Lýsing:
Like its predecessors, the thirteenth edition of Analysis for Financial Management is for nonfinancial executives and business students interested in the practice of financial management. It introduces standard techniques and recent advances in a practical, intuitive way. This product assumes no prior background beyond a rudimentary and perhaps rusty familiarity with financial statements—although a healthy curiosity about what makes business tick is also useful.
The emphasis throughout is on the managerial implications of financial analysis. Analysis for Financial Management should prove valuable to individuals interested in sharpening their managerial skills and to executive program participants. This product has also found a home in university classrooms as the sole text in Executive MBA and applied finance courses, as a companion text in case-oriented courses, and as a supplementary reading in more theoretical courses.
Annað
- Höfundar: Robert Higgins, Jennifer Koski
- Útgáfa:13
- Útgáfudagur: 2022-01-21
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:ePub
- ISBN 13: 9781265751883
- Print ISBN: 9781265042639
- ISBN 10: 1265751889
Efnisyfirlit
- Cover
- Half Title
- Series
- Title
- Copyright
- Dedication
- Brief Contents
- Contents
- Preface
- Connect
- PART ONE ASSESSING THE FINANCIAL HEALTH OF THE FIRM
- Chapter 1 Interpreting Financial Statements
- The Cash Flow Cycle
- Overview of Financial Statements
- The Balance Sheet
- Current Assets and Liabilities
- Shareholders’ Equity
- The Income Statement
- Measuring Earnings
- Sources and Uses Statements
- The Two-Finger Approach
- The Cash Flow Statement
- Financial Statements and the Value Problem
- Market Value vs. Book Value
- Economic Income vs. Accounting Income
- Imputed Costs
- Summary
- Additional Resources
- Problems
- Chapter 2 Evaluating Financial Performance
- The Levers of Financial Performance
- Return on Equity
- The Three Determinants of ROE
- The Profit Margin
- Asset Turnover
- Financial Leverage
- Is ROE a Reliable Financial Yardstick?
- The Timing Problem
- The Risk Problem
- The Value Problem
- ROE or Market Price?
- Ratio Analysis
- Using Ratios Effectively
- Ratio Analysis of Polaris Inc.
- Summary
- Additional Resources
- Problems
- Chapter 1 Interpreting Financial Statements
- Chapter 3 Financial Forecasting
- Pro Forma Statements
- Percent-of-Sales Forecasting
- Interest Expense
- Seasonality
- Pro Forma Statements and Financial Planning
- Forecasting with Spreadsheets
- Coping with Uncertainty
- Sensitivity Analysis
- Scenario Analysis
- Simulation
- Cash Flow Forecasts
- Cash Budgets
- The Techniques Compared
- Summary
- Additional Resources
- Problems
- Pro Forma Statements
- Chapter 4 Managing Growth
- Sustainable Growth
- The Sustainable Growth Equation
- Too Much Growth
- Balanced Growth
- DLH Holdings’ Sustainable Growth Rate
- “What If” Questions
- What to Do When Actual Growth Exceeds Sustainable Growth
- Sell New Equity
- Increase Leverage
- Reduce the Payout Ratio
- Profitable Pruning
- Outsourcing
- Pricing
- Is Merger the Answer?
- Too Little Growth
- What to Do When Sustainable Growth Exceeds Actual Growth
- Ignore the Problem
- Return the Money to Shareholders
- Buy Growth
- Sustainable Growth and Pro Forma Forecasts
- New Equity Financing
- Why Don’t U.S. Corporations Issue More Equity?
- Summary
- Additional Resources
- Problems
- Sustainable Growth
- Chapter 5 Financial Instruments and Markets
- Financial Instruments
- Bonds
- Common Stock
- Preferred Stock
- Financial Markets
- Venture Capital Financing
- Private Equity
- Initial Public Offerings
- Seasoned Issues
- Issue Costs
- Efficient Markets
- What Is an Efficient Market?
- Implications of Efficiency
- Appendix
- Using Derivatives to Manage Risks
- Forward Markets
- Hedging with Forward Contracts
- Hedging with Futures Contracts
- Types of Forwards and Futures
- Hedging with Swaps
- Interest Rate Swaps
- Currency Swaps
- Hedging with Options
- Limitations of Financial Market Hedging
- Valuing Options
- Summary
- Additional Resources
- Problems
- Financial Instruments
- Chapter 6 The Financing Decision
- Financial Leverage
- Measuring the Effects of Leverage on a Business
- Leverage and Risk
- Leverage and Earnings
- How Much to Borrow
- Irrelevance
- Tax Benefits
- Distress Costs
- Flexibility
- Market Signaling
- Management Incentives
- The Financing Decision and Growth
- Selecting a Maturity Structure
- Inflation and Financing Strategy
- Appendix
- The Irrelevance Proposition
- No Taxes
- Taxes
- Summary
- Additional Resources
- Problems
- Chapter 7 Discounted Cash Flow Techniques
- Figures of Merit
- The Payback Period and the Accounting Rate of Return
- The Time Value of Money
- Equivalence
- The Net Present Value
- The Benefit-Cost Ratio
- The Internal Rate of Return
- Uneven Cash Flows
- A Few Applications and Extensions
- Mutually Exclusive Alternatives and Capital Rationing
- The IRR in Perspective
- Determining the Relevant Cash Flows
- Depreciation
- Working Capital and Spontaneous Sources
- Sunk Costs
- Allocated Costs
- Cannibalization
- Excess Capacity
- Financing Costs
- Appendix
- Mutually Exclusive Alternatives and Capital Rationing
- What Happened to the Other $578,000?
- Unequal Lives
- Capital Rationing
- The Problem of Future Opportunities
- A Decision Tree
- Summary
- Additional Resources
- Problems
- Figures of Merit
- Chapter 8 Risk Analysis in Investment Decisions
- Risk Defined
- Risk and Diversification
- Estimating Investment Risk
- Three Techniques for Estimating Investment Risk
- Including Risk in Investment Evaluation
- Risk-Adjusted Discount Rates
- The Cost of Capital
- The Cost of Capital Defined
- The Cost of Capital for Polaris
- The Cost of Capital in Investment Appraisal
- Multiple Hurdle Rates
- Four Pitfalls in the Use of Discounted Cash Flow Techniques
- The Enterprise Perspective vs. the Equity Perspective
- Inflation
- Real Options
- Excessive Risk Adjustment
- A Cautionary Note
- Appendix
- Asset Beta and Adjusted Present Value
- Calculating Asset Beta
- Using Asset Beta to Estimate Equity Beta
- Asset Beta and Adjusted Present Value
- Summary
- Additional Resources
- Problems
- Risk Defined
- Chapter 9 Business Valuation and Corporate Restructuring
- Valuing a Business
- Assets or Equity?
- Dead or Alive?
- Minority Interest or Control?
- Discounted Cash Flow Valuation
- Free Cash Flow
- The Terminal Value
- A Numerical Example
- Problems with Present Value Approaches to Valuation
- Valuation Based on Comparable Trades
- Lack of Marketability
- The Market for Control
- The Premium for Control
- Financial Reasons for Restructuring
- The Empirical Evidence
- The LinkedIn Buyout
- Appendix
- The Venture Capital Method of Valuation
- The Venture Capital Method—One Financing Round
- The Venture Capital Method—Multiple Financing Rounds
- Why Do Venture Capitalists Demand Such High Returns?
- Summary
- Additional Resources
- Problems
- Valuing a Business
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- Gerð : 208
- Höfundur : 9593
- Útgáfuár : 2018
- Leyfi : 380