Introduction to financial models for management and planning:
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boca Raton, FL [u.a.]
CRC Press
2009
|
| Series: | Chapman & Hall/CRC finance series
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXX, 724 S. Ill. |
| ISBN: | 9781420090543 |
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| 245 | 1 | 0 | |a Introduction to financial models for management and planning |c James R. Morris ; John P. Daley |
| 264 | 1 | |a Boca Raton, FL [u.a.] |b CRC Press |c 2009 | |
| 300 | |a XXX, 724 S. |b Ill. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Chapman & Hall/CRC finance series | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Corporations |x Finance |x Computer simulation | |
| 650 | 4 | |a Corporations |x Finance |x Mathematical models | |
| 650 | 4 | |a Finance |x Computer simulation | |
| 650 | 4 | |a Finance |x Mathematical models | |
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| 689 | 0 | 1 | |a Mathematisches Modell |0 (DE-588)4114528-8 |D s |
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| 700 | 1 | |a Daley, John P. |e Verfasser |0 (DE-588)1029687293 |4 aut | |
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| adam_text | Contents
Preface
XXI
Authors
xxix
Chapter
1
An Overview of Financial
and Modeling
Planning
1
1.1
WHAT IS PLANNING?
2
1.2
WHAT IS FINANCIAL PLANNING?
4
1.3
THE INPUT TO FINANCIAL PLANNING
5
1.3.1
The Goals of Financial Decisions
7
1.3.2
The Decision Alternatives
7
1.3.3
The Links between Decisions and Goals
8
1.3.4
Resources and Constraints
9
1.3.4.1
Company-Specific Resources and Constraints
10
1.3.4.2
Industry-Specific Constraints
11
1.3.4.3
Constraints Imposed by the Economy
12
VII
viii
■ Contents
1.3.4.4
Constraints Imposed by the Legal
and Political Environment
13
1.3.5
The Planning Horizon and the Amount of Detail
13
1.3.5.1
The Length of the Planning Horizon
13
1.3.5.2
The Amount of Detail
14
1.4
INGREDIENTS OF A FINANCIAL MODEL
16
1.4.1
What Is a Model?
16
1.4.2
What Does a Model Do?
20
1.5
HOW TO DEVELOP THE MODEL?
21
1.5.1
The Decision Problem
21
1.5.1.1
What Is the Problem?
21
1.5.1.2
What Questions Must Be Answered?
21
1.5.1.3
What Is the Time Horizon of the Problem?
22
1.5.1.4
How Important Is the Problem?
22
1.5.2
The Output
22
1.5.2.1
What Kind of Information Is Needed?
22
1.5.2.2
How Will the Information Be Evaluated?
23
1.5.2.3
What Kind of Detail Is Necessary?
23
1.5.2.4
Who Will Use the Information?
23
1.5.3
The Structural Input
24
1.5.3.1
What Is the Goal?
24
1.5.3.2
What Are the Decision Alternatives?
25
1.5.3.3
What Are the Linkages between
the Decisions and the Goal?
25
1.5.3.4
What Are the Constraints?
25
1.5.3.5
What Is the Planning Horizon?
27
1.5.4
The Data Input
28
1.5.4.1
The Current State of the System
28
1.5.4.2
Relations between Variables
29
1.5.4.3
Forecasts of Future Conditions
29
1.6
TYPES OF MODELS
30
1.6.1
Simulation
30
1.6.2
Optimization
32
Contents ■ ix
1.7
WHAT DO WE GET OUT OF THE MODELING PROCESS?
