Corporate Finance

Theory and Practice
 
 
Standards Information Network (Verlag)
  • 5. Auflage
  • |
  • erschienen am 22. September 2017
  • |
  • 1008 Seiten
 
E-Book | PDF mit Adobe DRM | Systemvoraussetzungen
978-1-119-45180-8 (ISBN)
 
The essential corporate finance text, updated with new data
Corporate Finance has long been a favourite among both students and professionals in the field for its unique blend of theory and practice with a truly global perspective. The fact that the authors are well-known academics and professionals in the world of mergers and acquisitions (M&A) and investment explains this popularity. This new Fifth Edition continues the tradition, offering a comprehensive tour of the field through scenario-based instruction that places concept and application in parallel. A new chapter has been added, devoted to the financial management of operating buildings that aims to answer questions such as, "to own or to rent?" "variable or fixed rents?" etc. The book's companion website features regularly updated statistics, graphs and charts, along with study aids including quizzes, case studies, articles, lecture notes and computer models, reflecting the author team's deep commitment to facilitating well-rounded knowledge of corporate finance topics. In addition, a monthly free newsletter keeps the readers updated on the latest developments in corporate finance as well as the book's Facebook page, which publishes a post daily.
Financial concepts can be quite complex, but a familiar setting eases understanding while immediate application promotes retention over simple memorisation. As comprehensive, relevant skills are the goal, this book blends academic and industry perspective with the latest regulatory and practical developments to provide a complete corporate finance education with real-world applicability.
* Blend theory and practice to gain a more relevant understanding of corporate finance concepts
* Explore the field from a truly European perspective for a more global knowledge base
* Learn essential concepts, tools and techniques by delving into real-world applications
* Access up-to-date data, plus quizzes, case studies, lecture notes and more
A good financial manager must be able to analyse a company's economic, financial and strategic situation, and then value it, all while mastering the conceptual underpinnings of all decisions involved. By emphasising the ways in which concepts impact and relate to real-world situations, Corporate Finance provides exceptional preparation for working productively and effectively in the field.
5. Auflage
  • Englisch
  • Newark
  • |
  • Großbritannien
John Wiley & Sons Inc
  • Für Beruf und Forschung
  • Überarbeitete Ausgabe
  • 27,71 MB
978-1-119-45180-8 (9781119451808)
1119451809 (1119451809)
weitere Ausgaben werden ermittelt
Pierre Vernimmen (deceased) Graduate of HEC and Harvard, was a founding member and first coordinator of the Finance Department at HEC, where he established himself as a leading academic in the field of corporate finance.?In 1973 he joined Paribas, initially as a private equity banker, moving onto the advisory business line (M&A, privatisations, financial restructurings) which he set up and managed from 1993 until his death in 1996.Pascal Quiry (Paris, France) is MD in the Corporate Finance department at BNP Paribas, and affiliate professor of finance at HEC.?He leads two 8-member teams which carry out company valuations and stock exchange transactions (takeover bids, exchange offers, demergers etc.). Pascal is board member of the French Finance Association and member of the American Finance Association.

Yann Le Fur?(Paris, France) is a senior associate in the Paris Corporate Finance department of Schroder Salomon Smith Barney, and a lecturer at HEC. He co-manages a team of 5 professionals.

Maurizio Dallocchio (Milan, Italy) former Dean of the leading Italian business school Bocconi (Milan) and Lehman Brothers Chair of Corporate Finance. He is also a board member of several listed and unlisted companies and is one of the most distinguished Italian authorities on finance.

Antonio Salvi (Milan, Italy) is an Assistant Professor of Finance at Bocconi and the University of Venice where he teaches Corporate Finance. His areas of research cover cost of capital, structure of debt finance and corporate governance.
  • Intro
  • Corporate Finance
  • About the Authors
  • Summary
  • Preface
  • Frequently used symbols
  • 1 WHAT IS CORPORATE FINANCE?
  • 1.1 THE FINANCIAL MANAGER IS FIRST AND FOREMOST A SALESMAN . . .
  • 1.2 ... OF FINANCIAL SECURITIES . . .
  • 1.3 ... VALUED CONTINUOUSLY BY THE FINANCIAL MARKETS
  • 1.4 MOST IMPORTANTLY, HE IS A NEGOTIATOR . . .
