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基本説明
It reviews financial theory, with a focus on investment in relation to emerging markets.
Full Description
Financial Decisions in Emerging Markets is the first corporate finance book to take into account the context of emerging markets and the problems they present, including the relative lack of market efficiency. It reviews financial theory, with a focus on investment and financing decisions as they relate to investors in emerging markets. The objective of the book is to juxtapose the assumptions of financial theory against the realities prevailing in emerging countries and to propose more relevant approaches for investment analysis. This book provides readers with a solid background to evaluate investments in emerging countries.
Contents
Introduction
Chapter 1: Financial Theory in Emerging Markets
1.1: Financial Theory - What Does it Offer?
1.2: The Limitations of Financial Theory
1.3: Emerging Countries
1.4: Conclusions
1.5: Questions and Problems
Part I: The Investor and the Firm
Chapter 2: Consumption, Investment, and Value
2.1: Consumption and Investment: A Complex Relationship
2.2: The Fisher Separation Principle
2.3: Consumption and Investment in Practice
2.4: Real and Financial Investments
2.5: Investments in Emerging Markets: Concluding Remarks
2.6: Conclusions
2.7: Questions and Problems
Appendix 2A: Net Present Value
Chapter 3: The Impact of Risk
3.1: Risk and Investment Decisions
3.2: The Utility Function
3.3: Net Present Value and Returns
3.4: Choosing the Best Investment
3.5: Limitations of the Normal Distribution
3.6: Conclusions
3.7: Questions and Problems
Appendix 3A: Probability, Expected Value, and Standard Deviation
Appendix 3B: The Normal Distribution
Chapter 4: The Benefits of Diversification
4.1: Building Investment Portfolios
4.2: Portfolio Risk and Return
4.3: Finding the Optimum Portfolio
4.4: Conclusions
4.5: Questions and Problems
Appendix 4A: Covariance and Correlation
Appendix 4B: The Minimum Variance Frontier with N Assets
Chapter 5: Personal Investments
5.1: The Relationship Between Probability and Return
5.2: Probabilities, Returns, and Portfolio Selection
5.3: Benefits and Costs of a Controlling Stake
5.4: The Evaluation of Real Investments
5.5: Conclusions
5.6: Questions and Problems
Appendix 5A: Probabilities on the Normal Distribution
Part I: The Investor and the Firm: Summary
Part II: Firm and Investment
Chapter 6: The Classical Model
6.1: Real Investments and the Firm
6.2: Separation Between Consumption and Investment Under Uncertainty
6.3: A New Efficient Frontier: The Capital Market Line
6.4: The CAPM
6.5: Conclusions
6.6: Questions and Problems
Appendix 6A: Proof of the CAPM
Chapter 7: A Modified CAPM for Emerging Countries
7.1: Applicability of the CAPM
7.2: What Country Risk Means
7.3: A Modified CAPM
7.4: Conclusions
7.5: Questions and Problems
Chapter 8: Valuation in Emerging Markets
8.1: Inflation and Exchange Rates
8.2: Subsidies
8.3: Capital Rationing
8.4: Horizon and Terminal Value
8.5: References and Adjustments to Expected Net Present Value
8.6: Conclusions
8.7: Questions and Problems
Appendix 8A: Selection of Alternatives Under Capital Rationing
Appendix 8B: Perpetuities
Chapter 9: The Value of Flexibility
9.1: An Introductory Example
9.2: What Is an Option?
9.3: The Binomial Model
9.4: The Black-Scholes Model
9.5: What Determines the Value of an Option Before Expiration?
9.6: Types of Options
9.7: Flexibility in Emerging Markets
9.8: An Investment in a Mining Development
9.9: Real Options and Strategy
9.10: Some Comments on Valuing with Real Options
9.11: Conclusions
9.12: Questions and Problems
Appendix 9A: Derivation of the Black-Scholes Equation
Part II: Firm and Investment: Summary
Part III: Financing and Investment
Chapter 10: Financing in Theory
10.1: Firm Financing
10.2: A Simple Model
10.3: What Happens When There Are Taxes?
10.4: The Costs of Financial Distress
10.5: Conclusions
10.6: Questions and Problems
Chapter 11: Financing in Practice
11.1: The Determinants of Leverage
11.2: Leverage in Emerging Markets
11.3: A Practical Determination of Leverage in Emerging Markets
11.4: Cost of Capital and Discount Rate in Emerging Countries
11.5: Conclusions
11.6: Questions and Problems
Chapter 12: Financing and Value
12.1: The Value of Financial Flexibility
12.2: Financing Strategy
12.3: Conclusions
12.4: Questions and Problems
Appendix 12A: The Conditions for Cash Dividend Irrelevance
Part III: Financing and Investment Summary
Chapter 13: Final Remarks
13.1: The Value of Investment Opportunities
13.1: Country Risk and Cash Flow Estimation
13.1: Valuation Methods
13.1: Financing Decisions
Answers to the End-of-Chapter Questions and Problems
