Significantly revised and updated, this second edition of Financial Strategy is vital reading not only for MBA and advanced undergraduate students of Financial Strategy and Financial Management, but also for finance professionals. The majority of articles and case studies in this 2nd edition of Financial Strategy are new and reflect the recent developments in financial strategy, which have added value to organisations and improved their performance. Combining both finance and accounting articles and covering the public and private sectors, Financial Strategy addresses issues relevant to UK and US listed companies as well as an international audience. Key themes addressed are: Trends in finance theory Adding value through investment, financing and risk management Measuring performance Corporate governance Financial Strategy 2nd Edition is a Course Reader for The Open University Business School MBA Course: B821 Financial Strategy.
Significantly revised and updated, this second edition of Financial Strategy is vital reading not only for MBA and advanced undergraduate students of Financial Strategy and Financial Management, but also for finance professionals. The majority of articles and case studies in this 2nd edition of Financial Strategy are new and reflect the recent developments in financial strategy, which have added value to organisations and improved their performance. Combining both finance and accounting articles and covering the public and private sectors, Financial Strategy addresses issues relevant to UK and US listed companies as well as an international audience. Key themes addressed are: Trends in finance theory Adding value through investment, financing and risk management Measuring performance Corporate governance Financial Strategy 2nd Edition is a Course Reader for The Open University Business School MBA Course: B821 Financial Strategy.
Introduction. Section 1 Trends in Finance Theory.
Section Overview (Janette Rutterford).
1 The World was their Oyster: International Diversification
Pre-World War I (Janette Rutterford).
CASE STUDY 1 Global Evidence on the Equity Risk Premium (Elroy
Dimson, Paul Marsh and Mike Staunton).
2 Behavioral Finance (Jay R. Ritter).
CASE STUDY 2 Do Fundamentals ? or Emotions ? Drive the Stock
Market? (Marc Goedhart, Timothy Koller and David Wessels).
Section 2 Adding Value Through Investment.
Section Overview (Janette Rutterford).
3 Why Bad Projects Are So Hard to Kill (Isabelle Royer).
4 Realizing the Potential of Real Options: Does Theory Meet
Practice? (Alexander Triantis).
CASE STUDY 3 Real Options (K. Leslie and M. Michaels).
5 Mergers, MNEs and Innovation: The Need for New Research
Approaches (Christian Berggren).
CASE STUDY 4 Why Most Cross-Border Deals End in Tears (Simon
London).
Section 3 Adding Value Through Financing.
Section Overview (Janette Rutterford).
6 The Capital Structure Puzzle: Another Look at the Evidence
(Michael J. Barclay and Clifford W. Smith, Jr.).
7 Disappearing Dividends: Changing Firm Characteristics or Lower
Propensity to Pay? (Eugene F. Fama and Kenneth R. French).
8 The Value of Share Buybacks (Richard Dobbs and Werner Rehm).
CASE STUDY 5 Capital Ideas (Keith Boyfield).
CASE STUDY 6 Death of the Dividend? (Adrian Wood).
CASE STUDY 7 Sciona: A Venture Capital Case Study (Colin Bond).
9 Initial Public Offerings (Jay R. Ritter).
CASE STUDY 8 Google Press Cuttings.
(A) Are You About to Get Googled? (Tony Glover).
(B) Ignore Wall St?s Whining ? Google?s IPO Worked (James
Surowiecki).
(C) Google's Earnings More than Double 1st Quarterly Results as
Public Firm Strong (Robert Weisman).
(D) How High Can Google Fly? (Verne Kopytoff).
(E) Bowling for Google (Paul R. La Monica).
(F) Google?s Rising Share Price is Cold Comfort for Investors
(Stephen Schurr).
Section 4 Adding Value through Risk Management.
Section Overview (Martin Upton).
10 Operating Exposure (D.R. Lessard and J.B. Lightstone).
11 Currency Exchange Trading and Rogue Trader John Rusnak (Sharon
Burke).
12 Value at Risk: Uses and Abuses (Christopher L. Culp, Merton H.
Miller and Andrea M.P. Neves).
13 Learning to Live with Fixed Rate Mortgages: An Evolutionary
Approach to Risk Management (Martin Upton).
14 Credit Derivatives (John Kiff and Ron Morrow).
CASE STUDY 9 Journey to Junk (Jenny Wiggins).
CASE STUDY 10 Who Rates the Raters? (The Economist).
Section 5 Measuring Performance.
Section Overview (Janette Rutterford).
15 What can be Expected from Accounting Standards? (Gilbert
Gélard).
CASE STUDY 11 Queens Moat Houses plc (Queens Moat Houses plc Annual
Accounts).
CASE STUDY 12 Learn by Numbers (Keith Boyfield).
16 A Star to Sail By? (The Economist).
17 EVA Implementation, Market Over-Reaction, and the Theory of
Low-Hanging Fruit (Barbara Lougee, Ashok Natarajan and James S.
Wallace).
18 Transforming the Balanced Scorecard from Performance Measurement
to Strategic Management: Part I (Robert S. Kaplan and David P.
Norton).
19 Performance Indicators: 20 Early Lessons from Managerial Use
(Andrew Likierman).
Section 6 Governance and Ethics.
Section Overview (Janette Rutterford).
20 It?s Time to Rebalance the Scorecard (James M. Higgins and David
M. Currie).
21 Stakeholder Capitalism (Will Hutton).
CASE STUDY 13 The State of Denial We're In (The Economist).
22 Controversy Incorporated (David Cogman and Jeremy M.
Oppenheim).
CASE STUDY 14 An Interview with Microsoft's CFO (Bertil E. Chappuis
and Timothy M. Koller).
CASE STUDY 15 Corporate Governance Failures: To What Extent is
Parmalat a Particularly Italian Case? (Andrea Melis).
CASE STUDY 16 Companies Still Failing to Fill the Funding Gap (Lucy
Warwick-Ching).
Index.
Janette Rutterford is Professor of Financial Management at the Open
University Business School. Martin Upton is a Lecturer in Finance
at the Open University Business School and was formerly Treasurer
of the Nationwide Building Society.
Devendra Kodwani is a Lecturer in Finance at the Open University
Business School.
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