Efnisyfirlit

• Half Title
• The Pearson Series in Finance
• Title Page
• Copyright
• Dedication
• Brief Contents
• Contents
• Preface
• Part 1: Introduction to Financial Management
  • Chapter 1: Getting Started—Principles of Finance
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 1.1 Finance: An Overview
      • What Is Finance
      • Why Study Finance
    • 1.2 Types of Business Organizations
      • Sole Proprietorship
      • Partnership
      • Corporation
      • Not for Profit Organization
      • Co-operative
      • How Does Finance Fit into the Firm’s Organizational Structure
    • 1.3 The Goal of the Financial Manager
      • Maximizing Shareholder Wealth
      • Ethical Considerations in Corporate Finance
      • Regulation Aimed at Making the Goal of the Firm Work: The Sarbanes-Oxley Act
    • 1.4 The Five Basic Principles of Finance
      • Principle 1: Money Has a Time Value
      • Principle 2: There Is a Risk-Return Tradeoff
      • Principle 3: Cash Flows Are the Source of Value
      • Principle 4: Market Prices Reflect Information
      • Principle 5: Individuals Respond to Incentives
    • Chapter Summaries
    • Study Questions
  • Chapter 2: Firms and the Financial Markets
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 2.1 The Basic Structure of Financial Markets
    • 2.2 The Financial Marketplace: Financial Institutions
      • Commercial Banks: Everyone’s Financial Marketplace
      • Nonbank Financial Intermediaries
      • Finance for Life: Planning for Retirement
    • 2.3 The Financial Marketplace: Securities Markets
      • How Securities Markets Bring Corporations and Investors Together
      • Types of Securities
      • Finance in a Flat World: Where’s the Money Around the World
    • Chapter Summaries
    • Study Questions
  • Chapter 3: Understanding Financial Statements
    • Principle 1: Money Has a Time Value
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 3.1 An Overview of the Firm’s Financial Statements
      • Basic Financial Statements
      • Why Study Financial Statements
      • What Are the Accounting Principles Used to Prepare Financial Statements
    • 3.2 The Income Statement
      • Income Statement of H. J. Boswell, Inc
      • Connecting the Income Statement and Balance Sheet
      • Interpreting Firm Profitability Using the Income Statement
      • GAAP and Earnings Management
    • 3.3 Corporate Taxes
      • Computing Taxable Income
      • Federal Income Tax Rates for Corporate Income
      • Marginal and Average Tax Rates
      • Dividend Exclusion for Corporate Stockholders
    • 3.4 The Balance Sheet
      • The Balance Sheet of H. J. Boswell, Inc
      • Firm Liquidity and Net Working Capital
      • Debt and Equity Financing
      • Book Values, Historical Costs, and Market Values
      • Finance for Life: Preparing a Balance Sheet and an Income Statement for a Business
    • 3.5 The Cash Flow Statement
      • Sources and Uses of Cash
      • H. J. Boswell’s Cash Flow Statement
      • Finance in a Flat World: GAAP vs. IFRS
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 4: Financial Analysis—Sizing Up Firm Performance
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 4.1 Why Do We Analyze Financial Statements
    • 4.2 Common-Size Statements: Standardizing Financial Information
      • The Common-Size Income Statement: H. J. Boswell, Inc
      • The Common-Size Balance Sheet: H. J. Boswell, Inc
    • 4.3 Using Financial Ratios
      • Liquidity Ratios
      • Capital Structure Ratios
      • Asset Management Efficiency Ratios
      • Profitability Ratios
      • Market Value Ratios
      • Finance for Life: Making That Big Purchase
      • Finance in a Flat World: Ratios and International Accounting Standards
      • Summing Up the Financial Analysis of H. J. Boswell, Inc
    • 4.4 Selecting a Performance Benchmark
      • Trend Analysis
      • Peer-Firm Comparisons
    • 4.5 Limitations of Ratio Analysis
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
• Part 2: Valuation of Financial Assets
  • Chapter 5: The Time Value of Money—The Basics
    • Principle 1: Money Has a Time Value
    • 5.1 Using Timelines to Visualize Cash Flows
    • 5.2 Compounding and Future Value
      • Compound Interest and Time
      • Compound Interest and the Interest Rate
      • Techniques for Moving Money Through Time
      • Applying Compounding to Things Other Than Money
      • Compound Interest with Shorter Compounding Periods
      • Finance for Life: Getting on the Property Ladder
    • 5.3 Discounting and Present Value
      • The Mechanics of Discounting Future Cash Flows
      • Two Additional Types of Discounting Problems
      • The Rule of 72
    • 5.4 Making Interest Rates Comparable
      • Calculating the Interest Rate and Converting It to an EAR
      • To the Extreme: Continuous Compounding
      • Finance in a Flat World: Financial Access at Birth
