Corporate Finance and Portfolio Management

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How to Use the CFA Program Curriculum

Curriculum Development Process Organization of the Curriculum Features of the Curriculum Designing Your Personal Study Program Feedback

Corporate Finance

Study Session 11 Corporate Finance

Reading 35 Capital Budgeting

Introduction

The Capital Budgeting Process Basic Principles of Capital Budgeting Investment Decision Criteria Net Present Value internal Rate of Return Payback Period Discounted Payback Period Average Accounting Rate of Return Profitability Index NPV Profile

Ranking Conflicts between NPV and (RR The Multiple IRR Problem and the No IRR Problem Popularity and Usage of the Capital Budgeting Methods Summary Practice Problems Solutions

Reading 36 Cost of Capital

Introduction Cost of Capital

Taxes and the Cost of Capital Weights of the Weighted Average

Applying the Cost of Capital to Capita! Budgeting and Security Valuation

Costs of the Different Sources of Capital Cost of Debt Cost of Preferred Stock Cost of Common Equity Topics in Cost of Capital Estimation

Estimating Beta and Determining a Project Beta Country Risk

Marginal Cost of Capital Schedule

Flotation Costs What Do CFOs Do?

Summary Practice Problems Solutions
Measures of Leverage

Introduction

Leverage

Business Risk and Financial Risk

Business Risk and Its Components

Sales Risk Operating Risk Financial Risk

Total Leverage

Breakeven Points and Operating Breakeven Points The Risks of Creditors and Owners Summary

Practice Problems Solutions
Dividends and Share Repurchases: Basks

Introduction

Dividends:. Forms

Regular Cash Dividends

Extra or Special (Irregular) Dividends

Liquidating Dividends

Stock Dividends

Stock Splits

Dividends: Payment Chronology Declaration Date Ex-Dividend Date Holder-of-Record Date Payment Date

Interval between Key Dates in the Dividend Payment Chronology Share Repurchases

Share Repurchase Methods Financial Statement Effects of Repurchases Valuation Equivalence of Cash Dividends and Share Repurchases: The Baseline Concluding Remarks Summary Practice Problems Solutions