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2018 CFA Level 2 Corporate Finance
STUDY SESSION 7 Corporate Finance
This study session first presents capital budgeting analysis, focusing on the application
of concepts in the corporate finance decision-making process. These capital
budgeting principles are critical for an analyst inside a company preparing capital
budgeting recommendations as well as for an external analyst estimating the value
of the company.
The remainder of the study session covers capital structure and dividend policy. The
presentation of capital structure starts with the classic Modigliani–Miller irrelevance
proposition. This proposition states that a company’s value is not affected by capital
structure choices. The reading then considers how the optimal capital structure is
affected by taxes, agency costs, and the possibility of financial distress. The reading
on dividend policy discusses the company’s choice between reinvesting or distributing
earnings and the choice between paying cash dividends and repurchasing shares.
Analysts are interested in capital structure and dividend policies because of their effect
on the risk and return characteristics of corporate equities and bonds.
Reading 21 Capital Budgeting
Reading 22 Capital Structure
Reading 23 Dividends and Share Repurchases: Analysis
STUDY SESSION 8 Corporate Finance Financing and Control Issues
This study session presents two major organizational topics of corporate finance. First, corporate governance covers the system of principles and policies used to manage conflicts of interest among various groups of stakeholders of a corporation. Second, mergers and acquisitions and corporate restructurings, which redistribute ownership and control, are analyzed.
Reading 24 Corporate Performance, Governance, and Business Ethics
Reading 25 Corporate Governance
Reading 26 Mergers and Acquisitions