Информационный центр "Центральный Дом Знаний"
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Brealey A. / Myers C. / Marcus J. Fundamentals Of Corporate Finance, Third EditionBrealey A. / Myers C. / Marcus J. Fundamentals Of Corporate Finance, Third Edition Contents: Section 1 The Firm and the Financial Manager 3 Organizing a Business 4 Sole Proprietorships 4 Partnerships 5 Corporations 5 Hybrid Forms of Business Organization 6 The Role of the Financial Manager 7 The Capital Budgeting Decision 8 The Financing Decision 9 Financial Institutions and Markets 10 Financial Institutions 10 Financial Markets 11 Other Functions of Financial Markets and Institutions 12 Who Is the Financial Manager? 13 Careers in Finance 15 Goals of the Corporation 17 Shareholders Want Managers to Maximize Market Value 17 Ethics and Management Objectives 19 Do Managers Really Maximize Firm Value? 21 Snippets of History 25 Summary 25 Related Web Links 28 Key Terms 28 Quiz 28 Practice Problems 29 Solutions to Self-Test Questions 31 The Time Value of Money 33 Future Values and Compound Interest 34 Present Values 38 Finding the Interest Rate 44 Multiple Cash Flows 46 Future Value of Multiple Cash Flows 46 Present Value of Multiple Cash Flows 49 Level Cash Flows: Perpetuities and Annuities 50 How to Value Perpetuities 50 How to Value Annuities 51 Annuities Due 54 Future Value of an Annuity 57 Inflation and the Time Value of Money 61 Real versus Nominal Cash Flows 61 Inflation and Interest Rates 63 Valuing Real Cash Payments 65 Real or Nominal? 67 Effective Annual Interest Rates 67 Summary 69 Related Web Links 69 Key Terms 70 Quiz 70 Practice Problems 72 Challenge Problems 75 Solutions to Self-Test Questions 77 Minicase 79 inancial Planning 81 What Is Financial Planning? 82 Financial Planning Focuses on the Big Picture 83 Financial Planning Is Not Just Forecasting 84 Three Requirements for Effective Planning 84 Financial Planning Models 86 Components of a Financial Planning Model 87 An Example of a Planning Model 88 An Improved Model 89 Planners Beware 93 Pitfalls in Model Design 93 The Assumption in Percentage of Sales Models 94 The Role of Financial Planning Models 95 External Financing and Growth 96 Summary 100 Related Web Links 101 Key Terms 101 Quiz 101 Practice Problems 102 Challenge Problems 106 Solutions to Self-Test Questions 106 Accounting and Finance 111 The Balance Sheet 112 Book Values and Market Values 115 The Income Statement 117 Profits versus Cash Flow 118 The Statement of Cash Flows 119 Accounting for Differences 121 Taxes 123 Corporate Tax 123 Personal Tax 125 Summary 126 Related Web Links 127 Key Terms 127 Quiz 127 Practice Problems 128 Challenge Problem 131 Solutions to Self-Test Questions 131 Financial Statement Analysis 133 Financial Ratios 134 Leverage Ratios 138 Liquidity Ratios 139 Efficiency Ratios 141 Profitability Ratios 143 The Du Pont System 145 Other Financial Ratios 146 Using Financial Ratios 147 Choosing a Benchmark 147 Measuring Company Performance 150 The Role of Financial Ratios 151 Summary 153 Related Web Links 155 Key Terms 155 Quiz 155 Practice Problems 157 Challenge Problem 158 Solutions to Self-Test Questions 159 Minicase 160 Section 2 Working Capital Management and Short-Term Planning 165 Working Capital 167 The Components of Working Capital 167 Working Capital and the Cash Conversion Cycle 168 The Working Capital Trade-Off 171 Links between Long-Term and Short-Term Financing 172 Tracing Changes in Cash and Working Capital 175 Cash Budgeting 177 Forecast Sources of Cash 177 Forecast Uses of Cash 179 The Cash Balance 179 A Short-Term Financing Plan 180 Options for Short-Term Financing 180 Evaluating the Plan 184 