Financial management: method and meaning
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London u.a.
Chapman & Hall
1991
|
| Edition: | 2. ed. |
| Series: | The Chapman & Hall series in accounting and finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIII, 638 S. graph. Darst. |
| ISBN: | 0412409704 |
Staff View
MARC
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| 100 | 1 | |a Puxty, Anthony G. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Financial management |b method and meaning |c Anthony G. Puxty ; J. C. Dodds |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London u.a. |b Chapman & Hall |c 1991 | |
| 300 | |a XXIII, 638 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| adam_text | Contents
Page
Preface v
1 The Role of Financial Management 1
1.1 The role of the financial manager 1
1.1.1 Allocation 1
1.1.2 Raising of funds 1
1.2 Efficiency 2
1.3 Objectives 3
1.4 The role of the institutional investor 4
1.5 Theories of the firm 4
1.6 The Efficient Market Hypothesis 5
1.6.1 Theories of share prices and investor behaviour 6
1.6.2 The Efficient Market Hypothesis 6
1.7 Corporate planning 6
1.7.1 The stages in corporate planning 7
1.7.2 Philosophies of planning 8
1.7.3 The challenge of technology 8
1.7.4 Gap analysis 8
1.7.5 Internal appraisal 9
1.7.6 External appraisal 9
1.7.7 Choice of strategy 9
1.7.8 Operational plans and budgets 9
1.7.9 Monitoring and evaluation 9
1.8 Objectives of the public sector 10
1.8.1 Value for money 10
1.9.1 Control ratio analysis 11
1.9.2 Ratio groups 11
1.9.3 Ratio pyramids 12
1.9.4 Z scores 20
1.9.5 Developments in Z scores 21
1.9.6 Problems with ratio analysis 21
Summary 21
Exercises 22
2 Sources of Finance: Long term Funds 23
2.1 The capital market 23
2.1.1 The primary and secondary markets 23
2.2 The Stock Exchange 24
2.2.1 The advantages of Stock Exchange listing 24
2.2.2 Disadvantages of listing 24
2.2.3 Stock Exchange requirements for a full listing 24
2.2.4 The prospectus 25
2.3 Equity capital 25
2.3.1 Methods of issuing shares 25
2.3.2 The pricing of issues 28
2.3.3 Underwriting 28
2.3.4 The costs of issues 28
2.3.5 Share issues to existing shareholders 29
CONTENTS vii
2.3.6 Rights issues 29
2.3.7 Scrip issues and scrip dividends 34
2.3.8 Stock splits 35
2.3.9 Share options 35
2.3.10 The determination of an option s price 35
2.3.11 Markets for shares of private companies 36
2.4 Loan capital 36
2.4.1 Debentures 37
2.4.2 Preference shares 37
2.4.3 Convertible loan stock 38
2.4.4 Valuing a convertible loan stock 38
2.4.5 The conversion premium 40
2.4.6 Warrants 40
2.4.7 Why would a company issue warrants or convertibles? 41
2.4.8 Other types of bonds 43
2.4.9 Mezzanine debt and junk bonds 44
2.4.10 Government securities and yield gaps 44
2.5 Bank loans 44
2.6 Other sources of finance 45
2.6.1 Sale and leaseback 45
2.6.2 Mortgages 45
2.6.3 Retained earnings 45
2.6.4 Franchising 45
2.7 Company finance and the government 45
2.7.1 The Loan Guarantee Scheme 46
2.7.2 The Business Expansion Scheme 46
2.8 Small business financing 46
2.8.1 Sources of finance for small companies 46
2.8.2 Problems of small business financing 46
2.8.3 Some solutions 47
2.9 Interest rates 47
2.9.1 Financial market interest rates 47
2.9.2 Nominal and real rates of interest 48
2.9.3 The term structure of interest rates 48
2.9.4 Share prices and interest rates 49
2.10 Swaps 49
2.10.1 Interest rate swaps 49
2.10.2 Currency swaps 50
2.11 Interest rate options 51
Summary 52
Exercises 52
3 Long term Funds: Investors and the Stock Market 53
3.1 Desirable characteristics of primary and secondary markets 53
3.2 Capital market efficiency 54
3.2.1 Empirical evidence for capital market efficiency 55
3.3 Institutional investors 56
3.3.1 Pension funds and insurance companies 56
3.3.2 Unit trusts 56
3.3.3 Investment trust companies 56
3.3.4 Specialist investment institutions 57
3.3.5 Government investment 57
3.4 Venture capital 58
