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Finance,9780764134203

Finance

by
Edition:
5th
ISBN13:

9780764134203

ISBN10:
0764134205
Format:
Paperback
Pub. Date:
7/1/2006
Publisher(s):
Barrons Educational Series Inc
List Price: $18.99

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Summary

Books in this series are intended mainly for classroom use. They makexcellent supplements to main texts when included in college-level businessourses. In adult education and business brush-up programs they can serve asain textbooks. All titles in this series include review questions withnswers. Topics covered in this updated volume include capital budgeting andanagement, risk/return analysis of investment decisions, corporate mergers,nd much more.

Table of Contents

Preface xi
Introduction
What is Finance All About?
3(21)
The Manager as an Agent
6(1)
Risk Versus Profits
7(3)
Essential Skills of Financial Management
10(4)
Understanding Economic Factors
10(3)
Importance of Accounting
13(1)
Globalization of the Firm
14(2)
Implications of Outsourcing
16(1)
Public Responsibility and Financial Management
17(2)
Goals of Financial Planning
19(1)
Know the Concepts
20(1)
Answers
21(3)
Business Types and Taxation Methods
24(27)
Forms of Business Organizations
25(2)
Basics of Taxation
27(15)
Federal Income Tax for Individuals
28(7)
Corporate Taxation
35(2)
Basics of Depreciation
37(1)
Major Methods of Depreciation
37(4)
S Corporations and Tax Advantages
41(1)
Small Business Administration (SBA)
42(1)
Know the Concepts
42(1)
Practical Application
43(2)
Answers
45(6)
VALUATION (TIME AND RISK)
The Value of Money Over Time
51(24)
Why the Value of Money Changes over Time
51(2)
Future Value and Compound Interest
53(6)
Present Value and Discount Rates
59(9)
Present Value of an Annuity
63(2)
Present Value of Variable Cash Flows
65(1)
Present Value of Perpetuities
65(3)
Interim-Year Compounding
68(2)
Calculating Growth Rates
70(1)
Know the Concepts
71(1)
Practical Application
71(2)
Answers
73(2)
Risk and Return
75(44)
Relationship Between Risk and Return
76(7)
Measuring Return
78(2)
Measuring Risk
80(3)
Calculating Expected Returns and Risks of Uncertain Projects
83(11)
Portfolio Risk
89(5)
Measuring Risk and Return with the Capital Asset Pricing Model (CAPM)
94(5)
The Security Market Line (SML)
99(3)
Keeping the CAPM and SML in Perspective
102(1)
Arbitrage Pricing Theory
103(9)
Taking Advantage of the Efficient Market
105(2)
Divisional Risk and Returns
107(5)
Know the Concepts
112(1)
Practical Application
113(2)
Answers
115(4)
Valuation Methods
119(20)
The Concept of Value
119(8)
Valuation of Bonds
120(2)
Valuation of Preferred Stock
122(1)
Valuation of Common Stock
123(4)
Using Price Multiples
127(1)
Using the CAPM in Valuation Methods
128(1)
Free Cash Flow
129(2)
Know the Concepts
131(1)
Practical Application
132(1)
Answers
133(6)
INTRODUCTION TO INVESTMENT POLICY: CAPITAL BUDGETING
Capital Budgeting: Preliminary Steps
139(16)
What Is Capital Budgeting?
139(2)
Determining Initial Costs
141(4)
Determining Incremental Cash Flow
145(3)
Know the Concepts
148(1)
Practical Application
149(2)
Answers
151(4)
Capital Budgeting Methods: With No Risk
155(19)
Average Rate of Return (ARR)
156(1)
Payback Period
157(2)
Net Present Value (NPV)
159(2)
Profitability Index (PI)
161(2)
