Efnisyfirlit

• Title Page
• Copyright Page
• Dedication
• About the Authors
• Contents
• Preface
• Acknowledgments
• Part 1 The Scope and Environment of Financial Management
  • 1 An Introduction to the Foundations of Financial Management
    • The Goal of the Firm
    • Five Principles That Form the Foundations of Finance
      • Principle 1: Cash Flow Is What Matters
      • Principle 2: Money Has a Time Value
      • Principle 3: Risk Requires a Reward
      • Principle 4: Market Prices Are Generally Right
      • Principle 5: Conflicts of Interest Cause Agency Problems
      • The Essential Elements of Ethics and Trust
    • The Role of Finance in Business
      • Why Study Finance?
      • The Role of the Financial Manager
    • The Legal Forms of Business Organization
      • Sole Proprietorships
      • Partnerships
      • Corporations
      • Organizational Form and Taxes: The Double Taxation on Dividends and Pass-Through Entities
      • S-Corporations and Limited Liability Companies (LLCs)
      • Which Organizational Form Should Be Chosen?
    • Finance and the Multinational Firm: The New Role
    • Developing Skills for Your Career
    • Chapter Summaries
    • Review Questions
    • Mini Case
  • 2 The Financial Markets and Interest Rates
    • Financing of Business: The Movement of Funds Through the Economy
      • Public Offerings Versus Private Placements
      • Primary Markets Versus Secondary Markets
      • The Money Market Versus the Capital Market
      • Spot Markets Versus Futures Markets
      • Stock Exchanges: Organized Security Exchanges Versus Over-the-Counter Markets, a Blurring Difference
    • Selling Securities to the Public
      • Functions
      • Distribution Methods
      • Private Debt Placements
      • Flotation Costs
      • Regulation Aimed at Making the Goal of the Firm Work: The Sarbanes-Oxley Act
    • Rates of Return in the Financial Markets
      • Rates of Return over Long Periods
      • Interest Rate Levels in Recent Periods
    • Interest Rate Determinants in a Nutshell
      • Estimating Specific Interest Rates Using Risk Premiums
      • Real Risk-Free Interest Rate and the Risk-free Interest Rate
      • Real and Nominal Rates of Interest
      • Inflation and Real Rates of Return: The Financial Analyst’s Approach
      • The Term Structure of Interest Rates
      • Shifts in the Term Structures of Interest Rates
      • What Explains the Shape of the Term Structure?
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Case
  • 3 Understanding Financial Statements and Cash Flows
    • The Income Statement
      • The Makeup of an Income Statement
      • Walmart’s Income Statement
      • Restating Walmart’s Income Statement
    • The Balance Sheet
      • Types of Assets
      • Types of Financing
      • Walmart’s Balance Sheet
      • Working Capital
    • Measuring Cash Flows
      • Profits Versus Cash Flows
      • The Beginning Point: Changes in the Balance Sheet and Cash Flows
      • Statement of Cash Flows
      • Concluding Suggestions for Computing Cash Flows
      • What Have We Learned About Walmart?
    • The Limitations of Financial Statements and Accounting Malpractice
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
    • Appendix 3A: Free Cash Flows
      • Computing Free Cash Flows
      • Computing Financing Cash Flows
      • Study Problems
  • 4 Evaluating a Firm’s Financial Performance
    • The Purpose of Financial Analysis
    • Measuring Key Financial Relationships
      • Question 1: How Liquid Is the Firm—can It Pay Its Bills?
      • Question 2: Are the Firm’s Managers Generating Adequate Operating Profits on the Company’s Asset
      • Managing Operations
      • Managing Assets
      • Question 3: How Is the Firm Financing Its Assets?
      • Question 4: Are the Firm’s Managers Providing a Good Return on the Capital Provided by the Company
      • Question 5: Are the Firm’s Managers Creating Shareholder Value?
    • The Limitations of Financial Ratio Analysis
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
• Part 2 The Valuation of Financial Assets
  • 5 The Time Value of Money
    • Compound Interest, Future Value, and Present Value
      • Using Timelines to Visualize Cash Flows
      • Techniques for Moving Money Through Time
      • Two Additional Types of Time Value of Money Problems
      • Applying Compounding to Things Other Than Money
      • Present Value
    • Annuities
      • Compound Annuities
      • The Present Value of an Annuity
      • Annuities Due
      • Amortized Loans
    • Making Interest Rates Comparable
      • Calculating the Interest Rate and Converting It to an EAR
      • Finding Present and Future Values with Nonannual Periods
      • Amortized Loans with Monthly Compounding
    • The Present Value of an Uneven Stream and Perpetuities
      • Perpetuities
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
  • 6 The Meaning and Measurement of Risk and Return
    • Expected Return Defined and Measured
    • Risk Defined and Measured
    • Rates of Return: The Investor’s Experience
    • Risk and Diversification
      • Diversifying Away the Risk
      • Measuring Market Risk
      • Measuring a Portfolio’s Beta
