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On 5 December 2017 the Steinhoff group was still worth R199 billion. Twenty four hours later more than R160 billion of this fortune was wiped out. The Steinhoff Empire which took 20 years to build into an international business giant, had crumbled overnight.
Markus Jooste, Steinhoff’s flashy CEO, resigned via SMS and has since been fleeing an avalanche of scandals and accusations: luxury homes for a blonde mistress, allegations of fraud, racing horses and unparalleled extravagance, a lavish, black Jaguar for an old university residence...
What exactly happened here? Who knew what? What is Steinhoff, who is Markus Jooste and what does it all have to do with the so called Stellenbosch mafia? Where does business tycoon Christo Wiese, Shoprite and Pepkor fit in and where is the pensioners’ money?
Well-known financial writer James-Brent Styan unpacks these and other questions in this astounding tale of power and greed, of secrets and deceit, and ultimately the biggest financial breakdown in the history of South Africa.
Through interviews with trustworthy sources, revelations from confidential documents and in-depth research about Steinhoff’s history, Styan uncovers what the group doesn’t want you to know.
Follow the Money: The story of Steinhoff, Markus Jooste and the Stellenbosch Boys is a gripping financial thriller that will be told as cautionary tale or salacious scandal in both boardrooms and living rooms for decades to come.
Op Dinsdag 5 Desember 2017 was die Steinhoff-groep nog R199 miljard werd. Vier en twintig uur later is meer as R160 miljard daarvan uitgewis. Die Steinhoff-sakeryk, wat oor 20 jaar tot ’n internasionale sakereus opgebou is, het oornag verkrummel.
Markus Jooste, Steinhoff se flambojante grootbaas, het per SMS bedank en vlug sedertdien van die een na die ander geraamte wat uit sy kas val: tientalle spoghuise vir ’n blonde minnares, resiesperde, bewerings van bedrog en ’n blinkswart Jaguar vir ’n ou universiteitskoshuis.
Wat presies het hier gebeur? Wie het wat geweet? Wat is Steinhoff, wie is Markus Jooste en wat het dit met die sogenaamde Stellenbosch-mafia te doen? Hoe pas Christo Wiese, Shoprite en Pepkor in en waarheen is die pensionarisse se geld? Die bekende sakeskrywer James-Brent Styan beantwoord dié en ander vrae in hierdie verstommende verhaal van die grootste finansiële ineenstoring in die geskiedenis van Suid-Afrika.
Deur onderhoude met betroubare bronne, inligting uit vertroulike dokumente en in- dieptenavorsing oor Steinhoff se geskiedenis, onthul hy dít wat die groep oor jare probeer wegsteek het.
Steinhoff en die Stellenbosse Boys is ’n boeiende sakeriller wat nog dekades lank in sowel raadsale as sitkamers oorvertel sal word.
Corporate Finance: A South African perspective second edition takes a fresh principles-based approach to the study of financial management. It is aimed at second and third-year students following courses in financial management in BCom or BBusSc degree programmes.
The book explains financial management concepts and practice in an accessible and concise way, while supporting students with plenty of practice examples and illustrations of real-life application.
Corporate Finance features:
Created by the continuous feedback of a "student-tested, faculty-approved" process, CFIN4 delivers a visually appealing, succinct print component, tear-out review cards for students and prep cards for instructors, and a consistent online offering with CourseMate that includes the new MindTap Reader eBook in addition to a set of interactive digital tools including self quizzes, extra problems for practice, downloadable flash cards, quizzes and more--all at a value-based price and proven to increase retention and outcomes. CourseMate for CFIN4 also provides additional online resources such as material on Ethical Dilemmas, to stimulate thought-provoking class discussion. Integrative Problems pull together concepts from each chapter and allow instructors to guide students through a step-by-step process, and apply what they have learned within the chapter to solve realistic business problems.
Created by the continuous feedback of a "student-tested, faculty-approved" process, CFIN3 delivers a visually appealing, succinct print component, tear-out review cards for students and instructors and a consistent online offering with CourseMate that includes an eBook in addition to a set of interactive digital tools all at a value-based price and proven to increase retention and outcomes. CFIN3 employs self quizzes, extra problems for practice, downloadable flash cards and more - all at an affordable price and proven to enhance your learning experience and improve your grades.
