金融理论与公司决策(第4版)(英文改编版)
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品牌: 托马斯·E科普兰
基本信息·出版社：北京大学出版社
·页码：870 页
·出版日期：2007年
·ISBN：7301120400
·条形码：9787301120408
·包装版本：4版
·装帧：平装
·开本：16/0开
·正文语种：中文
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内容简介《金融理论与公司决策》一书是金融领域的经典教材，在美国教学界深受好评。它将理论、实证与应用相结合，旁征博引，说理透彻，为读者提供了广泛的视角，提出了研究金融学的主流思想方法。第4版进行了重要修订，以期反映金融领域最新、最重要的研究成果。
《金融理论与公司决策》适合作为公司财务和投资学课程的教材使用。
作者简介Thomas E．Copeland，摩立特集团公司财务执行董事。
J．Fred Weston，美国加利福尼亚大学洛杉矶分校约翰·E．安德森管理学院研究生院管理经济学及金融学方面的名誉退休教授。
Kuldeep Shastri，罗杰·S．阿尔布兰特金融讲座的主席、匹兹堡大学约瑟夫·M。卡兹商学院工商管理教授。
编辑推荐《金融理论与公司决策》具有以下特色：
·本书第4版继承了以往版本的传统，将重点放在清晰、简明地揭示金融领域内最重要的概念上；
·注重可检验的命题以及对重要的金融理论进行实证检验的有关文献；
·注重应用性，以便于金融理论的本质和用途能被更好地理解。
《金融理论与公司决策》适合作为公司财务和投资学课程的教材使用。
目录
PART ITHE THEORY OF FINANC
Introduction: Capital Markets, Consumption, and Investmen
A. Introduction
B. Consumption and Investment without Capital Markets
C. Consumption and Investment with Capital Markets
D. Marketplaces and Transaction Costs
E. Transaction Costs and the Breakdown of Separation
Summary
Problem Set
References
2Investment Decisions: The Certainty Case
A. Introduction
B. Fisher Separation: The Separation of Individual Utility Preferences from the Investment Decision
C. The Agency Problem
D. Shareholder Wealth Maximization
E. Capital Budgeting Techniques
F. Comparison of Net Present Value with Internal Rate of Return
G. Cash Flows for Capital Budgeting Purposes
H. Relaxing the Assumptions
Summary
Problem Set
References
3 The Theory of Choice: Utility Theory Given Uncertainty
A. Five Axioms of Choice under Uncertainty
B. Developing Utility Functions
C. Establishing a Definition of Risk Aversion
D. Comparison of Risk Aversion in the Small and in the Large
E. Stochastic Dominance
F. Using Mean and Variance as Choice Criteria
G. A Mean Variance Paradox
H. Recent Thinking and Empirical
Evidence
Summary
Problem Set
References
4State Preference Theory
A. Uncertainty and Alternative Future States
B. Definition of Pure Securities
C. Complete Capital Market
D. Derivation of Pure Security Prices
E. No-Arbitrage Profit Condition
F. Economic Determinants of Security Prices
G. Optimal Portfolio Decisions
H. The Efficient Set with Two Risky Assets (and No Risk-Free Asset)
I. Firm Valuation, the Fisher Separation Principle, and Optimal Investment
Decisions
Summary
Problem Set
References
Appendix 4A. Forming a Portfolio of Pure Securities
Appendix 4B. Use of Prices of StateContingent Claims in Capital Budgeting
5 Objects of Choice: Mean-Variance Portfolio Theory
A. Measuring Risk and Return for a Single Asset
B. Measuring Portfolio Risk and Return
C. The Efficient Set with Two Risky Assets (and No Risk-Free Asset)
D. The Efficient Set with One Risky and One Risk-Free Asset
E. Optimal Portfolio Choice: Many Assets
F. Portfolio Diversification and Individual Asset Risk
Summary
Problem Set
References
6Market Equilibrium: CAPM and APT
A. Introduction
B. The Efficiency of the Market Portfolio
C. Derivation of the CAPM
D. Properties of the CAPM
E. Use of the CAPM for Valuation: Single-Period Models with
Uncertainty
F. Applications of the CAPM for Corporate Policy
G. Extensions of the CAPM
H. Empirical Tests of the CAPM
I. The Market Risk Premium
I. The Empirical Market Line
K. The Problem of Measuring Performance: Roll's Critique
L. The Arbitrage Pricing Theory
M. Empirical Tests of the Arbitrage Pricing
Theory
Summary
Problem Set
References
7Pricing Contingent Claims: Option Pricing Theory and Evidence
A. Introduction
B. A Description of the Factors that Affect Prices of European Options
C. Combining Options: A Graphic Presentation
D. Equity as a Call Option
E. Put-Call Parity
F. Some Dominance Theorems that Bound the Value of a Call Option
G. Derivation of the Option Pricing Formula-- The Binomial Approach
H. Valuation of a Call On a Stock with No Dividends
I. Pricing American Put Options
J. Extensions of the option Pricing Model
K. Empirical Evidence on the Option Pricing
Model
Summary
Problem Set
References
Appendix 7A. Two Alternative Derivations of the Black-Scholes option Pricing Model
