and threat bankruptcy eight: Portfolio concept and the capital asset pricing version bankruptcy nine: the price of capital and capital constitution bankruptcy 10: Dividend coverage bankruptcy eleven: Mergers and takeovers bankruptcy 12: hazard management
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Extra resources for Corporate finance : principles and practice
This change in UK share ownership has made it more difficult for companies to identify and understand who their shareholders are and has led to a wider array of shareholder objectives for companies to consider. 6 Corporate governance Until now we have only considered solutions to the agency problem at an individual company level. In recent years, however, a more over-arching solution to the corporate governance problem has come through self-regulation. This approach has sought to influence the structure and nature of the mechanisms by which owners govern managers in order to promote fairness, accountability and transparency.
Agency conflict arises between shareholders and debt holders because shareholders have a greater preference for higher-risk projects than debt holders. The return to shareholders is unlimited, whereas their loss is limited to the value of their shares, hence their preference for higher-risk (and hence higher-return) projects. The return to debt holders, however, is limited to a fixed interest return: they will not benefit from the higher returns from riskier projects. 3 Dealing with the agency problem between shareholders and managers Jensen and Meckling (1976) suggested that there are two ways of seeking to optimise managerial behaviour in order to encourage goal congruence between shareholders and managers.
These are far from perfect solutions, however. Externally, the terms and conditions of managers’ pay and the topical issues of corporate governance have been the subject of reports by a number of committees including Cadbury, Greenbury, Hampel, Turnbull and Higgs. The recommendations of these committees are based on a principles-driven approach as opposed to the rule-based stance in the USA. 4 illustrates, the issue of managerial remuneration continues to rumble on in the UK. ‘Fat cat’ headlines in the financial press are unlikely to become a thing of the past without a significant change in human nature.