Efnisyfirlit

• Title Page
• The Pearson Series in Finance
• Dedication
• Copyright
• About The Author
• Brief Contents
• Contents
• Preface
• Solving Teaching And Learning Challenges
• Mylab Finance
• Developing Employability Skills
• Table Of Contents Overview
• Instructor Teaching Resources
• Reviewers
• Acknowledgments
• Part 1: Fundamental Concepts and Basic Tools of Finance
  • Chapter 1. Financial Management
    • 1.1 The Cycle of Money
    • 1.2 Overview of Finance Areas
    • 1.3 Financial Markets
    • 1.4 The Finance Manager and Financial Management
    • 1.5 Objective of the Finance Manager
      • Profit Maximization
    • 1.6 Internal and External Players
    • 1.7 The Legal Forms of Business
      • Sole Proprietorship
      • Partnership
      • Corporations
      • Hybrid Corporations
      • Not-for-Profit Corporations
    • 1.8 The Financial Management Setting: The Agency Model
    • 1.9 Corporate Governance and Business Ethics
      • Finance Follies The Financial Meltdown of 2008
    • 1.10 Why Study Finance?
      • Employability
      • Putting Finance To Work Now Hiring
    • Key Terms
    • Questions
    • Prepping for Exams
    • Mini-Case Richardses’ Tree Farm Grows Up
  • Chapter 2. Financial Statements
    • 2.1 Financial Statements
      • The Balance Sheet
      • The Income Statement
      • Statement of Retained Earnings
    • 2.2 Cash Flow Identity and the Statement of Cash Flows
      • The First Component: Cash Flow from Assets
      • The Second Component: Cash Flow to Creditors
      • The Third Component: Cash Flow to Owners
      • Putting It All Together: The Cash Flow Identity
      • The Statement of Cash Flows
      • Free Cash Flow
    • 2.3 Financial Performance Reporting
      • Regulation Fair Disclosure
      • Notes to the Financial Statements
    • 2.4 Financial Statements on the Internet
      • Putting Finance To Work Look Before You Leap
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Hudson Valley Realty
  • Chapter 3. The Time Value of Money (Part 1)
    • 3.1 Future Value and Compounding Interest
      • The Single-Period Scenario
      • The Multiple-Period Scenario
      • Methods of Solving Future Value Problems
    • 3.2 Present Value and Discounting
      • The Single-Period Scenario
      • The Multiple-Period Scenario
      • The Use of Time Lines
    • 3.3 One Equation and Four Variables
    • 3.4 Applications of the Time Value of Money Equation
      • Putting Finance To Work Sports Agent
    • 3.5 Doubling of Money: The Rule of 72
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Richardses’ Tree Farm, Inc.: The Continuing Saga
  • Chapter 4. The Time Value of Money (Part 2)
    • 4.1 Future Value of Multiple Payment Streams
    • 4.2 Future Value of an Annuity Stream
      • Future Value of an Annuity: An Application
    • 4.3 Present Value of an Annuity
    • 4.4 Annuity Due and Perpetuity
      • Putting Finance To Work Modeling the Future with Actuarial Science
      • Perpetuity
    • 4.5 Three Loan Payment Methods
      • Interest and Principal at Maturity of Loan (Discount Loan)
      • Interest as You Go, Principal at Maturity of Loan (Interest-Only Loan)
      • Interest and Principal as You Go (Amortized Loan)
    • 4.6 Amortization Schedules
    • 4.7 Waiting Time and Interest Rates for Annuities
    • 4.8 Solving a Lottery Problem
    • 4.9 Ten Important Points about the TVM Equation
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Fitchminster Injection Molding, Inc.: Rose Climbs High
  • Chapter 5. Interest Rates
    • 5.1 How Financial Institutions Quote Interest Rates: Annual and Periodic Interest Rates
    • 5.2 Effect of Compounding Periods on the Time Value of Money Equations
    • 5.3 Consumer Loans and Amortization Schedules
    • 5.4 Nominal and Real Interest Rates
    • 5.5 Risk-Free Rate and Premiums
      • Maturity Premiums
    • 5.6 Yield Curves
    • 5.7 A Brief History of Interest Rates and Inflation in the United States
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Sweetening the Deal: Povero Construction Company