  • 1.5 ... WHO NEVER FORGETS TO DO AN OCCASIONAL REALITY CHECK!
  • 1.6 ... HE IS ALSO NOW A RISK MANAGER
  • Section I Financial analysis
  • Part One Fundamental concepts in financial analysis
  • 2 CASH FLOW
  • 2.1 CLASSIFYING COMPANY CASH FLOWS
  • 2.2 OPERATING AND INVESTMENT CYCLES
  • 2.3 FINANCIAL RESOURCES
  • 3 EARNINGS
  • 3.1 ADDITIONS TO WEALTH AND DEDUCTIONS FROM WEALTH
  • 3.2 DIFFERENT INCOME STATEMENT FORMATS
  • 4 CAPITAL EMPLOYED AND INVESTED CAPITAL
  • 4.1 THE BALANCE SHEET: DEFINITIONS AND CONCEPTS
  • 4.2 A CAPITAL-EMPLOYED ANALYSIS OF THE BALANCE SHEET
  • 4.3 A SOLVENCY-AND-LIQUIDITY ANALYSIS OF THE BALANCE SHEET
  • 4.4 A DETAILED EXAMPLE OF A CAPITAL-EMPLOYED BALANCE SHEET
  • 5 WALKING THROUGH FROM EARNINGS TO CASH FLOW
  • 5.1 ANALYSIS OF EARNINGS FROM A CASH FLOW PERSPECTIVE
  • 5.2 CASH FLOW STATEMENT
  • 6 GETTING TO GRIPS WITH CONSOLIDATED ACCOUNTS
  • 6.1 CONSOLIDATION METHODS
  • 6.2 CONSOLIDATION-RELATED ISSUES
  • 6.3 TECHNICAL ASPECTS OF CONSOLIDATION
  • 7 HOW TO COPE WITH THE MOST COMPLEX POINTS IN FINANCIAL ACCOUNTS
  • 7.1 ACCRUALS
  • 7.2 CASH ASSETS
  • 7.3 CONSTRUCTION CONTRACTS
  • 7.4 CONVERTIBLE BONDS AND LOANS
  • 7.5 CURRENCY TRANSLATION ADJUSTMENTS
  • 7.6 DEFERRED TAX ASSETS AND LIABILITIES
  • 7.7 DILUTION PROFIT AND LOSSES
  • 7.8 FINANCIAL HEDGING INSTRUMENTS
  • 7.9 IMPAIRMENT LOSSES
  • 7.10 INTANGIBLE FIXED ASSETS
  • 7.11 INVENTORIES
  • 7.12 LEASES
  • 7.13 OFF-BALANCE-SHEET COMMITMENTS
  • 7.14 PENSIONS AND OTHER EMPLOYEE BENEFITS
  • 7.15 PREFERENCE SHARES
  • 7.16 PROVISIONS
  • 7.17 STOCK OPTIONS
  • 7.18 TANGIBLE ASSETS
  • 7.19 TREASURY SHARES
  • Part Two Financial analysis and forecasting
  • 8 How TO PERFORM A FINANCIAL ANALYSIS
  • 8.1 WHAT IS FINANCIAL ANALYSIS?
