Finance for executives: managing for value creation
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Mason, OH [u.a.]
Thomson/South-Western
2007
|
| Ausgabe: | 3. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index. - Previous ed.: Australia : South-Western/Thomson Learning, c2002 |
| Beschreibung: | XXIV, 632 S. graph. Darst. 24cm |
| ISBN: | 0324274319 9780324274318 |
Internformat
MARC
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| 100 | 1 | |a Hawawini, Gabriel A. |d 1947- |e Verfasser |0 (DE-588)135837766 |4 aut | |
| 245 | 1 | 0 | |a Finance for executives |b managing for value creation |c Gabriel Hawawini ; Claude Viallet |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a Mason, OH [u.a.] |b Thomson/South-Western |c 2007 | |
| 300 | |a XXIV, 632 S. |b graph. Darst. |c 24cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index. - Previous ed.: Australia : South-Western/Thomson Learning, c2002 | ||
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Corporations |x Finance | |
| 650 | 4 | |a Business enterprises |x Finance | |
| 650 | 4 | |a Managerial accounting | |
| 650 | 4 | |a Chief financial officers | |
| 650 | 0 | 7 | |a Wertorientiertes Management |0 (DE-588)4776793-5 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Finanzierung |0 (DE-588)4017182-6 |2 gnd |9 rswk-swf |
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| 689 | 0 | 1 | |a Wertorientiertes Management |0 (DE-588)4776793-5 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Viallet, Claude J. |e Verfasser |0 (DE-588)170192687 |4 aut | |
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Datensatz im Suchindex
| _version_ | 1804137596850274304 |
|---|---|
| adam_text | BRIEFCONTENTS )
PART I: INTRODUCTION
CHAPTER 1
Financial Management and Value Creation: An Overview 1
CHAPTER 2
Understanding Balance Sheets and Income Statements 33
PART II: FINANCIAL DIAGNOSIS AND MANAGEMENT
CHAPTER 3
Assessing Liquidity and Operational Efficiency 67
CHAPTER 4
Measuring Cash Flows 113
CHAPTER 5
Diagnosing Profitability, Risk, and Growth 153
PART III: INVESTMENT DECISIONS
CHAPTER 6
Using the Net Present Value Rule to Make Value-Creating
Investment Decisions 201
CHAPTER 7
Alternatives to the Net Present Value Rule 241
CHAPTER 8
Identifying and Estimating a Project s Cash Flows 269
PART IV: FINANCING DECISIONS
CHAPTER 9
Raising Capital and Valuing Securities 297
CHAPTER 10
Estimating the Cost of Capital 341
CHAPTER 11
Designing a Capital Structure 379
PART V: BUSINESS DECISIONS
CHAPTER 1 2
Valuing and Acquiring a Business 421
CHAPTER 1 3
Making Value-Creating Decisions in an International Environment 471
CHAPTER 1 4
Managing for Value Creation 521
ANSWERS TO REVIEW PROBLEMS 563
GLOSSARY 601
INDEX 623
CONTENTS )
PART I: INTRODUCTION ___
CHAPTER 1
Financial Management and Value Creation: An Overview 1
The Key Question: Will Your Decision Create Value? 2
The Importance of Managing for Value Creation 3
The Saturn Story 4
The Fundamental Finance Principle 5
Measuring Value Creation with Net Present Value 5
Only Cash Matters 6
Discount Rates 7
A Proposal s Cost of Capital 7
Applying the Fundamental Finance Principle 8
The Capital Budgeting Decision 9
The Capital Structure Decision 10
The Business Acquisition Decision 12
The Foreign Investment Decision 13
The Role of Financial Markets 13
The Equity Market 14
What Is Bad for General Motors Is Good for
Volkswagen ... and Vice Versa 15
The Vioxx Recall 16
External Versus Internal Financing 17
The Business Cycle 18
HLC s Financial Statements 20
The Balance Sheet 20
A Variant of the Standard Balance Sheet: The Managerial
Balance Sheet 22
The Income Statement 23
How Profitable is a Firm? 25
The Profitability of Equity Capital 25
The Profitability of Invested Capital 25
How Much Cash Does a Firm Generate? 26
Sources and Uses of Cash 26
The Statement of Cash Flows 26
How Risky is a Firm? 27
Is Value Created? 29
Summary 31
Further Reading 32
CHAPTER 2
Understanding Balance Sheets and Income Statements 33
Financial Accounting Statements 33
The Balance Sheet 36
Current, or Short-Term, Assets 37
Noncurrent, or Fixed, Assets 40
Current, or Short-Term, Liabilities 43
Noncurrent Liabilities 44
Owners Equity 45
The Income Statement 45
Net Sales 46
Gross Profit 47
Operating Profit 48
Earnings Before Interest and Tax (EBIT) 48
Earnings Before Tax (EBT) 49
Earnings After Tax (EAT) 49
Reconciling Balance Sheets and Income Statements 49
The Structure of the Owners Equity Account 50
Summary 5
APPENDIX 2.1
Financial Reporting Reforms 55
APPENDIX 2.2
Specimen Financial Statements 56
Polo Ralph Lauren s Balance Sheets and Income Statements 56
Polo Ralph Lauren Balance Sheets 56
Polo Ralph Lauren Income Statements 59
Further Reading 60
Self-Test Problems 60
Review Problems 62
PART II: FINANCIAL DIAGNOSIS AND MANAGEMENT
CHAPTER 3
Assessing Liquidity and Operational Efficiency 67
The Managerial Balance Sheet 68
The Three Components of a Firm s Invested Capital 71
The Components of Capital Employed 75
The Structure of the Managerial Balance Sheet 76
The Matching Strategy 77
