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1st Edition Alberto Tron

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 CORPORATE FINANCIAL MANAGEMENT
‘The book combines academic rigour (in the explanation of theory) with practical application (explaining
how companies apply theory in real life). There are lots of numerical examples to help with understanding
of the concepts covered.’
Dr Rob Jones, Newcastle University Business School
SIXTH EDITION
The sixth edition of this highly respected text is comprehensive yet accessible, with real-world case studies to ground
you in the application of important concepts.

CORPORATE
Written with authority by authors steeped in the financial world, the book offers a comprehensive survey of the theory
and practice of corporate finance for anyone studying the topic by itself or within business, accounting, finance, banking
or economics courses, teaching you how to make informed, successful financial decisions that are crucial for a career
in business.
It explores topics such as investment appraisal, risk and return, sources of finance, risk management, including
derivatives, and gives a unique treatment of corporate value.

KEY FEATURES
• Financial techniques are illustrated in practical terms, using clear accessible language. FINANCIAL
MANAGEMENT
• New Financial Times articles help you see the relevance of theory to the real world.
• Finance is presented as a dynamic subject that is open to theoretical re-evaluation.
• Extensive range of examples and case studies, with statistics and data ranging from the number of
corporate mergers to the default rates on corporate bonds.
• Easy-to-follow mathematical explanations.

Glen Arnold runs an investment fund and previously held positions as Professor of Finance and Professor of Investing.
In addition to the textbook Modern Financial Markets and Institutions, he has authored leading investment and banking
books including The Financial Times Guide to Investment, The FT Guide to Banking and The FT Guide to Value Investing.
Deborah Lewis is a Senior Teaching Fellow at the University of Bath and Director of Studies for the Bath MBA
programme, which features in the top 100 of the FT Global MBA 2018 Ranking. Deb’s previous commercial experience
GLEN ARNOLD
allows her to blend academic theory with professional application.
DEBORAH LEWIS
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CVR_ARNOLD_06_40445.indd 1 14/08/2018 10:42

 CORPORATE FINANCIAL
MANAGEMENT

F01 Corporate Financial Management 40445 Contents.indd 1 04/01/19 3:50 PM

 At Pearson, we have a simple mission: to help people
make more of their lives through learning.

We combine innovative learning technology with trusted

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F01 Corporate Financial Management 40445 Contents.indd 2 04/01/19 3:50 PM

 GLEN ARNOLD BSc(Econ), PhD
DEBORAH LEWIS BA, MBA, FCA, SFHEA

CORPORATE FINANCIAL
MANAGEMENT
SI X T H E D I T I O N

Harlow, England • London • New York • Boston • San Francisco • Toronto • Sydney • Dubai • Singapore • Hong Kong
Tokyo • Seoul • Taipei • New Delhi • Cape Town • São Paulo • Mexico City • Madrid • Amsterdam • Munich • Paris • Milan

F01 Corporate Financial Management 40445 Contents.indd 3 04/01/19 3:50 PM

 PEARSON EDUCATION LIMITED
KAO Two
KAO Park
Harlow CM17 9NA
United Kingdom
Tel: +44 (0)1279 623623
Web: www.pearson.com/uk

First published in Great Britain under the Financial Times Pitman Publishing imprint in 1998 (print)
Second edition published 2002 (print)
Third edition published 2005 (print)
Fourth edition published 2008 (print)
Fifth edition published 2013 (print and electronic)
Sixth edition published 2019 (print and electronic)

© Financial Times Professional Limited 1998 (print)

© Pearson Education Limited 2002, 2005, 2008 (print)
© Pearson Education Limited 2013, 2019 (print and electronic)

The rights of Glen Arnold and Deborah Lewis to be identified as authors of this work have been asserted by
them in accordance with the Copyright, Designs and Patents Act 1988.

The print publication is protected by copyright. Prior to any prohibited reproduction, storage in a
retrieval system, distribution or transmission in any form or by any means, electronic, mechanical,
recording or otherwise, permission should be obtained from the publisher or, where applicable,
a licence permitting restricted copying in the United Kingdom should be obtained from the
Copyright Licensing Agency Ltd, Barnard’s Inn, 86 Fetter Lane, London EC4A 1EN.

The ePublication is protected by copyright and must not be copied, reproduced, transferred, distributed, leased,
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copyright law. Any unauthorised distribution or use of this text may be a direct infringement of the authors’
and the publisher’s rights and those responsible may be liable in law accordingly.

