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ACCA Paper P4 Advanced financial management Essential text British library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 978 1 84710 551 6 © Kaplan Financial Limited, 2008 Printed and bound in Great Britain. Acknowledgements We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permisssion to reproduce past examination questions. The answers have been prepared by Kaplan Publishing. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING Contents Page Chapter 1 Stakeholders 1 Chapter 2 Financial strategy development 25 Chapter 3 Dividend policy 39 Chapter 4 Capital structure and raising finance 51 Chapter 5 Risk management 65 Chapter 6 Investment appraisal I – DCF and the use of free cash flows 77 Chapter 7 Investment appraisal II – the impact of financing and adjusted present value 129 Chapter 8 Investment appraisal III – option pricing 157 Chapter 9 International investment and financing decisions 181 Chapter 10 Capital investment and financial reporting 213 Chapter 11 Acquisitions and mergers 225 Chapter 12 Valuations 261 Chapter 13 Corporate reconstruction and reorganisation 297 Chapter 14 The economic environment for multinationals 331 Chapter 15 International money markets and complex financial instruments 351 Chapter 16 Hedging foreign exchange risk 373 Chapter 17 Hedging interest rate risk 409 Chapter 18 Managing other forms of risk 433 Chapter 19 Dividend policy and transfer pricing in multinationals 451 Chapter 20 Emerging issues in business finance 479 Chapter 21 Questions & Answers 491 KAPLAN PUBLISHING iii iv KAPLAN PUBLISHING Paper Introduction v chapter Introduction How to Use the Materials These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chances of success in your examinations. The product range contains a number of features to help you in the study process. They include: The sections on the study guide, the syllabus objectives, the examination and study skills should all be read before you commence your studies. They are designed to familiarise you with the nature and content of the examination and give you tips on how to best to approach your learning. The complete text or essential text comprises the main learning materials and gives guidance as to the importance of topics and where other related resources can be found. Each chapter includes: (1) Detailed study guide and syllabus objectives (2) Description of the examination (3) Study skills and revision guidance (4) Complete text or essential text (5) Question practice • The learning objectives contained in each chapter, which have been carefully mapped to the examining body's own syllabus learning objectives or outcomes. You should use these to check you have a clear understanding of all the topics on which you might be assessed in the examination. • The chapter diagram provides a visual reference for the content in the chapter, giving an overview of the topics and how they link together. • The content for each topic area commences with a brief explanation or definition to put the topic into context before covering the topic in detail. You should follow your studying of the content with a review of the illustration/s. These are worked examples which will help you to understand better how to apply the content for the topic. Introduction vi KAPLAN PUBLISHING vi KAPLAN PUBLISHING • Test your understanding sections provide an opportunity to assess your understanding of the key topics by applying what you have learned to short questions. Answers can be found at the back of each chapter. • Summary diagrams complete each chapter to show the important links between topics and the overall content of the paper. These diagrams should be used to check that you have covered and understood the core topics before moving on. • Question practice is provided at the back of each text. Icon Explanations Definition Key definitions that you will need to learn from the core content. Key Point Identifies topics that are key to success and are often examined. Expandable Text Expandable text provides you with additional information about a topic area and may help you gain a better understanding of the core content. Essential text users can access this additional content on line (read it where you need further guidance or skip over when you are happy with the topic) Illustration Worked examples help you understand the core content better. Test Your Understanding Exercises for you to complete to ensure that you have understood the topics just learned. Tricky topic When reviewing these areas care should be taken and all illustrations and test your understanding exercises should be completed to ensure that the topic is understood. For more details about the syllabus and the format of your exam please see your Complete Text or go online. On line subscribers Paper background Syllabus objectives Paper based examination tips KAPLAN PUBLISHING vii Study skills and revision guidance Preparing to study Effective studying Further reading You can find further reading and technical articles under the student section of ACCA's website. Introduction viii KAPLAN PUBLISHING KAPLAN PUBLISHING ix MATHEMATICAL TABLES Formulae and tables Modigliani and Miller Proposition 2 (with tax) k e = k i e + (1 − T)(k i e − k d ) e d V V Two asset portfolio s p = baabba 2 b 2 b 2 a 2 a ssrww2swsw ++ The Capital Asset Pricing Model E(r i ) = R f + β i (E(r m ) − R f ) The asset beta formula β a = ⎥ ⎦ ⎤ ⎢ ⎣ ⎡ −+ − + ⎥ ⎦ ⎤ ⎢ ⎣ ⎡ −+ d de d e de e ))T1(VV )T1(V ))T1(VV( V ββ The Growth Model )gr( )g1(D P e o o − + = Gordon’s growth approximation g = br e The weighted average cost of capital )T1(k VV V k VV V WACC d de d e de e − ⎥ ⎦ ⎤ ⎢ ⎣ ⎡ + + ⎥ ⎦ ⎤ ⎢ ⎣ ⎡ + = The Fisher formula (1+i) = (1+r)(1+h) Purchasing power parity and interest rate parity )h1( )h1( xSs b c o1 + + = )i1( )i1( xsf b c o0 + + = x KAPLAN PUBLISHING The Black-Scholes option pricing model The forex modified Black-Scholes option pricing model c = P a N(d 1 ) – P e N(d 2 )e −rt Where: ts t)s5.0r()P/P(In d 2 ea 1 ++ = tsdd 12 −= c = e −rt F 0 N(d 1 ) − XN(d 2 ) Or p = e –rt XN(−d 2 ) − F 0 N(−d 1 ) Where: Ts 2/Ts)X/F(n1 d 2 0 1 + = and Tsdd 12 −= The Put Call Parity relationship p = c − P a + P e e −rt [...]... responsible for ensuring that all the actions of the company for which they work: • • • are ethical are grounded in good governance achieve the highest standards of probity In addition to general rules of ethics and governance, member of the ACCA have additional guidance to support their decision making Expandable text In working life, a financial manager may: • • have to deal with a conflict between stakeholders face a conflict between their position as agent and the needs of the ... financial policy All senior financial staff would be expected to sign up and adhere to an ethical financial policy framework. A typical code would cover matters such: • • acting in accordance with the ACCA principles disclosure of any possible conflicts of interest at the first possible opportunity to the appropriate company member KAPLAN PUBLISHING 11 Stakeholders • • ensuring all company financial practices concerning accounting, internal ... ethical issues would influence the firm’s financial policies in relation to the following: • • • • • shareholders suppliers customers investment appraisal charity Test your understanding 6 An ACCA qualified accountant has just taken over as the senior financial executive at C plc, a company that provides specialist technical and maintenance support for hospital equipment used by private hospitals