A Measure of Liquidity Based on the Funding Structure of Working
Capital Requirement 79
viii FINANCE FOR EXECUTIVES
Improving Liquidity Through Better Management of the Operating Cycle 82
The Effect of the Firm s Economic Sector on Its Working Capital Requirement 83
The Effect of Managerial Efficiency on Working Capital Requirement 84
The Effect of Sales Growth on Working Capital Requirement 87
Traditional Measures of Liquidity 89
Net Working Capital 89
The Current Ratio 90
The Acid Test or Quick Ratio 91
Summary 91
APPENDIX 3.1
Financing Strategies 93
APPENDIX 3.2
Polo Ralph Lauren s Liquidity and Operational Efficiency 96
RL Managerial Balance Sheets 96
RLs Liquidity Position 98
RLs Management of the Operating Cycle 100
Further Reading 102
Self-Test Problems 102
Review Problems 104
CHAPTER 4
Measuring Cash Flows 113
Cash Flows and Their Sources 114
Preparing a Detailed Cash-Flow Statement 117
Net Cash Flow from Operating Activities 118
Net Cash Flow from Investing Activities 123
Net Cash Flow from Financing Activities 124
The Cash-Flow Statement 124
The Statement of Cash Flow According to FASB 95 125
Net Operating Cash Flow Versus Free Cash Flow Versus Bankers Cash Flow 128
Free Cash Flow 128
Bankers Cash Flow 129
Managerial Implications 131
Summary 132
APPENDIX 4.1
Obtaining the Net Operating Cash Flow From Balance Sheet and Income
Statement Accounts 134
Measuring Cash Inflow from Operations 134
Measuring Cash Outflow from Operations 135
Net Operating Cash Flow 137
Contents
APPENDIX 4.2
Polo Ralph Lauren s Cash Flows 139
Restructuring REs Cash Flow Statements 139
REs Cash Flows from Operating Activities 140
REs Cash Flows from Investing Activities 141
RLs Cash Flows from Financing Activities 142
Further Reading 144
Self-Test Problems 144
Review Problems 145
CHAPTER 5
Diagnosing Profitability, Risk, and Growth 153
Measures of Profitability 154
Return on Equity 155
Measuring Return on Equity 155
The Effect of Operating Decisions on Return on Equity 155
The Effect of Financing Decisions on Return on Equity 161
The Incidence of Taxation on Return on Equity 165
Putting It All Together: The Structure of a Firm s Profitability 166
The Structure of Return on Equity Across Industries 168
Other Measures of Profitability 169
Earnings Per Share (EPS) 169
The Price-To-Earnings Ratio (P/E) 170
The Market-To-Book Ratio 170
Financial Leverage and Risk 170
How Does Financial Leverage Work? 172
Two Related Caveats: Risk and the Ability to Create Value 173
Self-Sustainable Growth 174
Summary 178
APPENDIX 5.1
Factors Affecting a Firm s Operating Profitability 181
Market Share 182
Perceived Product Quality 182
Asset and Cost Structures 183
APPENDIX 5.2
The Relationship Between a Firm s ROE and Its After-Tax ROIC 185
APPENDIX 5.3
Polo Ralph Lauren s Profitability 186
REs Profitability Structure 186
x FINANCE FOR EXECUTIVES
The Effect of RLs Operating Profitability on Its Return on Equity 187
The Effect of RLs Financial Policy on Its Return on Equity 190
The Effect of Taxation on RLs Return on Equity 191
Further Reading 191
Self-Test Problems 192
Review Problems 195
PART III: INVESTMENT DECISIONS
CHAPTER 6
Using the Net Present Value Rule to Make Value-Creating
Investment Decisions 201
The Capital Investment Process 202
Would You Buy This Parcel of Land? 204
The Alternative Investment 204
The Opportunity Cost of Capital 205
The Net Present Value Rule 206
A One-Period Investment 206
A Two-Period Investment without an Intermediate Cash Flow 208
A Two-Period Investment with an Intermediate Cash Flow 209
Multiple-Period Investments 210
Applying the Net Present Value Rule to a Capital Investment Decision 212
Why the NPV Rule is a Good Investment Rule 214
A Measure of Value Creation 214
Adjustment for the Timing of the Project s Cash Flows 215
Adjustment for the Risk of the Project s Cash Flows 218
Additive Property 220
Special Cases of Capital Budgeting 223
Comparing Projects of Unequal Size 223
Comparing Projects with Unequal Life Spans 225
Limitations of the Net Present Value Criterion 228
Managerial or Real Options Embedded in Investment Projects 228
Dealing with Managerial Options 230
Summary 231
APPENDIX 6.1
Calculation of the Present Value of an Annuity and the Constant
Annual-Equivalent Cash Flow of a Project s Cash-Flow Stream 233
Present Value of an TV-Period Annuity 233
Present Value of an Infinite Annuity or Perpetuity 235
Constant Annual-Equivalent Cash Flow 235
Further Reading 236
Self-Test Problems 236
Review Problems 238
Contents
CHAPTER 7
Alternatives to the Net Present Value Rule 241
The Payback Period 242
The Payback Period Rule 244
Why Do Managers Use the Payback Period Rule? 246
The Discounted Payback Period 247
The Discounted Payback Rule 248
The Discounted Payback Period Rule Versus the Ordinary Payback
Period Rule 250
The Internal Rate of Return (IRR) 250
The IRR Rule 251
The IRR Rule May Be Unreliable 254
Why Do Managers Usually Prefer the IRR Rule to the NPV Rule? 256
The Profitability Index (PI) 257
The Profitability Index Rule 258
Use of the Profitability Index Rule 260
The Average Accounting Return 260
