Finance for executives: managing for value creation
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cincinnati, Ohio
South-Western
2002
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 606 S. graph. Darst. |
| ISBN: | 0324117752 |
Internformat
MARC
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| 245 | 1 | 0 | |a Finance for executives |b managing for value creation |c Gabriel A. Hawawini ; Claude Viallet |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Cincinnati, Ohio |b South-Western |c 2002 | |
| 300 | |a XVII, 606 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 7 | |a Financieel management |2 gtt | |
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Business enterprises |x Finance | |
| 650 | 4 | |a Chief financial officers | |
| 650 | 4 | |a Corporations |x Finance | |
| 650 | 4 | |a Managerial accounting | |
| 650 | 0 | 7 | |a Finanzierung |0 (DE-588)4017182-6 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Wertorientiertes Management |0 (DE-588)4776793-5 |2 gnd |9 rswk-swf |
| 655 | 7 | |8 1\p |0 (DE-588)4006432-3 |a Bibliografie |2 gnd-content | |
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| 700 | 1 | |a Viallet, Claude J. |e Verfasser |0 (DE-588)170192687 |4 aut | |
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Datensatz im Suchindex
| _version_ | 1804129001578430464 |
|---|---|
| adam_text | TABLE OF CONTENTS
!
PARTI !
INTRODUCTION j
CHAPTER 1 FINANCIAL MANAGEMENT AND VALUE CREATION:
AN OVERVIEW 1
The Key Question: Will Your Decision Create Value? 2
The Fundamental Finance Principle 5
Applying the Fundamental Finance Principle 9
The Role of Financial Markets 14
The Business Cycle 18
HLC s Financial Statements 20
How Profitable is a Firm? 25
How Much Cash Does a Firm Generate? 26
How Risky is a Firm? 28
Is Value Created? 30
Summary 31
Further Reading 32
Review Problems 33
CHAPTER 2 UNDERSTANDING BALANCE SHEETS AND INCOME
STATEMENTS M
Financial Accounting Statements 37
The Balance Sheet 40
The Income Statement 50
Reconciling Balance Sheets and Income Statements 54
The Structure of the Owners Fquity Account 5(i
Summary 57
vi FINANCE FOR EXECUTIVES APPENDIX 2.1 SPECIMEN FINANCIAL STATEMENTS 60
Polo Ralph Lauren s Balance Sheets and Income Statements 60
Further Reading 65
Review Problems 65
PART II FINANCIAL DIAGNOSIS AND MANAGEMENT
CHAPTER 3 ASSESSING LIQUIDITY AND OPERATIONAL EFFICIENCY 67
The Managerial Balance Sheet 68
The Components of Capital Employed 75
The Matching Strategy 77
A Measure of Liquidity Based on the Funding Structure of Working
Capital Requirement 79
Improving Liquidity Through Better Management of the Operating
Cycle 81
Traditional Measures of Liquidity 89
Summary 91
APPENDIX 3.1 FINANCING STRATEGIES 93
APPENDIX 3.2 POLO RALPH LAUREN S LIQUIDITY AND OPERATIONAL
EFFICIENCY 96
Further Reading 102
Review Problems 102
CHAPTER 4 MEASURING CASH FLOWS 107
Cash Flows and Their Sources 108
Preparing a Detailed Cash Flow Statement 111
Two Variations of the Cash Flow Statement 119
Bankers Cash Flow versus Net Operating Cash Flow 123
Managerial Implications 124
Summary 126
aPPFNDIX 4 1 OBTAINING THE NET OPERATING CAHS FLOW FROM
^m • BALANCE SHEET AND INCOME STATEMENT ACCOUNTS 127
APPFNDK 4 2 POLO RALPH LAUREN S CASH FLOWS 132
Further Reading 137
Review Problems 137
CONTENTS vii I
CHAPTER 5 DIAGNOSING PROFITABILITY, RISK, AND GROWTH 141 |
Measures of Profitability 142 j
Return on Equity 143 .