  • 8.2 ECONOMIC ANALYSIS OF COMPANIES
  • 8.3 AN ASSESSMENT OF A COMPANY'S ACCOUNTING POLICY
  • 8.4 STANDARD FINANCIAL ANALYSIS PLAN
  • 8.5 THE VARIOUS TECHNIQUES OF FINANCIAL ANALYSIS
  • 8.6 RATINGS
  • 8.7 SCORING TECHNIQUES
  • 8.8 EXPERT SYSTEMS
  • 9 MARGIN ANALYSIS: STRUCTURE
  • 9.1 How OPERATING PROFIT IS FORMED
  • 9.2 How OPERATING PROFIT IS ALLOCATED
  • 9.3 STANDARD INCOME STATEMENTS (INDIVIDUAL AND CONSOLIDATED ACCOUNTS)
  • 9.4 FINANCIAL ASSESSMENT
  • 9.5 CASE STUDY: ARCELORMITTAL
  • 10 MARGIN ANALYSIS: RISKS
  • 10.1 HOW OPERATING LEVERAGE WORKS
  • 10.2 A MORE REFINED ANALYSIS PROVIDES GREATER INSIGHT
  • 10.3 FROM ANALYSIS TO FORECASTING: THE CONCEPT OF NORMATIVE MARGIN
  • 10.4 CASE STUDY: ARCELORMITTAL
  • 11 WORKING CAPITAL AND CAPITAL EXPENDITURES
  • 11.1 THE NATURE OF WORKING CAPITAL
  • 11.2 WORKING CAPITAL TURNOVER RATIOS
  • 11.3 READING BETWEEN THE LINES OF WORKING CAPITAL
  • 11.4 ANALYSING CAPITAL EXPENDITURES (CAPEX)
  • 11.5 CASE STUDY: ARCELORMITTAL
  • 12 FINANCING
  • 12.1 A DYNAMIC ANALYSIS OF THE COMPANY'S FINANCING
  • 12.2 A STATIC ANALYSIS OF THE COMPANY'S FINANCING
  • 12.3 CASE STUDY: ARCELORMITTAL
  • 13 RETURN ON CAPITAL EMPLOYED AND RETURN ON EQUITY
  • 13.1 ANALYSIS OF CORPORATE PROFITABILITY
  • 13.2 LEVERAGE EFFECT
  • 13.3 USES AND LIMITATIONS OF THE LEVERAGE EFFECT
  • 13.4 CASE STUDY: ARCELORMITTAL
  • 14 CONCLUSION OF FINANCIAL ANALYSIS
  • 14.1 SOLVENCY
  • 14.2 VALUE CREATION
  • 14.3 FINANCIAL ANALYSIS WITHOUT THE RELEVANT ACCOUNTING DOCUMENTS
  • 14.4 CASE STUDY: ARCELORMITTAL
  • Section II Investors and markets
  • Part One Investment decision rules
  • 15 THE FINANCIAL MARKETS
  • 15.1 THE RISE OF CAPITAL MARKETS
  • 15.2 THE FUNCTIONS OF A FINANCIAL SYSTEM
  • 15.3 THE RELATIONSHIP BETWEEN BANKS AND COMPANIES
  • 15.4 THEORETICAL FRAMEWORK: EFFICIENT MARKETS
  • 15.5 ANOTHER THEORETICAL FRAMEWORK UNDER CONSTRUCTION: BEHAVIOURAL FINANCE
  • 15.6 INVESTORS' BEHAVIOUR
  • 16 THE TIME VALUE OF MONEY AND NET PRESENT VALUE
  • 16.1 CAPITALISATION
  • 16.2 DISCOUNTING
  • 16.3 PRESENT VALUE AND NET PRESENT VALUE OF A FINANCIAL SECURITY
  • 16.4 WHAT DOES NET PRESENT VALUE DEPEND ON?
  • 16.5 SOME EXAMPLES OF SIMPLIFICATION OF PRESENT VALUE CALCULATIONS
  • 17 THE INTERNAL RATE OF RETURN
  • 17.1 How IS INTERNAL RATE OF RETURN DETERMINED?
  • 17.2 INTERNAL RATE OF RETURN AS AN INVESTMENT CRITERION
  • 17.3 THE LIMITS OF THE INTERNAL RATE OF RETURN
  • 17.4 SOME MORE FINANCIAL MATHEMATICS: INTEREST RATE AND YIELD TO MATURITY
  • Part Two The risk of securities and the required rate of return
  • 18 RISK AND RETURN
  • 18.1 SOURCES OF RISK
  • 18.2 RISK AND FLUCTUATION IN THE VALUE OF A SECURITY
  • 18.3 TOOLS FOR MEASURING RETURN AND RISK
  • 18.4 MARKET AND SPECIFIC RISK