"I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers." - Warren Buffett
2008 saw one of the worst financial crises in generations, the global implications of which are still being felt today. Ten years later Ben Bernanke, Timothy Geithner and Hank Paulson reflect on the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression.
All three had crucial roles in the government's response- Ben S. Bernanke as chairman of the Federal Reserve; Henry M. Paulson, Jr., as secretary of the Treasury under President George W. Bush; Timothy F. Geithner as president of the Federal Reserve Bank of New York during the Bush years and then Treasury secretary under President Barack Obama. A powerful, warts and all account told with unprecedented clarity; from the flawed human response to the necessity to learn from the past and help firefighters of the future protect economies from the ravages of financial crises.
Firefighting is a vital account of a defining moment in modern history and an inspiring lesson on leadership through crisis.
Fundamentals of Corporate Finance helps students develop the intuition and analytical skills necessary to effectively apply financial tools in real-world decision-making situations. The authors provide a fully integrated framework for understanding how value creation relates to all aspects of corporate finance; whether it be evaluating an investment opportunity, determining the appropriate financing for a business, or managing working capital. This unique and integrated framework also provides robust coverage of problem solving and decision-making skills.
The maths, the formulas, and the problems associated with corporate finance can be daunting to the uninitiated, but help is at hand. Corporate Finance For Dummies, UK Edition covers all the basics of corporate finance, including: accounting statements; cash flow; raising and managing capital; choosing investments; managing risk; determining dividends; mergers and acquisitions; and valuation. It also serves as an excellent resource to supplement corporate finance coursework and as a primer for exams. Inside you'll discover: The tools and expert advice you need to understand corporate finance principles and strategies Introductions to the practices of determining an operating budget, calculating future cash flow, and scenario analysis - in plain English Information on the risks and rewards associated with corporate finance and lending Easy-to-understand explanations and examples Help to pass your corporate finance exam!
The triple bottom line has become the standard modus operandi for assessing the sustainability of financial markets, industries, institutions and corporations. This Research Handbook provides the most recent developments, current practices and new initiatives related to sustainable finance and impact investing. In doing so, it demonstrates how the triple bottom line principle can be used to design sustainable strategies for firms, markets and the economy as a whole. The Handbook covers aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking, green bonds and sustainable financial instruments. Comprising 20 topical chapters from experts in the field, this Handbook is a comprehensive investigation of financial services and products that help cope with sustainable investing and climate risk management. Chapters discuss the role of regulation framework in guaranteeing the stability and resilience of financial markets and offer insight into governance issues including the management of organizational risks, CSR culture, and social-impact investing culture. An essential reference for scholars and students, the multidisciplinary approach covers business, finance, accounting, management and entrepreneurship. Practitioners such as financial analysts, rating agencies and regulators will also find this an accessible read for exploring the possibilities the triple bottom line principle can provide.
The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process. The Handbook is divided into six comprehensive parts: * why, when and where firms go public * preparation for the IPO * transaction structure and governance at the IPO * trading in the aftermarket * the aftermarket performance of IPOs * special types of IPOs. The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.
Focus on the financial concepts, skills, and technological applications that are most critical for MBA students in today's workplace with Ehrhardt/Brigham's CORPORATE FINANCE: A FOCUSED APPROACH 5E. The text provides an in-depth treatment of essential corporate finance topics within a streamlined presentation that can be completed in a single semester. With its relevant and engaging presentation and numerous examples, students will learn the latest financial developments as they also learn how to maximize a firm's value in today's changing business world. Students will master the many features and functions of spreadsheets with chapter Excel (R) Tool Kits, Build a Model problems, and Mini Cases that encourage "what-if" analysis on a real-time basis. Students will also gain hands-on experience using Thomson ONE Business School Edition, which gives students access to the same Thomson Reuters Financial database that business professionals use every day. As part of its comprehensive product package, Ehrhardt/Brigham's CORPORATE FINANCE: A FOCUSED APPROACH 5E includes CengageNOW and the best-selling Aplia (TM) Finance as optional learning solutions that complement the book's focused presentation of corporate finance fundamentals, support course needs and outcomes, and help students become "First in Finance".