• Part 2: Valuing Stocks and Bonds and Understanding Risk and Return
  • Chapter 6. Bonds and Bond Valuation
    • 6.1 Application of the Time Value of Money Tool: Bond Pricing
      • Key Components of a Bond
      • Pricing a Bond in Steps
    • 6.2 Semiannual Bonds and Zero-Coupon Bonds
      • Pricing Bonds after Original Issue
      • Zero-Coupon Bonds
      • Amortization of a Zero-Coupon Bond
    • 6.3 Yields and Coupon Rates
      • The First Interest Rate: Yield to Maturity
      • The “Other” Interest Rate: Coupon Rate
      • Relationship of Yield to Maturity and Coupon Rate
    • 6.4 Bond Ratings
    • 6.5 Some Bond History and More Bond Features
    • 6.6 U.S. Government Bonds
      • Pricing a U.S. Government Note or Bond
      • Putting Finance To Work Municipal Manager
      • Pricing a Treasury Bill
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Bay Path Cranberry Products
  • Chapter 7. Stocks and Stock Valuation
    • 7.1 Characteristics of Common Stock
      • Ownership
      • Claim on Assets and Cash Flow (Residual Claim)
      • Vote (Voice in Management)
      • No Maturity Date
      • Dividends and Their Tax Effect
      • Authorized, Issued, and Outstanding Shares
      • Treasury Stock
      • Preemptive Rights
    • 7.2 Stock Markets
      • Primary Markets
      • Secondary Markets: How Stocks Trade
      • Bull Markets and Bear Markets
    • 7.3 Stock Valuation
      • The Constant Dividend Model with an Infinite Horizon
      • The Constant Dividend Model with a Finite Horizon
      • The Constant Growth Dividend Model with an Infinite Horizon
      • The Constant Growth Dividend Model with a Finite Horizon
      • Nonconstant Growth Dividends
      • Finance Follies Irrational Expectations: Bulbs and Bubbles
    • 7.4 Dividend Model Shortcomings
    • 7.5 Preferred Stock
    • 7.6 Efficient Markets
      • Operational Efficiency
      • Informational Efficiency
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Lawrence’s Legacy: Part 1
  • Chapter 8. Risk and Return
    • 8.1 Returns
      • Dollar Profits and Percentage Returns
      • Converting Holding Period Returns to Annual Returns
      • Extrapolating Holding Period Returns
    • 8.2 Risk (Certainty and Uncertainty)
      • Finance Follies “Dangerous to Your Wealth”: Is Investing Just Gambling?
    • 8.3 Historical Returns
    • 8.4 Standard Deviation as a Measure of Risk
      • Normal Distributions
    • 8.5 Returns in an Uncertain World (Expectations and Probabilities)
      • Finance Follies “Scam of the Century”: Bernie Madoff and the $50 Billion Fraud
      • Determining the Probabilities of All Potential Outcomes
    • 8.6 The Risk-and-Return Trade-Off
      • Investment Rules
    • 8.7 Diversification: Minimizing Risk or Uncertainty
      • When Diversification Works
      • Adding More Stocks to the Portfolio: Systematic and Unsystematic Risk
    • 8.8 Beta: The Measure of Risk in a Well-Diversified Portfolio
    • 8.9 The Capital Asset Pricing Model and the Security Market Line
      • The Capital Asset Pricing Model
      • Application of the SML
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Lawrence’s Legacy: Part 2
• Part 3: Capital Budgeting
  • Chapter 9. Capital Budgeting Decision Models
    • 9.1 Short-Term and Long-Term Decisions
    • 9.2 Payback Period and Discounted Payback Period
      • Payback Period
      • Finance Follies IBM Exits the Consumer Software Market: Misreading Future Cash Flows
      • Discounted Payback Period
    • 9.3 Net Present Value
      • Mutually Exclusive versus Independent Projects
      • Unequal Lives of Projects
      • Net Present Value Example: Equation and Calculator Function
    • 9.4 Internal Rate of Return and Modified Internal Rate of Return
      • Internal Rate of Return
      • Putting Finance To Work Marketing and Sales: Your Product = Your Customer’s Capital Budgeting Deci
      • Modified Internal Rate of Return
    • 9.5 Profitability Index
    • 9.6 Overview of Six Decision Models
