Financial management and policy:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Englewood Cliffs, NJ
Prentice Hall
1995
|
| Edition: | 10. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 858 S. |
| ISBN: | 0133001954 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
Preface xvii
PARTI FOUNDATIONS OF FINANCE 1
^P Vignette: Growth Companies 1
1 GOALS AND FUNCTIONS OF FINANCE 2
Creation of Value 2
Investment Decision 5
Financing Decision 5
Dividend Decision 6
Financial Management 6
Questions 7
Selected References 7
2 CONCEPTS IN VALUATION 9
The Time Value of Money 9
Present Values 14
Internal Rate of Return or Yield 19
Bond Returns 21
The Return from a Stock Investment 26
Dividend Discount Models 29
Measuring Risk—The Standard Deviation 37
Summary 41
Self-Correction Problems 42
Problems 42
Solutions to Self-Correction Problems 46
Selected References 49
Self-Correction Problems 749
Problems 750
Solutions to Self-Correction Problems 753
Selected References 754
PART 7 TOOLS OF FINANCIAL ANALYSIS AND CONTROL 757
JK^ Vignette: Warnaco Group 757
26 FINANCIAL RATIO ANALYSIS 758
Introduction to Financial Analysis 758
Liquidity Ratios 762
Debt Ratios 767
Coverage Ratios 769
Profitability Ratios 771
Market-Value Ratios 774
Predictive Power of Financial Ratios 776
Summary 783
Appendix: Inflation and Financial Analysis 784
Self-Correction Problems 787
Problems 789
Solutions to Self-Correction Problems 794
Selected References 797
27 FINANCIAL PLANNING 799
Methods of Analysis 799
Source and Use of Funds 800
Cash Budgeting 806
Pro Forma Statements 814
Sustainable Growth Modeling 818
Summary 824
Self-Correction Problems 826
Problems 828
Solutions to Self-Correction Problems 832
Selected References 834
APPENDIX: PRESENT-VALUE TABLES AND NORMAL
PROBABILITY DISTRIBUTION TABLE 835
3 MARKET RISK AND RETURNS 51
• Efficient Financial Markets 51
Security Portfolios 53
Multiple Security Portfolio Analysis and Selection 59
Capital Asset Pricing Model 64
Expected Return for Individual Security 71
Certain Issues with the CAPM 75
Summary 81
Self-Correction Problems 82
Problems 82
Solutions to Self-Correction Problems 87
Selected References 88
4 MULTI VARIABLE AND FACTOR VALUATION 89
Extended CAPM 89
Factor Models in General 95
Arbitrage Pricing Theory 98
Summary 102
Self-Correction Problems 103
Problems 103
Solutions to Self-Correction Problems 105
Selected References 106
5 OPTION VALUATION 108
Expiration Date Value of an Option 108
Valuation with One Period to Expiration: A General Consideration 109
Binomial Option Pricing of a Hedged Position 114
The Black-Scholes Option Model 117
American Options 124
Debt and Other Options 126
Summary 126
Appendix: Put-Call Parity 127
Self-Correction Problems 128
Problems 129
Solutions to Self-Correction Problems 1 31
Selected References 132
PART 2 INVESTMENT IN ASSETS AND REQUIRED RETURNS 135
^O Case: National Foods Corporation 135
6 PRINCIPLES OF CAPITAL INVESTMENT 143
The Administrative Framework 143
Methods for Evaluation 148
NPV versus IRR 153
Depreciation and Other Refinements in Cash-Flow Information 157
What Happens When Capital is Rationed? 160
Inflation and Capital Budgeting 161
Information to Analyze an Acquisition 165
Summary 167
Appendix: Multiple Internal Rates of Return 168
Self-Correction Problems 170
Problems 172
Solutions to Self-Correction Problems 175
Selected References 177
7 RISK AND REAL OPTIONS IN CAPITAL BUDGETING 179
Quantifying Risk and Its Appraisal 179
Total Risk for Multiple Investments 188
Real Options in Capital Investments 191
Summary 202
Self-Correction Problems 203
Problems 204
Solutions to Self-Correction Problems 209
Selected References 211
8 CREATING VALUE THROUGH REQUIRED RETURNS 213
Foundations of Value Creation 213
Measuring Required Market-Based Returns 2 I 5
Modification for Leverage 2 19
Weighted Average Required Return 222
Adjusted Present Value 228
Divisional Required Returns 230
A Company s Overall Cost of Capital 234
Diversification of Assets and Total Risk Analysis 237