Over the past fifty years, the way we value what is 'good' and 'right' has changed dramatically. Behaviour that to our grandparents' generation might have seemed stupid, harmful or simply wicked now seems rational, natural, woven into the very logic of things. And, asserts Jonathan Aldred in this revelatory new book, it's economics that's to blame. Licence to be Bad tells the story of how a group of economics theorists changed our world, and how a handful of key ideas seeped into our decision-making and, indeed, almost all aspects of our lives. Aldred reveals the extraordinary hold of economics on our morals and values. Economics has corrupted us. But if this hidden transformation is so recent, it can be reversed. Licence to be Bad shows us where to begin.
If you like your smartphone or your widescreen TV, your car or your pension, then, whether you know it or not, you are a fan of Wall Street. William D. Cohan, bestselling author of House of Cards, has long been critical of the bad behaviour that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and, as an ex-banker, he is an expert on its inner workings as well. But in recent years he has become alarmed by the vitriol directed at the bankers, traders and executives who keep the wheels of our economy turning. Why Wall Street Matters is a timely and trenchant reminder of the dire consequences for us all if the essential role these institutions play in making our lives better is carelessly curtailed.
So many business ventures today are looking to attract external financing, with an emphasis on business angel investment. Inside this text, the author incorporates the views of business angels, venture capitalists, entrepreneurs, and legal advisors; draws upon the latest academic thinking on financing new ventures and provides comparisons between business angel and venture capital investing to further inform the reader. The concepts, principles, and guidelines presented in this book, can help you and any entrepreneur, business support agency, business student, and others interested in raising external investment and in developing an "investable" business. The book is organised into seven chapters covering: key topics; fundamental concepts of entrepreneurial venturing and entrepreneurial finance; market conditions from which "investable" businesses emerge (with guidelines for building an investable business case); the investment process; deal negotiations; the relationship between entrepreneur and investor post investment; and recent trends affecting how entrepreneurs raise finance that include strategic exits, "super angels" and the emergence of "crowdfunding."
In this new and fully updated Eighth Edition, the core concepts and topics of corporate finance are introduced in an approachable, user-friendly style. Key principles and mathematical techniques needed for a career in business are clearly explained step-by-step and are put into practice through numerous examples and vignettes which take a closer look at real-world and well-known companies. What's new? Chapter vignettes are refreshed and the accompanying questions are updated, with the aim of deepening student's knowledge of key contemporary issues Up-to-date with the latest changes in regulations and taxation, such as the UK tax treatment of dividends Denzil Watson is a Principal Lecturer and Antony Head is an Associate Lecturer in the Sheffield Business School at Sheffield Hallam University. They have extensive experience of teaching corporate finance, managerial finance and strategic financial management over many years and in a wide range of courses at undergraduate, postgraduate and professional level. MyLab Finance is not included. Students, if MyLab Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
A reader-friendly guide to the inner workings and behind-the-scenes action of Silicon Valley and venture capitalism. Investigative reporter Gary Rivlin gives an armchair tour of the world of venture capitalism, while providing vivid case studies illustrating how to get started in the field. He shows how once-small companies such as Facebook, Instagram, and Amazon used venture capitalism to transform into the icons they are today, and the VCs that made a fortune in the process. Readers will learn what series funding is, the difference between an angel and super angel investor, and how to go about identifying ideas worthy of funding. Becoming a Venture Capitalist is not only an exclusive look into the world of legendary venture firms-as well as stories of their most interesting characters, including Peter Thiel, Reid Hoffman, and Mark Zuckerberg-but a wonderful guide on how to break into a seemingly impenetrable world.