8 The Term Structure of Interest Rates, Forward Contracts, and Futures
A. The Term Structure of Interest Rates
B. Models of the Term Structure
C. Forward and Futures Contracts
D. The Theory of Futures Markets and Futures Contract Pricing
E. Empirical Evidence
F. Synthetic Futures and Options on
Futures
Summary
Problem Set
References
9Multiperiod Capital Budgeting under Uncertainty: Real Options Analysis
A. Introduction
B. Comparing NPV with Decision Trees and Real Options
C. Three Key Assumptions for Pricing Real Options
D. Valuing Real Options on Dividend-Paying Assets
E. Types of Real Opuons
F. Valuing Combinations of Simple Real Options
G. Valuing Compound Options
H. Switching Options
I. An Example of How to Evaluate an Investment Program
J. Empirical Evidence
Summary
Problem Set
References
10Efficient Capital Markets: Theory
A. Defining Capital Market Efficiency :
B. A Formal Definition of the Value of Information
C. The Relationship between the Value of Information and Efficient Capital Mrkets
D. Rational Expectations and Market Efficiency
E. Market Efficiency with Costly Information
F. Statistical Tests Adjusted for Risk
G. The Joint Hypothesis of Market Efficiency and the CAPM
Summary
Problem Set
References
11Efficient Capital Markets: Evidence
A. Empirical Models Used for Residual Analysis
B. Relevant Information (Earnings versus Cash Flow)..
C. Speed of Adjustment
D. Rejection of Strong-Form Efficiency
E. Common Errors of Empirical Studies :
F. Semistrong-Form Anomalies: Long Term
G. Semistrong-Form Anomalies: Short Term 399
H. Cross-Sectional Puzzles
Summary
Problem Set
References
12Information Asymmetry and Agency Theory
A. Information Asymmetry
B. Agency Theory
C. Agency Theory and Finance
Sununary
Problem Set
References
PART IICORPORATE POLICY: THEORY, EVIDENCE,AND APPLICATIONS465
13 The Role ofthe CFO, Performance Measurement, and Incentive Design
A. The Role of the Chief Financial Officer
B. Performance Measurement
C. Incentive Design
Summary
Problem Set
References
14 Valuation and Tax Policy
A. Formula Approach for Valuing Companies
B. Spreadsheet Approach for Valuing Companies
C. Corporate Tax Policy and Value
Summary
Problem Set
References
15 Capital Structure and the Cost of Capital: Theory and Evidence
A. The Value of the Firm Given Corporate Taxes Only
B. The Value of the Firm in a World with Both Personal and Corporate Taxes
C. Introducing Risk--A Synthesis of the Modigliani-Miller Model and CAPM
D. The Cost of Capital with Risky Debt
E. A Model with Business Disruption and Tax-Deductible Interest
F. Business Disruption Costs: Evidence
G. Agency Costs--Another Equilibrium Theory of Optimal Capital Structure
H. Nonequilibrium Effects
I. Empirical Evidence Concerning Capital Structure
J. How Does a Practitioner Use the Theory to Determine Optimal Capital Structure?
K. The Maturity Structure of Debt
L. The Effect of Other Financial Instruments on the Cost of Capital
Summary
Problem Set
References
Appendix 15A. Duration and Optimal Maturity Structure of the Balance Sheet References
16Dividend Policy: Theory and Empirical Evidence
A. The Irrelevance of Dividend Policy in a World without Taxes
B. DiVidend Policy in a World with Personal and Corporate Taxes
C. Toward a Theory of Optimal Dividend Policy
D. Behavioral Models of Dividend Policy
E. Clientele Effects and Ex Date Effects
F. Dividend Announcement Date Effects: The Signaling Hypothesis
