Preface
Chapter1
AnIntroductiontothe.FoundationsofFinancialManagement--TheTiesThatBind
GoaloftheFirm
LegalFormsofBusinessOrganization
FederalIncomeTaxation
TenAxiomsThatFormtheFoundationsofFinancialManagement
Axiom1:TheRisk-ReturnTrade-off--WeWon''tTakeOnAdditionalRiskUnlessWeExpecttoBeCompensatedwith
AdditionalReturn
Axiom2:TheTimeValueofMoney--ADollarReceivedTodayIsWorthMoreThanaDollarReceivedintheFuture
Axiom3:Cash--NotProfits--IsKing
Axiom4:IncrementalCashFlows--It''sOnlyWhatChangesThatCounts
Axiom5:TheCurseofCompetitiveMarkets-WhyIt''sHardtoFindExceptionallyProfitableProjects
Axiom6:EfficientCapitalMarkets--TheMarketsAreQuickandthePricesAreRight
Axiom7:TheAgencyProblem--ManagersWon''tWorkfortheOwnersUnlessIt''sinTheirBestInterest
Axiom8:TaxesBiasBusinessDecisions
Axiom9:AllRiskIsNotEqual--SomeRiskCanBeDiversifiedAway,andSomeCannot
Axiom10:EthicalBehaviorIsDoingtheRightThing,andEthicalDilemmasAreEverywhereinFinance
OverviewoftheText20
Chapter2
TheFinancialMarketsandInterestRates
TheMixofCorporateSecuritiesSoldintheCapitalMarket
WhyFinancialMarketsExist
FinancingofBusiness:TheMovementofFundsthroughthe
Economy
ComponentsoftheU.S.FinancialMarketSystem
TheInvestmentBanker
PrivatePlacements
FlotationCosts
Regulation
MoreRecentRegulatoryDevelopments
RatesofReturnintheFinancialMarkets
InterestRateDeterminantsinaNutshell
TheTermStructureofInterestRates
Chapter3
EvaluatingaFirm''sFinancialPerformance
andMeasuringCashFlow
BasicFinancialStatements
FinancialRatioAnalysis
TheDuPontAnalysis:AnIntegrativeApproachtoRatioAnalysis
Chapter4
FinancialForecasting,Planning,andBudgeting
FinancialForecasting
FinancialPlanningandBudgeting
ComputerizedFinancialPlanning
chapter5
TheTimeValueofMoney
CompoundInterest
PresentValue
Annuities
AnnuitiesDue
CompoundInterestwithNonannualPeriods
PresentValueofanUnevenStream
Perpetuities
Chapter6
ValuationandCharacteristicsofBonds
TypesofBonds
TerminologyandCharacteristicsofBonds
DefinitionsofValue
Valuation:AnOverview
Valuation:TheBasicProcess
BondValuation
TheBondholder''sExpectedRateofReturn YieldtoMaturity
BondValuation:ThreeImportantRelationships
Chapter7
ValuationandCharacteristicsofStock
PreferredStock
CommonStock
TheStockholder''sExpectedRateofReturn
Chapter8
TheMeaningandMeasurement
ofRiskandReturn
ExpectedReturnDefinedandMeasured
RiskDefinedandMeasured
RatesofReturn:TheInvestor''sExperience
RiskandDiversification
TheInvestor''sRequiredRateofReturn
TheFamaandFrenchAttackontheCAPM
Chapter9
Capital-BudgetingTechniquesandPractice
FindingProfitableProjects
Capital-BudgetingDecisionCriteria
CapitalRationing
ProblemsinProjectRanking--CapitalRationing,Mutually
ExclusiveProjects,andProblemswiththeIRR
EthicsinCapitalBudgeting
AGlanceatActualCapital-BudgetingPractices
Chapter10
CashFlowsandOtherTopicsinCapitalBudgeting
GuidelinesforCapitalBudgeting
MeasuringaProject''sBenefitsandCosts
RiskandtheInvestmentDecision
IncorporatingRiskintoCapitalBudgeting
ExaminingaProject''sRiskthroughSimulation
Chapter11
CostofCapital
TheCostofCapital:KeyDefinitionsandConcepts
DeterminingIndividualCostsofCapital
TheWeightedAverageCostofCapital
CalculatingDivisionalCostsofCapital:PepsiCo,Inc.
UsingaFirm''sCostofCapitaltoEvaluate
NewCapitalInvestments
Chapter12
DeterminingtheFinancingMix
BusinessandFinancialRisk
BreakevenAnalysis
OperatingLeverage
FinancialLeverage
CombinationofOperatingandFinancialLeverage
PlanningtheFinancingMix
AQuickLookatCapitalStructureTheory
BasicToolsofCapitalStructureManagement
AGlanceatActualCapitalStructureManagement
Chapter13
DividendPolicyandInternalFinancing
KeyTerms
DoesDividendPolicyAffectStockPrice
TheDividendDecisioninPractice
DividendPaymentProcedures
StockDividendsandStockSplits
StockRepurchases
Chapter14
IntroductiontoWorking-CapitalManagement
ManagingCurrentAssetsandLiabilities
AppropriateLevelofWorkingCapital
EstimationoftheCostofShort-TermCredit
SourcesofShort-TermCredit
Chapter15
LiquidAssetManagement
WhyaCompanyHoldsCash
CashManagementObjectivesandDecisions
CollectionandDisbursementProcedures
EvaluationofCostsofCashManagementServices
CompositionofMarketable-SecuritiesPortfolio
Accounts-ReceivableManagement
InventoryManagement
Chapter16
InternationalBusinessFinance
TheGlobalizationofProductandFinancialMarkets
ExchangeRates
Interest-RateParityTheory
Purchasing-PowerParityTheory
ExposuretoExchangeRateRisk
MultinationalWorking-CapitalManagement
InternationalFinancingandCapitalStructureDecisions
DirectForeignInvestment
Chapter17
ChangesandChallengesinFinance
RecentInnovationsinRiskManagement
Financeinthe''90s:TheConsequencesofFinancialInnovation
inCorporateRestructuring
RecentInnovationsinRaisingCapital:HybridSecurities
TheAgencyProblem:ChangesandChallenges
TheCAPMandMarketEfficiency:TheChallengesfrom
Academia
Appendixes
AppendixA:UsingaCalculator
AppendixB:CompoundSumof$1
AppendixC:PresentValueof$1
AppendixD:SumofanAnnuityof$1fornPeriods
AppendixE:PresentValueofanAnnuityof$1fornperiods
AppendixF:CheckFiguresforSelected
End-of-ChapterStudyProblems
Glossary
Index
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