33
1.7.1
Explicit Benefits
34
1.7.2
Implicit Benefits
34
1.8
SUMMARY
35
Part I Tools for Financial Planning and Modeling:
Financial Analysis
37
Chapter
2
Tools for Financial Planning I:
Financial Analysis
39
2.1
INTRODUCTION
39
2.2
FINANCIAL RATIO ANALYSIS
40
2.2.1
Example: The Odd
&
Rich Corporation
41
2.2.2
DuPont Analysis
52
2.2.2.1
Asset Utilization
54
2.2.2.2
Operating Cycle
55
2.2.2.3
The Equity Multiplier and Financial Leverage
56
2.3
BREAK-EVEN ANALYSIS
60
2.3.1
Fixed and Variable Costs
60
2.4
ANALYSIS OF OPERATING AND FINANCIAL
LEVERAGE
64
2.4.1
Degree of Operating Leverage
65
2.4.2
Degree of Financial Leverage
66
2.4.3
Degree of Combined Leverage
67
2.5
CONCLUSION
68
APPENDIX A: USING NAMES IN THE EXCEL SPREADSHEET
72
APPENDIX B: CONSTRUCTING A DATA TABLE
75
Chapter
3
The Tools for Financial Planning II: Growth
and Cash Flows
79
3.1
PROJECTING PRO FORMA FINANCIAL STATEMENTS
80
3.2
GROWTH AND THE NEED FOR FINANCING
88
3.2.1
Required External Financing
89
3.2.2
Sustainable Growth
92
χ
■ Contents
3.3
CASH FLOW
96
3.3.1
Cash Flow from Operations
99
3.3.2
Cash Flow from Investing
102
3.3.3
Cash Flows from Financing
104
3.3.3.1
Equity Cash Flow
105
3.3.3.2
Cash Flow to Invested Capital
107
3.4
CASH RECEIPTS AND DISBURSEMENTS
109
3.4.1
Example: The Mogul Corporation
110
3.5
CONCLUSION
119
Part II Tools for Financial Planning and
Modeling: Simulation
127
Chapter
4
Financial Statement Simulation
129
4.1
INTRODUCTION
129
4.2
THE ACCOUNTING MODULE
131
4.2.1
Equations of the Module
131
4.2.2
The Income Generation Module
138
4.2.3
The Investment Module
139
4.2.4
The Financing Module
140
4.3
EQUILIBRIUM IN THE SIMULATION MODEL
141
4.4
BUILDING A LONG-RANGE PLANNING MODEL
145
4.4.1
Model of O&R Corp.
145
4.4.2
Testing the Model
155
4.4.3
Tracking Performance
157
4.4.4
Valuation
159
4.4.4.1
The Valuation Module
159
4.4.4.2
Evaluation and Sensitivity Analysis
162
4.5
CONCLUSION
163
Chapter
5
Monte Carlo Simulation
1 71
5.1
INTRODUCTION
171
5.2
MONTE CARLO SIMULATION
173
Contents ■ xi
5.3 THE EBITDA MODEL
AND ©RISK
177
5.4 MONTE CARLO SOFTWARE:
©RISK
180
5.4.1 Steps
for Running an
Initial Simulation 184
5.4.2
Putting the
Output
into the Spreadsheet
186
5.4.3
Correlating the Variables
189
5.4.3.1
Model Results with Correlated Variables
192
5.5
USING MONTE CARLO SIMULATION FOR
CAPITAL INVESTMENT DECISIONS
193
5.5.1
Example: Capital Investment for Placidia
Corporation
193
5.5.1.1
Conventional NPV Analysis
194
5.5.1.2
Monte Carlo Simulation of the
Placidia Project
195
5.5.2
Example: Success and Failure of Research and
Development
201
5.5.2.1
Conventional Analysis of the NPV of Project
202
5.5.2.2
Risk in the R&D Program
202
5.5.2.3
Monte Carlo Simulation of Project
204
5.6
SUMMARY
207
Part III Introduction to Forecasting Methods
217
Chapter
6
Forecasting I: Time Trend Extrapolation
219
6.1
AN INTRODUCTION TO FORECASTING
219
6.1.1
Qualitative versus Quantitative Forecasts
220
6.2
STEPS FOR DEVELOPING A FORECASTING MODEL
220
6.3
TIME TREND EXTRAPOLATION
221
6.3.1
Estimation Period versus Hold-Out Period
224
6.3.2
Time Trend Extrapolation Using Linear Regression
225
6.3.2.1
The Constant Change Model
225
6.3.2.2
The Compound Growth Model
228
6.3.3
Assessing Model Validity and Accuracy
230
6.3.3.1
Evaluating Model Validity
230
xii ■ Contents
6.4
EVALUATING FORECAST ACCURACY
235
6.4.1
Diagnostic Measures
235
6.4.1.1
Mean Error
236
6.4.1.2
Mean Absolute Deviation
236
6.4.1.3
Root Mean Square Error
237
6.4.1.4
Residual Standard Error
237
6.4.2
Combining the Estimation Period and the
Hold-Out Period
238
6.4.3
The Last Step: Making the Forecast
239
6.4.4
Assessing Forecast Accuracy: Confidence Intervals
240
6.4.5
The Standard Error of the Forecast
241
6.4.5.1
The Critical Statistic
243
6.4.6
Problems with the Forecasting Model
245
6.4.6.1
Assumptions of the Regression Model
245
6.5
SUMMARY
247
Chapter
7
Forecasting
11:
Econometric Forecasting
_________253
7.1
DEVELOPING A STRUCTURAL ECONOMETRIC MODEL
253
7.1.1
Example: Speckled Band, Inc.
