Index

  • abandon, option to
  • abandonment risk
  • abstract data
  • accelerated book-building
  • accelerating treadmills
  • account balancing
  • account statement
  • accounting criteria
    • financing choice
    • share issue
    • value creation
  • accounting currency risk
  • accounting data analysis
  • accounting documents
  • accounting indicators, value creation
  • accounting policy assessment
  • accounting rates of return
  • accounting standpoint
    • complex points
    • deferred tax
  • accounting values, equity/debt
  • accounts see bank accounts
  • accounts payable
  • accretion
  • accruals
  • accrued interest
  • acquisition facility
  • acquisitions
    • goodwill and
    • real estate
    • shareholders’ equity
    • shares
    • tax implications
    • see also mergers and acquisitions
  • actions de préférence
  • activist funds
  • actuarial present value
  • additive methods, valuation
  • additivity of value
  • adjustable-rate preference share
  • “adjusted income”
  • adjustment
    • of investor’s risk
    • per share data
  • adjustment coefficient
  • “adjustment factor”
  • ADRs see American depository receipts
  • advance payment
  • advice and services
  • affirmative covenants
  • after-tax basis
    • debt
    • investments
    • ROCE calculation
  • “agency costs”
  • agency theory
    • bankruptcy
    • corporate governance
    • dividends
    • leveraged buyout
    • risk management
    • shareholder structure
  • AGM see Annual General Meeting
  • agreement in principle
  • all-share deals
  • allocation of shares, IPOs
  • ALRG see asset liability refinancing gap
  • alternative management
  • Altman, Edward
  • American depository receipts (ADRs)
  • amortisation
    • brands
    • cash flow statement
    • finance leases
    • loans
    • operating profit
  • Annual General Meeting (AGM)
  • annuity value
  • anticipation mechanism, share issue
  • apparent cost
  • appraisal clause, joint venture agreements
  • approval rights, shareholder changes
  • APT see arbitrage pricing theory
  • arbitrage
    • investor’s behaviour
    • option pricing
    • value additivity rule
    • working capital management
  • arbitrage pricing theory (APT)
  • ArcelorMittal case study
  • arithmetic calculation, cost of capital
  • arm’s-length transactions
  • arranger, bank as
  • articles of association
  • artificial intelligence
  • Asian options (average strike options)
  • assessment
    • accounting policy
    • earnings power
    • financial analysis
    • residual risk
  • asset-backed loans
  • “asset dealers”
  • asset disposal
  • asset liability refinancing gap (ALRG)
  • asset management
  • asset value
    • capital structure
    • financial securities
    • per share
  • assets
    • beta of
    • capital losses
    • consolidated accounts
    • contributed
    • deferred tax
    • discounting rate and
    • financing linked to
    • illiquidity risk
    • investments
    • legal merger
    • liquidating
    • liquidity perspective
    • off-balance-sheet
    • real estate
    • real versus financial assets
    • revaluing
    • risk
    • strike price
    • underlying
    • see also financial assets; fixed assets; net assets
  • assimilation, bonds
  • associated undertakings
  • associates
    • income from
    • investments in
  • asymmetry of information
  • asymmetry of risk
  • at the money options
  • attached warrants, securities
  • auctions
  • “automated” financial analyses
  • average maturity, bonds
  • average rate, shares
  • average strike options
  • avoidance principle, risk management

  • back-stops, bought deals
  • “backdoor equity” hypothesis
  • backup lines, commercial paper
  • balance of power
  • balance sheet
    • analysis methods
    • cash on
    • concepts
    • consolidated accounts
    • deferred tax assets/liabilities
    • defined benefit plans
    • definitions
    • forward rate agreement
    • intermediation
    • leverage effect
    • liquidity
    • main items
    • working capital
  • Bancel–Perrotin system
  • bank accounts
    • balancing
    • without secondary market
  • bank-based economies
  • bank charges
  • bank debt products
  • bank financing
  • bank guarantees
    • see also guarantees
  • bank loans
  • bank terms, checking
  • banking covenants
  • bankruptcy
    • capital structure policy
    • causes
    • distress cost
    • financial theory
    • illiquidity risk
    • LBO exit
    • procedures
    • restructuring and
  • bankruptcy costs
  • banks
    • cash management
    • company finance
    • dividend payments
    • free riders
    • offering position
    • relationship with companies
    • restructuring
    • role in security sales
    • takeover role
  • barrier interest rate options
  • barrier options
  • barriers to entry
  • bearish markets
  • before-tax free cash flow
  • behavioural finance
    • cash management
    • entrepreneurs
    • IPO success
    • manager’s character
    • mergers and acquisitions
    • theoretical framework
  • benchmarking
  • Benveniste, I.
  • beta assets
  • beta coefficient
    • calculating
    • forecasting
    • parameters behind
    • stocks
  • biases, taxes
  • bilateral loans
  • bills of exchange
  • BIMBO transaction
  • binding offers, negotiating
  • binomial method, option pricing
  • Black, Fisher
  • Black–Scholes model
  • block trade shares
  • blocking minority, shareholders
  • Blume, M.
  • board of directors
    • corporate governance
    • functioning of
    • one-tier/two-tier
    • takeover bid sabotage
  • Bodie, Zvi
  • bond coupon rate
  • bond markets, CIB access
  • bond value, convertible bonds
  • bondholders’ voting rights
  • bonds
    • assimilation
    • basic concepts
    • convertible
    • convexity measures
    • debt rating
    • definition
    • fixed-rate
    • further issues
    • high-yield
    • loans
    • long-term
    • maturity of
    • modified duration
    • negotiating terms
    • preference shares
    • secondary market
    • selling
    • zero-coupon
    • see also hybrid financial securities
  • bonus share award
  • book-building process
  • book profitability
  • book rates of return
  • book value
    • capital employed and
    • of equity
    • goodwill
    • growth rate
    • intangible fixed assets
    • market value and
    • shareholder’s equity
    • shares
  • “bootstrap game”
  • borrowers/borrowing capacity
    • see also debt...
  • bottom-up approach, portfolio management
  • bought deals
  • brands
  • breakeven point
    • calculating
    • cost of capital
    • debt raising
    • definition
    • margin analysis
    • refined analysis
    • strategic analysis
    • strategy impact
    • types
  • bridge loans
  • brokers
  • budgets, cash management
  • bullet bonds
  • bullet repayment, maturity
  • business angels
  • business combinations
  • business contraction
  • business development/extension
  • business loan types
  • business manager role
  • business plan
    • building
    • financing companies
    • restructuring
    • risk assessment through
    • young companies
  • business plan horizon
  • business reduction
  • business risk
  • buy-backs
    • distribution
    • shareholder position
  • buy-in, LBOs
  • buy options see call options
  • buy-out, LBOs
  • buy–sell provision see Dutch clause
  • buy valuation, companies
  • buyers
    • of capital
    • of cash
    • goodwill
    • options
  • buyer’s credit
  • buyer’s market
  • by-function income statements
    • consolidated accounts
    • operating costs
    • value added
  • by-nature income statements
    • individual accounts
    • operating costs
    • value added