      • Risk and Diversification Demonstrated
    • The Investor’s Required Rate of Return
      • The Required Rate of Return Concept
      • Measuring the Required Rate of Return
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
  • 7 The Valuation and Characteristics of Bonds
    • Types of Bonds
      • Debentures
      • Subordinated Debentures
      • Mortgage Bonds
      • Eurobonds
      • Convertible Bonds
    • Terminology and Characteristics of Bonds
      • Claims on Assets and Income
      • Par Value
      • Coupon Interest Rate
      • Maturity
      • Call Provision
      • Indenture
      • Bond Ratings
    • Defining Value
    • What Determines Value?
    • Valuation: The Basic Process
    • Valuing Bonds
    • Bond Yields
      • Yield to Maturity
      • Current Yield
    • Bond Valuation: Three Important Relationships
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Case
  • 8 The Valuation and Characteristics of Stock
    • Preferred Stock
      • The Characteristics of Preferred Stock
    • Valuing Preferred Stock
    • Common Stock
      • The Characteristics of Common Stock
    • Valuing Common Stock
    • The Expected Rate of Return of Stockholders
      • The Expected Rate of Return of Preferred Stockholders
      • The Expected Rate of Return of Common Stockholders
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
  • 9 The Cost of Capital
    • The Cost of Capital: Key Definitions and Concepts
      • Capital Structure
      • Opportunity Costs, Required Rates of Return, and the Cost of Capital
      • The Firm’s Financial Policy and the Cost of Capital
    • Determining the Costs of the Individual Sources of Capital
      • The Cost of Debt
      • The Cost of Preferred Stock
      • The Cost of Common Equity
      • The Dividend Growth Model and the Implied Cost of Equity
      • Issues in Implementing the Dividend Growth Model
      • The Capital Asset Pricing Model
      • Issues in Implementing the CAPM
    • The Weighted Average Cost of Capital
      • Capital Structure Weights
      • Calculating the Weighted Average Cost of Capital
    • Calculating Divisional Costs of Capital
      • Estimating Divisional Costs of Capital
      • Using Pure Play Firms to Estimate Divisional WACCs
      • Using a Firm’s Cost of Capital to Evaluate New Capital Investments
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Cases
• Part 3 Investment in Long-Term Assets
  • 10 Capital-Budgeting Techniques and Practice
    • Finding Profitable Projects
    • Capital-Budgeting Decision Criteria
      • The Payback Period
      • The Net Present Value
      • Using Spreadsheets to Calculate the Net Present Value
      • The Profitability Index (Benefit–cost Ratio)
      • The Internal Rate of Return
      • Computing the IRR for Uneven Cash Flows with a Financial Calculator
      • Viewing the NPV-IRR Relationship: The Net Present Value Profile
      • Complications with the IRR : Multiple Rates of Return
      • The Modified Internal Rate of Return (MIRR)
      • Using Spreadsheets to Calculate the MIRR
      • A Last Word on the MIRR
    • Capital Rationing
      • The Rationale for Capital Rationing
      • Capital Rationing and Project Selection
    • Ranking Mutually Exclusive Projects
      • The Size-Disparity Problem
      • The Unequal-Lives Problem
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
  • 11 Cash Flows and Other Topics in Capital Budgeting
    • Guidelines for Capital Budgeting
      • Use Free Cash Flows Rather Than Accounting Profits
      • Think Incrementally
      • Beware of Cash Flows Diverted from Existing Products
      • Look for Incidental or Synergistic Effects
      • Work in Working-Capital Requirements
      • Consider Incremental Expenses
      • Remember That Sunk Costs Are Not Incremental Cash Flows
      • Account for Opportunity Costs
      • Decide If Overhead Costs Are Truly Incremental Cash Flows
      • Ignore Interest Payments and Financing Flows
    • Calculating a Project’s Free Cash Flows
      • What Goes into the Initial Outlay
      • What Goes into the Annual Free Cash Flows over the Project’s Life
      • What Goes into the Terminal Cash Flow
      • Calculating the Free Cash Flows
      • A Comprehensive Example: Calculating Free Cash Flows
    • Options in Capital Budgeting
      • The Option to Delay a Project
      • The Option to Expand a Project
      • The Option to Abandon a Project
      • Options in Capital Budgeting: The Bottom Line
    • Risk and the Investment Decision
      • What Measure of Risk Is Relevant in Capital Budgeting?
      • Measuring Risk for Capital-budgeting Purposes with a Dose of Reality—is Systematic Risk All There
      • Incorporating Risk into Capital Budgeting
      • Risk-Adjusted Discount Rates
      • Measuring a Project’s Systematic Risk
      • Using Accounting Data to Estimate a Project’s Beta
      • The Pure Play Method for Estimating Beta
      • Examining a Project’s Risk Through Simulation
      • Conducting a Sensitivity Analysis Through Simulation
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Case
    • Appendix 11A: Bonus Depreciation
      • Calculating the Operating Cash Flows
