Efnisyfirlit

• Halftitle
• Title
• Copyright
• Brief Content
• Contents
• Part 1: Assessing and Managing Performance
  • 1 Overview of Financial Management
    • 1.1 Financial Management and the Cash Flow Cycle
      • CASE STUDY: Advanced Micro Devices Inc.’s Cash Crunch
    • 1.2 The Role of Financial Managers
      • IN-DEPTH: Maximizing Shareholder Value: An Ethical Responsibility?
    • 1.3 A Nonfinancial Perspective of Financial Management
      • IN THE NEWS: Walmart’s Financial Challenges
    • 1.4 Financial Management’s Relationship with Accounting and Other Disciplines
    • 1.5 Types of Firms
    • 1.6 A Financial Management Framework
    • 1.7 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 2 Sizing-Up a Business: A Nonfinancial Perspective
    • 2.1 Sizing-Up the Overall Economy
      • IN-DEPTH: Gathering Information for a Size-Up
      • 2.1.1 GDP Components
      • 2.1.2 Sector-Related Fluctuations
      • 2.1.3 Inflation and Interest Rates
      • CASE STUDY: Sector Performance and Business Cycles: Duke Energy Corporation and Tiffany & Co.
      • 2.1.4 Capital Markets
      • 2.1.5 Economic Size-Up Checklist
    • 2.2 Sizing-Up the Industry
      • 2.2.1 Industry Life Cycles
      • 2.2.2 The Competitive Environment
      • 2.2.3 Opportunities and Risks
      • 2.2.4 Industry Size-Up Checklist
    • 2.3 Sizing-Up Operations Management and Supply Risk
    • 2.4 Sizing-Up Marketing Management and Demand Risk
    • 2.5 Sizing-Up Human Resource Management and Strategy
    • 2.6 Sizing-Up Home Depot: An Example
    • 2.7 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 3 Understanding Financial Statements
    • 3.1 Understanding Balance Sheets
      • 3.1.1 Understanding Assets
      • 3.1.2 Understanding Liabilities
      • 3.1.3 Understanding Equity
      • IN-DEPTH: Book Value of Equity versus Market Value of Equity
    • 3.2 Understanding Income Statements
      • 3.2.1 Understanding Revenues, Costs, Expenses, and Profits
      • IN-DEPTH: EBIT versus EBITDA
      • 3.2.2 Connecting a Firm’s Income Statement and Balance Sheet
    • 3.3 Understanding Cash Flow Statements
      • 3.3.1 Cash Flows Related to Operating Activities
      • 3.3.2 Cash Flows from Investing Activities
      • 3.3.3 Cash Flows from Financing Activities
      • IN-DEPTH: U.S. versus International Accounting and Financial Statement Presentation
    • 3.4 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 4 Measuring Financial Performance
    • 4.1 Performance Measures
      • 4.1.1 Return on Equity
      • CASE STUDY: ROE Drivers across Industries: Tiffany and Kroger
      • 4.1.2 Profitability Measures
      • 4.1.3 Resource Management Measures
      • 4.1.4 Liquidity Measures
      • 4.1.5 Leverage Measures
      • 4.1.6 Application: Home Depot
    • 4.2 Reading Annual Reports
    • 4.3 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 5 Managing Day-to-Day Cash Flow
    • 5.1 Cash Flow Cycles
    • 5.2 Working Capital Management
      • 5.2.1 Managing Inventory
      • IN-DEPTH: Inventory Management Systems
      • 5.2.2 Managing Accounts Receivable
      • IN-DEPTH: Aging Schedules and Bad Debt
      • 5.2.3 Managing Accounts Payable
      • 5.2.4 Application: Home Depot
      • IN-DEPTH: The Cost of Foregoing Discounts on Payables
      • IN-DEPTH: Working Capital Management Ratios across Industries
    • 5.3 Short-Term Financing
      • 5.3.1 Bank Loans
      • 5.3.2 Commercial Paper
      • 5.3.3 Banker’s Acceptance
      • CASE STUDY: Commercial Paper and the 2007–2009 Financial Crisis
    • 5.4 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
• Part 2: Assessing Future Financial Needs
  • 6 Projecting Financial Requirements and Managing Growth
    • 6.1 Generating Pro Forma Income Statements
      • 6.1.1 Establishing Cost of Goods Sold and Gross Profit
      • 6.1.2 Establishing Expenses
      • 6.1.3 Establishing Earnings
    • 6.2 Generating Pro Forma Balance Sheets
      • 6.2.1 Establishing Assets
      • 6.2.2 Establishing Liabilities and Equity
    • 6.3 Generating Pro Forma Cash Budgets
      • 6.3.1 Establishing Cash Inflows
      • 6.3.2 Establishing Cash Outflows
