Financial management : an introduction to principles and practice

This text represents a unique approach to introductory corporate finance. Although many texts have embraced the theme of shareholder wealth maximization, this book thoroughly carries out this theme in a uniquely consistent and unified fashion. It establishes the notion that a discounted cash flow mode captures the market valuation process. It then applies this concept of valuation not only to the typical analysis of capital expenditure decisions and cost of capital, but also to working capital management, financial budgeting and planning, and international financing and investing decisions. Additionally, this text is further differentiated by superior, substantive, and systematic treatment of the investing and financing decisions of multinational firms as part of the core managerial process.

The Nature of Financial Management

The Accounting Environment: Financial Statements

The External Environment: The Financial System

The External Environment: International Financial Markets

Part II Valuation Principles

Money, Time, and Value

Investment Value and Required Rates of Return

The Valuation of Securities

International Financial Valuation

Part III Long-Term Investment Decisions

Capital Expenditure

Decision Rules

Capital Investment

Cash Flows Risk

Analysis in Capital Budgeting

Part IV Long-Term Financing Choices

Debt Forms of Financing

Equity Forms of Financing

Financial Leverage

The Cost of Capital and the Required Rate of Return

Dividend Policy and Financial Strategy

Part V Short-Term Financial Management

Working Capital Policy

Short-Term Financing Decisions

Management of Cash and Marketable Securities

Management of Accounts Receivable and Inventory

Part VII Further Applications In Financial Management

Financial Planning and Corporate Growth

Corporate Restructurings

Managing Financial Distress

International Financing and Investing

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Summary

Summary

Table of Contents