Other Measures of Profitability 157 ;
Financial Leverage and Risk 158
Self Sustainable Growth 162 j
Summary 167 j
APPENDIX 5.1 FACTORS AFFECTING A FIRM S OPERATING PROFITABILITY 169
APPENDIX 5.2 THE RELATIONSHIP BETWEEN A FIRM S ROE AND ITS
AFTERTAX ROIC 173
j
APPENDIX 5.3 POLO RALPH LAUREN S PROFITABILITY 174 |
Further Reading 180 j
Review Problems 180 I
PART III i
INVESTMENT DECISIONS
CHAPTER 6 USING THE NET PRESENT VALUE RULE TO MAKE
VALUE CREATING INVESTMENT DECISIONS 185
The Capital Investment Process 186
Would You Buy this Parcel of Land? 188
The Net Present Value Rule 190
Applying the Net Present Value Rule to a Capital Investment
Decision 196
Why the NPV Rule is a Good Investment Rule 198
Special Cases of Capital Budgeting 205
Limitations of the Net Present Value Criterion 209
Summary 213
APPENDIX 6.1 CALCULATION OF THE PRESENT VALUE OF AN ANNUITY
AND THE CONSTANT ANNUAL EQUIVALENT CASH FLOW
OF A PROJECTS CASH FLOW STREAM 215
Further Reading 218
Review Problems 218
CHAPTER 7 ALTERNATIVES TO THE NET PRESENT VALUE Rl LE 221
The Payback Period 222
The Discounted Payback Period 226
The Internal Rate of Return (IRR) 229
The Profitability Index (PI) 236
viii FINANCE FOR EXECUTIVES Summary 239
Further Reading 239
Review Problems 239
CHAPTER 8 IDENTIFYING AND ESTIMATING A PROJECT S CASH
FLOWS 243
The Actual Cash Flow Principle 243
The With/Without Principle 244
The Designer Desk Lamp Project 246
Identifying a Project s Relevant Cash Flows 249
Estimating a Project s Relevant Cash Flows 255
Should SMC Launch the New Product? 261
Summary 263
Further Reading 264
Review Problems 265
PART IV FINANCING DECISIONS
CHAPTER 9 RAISING CAPITAL AND VALUING SECURITIES 267
Estimating the Amount of Required External Funds 268
The Financial System: Its Structure and Functions 272
How Firms Issue Securities 279
Debt Capital: Characteristics and Valuation 285
Equity Capital: Characteristics and Valuation 299
Summary 304
APPENDIX 9.1 THE BOND VALUATION FORMULA 305
APPENDIX 9.2 THE VALUATION FORMULA FOR THE CONSTANT GROWTH
DIVIDEND MODEL 307
Further Reading 308
Review Problems 308
CHAPTER 10 ESTIMATING THE COST OF CAPITAL 311
Identifying Proxy or Pure Play Firms 313
Estimating the Cost of Debt 313
Estimating the Cost of Equity: The Divided Discount Model 315
Estimating the Cost of Equity: The Capital Asset Pricing Model 317
Estimating the Cost of Capital of a Firm 329
Estimating the Cost of Capital of a Project 333
Summary 343
Further Reading 344
Review Problems 345
CONTENTS _,
CHAPTER 11 DESIGNING A CAPITAL STRUCTURE 347
The Capital Structure Decision: No Corporate Taxes and :
No Financial Distress Costs 348 :
Effect of Changes in Capital Structure on the Firm s Value:
The Pizza Theory 353
The Capital Structure Decision: Corporate Income Taxes and i
No Financial Distress Costs 359 i
The Capital Structure Decision When Financial Distress is Costly 367
Formulating a Capital Structure Policy 370 i
Summary 382 j
Further Reading 384 i
Review Problems 384
PARTY BUSINESS DECISIONS
CHAPTER 12 VALUING AND ACQUIRING A BUSINESS 387
Alternative Valuation Methods 388
Valuing a Firm s Equity Using Comparables 390
Valuing a Firm s Assets and Equity Using the Discounted
Cash Flow Approach 397
Estimating the DCF Value of OS Distributers Assets and Equity 402
Estimating the Acquisition Value of OS Distributors 409
Estimating the Leveraged Buyout Value of OS Distributors 419
Summary 428
APPENDIX 12.1 THE DIVIDEND DISCOUNT MODEL APPROACH TO
THE VALUATION OF A FIRM S EQUITY 431
Further Reading 432
Review Problems 433
CHAPTER 13 MAKING VALUE CREATING DECISIONS IN AN
INTERNATIONAL ENVIRONMENT 435
The Firm s Risk Exposure from Foreign Operations 436
The Foreign Exchange Market 439
Hedging Contractual Exposure to Currency Risk 442
Hedging Long Term Contractual Exposure to Currency Risk
with Swaps 454
The Relationships Among Exchange Rates, Inflation Rates,
and Interest Rates 455
Analyzing an International Investment Project 460
Managing Country Risk 469
Summary 471