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 6: The Time Value of Money—Annuities and Other Topics
    • Principle 1: Money Has a Time Value
    • Principle 3: Cash Flows Are the Source of Value
    • 6.1 Annuities
      • Ordinary Annuities
      • Amortized Loans
      • Annuities Due
      • Finance for Life: Saving for Retirement: Being an Early Bird
    • 6.2 Perpetuities
      • Calculating the Present Value of a Level Perpetuity
      • Calculating the Present Value of a Growing Perpetuity
    • 6.3 Complex Cash Flow Streams
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 7: An Introduction to Risk and Return—History of Financial Market Returns
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 4: Market Prices Reflect Information
    • 7.1 Realized and Expected Rates of Return and Risk
      • Calculating the Realized Return from an Investment
      • Calculating the Expected Return from an Investment
      • Measuring Risk
    • 7.2 A Brief History of Financial Market Returns
      • U.S. Financial Markets: Domestic Investment Returns
      • Lessons Learned
      • U.S. Stocks Versus Other Categories of Investments
      • Global Financial Markets: International Investing
      • Finance for Life: Your Personal Financial Risk Tolerance
    • 7.3 Geometric Versus Arithmetic Average Rates of Return
      • Computing the Geometric or Compound Average Rate of Return
      • Choosing the Right “Average”
    • 7.4 What Determines Stock Prices
      • The Efficient Markets Hypothesis
      • Do We Expect Financial Markets to Be Perfectly Efficient
      • Market Efficiency: What Does the Evidence Show
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 8: Risk and Return—Capital Market Theory
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 4: Market Prices Reflect Information
    • 8.1 Portfolio Returns and Portfolio Risk
      • Calculating the Expected Return of a Portfolio
      • Evaluating Portfolio Risk
      • Calculating the Standard Deviation of a Portfolio’s Returns
      • Finance in a Flat World: International Diversification
    • 8.2 Systematic Risk and the Market Portfolio
      • Diversification and Unsystematic Risk
      • Diversification and Systematic Risk
      • Systematic Risk and Beta
      • Calculating the Portfolio Beta
    • 8.3 The Security Market Line and the CAPM
      • Using the CAPM to Estimate Expected Rates of Return
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 9: Debt Valuation and Interest Rates
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • 9.1 Overview of Corporate Debt
      • Borrowing Money in the Private Financial Market
      • Borrowing Money in the Public Financial Market
      • Basic Bond Features
      • Finance for Life: Buying a House in the United Kingdom
    • 9.2 Valuing Corporate Debt
      • Valuing Bonds by Discounting Future Cash Flows
      • Step 1: Determine Bondholder Cash Flows
      • Step 2: Estimate the Appropriate Discount Rate
      • Step 3: Calculate the Present Value Using the Discounted Cash Flow
    • 9.3 Bond Valuation: Four Key Relationships
      • Relationship 1
      • Relationship 2
      • Relationship 3
      • Relationship 4
    • 9.4 Types of Bonds
      • Secured Versus Unsecured
      • Priority of Claims
      • Initial Offering Market
      • Abnormal Risk
      • Coupon Level
      • Amortizing or Non-amortizing
      • Convertibility
      • Finance in a Flat World: International Bonds
    • 9.5 Determinants of Interest Rates
      • Inflation and Real Versus Nominal Interest Rates
      • Interest Rate Determinants—Breaking It Down
      • The Maturity-Risk Premium and the Term Structure of Interest Rates
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 10: Stock Valuation
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Reward Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 10.1 Common Stock
      • Characteristics of Common Stock
      • Finance for Life: Stock Valuation Practices: Scientific Methods or Emotional Reactions
      • Agency Costs and Common Stock
      • Valuing Common Stock Using the Discounted Dividend Model
    • 10.2 The Comparables Approach to Valuing Common Stock
      • Defining the P/E Ratio Valuation Model
      • What Determines the P/E Ratio for a Stock
      • An Aside on Managing for Shareholder Value
      • A Word of Caution About P/E Ratios
    • 10.3 Preferred Stock
      • Features of Preferred Stock
      • Valuing Preferred Stock
      • A Quick Review: Valuing Bonds, Preferred Stock, and Common Stock
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
• Part 3: Capital Budgeting
  • Chapter 11: Investment Decision Criteria
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 5: Individuals Respond to Incentives
    • 11.1 An Overview of Capital Budgeting
      • The Typical Capital-Budgeting Process
      • What Are the Sources of Good Investment Projects
      • Types of Capital Investment Projects
    • 11.2 Net Present Value
