Financial Management: Core Concepts, eBook, Global Edition

Höfundur: Raymond Brooks
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Financial Management: Core Concepts, eBook, Global Edition

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Rafbók til leigu í 90 daga. Útgáfa: 3

Efnisyfirlit

  • Title Page
  • Copyright Page
  • ABOUT THE AUTHOR
  • ACKNOWLEDGMENTS
  • Contents
  • PART 1 Fundamental Concepts and Basic Tools of Finance
    • 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
        • Maximizing Current Stock Price
        • Maximizing Equity Value
      • 1.6 Internal and External Players
      • 1.7 The Legal Forms of Business
        • 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?
        • PUTTING FINANCE TO WORK Now Hiring
        • Key Terms
        • Questions
        • Prepping for Exams
        • MINI-CASE Richardses’ Tree Farm Grows Up
        • Summary Card at end of text
    • 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
        • Summary Card at end of text
    • 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
        • Key Terms
        • Questions
        • Prepping for Exams
        • Problems
        • Advanced Problems for Spreadsheet Application
        • MINI-CASE Richardses’ Tree Farm, Inc.: The Continuing Saga
        • Summary Card at end of text
    • 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
        • Summary Card at end of text
    • 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
        • Summary Card at end of text
  • PART 2 Valuing Stocks and Bonds and Understanding Risk and Return
    • 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
        • PUTTING FINANCE TO WORK Municipal Manager
        • Pricing a U.S. Government Note or Bond
        • Pricing a Treasury Bill
        • Key Terms
        • Questions
        • Prepping for Exams
        • Problems
        • Advanced Problems for Spreadsheet Application
        • MINI-CASE Bay Path Cranberry Products
        • Summary Card at end of text
    • 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
        • Summary Card at end of text
    • 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 Variance and 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
        • Summary Card at end of text
  • PART 3 Capital Budgeting
    • 9 Capital Budgeting Decision Models
      • 9.1 Short-Term and Long-Term Decisions
      • 9.2 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
        • Appropriate Discount Rate or Hurdle Rate
        • Problems with the Internal Rate of Return
        • Multiple Internal Rates of Return
        • PUTTING FINANCE TO WORK Marketing and Sales: Your Product = Your Customer’s Capital Budgeting Deci
        • Reinvestment and Crossover Rates
        • 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
        • Summary Card at end of text
    • 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
        • Summary Card at end of text
    • 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
        • Individual 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
        • Summary Card at end of text
  • PART 4 Financial Planning and Evaluating Performance
    • 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
        • Summary Card at end of text
    • 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 Disbursement Float (Lengthening the Lag Time)
      • 13.4 Inventory Management: Carrying Costs and Ordering Costs
        • ABC Inventory Management
        • Redundant Inventory Items
        • Economic Order Quantity
      • 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
        • Summary Card at end of text
    • 14 Financial Ratios and Firm Performance
      • 14.1 Financial Statements
        • Benchmarking
      • 14.2 Financial Ratios
        • Short-Term Solvency: Liquidity Ratios
        • Long-Term Solvency: Solvency or 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 FOLLIEE 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
        • Summary Card at end of text
  • PART 5 Other Selected Finance Topics
    • 15 Raising Capital
      • 15.1 The Business Life Cycle
      • 15.2 Borrowing for a Start-Up and 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: 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
        • Summary Card at end of text
    • 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
        • Static Theory of 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?
        • Summary Card at end of text
    • 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
        • Dividend Policy in a World of No Taxes and No Transaction Costs
        • 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
        • Summary Card at end of text
    • 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.
        • Summary Card at end of text
  • 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
    • A
    • B
    • C
    • D
    • E
    • F
    • G
    • H
    • I
    • J
    • L
    • M
    • N
    • O
    • P
    • Q
    • R
    • S
    • T
    • U
    • V
    • W
    • Y
    • Z
  • Index
    • A
    • B
    • C
    • D
    • E
    • F
    • G
    • H
    • I
    • J
    • L
    • M
    • N
    • O
    • P
    • Q
    • R
    • S
    • T
    • U
    • V
    • W
    • Y
    • Z
  • Credits

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