Internal Rate of Return (IRR)
163(3)
Why the NPV and IRR Sometimes Select Different Projects
166(1)
When Are the NPV and IRR Reliable?
167(1)
Know the Concepts
167(1)
Practical Application
168(2)
Answers
170(4)
Capital Budgeting Methods: With Risk
174(21)
Risk in Capital Budgeting
174(1)
Certainty Equivalent Approach (CEA)
175(2)
Sensitivity Analysis
177(1)
The CAPM in Capital Budgeting
178(2)
Simulation Techniques
180(2)
Adjusting for Inflation
182(2)
Know the Concepts
184(1)
Practical Application
184(3)
Answers
187(8)
INVESTING, FINANCING, AND DIVIDEND DECISIONS
Cost of Capital
195(38)
Basic Concepts
195(5)
Cost of Capital as a Benchmark for Investment Decisions
196(1)
Cost of Capital as a Measure of Profitability
196(4)
Using Internal and External Sources to Raise Capital
200(1)
Risk and the Cost of Capital
200(13)
Cost of Long-Term Debt
202(5)
Cost of Preferred Stock
207(1)
Cost of Common Stock
208(2)
CAPM and the Cost of Common Stock
210(2)
Cost of Retained Earnings
212(1)
Measuring the Weighted Average Cost of Capital (WACC)
213(4)
Measuring the Weighted Marginal Cost of Capital (WMCC)
217(5)
CAPM and the Cost of Capital
220(2)
Divisional Cost of Capital
222(2)
Globalization and the Cost of Capital
224(1)
Know the Concepts
225(2)
Practical Application
227(1)
Answers
228(5)
Capital Structure
233(29)
Basic Concepts
233(4)
Explaining Financial Leverage
234(3)
Capital Structure
237(5)
Capital Structure and Value of the Firm's Stock
237(3)
Capital Structure and the Total Value of the Firm
240(2)
Capital Structure Controversy
242(13)
The Net Income (NI) Approach
243(1)
The Net Operating Income (NOI) Approach
244(2)
The Modigliani-Miller Theory
246(2)
MM Model with Corporate Taxes
248(1)
Current Interpretation of Capital Structure
249(6)
Know the Concepts
255(1)
Practical Application
256(1)
Answers
257(5)
Dividend Policy
262(39)
Significance of Dividend Policy
262(1)
Role of Dividends in the Valuation Process
263(11)
Noncash Dividend Payouts
269(1)
Effects of Noncash Dividends on the Balance Sheet
270(2)
Limitations on Dividend Payments
272(2)
Dividend Policy and the Price of Stocks
274(13)
The Net Residual Approach
278(3)
Free Cash Flow Approach to Valuation
281(1)
Earnings Approach to Stock Valuation
282(5)
Stock Repurchases
287(3)
Why Buy Back Stock?
287(3)
Know the Concepts
290(2)
Practical Application
292(1)
Answers
293(8)
INVESTMENT DECISIONS BASED ON FINANCIAL DERIVATIVES
Options and Futures
301(36)
Options
303(8)
How Calls and Puts Work
305(3)
Option Valuation and the Black and Scholes Model
308(3)
The Binomial Model
311(6)
Futures
317(9)
Know the Concepts
326(1)
Practical Application
327(1)
Answers
328(9)
SHORT- AND LONG-TERM CAPITAL SOURCES
Leases
337(20)
Basics of Leasing
337(3)
Types of Leases
340(2)
FASB and IRS Rules
341(1)
Is a Lease an Asset or a Liability?
342(1)
Cash Flows of a Lease
342(9)
Calculating Annual Rental Charges
344(3)
Lease Versus Purchase: A Present Value Approach
347(4)
Know the Concepts
351(1)
Practical Application
352(1)
Answers
353(4)
Warrants and Convertibles
357(19)
Warrants
358(5)
Theoretical Value of Warrants
358(2)
The Leverage Effect
360(1)
Fair Value of Warrants (FVw)
360(3)
What Happens When Warrants Are Exercised
363(1)
Convertible Bonds
363(7)
Value of Convertibles
364(4)
Benefits to the Firm
368(1)
Differences Between Warrants and Convertible Bonds