      • Why Is the NPV the Right Criterion
      • Calculating an Investment’s NPV
      • Independent Versus Mutually Exclusive Investment Projects
    • 11.3 Other Investment Criteria
      • Profitability Index
      • Internal Rate of Return
      • Modified Internal Rate of Return
      • Finance for Life: Higher Education as an Investment in Yourself
      • Payback Period
      • Discounted Payback Period
      • Summing Up the Alternative Decision Rules
    • 11.4 A Glance at Actual Capital-Budgeting Practices
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Cases
  • Chapter 12: Analyzing Project Cash Flows
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 5: Individuals Respond to Incentives
    • 12.1 Project Cash Flows
      • Incremental Cash Flows Are What Matters
      • Guidelines for Forecasting Incremental Cash Flows
    • 12.2 Forecasting Project Cash Flows
      • Dealing with Depreciation Expense, Taxes, and Cash Flow
      • Four-Step Procedure for Calculating Project Cash Flows
      • Computing Project NPV
    • 12.3 Inflation and Capital Budgeting
      • Estimating Nominal Cash Flows
    • 12.4 Replacement Project Cash Flows
      • Category 1: Initial Outlay, CF0
      • Category 2: Annual Cash Flows
      • Replacement Example
      • Finance in a Flat World: Entering New Markets
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Cases
    • Appendix: The Modified Accelerated Cost Recovery System
  • Chapter 13: Risk Analysis and Project Evaluation
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • 13.1 The Importance of Risk Analysis
    • 13.2 Tools for Analyzing the Risk of Project Cash Flows
      • Key Concepts: Expected Values and Value Drivers
      • Sensitivity Analysis
      • Scenario Analysis
      • Simulation Analysis
      • Finance in a Flat World: Currency Risk
    • 13.3 Break-Even Analysis
      • Accounting Break-Even Analysis
      • Cash Break-Even Analysis
      • NPV Break-Even Analysis
      • Operating Leverage and the Volatility of Project Cash Flows
    • 13.4 Real Options in Capital Budgeting
      • The Option to Delay the Launch of a Project
      • The Option to Expand a Project
      • The Option to Reduce the Scale and Scope of a Project
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 14: The Cost of Capital
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • Principle 5: Individuals Respond to Incentives
    • 14.1 The Cost of Capital: An Overview
      • Investor’s Required Return and the Firm’s Cost of Capital
      • WACC Equation
      • Three-Step Procedure for Estimating the Firm’s WACC
    • 14.2 Determining the Firm’s Capital Structure Weights
    • 14.3 Estimating the Cost of Individual Sources of Capital
      • The Cost of Debt
      • The Cost of Preferred Equity
      • The Cost of Common Equity
    • 14.4 Summing Up: Calculating the Firm’s WACC
      • Use Market-Based Weights
      • Use Market-Based Costs of Capital
      • Use Forward-Looking Weights and Opportunity Costs
      • Weighted Average Cost of Capital in Practice
    • 14.5 Estimating Project Costs of Capital
      • The Rationale for Using Multiple Discount Rates
      • Why Don’t Firms Typically Use Project Costs of Capital
      • Estimating Divisional WACCs
      • Divisional WACC: Estimation Issues and Limitations
      • Finance in a Flat World: Why Do Interest Rates Differ Among Countries
    • 14.6 Flotation Costs and Project NPV
      • WACC, Flotation Costs, and the NPV
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
• Part 4: Capital Structure and Dividend Policy
  • Chapter 15: Capital Structure Policy
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 5: Individuals Respond to Incentives
    • 15.1 A Glance at Capital Structure Choices in Practice
      • Defining a Firm’s Capital Structure
      • Financial Leverage
      • How Do Firms in Different Industries Finance Their Assets
    • 15.2 Capital Structure Theory
      • A First Look at the Modigliani and Miller Capital Structure Theorem
      • Yogi Berra and the M&M Capital Structure Theory
      • Capital Structure, the Cost of Equity, and the Weighted Average Cost of Capital
      • Why Capital Structure Matters in Reality
      • Making Financing Choices When Managers Are Better Informed than Shareholders
      • Managerial Implications
    • 15.3 Why Do Capital Structures Differ Across Industries
    • 15.4 Making Financing Decisions
      • Benchmarking the Firm’s Capital Structure
      • Evaluating the Effect of Financial Leverage on Firm Earnings per Share
      • Using the EBIT-EPS Chart to Analyze the Effect of Capital Structure on EPS
      • Can the Firm Afford More Debt
      • Survey Evidence: Factors That Influence CFO Debt Policy
      • Finance in a Flat World: Capital Structures Around the World
      • Lease Versus Buy
      • Finance for Life: Leasing or Buying a Car
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
