1Introductionl
Businessfinancel
Thefinancialenvironment3
Accounting6
Problemsinfinance15
2Interestrates19
Time19
lnflation20
Riskandrequiredreturn26
3Cash30
Usesofcash30
Cashandprofit35
Cashplanning38
4Workingcapital43
Workingcapitalasawhole43
Stocks47
Debtors50
Spontaneouscreditors54
5Basiccapitalprojectappraisal57
Background57
Simpleappraisalmethods59
Measuringprofitovertime63
Discountedcashflowmethods67
6Capitalprojectappraisalrefinements76
Taxation76
CapitaIdisinvestment79
Inflation81
Riskanduncertainty85
Capitalbudgeting9l
7Borrowing95
GeneraIfeatures95
ReducingtheIender'srisk98
Thecostofdebtl00
Othertypesofdebtl02
Valuingdebtl04
8Ordinarysharesl09
Shareholders'funds109
Thestockexchangel11
lssuingequityshares1l5
DividendpoIicyll9
9Valuingequity125
Modernportfoliotheoryl25
Othershareva1uationmethodsl31
10Corporatefinance136
Costofcapital136
Gcaringl40
CapitaIstructure142
Thecorporatelifecycle147
11Mergersandreconstructions151
Reasonsformergersl51
Mergerstatistics155
Ttleprocessofmerging157
Restructuring160
AppendixA:Acronymsl67
AppendixB:Presentvaluetables169
Glossary175
Bibliography192
Index193
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