Fundamentals of financial management / / James C. Van Horne, John M. Wachowicz, Jr

• Record Nr.: UNINA9910150241903321
• Autore: Van Horne James C.
• Pubbl/distr/stampa: Harlow, England ; ; New York, New York : , : Financial Times/Prentice Hall, , [2008]
• ISBN: 1-282-53029-1; 9786612530296; 0-273-73801-1
• Edizione: [Thirteenth edition.]
• Descrizione fisica: 1 online resource (719 pages) : illustrations (some color)
• Disciplina: 658.15
• Soggetti: Corporations - Finance; Business enterprises - Finance
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes index.
• Nota di contenuto: Cover -- Fundamentals of Financial Management -- Brief Contents -- Contents -- Acknowledgements -- Preface -- Part 1 Introduction to Financial Management -- The Role of Financial Management -- Objectives -- Introduction -- What Is Financial Management? -- The Goal of the Firm -- Corporate Governance -- Organization of the Financial Management Function -- Organization of the Book -- Key Learning Points -- Questions -- Selected References -- The Business, Tax, and Financial Environments -- Objectives -- The Business Environment -- The Tax Environment -- The Financial Environment -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 2 Valuation -- The Time Value of Money -- Objectives -- The Interest Rate -- Simple Interest -- Compound Interest -- Compounding More Than Once a Year -- Amortizing a Loan -- Summary Table of Key Compound Interest Formulas -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- The Valuation of Long-Term Securities -- Objectives -- Distinctions Among Valuation Concepts -- Bond Valuation -- Preferred Stock Valuation -- Common Stock Valuation -- Rates of Return (or Yields) -- Summary ; Table of Key Present Value Formulas for Valuing Long-Term Securities -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Risk and Return -- Objectives -- Defining Risk and Return -- Using Probability Distributions to Measure Risk -- Attitudes Toward Risk -- Risk and Return in a Portfolio Context -- Diversification -- The Capital-Asset Pricing Model (CAPM) -- Efficient Financial Markets -- Key Learning Points -- Appendix A: Measuring Portfolio Risk.; Appendix B: Arbitrage Pricing Theory -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 3 Tools of Financial Analysis and Planning -- Financial Statement Analysis -- Objectives -- Financial Statements -- A Possible Framework for Analysis -- Balance Sheet Ratios -- Income Statement and Income Statement/Balance Sheet Ratios -- Trend Analysis -- Common-Size and Index Analysis -- Key Learning Points -- Summary of Key Ratios -- Appendix: Deferred Taxes and Financial Analysis -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Funds Analysis, Cash-Flow Analysis, and Financial Planning -- Objectives -- Flow of Funds (Sources and Uses) Statement -- Accounting Statement of Cash Flows -- Cash-Flow Forecasting -- Range of Cash-Flow Estimates -- Forecasting Financial Statements -- Key Learning Points -- Appendix: Sustainable Growth Modeling -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 4 Working Capital Management -- Overview of Working Capital Management -- Objectives -- Introduction -- Working Capital Issues -- Financing Current Assets: Short-Term and Long-Term Mix -- Combining Liability Structure and Current Asset Decisions -- Key Learning Points -- Questions -- Self-Correction Problem -- Problems -- Solutions to Self-Correction Problem -- Selected References -- Cash and Marketable Securities Management -- Objectives -- Motives for Holding Cash -- Speeding Up Cash Receipts -- S-l-o-w-i-n-g D-o-w-n Cash Payouts -- Electronic Commerce -- Outsourcing -- Cash Balances to Maintain -- Investment in Marketable Securities -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems.; Selected References -- Accounts Receivable and Inventory Management -- Objectives -- Credit and Collection Policies -- Analyzing the Credit Applicant -- Inventory Management and Control -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Short-Term Financing -- Objectives -- Spontaneous Financing -- Negotiated Financing -- Factoring Accounts Receivable -- Composition of Short-Term Financing -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 5 Investment in Capital Assets -- Capital Budgeting and Estimating Cash Flows -- Objectives -- The Capital Budgeting Process: An Overview -- Generating Investment Project Proposals -- Estimating Project "After-Tax Incremental Operating Cash Flows" -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Capital Budgeting Techniques -- Objectives -- Project Evaluation and Selection: Alternative Methods -- Potential Difficulties -- Project Monitoring: Progress Reviews