    • Appendix: Demonstrating the Modigliani and Miller Theorem
  • Chapter 16: Dividend and Share Repurchase Policy
    • Principle 1: Money Has a Time Value
    • Principle 3: Cash Flows Are the Source of Value
    • Principle 4: Market Prices Reflect Information
    • 16.1 How Do Firms Distribute Cash to Their Shareholders
      • Cash Dividends
      • Stock Repurchases
      • How Do Firms Repurchase Their Shares
      • Personal Tax Considerations: Dividend Versus Capital Gains Income
      • Noncash Distributions: Stock Dividends and Stock Splits
    • 16.2 Does Dividend Policy Matter
      • The Irrelevance of the Distribution Choice
      • Why Dividend Policy Is Important
      • Finance for Life: How Tax Policies Influence Dividend Distribution
    • 16.3 Cash Distribution Policies in Practice
      • Stable Dividend Payout Policy
      • Residual Dividend Payout Policy
      • Other Factors Playing a Role in How Much to Distribute
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
• Part 5: Liquidity Management and Special Topics in Finance
  • Chapter 17: Financial Forecasting and Planning
    • Principle 2: There Is a Risk-Return Tradeoff
    • 17.1 An Overview of Financial Planning
    • 17.2 Developing a Long-Term Financial Plan
      • Financial Forecasting Example: Ziegen, Inc
      • Finance for Life: Your Personal Budget
    • 17.3 Developing a Short-Term Financial Plan
      • Cash Budget Example: Melco Furniture, Inc
      • Uses of the Cash Budget
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 18: Working-Capital Management
    • Principle 2: There Is a Risk-Return Tradeoff
    • 18.1 Working-Capital Management and the Risk-Return Tradeoff
      • Measuring Firm Liquidity
      • Managing Firm Liquidity
      • Risk-Return Tradeoff
    • 18.2 Working-Capital Policy
      • The Principle of Self-Liquidating Debt
      • A Graphic Illustration of the Principle of Self-Liquidating Debt
    • 18.3 Operating and Cash Conversion Cycles
      • Measuring Working-Capital Efficiency
      • Calculating the Operating and Cash Conversion Cycles
    • 18.4 Managing Current Liabilities
      • Calculating the Cost of Short-Term Financing
      • Evaluating the Cost of Trade Credit
      • Evaluating the Cost of Bank Loans
    • 18.5 Managing the Firm’s Investment in Current Assets
      • Managing Cash and Marketable Securities
      • Managing Accounts Receivable
      • Finance for Life: Your Credit Score
      • Managing Inventories
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 19: International Business Finance
    • Principle 2: There Is a Risk-Return Tradeoff
    • Principle 3: Cash Flows Are the Source of Value
    • 19.1 Foreign Exchange Markets and Currency Exchange Rates
      • What a Change in the Exchange Rate Means for Business
      • Foreign Exchange Rates
      • Types of Foreign Exchange Transactions
    • 19.2 Interest Rate and Purchasing-Power Parity
      • Interest Rate Parity
      • Purchasing-Power Parity and the Law of One Price
      • The International Fisher Effect
    • 19.3 Capital Budgeting for Direct Foreign Investment
      • Finance for Life: International Investing
      • Foreign Investment Risks
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
  • Chapter 20: Corporate Risk Management
    • Principle 1: Money Has a Time Value
    • Principle 2: There Is a Risk-Return Tradeoff
    • 20.1 Five-Step Corporate Risk Management Process
      • Step 1: Identify and Understand the Firm’s Major Risks
      • Step 2: Decide Which Types of Risks to Keep and Which to Transfer
      • Step 3: Decide How Much Risk to Assume
      • Step 4: Incorporate Risk into All the Firm’s Decisions and Processes
      • Step 5: Monitor and Manage the Firm’s Risk Exposure
    • 20.2 Managing Risk with Insurance Contracts
      • Types of Insurance Contracts
      • Why Purchase Insurance
      • Finance for Life: Do You Need Life Insurance
    • 20.3 Managing Risk by Hedging with Forward Contracts
      • Hedging Commodity Price Risk Using Forward Contracts
      • Hedging Currency Risk Using Forward Contracts
    • 20.4 Managing Risk with Exchange-Traded Financial Derivatives
      • Futures Contracts
      • Option Contracts
    • 20.5 Valuing Options and Swaps
      • The Black-Scholes Option Pricing Model
      • Swap Contracts
      • Credit Default Swaps
    • Chapter Summaries
    • Study Questions
    • Study Problems
    • Mini-Case
• Glossary
• Indexes
  • Organization Index
    • A
    • B
    • C
    • D
    • E
    • F
    • G
    • H
    • I
    • J
    • K
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    • M
    • N
    • O
    • P
    • Q
    • R
    • S
    • T
    • U
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    • W
    • Y
    • Z
  • Subject Index
    • A
    • B
    • C
    • D
    • E
    • F
    • G
    • H
    • I
    • J
    • K
    • L
    • M
    • N
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