Sources of Short-Term Financing 185 Bank Loans 185 Commercial Paper 186 Secured Loans 186 The Cost of Bank Loans 187 Simple Interest 187 Discount Interest 188 Interest with Compensating Balances 189 Summary 190 Related Web Links 191 Key Terms 191 Quiz 191 Practice Problems 192 Challenge Problem 194 Solutions to Self-Test Questions 195 Minicase 197 Cash and Inventory Management 201 Cash Collection, Disbursement, and Float 202 Float 203 Valuing Float 204 Managing Float 205 Speeding Up Collections 206 Controlling Disbursements 209 Electronic Funds Transfer 210 Inventories and Cash Balances 211 Managing Inventories 212 Managing Inventories of Cash 215 Uncertain Cash Flows 216 Cash Management in the Largest Corporations 217 Investing Idle Cash: The Money Market 218 Summary 219 Related Web Links 220 Key Terms 220 Quiz 220 Practice Problems 221 Challenge Problem 224 Solutions to Self-Test Questions 224 Credit Management and Collection 227 Terms of Sale 229 Credit Agreements 231 Credit Analysis 232 Financial Ratio Analysis 233 Numerical Credit Scoring 233 When to Stop Looking for Clues 234 The Credit Decision 236 Credit Decisions with Repeat Orders 23 7 Some General Principles 238 Collection Policy 239 Bankruptcy 240 Bankruptcy Procedures 241 The Choice between Liquidation and Reorganization 242 Summary 244 Related Web Links 245 Key Terms 245 Quiz 245 Practice Problems 246 Challenge Problems 248 Solutions to Self-Test Questions 249 Minicase 250 Section 3 Valuing Bonds 255 Bond Characteristics 256 Reading the Financial Pages 257 Bond Prices and Yields 259 How Bond Prices Vary with Interest Rates 260 Yield to Maturity versus Current Yield 261 Rate of Return 265 Interest Rate Risk 267 The Yield Curve 268 Nominal and Real Rates of Interest 268 Default Risk 270 Valuations in Corporate Bonds 273 Summary 273 Related Web Links 274 Key Terms 274 Quiz 274 Practice Problems 275 Challenge Problems 277 Solutions to Self-Test Questions 277 Valuing Stocks 279 Stocks and the Stock Market 280 Reading the Stock Market Listings 281 Book Values, Liquidation Values, and Market Values 283 Valuing Common Stocks 287 Today's Price and Tomorrow's Price 287 The Dividend Discount Model 288 Simplifying the Dividend Discount Model 291 The Dividend Discount Model with No Growth 291 The Constant-Growth Dividend Discount Model 292 Estimating Expected Rates of Return 293 Nonconstant Growth 295 Growth Stocks and Income Stocks 296 The Price-Earnings Ratio 298 What Do Earnings Mean? 298 Valuing Entire Businesses 301 Summary 301 Related Web Links 302 Key Terms 302 Quiz 302 Practice Problems 303 Challenge Problems 306 Solutions to Self-Test Questions 307 Introduction to Risk, Return, and the Opportunity Cost of Capital 311 Rates of Return: A Review 312 Seventy-Three Years of Capital Market History 313 Market Indexes 314 The Historical Record 314 Using Historical Evidence to Estimate Today's Cost of Capital 317 Measuring Risk 318 Variance and Standard Deviation 318 A Note on Calculating Variance 322 Measuring the Variation in Stock Returns 322(.....) the firm and the financial manager Organizing a Business Who Is the Financial Sole Proprietorships Manager? Partnerships Careers in Finance Corporations Goals of the Corporation Hybrid Forms of Business Organization Shareholders Want Managers to Maximize Market Value The Role of the Financial Ethics and Management Objectives Manager Do Managers Really Maximize Firm The Capital Budgeting Decision Value? The Financing Decision Snippets of History Financial Institutions and Summary Markets Financial Institutions Financial Markets Other Functions of Financial Markets and Institutions |
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