The Average Accounting Return Rule 261
Summary 262
Further Reading 264
Self-Test Problems 264
Review Problems 265
CHAPTER 8
Identifying and Estimating a Project s Cash Flows 269
The Actual Cash-Flow Principle 269
The With/Without Principle 270
The Designer Desk Lamp Project 272
Identifying a Project s Relevant Cash Flows 275
Sunk Costs 275
Opportunity Costs 275
Costs Implied by Potential Sales Erosion 276
Allocated Costs 276
Depreciation Expenses 277
Tax Expenses 277
Financing Costs 278
Inflation 279
Estimating a Project s Relevant Cash Flows 280
Measuring the Cash Flows Generated by a Project 281
Estimating the Project s Initial Cash Outflow 282
Estimating the Project s Intermediate Cash Flows 285
Estimating the Project s Terminal Cash Flow 286
Should SMC Launch the New Product? 287
Sensitivity of the Project s NPV to Changes in the Lamp Price 288
Sensitivity of NPV to Sales Erosion 289
xii ¦ Fl NANCE FOR EXECUTIVES
Summary 290
Further Reading 291
Self-Test Problems 291
Review Problems 293
PART IV: FINANCING DECISIONS
CHAPTER 9
Raising Capital and Valuing Securities 297
Estimating the Amount of Required External Funds 298
The Financial System: Its Structure and Functions 301
Direct Financing 302
Indirect or Intermediated Financing 302
Securities Markets 305
How Firms Issue Securities 309
Private Placement 309
Public Offerings 309
Debt Capital: Characteristics and Valuation 314
Borrowing through Bank Loans 314
Borrowing through Lease Agreements 315
Borrowing by Issuing Short-Term Securities 318
Borrowing by Issuing Corporate Bonds 318
Equity Capital: Characteristics and Valuation 328
The Valuation of Preferred Stocks 330
The Valuation of Common Stocks 330
Tracking Stock 332
Equity Warrants 332
Contingent Value Rights (CVR) 332
Summary 333
APPENDIX 9.1
The Valuation Formula for the Constant Growth Dividend Model 334
Further Reading 335
Self-Test Problems 335
Review Problems 336
CHAPTER 1 0
Estimating the Cost of Capital 341
Identifying Proxy or Pure-Play Firms 342
Estimating the Cost of Debt 343
Estimating the Cost of Equity: The Dividend Discount Model 345
Contents xi
Estimating the Cost of Equity: Dividends Grow at a Constant Rate 346
Estimating the Cost of Equity: How Reliable Is the Dividend
Discount Model? 347
Estimating the Cost of Equity: The Capital Asset Pricing Model 347
Diversification Reduces Risk 347
Measuring Systematic Risk with the BETA Coefficient 350
The Effect of Financial Leverage on a Stock s Beta 353
The Capital Asset Pricing Model (CAPM) 354
Using the CAPM to Estimate SMC s Cost of Equity 356
Estimating the Cost of Capital of a Firm 358
What is the Firm s Cost of Capital? 358
The Firm s Target Capital Structure 359
The Firm s Costs of Debt and Equity 361
Summary of the Firm s WACC Calculations 362
Estimating the Cost of Capital of a Project 362
The Project s Risk Is Similar to the Risk of the Firm 262
The Project s Risk Is Different from the Risk of the Firm 364
Three Mistakes to Avoid when Estimating a Project s Cost of Capital 368
Summary 371
Further Reading 372
Self-Test Problems 373
Review Problems 374
CHAPTER 1 1
Designing a Capital Structure 379
The Capital Structure Decision: No Corporate Taxes and No Financial
Distress Costs 380
Effects of Changes in Capital Structure on the Firm s Profitability (No Taxes and
No Financial Distress Costs) 380
The Trade-Off Between Profitability and Risk 384
Effect of Changes in Capital Structure on the Firm s Value: The Pizza Theory 385
Effect of Changes in Capital Structure on the Firm s Cost of Capital (No Taxes
and No Financial Distress Costs) 388
The Capital Structure Decision: Corporate Income Taxes and No Financial
Distress Costs 391
Effect of Changes in Capital Structure on the Value of a Firm s Assets and Share
Price (Taxes and No Financial Distress Costs) 391
Effect of Changes in Capital Structure on the Cost of Capital (Taxes and No
Financial Distress Costs) 396
The Capital Structure Decision When Financial Distress Is Costly 398
Formulating a Capital Structure Policy 402
A Closer Look at the Trade-Off Model of Capital Structure 402
Factors Other than Taxes that May Favor Borrowing 405
Factors Other than Financial Distress Costs that May Discourage Borrowing 407
Is There a Preference for Retained Earnings? 410
Putting It All Together 411
xiv FINANCE FOR EXECUTIVES
Summary 414
Further Reading 415
Self-Test Problems 416
Review Problems 417
PART V: BUSINESS DECISIONS
CHAPTER 1 2
Valuing and Acquiring a Business 421
Alternative Valuation Methods 422
Valuing a Firm s Equity Using Comparables 424
Estimating the Comparable Value of OS Distributors Equity 424
Factors that Determine Earnings and Cash-Flow Multiples 429
Valuing a Firm s Assets and Equity Using the Discounted
Cash-Flow Approach 430
Estimating the DCF Value of a Firm s Assets 431
Estimating the DCF Value of a Firm s Equity 434
Estimating the DCF Value of OS Distributors Assets and Equity 435
Step 1: Estimation of OS Distributors Cash Flow From Assets 435
Step 2: Estimation of OS Distributors Weighted Average Cost of Capital 439
