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NEWS: The new 2011 edition of the Vernimmen The 10 eternal thruths in finance (2) THIS MONTH'S GRAPH: 9-year financing tables RESEARCH PAPER: The new game in town-competitive effects of IPOs
N 61 October 2011
Q&A: To buy an asset or a company? *** NEWS: The new 2011 edition of the Vernimmen
We are pleased to announce that the third edition of The Vernimmen is now available from all good bookstores and on-line retailers. With thousands of copies of the latest edition sold, Corporate Finance, Theory and Practice has emerged as one of the most popular financial textbook, thanks to its four unique features: A balanced blend of theory and practice: authors hold academic positions at top ranking universities and business schools and are also investment bankers, private investors or sit on the boards of listed and unlisted companies. A presentation of concepts that explain situations, followed by a discussion of techniques in a direct and succinct style. Content enriched by the www.vernimmen.com website, which with 1,500 daily visitors, is one of the leading finance teaching sites worldwide. Free monthly updates on finance through The Vernimmen.com Newsletters, with over 60,000 subscribers. The world of finance has changed a lot since the second edition (early 2009), and the new addition focuses on the consequences of the financial crisis that started in 2007, which has taken on such enormous proportions that we open the book with a development entitled Contrasts, shocks, threats and opportunities. The chapters on financial markets, LBOs, investments and capital structures have been thoroughly overhauled as a result of the crisis. As most of our professional readers have recently spent a large part of their time in managing working capital, i.e. reducing it, we have create a new chapter devoted to this topics and for those who have not lost hope we also added a new chapter about IPOs.
Next month : - NEWS: To reform the tax code? - GRAPH: Board composition - RESEARCH PAPER: Managerial attitudes - Q&A: What are locked boxes?
N 61 October 2011
N 61 October 2011
1 00 0 0 00
1 090 334
Logarithmic scale
10 0 0 00
1 0 0 00
1 0 00
1 00
18 54 18 58 18 63 18 68 18 72 18 77 18 82 18 86 18 91 18 96 19 00 19 05 19 10 19 14 19 19 19 24 19 28 19 33 19 38 19 42 19 47 19 52 19 56 19 61 19 66 19 70 19 75 19 80 19 84 19 89 19 94 19 98 20 03 20 08
N 61 October 2011
4 045 206
2 842
2 507
96 89 39 19 207 953 (15) 2002 Capex 2003 2004 Dividends 2005 2006
135 361 225 521
689
685
198
47
287
605 2 613
625
517 1 657
245 905
147
308 1 118
437 1 294
2007
2008
(85) 2009
2010
Share buy-backs
Change in WC
and resources:
Md$ 1 280
1 316
1 690
2 181
2 943
3 606 277
4 045 214
2 842
2 507
191 121 103 1 270 (63) 2002 103 2 512 1 566 (314) 2003 1 918 (314) 2004 2 201 (145) 2005 Cash flow 285 2006 425 2007 Share issue 643 155 2 926 3 178
218
214
2 711
2 703
11 2008 2009
(296) 2010
Other financing
This graph is one of the new graphs created for the 2011 edition of the Vernimmen, which is now available in bookshops and from the www.vernimmen.com website.
N 61 October 2011
For more information, see chapter 6 of the Vernimmen. For more information, see chapter 40 of the Vernimmen
Next month : NEWS: To reform the tax code? GRAPH: Board composition RESEARCH PAPER: Managerial attitudes Q&A: What are locked boxes?
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