Pearson Education is not responsible for the content of third-party internet sites.

The Financial Times. With a worldwide network of highly respected journalists, The Financial Times
provides global business news, insightful opinion and expert analysis of business, finance
and politics. With over 500 journalists reporting from 50 countries worldwide, our in-depth
coverage of international news is objectively reported and analysed from an independent, global
perspective. To find out more, visit www.ft.com/pearsonoffer.

ISBN: 978-1-292-14044-5 (print)

978-1-292-14047-6 (PDF)
978-1-292-14048-3 (ePub)

British Library Cataloguing-in-Publication Data

A catalogue record for the print edition is available from the British Library

Library of Congress Cataloging-in-Publication Data

Names: Arnold, Glen, author. | Lewis, Deborah S., author.
Title: Corporate financial management / Glen Arnold, BSc(Econ), PhD, Deborah
Lewis, BA, MBA, FCA, SFHEA.
Description: Sixth edition. | Harlow, England ; New York : Pearson, 2019
Identifiers: LCCN 2018025913| ISBN 9781292140445 (print) | ISBN 9781292140476
(PDF) | ISBN 9781292140483 (ePub)
Subjects: LCSH: Corporations--Finance--Management. | Corporations--Finance.
Classification: LCC HG4026 .A755 2019 | DDC 658.15--dc23
LC record available at https://urldefense.proofpoint.com/v2/url?u=https-3A__lccn.loc.gov_2018025913&d=DwIFAg&c=
0YLnzTkWOdJlub_y7qAx8Q&r=Q1huLr_hfN5hBmNklTyEbqNkqKPJUy4ujVI9zNDFILM&m=
VR8NGw69pHRJJiX5cv67FTKvTLiw9fgpvabMVzd01eQ&s=txGOpxXfVn_XxRZdc9gyeJ1E49b5sHATBL82A3QixTI&e=

10 9 8 7 6 5 4 3 2 1
23 22 21 20 19

Cover image © Andy Brandl/Moment Select/Getty Images

Print edition typeset in 10/11.5 pt Sabon MT Pro by Pearson CSC

Printed and bound by L.E.G.O. S.p.A., Italy

NOTE THAT ANY PAGE CROSS REFERENCES REFER TO THE PRINT EDITION

F01 Corporate Financial Management 40445 Contents.indd 4 04/01/19 3:50 PM

 Dedicated to Lesley my wife, for her loving support and encouragement. Glen Arnold

F01 Corporate Financial Management 40445 Contents.indd 5 04/01/19 3:50 PM

F01 Corporate Financial Management 40445 Contents.indd 6 04/01/19 3:50 PM
 Brief contents

Topics covered in the book xxi

Introduction to the book xxiii
Acknowledgements xxix

Part 1 Introduction 1
1 The financial world 2

Part 2 The investment decision 49

2 Project appraisal: net present value and internal rate of return 50
3 Project appraisal: cash flow and applications 89
4 The decision-making process for investment appraisal 125
5 Project appraisal: capital rationing, taxation and inflation 151

Part 3 Risk and return 173

6 Risk and project appraisal 174
7 Portfolio theory 222
8 The Capital Asset Pricing Model and multi-factor models 268

Part 4 Sources of finance 325

9 Stock markets 326
10 Raising equity capital 363
11 Long-term debt finance 419
12 Short- and medium-term finance, treasury and working capital management 471
13 Stock market efficiency 539

Part 5 Corporate value 607

14 Value-based management 608
15 Value-creation metrics 654
16 The cost of capital 700
17 Valuing shares 734
18 Capital structure 783
19 Dividend policy 836
20 Mergers 864

F01 Corporate Financial Management 40445 Contents.indd 7 04/01/19 3:50 PM

 ­viii Brief contents

Part 6 Managing risk 923

21 Derivatives 924
22 Managing exchange-rate risk 972

Appendices A:1
I Future value of £1 at compound interest A:2
II Present value of £1 at compound interest A:3
III Present value of an annuity of £1 at compound interest A:4
IV Future value of an annuity of £1 at compound interest A:5
V Areas under the standardised normal distribution A:6
VI Answers to the mathematical tools exercises in Chapter 2, Appendix 2.1 A:7

