The Theory of Corporate Finance 1st Edition by Jean Tirole ISBN 0691125562 9780691125565 by Jean Tirole 9781400830220, 1400830222 instant download after payment.

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ISBN 10: 0691125562 
ISBN 13: 9780691125565
Author: Jean Tirole

Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of.

Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics.

Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions.

The Theory of Corporate Finance 1st Table of contents:

Part I: Foundations and Valuation

• Chapter 1: The Core Questions of Corporate Finance
  • The Objective of the Firm: Shareholder Wealth Maximization vs. Stakeholder Theory
  • The Separation of Ownership and Control: Agency Problems
  • The Role of Financial Markets and Information Efficiency
  • An Overview of Corporate Financial Decisions: Investment, Financing, Payouts
• Chapter 2: Financial Markets, Information, and Efficiency
  • Types of Financial Markets and Their Functions
  • The Efficient Market Hypothesis (EMH): Forms and Implications
  • Information Asymmetry and Its Consequences
  • Behavioral Finance: Challenges to Rationality
• Chapter 3: Review of Valuation Principles and Discounted Cash Flow (DCF)
  • Time Value of Money (Compounding, Discounting, Annuities)
  • Bond Valuation: Yield to Maturity, Term Structure
  • Equity Valuation: Dividend Discount Model, Free Cash Flow to Firm (FCFF), Free Cash Flow to Equity (FCFE)
  • Net Present Value (NPV) as the Benchmark Criterion
  • Introduction to Real Options (brief overview)

Part II: Investment Decisions (Capital Budgeting Theory)

• Chapter 4: Investment Decision Rules and Project Valuation
  • Revisiting NPV, Internal Rate of Return (IRR), Payback Period, Profitability Index
  • Theoretical Superiority of NPV and Its Conditions
  • Dealing with Mutually Exclusive Projects and Capital Rationing
  • Project Analysis: Incremental Cash Flows, Sunk Costs, Opportunity Costs
• Chapter 5: Risk, Return, and Capital Asset Pricing Model (CAPM)
  • Measuring Risk: Variance, Standard Deviation, Covariance
  • Diversification and Portfolio Theory (Mean-Variance Framework)
  • Systematic vs. Idiosyncratic Risk
  • The Security Market Line (SML) and Cost of Equity under CAPM
• Chapter 6: Alternative Asset Pricing Models and the Cost of Capital
  • Arbitrage Pricing Theory (APT): Multi-Factor Models
  • Fama-French Three-Factor Model and Beyond
  • Determining the Cost of Debt, Preferred Stock
  • Weighted Average Cost of Capital (WACC): Theoretical Derivation and Limitations
  • Cost of Capital for Divisional and International Projects

Part III: Financing Decisions (Capital Structure Theory)

• Chapter 7: Capital Structure Irrelevance: Modigliani-Miller (MM) Theorems
  • MM Proposition I (No Taxes, No Distress Costs): Value of the Firm is Independent of Capital Structure
  • MM Proposition II (No Taxes, No Distress Costs): Cost of Equity and Leverage
  • Assumptions and Intuition of the MM Propositions
• Chapter 8: Capital Structure with Taxes and Financial Distress Costs
  • The Benefit of Debt: Interest Tax Shield
  • Costs of Financial Distress: Direct and Indirect Bankruptcy Costs
  • The Trade-Off Theory of Capital Structure
  • Empirical Evidence on the Trade-Off Theory
• Chapter 9: Information Asymmetry and Capital Structure
  • Signaling Theory: Debt as a Signal of Firm Quality
  • The Pecking Order Theory of Financing
  • Market Timing Theory
  • Issuance Costs and Their Impact on Financing Decisions
• Chapter 10: Agency Costs and Capital Structure
  • Agency Problems between Shareholders and Managers (Managerial Entrenchment, Free Cash Flow Problem)
  • Debt as a Disciplinary Mechanism
  • Agency Problems between Shareholders and Debtholders (Asset Substitution, Underinvestment)
  • Convertible Securities and Warrants

Part IV: Payout Policy and Corporate Governance

• Chapter 11: Dividend Policy: Theory and Evidence
  • Dividend Irrelevance Theory (MM)
  • Arguments for High Payouts: Clientele Effect, Signaling, Agency Costs of Free Cash Flow
  • Arguments Against High Payouts: Tax Disadvantage, Issuance Costs
  • Share Repurchases vs. Dividends
  • Payout Policy in Practice: Smoothed Dividends
• Chapter 12: Corporate Governance: Aligning Interests
  • Agency Theory and the Principal-Agent Problem
  • Board of Directors: Structure, Independence, Role
  • Executive Compensation: Incentives and Challenges
  • The Market for Corporate Control: Mergers, Acquisitions, and Takeovers
  • Activist Investors and Shareholder Activism
  • Stakeholder Governance and Corporate Social Responsibility

Part V: Advanced Topics and Applications

• Chapter 13: Mergers, Acquisitions, and Corporate Restructuring
  • Motives for M&A: Synergies (Operating, Financial, Tax), Hubris Hypothesis
  • Valuation of Target Firms in M&A
  • Methods of Payment: Cash vs. Stock
  • Leveraged Buyouts (LBOs) and Divestitures (Spin-offs, Equity Carve-outs)
  • Empirical Evidence on M&A Outcomes
• Chapter 14: Risk Management in the Corporation
  • Types of Corporate Risks: Financial (Interest Rate, Currency, Commodity), Operational, Strategic
  • The Case for Corporate Risk Management
  • Hedging with Derivatives (Forwards, Futures, Options, Swaps)
  • Value at Risk (VaR) and Other Risk Measures
• Chapter 15: Financial Distress, Bankruptcy, and Reorganization
  • Causes and Consequences of Financial Distress
  • The Bankruptcy Process (Chapter 7, Chapter 11 in US context)
  • Workout and Reorganization Strategies
  • Debt Restructuring and Creditor Rights
• Chapter 16: International Corporate Finance
  • Foreign Exchange Risk Management
  • International Capital Budgeting: Adjusting for Exchange Rates and Political Risk
  • International Capital Structure and Cost of Capital
  • Cross-Border Mergers and Acquisitions
• Chapter 17: Special Topics in Corporate Finance Theory
  • Behavioral Corporate Finance: Managerial Biases and Corporate Decisions
  • Private Equity and Venture Capital: Unique Financing Structures
  • Corporate Innovation and R&D Financing
  • Sustainable Finance and ESG Considerations from a Theoretical Perspective

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