3.4.1 Types of venture capital 58
3.4.2 Sources of venture capital 58
3.5 The Stock Exchange 59
3.5.1 The dealing system 59
viii CONTENTS
3.5.2 Speculation 60
3.5.3 Changes in the Stock Exchange 60
3.6 Option dealing 60
3.7 Over the counter market 62
3.8 Unlisted securities market 62
3.9 The third market 62
Summary 63
Exercises 63
4 Stock Market ratios 64
4.1 Earnings per share 64
4.1.1 Methods of calculating EPS 64
4.1.2 Changes in capital structure 65
4.1.3 Scrip issues 65
4.1.4 Full market price issues 66
4.1.5 Rights issues 66
4.1.6 Fully diluted earnings per share 67
4.2 Price/earnings ratio 71
4.3 Dividend cover 71
4.4 Dividend yield 72
4.5 Earnings yield 72
4.6 Published share information 75
Summary 77
Exercises 77
5 Capital Expenditure Decisions 79
5.1 The payback method 79
5.2 Return On Investment method (ROI) 81
5.3 Compounding and discounting 82
5.4 Net Present Value method (NPV) 82
5.5 Internal Rate of Return method (IRR) 84
5.6 Comparison of NPV and IRR 85
5.7 Which elements should be included in the appraisal? 89
5.8 Dealing with inflation 91
Summary 94
Exercises 95
6 Asset Replacement Decisions 96
6.1 Factors in replacement decisions 96
6.2 Replacement of identical assets 96
6.2.1 Lowest common multiple method 97
6.2.2 Finite horizon method 98
6.2.3 Annual equivalent annuity method 99
6.2.4 The advantages of planned replacement cycles 100
6.3 Replacement of non identical assets 100
6.4 Replacements with unequal component lives 100
6.5 Inflation and replacement decisions 101
Summary 201
Exercises 101
7 An Overview of Investment Appraisal Under Risk and Uncertainty 103
7.1 Investment decisions under conditions of risk and uncertainty 103
7.2 Risk adjusted discount rate 103
7.3 Simulation in the appraisal process 104
7.4 Probability analysis 105
7.5 Decision tree analysis 105
CONTENTS ix
7.6 A general comment on expected values 109
Summary 110
Exercises 110
8 Capital Rationing 112
8.1 Causes of capital rationing 112
8.2 Single period capital rationing 112
8.2.1 The postponement of projects 114
8.2.2 The opportunity cost of capital 115
8.3 Multi period capital rationing 115
8.3.1 Capital rationing and linear programming 115
8.3.2 Reinvestment of returns 117
8.3.3 Capital rationing and dividends 118
8.4 Mutually exclusive projects 119
Summary 119
Exercises 119
9 The Cost of Capital 122
9.1 Cost of capital 122
9.2 Equity capital 122
9.2.1 New issues 122
9.3 The cost of equity capital 123
9.3.1 Gordon s Dividend Growth Model 123
9.3.2 Criticisms of Gordon s Dividend Growth Model 125
9.4 Retained earnings 125
9.4.1 The cost of retained earnings 126
9.4.2 The relationship between retained earnings and share price 126
9.5 Debt capital 127
9.5.1 The cost of debenture capital 127
9.5.2 The effect of taxation on the cost of debt capital 128
9.6 Comparing the cost of different types of capital 129
9.7 The weighted average cost of capital 129
9.7.1 The use of WACC in investment appraisal 131
9.7.2 Weighted Marginal Cost of Capital 133
9.8 Adjustments to Net Present Values (NPV) 133
Summary 134
Exercises 135
10 Gearing 136
10.1 The theoretical capital structure of companies 136
10.1.1 The effect of gearing on shareholders returns 136
10.1.2 The traditional theory of capital structure 136
10.1.3 Modigliani and Miller — the irrelevance of capital structure 137
10.1.4 The effect of gearing on required returns to equity holders 139
10.2 The traditionalists response to Modigliani and Miller 141
10.2.1 Criticisms of Modigliani and Miller s basic model — introducing taxation 141
10.2.2 Introducing bankruptcy costs 142
10.2.3 Direct bankruptcy costs 142
10.2.4 Indirect costs of operating a company in distress 143
10.2.5 Conflicts of interest between shareholders and bondholders 143
10.2.6 The influence of bankruptcy costs on capital structure 143
10.3 The effect of personal taxes on capital structure 147
10.3.1 The implications of personal taxation for individual company gearing 149
