Corporate Financial Strategy
By Ruth Bender
Routledge – 2013 – 390 pages
The field of Corporate Finance has developed into a fairly complex one from its origins focussed on a company's business and financial needs (financing, risk management, capitalization and budgeting). Corporate Financial Strategy provides a critical introduction to the field and in doing so shows how organizations' financial strategies can be aligned with their overall business strategies.
Retaining the popular fundamentals of previous editions, the new edition brings things up to date with an array of new examples and cases, new pedagogical features such as learning objectives and suggested further reading, and includes new material on mergers and acquisitions, and valuations and forecasting.
Unlike other textbooks, Ruth Bender writes from the perspective of the firm rather than the investor. Combined with a structure driven by issues, the result is a textbook which is perfectly suited to those studying corporate finance and financial strategy at advanced undergraduate, postgraduate and executive education levels.
Corporate Financial Strategy provides an excellent and accessible overview of corporate finance by placing financial strategy within the broader context of corporate strategy. The book provides a set of practical tools and explains key concepts in a simple manner, employing well-conceived case studies. This text is particularly well-suited to students who aren’t specializing in finance as well as managers looking to understand and improve their organization’s strategy.
Jon Tucker, Director for Global Finance, University of the West of England, UK
The last thing the world needs is yet another book on Corporate Finance. The good news is that this isn’t. Ruth Bender has written by far the most readable, practical and, above all, commercial book on the subject. The fact that it’s also so immensely wise throughout makes it ideal for the entrepreneur, the practitioner and the student alike.
John Gambles, Founder and Chairman, Quadrangle Group
If you want to understand what a PE ratio really means; you’re Director of a growth company with a soaring share price, but want to understand what you’ll have to deliver if your shares aren’t to crash; or you want insights into analysing company financials to decide which shares to buy, read Corporate Financial Strategy.
Chris Ansell, Chief Financial Officer, Recruitment Industry Benchmarking Ltd, UK
Ruth has an excellent style as a lecturer and trainer, communicating complex subjects clearly, concisely and accessibly. In this book she has achieved that same quality, the illustration of theory through relevant and contemporary case study brings the subject to life relating it directly to real life situations.
Simon Bevis, Director of Strategy and Corporate Development. Lafarge Tarmac Ltd, UK
For anyone either taking their first steps into, or wishing to refresh their knowledge of, Corporate Financial Strategy, this book is a "must-read". Difficult concepts are made easier to understand through the clarity of presentation and use of case studies. The author’s enthusiasm for her subject is clear for all to see.
Rob Edgerton, Group Financial Controller, Innovation Group plc, UK
Preface 1. Corporate Financial Strategy: Setting the Context 2. What does the Share Price tell us? 3. Executive Summary: Linking Corporate and Financial Strategies 4. Linking Corporate and Financial Strategies 5. Financial Strategies over the Lifecycle 6. Corporate Governance and Financial Strategy 7. Start-Up Businesses and Venture Capital 8. Growth Companies 9. Mature Companies 10. Declining Businesses: A Case for Euthanasia? 11. Financial Instruments: The Building Blocks 12. Types of Financial Instrument 13. Dividends and Buybacks 14. Valuations and Forecasting 15. Floating a Company 16. Acquisitions and Selling a Business 17. Restructuring a Company 18. Private Equity 19. International Corporate Finance 20. Strategic Working Capital Management Appendix 1: Review of Theories of Finance Appendix 2: Valuing Options and Convertibles
Ruth Bender is Reader in Corporate Financial Strategy at Cranfield University, UK. Prior to becoming an academic she was a corporate finance partner with one of the UK's larger accounting firms and has also worked as a venture capital manager in the city