  • 18.5 THE BETA COEFFICIENT
  • 18.6 PORTFOLIO RISK
  • 18.7 CHOOSING AMONG SEVERAL RISKY ASSETS AND THE EFFICIENT FRONTIER
  • 18.8 CHOOSING BETWEEN SEVERAL RISKY ASSETS AND A RISK-FREE ASSET: THE CAPITAL MARKET LINE
  • 18.9 How PORTFOLIO MANAGEMENT WORKS
  • 19 THE REQUIRED RATE OF RETURN
  • 19.1 RETURN REQUIRED BY INVESTORS: THE CAPM
  • 19.2 PROPERTIES OF THE CAPM
  • 19.3 LIMITS OF THE CAPM
  • 19.4 MULTIFACTOR MODELS
  • 19.5 FRACTALS AND OTHER LEADS
  • 19.6 TERM STRUCTURE OF INTEREST RATES
  • Part Three Financial securities
  • 20 BONDS
  • 20.1 BASIC CONCEPTS
  • 20.2 THE YIELD TO MATURITY
  • 20.3 FLOATING-RATE BONDS
  • 20.4 SOCIALLY RESPONSIBLE BONDS
  • 20.5 THE VOLATILITY OF DEBT SECURITIES
  • 20.6 DEFAULT RISK AND THE ROLE OF RATING
  • 20.6 DEFAULT RISK AND THE ROLE OF RATING
  • 21 OTHER DEBT PRODUCTS
  • 21.1 MARKETABLE DEBT SECURITIES
  • 21.2 BANK DEBT PRODUCTS
  • 21.3 FINANCING LINKED TO AN ASSET OF THE FIRM
  • 22 SHARES
  • 22.1 BASIC CONCEPTS
  • 22.2 MULTIPLES
  • 22.3 KEY MARKET DATA
  • 22.4 How TO PERFORM A STOCK MARKET ANALYSIS
  • 22.5 ADJUSTING PER SHARE DATA FOR TECHNICAL FACTORS
  • 23 OPTIONS
  • 23.1 DEFINITION AND THEORETICAL FOUNDATION OF OPTIONS
  • 23.2 MECHANISMS USED IN PRICING OPTIONS
  • 23.3 ANALYSING OPTIONS
  • 23.4 PARAMETERS TO VALUE OPTIONS
  • 23.5 METHODS FOR PRICING OPTIONS
  • 23.6 TOOLS FOR MANAGING AN OPTIONS POSITION
  • 24 HYBRID SECURITIES
  • 24.1 WARRANTS
  • 24.2 CONVERTIBLE BONDS
  • 24.3 PREFERENCE SHARES
  • 24.4 OTHER HYBRID SECURITIES
  • 25 SELLING SECURITIES
  • 25.1 GENERAL PRINCIPLES IN THE SALE OF SECURITIES
  • 25.2 INITIAL PUBLIC OFFERINGS
  • 25.3 CAPITAL INCREASES
  • 25.4 BLOCK TRADES OF SHARES
  • 25.5 BONDS
  • 25.6 CONVERTIBLE AND EXCHANGEABLE BONDS
  • 25.7 SYNDICATED LOANS
  • Section III Value
  • 26 VALUE AND CORPORATE FINANCE
  • 26.1 THE PURPOSE OF FINANCE IS TO CREATE VALUE
  • 26.2 VALUE CREATION AND MARKETS IN EQUILIBRIUM
  • 26.3 VALUE AND ORGANISATION THEORIES
  • 26.4 How CAN WE CREATE VALUE?
  • 26.5 VALUE AND TAXATION
  • 27 MEASURING VALUE CREATION
  • 27.1 OVERVIEW OF THE DIFFERENT CRITERIA
  • 27.2 NPV, THE ONLY RELIABLE CRITERION
  • 27.3 FINANCIAL/ACCOUNTING CRITERIA
  • 27.4 MARKET CRITERIA
  • 27.5 ACCOUNTING CRITERIA
  • 27.6 PUTTING THINGS INTO PERSPECTIVE
  • 28 INVESTMENT CRITERIA
  • 28.1 THE PREDOMINANCE OF NPV AND THE IMPORTANCE OF IRR
  • 28.2 THE MAIN LINES OF REASONING
  • 28.3 WHICH CASH FLOWS ARE IMPORTANT?
  • 28.4 OTHER INVESTMENT CRITERIA
  • 29 THE COST OF CAPITAL
  • 29.1 THE COST OF CAPITAL AND THE RISK OF ASSETS
  • 29.2 ALTERNATIVE METHODS FOR ESTIMATING THE COST OF CAPITAL
  • 29.3 SOME PRACTICAL APPLICATIONS
  • 29.4 CAN CORPORATE MANAGERS INFLUENCE THE COST OF CAPITAL?