369(1)
Know the Concepts
370(1)
Practical Application
371(1)
Answers
372(4)
Short- and Long-Term Financing
376(39)
Short-Term Financing
377(7)
The Cash Cycle
384(2)
Long-Term Financing
386(1)
Bond Financing
387(1)
Interest Rate Determination
387(4)
The Timing of Financing Strategies
391(10)
The Zero Coupon Bond Alternative
392(2)
Common Stock Features
394(7)
Know the Concepts
401(2)
Practical Application
403(1)
Answers
404(11)
INTRODUCTION TO FINANCIAL ANALYSIS
Financial Planning
415(16)
The Importance of Financial Planning
415(1)
Methods to Estimate Needs
416(5)
Analysis of Sources and Uses of Funds
421(4)
Know the Concepts
425(1)
Practical Application
425(1)
Answers
426(5)
MANAGING WORKING CAPITAL
Financing Working Capital
431(16)
Managing Current Assets
431(3)
Managing Accounts Receivable
434(3)
Managing Inventory
437(3)
Managing Accounts Payable
440(2)
Know the Concepts
442(1)
Practical Application
443(1)
Answers
443(4)
ANALYZING FINANCIAL STATEMENTS
Financial Statements and Ratios
447(46)
Financial Statements
448(9)
Uses of Financial Statements
454(1)
Standardizing Financial Statements
455(2)
Financial Ratios
457(24)
Uses and Types of Ratios
457(17)
Using Ratios to Analyze Performance
474(3)
The Quality of Earnings
477(2)
Limitations of Ratio Analysis
479(2)
Know the Concepts
481(1)
Practical Application
482(2)
Answers
484(9)
SPECIAL TOPICS
Mergers
493(37)
Types of Mergers
494(1)
Why Companies Merge
495(3)
Tax Benefits of Mergers
497(1)
Some Merger Considerations
498(11)
Methods of Acquisition
499(1)
The Theoretical Justification of Mergers
499(9)
Other Considerations in Merger Deals
508(1)
Accounting Aspects of Mergers
509(2)
Anti-Merger Strategies
511(1)
Financing Mergers
512(2)
Do Mergers Work?
514(6)
Mergers in the 1990s
515(1)
Mergers in the 2000s
516(2)
Alternatives to Mergers
518(1)
Corporate Restructuring
519(1)
Tracking Stock and Reverse Mergers
520(2)
Know the Concepts
522(2)
Practical Application
524(1)
Answers
525(5)
Basics of International Finance
530(34)
Introduction to International Finance
531(1)
Understanding Foreign Currency
532(3)
Exchange Rate Appreciation and Depreciation
533(2)
What Determines the Value of a Foreign Currency?
535(2)
Terminology and Concepts
537(5)
Balance of Payments
539(2)
Special Drawing Rights (SDRs)
541(1)
Understanding Foreign Exchange
542(14)
Instruments of Foreign Exchange
543(5)
Arbitrage
548(2)
Interest Rate Options
550(2)
The Future Currency Market
552(2)
International Financial Markets
554(2)
Export Financing
556(4)
Know the Concepts
560(1)
Practical Application
561(1)
Answers
562(2)
Financial Software and the Internet
564(17)
Financial Software Introduction
565(4)
Management Files
565(1)
Spreadsheet Analysis
566(1)
Statistical Packages
566(1)
Math Packages
567(1)
Financial Data Banks
567(2)
The Internet Revolution
569(9)
Cost and Efficiencies
570(1)
Security Trading and Underwriting
571(1)
Other Internet Applications
572(3)
Selected Financial Web Sites
575(3)
Know the Concepts
578(1)
Answers
579(2)
Appendix Tables
581(17)
Table A-1 Future Value Interest Factor
582(4)
Table A-2 Future Value Interest Factor Annuity
586(4)
Table A-3 Present Value Interest Factor
590(4)
Table A-4 Present Value Interest Factor Annuity
594(4)
Glossary 598(12)
Index 610


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