      • Capital Budgeting Using a Spreadsheet
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case BioCom, Inc.: Part 1
  • Chapter 10. Cash Flow Estimation
    • 10.1 The Importance of Cash Flow
    • 10.2 Estimating Cash Flow for Projects: Incremental Cash Flow
      • Sunk Costs
      • Opportunity Costs
      • Erosion Costs
      • Synergy Gains
      • Working Capital
      • Finance Follies Boston’s “Big Dig” Gets Dug Under
    • 10.3 Capital Spending and Depreciation
      • Straight-Line Depreciation
      • Modified Accelerated Cost Recovery System
    • 10.4 Cash Flow and the Disposal of Capital Equipment
    • 10.5 Projected Cash Flow for a New Product
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case BioCom, Inc.: Part 2, Evaluating a New Product Line
  • Chapter 11. The Cost of Capital
    • 11.1 The Cost of Capital: A Starting Point
    • 11.2 Components of the Weighted Average Cost of Capital
      • Debt Component
      • Preferred Stock Component
      • Equity Component
      • Retained Earnings
      • The Debt Component and Taxes
    • 11.3 Weighting the Components: Book Value or Market Value?
      • Book Value
      • Adjusted Weighted Average Cost of Capital
      • Market Value
    • 11.4 Using the Weighted Average Cost of Capital in a Budgeting Decision
      • The Weighted Average Cost of Capital for Individual Projects
    • 11.5 Selecting Appropriate Betas for Projects
    • 11.6 Constraints on Borrowing and Selecting Projects for the Portfolio
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case BioCom, Inc.: Part 3, A Fresh Look at the WACC
• Part 4: Financial Planning and Evaluating Performance
  • Chapter 12. Forecasting and Short-Term Financial Planning
    • 12.1 Sources and Uses of Cash
    • 12.2 Cash Budgeting and the Sales Forecast
      • Cash Inflow from Sales
      • Other Cash Receipts
    • 12.3 Cash Outflow from Production
    • 12.4 The Cash Forecast: Short-Term Deficits and Short-Term Surpluses
      • Funding Cash Deficits
      • Investing Cash Surpluses
    • 12.5 Planning with Pro Forma Financial Statements
      • Pro Forma Income Statement
      • Pro Forma Balance Sheet
      • Putting Finance To Work Information Technology
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Midwest Properties: Quarterly Forecasting
  • Chapter 13. Working Capital Management
    • 13.1 The Cash Conversion Cycle
      • Average Production Cycle
      • Average Collection Cycle
      • Average Payment Cycle
      • Putting It All Together: The Cash Conversion Cycle
    • 13.2 Managing Accounts Receivable and Setting Credit Policy
      • Collecting Accounts Receivable
      • Credit: A Two-Sided Coin
      • Qualifying for Credit
      • Setting Payment Policy
      • Collecting Overdue Debt
    • 13.3 The Float
      • Speeding Up the Collection Float (Shortening the Lag Time)
      • Extending the Disbursement Float (Lengthening the Lag Time)
    • 13.4 Inventory Management: Carrying Costs and Ordering Costs
      • ABC Inventory Management
      • Redundant Inventory Items
      • Economic Order Quantity
      • Just in Time
    • 13.5 The Effect of Working Capital on Capital Budgeting
      • Putting Finance To Work Operations Management
      • Inventories and Daily Operations
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Cranston Dispensers, Inc.: Part 1
  • Chapter 14. Financial Ratios and Firm Performance
    • 14.1 Financial Statements
      • Benchmarking
    • 14.2 Financial Ratios
      • Short-Term Solvency: Liquidity Ratios
      • Long-Term Solvency: Financial Leverage Ratios
      • Asset Management Ratios
      • Profitability Ratios
      • Market Value Ratios
      • DuPont Analysis
    • 14.3 External Uses of Financial Statements and Industry Averages
      • Cola Wars
      • Industry Ratios
      • Finance Follies Cooking the Books at Enron and WorldCom
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Cranston Dispensers, Inc.: Part 2
• Part 5: Other Selected Finance Topics
  • Chapter 15. Raising Capital