      • 6.3.3 Establishing Net Cash Flows
    • 6.4 Performing Sensitivity Analysis
      • 6.4.1 Sales Sensitivity
      • 6.4.2 Interest Rate Sensitivity
      • 6.4.3 Working Capital Sensitivity
    • 6.5 Understanding Sustainable Growth and Managing Growth
      • CASE STUDY: Home Depot’s Pro Forma Statements and Sustainable Growth
    • 6.6 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
    • Appendix: Spreadsheet Analysis
  • 7 Time Value of Money Basics and Applications
    • 7.1 Exploring Time Value of Money Concepts
      • 7.1.1 Future Values
      • 7.1.2 Present Values
      • 7.1.3 Annuities
      • 7.1.4 Perpetuities
      • IN-DEPTH: Spreadsheet and Financial Calculator Tips
    • 7.2 Applying Time Value of Money Concepts to Financial Securities
      • 7.2.1 Bonds
      • IN-DEPTH: Bond Prices and Yields: Home Depot Inc. Example
      • 7.2.2 Preferred Shares
      • IN-DEPTH: Preferred Share Prices and Bond Yields: Kansas City Railroad
      • 7.2.3 Common Equity
      • IN-DEPTH: Multistage Dividend Discount Model
    • 7.3 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 8 Making Investment Decisions
    • 8.1 Understanding the Decision-Making Process
    • 8.2 Capital Budgeting Techniques
      • 8.2.1 Payback
      • 8.2.2 Net Present Value
      • IN-DEPTH: Real Options
      • 8.2.3 Internal Rate of Return
    • 8.3 Capital Budgeting Extensions
      • 8.3.1 Profitability Index
      • 8.3.2 Equivalent Annual Cost and Project Lengths
      • 8.3.3 Mutually Exclusive Projects and Capital Rationing
    • 8.4 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
• Part 3: Financing Long-Term Needs
  • 9 Overview of Capital Markets: Long-Term Financing Instruments
    • 9.1 Bonds
      • 9.1.1 Changing Bond Yields
      • 9.1.2 Bond Features
      • IN THE NEWS: The Libor Scandal
      • 9.1.3 Bond Ratings
      • IN-DEPTH: What Credit-Rating Agencies Do
    • 9.2 Preferred Shares
    • 9.3 Common Shares
      • 9.3.1 Historical Returns
    • 9.4 Capital Markets Overview
      • 9.4.1 Private versus Public Markets
      • 9.4.2 Venture Capital and Private Equity
      • CASE STUDY: Private Placement Example—Sesac Inc. and the Music of Bob Dylan and Neil Diamond
      • 9.4.3 Initial Offerings versus Seasoned Issues
      • IN DEPTH: SOX and the Cost of Being a Public Firm
      • CASE STUDY: Google and Facebook IPOs
      • 9.4.4 Organized Exchanges versus Over-the-Counter Markets
      • 9.4.5 Role of Intermediaries
    • 9.5 Market Efficiency
      • 9.5.1 Weak Form
      • 9.5.2 Semistrong Form
      • 9.5.3 Strong Form
      • 9.5.4 U.S. Stock Market Efficiency
    • 9.6 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
    • Appendix: Understanding Bond and Stock Investment Information
      • Bond Information
      • Stock Information
  • 10 Assessing the Cost of Capital: What Return Investors Require
    • 10.1 Understanding the Cost of Capital: An Example
    • 10.2 Understanding the Implications of the Cost of Capital
    • 10.3 Defining Risk
    • 10.4 Estimating the Cost of Debt
    • 10.5 Estimating the Cost of Preferred Shares
    • 10.6 Estimating the Cost of Equity
      • 10.6.1 Dividend Model Approach
      • 10.6.2 Capital Asset Pricing Model
      • IN-DEPTH: Investing in “the Market”
    • 10.7 Estimating Component Weights
    • 10.8 Home Depot Application
    • 10.9 Hurdle Rates
    • 10.10 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 11 Understanding Financing and Payout Decisions
    • 11.1 Capital Structure Overview
    • 11.2 Understanding the Modigliani-Miller Argument: Why Capital Structure Does Not Matter
    • 11.3 Relaxing the Assumptions: Why Capital Structure Does Matter
      • 11.3.1 Understanding the Impact of Corporate Taxes
      • 11.3.2 Understanding the Impact of Financial Distress
      • IN THE NEWS: Largest U.S. Bankruptcy
      • 11.3.3 Combining Corporate Taxes and Financial Distress Costs
      • 11.3.4 Impact of Asymmetric Information
    • 11.4 Understanding Payout Policies
      • 11.4.1 Paying Dividends
      • 11.4.2 Repurchasing Shares
      • 11.4.3 Do Dividend Policies Matter?