  • 30 RISK AND INVESTMENT ANALYSIS
  • 30.1 ASSESSING RISK THROUGH THE BUSINESS PLAN
  • 30.2 ASSESSING RISK THROUGH A MATHEMATICAL APPROACH
  • 30.3 THE CONTRIBUTION OF REAL OPTIONS
  • 31 VALUATION TECHNIQUES
  • 31.1 OVERVIEW OF THE DIFFERENT METHODS
  • 31.2 VALUATION BY DISCOUNTED CASH FLOW
  • 31.3 MULTIPLE APPROACH OR PEER-GROUP COMPARISONS
  • 31.4 THE SUM-OF-THE-PARTS METHOD (SOTP) OR NET ASSET VALUE (NAV)
  • 31.5 COMPARISON OF VALUATION METHODS
  • 31.6 PREMIUMS AND DISCOUNTS
  • Section IV Corporate financial policies
  • Part One Capital structure policies
  • 32 CAPITAL STRUCTURE AND THE THEORY OF PERFECT CAPITAL MARKETS
  • 32.1 THE VALUE OF CAPITAL EMPLOYED
  • 32.2 DEBT AND EQUITY
  • 32.3 WHAT OUR GRANDPARENTS THOUGHT
  • 32.4 THE CAPITAL STRUCTURE POLICY IN PERFECT FINANCIAL MARKETS
  • 33 CAPITAL STRUCTURE, TAXES AND ORGANISATION THEORIES
  • 33.1 THE BENEFITS OF DEBT OR THE TRADE-OFF MODEL
  • 33.2 DEBT TO CONTROL MANAGEMENT
  • 33.3 SIGNALLING AND DEBT POLICY
  • 33.4 INFORMATION ASYMMETRIES AND THE PECKING ORDER THEORY
  • 34 DEBT, EQUITY AND OPTIONS THEORY
  • 34.1 ANALYSING THE FIRM IN LIGHT OF OPTIONS THEORY
  • 34.2 CONTRIBUTION OF OPTIONS THEORY TO THE VALUATION OF EQUITY
  • 34.3 USING OPTIONS THEORY TO ANALYSE A COMPANY'S FINANCIAL DECISIONS
  • 34.4 RESOLVING CONFLICTS BETWEEN SHAREHOLDERS AND CREDITORS
  • 34.5 ANALYSING THE FIRM'S LIQUIDITY
  • 34.6 CONCLUSION
  • 35 WORKING OUT DETAILS: THE DESIGN OF THE CAPITAL STRUCTURE
  • 35.1 THE MAJOR CONCEPTS
  • 35.2 How TO CHOOSE A CAPITAL STRUCTURE
  • 35.3 EFFECTS OF THE FINANCING CHOICE ON ACCOUNTING AND FINANCIAL CRITERIA
  • Part Two Equity capital
  • 36 RETURNING CASH TO SHAREHOLDERS
  • 36.1 REINVESTED CASH FLOW AND THE VALUE OF EQUITY
  • 36.2 INTERNAL FINANCING AND FINANCIAL CRITERIA
  • 36.3 WHY RETURN CASH TO SHAREHOLDERS?
  • 37 DISTRIBUTION IN PRACTICE: DIVIDENDS AND SHARE BUY-BACKS
  • 37.1 DIVIDENDS
  • 37.2 EXCEPTIONAL DIVIDENDS, SHARE BUY-BACKS AND CAPITAL REDUCTION
  • 37.3 THE CHOICE BETWEEN DIVIDENDS, SHARE BUY-BACKS AND CAPITAL REDUCTION
  • 38 SHARE ISSUES
  • 38.1 A DEFINITION OF A SHARE ISSUE
  • 38.2 SHARE ISSUES AND FINANCE THEORY
  • 38.3 CURRENT AND NEW SHAREHOLDERS
  • 38.4 SHARE ISSUES AND ACCOUNTING CRITERIA
  • Part Three Debt capital
  • 39 IMPLEMENTING A DEBT POLICY
  • 39.1 DEBT STRUCTURE
  • 39.2 COVENANTS
  • 39.3 RENEGOTIATING DEBT
  • 39.4 WHY KEEP CASH ON THE BALANCE SHEET?