Glossary G:1
Bibliography B:1
Index I:1

F01 Corporate Financial Management 40445 Contents.indd 8 04/01/19 3:50 PM

 Contents

Topics covered in the book xxi

Introduction to the book xxiii
Acknowledgements xxix

Part 1 Introduction 1

1 The financial world 2

Learning outcomes 2
Introduction 3
The objective of the firm 3
Case study 1.1 Experian 3
Some possible objectives 5
Corporate governance 16
Primitive and modern economies 22
The role of the financial manager 24
The flow of funds and financial intermediation 27
Growth in the financial services sector 33
The financial system 35
Concluding comments 41
Key points and concepts 41
References and further reading 43
Case study recommendations 46
Websites 46
Self-review questions 46
Questions and problems 47
Assignments 48

Part 2 The investment decision 49

2 Project appraisal: net present value and internal rate of return 50

Learning outcomes 50
Introduction 51
Value creation and corporate investment 52
Net present value and internal rate of return 57
Modified internal rate of return 72
Concluding comments 76
Key points and concepts 77
Appendix 2.1 Mathematical tools for finance 77
References and further reading 84

F01 Corporate Financial Management 40445 Contents.indd 9 04/01/19 3:50 PM

 ­x Contents

Case study recommendations 85

Websites 85
Self-review questions 85
Questions and problems 86
Assignments 88

3 Project appraisal: cash flow and applications 89

Learning outcomes 89
Introduction 90
Case study 3.1 Toyota invests £240m to upgrade car plant in boost for Brexit Britain 90
Quality of information 91
Are profit calculations useful for estimating project viability? 92
The replacement decision 104
Replacement cycles 104
When to introduce a new machine 111
Drawbacks of the annual equivalent annuity method 112
Timing of projects 112
The make or buy decision 113
Fluctuating output 114
Concluding comments 115
Key points and concepts 116
References and further reading 116
Case study recommendations 117
Self-review questions 117
Questions and problems 118
Assignments 124

4 The decision-making process for investment appraisal 125

Learning outcomes 125
Introduction 126
Evidence on the employment of appraisal techniques 127
Payback 128
Accounting rate of return 130
Internal rate of return: reasons for continued popularity 133
The managerial ‘art’ of investment appraisal 134
The investment process 138
Concluding comments 144
Key points and concepts 144
References and further reading 145
Case study recommendations 147
Self-review questions 148
Questions and problems 148
Assignment 150

5 Project appraisal: capital rationing, taxation and inflation 151

Learning outcomes 151
Introduction 152
Capital rationing 152
Taxation and investment appraisal 156

F01 Corporate Financial Management 40445 Contents.indd 10 04/01/19 3:50 PM

 Contents ­xi

Inflation 159
Concluding comments 165
Key points and concepts 165
References and further reading 165
Case study recommendations 166
Self-review questions 166
Questions and problems 166
Assignments 171

Part 3 Risk and return 173

6 Risk and project appraisal 174

Learning outcomes 174
Case study 6.1 Camelot 175
Introduction 175
What is risk? 176
Adjusting for risk through the discount rate 178
Sensitivity analysis 179
Scenario analysis 183
Probability analysis 185
The risk of insolvency 195
Problems of using probability analysis 200
Evidence of risk analysis in practice 201
Real options (managerial options) 201
Concluding comments 212
Key points and concepts 212
References and further reading 213
Case study recommendations 215
Self-review questions 215
Questions and problems 216
Assignments 221

7 Portfolio theory 222

Learning outcomes 222
Introduction 223
Holding period returns 223
Expected return and standard deviation for shares 225
Combinations of investments 228
Portfolio expected return and standard deviation 235
Dominance and the efficient frontier 239
Indifference curves 243
Choosing the optimal portfolio 245
The boundaries of diversification 246
Extension to a large number of securities 248
Evidence on the benefits of diversification 249
The capital market line 253
Problems with portfolio theory 256
Concluding comments 259
Key points and concepts 260
References and further reading 261

