Corporate Financial Policy and R&D Management, 2nd Edition
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Chapter 1. R&D Management and Corporate Financial Policy.
Chapter 2. An Introduction to Financial Statements.
The Balance Sheet.
Liabilities and Capital.
Long Term Debt.
Capital Section of the Balance Sheet.
Book Value of Common Stock.
Consolidated Balance Sheets.
The Operating Statements: The Income Statement and Sources and Uses of Funds.
Sources and Uses of Funds.
Chapter 3. Ratio Analysis.
Ratio Analysis and the Firm’s Perceived Financial Health.
Current Analysis Ratios.
Sales Efficiency Ratio.
Financial Ratios and the Perceived Financial Health of Firms.
The Time Series of Ratios in the U.S., 1970-2003.
Limitations of Ratio Analysis.
Chapter 4. Debt, Equity, Financial Structure, and the Investment Decision.
Definition of Leverage – Profits and Financial Risk.
The Pure Theory of the Optimal Financial Structure.
Modigliani and Miller – Constant Capital Costs.
The Optimal Capital Structure and the M&M Hypothesis.
Empirical Factors Influencing Financial Structures.
The Cost of Capital.
Real Options and the Investment Decision.
The Option to Delay a Project.
Implications of Viewing the Right to Delay a Project as an Option.
Chapter 5. An Introduction to Statistical Analysis and Simultaneous Equations.
The Linear Regression Model.
Least Squares Estimates of the Regression Coefficients.
Multiple Coefficient of Determination.
Estimation of Simultaneous Equations Systems.
Two Stage Least squares (2SLS).
Three Stage Least Squares (3SLS).
Chapter 6. The Interdependencies among Corporate Financial Policies.
Estimated Simultaneous Equation Results.
Chapter 7. Comparing Census/NSF R&D Data with Compustat R&D Data.
Innovation, R&D, and Stockholder Wealth.
Financial Decision Estimation Results.
Comparison of R&D Expenditure Data.
Comparison of Regression Results.
Relation of Current Results to Prior Research.
Extensions of the Simultaneous Equation Approach.
Summary and Conclusions.
Suggestions for Future Research.
Chapter 8. The Use of Financial Information in the Risk and Return of Equity.
An Introduction to Modern Portfolio Theory.
Expected Returns: More than Historic Mean Returns.
Further Estimations of a Composite Equity Valuation Model.
Appendix A: Multi-Factor Risk Models.
BARRA Model Mathematics.
Appendix B: US-E3 Descriptor Definitions.
Chapter 9. The Optimization of Efficient Portfolios: How the R&D Quadratic Term.
Enhances Stockholder Wealth.
Efficient Portfolio Optimization Results.
Chapter 10. The (Not So Special) Case of Social Investing.
Stock Selection in Unscreened and Screened Universes.
Stock Selection and the Domini Social Index Securities.
Recent Socially Responsible Research.
Summary and Conclusions.
Chapter 11. R&D Management and Corporate Financial Policy: Conclusions.