254
7.1.1.1
The Economic and Industry Context
254
7.1.2
Confidence Interval of the Forecast
263
7.2
SUMMARY
264
Chapter
8
Forecasting III: Smoothing Data for Forecasts
273
8.1
INTRODUCTION
273
8.2
MOVING AVERAGE
274
8.3
EXPONENTIAL SMOOTHING
278
8.4
EVALUATING THE MODEL
283
8.4.1
Making the Forecast
285
8.5
SEASONALLY AND SEASONAL DECOMPOSITION
285
8.5.1
Sources of Variation in Data
286
8.5.2
Seasonal Adjustment Factors
287
8.5.2.1
Estimating the Seasonal Adjustment Factors
290
Contents ■ xiii
8.5.3
Removing Seasonality
292
8.5.4
Forecasting Sales
295
8.5.5
Review of Seasonal Adjustment
298
8.6
TIME SERIES MODELS
299
8.6.1
A Description of Time Series Models
301
8.6.2
Two Processes:
AR
and MA
302
8.6.2.1
Autoregressive
Processes
302
8.6.2.2
Moving Average Processes
308
8.6.3
ARMA
and ARIMA Processes
309
8.6.4
An Overview of the Box-Jenkins Method
309
8.7
SUMMARY
311
Part IV A Closer Look at the Details of a
Financial Model
319
Chapter
9
Modeling Value
321
9.1
AGGREGATE EQUITY VALUE
321
9.2
DIVIDENDS VERSUS EQUITY CASH FLOW
322
9.2.1
Value for a Non-Dividend-Paying Firm
326
9.3
TERMINAL VALUE
327
9.3.1
The Constant Growth Model
327
9.3.1.1
Components of the Terminal
Growth Rate
328
9.3.2
Other Models of Terminal Value
330
9.4
THE DISCOUNT RATE: LEVERAGE, CIRCULARITY,
AND CONVERGENCE
332
9.4.1
Cost of Equity with a Changing Capital
Structure
336
9.5
VALUE PER SHARE AND ISSUING
NEW EQUITY
342
9.5.1
Example: Mythic Corporation
344
9.5.2
Share Issue and Dilution in the
Empruntay Model
348
xiv ■ Contents
Chapter
10
Modeling
Long-Term
Assets
10.1
FIXED ASSETS IN A LONG-RUN PLANNING
MODEL
362
10.2
DIRECT INVESTMENT EVALUATION
365
10.2.1
Investment Evaluation
365
10.2.2
The WACC Method
367
10.2.2.1
Cost of Investment
367
10.2.2.2
Discount Rate
367
10.2.2.3
Cash Flow to Invested Capital
368
10.2.3
The Equity Method
369
10.2.4
Working Capital
372
10.3
EXAMPLE: EVALUATING AN INVESTMENT
FOR STILIKO PLASTICS
372
10.3.1
The Details of the Investment
372
10.3.1.1
The Opportunity
372
10.3.1.2
The Objective
373
10.3.1.3
Financing
373
10.3.1.4
The Planning Horizon
373
10.3.1.5
The Constraints
374
10.3.1.6
Project Investment
374
10.3.1.7
Depreciation
375
10.3.1.8
Terminal (Salvage) Value
375
10.3.2
Constructing the Spreadsheet Model
375
10.3.2.1
Data Input
376
10.3.2.2
Data Processing Sheet
378
10.3.2.3
Initial Investment
379
10.3.2.4
Accounting Sections
380
10.3.2.5
Costs of Capital Section
384
10.3.2.6
Evaluation Sheet
384
10.3.2.7
The Invested Capital Method
384
10.3.2.8
Equity Method
387
10.3.3
Evaluating the Investment s Impact on the Firm
389
Contents ■ xv
10.4
MODELING MERGERS AND ACQUISITIONS
394
10.4.1
Overview
394
10.4.2
Modeling the Merger and Acquisition Problem
395
10.4.2.1
The Merger
396
10.4.2.2
Synergies
398
10.4.3
Monte Carlo Simulation
405
10.4.3.1
Cost of Goods Sold
406
10.4.3.2
Selling, General, and Administrative Costs
406
10.4.3.3
Research and Development
407
10.4.3.4
Receivables and Inventory
407
10.4.3.5
Gross Plant and Equipment
407
10.4.3.6
Accounts Payable
407
10.4.3.7
Growth Rates
408
10.4.3.8
Integration Costs
408
10.4.3.9
Output
408
10.5
SUMMARY
411
Chapter
11
Debt Financing
421
11.1
DEBT IN THE LONG-TERM PLANNING MODEL
421
11.1.1
Constraining the Debt Ratios
423
11.1.2
Example: A Borrowing Sector for O&R
426
11.1.3
Analyzing the Financing Decision
435
11.2
USING MONTE CARLO SIMULATION TO FIND
THE OPTIMAL CAPITAL STRUCTURE
435
11.2.1
Default Risk, Tax Savings, and Bankruptcy Costs
436
11.2.1.1
Default Risk
436
11.2.1.2
Tax Savings
437
11.2.1.3
Bankruptcy Costs
437
