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Understanding Financial Management

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504 pages
Designed for those who want to gain an understanding of the fundamental concepts and techniques used in financial management. An underlying premise of the book is that the objective of the firm is to maximize value or wealth. Drawing on a wealth of experience in the academic and professional worlds, the authors discuss how firms can accomplish this objective by making appropriate investment and financing decisions.

Bridging the gap between financial theory and practice, the authors present fundamental concepts in an intuitive and nontechnical way, and provide numerous practical financial tips to readers. The focus is on current practice, using results from recent surveys to show the most popular techniques and approaches used by financial managers today.

A range of instructor’s resources are available at the accompanying website. Visit www.blackwellpublishing.com/baker for full details.

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Contents
List of Figures List of Tables About the Authors Preface Acknowledgments
Part I
The Foundation
Chapter 1 Introduction to Financial Management 1.1 Financial Management and the Financial Manager 1.2 Corporate Form of Business Organization 1.3 The Goal of Financial Management 1.4 Accounting Profit versus Economic Profit 1.5 The Agency Relationship 1.6 Organization of the Book
Chapter 2 Interpreting Financial Statements 2.1 Basics of Annual Reports and Financial Statements 2.2 Balance Sheet 2.3 Income Statement 2.4 Statement of Cash Flows 2.5 Statement of Retained Earnings 2.6 Common-size Statements 2.7 Notes to Financial Statements 2.8 Quality of Earnings 2.9 Other Issues
ix xi xiv xvi xx
1
3 4 8 10 12 14 15
18 18 20 25 31 35 35 39 40 41
vi CONTENTS Chapter 3 Interpreting Financial Ratios 3.1 Financial Ratio Analysis 3.2 Liquidity Ratios 3.3 Debt Management Ratios 3.4 Asset Management Ratios 3.5 Profitability Ratios 3.6 Market Value Ratios 3.7 Uses of Financial Ratios 3.8 Limitations of Financial Ratio Analysis
Chapter 4 The Time Value of Money 4.1 Central Concepts in Finance 4.2 Future Value of a Present Amount 4.3 Present Value of a Future Amount 4.4 Future Value of an Annuity 4.5 Present Value of an Annuity 4.6 Present Value of a Perpetuity 4.7 Compounding Frequencies 4.8 Nominal and Effective Interest Rates 4.9 Solving for an Unknown Interest Rate 4.10 Other Time Value Applications
Chapter 5 Valuation 5.1 Valuation Fundamentals 5.2 Bond Characteristics and Features 5.3 Bond Valuation 5.4 Bond Pricing Relationships 5.5 Interest Rate Risk 5.6 Bond Yields 5.7 Bond Trading and Price Reporting 5.8 Preferred Stock Features and Valuation 5.9 Common Stock Characteristics and Features 5.10 Common Stock Valuation
Part II
Working Capital Management Decisions
Chapter 6 Working Capital Management 6.1 Introduction to Working Capital Management 6.2 Approaches to Working Capital Management 6.3 Operating and Cash Conversion Cycles 6.4 Cash Management
45 46 47 52 56 61 66 69 70
73 74 75 80 83 86 91 91 94 95 98
103 104 110 115 121 126 129 134 136 140 142
155
157 158 159 163 165
6.5 6.6
Accounts Receivable Management Inventory Management
Part III
Longterm Investment Decisions
Chapter 7 Capital Investments and Cash Flow Analysis 7.1 Capital Investment Decisions 7.2 Project Classifications 7.3 Capital Budgeting Process 7.4 Guidelines for Estimating Project Cash Flows 7.5 Cash Flow Components 7.6 Tax Effects of Selling Depreciable Assets 7.7 Applying Cash Flow Analysis 7.8 Capital Budgeting for the Multinational Corporation
Chapter 8 Capital Budgeting 8.1 Project Classifications and Analysis 8.2 Net Present Value 8.3 Profitability Index 8.4 Internal Rate of Return 8.5 Modified Internal Rate of Return 8.6 Payback Period 8.7 Discounted Payback Period 8.8 Summary of Capital Budgeting Techniques 8.9 Mutually Exclusive Project Decisions 8.10 Capital Rationing Decisions 8.11 Capital Budgeting Techniques in Theory and Practice
Chapter 9 Risk Analysis 9.1 Types of Risk in Capital Budgeting 9.2 Assessing Single-Project Risk 9.3 Assessing Market Risk 9.4 Adjusting for Risk 9.5 Risk Analysis in Multinational Corporations 9.6 Risk Analysis in Theory and Practice
Part IV
Longterm Financing Decisions
Chapter 10 Raising Funds and Cost of Capital 10.1 Financial Markets 10.2 Investment Banks
CONTENTS
vii 177 181
189
191 192 194 195 199 205 214 217 221
227 228 230 235 238 242 246 250 252 254 269 272
278 279 285 294 302 313 315
321
323 324 327
viii 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 10.11
CONTENTS
The Decision to Go Public Different Methods of Issuing New Securities Public Offer Private Placement Costs of Issuing New Securities Cost of Capital Concept Cost of Capital Components Weighted Average Cost of Capital Marginal Cost of Capital
Chapter 11 Capital Structure 11.1 The Financing Mix 11.2 Understanding Financial Risk 11.3 Capital Structure and the Value of the Firm 11.4 Modigliani–Miller Theorem with Corporate Taxes 11.5 The Costs of Financial Distress 11.6 Tradeoff Theory of Optimal Capital Structure 11.7 Pecking Order Theory of Capital Structure 11.8 Stakeholder Theory of Capital Structure 11.9 Capital Structure in Practice 11.10 Bankruptcy
Chapter 12 Dividend Policy 12.1 Dividends and Dividend Policy 12.2 The Dividend Puzzle 12.3 Factors Influencing the Dividend Decision 12.4 Dividend Policies 12.5 Stock Repurchases 12.6 Cash Dividends versus Stock Repurchases 12.7 Dividend Reinvestment Plans 12.8 Stock Dividends 12.9 Stock Splits and Reverse Splits
Glossary Index
328 331 335 339 341 342 345 358 361
369 370 371 375 381 386 388 391 394 396 397
401 402 407 417 423 429 434 436 440 446
453 469