Financial Strategy

Significantly revised and updated, this second edition of Financial Strategy is vital reading not only for MBA and advanced undergraduate students of Financial Strategy and Financial Management, but also for finance professionals.
The majority of articles and case studies in this edition are new and reflect recent developments in financial strategy, which have added value to organisations and improved their performance.
Combining both finance and accounting articles and covering the public and private sectors, the book addresses issues relevant to UK and US listed companies as well as an international audience.
Key themes addressed are:Trends in finance theoryAdding value through investment, financing and risk managementMeasuring performanceCorporate governance
Financial Strategy, Second Edition is a course reader for the Open University Business School MBA courses Financial Strategy (B821) and Issues in International Finance and Management (B854).

Spis treści:
Introduction.
SECTION 1: TRENDS IN FINANCE.
Section Overview.
1. The World Was Their Oyster: International Diversification Pre–World War I (Janette Rutterford).
CASE STUDY 1 Global Evidence on the Risk Premium (Elroy Dimson, Paul Marsh, and Mike Staunton).
2. Behavioral Finance (Jay R. Ritter).
CASE STUDY 2 Do Fundamentals – or Emotions – Drive the Stock Market (Marc Goedhart, Timothy Koller and David Wessels).
SECTION 2: ADDING VALUE THROUGH INVESTMENT.
Section Overview.
3. Why Bad Projects are so Hard to Kill (Isabelle Royer).
4. Realizing the Potential of Real Options: Does Theory Meet Practice?(Alexander Triantis).
CASE STUDY 3 Real Options (K. Leslie and M. Michaels).
5. Mergers, MNEs and Innovation – the Need for New ResearchApproaches (Christian Berggren).
CASE STUDY 4 Why Most Cross–Border Deals End in Tears (Simon London).
SECTION 3: ADDING VALUE THROUGH FINANCING.
Section Overview.
6. The Capital Structure Puzzle: Another Look at the Evidence (Michael J. Barclay and Clifford W. Smith, Jr.).
7. Disappearing Dividends: Changing Firm Characteristics of LowerPropensity to Pay? (Eugene F. Fama and Kenneth R. French).
8. The Value of Share Buybacks (Richard Dobbs and Werner Rehm).
CASE STUDY 5 Capital Ideas (Keith Boyfield).
CASE STUDY 6 Death of the Dividend? (Adrian Wood).
CASE STUDY 7 Sciona – A Venture Capital Case Study (Colin Bond).
9. Initial Public Offerings (Jay R. Ritter).
CASE STUDY 8 Google Press Cuttings.
Are You About to Get Googled? (Tony Glover).
Ignore Wall St’s Whining – Google’s IPO Worked (James Surowiecki).
Google’s Earnings More than Double 1st Quarterly Results as Public Firm Strong (Robert Weisman).
How High Can Google Fly? (Verne Kopytoff).
Bowling for Google (Paul R. La Monica).
Google’s Rising Share Price is Cold Comfort for Investors (Stephen Schurr).
SECTION 4: ADDING VALUE THROUGH RISK MANAGEMENT.
Section Overview.
10. Operating Exposure (D.R. Lessard and J.B. Lightstone).
11. Currency Exchange Trading and Rogue Trader John Rusnak (S. Burke).
12. Value at Risk: Uses and Abuses (C.L. Culp, M.H. Millen and A.M.P. Neves).
13. Learning to Live with Mortgages: An Iterative Approach to Risk Management (Martin Upton).
14. Credit Derivatives (J. Kiff and R. Morrow).
CASE STUDY 9 Journey to Junk (J. Wiggins).
CASE STUDY 10 Who Rates the Raters (The Economist).
SECTION 5: MEASURING PERFORMANCE.
Section Overview.
15. What can be Expected from Accounting Standards? (Gilbert Gélard).
CASE STUDY 11 Queens Moat Houses plcFrom (Queens Moat Houses plc Annual Accounts).
CASE STUDY 12 Learn by Numbers (Keith Boyfield).
16. A Star to Sail By? (The Economist).
17. EVA Implementation, Market Over–Reaction, and the Theor y of Low–Hanging Fruit (Barbara Lougee, Ashok Natarajan, James S. Wallace).
18. Transforming the Balanced Scorecard from Performance Measurementto Strategic Management: Part I (R.S. Kaplan and D.P. Norton).
19. Performance Indicators: 2 – Early Lessons from Managerial Use (A. Likierman).
SECTION 6: GOVERNANCE AND ETHICS.
Section Overview.
20. It’s Time to Rebalance the Scorecard (James M. Higgins and David M. Currie).
21. Stakeholder Capitalism (Will Hutton).
CASE STUDY 13 The State of Denial We’re In (The Economist).
22. Controversy Incorporated (David Cogman and Jeremy M. Oppenheim).
CASE STUDY 14 An Interview with Microsoft’s CFO (Bertil E. Chappuis and Timothy M. Koller).
CASE STUDY 15 Corporate Governance Failures: To What Extent is Parmalat a Particularly Italian Case? (Andrea Melis).
CASE STUDY 16 Companies Still Failing to Fill the Funding Gap (Lucy Warwick–Ching).
Index.


Nota biograficzna:
Janette Rutterford is Professor of Financial Management at the Open University Business School.
Martin Upton is a Lecturer in Finance at the Open University Business School and was formerly Treasurer of the Nationwide Building Society.
Devendra Kodwani is a Lecturer in Finance at the Open University Business School.

Okładka tylna:
Significantly revised and updated, this second edition of Financial Strategy is vital reading not only for MBA and advanced undergraduate students of Financial Strategy and Financial Management, but also for finance professionals.
The majority of articles and case studies in this edition are new and reflect recent developments in financial strategy, which have added value to organisations and improved their performance.
Combining both finance and accounting articles and covering the public and private sectors, the book addresses issues relevant to UK and US listed companies as well as an international audience.
Key themes addressed are:Trends in finance theoryAdding value through investment, financing and risk managementMeasuring performanceCorporate governance
Financial Strategy, Second Edition is a course reader for the Open University Business School MBA courses Financial Strategy (B821) and Issues in International Finance and Management (B854).