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Copeland s financial theory and corporate policy

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy V- Company, Inc.J. FRED WESTONCordner Professor of Managerial Economics and Finance University of California at I.OS AngelesADDISON-WESLEY PUBLISHING

COMPANYReading. Massachusetts • Menlo Park. California • New York Don Mills. Ontario • Wokingham. England • Amsterdam Bonn • Sydney • Singapore • Toky Copeland s financial theory and corporate policy

o • Madrid • San JuanThis book is dedicated to Olli wives, Casey and June, who have provided their loving support; and to the pioneers in rhe developm

Copeland s financial theory and corporate policy

ent of rhe modern theory of finance:I liisldcifci, Allow, Dcbicn, Miller, Modigliani, Markowitz, Sliaipc, Liiilncr, Jensen, Faina, Roll. Black, Schole

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy ging-in-Pnblicarion DaraCopeland, Thomas F.., 1946Financial lheorx and corporate policy.Includes bibliographies and index.1. Corporations Finance. Ĩ.

Weston, J. Fred ijolui bred), 1916-. 11. Title.IIG4O11.CS.33 1988 658.1’5 87-12595 ISBN 0 201 1064S 5Many ol die designations used by manufacturers an Copeland s financial theory and corporate policy

d sellers to distinguish their products arc claimed as trademarks. Where those designations appear in this book, and Addison Wesley was aware of a tra

Copeland s financial theory and corporate policy

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy ical, photocopying, recording, or otherwise, without the prior written permission ot the publisher. Printed in the United States of America. Published

simultaneously in Canada.ABCDEFGHIJ-DO-898PrefaceIn this third edition we seek to build on our experiences and the suggestions of users of the two pr Copeland s financial theory and corporate policy

evious editions, rhe feedback that we have received from all sources confirms our original judgment that there is a need for a book like Financial The

Copeland s financial theory and corporate policy

ory' and Corporate Policy. Therefore, we will continue to emphasize our original objectives for the book. Primarily, our aim is to provide a bridge to

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy the students to understand what the literature on financial theory' is trying to do and how it all fits together. For MBAs it provides an in-depth exp

erience with the subject of finance. Our aim here is to equip the MBA for his or her future development as a practicing executive. We seek to prepare Copeland s financial theory and corporate policy

the MBA for reading the significant literature of the past, present, and future. This will help the practicing financial executive keep up to date wit

Copeland s financial theory and corporate policy

h developments in finance theory, particularly as they affect the financial executive's own thinking processes in making financial decisions.As before

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy e propositions and to the literature that has developed empirical tests of important elements of finance theory. In addition, we have emphasized appli

cations so that the nature and uses of finance theory can be better understood.A. PURPOSE AND ORGANIZATIONOver the past 30 years a branch of applied m Copeland s financial theory and corporate policy

icroeconomics has been developed and specialized into what is known as modem finance theory. The historical demarcation point was roughly 1958, when M

Copeland s financial theory and corporate policy

arkowitz and Tobin were working on the theory of portfolio selection and Modigliani and Miller were working on capital structure and valuation. Prior

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy As evidence of the changes that have taken place we need only look at the types of people who teach in the schools of business. Fifty years ago the f

aculty were drawn from the ranks of business and government. They were respected and experienced statesmen within their fields. Today, finance faculty Copeland s financial theory and corporate policy

are predominantly academicians in the traditional sense of the word. The majority of them have no business experience except for consulting. Their in

Copeland s financial theory and corporate policy

terestiiiiV PREFACEand training is in developing theories to explain economic behavior, then testing them with the tools provided by statistics and ec

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy ges in the field of finance have profound implications for management education. As usual, the best students (and the best managers) possess rare intu

ition, initiative, common sense, strong reading and writing skills, and the ability to work well with others. But those with the greatest competitive Copeland s financial theory and corporate policy

advantage also have strong technical training in the analytical and quantitative skills of management. Modem finance theory emphasizes these skills. I

Copeland s financial theory and corporate policy

t is to the students and faculty who seek to employ them that this textbook is addressed.rhe six seminal and internally consistent theories upon which

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy itrage pricing theory. (5) option pricing theory, and (6) the Modigliani-Miller theorems. They are discussed in Chapters 4 through 8 and in Chapter 13

. Their common theme is "How do individuals and society allocate scarce resources through a price system based on the valuation of risky assets?" Util Copeland s financial theory and corporate policy

ity theory establishes the basis of rational decision making in the face of risky alternatives. It focuses on the question "How do people make choices

Copeland s financial theory and corporate policy

?" The objects of choice are described by state-preference theory, mean-variance portfolio theory, arbitrage pricing, and option pricing theory. When

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy prices provide usefill signals to the economy for the necessary task of resource allocation. Finally, the Modigliani-Miller theory asks the question

"Does the method of financing have any effect on rhe value of assets, particularly the firm?" The answer to this question has important implications f Copeland s financial theory and corporate policy

or the firm's choice of capital structure (debt-to-equity mix) and dividend policy.It is important to keep in mind that what counts for a positive sci

Copeland s financial theory and corporate policy

ence is the development of theories that yield valid and meaningful predictions about observed phenomena. I he critical first lest is whether the hypo

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy hecking those deduced facts against additional empirical evidence. As students of finance, we must not only understand the theory, but also review the

empirical evidence to determine which hypotheses have been validated. Consequently, every effort has been made to summarize the empirical evidence re Copeland s financial theory and corporate policy

lated to the theory of finance. Chapter 7 discusses empirical evidence on the capital asset pricing model and the arbitrage pricing theory. C hapter 8

Copeland s financial theory and corporate policy

includes studies of how alternative option pricing models perform. Chapter 9. newly added to this edition, discusses the theory and evidence on futur

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey

Copeland s financial theory and corporate policy policy; Chapter 20 on mergers and acquisitions; and Chapter 22 on international finance.Finally, in addition to the theory and empirical evidence ther

e is always thePREFACE V Copeland s financial theory and corporate policy

Financial Theory and Corporate Policy/THOMAS E. COPELANDProfessor of FinanceUniversity of California at Los AngelasFirm Consultant, FinanceMcKinsey