10.4 Is there an optimal capital structure? 149
Summary 149
Exercises 150
x CONTENTS ___^—
11 Utility Theory, Portfolio Theory, and the Capital Asset Pricing Model 151
11.1 Utility theory: attitudes towards risk 151
11.2 Portfolio theory 153
11.3 Capital asset pricing model 159
11.3.1 Calculating beta coefficients 166
11.3.2 Determining the appropriate beta — some further points 166
11.3.3 UsesofCAPM 166
11.3.4 CAPM and investment appraisal 166
11.3.5 Limitations of CAPM 168
Summary 172
Exercises 172
12 Theory of Share Values 173
12.1 Efficient market hypothesis — recap 173
12.2 Theories of share values 173
12.2.1 Fundamental theory 173
12.2.2 Technical theory 173
12.2.3 Random walk theory 174
12.3 Individual investment preferences 174
12.3.1 Individual investment preferences in the perfect capital market 174
12.3.2 Individuals wealth 174
12.3.3 Individual investment preferences in the imperfect capital market 175
12.4 Share values and dividends 175
12.5 Share values and new investment projects 176
12.5.1 Investments financed by rights issues 176
12.5.2 Investments financed by issues of shares to the public 177
12.5.3 Investments financed by retained earnings 177
12.6 Other factors influencing share values 178
12.7 Other securities values 179
12.7.1 Debentures 179
12.7.2 Preference shares 179
12.7.3 Convertible loan stock 179
Summary 180
Exercises 180
13 Dividend Retentions Policy and Share Values 182
13.1 Dividends and retained earnings 182
13.2 The effect of dividend policy on share values 183
13.2.1 Theory of share values 183
13.2.2 Dividend policy illustrated 183
13.2.3 Fall in share price on ex dividend date 184
13.3 The influence of dividends on shareholder wealth 184
13.3.1 The irrelevancy argument 184
13.3.2 The relevancy argument 185
13.3.3 The validity of the M M model in an uncertain world 185
13.3.4 The information content of dividend payments and the effect on share price 186
13.3.5 Taxation 187
13.3.6 The clientele effect 187
13.4 Other influences on dividend policy 188
13.4.1 The company s liquidity position 188
13.4.2 Capital rationing 188
13.4.3 Rate of expansion 188
13.4.4 Earnings stability 188
13.4.5 Legal controls 188
Summary 188
Exercises 139
CONTENTS xi
14 Share Valuations 190
14.1 Methods of share valuation 190
14.1.1 Factors influencing the choice of method 190
14.2 Net assets basis 191
14.2.1 The uses of the net assets basis 191
14.3 Dual capitalisation method 191
14.4 Super profits method 192
14.5 The Berliner method 193
14.6 Dividend yield basis 193
14.6.1 Constant dividend yield basis 194
14.6.2 Growth in dividend yields 194
14.6.3 Multiperiod dividend discount models 195
14.7 Earnings basis 197
14.7.1 Earnings basis valuation using ARR 197
14.7.2 Earnings basis valuation using a P/E ratio 198
14.7.3 Factors determining P/E ratios 198
14.8 Discounted future profits method 199
Summary 199
Exercises 199
15 An Introduction to Working Capital 202
15.1 The level of current assets 202
15.1.1 Overall factors determining working capital levels 202
15.1.2 Liquidity ratios 203
15.1.3 The position of overdrafts 204
15.2 Financing working capital 204
15.3 Working capital and the operating cycle 206
15.3.1 The length of the operating cycle 207
15.3.2 Effect of the operating cycle on working capital needs 208
15.4 Overtrading 209
15.4.1 Impact of increasing sales volume on working capital 209
15.4.2 Overtrading 210
15.4.3 Methods to reduce overtrading 211
15.4.4 Early warnings of overtrading 211
15.4.5 Other causes of overtrading 212
15.5 Overcapitalisation 212
15.6 Funds flow statements 212
15.6.1 Funds flow forecasting 213
15.7 Calculating working capital with DCF techniques 214
15.8 Treasury management 215
15.8.1 Responsibilities 215
15.8.2 Separate Treasury Function 216
Summary 216
Exercises 216
16 Cash, Stocks and Credit Management 218
16.1 Cash management 218
16.1.1 Optimum cash levels 219
16.1.2 Cash budgets 219