Evaluation of Acquisitions 241
Summary 244
Self-Correction Problems 246
Problems 247
Solutions to Self-Correction Problems 252
Selected References 255
PART 3 FINANCING AND DIVIDED POLICIES 257
^O Vignette: Keppel Corporation 257
? 9 THEORY OF CAPITAL STRUCTURE 258
Introduction to the Theory 258
Modigliani-Miller Position 262
Taxes and Capital Structure 266
Effect of Bankruptcy Costs 274
Other Imperfections 276
Incentive Issues and Agency Costs 277
Financial Signaling 284
Summary 285
Self-Correction Problems 286
Problems 287
Solutions to Self-Correction Problems 291
Selected References 293
10 MAKING CAPITAL STRUCTURE DECISIONS 295
EBIT-EPS Analysis 295
Cash-Flow Ability to Service Debt 298
Other Methods of Analysis 304
Timing and Flexibility 306
A Pecking Order of Financing? 307
A Checklist When It Comes to Financing 308
Summary 309
Self-Correction Problems 310
Problems 3 11
Solutions to Self-Correction Problems 313
Selected References 3 16
11 DIVIDEND POLICY: THEORY AND PRACTICE 317
Procedural Aspects of Paying Dividends 317
Dividend Payout Irrelevance 318
Arguments for Dividend Payout Mattering 321
Financial Signaling 325
Empirical Testing and Implications for Payout 326
Share Repurchase 329
Stock Dividends and Stock Splits 333
Managerial Considerations as to Dividend Policy 338
Summary 342
Self-Correction Problems 344
Problems 345
Solutions to Self-Correction Problems 349
Selected References 351
PART 4 LIQUIDITY AND WORKING CAPITAL MANAGEMENT 355
^V Case: Flores Distributors, Inc. 355
12 LIQUID ASSETS AND LIABILITY STRUCTURING 359
Liquidity and Its Role 359
Receivables and Inventories 363
Liability Structure 365
Summary 367
Self-Correction Problems 368
Problems 369
Solutions to Self-Correction Problems 370
Selected References 371
13 MANAGEMENT OF CASH AND MARKETABLE SECURITIES 372
The Function of Cash Management 372
Managing Collections 373
Control of Disbursements 376
Electronic Funds Transfers 379
Investment in Marketable Securities 388
Summary 396
Self-Correction Problems 396
Problems 397
Solutions to Self-Correction Problems 399
Selected References 400
14 MANAGEMENT OF ACCOUNTS RECEIVABLE AND
INVENTORIES 402
Credit and Collection Policies 402
Evaluating the Credit Applicant 412
Vignette: The Receivable Challenge 416
Inventory Management and Control 421
Uncertainty and Safety Stock 424
Inventory and the Financial Manager 428
Summary 429
Appendix: Application of Discriminant Analysis to the Selection of
Accounts 430
Self-Correction Problems 433
Problems 435
Solutions to Self-Correction Problems 439
Selected References 440
15 UNSECURED SHORT-TERM FINANCING 442
The Type of Financing, Conceptually 442
Trade Credit Financing 446
Accrual Accounts as Spontaneous Financing 451
Money Market Credit 452
Short-Term Loans 454
Summary 459
Self-Correction Problems 460
Problems 460
Solutions to Self-Correction Problems 462
Selected References 463
16 SECURED LOANS AND TERM FINANCING 464
Secured Lending Arrangements 464
Intermediate-Term Debt 473
Protective Covenants and Loan Agreements 477
Summary 482
Self-Correction Problems 483
Problems 484
Solutions to Self-Correction Problems 486
Selected References 488
17 FOUNDATIONS FOR LONGER-TERM FINANCING 490
The Purpose of Financial Markets 490
Nominal and Real Rates of Return 494
Yield Curves and Their Use 500
Pricing Default Risk Off Treasuries 504
Summary 507
Self-Correction Problems 508
Problems 508
Solutions to Self-Correction Problems 510
Selected References 511
18 LEASE FINANCING 512
Features of a Lease 512
Accounting and Tax Treatments of Leases 514
Return to the Lessor 517
To Lease or to Buy/Borrow 519
Sources of Value in Leasing 526
Summary 529
Self-Correction Problems 530
Problems 531
Solutions to Self-Correction Problems 532
Selected References 535
19 ISSUING SECURITIES 536
Public Offering of Securities 536
Selling Common Stock through a Rights Issue 541
Initial Financing 548
Information Effects 550
Summary 552
Self-Correction Problems 553
Problems 554
