Introduction -- What is the firm's objective ? -- State-of-the-art project appraisal techniques -- Traditional appraisal techniques -- Investment decision-making in companies -- Allowing for risk in project appraisal -- Value managed vs earnings managed companies -- Value through strategy -- Measures of value creation -- Entire firm value measurement -- What is the company s cost of capital? -- Mergers : impulse, regret and success -- The merger process -- Valuing companies -- What pay-outs should we make to shareholders? -- Debt finance available to firms of all sizes -- Debt finance from the financial markets.