Step 3: Estimation of the DCF Value of OS Distributors Assets 440
Step 4: Estimation of the DCF Value of OS Distributors Equity 441
Comparison of DCF Valuation and Valuation by Comparables 441
Estimating the Acquisition Value of OS Distributors 442
Identifying the Potential Sources of Value Creation in an Acquisition 442
Why Conglomerate Mergers are Unlikely to Create Lasting Value Through
Acquisitions 445
The Acquisition Value of OS Distributors Equity 448
Estimating the Leveraged Buyout Value of OS Distributors 451
Estimating the Leveraged Buyout Value of OS Distributors Equity 453
Summary 460
APPENDIX 12.1
The Dividend Discount Model Approach to the Valuation
of a Firm s Equity 463
Further Reading 464
Self-Test Problems 464
Review Problems 466
CHAPTER 1 3
Making Value-Creating Decisions in an International Environment 471
The Firm s Risk Exposure from Foreign Operations 472
Accounting, or Translation, Exposure 472
Contents x v
Economic Exposure 473
Country, or Political, Risk 474
The Foreign Exchange Market 475
The Organization of the Foreign Exchange Market 475
Spot Transactions Versus Forward Contracts 476
Hedging Contractual Exposure to Currency Risk 477
Hedging with Forward Contracts 477
Hedging with Futures Contracts 480
Hedging with Option Contracts 482
Which Hedging Technique to Choose? 486
Hedging Long-Term Contractual Exposure to Currency Risk with SWAPs 487
The Relationships among Exchange Rates, Inflation Rates, and Interest Rates 489
Exchange Rates and Inflation Rates: The Purchasing Power Parity Relation 489
Inflation Rates and Interest Rates 491
Exchange Rates and Interest Rates: The Interest Rate Parity Relation 492
Forward Rates and Future Spot Rates 493
Putting It All Together 493
Analyzing an International Investment Project 495
The Net Present Value Rule: A Brief Review 495
Surf n Zap Cross-Border Alternative Investment Projects 496
Managing Country Risk 503
Invest in Projects with Unique Features 503
Use Local Sourcing 503
Choose a Low-Risk Financial Strategy 503
Design a Remittance Strategy 504
Consider Buying Insurance against Political Risk 504
Summary 504
APPENDIX 1 3.1
Translating Financial Statements with the Monetary/Nonmonetary Method
and the Current Method 507
The Monetary/Nonmonetary Method 507
The Current Method 508
Which Method is Better? 508
APPENDIX 1 3.2
The Parity Relations 511
The Law of One Price 511
The Purchasing Power Parity (PPP) Relation 511
The International Fisher Effect 512
The Interest Rate Parity Relation (IRP) 513
Further Reading 515
Self-Test Problems 516
Review Problems 517
xvi FINANCE FOR EXECUTIVES
CHAPTER 1 4
Managing for Value Creation 521
Measuring Value Creation 522
Estimating Market Value Added 523
Interpreting Market Value Added 525
A Look at the Evidence 527
Identifying the Drivers of Value Creation 528
Linking Value Creation to Operating Profitability, the Cost of Capital, and
Growth Opportunities 530
Linking Value Creation to Its Fundamental Determinants 532
Linking Operating Performance and Remuneration to Value Creation 534
Mr. Thomas Hires a General Manager 534
Has the General Manager Achieved His Objectives? 536
Economic Profits versus Accounting Profits 538
Designing Compensation Plans that Induce Managers to Behave
Like Owners 540
Linking the Capital Budgeting Process to Value Creation 541
The Present Value of an Investment s Future EVAs Is Equal to Its MVA 541
Maximizing MVA Is the Same as Maximizing NPV 542
Putting It All Together: The Financial Strategy Matrix 544
The Business Is a Value Creator but Is Short of Cash 546
The Business Is a Value Creator with a Cash Surplus 546
The Business Is a Value Destroyer with a Cash Surplus 547
The Business Is a Value Destroyer that Is Short of Cash 547
Summary 547
APPENDIX 1 4.1
Adjusting Book Values to Estimate the Amount of Invested Equity Capital
and Operating Profit 549
Adjusting the Book Value of Equity Capital 549
Adjusting Earnings before Interest and Tax (EBIT) 551
APPENDIX 1 4.2
Estimating Market Value Added (MVA) when Future Cash Flows Are Expected
to Grow at a Constant Rate in Perpetuity 552
Further Reading 553
Self-Test Problems 554
Review Problems 556
ANSWERS TO REVIEW PROBLEMS 563
GLOSSARY 601
INDEX 623
|
| adam_txt |
BRIEFCONTENTS )
PART I: INTRODUCTION
CHAPTER 1
Financial Management and Value Creation: An Overview 1
CHAPTER 2
Understanding Balance Sheets and Income Statements 33
PART II: FINANCIAL DIAGNOSIS AND MANAGEMENT
CHAPTER 3
Assessing Liquidity and Operational Efficiency 67
CHAPTER 4
Measuring Cash Flows 113
CHAPTER 5
Diagnosing Profitability, Risk, and Growth 153
PART III: INVESTMENT DECISIONS
CHAPTER 6
Using the Net Present Value Rule to Make Value-Creating
Investment Decisions 201
CHAPTER 7
Alternatives to the Net Present Value Rule 241
CHAPTER 8
Identifying and Estimating a Project's Cash Flows 269
PART IV: FINANCING DECISIONS
CHAPTER 9
Raising Capital and Valuing Securities 297
CHAPTER 10
Estimating the Cost of Capital 341
CHAPTER 11
Designing a Capital Structure 379
PART V: BUSINESS DECISIONS
CHAPTER 1 2
Valuing and Acquiring a Business 421
CHAPTER 1 3