  • calendar anomalies
  • call options
  • call provision, convertible bonds
  • Campello, M.
  • cancellation of shares
  • cap, interest rate options
  • CAPEX see capital expenditure analysis
  • capex facility
  • capital
    • cost of
    • “frozen”
    • subdividing
    • warrants raising
    • weighted average cost method
    • see also debt capital; shareholder equity; working capital
  • capital asset pricing model (CAPM)
  • capital charge, value creation
  • capital decrease see capital reduction
  • capital employed
    • book value difference
    • definition
    • extreme volatility of
    • goodwill
    • gross
    • growth rate
    • market value
    • policy
    • put option on
    • ratio to operating profit
    • restating items of
    • return on
    • risk of
    • solvency
    • terminal value based on
    • value of
    • very high risk of
    • see also operating assets
  • capital-employed analysis, balance sheet
  • capital expenditure analysis (CAPEX)
  • capital expenditures
    • calculating
    • cash flow and
    • financial analysis
    • purpose of
    • stability principle
    • wealth creation
    • working capital
    • yield to maturity
  • capital gains
  • capital gains tax
  • capital increases
    • cost
    • defensive measures
    • definition
    • EPS decrease
    • methods
    • share issue
    • start-ups
  • capital leases
  • capital losses, assets
  • capital market line
    • CAPM relationship
    • risk-free assets and
  • capital markets
  • capital payments
  • capital rationing, PVI and
  • capital reduction
    • choosing method
    • exceptional dividends
  • capital structure
    • change as signal
    • choosing
    • of competitors
    • design of
    • leverage effect
    • modern theory of
    • parameters use
    • perfect capital markets
    • policy
  • capitalisation
    • discounting factors
    • real estate acquisition
    • shares
  • capitalisation factor
  • CAPM see capital asset pricing model
  • captive insurance
  • carried interest, LBO funds
  • carrybacks
  • carryforwards, tax loss
  • carrying value, consolidated accounts
  • carve-outs
  • cascade structure
  • cash
    • balance sheet
    • buying
    • movements in
    • as profitability indicator
    • providing shareholders with
    • recession conditions
    • wealth distinction
  • cash acquisition
  • cash assets
  • “cash at hand”
  • cash balances
    • centralisation of
    • cost of capital
    • investing
  • cash budgeting
  • cash certificates
  • cash culture
  • cash disbursements from expenditure
  • cash equivalents
  • cash flow
    • accounting for
    • analysis of earnings
    • bonds
    • business plan horizon
    • centralisation of
    • classifying company’s
    • company finance
    • defining
    • discounting
    • earnings to
    • effective annual rate
    • equilibrium between
    • forecasting horizons
    • future
    • investment generation
    • negotiation
    • NPV calculation
    • operating activities
    • option pricing
    • present value of
    • pros and cons of approach
    • reason in terms of
    • reinvesting
    • rights/commitments
    • share issue
    • start-ups
    • types
    • value of security
    • see also free cash flow; funds from operations
  • “cash flow fade” method
  • cash flow hedges
  • cash flow return on investment (CFROI)
  • cash flow statement
    • financial analysis
    • income statement differences
    • operating activities and
  • cash flow value
    • at maturity
    • net asset value
  • cash generating units (CGUs)
  • cash inflows, shareholders’ equity
  • cash management
    • basic concepts
    • optimising
    • based on value dates
    • within groups
  • cash mutual funds
  • cash offers
  • cash payment, mergers and acquisitions
  • cash pooling
  • cash ratio, company finance
  • cash return to shareholders
  • cash surpluses, account balancing
  • cat bonds
  • CBs see convertible bonds
  • CDO see collateralised debt obligation
  • CDs see certificates of deposit
  • CDS see credit default swap
  • central banks
  • centralised cash management
  • CEO see chief executive officer
  • certainty equivalent, investment analysis
  • certificates of deposit (CDs)
  • CFO see chief financial officer
  • CFROI see cash flow return on investment
  • CGUs see cash generating units
  • chairman of the board role
  • change-of-control provisions
  • changes in working capital
  • chaotic functions
  • characteristic line, financial securities
  • charges see cost(s)
  • chartists
  • cheque payments
  • chief executive officer (CEO)
  • chief financial officer (CFO)
    • flexibility
    • roles
    • strategy
    • see also financial manager
  • chirographic creditors
  • CIB see corporate and investment banking
  • Claessens, S.
  • clawback
  • clearing houses
  • CLO see collateralised loan obligation
  • closed-end funds
  • “closing entries”
  • closing rate method, translation
  • closure of books
  • club deal
  • co-leads/managers, banks
  • collar, interest rate options
  • collateralised debt obligation (CDO)
  • collateralised loan obligation (CLO)
  • commercial assets
  • commercial banks
  • commercial base
    • tangible assets
    • working capital
  • commercial currency position
  • commercial interest rate risk
  • commercial loans
  • commercial operations, leverage effect
  • commercial paper
  • commercial risk
  • commitments
    • cash flows
    • off-balance-sheet
  • committees, directors’
  • commodities, minimising price of
  • commodities markets
  • commodity futures markets
  • communication policy
  • communication strategy, dividends
  • companies
    • banks relationship
    • control over
    • financial decisions analysis
    • financial world relationship
    • legal merger
    • loans to
    • setting up
  • company analysis
    • economic
    • preference shares
  • company cash flows
  • company decisions, investors control over
  • company growth, working capital
  • company human resources
  • company law, corporate governance
  • company management, market value effect
  • company market analysis
  • company market positions
  • company operating profit
  • company operations, market and
  • company performance visibility
  • company ratios, buy-back impact
  • company representation, global
  • company sector economics
  • company value, lifecycle theory
  • comparable companies, sample-building
  • comparable method see peer comparison method
  • comparative analysis
  • comparative approach, multiples
  • compensation transparency
  • competing takeover bids
  • competition
    • capital structure of
    • company’s market
    • corporate strategies
    • stability principle
    • working capital
  • competitive bidding
  • complementarity, mergers
  • completed contract method, accruals
  • compound interest
  • comprehensive assessment, abstract data
  • concession contracts
  • conditional payment of interest
  • confidentiality
  • confirmed credit lines
  • conflict resolution
    • corporate governance
    • shareholders/creditors
  • conflicts of interest
  • conglomerate discounts
  • conglomerates
  • conservatism principle
  • consolidated accounts
    • cash flow
    • leverage effect calculation
    • methods
    • net assets calculation
    • operating profit
    • purpose
    • revaluing assets
    • standard income statement
    • technical aspects of
  • consolidation-related issues
  • consortium formation
  • constant amortisation, loans
  • constant flow of income
  • construction contracts
  • construction process finance
  • contingent assets
  • contingent liabilities
  • contingent tax liabilities
  • contingent taxation
  • continuously compounded interest
  • contracting parties, financial systems
  • contraction strategy
  • contracts
    • financial security as
    • options
    • return set contractually
    • standardisation
    • unwinding of
  • “contracts on contracts”
  • contractual payment periods
  • contributed assets
  • contribution margins, cyclical risks
  • contribution of shares
  • control
    • over borrower
    • change-of-control provisions
    • over company
    • consolidated accounts
    • corporate
    • dilution of
    • of management by debt
    • management function combination
    • by risk management
    • of shareholder changes
    • working capital management
  • control premium
  • conversion period, bonds
  • conversion premium
  • conversion ratio, bonds
  • conversion value, bonds
  • convertible bonds (CBs)
    • accounting methods
    • definitions
    • sales of
    • theoretical analysis
  • convexity measures, bonds
  • cooperative companies
  • corporate bonds
  • corporate control market
  • corporate culture
  • corporate governance
    • definition
    • financial theories
    • guidelines
    • LBO advantages
    • recommendations
    • value
  • corporate income tax
  • corporate and investment banking (CIB)
  • corporate investment covenant clauses
  • corporate managers
  • corporate profitability analysis
  • corporate purgatory
  • corporate risk
  • corporate strategy
  • corporate structure choice
  • corporate value at risk
  • corporate ventures
  • corporation concept
  • correlation coefficients
    • diversification
    • portfolio risk
  • cost(s)
    • accruals
    • agency theory
    • bank loans/bonds
    • bankruptcy
    • breakeven point
    • control measures
    • convertible bonds
    • financial distress
    • income statement formats
    • intangible fixed assets
    • inventory inclusion
    • investments
    • margin analysis
    • “non-cash”
    • personnel
    • scissors effect
    • share issue
    • sunk costs
    • see also operating costs; total costs
  • cost of capital
    • definition
    • estimation methods
    • implicit calculation
    • indirect calculation
    • practical applications
    • returned to shareholders
    • risk of assets and
    • see also weighted average cost of capital
  • cost-cutting strategies
  • cost of debt
    • growth rate
    • leverage effects
    • management control
    • tax savings
  • cost delays, hedging
  • cost of equity
    • capital structure policy
    • cost of capital distinction
    • internal financing
  • cost of financing/financing sources
    • apparent cost
    • internal
    • perfect capital market theory
  • cost of funds, minimisation
  • cost of money
  • cost of net debt
  • cost overruns, hedging
  • cost of refunding bonds
  • cost structure effect
  • counterparty risk
  • coupon mechanics, floating-rate bonds
  • coupon payments
    • issue price and
    • options
    • periodicity
  • coupon rate, bonds
  • coupon reinvestment risk
  • covenants
    • bank loans
    • debt policy
  • covered warrants
  • creating value see value creation
  • creators see entrepreneurs
  • credit
    • cash flow
    • intercompany
    • value dating
  • credit agreements
  • credit-based economy
  • credit default swap (CDS)
  • credit derivatives
  • credit insurance
  • credit investors, merger synergies
  • credit limits, trade receivables
  • credit lines
  • credit manager
  • credit ratings
  • credit risk
  • credit scoring principles
  • creditor-oriented bankruptcy
  • creditors
    • behaviour forecasting
    • conflict with shareholders
    • convertible bonds
    • debt cancellation
    • increasing risk to
    • return required
    • seniority of repayments
    • share issue
    • shareholder conflict resolution
    • value and
  • Criteo shares, portfolio risk
  • cross-border mergers, Europe
  • cross default clauses
  • crossover bonds
  • crowdfunding
  • cultural differences, working capital
  • cumulative depreciation, fixed assets
  • currency for debt
  • currency options
  • currency risk
  • currency transactions
  • current assets
  • current production capacity
  • current rate method, translation
  • current ratio, company finance
  • current share price
  • current shareholders
    • sale of shares
    • share issue
    • share proceeds
    • see also existing shareholders
  • customer advance payment
  • customer behaviour
  • customer credit
  • customers’ late payment
  • cyclical earnings, dividends
  • cyclical risk analysis
  • cyclical sectors