G. The Relationship between Dividends and Value
H. Corporate Equity Repurchases
I. Other Dividend Policy Issues
Summary
Problem Set
References
17Applied Issues in Corporate Finance
A. Introduction
B. Leasing
C. Interest Rate Swaps
D. Risk Management
E. Pension Fund Management
F. Leveraged Buyouts and Management Buyouts
Summary
Problem Set
References
18Acquisitions, Divestitures, Restructuring, and Corporate Governance
A. Merger Activity
B. Alternative Growth Strategies
C. M&As as an Adjustment Process
D. Theories of Mergers, Implications, and Empirical Evidence
E. Potential Sources of Synergy in Conglomerate Mergers
F. The Performance of M&As
G. Joint Ventures
H. Alliances and Partnerships
I. Shedding Assets to Create Value
J. Changes in Ownership Structure
K. Merger Defenses
L. Accounting Aspects
M. Corporate Governance
N. Corporate Governance in Germany and Japan
Summary
Problem Set
References
19International Financial Management
20Unsolved Issues, Undiscovered Territory, and the Future of Finance
A. Corporate Finance
B. Risk Management
C. Managerial Finance
D. Real Option Pricing
E. Valuation--Expert Systems and Neural Networks
F. Regulation
G. Empirical Studies
H. Security Markets and Market Microstructure
I. The Cross-Section of Returns
J. Individual Decision-Making
K. Experimental Economics
Summary
References
Appendix A--E
Author Index
Subject Index
……[看更多目录]
序言It has been over 10 years since the third edition of Financial Theory and Corporate Policy was published. We have received feedback from many sources that confirms our original judgment that there is a need for a book like Financial Theory and Corporate Policy, and so in response to the feedback and many requests for a new edition, we have taken the book out of a long hibernation and present to you this revised and updated edition. For the fourth edition we welcome a third author, Kuldeep Shastri, who holds the Roger S. Ahlbrandt, Sr. Endowed Chair in Finance at the Katz Graduate School of Business at the University of Pittsburgh. Kuldeep is an internationally known scholar and honored teacher who brings greater coverage and mathematical sophistication to the fourth edition.
Our primary aim for the fourth edition remains true to the original objective of the book:to provide a bridge to the more theoretical articles and treatises on finance theory. For doctoral students the book provides a framework of conceptual knowledge, enabling them to understand what the literature on financial theory is trying to do and how it all fits together. For MBAs it provides an in-depth experience with the subject of finance. Our aim here is to equip the MBA for his or her future development as a practicing executive. We seek to prepare the MBA for reading heignificant literature of the past, present, and future. This will help practicing financial executives keep up to date with developments in finance theory, particularly as they affect the financial executive's own thinking processes in makinginancial decisions.
As with the earlier editions, our emphasis is on setting forth clearly and succinctly the most important concepts in finance theory. We have given particular attention to testable propositions and to the literature that has developed empirical tests of important elements of finance theory. In addition, we have emphasized applications so that the nature and uses of finance theory can be better understood.
