This book examines the nature of the stock market and its
implications for corporate management. It provides an introduction
to core issues in finance and differs from traditional textbooks in
its recognition that 'finance is not physics' - in the sense that
how markets behave today is not necessarily how they will behave
tomorrow. Nevertheless, a certain level of 'physics' can be
recognized as underpinning the development of stock market
valuations and corporate financial decision-making.In short, the
objective of the text is to instill insight in regards to the
functioning of markets and corporate behavior, as opposed to
algebraic derivations from unrealistic assumptions. Rather than
subscribe unthinkingly to an 'efficient market hypothesis', at each
stage of the development of the text's conceptual framework, we
also recognize the reality of market 'sentiment' and the
fundamental uncertainty that managers face in their decisions.Based
around a teaching programme with worked questions and solutions,
Stock Markets and Corporate Finance is the perfect accompaniment
for MBA, undergraduate and graduate students looking for a critical
textbook on the nature of the financial sector and corporate
finance.
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