  • data analysis
  • data harmonisation
  • data for market
  • data room
  • day-to-day forecasting
  • days of finished goods inventory
  • days of goods held for resale
  • days’ inventory outstanding (DIO)
  • days’ payables outstanding (DPO)
  • days of raw material, DIO ratio
  • days’ sales outstanding (DSO)
  • days of work in progress
  • DCF method see discounted cash flow method
  • DCM see debt capital markets
  • DDM see dividend discount model
  • deal arrangements, bank’s role
  • debit amount, value dating
  • debit payment method
  • debt
    • accounting/market values
    • agency theory
    • bankruptcy and
    • benefits
    • breakeven point
    • cancellation
    • classification
    • currency choice
    • demergers
    • enterprise value and
    • equity differences
    • financing sources
    • flexibility effect on
    • increasing
    • investors in
    • leverage effect of
    • management control
    • market value added
    • options theory
    • paying down
    • pension liabilities as
    • price to earnings ratio
    • renegotiating terms of
    • repayment
    • start-up financing
    • tax benefits
    • value of
    • see also net debt
  • debt capital
  • debt capital markets (DCM)
  • debt covenants
  • debt costs
    • growth rate
    • leverage effect
    • management control
    • tax savings
  • debt cycle
  • debt exchangeable for common stock (DECS)
  • debt financing
    • business risk
    • capital employed
    • EPS growth
    • LBO funds
    • lifecycle of company
    • mergers and acquisitions
  • debt-free companies
  • debt instruments
    • see also debt securities
  • debt issue, covenant clauses
  • debt markets
  • debt policy
    • cost of equity
    • financing through
    • implementing
    • levers of
  • debt products see debt instruments; debt securities
  • debt push down
  • debt rating downgrade
  • debt securities
    • marketable
    • volatility of
    • see also bonds; debt instruments
  • debt servicing
  • debt structure
  • debt warrants
  • debt-to-equity ratio
  • debt-to-equity swap
  • debtholders’ position, underlying asset
  • debtor-oriented bankruptcy
  • debtors see receivables
  • decommissioning sites provisions
  • decomposition, underlying asset
  • DECS see debt exchangeable for common stock
  • deductibility limits, interest
  • default risk
  • defensive measures
  • deferred charges
  • deferred income
  • deferred payments
  • deferred project progress
  • deferred redemption period, bonds
  • deferred tax assets
  • defined benefit plans
  • defined contribution plans
  • Delaunay, A.-F.
  • delisting companies
  • delivery potential, contracts
  • delivery validation
  • delta
  • demand, financial securities
  • demand deposit account
  • demergers
    • definition
    • principles
    • purpose
  • depository receipts (DRs)
  • deposits, counterparty risk
  • depreciation
    • assets
    • cash flow statement
    • fixed assets
    • future cash flows
    • income statement formats
    • operating profit
    • ROCE ratio
  • depreciation charges, investments
  • deregulation
  • derivative markets
    • futures/options
    • importance of
  • design, capital structure
  • detachment, rights issue
  • development capital funds
  • development costs
  • Dietsch, M.
  • dilution
    • of control
    • criteria
    • earnings per share
    • entrepreneurs
    • goodwill
    • profit and losses
    • share issue
    • valuation by
  • DIO see days’ inventory outstanding
  • direct cost of capital calculation
  • direct finance
  • direct method, value of equity
  • direct ownership, employee-shareholders
  • directors’ board
  • directors’ committees
  • disaster risk
  • “discipline of debt”
  • disclosure
  • discontinued operations
  • discount/discounting
    • accounting return rates
    • bond redemption
    • capitalisation factors
    • cascade structure
    • cash flows
    • conglomerates
    • financial securities
    • issue discounts
    • rights issue
    • risk and
    • valuation with
  • discount rate
    • choosing
    • inverse proportion
    • IRR calculation
    • net present value variations
    • random events and
    • value and
  • discounted cash flow (DCF) method
  • discounting factor
  • discounting rate see discount rate
  • disinflation effects
  • disintermediation
  • disposal agreement see share purchase agreement
  • dispute settlement, customer payments
  • distress cost
    • see also financial distress
  • distribution of paper, banks
  • distribution policy
    • assessment
    • dividends
    • share buy-backs
  • distribution systems
  • diversification
    • financing sources
    • investor base
    • by investors
    • limitations
    • risk premium
    • value
  • diversified companies
  • diversified group organisation
  • divestments
  • dividend discount model (DDM)
  • dividend growth rate
  • dividend payments, covenant clauses
  • dividend per share (DPS)
  • dividend policy
    • credibility
    • earnings growth
    • financing through
    • flexibility
    • signalling theory
  • dividends
    • agency theory
    • choosing method
    • distribution
    • equilibrium markets
    • financing
    • options
    • payment methods
    • payment received
    • payout ratio
    • preference shares
    • as signals
    • yield of
  • documentary credit
  • documentation
    • see also accounting documents; loan documentation
  • domiciled bills
  • double-voting shares
  • DPO see days’ payables outstanding
  • DPS see dividend per share
  • DRs see depository receipts
  • DSO see days’ sales outstanding
  • dual listings, behavioural finance
  • dual-track process, negotiation
  • duration of bond
  • duration reduction, payout ratio
  • Dutch auction method
  • Dutch clause, joint venture agreements
  • dynamic analysis, company finance

  • earnings
    • analysis
    • to cash flow
    • cash flow statement
    • financing choice effects
    • normalised
    • price to earnings ratio
    • retained
    • stability
    • tax effects
    • yield to
  • earnings before interest, taxes, depreciation and amortisation (EBITDA)
    • cash flow and
    • debt repayment
    • forecasting
    • income statement
    • multiples
    • operating flows
    • value creation
    • working capital
  • earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR)
  • earnings before interest and taxes (EBIT)
    • interest coverage ratio
    • multiples
    • price to earnings ratio and
    • see also operating profit
  • earnings growth
    • beta parameters
    • dividend policy
    • margin analysis
  • earnings per share (EPS)
    • all-share transactions
    • financing choice effects
    • increasing
    • share issue
    • value creation
  • earnings power
    • assessment of
    • financial analysis
  • earnings profile
  • earnout clause
  • EBIT see earnings before interest and taxes
  • EBITDA see earnings before interest, taxes, depreciation and amortisation
  • EBITDAR see earnings before interest, taxes, depreciation, amortisation and rent
  • ECM see equity capital markets
  • economic agents, financial markets
  • economic analysis, companies
  • economic characteristic, company’s sector
  • economic crisis
    • capital structure
    • LBO market
  • economic data, financial analysis
  • economic indicators
  • economic profit see economic value added
  • economic renewal, start-ups
  • economic rents
  • economic risk
  • economic sector, market versus
  • economic standpoint
    • business combinations
    • complex points
    • solvency
  • “economic upheavals”
  • economic value added (EVA)
  • economies of scale, cash pooling
  • economy
    • financial manager’s role
    • sensitivity of stock’s sector
  • effective annual rate
  • effective rate of return
  • efficiency see profitability
  • efficient markets
    • arbitrage
    • bankruptcy
    • net present values
    • P/E principle
    • risk-free assets
    • risky assets and
    • theoretical framework
  • EGM see Extraordinary General Meeting
  • electronic payment means
  • emerging markets
  • employee benefits
  • employee-shareholders
  • employee stock ownership programmes (ESOPs)
  • EMTNs see euro medium-term notes
  • end customers, distribution systems
  • energy, yield of
  • ENPV see expanded net present value
  • enterprise resource planning (ERP)
  • enterprise value
    • capital structure
    • cost of capital calculation
    • debt and
    • multiples based on
    • value of equity
  • entrenchment theory
  • entrepreneurs
    • financial investors and
    • role of
  • EPS see earnings per share
  • equal instalments, interest rates
  • equilibrium
    • cash flows
    • financial decisions
    • growth rate
  • equilibrium markets
    • corporate governance
    • dividends
    • share issue
  • equity
    • book value of
    • business risk support
    • consolidated accounts
    • convertible bonds
    • cost of
    • debt capital distinction
    • debt differences
    • destruction of
    • financing with
    • of losses carried forward
    • mandatory convertibles
    • options theory
    • percentage of
    • secondary market
    • swaps
    • time value of
    • see also return on equity; shareholder equity
  • equity-accounted investments
  • equity affiliate
  • equity betas
  • equity bridge
  • equity capital
    • investors in
    • market value
    • purpose
    • real estate financing
    • share issue
    • start-up financing
  • equity capital markets (ECM)
  • equity cycle, cash flow
  • equity/debt ratio
  • “equity in drag”
  • equity investors, LBO funds
  • equity issuance financing
  • equity lines, capital increases
  • equity method of accounting
  • equity risk premium
  • equity securities
  • equity value/valuation
    • accounting/market values
    • book value and
    • capital structure
    • enterprise value
    • equation of
    • methods
    • multiples based on
    • options theory
    • reinvested cash flow
    • terminal value
  • equity value per share
  • equity warrants
  • ERP see enterprise resource planning
  • escrow accounts
  • ESOPs see employee stock ownership programmes
  • ETFs see exchange-traded funds
  • EU see European Union
  • euro medium-term notes (EMTNs)
  • European-style options
  • European Union (EU)
    • cross-border mergers
    • regulations
  • eurozone payment systems
  • EVA see economic value added
  • event studies, efficient markets
  • Example.com case study
  • exceptional dividends
  • exceptional items
  • exceptional rates, reinvestment
  • exchange offer
    • absorption of company
    • acquisitions
    • hostile bids
  • exchange rate
    • cash flow hedges
    • forward currency transactions
    • translation methods
  • exchange ratio, all-share transactions
  • exchange-traded funds (ETFs)
  • exchangeable bonds
  • exchanging shares
  • exclusive control, consolidated accounts
  • exclusive negotiations
  • execution phase, book-building
  • exercise date/period, options
  • exercise price, options
  • existing shareholders
    • preference shares
    • warrants
    • see also current shareholders
  • exit clauses, joint venture agreements
  • exit strategies, LBOs
  • exiting secondary market
  • expanded net present value (ENPV)
  • expected return/rate of return
    • bonds
    • cost of capital
    • risk and
    • security market line
    • shares
    • value
  • expected risk premium
  • expected value, investment decisions
  • expenditure, cash disbursements and
    • see also cost(s)
  • expert systems
  • explicit cost of debt
  • explicit forecast period
    • cash flows
    • terminal value
  • export credit
  • export-facilitating organisations
  • expropriation effect
  • extraordinary shareholders
  • extension clause
  • external factors, stability principle
  • external financing, start-ups
  • external growth
    • investment analysis
    • strategy impact
  • externalisation of real estate
  • extraordinary dividends
  • Extraordinary General Meeting (EGM)
  • extraordinary flows
  • extraordinary items
  • extraordinary shareholders