X FINANCE FOR EXECUTIVES APPENDIX 13.1 TRANSLATING FINANCIAL STATEMENTS WITH THE MONETARY/
NONMONETARY METHOD AND THE CURRENT METHOD 473
APPENDIX 13.2 THE PARITY RELATIONS 477
Further Reading 483
Review Problems 484
CHAPTER 14 MANAGING FOR VALUE CREATION 487
Measuring Value Creation 488
Identifying the Drivers of Value Creation 495
Linking Operating Performance and Remuneration to
Value Creation 500
Linking the Capital Budgeting Process to Value Creation 508
Putting it all Together: The Financial Strategy Matrix 512
Summary 515
APPENDIX 14.1 ADJUSTING BOOK VALUES TO ESTIMATE THE AMOUNT
OF INVESTED EQUITY CAPITAL AND OPERATING PROFIT 517
APPENDIX 14.2 ESTIMATING MARKET VALUE ADDED (MVA) WHEN FUTURE
CASH FLOWS ARE EXPECTED TO GROW AT A CONSTANT
RATE IN PERPETUITY 520
Further Reading 521
Review Problems 522
GLOSSARY 527
ANSWERS TO REVIEW PROBLEMS 551
INDEX 599
|
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| author | Hawawini, Gabriel A. 1947- Viallet, Claude J. |
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| author_role | aut aut |
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| author_variant | g a h ga gah c j v cj cjv |
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| bvnumber | BV014128469 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4011 |
| callnumber-raw | HG4011 |
| callnumber-search | HG4011 |
| callnumber-sort | HG 44011 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 |
| ctrlnum | (OCoLC)52977047 (DE-599)BVBBV014128469 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| isbn | 0324117752 |
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| spelling | Hawawini, Gabriel A. 1947- Verfasser (DE-588)135837766 aut Finance for executives managing for value creation Gabriel A. Hawawini ; Claude Viallet 2. ed. Cincinnati, Ohio South-Western 2002 XVII, 606 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financieel management gtt Unternehmen Business enterprises Finance Chief financial officers Corporations Finance Managerial accounting Finanzierung (DE-588)4017182-6 gnd rswk-swf Wertorientiertes Management (DE-588)4776793-5 gnd rswk-swf 1\p (DE-588)4006432-3 Bibliografie gnd-content Finanzierung (DE-588)4017182-6 s Wertorientiertes Management (DE-588)4776793-5 s 2\p DE-604 Viallet, Claude J. Verfasser (DE-588)170192687 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009683000&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Hawawini, Gabriel A. 1947- Viallet, Claude J. Finance for executives managing for value creation Financieel management gtt Unternehmen Business enterprises Finance Chief financial officers Corporations Finance Managerial accounting Finanzierung (DE-588)4017182-6 gnd Wertorientiertes Management (DE-588)4776793-5 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4776793-5 (DE-588)4006432-3 |
| title | Finance for executives managing for value creation |
| title_auth | Finance for executives managing for value creation |
| title_exact_search | Finance for executives managing for value creation |
| title_full | Finance for executives managing for value creation Gabriel A. Hawawini ; Claude Viallet |
| title_fullStr | Finance for executives managing for value creation Gabriel A. Hawawini ; Claude Viallet |
| title_full_unstemmed | Finance for executives managing for value creation Gabriel A. Hawawini ; Claude Viallet |
| title_short | Finance for executives |
| title_sort | finance for executives managing for value creation |
| title_sub | managing for value creation |
| topic | Financieel management gtt Unternehmen Business enterprises Finance Chief financial officers Corporations Finance Managerial accounting Finanzierung (DE-588)4017182-6 gnd Wertorientiertes Management (DE-588)4776793-5 gnd |
| topic_facet | Financieel management Unternehmen Business enterprises Finance Chief financial officers Corporations Finance Managerial accounting Finanzierung Wertorientiertes Management Bibliografie |
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