Making Value-Creating Decisions in an International Environment 471
CHAPTER 1 4
Managing for Value Creation 521
ANSWERS TO REVIEW PROBLEMS 563
GLOSSARY 601
INDEX 623
CONTENTS )
PART I: INTRODUCTION _
CHAPTER 1
Financial Management and Value Creation: An Overview 1
The Key Question: Will Your Decision Create Value? 2
The Importance of Managing for Value Creation 3
The Saturn Story 4
The Fundamental Finance Principle 5
Measuring Value Creation with Net Present Value 5
Only Cash Matters 6
Discount Rates 7
A Proposal's Cost of Capital 7
Applying the Fundamental Finance Principle 8
The Capital Budgeting Decision 9
The Capital Structure Decision 10
The Business Acquisition Decision 12
The Foreign Investment Decision 13
The Role of Financial Markets 13
The Equity Market 14
What Is Bad for General Motors Is Good for
Volkswagen . and Vice Versa 15
The Vioxx Recall 16
External Versus Internal Financing 17
The Business Cycle 18
HLC's Financial Statements 20
The Balance Sheet 20
A Variant of the Standard Balance Sheet: The Managerial
Balance Sheet 22
The Income Statement 23
How Profitable is a Firm? 25
The Profitability of Equity Capital 25
The Profitability of Invested Capital 25
How Much Cash Does a Firm Generate? 26
Sources and Uses of Cash 26
The Statement of Cash Flows 26
How Risky is a Firm? 27
Is Value Created? 29
Summary 31
Further Reading 32
CHAPTER 2
Understanding Balance Sheets and Income Statements 33
Financial Accounting Statements 33
The Balance Sheet 36
Current, or Short-Term, Assets 37
Noncurrent, or Fixed, Assets 40
Current, or Short-Term, Liabilities 43
Noncurrent Liabilities 44
Owners' Equity 45
The Income Statement 45
Net Sales 46
Gross Profit 47
Operating Profit 48
Earnings Before Interest and Tax (EBIT) 48
Earnings Before Tax (EBT) 49
Earnings After Tax (EAT) 49
Reconciling Balance Sheets and Income Statements 49
The Structure of the Owners' Equity Account 50
Summary 5
APPENDIX 2.1
Financial Reporting Reforms 55
APPENDIX 2.2
Specimen Financial Statements 56
Polo Ralph Lauren's Balance Sheets and Income Statements 56
Polo Ralph Lauren Balance Sheets 56
Polo Ralph Lauren Income Statements 59
Further Reading 60
Self-Test Problems 60
Review Problems 62
PART II: FINANCIAL DIAGNOSIS AND MANAGEMENT
CHAPTER 3
Assessing Liquidity and Operational Efficiency 67
The Managerial Balance Sheet 68
The Three Components of a Firm's Invested Capital 71
The Components of Capital Employed 75
The Structure of the Managerial Balance Sheet 76
The Matching Strategy 77
A Measure of Liquidity Based on the Funding Structure of Working
Capital Requirement 79
viii FINANCE FOR EXECUTIVES
Improving Liquidity Through Better Management of the Operating Cycle 82
The Effect of the Firm's Economic Sector on Its Working Capital Requirement 83
The Effect of Managerial Efficiency on Working Capital Requirement 84
The Effect of Sales Growth on Working Capital Requirement 87
Traditional Measures of Liquidity 89
Net Working Capital 89
The Current Ratio 90
The Acid Test or Quick Ratio 91
Summary 91
APPENDIX 3.1
Financing Strategies 93
APPENDIX 3.2
Polo Ralph Lauren's Liquidity and Operational Efficiency 96
RL Managerial Balance Sheets 96
RLs Liquidity Position 98
RLs Management of the Operating Cycle 100
Further Reading 102
Self-Test Problems 102
Review Problems 104
CHAPTER 4
Measuring Cash Flows 113
Cash Flows and Their Sources 114
Preparing a Detailed Cash-Flow Statement 117
Net Cash Flow from Operating Activities 118
Net Cash Flow from Investing Activities 123
Net Cash Flow from Financing Activities 124
The Cash-Flow Statement 124
The Statement of Cash Flow According to FASB 95 125
Net Operating Cash Flow Versus Free Cash Flow Versus Bankers' Cash Flow 128
Free Cash Flow 128
Bankers' Cash Flow 129
Managerial Implications 131
Summary 132
APPENDIX 4.1
Obtaining the Net Operating Cash Flow From Balance Sheet and Income
Statement Accounts 134
Measuring Cash Inflow from Operations 134
Measuring Cash Outflow from Operations 135
Net Operating Cash Flow 137
Contents
APPENDIX 4.2
Polo Ralph Lauren's Cash Flows 139
Restructuring REs Cash Flow Statements 139
REs Cash Flows from Operating Activities 140
REs Cash Flows from Investing Activities 141
RLs Cash Flows from Financing Activities 142
Further Reading 144
Self-Test Problems 144
Review Problems 145
CHAPTER 5
Diagnosing Profitability, Risk, and Growth 153
Measures of Profitability 154
Return on Equity 155
Measuring Return on Equity 155
The Effect of Operating Decisions on Return on Equity 155
The Effect of Financing Decisions on Return on Equity 161
The Incidence of Taxation on Return on Equity 165
Putting It All Together: The Structure of a Firm's Profitability 166
The Structure of Return on Equity Across Industries 168
Other Measures of Profitability 169
Earnings Per Share (EPS) 169
The Price-To-Earnings Ratio (P/E) 170
The Market-To-Book Ratio 170
Financial Leverage and Risk 170
How Does Financial Leverage Work? 172
Two Related Caveats: Risk and the Ability to Create Value 173
Self-Sustainable Growth 174
Summary 178
APPENDIX 5.1
Factors Affecting a Firm's Operating Profitability 181
Market Share 182