F01 Corporate Financial Management 40445 Contents.indd 11 04/01/19 3:50 PM

 ­xii Contents

Case study recommendations 262

Self-review questions 262
Questions and problems 263
Assignments 267

8 The Capital Asset Pricing Model and multi-factor models 268

Learning outcomes 268
Introduction 269
Some fundamental ideas and problems 270
A short history of shares, bonds and bills 271
The Capital Asset Pricing Model 285
Factor models 303
The arbitrage pricing theory 306
The three-factor model 307
The five-factor model 307
Fundamental beta 308
Project appraisal and systematic risk 309
Sceptics’ views – alternative perspectives on risk 310
Concluding comments 312
Key points and concepts 314
Appendix 8.1: Note on arithmetic and geometric means 314
Appendix 8.2: Why professors do or do not use CAPM-beta 315
Comments from professors who use calculated betas 316
Comments from professors who use ‘common sense’ betas 317
Comments from professors who do not use betas 317
References and further reading 318
Case study recommendations 322
Self-review questions 322
Questions and problems 323
Assignments 324

Part 4 Sources of finance 325

9 Stock markets 326

Learning outcomes 326
Case study 9.1 Using the stock market both to create wealth and to treat disease 327
Introduction 327
Stock exchanges around the world 327
Globalisation of financial flows 331
Why do companies list their shares on more than one exchange? 333
The importance of a well-run stock exchange 335
The London Stock Exchange 337
The UK equity markets available to companies 341
Tasks for stock exchanges 343
How stock exchanges work 344
The ownership of UK shares 351
Regulation 352
Understanding the figures in the financial pages 355
Taxation and corporate finance 357
Concluding comments 358
Key points and concepts 359

F01 Corporate Financial Management 40445 Contents.indd 12 04/01/19 3:50 PM

 Contents ­xiii

References and further reading 360

Case study recommendations 360
Websites 361
Video presentations 361
Self-review questions 361
Questions and problems 362
Assignments 362

10 Raising equity capital 363

Learning outcomes 363
Case study 10.1 To float or not to float? 364
Introduction 364
What is equity capital? 365
Preference shares 368
Some unusual types of shares 369
Floating on the Main Market (Official List) 371
The new issue process 376
Other methods of floating 378
How does an AIM flotation differ from one on the Official List? 379
The costs of new issues 380
Rights issues 382
Other equity issues 387
Warrants 389
Equity finance for unquoted firms 389
Crowdfunding 394
How an independent private equity fund is established and managed 397
Disillusionment and dissatisfaction with quotation 404
Concluding comments 404
Key points and concepts 405
Appendix 10.1: Reasons for and against floating 407
References and further reading 413
Case study recommendations 416
Websites 416
Video presentations 416
Self-review questions 417
Questions and problems 417
Assignment 418

11 Long-term debt finance 419

Learning outcomes 419
Introduction 420
Some fundamental features of debt finance 420
Bonds 420
Bank borrowing 426
Syndicated loans 429
Credit rating 430
Mezzanine finance and high-yield ( junk) bonds 432
Case study 11.1 The junk bond wizard: Michael Milken 436
Convertible bonds 439
Valuing bonds 442
International sources of debt finance 446
Project finance 453
Sale and leaseback 455
Securitisation 456

F01 Corporate Financial Management 40445 Contents.indd 13 04/01/19 3:50 PM

 ­xiv Contents

Islamic banking 458

Peer-to-peer lending 458
The term structure of interest rates 459
Concluding comments 464
Key points and concepts 464
References and further reading 466
Case study recommendations 467
Websites 467
Video presentations 467
Self-review questions 468
Questions and problems 468
Assignments 470

12 Short- and medium-term finance, treasury and

working capital management471
Learning outcomes 471
Introduction 472
Short- and medium-term bank finance 472
Trade credit 477
Factoring 480
Case study 12.1 LG Steelworks 482
Hire purchase 484
Leasing 487
Bills of exchange 492
Bankers’ acceptances (banks bills, acceptance credits) 493
Treasury management 493
Financing 495
Risk management 503
Working capital management 507
Investment of temporary surplus funds 524
Concluding comments 527
Key points and concepts 528
References and further reading 530
Case study recommendations 531
Websites 531
Self-review questions 532
Questions and problems 532
Assignments 538

13 Stock market efficiency 539

Learning outcomes 539
Introduction 540
What is meant by efficiency? 540
Random walks 544
The three levels of efficiency 546
Weak-form tests 546
Semi-strong form tests 558
Strong-form tests 579
Behavioural finance 581
Misconceptions about the efficient market hypothesis 589
Implications of the EMH for investors 589
Implications of the EMH for companies 590

F01 Corporate Financial Management 40445 Contents.indd 14 04/01/19 3:50 PM

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