  • face value, bonds
  • factoring
  • failure risk
  • fair value
    • financial securities
    • markets at
    • risk premium
  • fair value hedges
  • Fama, Eugene
  • Fama–French model
  • family-owned companies
    • see also friends and family investors
  • Ferguson, M.
  • FFO see funds from operations
  • FIFO see first in, first out method
  • finance leases
  • financial analysis
    • defining
    • performing
    • pitfalls
    • as practice
    • purpose
    • techniques
    • without accounting documents
  • financial analysts’ treatment
    • accruals
    • cash assets
    • construction contracts
    • convertible bonds
    • deferred tax assets/liabilities
    • dilution profit and losses
    • goodwill
    • hedging instruments
    • impairment losses
    • inventories
    • leases
    • off-balance-sheet
    • pensions
    • preference shares
    • restructuring provisions
    • stock options
    • tangible assets
    • treasury shares
  • financial assessment
  • financial assets, real asset distinction
  • financial breakeven
  • financial constraints, real estate
  • financial control, management control separation
  • financial cost, value creation
    • see also financing cost
  • financial criteria
    • financing choice
    • internal financing
    • real estate
    • strategy
    • value creation
  • financial currency position
  • financial decisions analysis
  • financial difficulties, groups
  • financial distress
  • financial flexibility
  • financial flows, interest rate terms
  • financial hedging instruments
  • financial holding companies
  • financial income, surplus funds
  • financial indicators
  • financial interest rate risk
  • financial investors
    • operating/investment cycles
    • required rate of return
    • roles
    • see also investors
  • financial leases
  • financial management of start-ups
  • financial manager
    • as “asset dealer”
    • as negotiator
    • roles
    • as salesman
    • working capital
    • see also chief financial officer; managers
  • financial markets
    • financing from
    • mergers and acquisitions
    • value of security
  • financial mechanics, business combinations
  • financial policy
    • see also financing policy
  • financial resources
    • capital employed
    • debt policy
    • retained earnings
    • see also financing sources
  • financial risks
    • managing
    • measuring
    • principles of
    • see also risk...
  • financial role, financial manager
  • financial rules of thumb
  • financial securities
    • asset value
    • attached warrants
    • beta parameters
    • characteristic line
    • concept of
    • creation of
    • definition
    • discounts
    • listed companies
    • market risk
    • net present value
    • options theory
    • present value
    • sales of
    • types
    • valuing
  • financial standpoint
    • complex points
    • intangible fixed assets
  • financial strategy
  • financial structure
    • beta parameters
    • listed companies
  • financial sweeteners
  • financial systems’ functions
  • financial theories
    • bankruptcy
    • corporate governance
    • demergers
    • LBOs and
    • share issue
  • financing
    • capital markets
    • cash flow
    • choice
    • distribution systems
    • equity capital markets
    • linked to asset of firm
    • methods
    • real estate
    • start-ups
    • types
  • financing cost
    • beta parameters
    • cost of capital distinction
    • minimising
    • perfect capital market theory
    • see also financial cost
  • financing cycle
    • earnings and
    • movements in cash
    • operating and investment cycles relation
  • financing policy
    • see also financial policy
  • financing rounds, start-ups
  • financing sources
    • banks
    • costs
    • diversification
    • financial markets
    • lifecycle of
    • mergers and acquisitions
    • working capital as
    • see also financial resources
  • finished goods
  • firm analysis
  • firm assets
  • firm liquidity analysis
  • firm underwriting
  • firm value see enterprise value
  • first in, first out (FIFO) method
  • fixed assets
    • balance sheet
    • capital expenditure comparison
    • concepts
    • cumulative depreciation
    • decrease in value of
    • foreign subsidiaries
    • investment in
    • operating costs distinction
  • fixed costs
  • fixed-price offering
  • fixed rate
    • choosing
    • swap of
  • fixed-rate bonds
  • flexibility
    • capital structure
    • debt policy
    • dividend policy
    • investments
    • value of
  • floated companies
  • floating rate
    • choosing
    • swap for
  • floating-rate bonds
  • floor rate, interest rate options
  • floor underwriting commitment
  • floor value, convertible bonds
  • flowback
  • fluctuation
    • interest rates
    • underlying asset
    • value of security
  • forecasting
    • beta coefficient
    • explicit forecast period
    • normative margin
    • trend analysis
  • forecasting horizons
  • foreign currency debt
  • foreign exchange (Fx)
    • CIB access
    • risk
  • foreign markets
  • foreign subsidiaries accounts
  • formula approach, portfolio risk
  • forward currency transactions
  • forward exchange rate
  • forward-forward rate
  • forward rate agreement (FRA)
  • forward transactions
  • founder-managers
    • see also entrepreneurs
  • FRA see forward rate agreement
  • fractals
  • Frank, M.
  • fraud risk
  • free cash flow
    • after interest
    • liquidity and
    • multiples
    • schedule of
    • terminal value based on
    • value additivity rule
  • free float shares
  • free riders
  • free share awards
  • free shares
  • French, Kenneth
  • “friendly” investors
  • friends and family investors
    • see also family-owned companies
  • “frozen” items, operating working capital
  • full consolidation
  • full listing
  • fully diluted EPS
  • fundamental valuation method
  • funds
    • cash
    • cost of
    • exchange-traded
    • “frozen”
    • investment of
    • leverage effect
    • leveraged buyout
    • pooling
    • transfer of
    • working capital
  • funds from operations (FFO)
    • see also cash flow
  • funds of funds
  • future cash flows
  • future contracts
  • future markets standardisation
  • future prices/rates, locking in
  • future profits
  • future spreads, option on
  • future transactions impact
  • futures markets
  • Fx see foreign exchange

  • gamma, underlying asset
  • “Gaussian” distribution
  • GCE see gross capital employed
  • GDRs see global depository receipts
  • general meetings
  • “glamour” divisions
  • global approach, peer comparison method
  • global coordinator, banks
  • global depository receipts (GDRs)
  • global vision
  • going-concerns
  • “golden parachutes”
  • golden shares
  • goods see finished goods
  • goodwill
    • accounting methods
    • leverage effect calculation
    • net assets
    • start-ups and
    • tax and
    • translation methods
    • value of
  • goodwill impairment
  • Gordon–Shapiro formula
  • governance see corporate governance
  • government bonds
  • governments as shareholders
  • Goyal, V.
  • Graham, J.
  • Greek-style payment periods
  • green bonds
  • greenshoe
  • grey market
  • gross capital employed (GCE)
  • gross fixed assets
  • gross goodwill figures
  • gross margin
  • gross operating profit see earnings before interest, taxes, depreciation and amortisation
  • gross trading profit
  • group assets and liabilities
  • group cash management
  • group debt
  • group diversification
  • group equity
  • group share net income
  • group strategies
  • growing perpetuity
  • growth drivers, mergers/acquisitions
  • growth of earnings and revenues
  • growth potential
  • growth rate
    • capital structure
    • dividends
    • internal financing
    • models of
    • operating profit
    • to perpetuity
  • growth stocks
  • growth strategies
  • growth types
    • company growth
    • markets
    • operating profit
  • guarantees
    • asset-backed loans
    • bonds
    • IPOs
    • parent companies
    • receivables payment
  • Gurley, John

  • Hamon, J.
  • hard currencies
  • harmonising accounting data
  • Harvey, C.
  • hedge funds
  • hedging
    • futures/options
    • investor’s behaviour
    • risk/risk management
  • hedging instruments
  • Heineken shares
  • herd behaviour
  • hidden options
  • high-quality products
  • high yield bonds
  • historical cost
  • historical factors, working capital
  • historical rate of return
  • historical risk premium
  • holding companies
    • asset contribution
    • cascade structure
    • discounts
    • leveraged buyout
  • holding-period return
  • homogeneous expectations
  • “horizon multiple”
  • hostile offers
    • see also takeover bids
  • human factor, mergers/acquisitions
  • human resources
  • hybrid bonds
  • hybrid financial securities
  • hyperinflationary countries

  • IASB see International Accounting Standards Board
  • IBR see independent business review
  • ICR see interest coverage ratio
  • identified purchase cost method, inventories
  • idiosyncratic risk
  • IFRS rules
    • listed companies
    • translation methods
  • illiquidity risk
  • immunised portfolio
  • impairment losses
    • accounting methods
    • cash flow statement
    • consolidated accounts
    • definition
    • EBITDA
    • fixed assets
    • operating profit
  • implicit interest rates
  • implied volatility, options
  • in the money options
  • incentives
  • income capitalisation
  • income deferred
  • income flow, constant
  • income from associates
  • income from bonds
  • income level, value creation
  • income statement
    • cash flow statement differences
    • consolidated accounts
    • deferred tax assets/liabilities
    • direct finance
    • EBITDA importance
    • format differences
    • forward rate agreement
    • inventory changes
    • leverage effect
    • operating costs
    • standard
    • value added
  • income stock
  • income tax
  • incremental flows
    • definition
    • reason in terms of
  • independent board role
  • independent business review (IBR)
  • “independent director”
  • independent value, control premium
  • index-linked securities
  • index trackers
  • indirect cost of capital calculation
  • indirect finance
  • indirect method, value of equity
  • individual accounts
  • industrial assets
  • industrial and commercial base
  • industrial companies see industrial organisations
  • industrial investments, real options
  • industrial investors
  • industrial managers
  • industrial markets
  • industrial operations, leverage effect
  • industrial organisations
  • industrial risk
  • industrial strategy
  • industrial synergies
  • inertia effects
  • inflation
    • bank-based economies
    • capital structure and
    • foreign subsidiaries
    • growth rate to perpetuity
    • hyperinflationary countries
    • index-linked securities
    • inventories and
    • leverage effect
    • stability principle
  • inflation profits
  • inflation risk
  • inflows
    • balance sheet
    • financing
  • information asymmetry
  • information circulation
  • information provision
    • investors
    • real options
  • information systems, financial analysis
  • information technology (IT)
  • informational mimicry
  • initial public offerings (IPO)
    • creation of
    • discount
    • execution of
    • LBO exit
    • preparation
    • sizing
    • success of
    • techniques
    • underpricing
    • workings of
  • innovation
  • inside shareholders
  • instalments, interest rates
  • institutional investors
  • insurance
  • intangible assets
  • intangible fixed assets
  • integration strategies, value chain
  • intercompany agreements, cash management
  • intercompany credit
  • interest
    • capitalisation
    • deductibility
    • free cash flow after
  • interest-bearing accounts
  • interest charges, breakeven point
  • interest coverage ratio (ICR)
  • interest payments
  • interest rate(s)
    • bonds
    • capital structure policy
    • CIB access
    • earnings impact
    • effective annual
    • financial mathematics
    • fluctuation
    • inflation
    • level of
    • leverage effect
    • locking in
    • maturities relationship
    • net present value
    • P/E principle
    • subordinated creditors
    • term structure
    • value of net debt
  • interest rate options
  • interest rate risk
  • interest rate swaps
  • interim dividend
  • interim facility agreements
  • intermediation
  • internal capital market
  • internal controls/procedures, risk management
  • internal financing
    • additional analysis
    • financial criteria
    • taxation and
    • value creation
  • internal growth models/strategies
  • internal rate of return (IRR)
    • bonds
    • cost of capital
    • determination of
    • as investment criterion
    • limitations
  • International Accounting Standards Board (IASB)
  • international cash management
  • international financial organisations
  • intra-group transactions
  • intrinsic risk
  • intrinsic value
    • IPO success
    • market value and
    • options
  • inventories
    • accounting methods
    • balance sheet
    • changes in
    • definition
    • inflation effects
    • management
    • transfer to
    • turnover ratio
    • valuation methods
    • value overstatement
    • working capital
  • inverse P/E
  • inverse proportion
    • discounting rate
    • value of option
  • invested capital
  • investment(s)
    • in associates
    • balance sheet
    • cash assets
    • cash balances
    • cash flow perspective
    • costs
    • covenant clauses
    • criteria
    • earnings generated by
    • effective annual rate
    • external growth and
    • financing
    • IRR as criterion
    • liquidity of
    • negative capital employed
    • net present value
    • options and
    • portfolio risk
    • timeframe
    • unconsolidated/equity-accounted
    • value and
    • value change
    • wealth creation
    • working capital as
    • see also return on investment
  • investment analysis, risk
  • investment banks
  • investment choices
    • financing influence
    • NVP indicator
    • value creation
  • investment cycle
  • investment decisions
    • conventional approaches
    • cost of capital application
    • options theory
  • investment flows
  • investment of funds method
  • investment grade bonds
  • investment grade ratings
  • investment outflows
  • investment policy analysis
  • investment products
    • with secondary market
    • without secondary market
  • investment risk
  • investment value
    • convertible bonds
    • return on
  • investment yield
  • investor base, diversification
  • investor behaviour
  • investor perception, real estate value creation
  • investor protection, required rate of return
  • investor risk
    • adjustment
    • cost of financing sources
    • information provision
    • issue discounts
    • market-based economies
  • investors
    • business plan use
    • control over company decisions
    • in debt
    • defensive measures
    • discounts
    • diversification
    • efficient markets
    • entrepreneur relationships
    • in equity capital
    • information provision
    • IPO success
    • IPO underpricing
    • merger synergies
    • P/E and
    • return required by
    • role of
    • share proceeds
    • signalling theory
    • start-up role
    • yield to maturity
    • see also financial investors
  • invoice payment approval
  • IPO see initial public offerings
  • IRR see internal rate of return
  • irrevocable change, real options
  • issue date, bonds
  • issue discounts
  • issue price, bonds
  • issue of securities
  • issue of shares
  • issuers, yield to maturity
  • IT see information technology