  • 39.5 THE LEVERS OF A GOOD DEBT POLICY
  • Section V Financial management
  • Part One Corporate governance and financial engineering
  • 40 SETTING UP A COMPANY OR FINANCING START-UPS
  • 40.1 FINANCIAL PARTICULARITIES OF THE COMPANY BEING SET UP
  • 40.2 SOME BASIC PRINCIPLES FOR FINANCING A START-UP
  • 40.3 INVESTORS IN START-UPS
  • 40.4 THE ORGANISATION OF RELATIONSHIPS BETWEEN THE ENTREPRENEUR AND THE FINANCIAL INVESTORS
  • 40.5 THE FINANCIAL MANAGEMENT OF A START-UP
  • 40.6 THE PARTICULARITIES OF VALUING YOUNG COMPANIES
  • 40.7 EXAMPLE INSPIRED BY A REAL CASE: EXAMPLE.COM
  • 41 CHOICE OF CORPORATE STRUCTURE
  • 41.1 SHAREHOLDER STRUCTURE
  • 41.2 How TO STRENGTHEN CONTROL OVER A COMPANY
  • 41.3 ORGANISING A DIVERSIFIED GROUP
  • 41.4 FINANCIAL SECURITIES' DISCOUNTS
  • 42 INITIAL PUBLIC OFFERINGS (IPOS)
  • 42.1 TO BE OR NOT TO BE LISTED?
  • 42.2 PREPARATION OF AN IPO
  • 42.3 EXECUTION OF THE IPO
  • 42.4 UNDERPRICING OF IPOs
  • 42.5 How TO CARRY OUT A SUCCESSFUL IPO
  • 42.6 PUBLIC TO PRIVATE
  • 43 CORPORATE GOVERNANCE
  • 43.1 WHAT DOES CORPORATE GOVERNANCE MEAN?
  • 43.2 CORPORATE GOVERNANCE AND FINANCIAL THEORIES
  • 43.3 VALUE AND CORPORATE GOVERNANCE
  • 44 TAKING CONTROL OF A COMPANY
  • 44.1 THE RISE OF MERGERS AND ACQUISITIONS
  • 44.2 CHOOSING A NEGOTIATING STRATEGY
  • 44.3 TAKING OVER A LISTED COMPANY
  • 45 MERGERS AND DEMERGERS
  • 45.1 ALL-SHARE DEALS
  • 45.2 THE MECHANICS OF ALL-SHARE TRANSACTIONS
  • 45.3 DEMERGERS AND SPLIT-OFFS
  • 46 LEVERAGED BUYOUTS (LBOs)
  • 46.1 LBO STRUCTURES
  • 46.2 THE PLAYERS
  • 46.3 LBOs AND FINANCIAL THEORY
  • 46.4 THE LBO MARKET: FOLLOWING THE CRISIS, A GRADUAL BOUNCE-BACK
  • 47 BANKRUPTCY AND RESTRUCTURING
  • 47.1 CAUSES OF BANKRUPTCY
  • 47.2 THE DIFFERENT BANKRUPTCY PROCEDURES
  • 47.3 BANKRUPTCY AND FINANCIAL THEORY
  • 47.4 RESTRUCTURING PLANS
  • Part Two Managing working capital, cash flows, financial risks and real estate
  • 48 MANAGING WORKING CAPITAL
  • 48.1 A BIT OF COMMON SENSE
  • 48.2 MANAGING RECEIVABLES
  • 48.3 MANAGING TRADE PAYABLES
  • 48.4 INVENTORY MANAGEMENT
  • 48.5 CONCLUSION
  • 49 CASH MANAGEMENT
  • 49.1 THE BASICS
  • 49.2 CASH MANAGEMENT
  • 49.3 CASH MANAGEMENT WITHIN A GROUP
  • 49.4 INVESTING CASH BALANCES
  • 49.5 THE CHANGING ROLE OF THE TREASURER
  • 50 MANAGING FINANCIAL RISKS
  • 50.1 INTRODUCTION TO RISK MANAGEMENT
  • 50.2 MEASURING FINANCIAL RISKS
  • 50.3 PRINCIPLES OF FINANCIAL RISK MANAGEMENT
  • 50.4 ORGANISED MARKETS - OTC MARKETS
  • 51 MANAGING OPERATIONAL REAL ESTATE
  • 51.1 METHODS FOR FINANCING REAL ESTATE
  • 51.2 CRITERIA FOR CHOOSING REAL-ESTATE FINANCING
  • 51.3 VALUE CREATION AND INVESTOR PERCEPTION
  • 51.4 AN IDEAL WAY OF ORGANISING REAL ESTATE?
  • Epilogue - Finance and Strategy
  • Top 20 Largest Listed Companies
  • Contents
  • Index
  • EULA

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