Corporate Financial Strategy

I teach seminars to experienced bankers on risk management and corporate capital raising. This is the first, and only, book I have found which gives a real framework for understanding capital-raising choices made by corporations that is practical, rather than purely academic (which is not how decisions are made by CFOs and Treasurers, for right or for wrong!). Very highly recommended for capital raising. it ranks, in my opinion, with Charles Smithson's "Managing Financial Risk," on the risk management side, as the single best books available. It is by no means out-of-date, but it would be wonderful if it were ever updated to include "new economy" companies that often have negative EPS.

As a classical (UK?) MBA book, Ward provides the student and professional alike with an excellent introduction to finance in a strategic context. In Part 1, he starts off with the basics including a review of theories of finance. Part 2 is probably the most interesting one. Ward goes through the four stages of a company and its financial strategy (start-up, growth company, mature company, declining business). Part 3 covers the important role of dynamic growth. Part 4 considers the impact of the opposite types of strategies which are involved in consolidating or refocusing the business. Part 5 offers an interesting and unique look at financial strategy from the perspective of the externally based, professional financial adviser (e.g. Investment Banker or Consultant).