  • Jacquillat, B.
  • Jagannathan, M.
  • Jensen, M.
  • joint-leads, banks
  • joint ventures
  • junior debt

  • Klapper, L.

  • labour risk
  • large shareholder, company without
  • last in, first out (LIFO) method
  • LBO see leveraged buyout
  • LBU see leveraged build-up
  • lead manager, banks
  • lease rights
  • leases
  • legal action
  • legal framework, shareholders
  • legal merger
  • legal protection, corporate structure
  • legal risks
  • legal structure
    • listed companies
    • mergers and acquisitions
  • lenders
    • to companies
    • internal financing
    • LBO funds
    • restructuring plans
  • letter of intent (LOI)
  • level of control, consolidation
  • leverage effects
    • calculation
    • capital structure
    • cost of capital
    • cost of debt
    • enterprise value
    • equation formulation
    • financing and
    • futures/options
    • margin analysis
    • practical problems
    • presentation
    • principle of
    • risk management
    • usefulness
    • uses/limitations of
  • leveraged build-up (LBU)
  • leveraged buyout (LBO)
    • company managers
    • employee-shareholders
    • financial theory
    • funds
    • larger context
    • market
    • negotiating strategy
    • players
    • principle
    • private equity funds
    • structures
    • transactions
    • types
    • warrants
  • (leveraged) management buyout ((L)MBO)
  • leveraged recapitalisation
  • liabilities
    • balance sheet
    • bankruptcy
    • consolidated accounts
    • deferred
    • financing sources cost
    • illiquidity risk
    • legal merger
    • maturity structure
    • negotiation and
    • off-balance-sheet
    • option theory
    • pensions as
    • shareholders
  • licensing offers, real options
  • lifecycle of company
  • lifecycle of financing sources
  • lifecycle theory, company value
  • LIFO see last in, first out method
  • limited companies
  • limited liability
  • limited share partnerships (LSPs)
  • liquid funds, foregoing
  • liquidation of assets
  • liquidation value, SOTP method
  • liquidity
    • analysing
    • balance sheet
    • cash investment
    • centralisation of
    • consideration of
    • financing choice effects
    • of investments
    • lack of
    • listed companies
    • market data
    • markets
    • secondary market
    • shares
    • standardisation of contracts
    • working capital
  • liquidity crisis
  • liquidity discount assessment
  • liquidity flows estimation
  • liquidity preference theory
  • liquidity premium
  • liquidity ratios
  • liquidity risk
  • listed companies
    • capital increases
    • capital markets
    • consolidated accounts
    • control change
    • corporate governance
    • IPOs
    • minority interests
    • preference shares
    • ROCE for
    • ROE for
    • shareholder structure
    • taking over
    • working capital
  • listed contracts
  • listing
    • bonds
    • shares
    • subsidiaries
  • (L)MBO see (leveraged) management buyout
  • loan documentation
  • loans
    • amortisation
    • asset-backed
    • banks
    • bonds and
    • to companies
    • convertible bonds and
    • corporate risk
    • principal amount of
    • real estate backing
    • see also business loan types; syndicated loans
  • lock up commitment
  • locked-box system
  • locking in future prices/rates
  • logistics
  • LOI (letter of intent)
  • long form report (vendor due diligence)
  • long positions
  • long-term bonds
  • long-term financial resources
  • long-term marketable securities
  • long-term rates
    • liquidity premium
    • maturities
  • long-term ratings
  • lookback options
  • loss-making companies
  • loss probability risk
  • losses
    • capital
    • carried forward
    • deferred tax assets/liabilities
    • see also impairment losses; profit and loss
  • love money
  • loyalty, shareholders
  • LSPs see limited share partnerships

  • M&A see mergers and acquisitions
  • MAC see material adverse change
  • macroeconomic factors
  • majority shareholders, listed companies
  • management accounting approach
  • management buy-in (MBI)
  • management companies, LBO funds
  • management compensation transparency
  • management control
    • combination
    • debt
    • financial control separation
  • management incentive package
  • management-incentivisation tools
  • management reputation
  • management strategy, definition
  • management team motivation
  • managerial entrenchment
  • managers
    • character importance
    • internal financing
    • LBO company
    • minority shareholder as
    • role in value creation
    • share issue
    • trade receivables
    • warrant benefits
    • working capital management
    • see also corporate managers; entrepreneurs; financial manager
  • mandated lead arrangers (MLAs)
  • mandatory convertibles
  • mandatory offers
  • Mandelbrot’s assumptions, fractals
  • MAR see market abuse regulations
  • margin analysis
    • risks
    • structure
  • margin calls
  • marginal return, retained earnings
  • margins
    • profitability distinction
    • ROCE calculation
    • working capital
  • market
    • bonds
    • corporate control
    • definition
    • efficient markets
    • key data
    • leveraged buyout
    • strategic position in
    • see also financial markets
  • market abuse regulations (MAR)
  • market authority role
  • market-based economies
  • market-based relationship, supplier/company
  • market capitalisation
  • market changes
    • bankruptcy
    • risk linked to
  • market choice, IPOs
  • market criteria, value creation
  • market data, cost of capital
  • market economies see market-based economies
  • market in equilibrium theory
  • market growth
  • market independence, SOTP method
  • market indicators
  • market leverage
    • see also leverage effects
  • market logic
  • market multiples
  • market portfolio
  • market positions, risk
  • market rates, bonds and
  • market risk
    • hedging
    • position/measurement of
    • value and
  • market scope, company control
  • market segmentation
  • market share
  • market supervisory authorities
  • market theory, perfect capital
  • market value
    • book value and
    • capital employed
    • company management effect
    • cost of financing
    • equity capital
    • equity/debt
    • fair value
    • financial securities
    • financing sources
    • goodwill
    • intangible fixed assets
    • intrinsic value and
    • investments
    • solvency
    • SOTP method
    • underlying asset
  • market value added (MVA)
  • marketable debt securities
  • marketable securities
  • marketing campaigns
  • mass production
  • master credit agreement
  • matching hypothesis
  • material adverse change (MAC)
  • mathematical approach, risk assessment
  • mathematical hope concept
  • maturities/maturity
    • cash flow value
    • choosing
    • debt
    • futures
    • interest rate relationship
    • yield to
  • maturity of bonds
  • maturity of company
    • payout ratio
    • real-estate financing
  • maturity mismatch, illiquidity risk
  • maturity of options
  • maturity structure
    • illiquidity risk
    • liabilities
  • maximum rise assessment
  • MBI see management buy-in
  • mean value multiples
  • measures of stock market value creation
  • Meckling, W.
  • median value multiples
  • medium-term financial resources
  • medium-term returns, investments
  • memorandum of understanding (MOU)
  • merger synergies
  • mergers
  • mergers and acquisitions (M&A)
    • CIB advice service
    • larger context
    • price to earnings ratio
    • rise of
  • Merton, Robert
  • meteorological anomalies
  • mezzanine debt
  • microeconomic factors
  • Miller, M.
  • mimicry
  • minimum-price offering
  • minority discount
  • minority interests/shareholders
    • control premium
    • equity
    • IPOs
    • listed companies
    • managing shareholder
    • net assets
    • operating profit
    • provisions
    • stock exchange protection
  • minority managing shareholder
  • MIRR see modified IRR
  • mixed offers
  • MLAs see mandated lead arrangers
  • model risk, options
  • modern financial theory, demergers
  • modified duration
    • bonds
    • parameters influencing
  • modified IRR (MIRR)
  • Modigliani, F.
  • Modigliani–Sutch theory
  • monetary items, temporal method
  • monetising
    • assets
    • secondary market
  • money-market funds
  • money, time value of
  • Monte Carlo simulation
  • mortgage loans
  • motivation, management team
  • MOU see memorandum of understanding
  • multifactor models
  • multinational companies
  • multiple IRR
  • multiple shares
  • multiple voting rights shares
  • multiples method
    • menu of
    • minority interests
    • peer-group comparisons and
    • pensions
    • terminal value
  • multiplier effect
  • MVA see market value added

