Advanced Corporate Finance [Paperback]

Joseph Ogden (Author), Frank C. Jen (Author), Philip F. O'Connor (Author)

Book Description

ISBN-10: 0130915688 | ISBN-13: 978-0130915689 | Publication Date: September 30, 2002 | Edition: 1

The first book devoted exclusively to modern advanced corporate finance, this volume provides a comprehensive exploration of theoretical and empirical literature on corporate financial policies and strategies—particularly those of U.S. nonfinancial firms—defined in rational, economic terms. Throughout, Cases in Point show theory in relation to financial decisions made by specific firms; and Real-World Focus highlights numerous articles from the financial press, providing insights from practitioners' points of view. Empirical Perspectives On The Financial Characteristics Of Publicly Traded U.S. Nonfinancial Firms. Valuation And Financing Decisions In An Ideal Capital Market. Separation Of Ownership And Control, Principal-Agent Conflicts, And Financial Policies. Information Asymmetry And The Markets For Corporate Securities. The Roles Of Government, Securities Markets, Financial Institutions, Ownership Structure, Board Oversight, And Contract Devices. The Leverage Decision. Analyses Of The Firm And The Valuation Of Equity And Debt. Industry Analysis And Financial Policies And Strategies. The Firm's Environment, Governance, Strategy, Operations, And Financial Structure. Market Efficiency, Event Studies, Cost Of Equity Capital, And Equity Valuation. Corporate Bonds: Terms, Issuance, And Valuation. Private Equity And Venture Capital. Initial Public Offerings Of Stock. Managing Internal Equity And Seasoned Equity Offerings. Dividend Policy And Stock Repurchases. Corporate Liabilities: Strategic Selections Of Lenders And Contract Terms. Mergers, Acquisitions, Takeovers, And Buyouts. Financial Distress And Restructuring. Debt Restructuring, Being Acquired, Bankruptcy, Reorganization, And Liquidation. Organizational Architecture, Risk Management, And Security Design. For CEOs and CFOs of corporations, senior lending officers at commercial banks, and senior officers and analysts at investment banks.

Editorial Reviews

From the Back Cover

The first book devoted exclusively to modern advanced corporate finance, this volume provides a comprehensive exploration of theoretical and empirical literature on corporate financial policies and strategies—particularly those of U.S. nonfinancial firms—defined in rational, economic terms. Throughout, Cases in Point show theory in relation to financial decisions made by specific firms; and Real-World Focus highlights numerous articles from the financial press, providing insights from practitioners' points of view. Empirical Perspectives On The Financial Characteristics Of Publicly Traded U.S. Nonfinancial Firms. Valuation And Financing Decisions In An Ideal Capital Market. Separation Of Ownership And Control, Principal-Agent Conflicts, And Financial Policies. Information Asymmetry And The Markets For Corporate Securities. The Roles Of Government, Securities Markets, Financial Institutions, Ownership Structure, Board Oversight, And Contract Devices. The Leverage Decision. Analyses Of The Firm And The Valuation Of Equity And Debt. Industry Analysis And Financial Policies And Strategies. The Firm's Environment, Governance, Strategy, Operations, And Financial Structure. Market Efficiency, Event Studies, Cost Of Equity Capital, And Equity Valuation. Corporate Bonds: Terms, Issuance, And Valuation. Private Equity And Venture Capital. Initial Public Offerings Of Stock. Managing Internal Equity And Seasoned Equity Offerings. Dividend Policy And Stock Repurchases. Corporate Liabilities: Strategic Selections Of Lenders And Contract Terms. Mergers, Acquisitions, Takeovers, And Buyouts. Financial Distress And Restructuring. Debt Restructuring, Being Acquired, Bankruptcy, Reorganization, And Liquidation. Organizational Architecture, Risk Management, And Security Design. For CEOs and CFOs of corporations, senior lending officers at commercial banks, and senior officers and analysts at investment banks.

About the Author

Joseph P Ogden is presently an associate professor of finance at the University all Buffalo, SUNY He has published articles in a number of professional journals, including Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Financial Management, and Review of Quantitative Finance and Accounting. He was chairman of the Department of Finance and Managerial Economics in SUNY-Buffalo's School of Management from 1994 to 1999. He is also involved in financial consulting. Dr. Ogden received his; Ph.D. in finance from Purdue University, his MBA from Oklahoma State University, and his B.S. in psychology from the University of South Dakota.

Frank C. Jen is M&T Chair Professor in Banking (emeritus) at the University at: Buffalo, SUNY He has published articles in numerous academic and professional journals, including Journal of Finance, American Economic Review, Journal of Business Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of Commercial Lending, and Review of Quantitative Finance and Accounting.

Dr. Jen is extensively involved in international activities, including designing and teaching international executive education programs, doing research on global issues, and coordinating and presenting papers at international conferences. He was Co-Director and Director of the University at Buffalo's China MBA Program from 1984 to 1991, and he helped found the National Center for Industrial Science and Technology Management Development in Dalian, China in 1980. He served as Visiting Professor and Associate Dean, American Faculty from 1980 to 1991. He is now cooperating with many different groups on executive education in China. His Advanced Commercial Lending program designed principally for U.S. bankers has attracted participants from Korea, Thailand, Indonesia, Malaysia, Taiwan, and the United Arab Emirates. Dr. Jen received his Ph.D. and MBA in finance from the University of Wisconsin, and his B.S. from North Central College.