urpose and Organization
Over the past 45 years a branch of applied microeconomics has been developed and specialized into what is known as modern finance theory. The historical demarcation point was roughly 1958,when Markowitz and Tobin were working on the theory of portfolio selection and Modigliani and Miller were working on capital structure and valuation. Prior to 1958, finance was largely a descriptive field of endeavor. Since then major theoretical thrusts have transformed the field into a positive science. As evidence of the changes that have taken place we need only look at the types of people who teach in the schools of business. Fifty years ago the faculty were drawn from the ranks of business and government. They were respected and experienced statesmen within their fields. Today, finance faculty are predominantly academicians in the traditional sense of the word.The majority of them have no business experience except for consulting. Their interest and training is in developing theories to explain economic behavior, then testing them with the tools provided and variances, set up a cross-hedge to reduce the variance of equity returns, value a call option, determine the terms of a merger or acquisition, and use international exchange rate relationships.In sum, we believe that a sound foundation in finance theory requires not only a complete presentation of the theoretical concepts, but also a review of the empirical evidence that either supports or refutes the theory as well as enough examples to allow the practitioner to apply the validated theory.
hanges in the Fourth EditionWe have tried to move all the central paradigms of finance theory into the first half of the ook--the first 12 chapters. In the second edition this motivated our shifting the option pricing materialinto (what was hen) Chapter 8. In this fourth edition we decided to rewrite the chapter on forwardcontracts and futures markets--a new hapter 8. It covers traditional material on pricing both commodity and financial futures, as well as newer issues: why futures markets exist, why there are price limits in some markets but not others, and empirical evidence on normal backwardation and contango. We also added several new chapters. Chapter 9 is about real options--the theory, of course, and equally important, the applications. It is a soup-to-nuts presentation that will hopefully fill a void that one finds in most corporate finance textbooks. The new Chapter 12 provides a full development of agency and signaling theories. Throughout both parts of the book, we have updated the literature to include recent developments.In the materials on portfolio theory we have added a section on how to use T-bond futures contracts for cross-hedging. In Chapter 6 we have updated the literature review on the capital asset pricing model and the arbitrage pricing model. Chapter 7 contains new evidence on option pricing. The materials on capital structure (Chapter 15) and on dividend policy (Chapter 16) have been rewritten to summarize the latest thinking in these rapidly changing areas of research.Chapters 13 and 14 are ompletely new. Chapter 13 defines the role of the chief financial officer and discusses performance measurement and incentive design. Chapter 14 shows the details of how to do a discounted cash flow valuation of a company and discusses tax policy.Chapter 18 covers mergers and acquisitions, divestitures, restructuring, and corporate control and represents up-to-date coverage on the burgeoning literature. Similarly, Chapter 19 reflects the latest thinking in the field of international financial management. Finally, Chapter 20 speculates on the future of research in finance and should be fun reading for faculty, doctoral students who are looking for thesis topics, and MBAs who need a paper topic.We made numerous other minor changes. In general, we sought to reflect all of the new important literature of finance theory--published articles and treatises as well as working papers. Our aim was to keep the book as close as possible to the frontiers of the state of the art in the literature of finance theory.
uggested Use in Curriculum
We suggest that the text be used as a second course in finance for MBA students and as the first finance course for doctoral students. When this book was used as a text at UCL A, we found that requiring all finance majors to take a theory-of-finance course before proceeding to upper-level courses eliminated a great deal of redundancy. For example, a portfolio theory course that uses the theory of finance as a prerequisite does not have to waste time with the fundamentals. Instead, after a brief review, most of the course can be devoted to more recent developments and applications.Because finance theory has eveloped into a cohesive body of knowledge, it underlies almost all of what had formerly been thought of as disparate topics. The theory of finance, as presented in this text, is prerequisite to security analysis, portfolio theory, money and capital markets, commercial banking, speculative markets investment banking, international finance, insurance, case courses in corporation finance, and quantitative methods of finance. The theory of finance can be, and is, applied to all of these courses. That is why, at UCLA, it was a prerequisite to all the aforementioned course offerings.The basic building blocks that will lead to the most advantageous use of this text include algebra and elementary calculus; basic finance skills such as discounting, the use of cash flows,pro forma income statements, and balance sheets; elementary statistics; and an intermediate-level microeconomics course.