A major exploration of venture financing, from its origins in the whaling industry to Silicon Valley, that shows how venture capital created an epicenter for the development of high-tech innovation. VC tells the riveting story of how the industry arose from the United States' long-running orientation toward entrepreneurship. Venture capital has been driven from the start by the pull of outsized returns through a skewed distribution of payoffs-a faith in low-probability but substantial financial rewards that rarely materialize. Whether the gamble is a whaling voyage setting sail from New Bedford or the newest startup in Silicon Valley, VC is not just a model of finance that has proven difficult to replicate in other countries. It is a state of mind exemplified by an appetite for risk-taking, a bold spirit of adventure, and an unbridled quest for improbable wealth through investment in innovation. Tom Nicholas's history of the venture capital industry offers readers a ride on the roller coaster of setbacks and success in America's pursuit of financial gain.
One of a kind learning package on Investment Banking by experts Rosenbaum & Pearl that includes Book, Downloadable Models + Online Course (practice questions, lecture videos). Get the foundation you need for success on Wall Street! In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence for M&A, capital markets, and investment opportunities. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. This unique learning experience, from bestselling authors and investment banking experts Joshua Rosenbaum and Joshua Pearl, provides insight on technical valuation fundamentals as well as practical judgement skills and the industry perspective needed to succeed on Wall Street. This comprehensive learning package includes: Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, 2nd Edition - the highly accessible and authoritative guide to corporate valuation Access to five downloadable valuation model templates, including Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, and M&A models Six-month access to online Wiley Investment Banking Valuation Course featuring bite-sized lessons, over five hours of video lectures, 100+ practice questions, and other investment banking study tools Whether you're just starting your career in investment banking or looking to dive deeper into valuation, Investment Banking: Valuation Models + Online Course will help you navigate the world of price mergers, acquisitions, and buyout transactions and gain real-world experience with the fundamental analytical tools and methodologies used in valuing companies.
Chaudhuri pinpoints the evolving nature of US commercial banks and banking regulations and explores their impact on the economy.
Fundamentals of Corporate Finance, 3rd Edition by Robert Parrino, David Kidwell, and Thomas Bates develops the fundamental concepts underlying corporate finance in an intuitive manner while maintain a strong emphasis on developing computational skills. The authors believe that students who understand the intuition underlying the basic concepts of finance are better able to develop critical judgments necessary to apply financial tools in real decision-making situations. The Third Edition offers a level of rigor that is appropriate for both business and finance majors and presents the content in a manner that all students find accessible and engaging.
Taking an international perspective to corporate finance, the latest edition of Corporate Finance and Investment is a highly-regarded and established text for students who want to understand the principles of corporate finance and develop the key tools to apply it. The ninth edition has been revised to include topical issues in valuation, working capital, capital structure, the dividend decision, Islamic finance, risk and risk management, and behavioural finance. With its focus on strategic issues of finance in a business setting, this text uses the latest financial and accounting data, articles and research papers to effectively demonstrate how, and to what extent, the theory can be applied to practical issues in corporate finance. MyLab Finance not included. Students, if MyLab Finance is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Finance should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. Richard Pike is Emeritus Professor of Finance at the School of Management, University of Bradford. Bill Neale has lectured and researched at several UK Universities and is now freelancing. Saeed Akbar is Professor in Accounting and Finance at the Hull University Business School, University of Hull. Philip Linsley is Professor in Accounting and Finance at the University of York.
This book provides an applied theoretical approach to modern day business valuation. It combines elements from both finance and accounting to help practitioners identify the most suitable method for analysis, showing when and how methods can be applied in different contexts and under specific constraints. It describes how business valuation techniques can be applied to calculate value in case of transactions, litigation, IPOs, and the fair value under an IFRS framework. The purpose of this book is to offer a guideline for the application of an integrated approach, thereby avoiding "copy and paste" valuations, based on pre-packaged parameters and the uncritical use of models. Specifically, an Integrated Valuation Approach (IVA) should be adopted that encompasses, within any specific method, a wide range of elements reflecting the characteristics and specificities of the firm to be valued. The book is based on the International Valuation Standards issued by the International Valuation Standards Council. Valuation standards allow for an alignment of both the methods and their application, providing a common basis for valuers.
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