    • 15.1 The Business Life Cycle
    • 15.2 Borrowing for a Start-Up and a Growing Business
      • Personal Funds and Family Loans
      • Commercial Bank Loans
      • Commercial Bank Loans through the Small Business Administration
      • Angel Financing and Venture Capital
    • 15.3 Borrowing for a Stable and Mature Business: Taking Out Bank Loans
      • Straight Loans
      • Discount Loans
      • Letters of Credit or Lines of Credit
      • Compensating Balance Loans
    • 15.4 Borrowing for a Stable and Mature Business: Selling Bonds
    • 15.5 Borrowing for a Stable and Mature Business: Selling Stock
      • Initial Public Offerings and Underwriting
      • Registration, Prospectus, and Tombstone
      • The Marketing Process: Road Show
      • The Auction
      • The Aftermarket: Dealer in the Shares
      • Putting Finance To Work Corporate Law
    • 15.6 Other Borrowing Options for a Mature Business
    • 15.7 The Final Phase: Closing the Business
      • Straight Liquidation: Chapter 7
      • Reorganization: Chapter 11
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case AK Web Developers.com
  • Chapter 16. Capital Structure
    • 16.1 Capital Markets: A Quick Review
    • 16.2 Benefits of Debt
      • Earnings per Share as a Measure of the Benefits of Borrowing
    • 16.3 Break-Even Earnings for Different Capital Structures
    • 16.4 Pecking Order
      • Firms Prefer Internal Financing First
      • Firms Choose to Issue the Cheapest Security First and Use Equity as a Last Resort
    • 16.5 Modigliani and Miller on Optimal Capital Structure
      • Capital Structure in a World of No Taxes and No Bankruptcy
      • Capital Structure in a World of Corporate Taxes and No Bankruptcy
      • Debt and the Tax Shield
    • 16.6 The Static Theory of Capital Structure
      • Bankruptcy
      • Optimal Capital Structure
      • Finance Follies Hedge Funds: Some Really Smart Guys Get into Big Trouble
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case General Energy Storage Systems: How Much Debt and How Much Equity?
  • Chapter 17. Dividends, Dividend Policy, and Stock Splits
    • 17.1 Cash Dividends
      • Buying and Selling Stock
      • Declaring and Paying a Cash Dividend: A Chronology
      • Different Types of Dividends
    • 17.2 Dividend Policy
      • Dividend Clienteles
      • Dividend Policy Irrelevance
      • Reasons Favoring a Low- or No-Dividend-Payout Policy
      • Reasons Favoring a High-Dividend-Payout Policy
      • Optimal Dividend Policy
    • 17.3 Selecting a Dividend Policy
      • Some Further Considerations in the Selection of a Dividend Policy
    • 17.4 Stock Dividends, Stock Splits, and Reverse Splits
      • Reasons for Stock Splits
      • Reverse Splits
    • 17.5 Specialized Dividend Plans
      • Stock Repurchase
      • Dividend Reinvestment Plans
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case East Coast Warehouse Club
  • Chapter 18. International Financial Management
    • 18.1 Managing Multinational Operations
      • Cultural Risk
      • Business Risk
      • Political Risk
      • Finance Follies Rino International
    • 18.2 Foreign Exchange
      • Purchasing Power Parity
      • Currency Exchange Rates
      • Cross Rates
      • Arbitrage Opportunities
      • Forward Rates
      • Using Forward Rates
      • Changing Spot Rates
    • 18.3 Transaction, Operating, and Translation Exposures
      • Transaction Exposure
      • Operating Exposure
      • Translation Exposure
    • 18.4 Foreign Investment Decisions
    • Key Terms
    • Questions
    • Prepping for Exams
    • Problems
    • Advanced Problems for Spreadsheet Application
    • Mini-Case Scholastic Travel Services, Inc.
• Appendix 1. Future Value Interest Factors
• Appendix 2. Present Value Interest Factors
• Appendix 3. Future Value Interest Factors of an Annuity
• Appendix 4. Present Value Interest Factors of an Annuity
• Appendix 5. Answers to Prepping for Exam Questions
• Glossary
• Index

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