se of the Solutions Manual
The end-of-chapter problems and questions ask the students not only to feed back what they have just learned, but also to take the concepts and extend them beyond the material covered directly in the body of the text. Consequently, we hope that the solutions manual will be employed almost as if it were a supplementary text. It should not be locked up in the faculty member's office, as so many instructor's manuals are. It is not an instructor's manual in a narrow sense. Rather, it is a solutions manual, intended for use by the students. Anyone (without restriction) can order it from the publisher. We order it, through the bookstore, as a recommended supplemental reading.Understanding of the theory is increased by efforts to apply it. Consequently, most of the end-of chapter problems are oriented toward applications of the theory. They require analytical thinking as well as a thorough understanding of the theory. If the solutions manual is used, as we hope it will be, then students who learn how to apply their understanding of the theory to the end-of-chapter problems will at the same time be learning how to apply the theory to real-world tasks.
C knowledgments
We have received help from many people on the four editions of the book. We especially benefited from the insightful corrections, clarifications, and suggestions of Eugene Fama and Herb Johnson.Nai-fu Chen and Ronald Bibb wrote Appendices B and D, respectively. Ron Masulis rewrote Chapter 4. Paul Alapat and Juan Siu contributed to Chapters 18 and 19.Those who reviewed and commented on the fourth dition include Dwight C. Anderson,Eric Bentzen, Alexander W. Butler, Charles Q. Cao, Dr. Mukesh K. Chaudhry, James Conover,Craig G. Dunbar, Andre Farber, Paolo Fulghieri, Satyananda J. Gabriel, Lawrence R. Glosten,Aditya Goenka, Bing Han, Mark Holder, Michael S. Long, Antonio S. Mello, Nandu Nagarajan,Thomas H. Noe, Arun J. Prakash, Thomas Renstrom, Gary Sanger, Jay Shanken, Laura Starks,John Teall, Christian Weber, Yangru Wu, and Yihong Xia.We also wish to acknowledge the help of the following on earlier editions: Ed Altman, Enrique Arzac, Dan Asquith, Warren Bailey, Gerry Bierwag, Diran Bodenhorn, Jim Brandon, Michael Brennan, William Carleton, Don Chance, Nai-fu Chen, Don Chew, Kwang S. Chung, Halimah Clark, Peter Clark, S. Kerry Cooper, Larry Dann, Harry and Linda E. DeAngelo, Dirk Davidson,David Eiteman, Chapman Findlay, Kenneth French, Dan Galai, Robert Geske, Mark Grinblatt, C. W. Haley, Ronald Hanoian, Iraj Heravi, David Hirshleifer, Tom Ho, Chi-Cheng Hsia, William C. Hunter, Ashok Korwar, Clement Krouse, Steven Lippman, Stephen Magee, Dubos Masson, Bill Margrabe, Charles Martin, Ronald Masulis, David Mayers, Guy Mercier, Edward Miller, Merton Miller, Timothy J, Nantell, Ron Necoechea, Jorgen Nielson, R. Richardson Petit, Richard Pettway,Richard Roll, Shigeki Sakakibara, Eduardo Schwartz, Jim Scott, Jandhyala Sharma, Kilman Shin, Ron Shrieves, Keith Smith, Dennis Soter, Joel Stem, Sheridan Titman, Brett Tmeman, Jim Wansley, Marty Weingartner, Richard West, Randy Westerfield, Robert Whaley, Stuart Wood, and Bill Ziemba.For her considerable help in the preparation of this edition, we wish to thank Betsy Seybolt,and for earlier editions, Susan Hoag and Marilyn McElroy. We also express appreciation for the cooperation of Donna Battista and Meredith Gertz, and their associates from Addison Wesley; and Paul Anagnostopoulos from Windfall Software.There are undoubtedly errors in the final product, both typographical and onceptual as well as differences of opinion. We invite readers to send suggestions, comments, criticisms, and corrections to the authors: Tom Copeland, Monitor Group, Two Canal Park, Cambridge, MA 02141; Kuldeep Shastri, University of Pittsburgh, 368B Mervis Hall, Katz Graduate School of Business, Pittsburgh, PA 15260; or J. Fred Weston at the Anderson Graduate School of Management, University of California, 258 Tavistock Ave., Los Angeles, CA 90049-3229. Any form of communication will be welcome.