Perceived Product Quality 182
Asset and Cost Structures 183
APPENDIX 5.2
The Relationship Between a Firm's ROE and Its After-Tax ROIC 185
APPENDIX 5.3
Polo Ralph Lauren's Profitability 186
REs Profitability Structure 186
x FINANCE FOR EXECUTIVES
The Effect of RLs Operating Profitability on Its Return on Equity 187
The Effect of RLs Financial Policy on Its Return on Equity 190
The Effect of Taxation on RLs Return on Equity 191
Further Reading 191
Self-Test Problems 192
Review Problems 195
PART III: INVESTMENT DECISIONS
CHAPTER 6
Using the Net Present Value Rule to Make Value-Creating
Investment Decisions 201
The Capital Investment Process 202
Would You Buy This Parcel of Land? 204
The Alternative Investment 204
The Opportunity Cost of Capital 205
The Net Present Value Rule 206
A One-Period Investment 206
A Two-Period Investment without an Intermediate Cash Flow 208
A Two-Period Investment with an Intermediate Cash Flow 209
Multiple-Period Investments 210
Applying the Net Present Value Rule to a Capital Investment Decision 212
Why the NPV Rule is a Good Investment Rule 214
A Measure of Value Creation 214
Adjustment for the Timing of the Project's Cash Flows 215
Adjustment for the Risk of the Project's Cash Flows 218
Additive Property 220
Special Cases of Capital Budgeting 223
Comparing Projects of Unequal Size 223
Comparing Projects with Unequal Life Spans 225
Limitations of the Net Present Value Criterion 228
Managerial or Real Options Embedded in Investment Projects 228
Dealing with Managerial Options 230
Summary 231
APPENDIX 6.1
Calculation of the Present Value of an Annuity and the Constant
Annual-Equivalent Cash Flow of a Project's Cash-Flow Stream 233
Present Value of an TV-Period Annuity 233
Present Value of an Infinite Annuity or Perpetuity 235
Constant Annual-Equivalent Cash Flow 235
Further Reading 236
Self-Test Problems 236
Review Problems 238
Contents
CHAPTER 7
Alternatives to the Net Present Value Rule 241
The Payback Period 242
The Payback Period Rule 244
Why Do Managers Use the Payback Period Rule? 246
The Discounted Payback Period 247
The Discounted Payback Rule 248
The Discounted Payback Period Rule Versus the Ordinary Payback
Period Rule 250
The Internal Rate of Return (IRR) 250
The IRR Rule 251
The IRR Rule May Be Unreliable 254
Why Do Managers Usually Prefer the IRR Rule to the NPV Rule? 256
The Profitability Index (PI) 257
The Profitability Index Rule 258
Use of the Profitability Index Rule 260
The Average Accounting Return 260
The Average Accounting Return Rule 261
Summary 262
Further Reading 264
Self-Test Problems 264
Review Problems 265
CHAPTER 8
Identifying and Estimating a Project's Cash Flows 269
The Actual Cash-Flow Principle 269
The With/Without Principle 270
The Designer Desk Lamp Project 272
Identifying a Project's Relevant Cash Flows 275
Sunk Costs 275
Opportunity Costs 275
Costs Implied by Potential Sales Erosion 276
Allocated Costs 276
Depreciation Expenses 277
Tax Expenses 277
Financing Costs 278
Inflation 279
Estimating a Project's Relevant Cash Flows 280
Measuring the Cash Flows Generated by a Project 281
Estimating the Project's Initial Cash Outflow 282
Estimating the Project's Intermediate Cash Flows 285
Estimating the Project's Terminal Cash Flow 286
Should SMC Launch the New Product? 287
Sensitivity of the Project's NPV to Changes in the Lamp Price 288
Sensitivity of NPV to Sales Erosion 289
xii ¦ Fl NANCE FOR EXECUTIVES
Summary 290
Further Reading 291
Self-Test Problems 291
Review Problems 293
PART IV: FINANCING DECISIONS
CHAPTER 9
Raising Capital and Valuing Securities 297
Estimating the Amount of Required External Funds 298
The Financial System: Its Structure and Functions 301
Direct Financing 302
Indirect or Intermediated Financing 302
Securities Markets 305
How Firms Issue Securities 309
Private Placement 309
Public Offerings 309
Debt Capital: Characteristics and Valuation 314
Borrowing through Bank Loans 314
Borrowing through Lease Agreements 315
Borrowing by Issuing Short-Term Securities 318
Borrowing by Issuing Corporate Bonds 318
Equity Capital: Characteristics and Valuation 328
The Valuation of Preferred Stocks 330
The Valuation of Common Stocks 330
Tracking Stock 332
Equity Warrants 332
Contingent Value Rights (CVR) 332
Summary 333
APPENDIX 9.1
The Valuation Formula for the Constant Growth Dividend Model 334
Further Reading 335
Self-Test Problems 335
Review Problems 336
CHAPTER 1 0
Estimating the Cost of Capital 341
Identifying Proxy or Pure-Play Firms 342
Estimating the Cost of Debt 343
Estimating the Cost of Equity: The Dividend Discount Model 345
Contents xi\\
Estimating the Cost of Equity: Dividends Grow at a Constant Rate 346
Estimating the Cost of Equity: How Reliable Is the Dividend
Discount Model? 347
Estimating the Cost of Equity: The Capital Asset Pricing Model 347
Diversification Reduces Risk 347
Measuring Systematic Risk with the BETA Coefficient 350
The Effect of Financial Leverage on a Stock's Beta 353
The Capital Asset Pricing Model (CAPM) 354
Using the CAPM to Estimate SMC's Cost of Equity 356
Estimating the Cost of Capital of a Firm 358