16.1.3 Management of cashflows 220
16.1.4 The investment of surplus cash 221
16.2 Stock management 224
16.2.1 Costs and benefits of stocks 224
16.2.2 Economic order quantity 224
16.2.3 Stock levels and uncertainty 226
16.2.4 The Pareto relationship 227
16.3 Credit management 227
xii CONTENTS _____ _____ 16.3.1 The extension of credit 228
16.3.2 Discounts 229
16.3.3 The risk of bad debts 230
16.3.4 Assessing customers credit risk 231
16.3.5 Customer credit levels 231
16.3.6 Debt collection 231
16.3.7 Bad debt insurance 232
16.3.8 Credit cards 234
16.4 Management of creditors 234
Summary 235
Exercises 235
17 Sources of Finance: Short term 237
17.1 The need for short term funds 237
17.2 Money markets 238
17.2.1 The discount market 238
17.2.2 The parallel money markets 238
17.3 Bank lending 240
17.3.1 Bank overdrafts 240
17.3.2 Bank loans 240
17.3.3 Bridging loans 241
17.3.4 Leasing 241
17.3.5 Forfeiting 241
17.3.6 Countertrading 241
17.4 Trade credit 241
17.4.1 The cost of trade credit 242
17.5 Bills of exchange 242
17.6 Acceptance credits 242
17.7 Factoring 243
17.7.1 Types of factoring 243
17.7.2 Costs and benefits of factoring 244
17.8 Invoice discounting 245
17.9 Hire purchase 245
17.9.1 Credit sale 245
17.10 Tax payment deferral 247
Summary 247
Exercises 247
18 Leasing 249
18.1 Types of leasing 249
18.1.1 Sale and leaseback 249
18.1.2 Operating leases 249
18.1.3 Financial leases 250
18.1.4 Accounting definitions of leases 250
18.2 Reasons for leasing 251
18.2.1 The advantages of operating leases 251
18.2.2 The advantages of financial leases 251
18.2.3 Disadvantages of leasing 252
18.3 Leasing and tax allowances 252
18.3.1 The old position 252
18.3.2 The 1984 Budget and its consequences 253
18.4 Lease or buy? 253
18.4.1 Difficulties in leasing decisions 255
Summary 257
Exercises 257
CONTENTS xiii
19 Mergers and Acquisitions 258
19.1 Types of merger 258
19.2 Why do firms undertake mergers? 259
19.2.1 Synergies 259
19.2.2 Acquisition of an undervalued target 259
19.2.3 Replacement of inefficient management 259
19.2.4 Financial synergies 260
19.2.5 Other motives 260
19.2.6 Managerial motives for mergers 261
19.3 Methods of amalgamation 261
19.3.1 Offer for outstanding equity capital 261
19.3.2 Acquisition of the target s assets 262
19.3.3 Issue of new shares 262
19.3.4 Reverse offers 262
19.3.5 Partial bids 262
19.3.6 Scheme of arrangement 262
19.4 Methods of payment 266
19.4.1 Cash offers 266
19.4.2 Equity exchanges 267
19.4.3 Loan stock, debentures and preference shares 267
19.5 Financial evaluation of the methods of payment 267
19.5.1 Equity offers 267
19.5.2 Cash and loan stock 268
19.5.3 Loan stock and shares 269
19.5.4 Convertible loan stock 269
19.6 Defensive tactics 270
19.7 Regulation of takeovers 271
19.7.1 UK competition policy and the Monopolies and Mergers Commission 271
19.8 The City Code and the takeover process 272
19.8.1 General principles of the Code 272
19.8.2 The Code and the bid stages 273
19.9 The success of mergers and takeovers 273
19.10 Demergers 275
19.11 Other forms of corporate reorganisation 275
19.11.1 Management buy outs 275
19.11.2 Employee buy outs 277
19.11.3 Management buy ins 277
19.11.4 Spin offs 278
19.11.5 Divestments 278
Summary 278
Exercises 278
20 International Financial Management 280
20.1 Exchange rate systems 280
20.2 The International Monetary System 280
20.3 Foreign exchange markets 281
20.3.1 Operation of foreign exchange markets 281
20.3.2 Financial futures 282
20.3.3 The London International Financial Futures Exchange 282
20.4 Exchange rates 283
20.4.1 Ways of expressing exchange rates 283
20.4.2 Determination of spot and forward exchange rates 284
20.4.3 The Fisher Effect 284
20.4.4 Purchasing power parity 285
20.4.5 The international Fisher Effect 285
20.4.6 Interest rate parity 285
20.4.7 The relationship between the forward rate and the future spot rate 286
xiv CONTENTS 20.4.8 The relationship between the forward premium or discount
