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
• PART TWO PLANNING FUTURE FINANCIAL PERFORMANCE
  • 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
  • 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
• PART THREE FINANCING OPERATIONS
  • 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
  • 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
• PART FOUR EVALUATING INVESTMENT OPPORTUNITIES
  • 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
  • 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
  • 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
• Glossary
• Suggested Answers to Odd-Numbered Problems
• Index

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