11.2.1.4
Net Benefits from Debt
438
11.2.2
The Monte Carlo Model
438
11.2.2.1
Simulating the Risk of Default and
Bankruptcy
438
11.2.2.2
Simulating Default Risk
443
xvi ■ Contents
11.2.2.3
Balancing Taxes and Bankruptcy Costs
446
11.2.2.4
Simulating the Net Benefit of Debt
448
11.3
ADDITIONAL DEBT MODELING CONCEPTS
453
11.3.1
Duration
453
11.3.1.1
Duration as Average Life of
Cash Flows
453
11.3.1.2
Duration as Interest Rate
Sensitivity
456
11.3.1.3
Duration and Immunization
458
11.3.2
Swaps
459
11.3.2.1
Example: Swapping Plain Vanilla
460
11.3.2.2
Stochastic Interest Rates
464
11.4
SUMMARY
469
Chapter
12
Modeling Working Capital Accounts
_________477
12.1
CASH
478
12.2
MARKETABLE SECURITIES
483
12.2.1
Example: Managing Securities for the
Mogul Corporation
486
12.3
MODELING RECEIVABLES AND CREDIT
496
12.4
INVENTORIES
499
12.5
SPONTANEOUS FINANCING
502
12.6
SUMMARY
504
Part V Modeling Security Prices and
Investment Portfolios
509
Chapter
13
Modeling Security Prices
511
13.1
THE BINOMIAL MODEL OF STOCK
PRICE MOVEMENT
511
13.2
STOCK PRICES AS A RANDOM WALK
IN CONTINUOUS TIME
516
13.3
BINOMIAL APPROXIMATION OF THE
CONTINUOUS PRICE PROCESS
520
Contents ■ xvii
13.4
RETURNS
FOR A PORTFOLIO OF SECURITIES
523
13.4.1
Correlating the Returns
526
13.4.2
Running the Model
530
13.5
SUMMARY
533
Chapter
14
Constructing Optimal Security Portfolios
535
14.1
INTRODUCTION
535
14.2
THE MEAN-VARIANCE PROBLEM FOR
TWO ASSETS
536
14.3
A LITTLE LINEAR ALGEBRA
543
14.3.1
Naming the Arrays
549
14.4
THE EFFICIENT FRONTIER WITH MULTIPLE ASSETS
550
14.5
EXTENSIONS OF MODERN PORTFOLIO THEORY
556
14.5.1
The Tangency Portfolio
556
14.5.1.1
Extension of the Model to the CAPM
558
14.5.2
Counterintuitive Recommendations
559
14.6
VALUE-AT-RISK
564
14.6.1
Computational Method
565
14.6.2
Historical Simulation
567
14.6.3
Monte Carlo Simulation
569
14.6.3.1
Simulated Portfolios
569
14.6.4
Discussion of Results
574
14.7
SUMMARY
575
Chapter
15
Options
581
15.1
INTRODUCTION
581
15.1.1
Introducing Calls and Puts
582
15.2
PAYOFFS FROM OPTIONS
583
15.2.1
Buying Options
583
15.2.2
Writing Options
586
15.2.3
Options as a Leveraged Investment in the Stock
587
15.2.4
Option Combinations
587
15.2.5
Mixing Options with the Stock and a Bond
590
xviii ■ Contents
15.3 OPTION
PRICING
MODELS 593
15.3.1
Binomial
Option
Pricing
593
15.3.1.1 Option
Pricing by Replicating the Payoffs
595
15.3.1.2
An Arbitrage Transaction
597
15.3.1.3
The Cox, Ross, and Rubinstein
Binomial Option Formula
601
15.3.1.4
Put Value
602
15.3.2
Put-Call Parity
602
15.3.3
Multi-Step Binomial Option Models
607
15.3.3.1
Two Periods
607
15.3.3.2
Modeling Option Prices with the
Binomial Approximation of
Continuous Prices
609
15.4
OPTION PRICING WITH CONTINUOUS STOCK
RETURNS: THE BLACK-SCHOLES MODEL
614
15.5
SUMMARY
618
Part VI Optimization Models
621
Chapter
16
Optimization Models for Financial
Planning
623
16.1
INTRODUCTION TO OPTIMIZATION
623
16.2
CONSTRAINED OPTIMIZATION
626
16.2.1
Linear Programming
627
16.2.2
Using Solver to Find a Solution
632
16.2.3
Example: Investment Decisions on a
Limited Budget
636
16.2.3.1
Decision Variables
638
16.2.3.2
Objective Function
638
16.2.3.3
Constraints
639
16.2.4
Using Excel and Solver for the
Gartner Problem
643
16.3
ELABORATIONS ON THE BASIC MODEL
646
16.3.1
Mutually Exclusive Projects
647
16.3.2
Contingent Projects
647
Contents
■ xix
16.3.3
Lending and Borrowing
648
16.3.3.1
Lending
649
16.3.3.2
Borrowing
650
16
.4
BORROWING IN THE LP PLANNING
MODEL
654
16.4.1
Risk Constraint
658
16
.5
SUMMARY
660
Chapter
17