and the inflation differential 286
20.4.9 Empirical evidence for the above relationships 286
20.5 The difference between domestic and international financial management 286
20.6 Exposure management 287
20.6.1 Changes in cashflows 287
20.7 External techniques for foreign exchange management 288
20.7.1 Forward option contract 289
20.7.2 Forward forward swap 289
20.7.3 Foreign currency options 290
20.7.4 Short term borrowing 290
20.7.5 Discounting 291
20.7.6 Export credit insurance 291
20.7.7 Export factoring 291
20.7.8 Cash management 291
20.8 Internal techniques for foreign exchange management 292
20.8.1 Netting 292
20.8.2 Matching 292
20.8.3 Leading and lagging 292
20.8.4 Currency swaps 293
20.9 Political risk 294
20.10 International tax management 295
20.11 The international investment decision 295
20.11.1 Variations of the NPV rule in an international context 296
20.12 The financing decision 301
20.12.1 Capital structure 301
20.12.2 Financing and exposure management 301
20.13 Benefits of international diversification 302
20.14 The Eurocurrency markets 302
20.15 Eurobonds 303
20.16 Euro equities 303
20.17 The Exchange Rate Mechanism (ERM) 303
20.17.1 How the ERM works 304
Summary 304
Exercises 305
Solutions to exercises 306
Additional questions 337
December 1990 ACCA Financial Management Paper 346
Author s model answers to December 1990 ACCA Financial Management Paper 356
Glossary 37j
Index 381
|
| any_adam_object | 1 |
| author | Puxty, Anthony G. Dodds, James C. |
| author_facet | Puxty, Anthony G. Dodds, James C. |
| author_role | aut aut |
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| building | Verbundindex |
| bvnumber | BV004836650 |
| classification_rvk | QP 700 |
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| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
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| genre | (DE-588)4151278-9 Einführung gnd-content |
| genre_facet | Einführung |
| id | DE-604.BV004836650 |
| illustrated | Illustrated |
| indexdate | 2025-02-20T07:04:44Z |
| institution | BVB |
| isbn | 0412409704 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002977786 |
| oclc_num | 464227402 |
| open_access_boolean | |
| owner | DE-384 DE-473 DE-BY-UBG DE-863 DE-BY-FWS DE-703 DE-19 DE-BY-UBM DE-188 |
| owner_facet | DE-384 DE-473 DE-BY-UBG DE-863 DE-BY-FWS DE-703 DE-19 DE-BY-UBM DE-188 |
| physical | XXIII, 638 S. graph. Darst. |
| publishDate | 1991 |
| publishDateSearch | 1991 |
| publishDateSort | 1991 |
| publisher | Chapman & Hall |
| record_format | marc |
| series2 | The Chapman & Hall series in accounting and finance |
| spellingShingle | Puxty, Anthony G. Dodds, James C. Financial management method and meaning Finansiel ledelse Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4017182-6 (DE-588)4151278-9 |
| title | Financial management method and meaning |
| title_auth | Financial management method and meaning |
| title_exact_search | Financial management method and meaning |
| title_full | Financial management method and meaning Anthony G. Puxty ; J. C. Dodds |
| title_fullStr | Financial management method and meaning Anthony G. Puxty ; J. C. Dodds |
| title_full_unstemmed | Financial management method and meaning Anthony G. Puxty ; J. C. Dodds |
| title_short | Financial management |
| title_sort | financial management method and meaning |
| title_sub | method and meaning |
| topic | Finansiel ledelse Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Finansiel ledelse Finanzmanagement Finanzierung Einführung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002977786&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT puxtyanthonyg financialmanagementmethodandmeaning AT doddsjamesc financialmanagementmethodandmeaning |
Indexes
THWS Würzburg Zentralbibliothek Lesesaal
| Call Number: |
1000 QP 700 P993(2) |
|---|---|
| Copy 1 | ausleihbar Available Place a Hold |