    • Appendix 11B: The Modified Accelerated Cost Recovery System
      • What Does All This Mean?
    • Study Problems
• Part 4 Capital Structure and Dividend Policy
  • 12 Determining the Financing Mix
    • Understanding the Difference Between Business and Financial Risk
      • Business Risk
      • Operating Risk
    • Break-Even Analysis
      • Essential Elements of the Break-Even Model
      • Finding the Break-Even Point
      • The Break-Even Point in Sales Dollars
    • Sources of Operating Leverage
      • Financial Leverage
      • Combining Operating and Financial Leverage
    • Capital Structure Theory
      • A Quick Look at Capital Structure Theory
      • The Importance of Capital Structure
      • Independence Position
      • The Moderate Position
      • Firm Value and Agency Costs
      • Agency Costs, Free Cash Flow, and Capital Structure
      • Managerial Implications
    • The Basic Tools of Capital Structure Management
      • EBIT-EPS Analysis
      • Comparative Leverage Ratios
      • Industry Norms
      • Net Debt and Balance-Sheet Leverage Ratios
      • A Glance at Actual Capital Structure Management
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Cases
  • 13 Dividend Policy and Internal Financing
    • How Do Firms Distribute Firm Profits to Their Stockholders?
    • Does Dividend Policy Matter to Stockholders?
      • Three Basic Views
      • Making Sense of Dividend Policy Theory
      • What Are We to Conclude?
    • The Dividend Decision in Practice
      • Legal Restrictions
      • Liquidity Constraints
      • Earnings Predictability
      • Maintaining Ownership Control
      • Alternative Dividend Policies
      • Dividend Payment Procedures
    • Stock Dividends and Stock Splits
    • Stock Repurchases
      • A Share Repurchase as a Dividend Decision
      • The Investor’s Choice
      • A Financing Decision or an Investment Decision?
      • Practical Considerations—The Stock Repurchase Procedure
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Case
• Part 5 Working-Capital Management and International Business Finance
  • 14 Short-Term Financial Planning
    • Financial Forecasting
      • The Sales Forecast
      • Forecasting Financial Variables
      • The Percent of Sales Method of Financial Forecasting
      • Analyzing the Effects of Profitability and Dividend Policy on
      • Analyzing the Effects of Sales Growth on a Firm’s
    • Limitations of the Percent of Sales Forecasting Method
    • Constructing and Using a Cash Budget
      • Budget Functions
      • The Cash Budget
    • Chapter Summaries
    • Review Questions
    • Study Problems
  • 15 Working-Capital Management
    • Managing Current Assets and Liabilities
      • The Risk–Return Trade-Off
      • The Advantages of Current Versus Long-Term Liabilities: Return
      • The Disadvantages of Current Versus Long-Term Liabilities: Risk
    • Determining the Appropriate Level of Working Capital
      • The Hedging Principle
      • Permanent and Temporary Assets
      • Temporary, Permanent, and Spontaneous Sources of Financing
      • The Hedging Principle: A Graphic Illustration
    • Using the Cash Conversion Cycle
    • Estimating the Cost of Short-Term Credit Using the Approximate Cost-of-Credit Formula
    • Evaluating Sources of Short-Term Credit
      • Unsecured Sources: Accrued Wages and Taxes
      • Unsecured Sources: Trade Credit
      • Unsecured Sources: Bank Credit
      • Finance at Work
      • Unsecured Sources: Commercial Paper
      • Secured Sources: Accounts-Receivable Loans
      • Secured Sources: Inventory Loans
      • Chapter Summaries
      • Review Questions
      • Study Problems
  • 16 International Business Finance
    • The Globalization of Product and Financial Markets
    • Foreign Exchange Markets and Currency Exchange Rates
      • Foreign Exchange Rates
      • What a Change in the Exchange Rate Means for Business
      • Exchange Rates and Arbitrage
      • Asked and Bid Rates
      • Cross Rates
      • Types of Foreign Exchange Transactions
      • Exchange Rate Risk
    • Interest Rate Parity
    • Purchasing-Power Parity and the Law of One Price
      • The International Fisher Effect
    • Capital Budgeting for Direct Foreign Investment
      • Repatriation of Profits and Taxation of Profits Abroad
      • Foreign Investment Risks
    • Chapter Summaries
    • Review Questions
    • Study Problems
    • Mini Case
  • 17 Cash, Receivables, and Inventory Management
    • Managing the Firm’s Investment in Cash and Marketable Securities
      • Why a Company Holds Cash
      • Cash Management Objectives and Decisions
      • Collection and Disbursement Procedures
      • The Composition of a Marketable-securities Portfolio
    • Managing the Firm’s Investment in Accounts Receivable
      • The Terms of Sale—A Decision Variable
      • The Type of Customer—A Decision Variable
      • The Collection Effort—A Decision Variable
    • Managing the Firm’s Investment in Inventory
      • Types of Inventory
      • Inventory Management Techniques
      • The Order Quantity Problem
      • Chapter Summaries
      • Review Questions
      • Study Problems
      • Mini Case
• Glossary
• Indexes

