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Stock Markets and Corporate Finance

by Michael Joseph Dempsey World Scientific Publishing Europe Ltd
Pub Date:
10/2017
ISBN:
9781786343260
Format:
Pbk 528 pages
Price:
AU$153.00 NZ$160.00
Product Status: In Stock Now
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Instructors
& Academics:
This book examines the nature of the stock market and its implications for corporate management. It provides an introduction to core issues in finance and differs from traditional textbooks in its recognition that "finance is not physics" - in the sense that how markets behave today is not necessarily how they will behave tomorrow. Nevertheless, a certain level of "physics" can be recognized as underpinning the development of stock market valuations and corporate financial decision-making.


 


In short, the objective of the text is to instill insight in regards to the functioning of markets and corporate behavior, as opposed to algebraic derivations from unrealistic assumptions. Rather than subscribe unthinkingly to an "efficient market hypothesis", at each stage of the development of the text's conceptual framework, we also recognize the reality of market "sentiment" and the fundamental uncertainty that managers face in their decisions.


 


Based around a teaching programme with worked questions and solutions, Stock Markets and Corporate Finance is the perfect accompaniment for MBA, undergraduate and graduate students looking for a critical textbook on the nature of the financial sector and corporate finance.

    Introduction: Stock Markets, Investments and Corporate Financial Decision Making


    A Short History of Stock Markets


    The Time Value of Money and Financial Planning


    Market Debt, Interest Rates and Bond Valuation


    The Valuation of Equity Shares


    Shareholders' Required Rate of Return (The Cost of Equity Capital)


    Accounting Statements and Ratio Analysis


    Financial Leverage


    Valuation of Cash Flows


    Currency Exchange Rates


    Derivatives Instruments: Hedging (Speculating on) Currency Risk


    Investment Decision-Making: Theory and Practice


    Equity Value and Personal Taxes


    Financial Leverage (Revisited)


    Valuation of the Firm's Cash Flows (Revisited)


    Ethical Behavior

Michael Dempsey joined RMIT University as Professor and Head of the Finance Discipline in early 2013. Prior to this, he was an Associate Professor at Monash University, Australia, before which he was an Associate Professor with Griffith University, Australia, having previously been at Leeds University, UK. He also has many years' experience working for the petroleum exploration industry, in the Middle East, Egypt, Aberdeen and London. He is an active researcher in seeking to understand the interplay between risk and returns as the essential dynamic of market behaviour; the theoretical implications of taxation for stock valuation; and corporate decision-making as socially constructed. His recently published Stock Markets, Investments and Corporate Behavior (published by Imperial College Press/World Scientific, 2016) summarizes his work in these areas. He has published articles that have appeared in leading international journals, including Financial Analysts Journal (2), Journal of Banking and Finance (2), Journal of Business Finance and Accounting (3), European Financial Management (1), Critical Perspectives on Accounting (3), Abacus (3), Journal of Investment Management (2), Accounting and Business Research (3), Australian Journal of Management (2), Journal of Asset Management (1), and Accounting and Finance (1). His teaching expertise includes corporate and investment finance, international finance, derivatives and financial engineering.