  • national regulations
  • natural disaster risks
  • NAV see net asset value
  • NDA see non-disclosure agreement
  • necessity concept
  • negative capital employed
  • negative covenants
  • negative net debt
  • negative pledge, real estate loans
  • negative signals
  • negative value, cost of capital
  • negative working capital
  • negotiation
    • bank loans
    • choosing a strategy
    • control over companies
    • debt
    • financial manager’s role
    • financial security as contract
    • outcomes of
  • neoclassical theory
  • net of accrued interest, bond quotes
  • net asset value (NAV)
    • cash flow value
    • cash mutual funds
    • shareholder’s equity
    • shares
  • net assets analysis
  • net debt
    • calculating
    • capital employed
    • cash flow/earnings approaches
    • cash flow statement
    • cost of
    • covenant clauses
    • excluding impact of
    • leverage effect
    • movements in cash
    • negative
    • value of
    • working capital relationship
  • net financial expense/(income)
    • see also net income/(profit)
  • net fixed assets
  • net income/(profit)
    • cash flow statement
    • consolidated accounts
    • inventories
    • margin analysis
    • operating profit
    • payout ratio
    • ratio to shareholders’ equity
    • solvency and
    • stability principle
    • value creation
    • write-backs
    • see also net financial expense/(income)
  • net operating profit after tax (NOPAT)
  • net present value (NPV)
    • discounting rate
    • examination of
    • financial securities
    • interest rate
    • investments
    • IRR use
    • real options
    • value creation
    • see also expanded net present value
  • net profit see net income/(profit)
  • net worth, earnings and
  • “new” financial products
  • new issue premium (NIP)
  • new issues market (primary market)
  • new projects option
  • new shareholders
    • share issue
    • share proceeds
  • NIP see new issue premium
  • “no goodwill”
  • nominal rate of return
  • nominal rates, interest
  • nominal value, bonds
  • nominee agreements
  • “non-cash” costs
  • “non-current assets” see fixed assets
  • non-disclosure agreement (NDA)
  • non-investment grade ratings
  • non-monetary items
  • non-operating assets
  • non-operating working capital
  • non-recourse discounting
  • non-recurrent items
  • non-US companies, US listings
  • non-voting shares
  • NOPAT see net operating profit after tax
  • normalised earnings concept
  • normalised free cash flow
  • normalised operating profitability
  • normative analysis
  • normative margin forecasting
  • normative mimicry
  • notional amount
    • forward-forward rate
    • interest rate swaps
  • notional interest deductibility
  • notional pooling
  • NPV see net present value

  • OBO see owner buyout
  • off-balance-sheet commitments
  • offerings
    • certainty of
    • purpose of
    • retail investors
    • types
    • see also initial public offerings
  • OGM see Ordinary General Meeting
  • old shareholders see current shareholders
  • one-tier board of directors
  • ongoing needs, permanent working capital
  • operating activities, cash flow from
  • operating assets
    • see also capital employed
  • operating breakeven
  • operating cash flow
  • operating costs
  • operating cycle
    • assets
    • capital employed
    • cash flow
    • earnings
    • working capital
  • operating flows
  • operating leases
  • operating leverage
  • operating margin
  • operating multiple
  • operating outflows
  • operating performance
  • operating profit
    • allocation
    • company’s
    • EPS relative to
    • formation
    • growth rate
    • income statement formats
    • leverage effect
    • multiples
    • ratio to capital employed
    • see also earnings before interest and taxes
  • operating revenues
  • operating risks
  • operating structure, listed companies
  • operating working capital
  • operational constraints, real estate
  • operational opportunities
  • operational real estate
  • operational subsidiaries
  • operations, company
  • opportunity cost
  • opportunity principle
  • optimal capital structure
  • optimal cash management
  • optimal date, start-ups
  • optimal debt ratio
  • option to abandon
  • option on future spreads
  • option models, start-up date
  • option-pricing models
  • option premium, insurance
  • option value, convertible bonds
  • options
    • analysing
    • definition
    • derivative market
    • insurance and
    • position management
    • stock
    • theoretical foundations
    • time value
    • value parameters
    • warrants and
    • see also real options
  • options on options
  • options theory
    • financial decisions analysis
    • financial securities
    • firm analysis
    • practical applications
    • valuation of equity
  • order book, IPO creation
  • ordinary dividends
  • ordinary full listing
  • Ordinary General Meeting (OGM)
  • ordinary shareholders
  • ordinary shares
  • organic growth, internal financing
  • organisation theories
  • organised markets, OTCs
  • original equipment, market risk
  • OTC markets see over-the-counter markets
  • out of the money options
  • outflows
    • balance sheet
    • financing
    • investment and operating
  • outlook rating
  • outside shareholders
  • outsourcing
  • over-the-counter (OTC) markets
  • overdrafts
  • overlay banks
  • overpayments, investments
  • overproduction problem
  • overstatement, inventories’ value
  • owner buyout (OBO)
  • ownership level, consolidation

  • P&L see profit and loss
  • P-to-P see public-to-private
  • P/E see price to earnings ratio
  • Pac-Man defence
  • “paper”
    • see also financial securities
  • paper distribution by banks
  • paper payment means
  • parent company
    • consolidated accounts
    • dilution profit and losses
  • parent company guarantee (PCG)
  • pari passu clauses
  • participating preference share
  • past prices, efficient markets
  • past situations, breakeven point
  • patents
  • path of wealth (POW)
  • pay-to-play clause
  • payables, managing
  • payback period, investments
  • paying agents
  • payment in advance
  • payment amount
    • investments
    • shares
  • payment in cash, mergers/acquisitions
  • payment clauses, dividends
  • payment means/methods
    • dividends
    • financial systems
    • impact of
    • trade receivables
  • payment periods
    • receivables
    • trade payables
    • working capital
  • payment received, dividends
  • payment in shares
  • payment speed, receivables
  • payment systems, eurozone
  • payment terms
    • hybrid bonds
    • suppliers
  • payout ratio
  • PBO see projected benefit obligation
  • PBR see price to book ratio
  • PCG see parent company guarantee
  • pecking order theory
  • peer comparison method
  • penalties
  • pensions
  • percentage of completion method, construction contracts
  • percentage control, consolidation
  • percentage interest
  • PERCS see preferred equity redemption cumulative stock
  • perfect capital markets theory
  • performance bonds
  • periodicity of coupon payments
  • “permanent financing”
  • permanent working capital
  • perpetuity
    • growth rate to
    • value of
  • personal taxes
  • personnel cost/expense
  • pivoting shift, risk premium
  • poison pills see strategic assets
  • political risk
  • pooling funds
  • portfolio diversification
  • portfolio management
    • bonds
    • options
    • risk premium
  • portfolio risk
  • position, risk management
  • positive cash balance
  • positive covenants
  • postponement of project
  • POW see path of wealth
  • power balance, working capital expressing
  • power distribution structure
  • power of shareholders
  • PPA see purchase price allocation
  • pre-emption rights, shareholder changes
  • pre-emptive action
  • pre-emptive subscription rights
  • pre-marketing period, book-building
  • preference shares
  • preferential dividend
  • preferred equity redemption cumulative stock (PERCS)
  • preferred habitat theory
  • preferred shares see preference shares
  • premium
    • convertible bonds
    • minority discount and
    • options
    • valuation with
    • see also risk premium
  • prepaid costs
  • prepaid interest, bonds
  • present value index (PVI)
  • present value (PV)
    • calculation simplifications
    • cash flows
    • discounting
    • financial securities
    • tax savings
    • see also net present value
  • price
    • arbitrage
    • commodities
    • company value
    • effects
    • exercise price
    • financial securities
    • issuance of bonds
    • negotiating
    • options
    • security issue
    • selling price maximisation
    • underlying asset
  • price to book ratio (PBR)
  • price-driven competition
  • price to earnings ratio (P/E)
    • all-share transactions
    • EPS growth
    • investors and
    • principle of
    • startups
    • value creation
  • price increase analysis
  • price information, financial systems
  • price volatility, stock risk
  • primary market, financial securities
  • principal amount, loans
  • priority periods, issue of shares
  • private auctions
  • private companies, stock exchange
  • private equity funds
  • private equity sponsors
  • private negotiation, control over company
  • private placements
  • pro forma statements
  • probability distribution
  • process-specific production
  • product-driven competition
  • product lifecycle
  • product trends
  • production
    • company’s market
    • in income statement
    • margin analysis
  • production capacity
  • production models
  • production policy clauses
  • productivity, personnel cost
  • profit
    • decreasing
    • fast growth
    • inflation
    • see also operating profit
  • profit before tax and non-recurring items
  • profit and loss (P&L)
    • “adjusted income”
    • capital employed
    • dilution
    • see also income statement
  • profit-generating capacity
  • profitability
    • analysis
    • bankruptcy and
    • competition and
    • EBIT multiple
    • leverage effect
    • margins distinction
    • standard plan
    • structural
    • value creation
  • profitability divisions
  • profitability indicators
  • profitable investments
  • program trading, mimicry
  • project financing
  • project-type organisation
  • projected benefit obligation (PBO)
  • promised return, bonds
  • promissory notes
  • property investors
  • property, plant and equipment see tangible fixed assets
  • proportional rates, interest
  • proportionate method, consolidated accounts
  • provisions
    • for decommissioning/restoration of sites
    • employee benefits/pensions
    • not tax-deductable
    • restructuring
    • for valuation
  • prudence principle
  • psychology
  • public offerings
  • public tender offers
  • public-to-private (P-to-P)
    • LBOs
    • transactions
  • purchase method, goodwill
  • purchase price allocation (PPA)
  • purchases
    • DPO ratio
    • operating costs
    • recession conditions
  • “pure-play” companies
  • put-call parity
  • put options
    • capital employed
    • exercise price
  • put warrants
  • PV see present value
  • PVI see present value index
  • Pythagoras’s theorem

