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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.
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Financial management and policy / James C. Van Horne