What is the Firm's Cost of Capital? 358
The Firm's Target Capital Structure 359
The Firm's Costs of Debt and Equity 361
Summary of the Firm's WACC Calculations 362
Estimating the Cost of Capital of a Project 362
The Project's Risk Is Similar to the Risk of the Firm 262
The Project's Risk Is Different from the Risk of the Firm 364
Three Mistakes to Avoid when Estimating a Project's Cost of Capital 368
Summary 371
Further Reading 372
Self-Test Problems 373
Review Problems 374
CHAPTER 1 1
Designing a Capital Structure 379
The Capital Structure Decision: No Corporate Taxes and No Financial
Distress Costs 380
Effects of Changes in Capital Structure on the Firm's Profitability (No Taxes and
No Financial Distress Costs) 380
The Trade-Off Between Profitability and Risk 384
Effect of Changes in Capital Structure on the Firm's Value: The Pizza Theory 385
Effect of Changes in Capital Structure on the Firm's Cost of Capital (No Taxes
and No Financial Distress Costs) 388
The Capital Structure Decision: Corporate Income Taxes and No Financial
Distress Costs 391
Effect of Changes in Capital Structure on the Value of a Firm's Assets and Share
Price (Taxes and No Financial Distress Costs) 391
Effect of Changes in Capital Structure on the Cost of Capital (Taxes and No
Financial Distress Costs) 396
The Capital Structure Decision When Financial Distress Is Costly 398
Formulating a Capital Structure Policy 402
A Closer Look at the Trade-Off Model of Capital Structure 402
Factors Other than Taxes that May Favor Borrowing 405
Factors Other than Financial Distress Costs that May Discourage Borrowing 407
Is There a Preference for Retained Earnings? 410
Putting It All Together 411
xiv FINANCE FOR EXECUTIVES
Summary 414
Further Reading 415
Self-Test Problems 416
Review Problems 417
PART V: BUSINESS DECISIONS
CHAPTER 1 2
Valuing and Acquiring a Business 421
Alternative Valuation Methods 422
Valuing a Firm's Equity Using Comparables 424
Estimating the Comparable Value of OS Distributors' Equity 424
Factors that Determine Earnings and Cash-Flow Multiples 429
Valuing a Firm's Assets and Equity Using the Discounted
Cash-Flow Approach 430
Estimating the DCF Value of a Firm's Assets 431
Estimating the DCF Value of a Firm's Equity 434
Estimating the DCF Value of OS Distributors' Assets and Equity 435
Step 1: Estimation of OS Distributors' Cash Flow From Assets 435
Step 2: Estimation of OS Distributors' Weighted Average Cost of Capital 439
Step 3: Estimation of the DCF Value of OS Distributors' Assets 440
Step 4: Estimation of the DCF Value of OS Distributors' Equity 441
Comparison of DCF Valuation and Valuation by Comparables 441
Estimating the Acquisition Value of OS Distributors 442
Identifying the Potential Sources of Value Creation in an Acquisition 442
Why Conglomerate Mergers are Unlikely to Create Lasting Value Through
Acquisitions 445
The Acquisition Value of OS Distributors' Equity 448
Estimating the Leveraged Buyout Value of OS Distributors 451
Estimating the Leveraged Buyout Value of OS Distributors' Equity 453
Summary 460
APPENDIX 12.1
The Dividend Discount Model Approach to the Valuation
of a Firm's Equity 463
Further Reading 464
Self-Test Problems 464
Review Problems 466
CHAPTER 1 3
Making Value-Creating Decisions in an International Environment 471
The Firm's Risk Exposure from Foreign Operations 472
Accounting, or Translation, Exposure 472
Contents x v
Economic Exposure 473
Country, or Political, Risk 474
The Foreign Exchange Market 475
The Organization of the Foreign Exchange Market 475
Spot Transactions Versus Forward Contracts 476
Hedging Contractual Exposure to Currency Risk 477
Hedging with Forward Contracts 477
Hedging with Futures Contracts 480
Hedging with Option Contracts 482
Which Hedging Technique to Choose? 486
Hedging Long-Term Contractual Exposure to Currency Risk with SWAPs 487
The Relationships among Exchange Rates, Inflation Rates, and Interest Rates 489
Exchange Rates and Inflation Rates: The Purchasing Power Parity Relation 489
Inflation Rates and Interest Rates 491
Exchange Rates and Interest Rates: The Interest Rate Parity Relation 492
Forward Rates and Future Spot Rates 493
Putting It All Together 493
Analyzing an International Investment Project 495
The Net Present Value Rule: A Brief Review 495
Surf 'n Zap Cross-Border Alternative Investment Projects 496
Managing Country Risk 503
Invest in Projects with Unique Features 503
Use Local Sourcing 503
Choose a Low-Risk Financial Strategy 503
Design a Remittance Strategy 504
Consider Buying Insurance against Political Risk 504
Summary 504
APPENDIX 1 3.1
Translating Financial Statements with the Monetary/Nonmonetary Method
and the Current Method 507
The Monetary/Nonmonetary Method 507
The Current Method 508
Which Method is Better? 508
APPENDIX 1 3.2
The Parity Relations 511
The Law of One Price 511
The Purchasing Power Parity (PPP) Relation 511
The International Fisher Effect 512
The Interest Rate Parity Relation (IRP) 513
Further Reading 515
Self-Test Problems 516
Review Problems 517
xvi FINANCE FOR EXECUTIVES
CHAPTER 1 4