  • qualified institutional buyers (QIBs)
  • quick ratio, company finance

  • R&D (research and development) costs
  • random events response
  • random walk returns
  • ranking hybrid bonds
  • ratchet clause, shareholders’ agreement
  • rate of return
    • accounting
    • book rates
    • capital employed
    • cost of capital
    • creditors/shareholders
    • discounting
    • financing sources
    • internal
    • shares
    • start-ups
    • value and
    • see also required rate of return
  • rate tunnel
  • rating agencies
  • ratings
    • financial analysis
    • impact of
    • role of
  • ratio analysis
    • company finance
    • limits of
    • profitability
    • scoring techniques
    • working capital
  • ratios
    • all-share transactions
    • buy-back impact
    • credit scoring
  • raw materials
    • days of
    • inventory changes
    • operating breakeven
  • RCF see revolving credit facility
  • real estate
    • equity capital finance
    • financial criteria
    • financing choice
    • managing
    • organisation ideals
    • standard loan backing
    • value creation
  • real estate investment trusts (REITs)
  • real versus financial assets
  • real options
    • categories
    • contribution of
    • evaluating
    • value of
    • young companies
  • reasoning/reason
    • main lines of
    • personal taxes
    • in terms of cash flows
    • in terms of incremental flows
    • in terms of opportunity
  • Recasens, G.
  • receipt of money
  • receipt timing
  • receivables
    • balance sheet
    • DSO ratio
    • managing
    • payment speed
    • see also payment received
  • recessions
  • recommended offers
  • recurrent items
  • redeemable warrants
  • redemption
    • bonds
    • cash investment
    • mandatory convertibles
  • redemption premium
  • redemption value, bonds
  • refunding bonds
  • regressions, multiples
  • regulations, summary
  • regulatory changes
  • regulatory protection
  • regulatory risk
  • regulatory threshold disclosure requirements
  • reinsurance market
  • reinvested cash flow
  • reinvestment rate
  • REITs see real estate investment trusts
  • relative value ratio
  • reminders for payment
  • remuneration, creditors
  • rent to turnover ratio
  • rents, operating leases
  • repayment terms
    • loan amortisation
    • seniority of
  • replacement cost basis, inventories
  • replacement products
  • replicated capital structure
  • replicating portfolio, options
  • reporting period, capital employed at start of
  • Repos see repurchase agreements
  • representations, negotiation
  • repurchase agreements (Repos)
  • repurchase of shares
  • reputation of management
  • required rate of return
    • capital employed
    • creditors/shareholders
    • financing sources
  • reratings
  • resale of goods
  • research and development (R&D) costs
  • reserved share issues
  • residual risk determination
  • residual value, cash flows
  • resolving conflicts
  • resources, companies
  • restoration of sites
  • restrictive covenants
  • restructuring
    • bankruptcy and
    • banks
    • breakeven point
    • capital expenditure and
    • plans
    • provisions
  • retail banking
  • retail investors
  • retail public offering
  • retained earnings
  • return
    • risk and
    • sales of securities
    • set contractually
    • see also rate of return
  • return on capital employed (ROCE)
    • “cash flow fade” method
    • growth rate
    • as investment criteria
    • value creation
  • return on equity (ROE)
    • bank charges
    • financing choice effects
    • internal growth
    • value creation
  • return on investment
    • capitalisation
    • cash flow
    • definition
    • financing sources
    • financing types
    • perfect capital market theory
    • value
  • revaluing assets
  • revenues
    • growth of
    • margin analysis
    • scissors effect
    • stability principle
    • see also operating revenues; total revenue
  • reverse cash flow statement
  • reverse factoring line
  • review phase, book-building
  • revolving credit
  • revolving credit facility (RCF)
  • right of approval, shareholder changes
  • rights issue
  • rights management, cash flows
  • risk
    • adjustments by investor
    • all-share transactions
    • of assets
    • asymmetry of
    • capital employed
    • cost of capital
    • credit risk
    • debt securities
    • definition
    • discounting and
    • distribution systems
    • equity supporting
    • of failure
    • financial securities
    • hedging
    • identification
    • illiquidity
    • increasing
    • investment analysis
    • investor’s
    • leveraged buyout
    • liquidity
    • liquidity flow estimation
    • margin analysis
    • mergers and acquisitions
    • model risk of options
    • operating assets
    • option value
    • real estate acquisition
    • shareholders’
    • sources of
    • start-ups
    • strategies
    • subordinated creditors
    • syndicates
    • types
    • value and
    • working capital as
    • see also market risk; operating risks
  • risk-analysis variance
  • risk assessment
    • through business plan
    • conventional analysis
    • through mathematical approach
  • risk-free assets
  • risk-free environment, maturities
  • risk-free rate
    • CAPM application
    • options
    • required rate of return
  • risk levels, operating assets
  • risk management
    • financial systems
    • overview
    • principles
    • steps
  • risk manager role
  • risk premium
  • risk profile, financing sources
  • risk and return
  • risk/reward requirements, investors
  • ROCE see return on capital employed
  • ROE see return on equity
  • Ross, Stephen
  • rounds of financing, start-ups
  • Rountree, B.
  • rules of thumb

  • safety stocks
  • sale and leaseback
  • sale of shares
  • sale to trade buyer
  • sales contraction impact
  • sales days, working capital
  • sales of financial securities
  • sales growth
    • margin analysis
    • working capital and
  • sales levels, recession
  • sales multiple
  • sales percentage, breakeven point
  • sales trends, operating profit
  • sales valuation, companies
  • salesman role
  • salvage value (residual value)
  • sample-building, comparable companies
  • scenario analysis
  • schedule of future cash flows
  • Scholes, Myron
  • scissors effect
  • scope of consolidation
  • scoring techniques
  • scrip dividend
  • seasonal business activity
  • second lien debt
  • “secondary” LBOs
  • secondary market
    • bonds
    • cash investment
    • financial securities
    • function of
    • with investment products
    • investment products without
  • sector concept
  • securities see financial securities
  • securitisation
  • securitisation vehicles
  • security, cash investment
  • security market line
  • segmentation of markets
  • self-hedging
  • self-mimicry
  • sell options see put options
  • sellers
    • leveraged buyout
    • options
    • share considerations
  • selling price maximisation
  • semi-strong efficient market
  • senior debt
  • seniority of repayments
  • sensitivity
    • analysis
    • maturity of bonds
    • stock’s sector
  • SEPA see Single Euro Payment Area
  • separation theorem
  • service-dominated economy
  • service rate
    • inventories
    • stockout avoidance
  • services and advice
  • setting up companies
  • setting up payments
  • settlement date, bonds
  • shadow rating
  • share buy-backs
    • see also buy-backs
  • share exchange
    • absorption of company
    • acquisitions
  • share issue
    • accounting criteria
    • borrowing capacity
    • definition
    • dividends
    • finance theory
    • goodwill
    • liquidity and
    • reserved
    • as signal
  • share prices
    • bonds
    • liquidity
    • listed companies
    • random walk returns
    • rights issue
  • share purchase, hostile bids
  • share purchase agreement (SPA)
  • share warrants see warrants
  • shareholder base
    • see also shareholder structure
  • shareholder equity
    • acquisitions
    • balance sheet
    • book profitability
    • capital employed
    • company finance
    • consolidated accounts
    • earnings and
    • financial cycle
    • increasing
    • ratio to net income
    • roles of
    • solvency
    • valuation methods
  • shareholder-managers
  • shareholder position, underlying asset
  • shareholder return
    • cash
    • cost of capital
    • creditor comparison
    • shares
    • see also total shareholder return
  • shareholder structure
    • see also shareholder base
  • shareholder wealth, equilibrium markets
  • shareholders
    • all-share transactions
    • capital structure
    • cash provision
    • changes
    • convertible bonds
    • creditor conflict
    • as defence measure
    • demergers/split-offs
    • dividend demands
    • financing companies
    • internal financing
    • listed companies
    • operating assets
    • options
    • power at general meetings
    • preferences
    • real-estate financing
    • risk accruing to
    • sale of shares
    • share issue
    • share proceeds
    • strategies
    • types
    • value and
    • voting caps
    • warrants
  • shareholders’ agreement
  • shares
    • acquisitions
    • all-share deals
    • allocation of
    • basic concepts
    • block trades
    • bonds exchangeable with
    • cancellation of
    • classes of
    • contribution of
    • delta
    • dividend paid in
    • double voting rights
    • IPO size
    • limited companies
    • listing techniques
    • offerings
    • one share one voting right
    • paying in
    • payment amounts
    • preference
    • repurchase of
    • stake-building
    • treasury
    • see also hybrid financial securities
  • Shaw, Edward
  • Shleifer, A.
  • Shockley, R.
  • short positions
  • short-sightedness
  • short-term investments
  • short-term marketable securities
  • short-term rates
    • liquidity premium
    • maturities
  • short-term ratings
  • short-term resources
  • shotgun clause (Dutch clause)
  • signalling theory
    • bankruptcy
    • dividends
    • IPO underpricing
    • share issue
  • significant change, real options
  • significant influence, consolidated accounts
  • Single Euro Payment Area (SEPA)
  • size premium
  • small-and-medium-sized enterprises (SMEs)
  • socially responsible bonds
  • “soft call” clause
  • soft currencies
  • solvency
    • consolidated accounts
    • financing choice effects
  • solvency checks, trade receivables
  • solvency-and-liquidity analysis
  • solvency opinion, LBOs
  • solvency risk
  • SOTP method see sum-of-the-parts method
  • sovereign spread
  • sovereign wealth funds
  • SPA see share purchase agreement
  • special dividend
  • special-purpose vehicle (SPV)
  • specific risk
  • speculation
    • investor’s behaviour
    • valuation
    • working capital
  • speculative bubbles
  • speculative grade ratings
  • spending money
  • Spindt, P.
  • “split accounting”
  • split-offs
  • spreads
  • SPV see special-purpose vehicle
  • squeeze-outs
  • stability principle
  • stake-building, takeovers
  • standalone value, control premium
  • standard deviation
    • risk-analysis
    • risk-free assets
    • volatility and
  • standard financial analysis plan
  • standard income statements
  • standardisation of contracts
  • staple financing
  • start-up costs
  • start-up date, option models
  • start-ups
    • financial management
    • financing
    • investors in
    • real case example
  • static analysis
  • steady business, working capital
  • stock
    • balance sheet analysis
    • beta coefficient
    • management
    • rebalancing
    • see also shares
  • stock exchange
    • IPO success
    • private companies
    • protecting minority interests
  • stock market analysis
  • stock market value see market value added
  • stock markets
    • discount size
    • listed companies
    • yield on
  • stock options
    • accounting methods
    • corporate governance
    • definition
    • dividend impact
    • employee-shareholders
    • human resources
  • stock-picking
  • stock risk
  • stock sector sensitivity
  • stockouts
  • strategic analysis
    • breakeven point
    • value and
  • strategic assets
  • strategic finance
  • strategic position
    • company’s market
    • margin analysis
  • strategic value, control premium
  • strike options
  • strike price, underlying asset
  • strongly efficient market
  • structural measures, inventory management
  • structural profitability
  • structural stocks
  • subdividing capital
  • subordinated creditors
  • subordinated debt
  • subprime crisis
  • subscription rights
    • capital increase
    • definition
    • detachment of
    • theoretical value calculation
  • subscription warrants
  • subsidiaries
    • cascade structure
    • cash pooling
    • consolidated accounts
    • dilution profit and losses
    • dividend payments
    • listing
    • real estate
    • split-offs
  • substance of company
  • “substance over form” analysis
  • sum discount
  • sum-of-the-parts (SOTP) method
  • sunk costs
  • super-profit
  • supervision, signalling theory
  • supplementary financing, start-ups
  • supplier credit
  • supplier payment periods
  • supplier payment terms
  • supplier relationship
  • supply, financial securities
  • surplus funds
  • sustainable value
  • swap points, forward currency
  • swaps
  • swaptions
  • “sweeteners”
  • syndicated loans
  • syndicates
  • synergies
    • control premium derivation
    • mergers
    • mergers and acquisitions
  • synthetic bonds
  • systematic risk