    • 11.5 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
    • Appendix: Why Dividend Policy Doesn’t Matter: Example
  • 12 Designing an Optimal Capital Structure
    • 12.1 Factors Affecting Financing Decisions: The FIRST Approach
      • 12.1.1 Maximizing Flexibility
      • CASE STUDY: Ford Motor Company and Financial Flexibility Prior to the Financial Crisis
      • 12.1.2 Impact on EPS: Minimizing Cost
      • 12.1.3 Minimizing Risk
      • 12.1.4 Maintaining Shareholder Control
      • CASE STUDY: Maintaining Control: Google Inc. and Dual Class Shares
      • 12.1.5 Optimal Timing
    • 12.2 Tradeoff Assessment: Evaluating the FIRST Criteria
      • IN-DEPTH: Optimal Amount of Debt at the Firm Level: Six Flags Inc. Example
      • 12.2.1 Example: Optimal Capital Structure and Minimizing the Cost of Capital
      • CASE STUDY: Changing Capital Structure: The Home Depot Example
      • IN-DEPTH: The Cost of Equity, Levered Betas, and the Target Capital Structure
    • 12.3 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
• Part 4: Creating Value
  • 13 Measuring and Creating Value
    • 13.1 An Overview of Measuring and Creating Value
    • 13.2 Measuring Value: The Book Value Plus Adjustments Method
      • 13.2.1 Pros and Cons of the Book Value of Equity Plus Adjustments Method
    • 13.3 Measuring Value: The Discounted Cash Flow Analysis Method
      • 13.3.1 Estimating Free Cash Flows
      • IN-DEPTH: Why Do We Add Back Noncash Items?
      • 13.3.2 Estimating the Cost of Capital
      • 13.3.3 Estimating the Present Value of Free Cash Flows
      • 13.3.4 Estimating the Terminal Value
      • IN-DEPTH: The Most Common DCF Estimation Mistakes
      • 13.3.5 Estimating the Value of Equity
      • 13.3.6 Pros and Cons of the Free Cash Flow to the Firm Approach
    • 13.4 Measuring Value: Relative Valuations and Comparable Analysis
      • 13.4.1 The Price-Earnings Method
      • 13.4.2 Pros and Cons of the Price-Earnings Approach
      • IN-DEPTH: The Price-Earnings Model and the Constant Growth Dividend Discount Model
      • 13.4.3 The Enterprise Value-to-EBITDA Method
      • 13.4.4 Pros and Cons of the EV/EBITDA Approach
      • IN-DEPTH: Comparing P/B, P/E, and EV/EBITDA across Industries
    • 13.5 Creating Value and Value-Based Management
    • 13.6 Valuing Mergers and Acquisitions
      • 13.6.1 Valuing Comparable M&A Transactions
    • 13.7 Relevance for Managers
    • Summary
    • Additional Readings and Information
    • Problems
  • 14 Comprehensive Case Study: Wal-Mart Stores, Inc.
    • 14.1 Sizing-Up Walmart
      • 14.1.1 Analyzing the Economy
      • 14.1.2 Analyzing the Industry
      • 14.1.3 Analyzing Walmart’s Strengths and Weaknesses in Operations, Marketing, Management, and Stra
      • 14.1.4 Analyzing Walmart’s Financial Health
      • IN-DEPTH: Target Corporation: ROIC
      • IN-DEPTH: Target Corporation: ROE
    • 14.2 Projecting Walmart’s Future Performance
      • 14.2.1 Projecting Walmart’s Income Statement
      • 14.2.2 Projecting Walmart’s Balance Sheet
      • 14.2.3 Examining Alternate Scenarios
    • 14.3 Assessing Walmart’s Long-Term Investing and Financing
      • 14.3.1 Assessing Walmart’s Investments
      • 14.3.2 Assessing Walmart’s Capital Raising and the Cost of Capital
      • IN-DEPTH: Target Corporation: Cost of Capital
    • 14.4 Valuing Walmart
      • 14.4.1 Measuring Walmart’s Economic Value Added
      • IN-DEPTH: Target Corporation: EVA
      • 14.4.2 Estimating Walmart’s Intrinsic Value: The DCF Approach
      • 14.4.3 Estimating Walmart’s Intrinsic Value: Comparable Analysis
      • IN-DEPTH: Target Corporation: EV/EBITDA Analysis
      • 14.4.4 Creating Value and an Overall Assessment of Walmart
    • 14.5 Relevance for Managers and Final Comments
      • Additional Readings and Information
      • Problems
• Glossary
  • A
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  • D
  • E
  • F
  • G
  • H
  • I
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
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  • Z
• Index
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
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