Philip F. O'Connor has been assistant professor of finance at the University at Buffalo, SUNY, at the University of Wyoming, and is currently a finance professor at Southern Utah University. He has conducted research on corporate finance issues such as the resolution of financial distress and the firm's claim structure, and determinants of the firm's debt structure. Dr. O'Connor received his Ph.D. from the University of Maryland, his MBA from the University of Wisconsin, and his B.M.S. from the University of Waikato, New Zealand.

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Product Details

• Paperback: 702 pages
• Publisher: Prentice Hall; 1 edition (September 30, 2002)
• Language: English
• ISBN-10: 0130915688
• ISBN-13: 978-0130915689
• Product Dimensions: 9.1 x 7.5 x 1.9 inches
• Shipping Weight: 2.8 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #764,545 in Books (See Top 100 in Books)

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6 of 6 people found the following review helpful:

4.0 out of 5 stars Mistitled?, January 2, 2004

By 

Buce (Palookaville) - See all my reviews

This review is from: Advanced Corporate Finance (Paperback)

This is a most interesting and instructive textbook, but I am not entirely clear just what its intended audience might be; I suspect it may be mistitled. From my perspective, the title "Advanced Corporate Finance" suggests some fairly heavy duty mathematics. In fact, there is nothing here of that sort; indeed the level of math is no higher and perhaps lower than you would find in a standard "basic finance text.

What we have here instead is a very helpful collection/summary of material on the institutional framework of corporate finance -- the kind of stuff you might wish your students knew before they ever started the technical part. Short of that, it has another good use: it's what you might call a "bottom drawer" book, i.e., one of the books the professor keeps in the bottom drawer to deploy for classroom examples -- thereby garnering an undeserved reputation for breadth of knowledge. This can only be bad news for the publishers: it means they sell only one copy rather than a whole classroom full of copies.

I can only conclude that the publishers understand their own business better than I understand their business: maybe there is a market for whole classrooms full of copies, and more power to them if they find it. Meanwhile, I cherish my bottom drawer copy and I look forward to many more occasions when I can stun and astonish with the authors' good help.

3 of 3 people found the following review helpful:

4.0 out of 5 stars Really quite good. Four stars only because it is so specialized., July 1, 2006

By 

Craig Matteson (Saline, MI) - See all my reviews
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This review is from: Advanced Corporate Finance (Paperback)

This is not a book in advanced financial topics such as options or mathematical evaluations of arcane financial topics. It is a very interesting and well written book on various topics managers need to know to well manage the financial aspects of their organization. Of course, since it is about finance there are numbers and some equations, but nothing very complicated. What I especially enjoyed about the book was its consideration of alternatives, including negative outcomes, for managers making decisions. It also discusses conflicts of interest among various parties and the managers role and responsibilities in dealing with them and the considerations one must take as a shareholder, manager, or creditor (they all have different interests at times).

The book has nineteen chapters grouped into five parts. The parts are: I) Corporate Finance (a review of your basic corporate finance course - or a brief overview before you dive in a bit deeper water in this book), II) Analysis of the Firm and the Valuation of Equity and Debt, III) Managing Equity and Debt, IV) The Markets for Corporate Control (a fascinating portion of the book), and V) is just one chapter, Organizational Architecture, Risk Management, and Security Design.

This is a long book and some parts are quite detailed. Depending on your background, you can dive into it here or there looking for various topics. Since there is no glossary nor very many helps along the way, the book assumes a basic understanding of finance and corporate structure and finance (though the first part helps establish some groundwork in the latter). If you have had the core course from a good program in finance and corporate finance, you will handle this book well. If you enjoyed those courses, you will likely find this book quite interesting as I did.

Each chapter has its own problems and questions (selected answers are provided at the end of the book for a few of these in each chapter), a section containing issues for creative thinking, and a few projects for analysis. Some of the chapters have an appendix or two discussing the more numeric aspects of the chapter, but none are too deep. For example, Appendix A in chapter 10 on corporate bonds discusses yield to maturity and duration. Again, you probably covered this in your core course on finance. If not, you get the basic treatment here.

I think this is a worthwhile book for business professionals involved in finance in any way. It is on my shelf of books on corporate finance.

1 of 1 people found the following review helpful:

4.0 out of 5 stars Good and useful book for beginner of PhD student majoring in Finance, January 19, 2009

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H., YU-TING (Taiwan) - See all my reviews
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This review is from: Advanced Corporate Finance (Paperback)

I bought this book since I need to review papers about dividend policy, which are in Chapter 14.
This book provides the knowledge on the topics from the Lintner's smoothing model to signaling, agency costs, and etc., which helps me reorganize what I have read from journal papers.
But I have to suggest the publisher about the quality of the book since the book binding is so bad that pages are easy to unbind, which makes me disappointed because I prefer to keep the book clean and tidy.