Solutions to Self-Correction Problems 556
Selected References 557
20 FIXED-INCOME FINANCING AND PENSION LIABILITY 559
Features of Debt 559
Types of Debt Financing 563
Call Feature and Refunding 566
Private Placements 574
Preferred Stock 576
Pension Fund Liability 580
Summary 583
Self-Correction Problems 584
Problems 585
Solutions to Self-Correction Problems 587
Selected References 588
21 OPTION FINANCING: WARRANTS, CONVERTIBLES,
AND EXCHANGEABLES 590
The Use of Warrants 591
Convertible Securities 594
Value of Convertible Securities 600
Exchangeable Debt 604
Summary 606
Appendix: Valuing Convertible Bonds in the Face of Firm Volatility, Default
Risk, and Fluctuating Interest Rates 607
Self-Correction Problems 610
Problems 611
Solutions to Self-Correction Problems 614
Selected References 615
f 22 MANAGING FINANCIAL RISK 617
Derivative Securities 617
Hedging Risk 618
Futures Markets 620
Forward Contracts 625
Option Contracts 627
Interest-Rate Swaps 631
Currency Contracts 637
Commodity Contracts 638
Summary 638
Self-Correction Problems 640
Problems 640
Solutions to Self-Correction Problems 642
Selected References 643
PART 6 EXPANSION AND RESTRUCTURING 645
Case: Marriott Restructuring 645
23 MERGERS AND THE MARKET FOR CORPORATE CONTROL 649
Features of a Merger 650
Strategic Acquisitions Involving Stock 653
Sources or Rearrangements of Value 658
Corporate Voting and Control 662
Tender Offers and Company Resistance 665
Empirical Evidence on Mergers and Takeovers 670
Summary 673
Self-Correction Problems 675
Problems 676
Solutions to Self-Correction Problems 679
Selected References 680
24 CORPORATE AND DISTRESS RESTRUCTURING 683
Divestiture in General 684
Voluntary Liquidation or Sell-Offs 686
Spin-offs and Equity Carveouts 687
Going Private and Leveraged Buyouts 690
Leveraged Recapitalizations 696
Distress Restructuring 697
Legal Proceedings 698
Gaming with the Rule of Absolute Priority 702
Summary 703
Self-Correction Problems 705
Problems 706
Solutions to Self-Correction Problems 709
Selected References 711
*25 INTERNATIONAL FINANCIAL MANAGEMENT 713
Some Background 713
Types of Exposure 718
Translation Exposure 719
Transactions Exposure 722
Economic Exposure 723
Management of Exposure 725
Currency Market Hedges 730
Should Exposure Be Managed? 735
Macro Factors Governing Exchange-Rate Behavior 736
Structuring International Trade Transactions 743
Summary 747
|
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| bvnumber | BV023666569 |
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| edition | 10. ed. |
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| institution | BVB |
| isbn | 0133001954 |
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| physical | XIX, 858 S. |
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| spelling | Van Horne, James C. 1935- Verfasser (DE-588)128399015 aut Financial management and policy James C. Van Horne 10. ed. Englewood Cliffs, NJ Prentice Hall 1995 XIX, 858 S. txt rdacontent n rdamedia nc rdacarrier Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 s DE-604 Finanzmanagement (DE-588)4139075-1 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017262914&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 |
| spellingShingle | Van Horne, James C. 1935- Financial management and policy Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4139075-1 |
| title | Financial management and policy |
| title_auth | Financial management and policy |
| title_exact_search | Financial management and policy |
| title_full | Financial management and policy James C. Van Horne |
| title_fullStr | Financial management and policy James C. Van Horne |
| title_full_unstemmed | Financial management and policy James C. Van Horne |
| title_short | Financial management and policy |
| title_sort | financial management and policy |
| topic | Finanzierung (DE-588)4017182-6 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | Finanzierung Finanzmanagement |
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