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Principles of corporate finance
u Finance and the Financial Manager Principles of Corporate Finance Brealey and Myers Sixth Edition Chapter 1 2 Topics Covered w What Is A Corporation? w The Role of The Financial Manager w Who Is The Financial Manager? w Separation of Ownership and Management w Financial Markets 3 Corporate Structure Sole Proprietorships Corporations Partnerships Unlimited Liability Personal tax on profits Limited Liability Corporate tax on profits + Personal tax on dividends 4 Role of The Financial Manager Financial manager Firm's operations Financial markets (1) Cash raised from investors (2) Cash invested in firm (3) Cash generated by operations (4a) Cash reinvested (4b) Cash returned to investors (1)(2) (3) (4a) (4b) 5 Who is The Financial Manager? Chief Financial Officer Comptroller Treasurer 6 Ownership vs. Management Difference in Information w Stock prices and returns w Issues of shares and other securities w Dividends w Financing Different Objectives w Managers vs. stockholders w Top mgmt vs. operating mgmt w Stockholders vs. banks and lenders 7 Financial Markets Primary Markets Secondary Markets OTC Markets Money 8 Financial Institutions Company Intermediaries Banks Insurance Cos. Brokerage Firms Obligations Funds 9 Financial Institutions Intermediaries Investors Depositors Policyholders Investors Obligations Funds u Present Value and The Opportunity Cost of Capital Principles of Corporate Finance Brealey and Myers Sixth Edition Chapter 2