Managing for Value Creation 521
Measuring Value Creation 522
Estimating Market Value Added 523
Interpreting Market Value Added 525
A Look at the Evidence 527
Identifying the Drivers of Value Creation 528
Linking Value Creation to Operating Profitability, the Cost of Capital, and
Growth Opportunities 530
Linking Value Creation to Its Fundamental Determinants 532
Linking Operating Performance and Remuneration to Value Creation 534
Mr. Thomas Hires a General Manager 534
Has the General Manager Achieved His Objectives? 536
Economic Profits versus Accounting Profits 538
Designing Compensation Plans that Induce Managers to Behave
Like Owners 540
Linking the Capital Budgeting Process to Value Creation 541
The Present Value of an Investment's Future EVAs Is Equal to Its MVA 541
Maximizing MVA Is the Same as Maximizing NPV 542
Putting It All Together: The Financial Strategy Matrix 544
The Business Is a Value Creator but Is Short of Cash 546
The Business Is a Value Creator with a Cash Surplus 546
The Business Is a Value Destroyer with a Cash Surplus 547
The Business Is a Value Destroyer that Is Short of Cash 547
Summary 547
APPENDIX 1 4.1
Adjusting Book Values to Estimate the Amount of Invested Equity Capital
and Operating Profit 549
Adjusting the Book Value of Equity Capital 549
Adjusting Earnings before Interest and Tax (EBIT) 551
APPENDIX 1 4.2
Estimating Market Value Added (MVA) when Future Cash Flows Are Expected
to Grow at a Constant Rate in Perpetuity 552
Further Reading 553
Self-Test Problems 554
Review Problems 556
ANSWERS TO REVIEW PROBLEMS 563
GLOSSARY 601
INDEX 623 |
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| author | Hawawini, Gabriel A. 1947- Viallet, Claude J. |
| author_GND | (DE-588)135837766 (DE-588)170192687 |
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| author_role | aut aut |
| author_sort | Hawawini, Gabriel A. 1947- |
| author_variant | g a h ga gah c j v cj cjv |
| building | Verbundindex |
| bvnumber | BV023279048 |
| callnumber-first | H - Social Science |
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| callnumber-raw | HG4011 |
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| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 |
| classification_tum | WIR 680f WIR 540f |
| ctrlnum | (OCoLC)266083345 (DE-599)BVBBV023279048 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 3. ed. |
| format | Book |
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| genre | (DE-588)4006432-3 Bibliografie gnd-content |
| genre_facet | Bibliografie |
| id | DE-604.BV023279048 |
| illustrated | Illustrated |
| index_date | 2024-07-02T20:39:03Z |
| indexdate | 2024-07-09T21:14:49Z |
| institution | BVB |
| isbn | 0324274319 9780324274318 |
| language | English |
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| spelling | Hawawini, Gabriel A. 1947- Verfasser (DE-588)135837766 aut Finance for executives managing for value creation Gabriel Hawawini ; Claude Viallet 3. ed. Mason, OH [u.a.] Thomson/South-Western 2007 XXIV, 632 S. graph. Darst. 24cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index. - Previous ed.: Australia : South-Western/Thomson Learning, c2002 Unternehmen Corporations Finance Business enterprises Finance Managerial accounting Chief financial officers Wertorientiertes Management (DE-588)4776793-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4006432-3 Bibliografie gnd-content Finanzierung (DE-588)4017182-6 s Wertorientiertes Management (DE-588)4776793-5 s 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=016463883&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hawawini, Gabriel A. 1947- Viallet, Claude J. Finance for executives managing for value creation Unternehmen Corporations Finance Business enterprises Finance Managerial accounting Chief financial officers Wertorientiertes Management (DE-588)4776793-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4776793-5 (DE-588)4017182-6 (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_exact_search_txtP | Finance for executives managing for value creation |
| title_full | Finance for executives managing for value creation Gabriel Hawawini ; Claude Viallet |
| title_fullStr | Finance for executives managing for value creation Gabriel Hawawini ; Claude Viallet |
| title_full_unstemmed | Finance for executives managing for value creation Gabriel Hawawini ; Claude Viallet |
| title_short | Finance for executives |
| title_sort | finance for executives managing for value creation |
| title_sub | managing for value creation |
| topic | Unternehmen Corporations Finance Business enterprises Finance Managerial accounting Chief financial officers Wertorientiertes Management (DE-588)4776793-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Unternehmen Corporations Finance Business enterprises Finance Managerial accounting Chief financial officers Wertorientiertes Management Finanzierung Bibliografie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016463883&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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