and Post-Completion Audits -- Key Learning Points -- Appendix A: Multiple Internal Rates of Return -- Appendix B: Replacement Chain Analysis -- ; Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Risk and Managerial (Real) Options in Capital Budgeting -- Objectives -- The Problem of Project Risk -- Total Project Risk -- Contribution to Total Firm Risk: Firm-Portfolio Approach -- Managerial (Real) Options -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 6 The Cost of Capital, Capital Structure, and Dividend Policy.; Required Returns and the Cost of Capital -- Objectives -- Creation of Value -- Overall Cost of Capital of the Firm -- The CAPM: Project-Specific and Group-Specific Required Rates of Return -- Evaluation of Projects on the Basis of Their Total Risk -- Key Learning Points -- Appendix A: Adjusting the Beta for Financial Leverage -- Appendix B: Adjusted Present Value -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Operating and Financial Leverage -- Objectives -- Operating Leverage -- Financial Leverage -- Total Leverage -- Cash-Flow Ability to Service Debt -- Other Methods of Analysis -- Combination of Methods -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Capital Structure Determination -- Objectives -- A Conceptual Look -- The Total-Value Principle -- Presence of Market Imperfections and Incentive Issues -- The Effect of Taxes -- Taxes and Market Imperfections Combined -- Financial Signaling -- Timing and Financial Flexibility -- Financing Checklist -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Dividend Policy -- Objectives -- Passive versus Active Dividend Policies -- Factors Influencing Dividend Policy -- Dividend Stability -- Stock Dividends and Stock Splits -- Stock Repurchase -- Administrative Considerations -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 7 Intermediate and Long-Term Financing -- The Capital Market -- Objectives -- Déjà Vu All Over Again -- Public Issue -- Privileged Subscription -- Regulation of Security Offerings -- Private Placement -- Initial Financing.; Signaling Effects -- The Secondary Market -- Key Learning Points -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Long-Term Debt, Preferred Stock, and Common Stock -- Objectives -- Bonds and Their Features -- Types of Long-Term Debt Instruments -- Retirement of Bonds -- Preferred Stock and Its Features -- Common Stock and Its Features -- Rights of Common Shareholders -- Dual-Class Common Stock -- Key Learning Points -- Appendix: Refunding a Bond Issue -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Term Loans and Leases -- Objectives -- Term Loans -- Provisions of Loan Agreements -- Equipment Financing -- Lease Financing -- Evaluating Lease Financing in Relation to Debt Financing -- Key Learning Points -- Appendix: Accounting Treatment of Leases -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Part 8 Special Areas of Financial Management -- Convertibles, Exchangeables, and Warrants -- Objectives -- Convertible Securities -- Value of Convertible Securities -- Exchangeable Bonds -- Warrants -- Key Learning Points -- Appendix: Option Pricing -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems -- Selected References -- Mergers and Other Forms of Corporate Restructuring -- ; Objectives -- Sources of Value -- Strategic Acquisitions Involving Common Stock -- Acquisitions and Capital Budgeting -- Closing the Deal -- Takeovers, Tender Offers, and Defenses -- Strategic Alliances -- Divestiture -- Ownership Restructuring -- Leveraged Buyouts -- Key Learning Points -- Appendix: Remedies for a Failing Company -- Questions -- Self-Correction Problems -- Problems -- Solutions to Self-Correction Problems.; Selected References.
• Sommario/riassunto: A practical introduction to understanding the Financial Management of companies in today’s rapidly changing business world. Maintaining its dedication to the financial decision-making process and the analysis of value creation, this new 13th edition develops a more international scope and introduces new topics into the debate. Current discussions on corporate governance, ethical dilemmas, globalization of finance, strategic alliances and the growth of outsourcing have been added with examples and boxed features to aid understanding and provide a more global perspective of financial managementThis book is particularly well-suited to introductory courses in financial management, for a professional qualification and as a reference for practitioners. On the reading list for Association of Chartered Certified Accountants (ACCA) Qualification Paper (F9) Financial Management. Suggested reading for Certified Management Accountant (CMA) examination.&nbsp.