1;Contents;62;Introduction;102.1;The Paradox of Strategic Corporate Finance;102.2;The Transition to Strategic Corporate Finance;122.3;Structure of this Book;133;1 Old and New Financial Paradigms;153.1;1.1 Research into Financial Theory;153.2;1.2 Old Finance;163.3;1.3 Neoclassical Finance;183.4;1.4 Modern Portfolio Theory and Option PriceTheory;203.5;1.5 Empirical Financial Market Research;233.6;1.6 Corporate Finance;263.7;1.7 Strategic Corporate Finance;293.7.1;1.7.1 On the Attractiveness of Markets and theImpotence of Market Players;293.7.2;1.7.2 Complexity-Driven Problems with Valuation;313.7.3;1.7.3 Information Imbalances in Markets;323.7.4;1.7.4 Combining the Provision of Knowledge and Capital;334;2 Mergers and Acquisitions;354.1;2.1 Managers and Investors as Market Players;354.2;2.2 Traditional Collaboration Strategies;374.3;2.3 Growth Driven by Strategic CorporateFinance;404.3.1;2.3.1 Diversifying Business Activities;414.3.2;2.3.2 Adapting the Product Portfolio to MarketRequirements;434.3.3;2.3.3 First-Mover Advantage for Market Pioneers;454.3.4;2.3.4 Access to Resources and Fluid Market Boundaries;474.4;2.4 Different Growth Strategies;505;3 Corporate Communication;515.1;3.1 The Content of Corporate Communication;515.2;3.2 Who Is Corporate Communication Aimedat?;545.3;3.3 Generic Communication Strategies;565.4;3.4 Communication Strategies for Mergers andAcquisitions;595.4.1;3.4.1 Aligning Product Portfolios with MarketRequirements;605.4.2;3.4.2 First-Mover Advantage in Networks;635.4.3;3.4.3 Diversification with a View to Forminga Conglomerate;655.4.4;3.4.4 Fluid Market Boundaries and Access to Resources;685.5;3.5 Strategic Financial Communication:Case Study -- Bertelsmann;696;4 New Forms of Funding in StrategicCorporate Finance: EntrepreneurialFinance, Venture Capital, PrivateEquity and Hedge Funds;716.1;4.1 Private Financial Investors Who BackInnovation and Growth;716.2;4.2 Entrepreneurial Finance andVenture Capital;746.2.1;4.2.1 From Invention to Innovation;746.2.2;4.2.2 Entrepreneurial Finance for the Early Stages;756.2.3;4.2.3 Venture Capital Financing for the Expansion Stage;776.2.4;4.2.4 Private Equity to Top up Venture Capital;786.3;4.3 Private Equity Funding;796.3.1;4.3.1 Buyouts Designed to Maintain, Realign orRestructure a Company's Operations;806.3.2;4.3.2 Financial LBOs --- Breaking up and Selling out;836.4;4.4 Hedge Fund Financing;857;5 The Importance of CSR Capitalfor Sustainable Strategic CorporateFinance;887.1;5.1 Introduction;887.2;5.2 The Financial Markets' Role in Showcasingthe New Concept of Value;887.3;5.3 Quality Criteria for Defining "Good" Capitaland "Good" Finance;907.3.1;5.3.1 The Origin of Funds;917.3.2;5.3.2 The Use of Funds;947.3.3;5.3.3 Current Trends: The "Locust" Phenomenon;977.4;5.4 The Framework for Institutional Action;1017.5;5.5 On the Role of Speculation;1027.6;5.6 The Value Discussion Revisited?;1037.7;5.7 The Valuation Functionof the Financial Markets;1067.8;5.8 The Real Economy Versus Speculation:An Answer to the Question of Quality?;1077.9;5.9 The Role of Ratings and Certification;1087.10;5.10 Summary;1108;6 Investor Churn;1138.1;6.1 The Investment Landscape Today;1138.2;6.2 Investor Churn: A New Phenomenon?;1158.2.1;6.2.1 Corporate Raiders --- Developments in the 1980s;1158.2.2;6.2.2 The "New Economy" Emerging ---Developments Between the 1990s and 2002;1168.2.3;6.2.3 A Worldwide Hype in M&A and Private EquityActivities --- Developments Between 2002 and 2007;1178.2.4;6.2.3 Blankness After the Hype?! ---Developments Since 2007;1208.3;6.3 How the Advent of International InvestorGroups Is Rewriting the Rules of CorporateManagement;1228.3.1;6.3.1 Alternative Financing Options Thanks to NewInvestor Groups --- Consequences for Companies;1228.3.2;6.3.2 How the Advent of International Investor GroupsIs Rewriting the Rules of Corporate Management ---Consequences for Management;1238.4;6.4 Conclusion and Outlook;1269;Ab