UM RAFBÆKUR Á HEIMKAUP.IS

Bókahillan þín er þitt svæði og þar eru bækurnar þínar geymdar. Þú kemst í bókahilluna þína hvar og hvenær sem er í tölvu eða snjalltæki. Einfalt og þægilegt!

Rafbók til eignar
Rafbók til eignar þarf að hlaða niður á þau tæki sem þú vilt nota innan eins árs frá því bókin er keypt.

Þú kemst í bækurnar hvar sem er
Þú getur nálgast allar raf(skóla)bækurnar þínar á einu augabragði, hvar og hvenær sem er í bókahillunni þinni. Engin taska, enginn kyndill og ekkert vesen (hvað þá yfirvigt).

Auðvelt að fletta og leita
Þú getur flakkað milli síðna og kafla eins og þér hentar best og farið beint í ákveðna kafla úr efnisyfirlitinu. Í leitinni finnur þú orð, kafla eða síður í einum smelli.

Glósur og yfirstrikanir
Þú getur auðkennt textabrot með mismunandi litum og skrifað glósur að vild í rafbókina. Þú getur jafnvel séð glósur og yfirstrikanir hjá bekkjarsystkinum og kennara ef þeir leyfa það. Allt á einum stað.

Hvað viltu sjá? / Þú ræður hvernig síðan lítur út
Þú lagar síðuna að þínum þörfum. Stækkaðu eða minnkaðu myndir og texta með multi-level zoom til að sjá síðuna eins og þér hentar best í þínu námi.



Fleiri góðir kostir
- Þú getur prentað síður úr bókinni (innan þeirra marka sem útgefandinn setur)
- Möguleiki á tengingu við annað stafrænt og gagnvirkt efni, svo sem myndbönd eða spurningar úr efninu
- Auðvelt að afrita og líma efni/texta fyrir t.d. heimaverkefni eða ritgerðir
- Styður tækni sem hjálpar nemendum með sjón- eða heyrnarskerðingu