  • take or pay contracts
  • take and pay contracts
  • takeover bids
    • agency theory
    • conglomerate discounts
    • defensive measures
    • listed companies
    • regulations
    • shareholding
    • warrants and
    • see also hostile offers; tender offers
  • tangible assets
  • tangible fixed assets
  • target companies, leveraged buyout
  • targeted investors, sales of securities
  • tax assets
  • tax benefits
    • debt
    • preference shares
  • tax consolidation, LBOs
  • tax credits
  • tax-deductible provisions
  • tax expense/credit, leverage effects
  • tax-free environment, capital structure
  • tax implications, SOTP method
  • tax-loss carryforwards
  • “tax proofing”
  • tax savings, present value
  • tax shield
  • taxation
    • consideration of
    • deferred tax assets/liabilities
    • internal financing and
    • real estate
    • share buy-backs
    • value and
  • technical factors
    • adjusting per share data
    • working capital and
  • technical know-how, valuing
  • temporal method, translation
  • temporary difference, deferred tax assets/liabilities
  • tender offers
    • see also takeover bids
  • term loans
  • term sheet, syndicated loans
  • term structure, interest rates
  • terminal capital
  • terminal value
    • explicit forecast period
    • reinvestment rate
  • theoretical ex-right price (TERP)
  • theory of segmentation see segmentation of markets
  • theta, options
  • thresholds, control of company
  • time deposits
  • time impact, options
  • time remuneration
  • time value
    • equity
    • of money
    • options
    • postponed projects
    • real options
  • timeframe, investments
  • timing difference
    • deferred tax assets/liabilities
    • operating costs
    • operating and investment cycles
  • timing of receipts
  • top-down approach, portfolio management
  • total breakeven
  • total costs, total revenue covering
  • total debt service
  • total return swaps
  • total revenue covering total costs
  • total shareholder return (TSR)
  • trade buyers
  • trade credit
  • trade-off model
  • trade payables
  • trade receivables
  • traders
    • as speculators
    • warrants traded separately
  • trading multiples
  • trading profit
  • trading volumes, efficient markets
  • transaction costs, efficient markets
  • transaction facilitation
  • transaction multiples
  • transaction risk
  • transaction volumes, capital markets
  • transactions
    • financial sweeteners
    • valuation errors
  • transfer of funds
  • transfer to inventory, income statement formats
  • transfer of value, bankruptcy
  • translation methods, foreign subsidiaries
  • transparency
  • treasurer’s role
    • cash management
    • debt policy
  • treasury bills
  • treasury method, warrants
  • treasury notes
  • treasury shares
  • trend analysis
  • true financial cost
  • trust preference share
  • TSR see total shareholder return
  • turnaround funds
  • turnover ratios
    • limitations
    • rent to
    • ROCE calculation
    • working capital
  • two-tier board of directors
  • two-tiered holding companies

  • unallocated bank loans
  • uncertainty
    • liquidity flow estimation
    • payment methods
    • real options
    • value creation
    • value of security
  • uncertainty profile, Monte Carlo simulation
  • unconsolidated investments
  • “unconventional” cash flows
  • underlying asset
    • maturity
    • options
    • value of
  • underpricing IPOs
  • underwriting
  • underwritten deal
  • undiversifiable risk
  • United States see US...
  • unitranch debt
  • unlevered beta (beta assets)
  • unlimited companies
  • unlisted companies
  • unsolicited offers
  • unwinding of contracts
  • US income statement formats
  • US listings, non-US companies
  • US-style options
  • “used” financial products

  • validation of deliveries
  • valuation errors effects
  • valuation/valuation methods
    • annuity/perpetuity
    • comparison of
    • consolidated accounts
    • cost of capital
    • equity
    • inventories
    • overview
    • P/E principle
    • reconciling differences
    • shareholders’ equity
    • volatility
    • young companies
  • value
    • capital employed
    • corporate governance
    • finance creating
    • future contracts
    • illustration
    • implications
    • organisation theories and
    • tax shield
    • taxation and
    • theoretical foundation
    • values distinction
  • value added
  • value additivity rule
  • value of assets
  • value chain
  • value of company, distributing
  • value creation
    • criteria
    • internal financing
    • investment choice
    • limitations
    • M&A deals
    • markets in equilibrium
    • measuring
    • NPV equal to
    • postponed projects
    • real estate
    • uncertainty
    • working capital
  • value dating
  • value of debt
    • see also value of net debt
  • value of equity
    • capital structure
    • enterprise value
    • equation of
    • methods
    • multiples based on
    • options theory
    • reinvested cash flow
  • value of equity capital
  • value of flexibility
  • value of hybrids
    • convertible bonds
    • mandatory convertibles
    • preference shares
    • warrants
  • value of investments
  • value investors
  • value of net debt
  • value of option
    • binomial method
    • intrinsic value
    • at maturity
    • parameters
    • real options
    • risk
    • time value
    • volatility
  • value at risk (VaR)
  • value of security
    • capital markets
    • cost of capital
    • falling/rising
    • financial manager’s role
    • financial markets
    • maximising
    • risk/fluctuation
    • yield curves
  • value stocks
  • value transfer, bankruptcy
  • value in use
  • values–value distinction
  • VaR see value at risk
  • variable costs, breakeven point
  • variable-income securities
  • variance
    • analysis
    • risk-analysis
    • volatility and
  • VDD see vendor due diligence
  • vega
  • vendor due diligence (VDD)
  • venture capital funds
  • venture capitalists
    • shareholders’ agreement
    • valuing young companies
  • vertical integration
  • vesting period, stock options
  • veto power, blocking minority
  • viability of company
  • Vishny, R.
  • visibility
  • volatility
    • behavioural finance
    • capital employed
    • debt securities
    • investment risk
    • options and
    • price
    • speculative valuation
    • underlying asset
    • value of option
  • volatility risk
  • volatility smile
  • volume growth
  • volumes/volume effects
    • financial market restrictions
    • gross margin
    • liquidity measured in terms of
  • voluntary offers
  • voting caps, shareholders
  • voting rights
    • bondholders
    • capital structure
    • consolidated accounts
    • one share one voting right
    • shareholder structure
    • shares
  • vulture funds

  • WACC see weighted average cost of capital
  • waivers, debt issue
  • warehousing (nominee) agreements
  • warranties
  • warrants
    • defensive measures
    • definition
    • existing shareholders
    • practical uses
    • restructuring plans
    • share buy-backs
    • shareholder position
    • theoretical analysis
    • value
  • watchlist, rating agencies
  • weak-form efficient market
  • wealth
    • additions to
    • creation
    • deductions from
    • dividends modifying
  • weighted average cost of capital (WACC)
    • see also cost of capital
  • weighted average cost method
  • weighted average PVI
  • “white knight” takeover bids
  • wide-capitalisation market indexes
  • Wilson formula
  • work in progress
  • working capital
    • aspects of
    • calculating
    • capital expenditures
    • case study
    • changes in
    • definition
    • evaluating
    • financing
    • investment in
    • managing
    • nature of
    • non-operating
    • operating
    • turnover ratios
  • workshop model organisation
  • write-backs
  • write-downs

  • year-to-year change, working capital
  • yield curves
  • yield of dividends
  • yield to earnings
  • yield of energy
  • yield to maturity
  • yield stocks
  • young companies see start-ups

  • Z-scores
  • zero balance account (ZBA)
  • zero cash
  • zero-coupon bonds
  • zero-coupon loans
  • zero net debt
  • zero NPV
  • zero-sum game
  • Zeta score
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