Planning and Managing Working Capital
with LP
667
17.1
OPTIMIZING WORKING CAPITAL DECISIONS
667
17.2
WORKING CAPITAL DECISIONS FOR THE
STILIKO COMPANY
670
17.2.1
Marketable Securities
671
17.2.2
Borrowing
671
172.3
Cash Balance
671
17.2.4
Time
671
17.2.5
Objective
671
17.2.6
Decision Variables
672
17.2.6.1
Security Purchases
672
17.2.6.2
Borrowing
672
17.2.6.3
Cash Balance
672
17.2.7
Constraints
673
17.2.8
Objective Function
673
17.2.9
Constraints
675
17.3
ELABORATIONS AND EXTENSIONS
680
17.3.1
Debt Repayment
680
17.3.2
Objective
680
17.3.3
Constraints
681
17.3.3.1
Repayment
681
17.3.3.2
Borrowing Limit
682
17.3.3.3
Cash Flow Constraint
682
17.3.4
Another Source of Debt Financing:
Accounts Payable (AP)
682
17.3.5
Decision Variables
683
xx ■ Contents
17.3.6
Objective
684
17.3.7
Constraints
685
17.3.8
Selling Securities
686
17.3.9
Decision Variables
686
17.3.10
Constraints
686
17.3.11
Objective Function
688
17.4
SUMMARY
689
References
691
Index
701
Finance
&
Investing
A
properly structured financial model can provide decisior
makers with a powerful planning tool that helps them identify the
consequences of their decisions before they are put into practice.
Introduction to Financial Models for Management and Plannin
enables professionals and students to learn how to develop and us*
computer-based models for financial planning. Providing critical tools:
for the financial toolbox, this volume shows how to use these tools
toj
build successful models.
I
:
Placing a strong emphasis on the structure of models, the book focuses
on developing models that are consistent with the theory of finance
and, at the same time, are practical and usable. The authors introduce
powerful tools that are imperative to the financial management of
the operating business. These include interactive cash budgets and
pro forma financial statements that balance even under the most
extreme assumptions, valuation techniques, forecasting techniques
that range from simple averages to time series methods, Monte Carlo
simulation, linear programming, and optimization.
The tools of financial modeling can be used to solve the problems of;
planning the firm s investment and financing decisions. These include
evaluating capital projects, planning the financing mix for new invest¬
ments, capital budgeting under capital constraints, optimal capital
structure, cash budgeting, working capital management, mergers
and acquisitions, and constructing efficient security portfolios.
^A/hile
the primary emphasis is on models related to corporate financial
management, the book also introduces readers to a variety of models
¡
related to security markets, stock and bond investments, portfolio
management, and options.
This authoritative book supplies broad-based coverage and free
access to @Risk software for Monte Carlo simulation, making it
an indispensible text for professionals and students in financial
management.
|
| any_adam_object | 1 |
| author | Morris, James Russell 1944- Daley, John P. |
| author_GND | (DE-588)138104727 (DE-588)1029687293 |
| author_facet | Morris, James Russell 1944- Daley, John P. |
| author_role | aut aut |
| author_sort | Morris, James Russell 1944- |
| author_variant | j r m jr jrm j p d jp jpd |
| building | Verbundindex |
| bvnumber | BV035487532 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4012 |
| callnumber-raw | HG4012.5 |
| callnumber-search | HG4012.5 |
| callnumber-sort | HG 44012.5 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 700 |
| ctrlnum | (OCoLC)229022651 (DE-599)BVBBV035487532 |
| dewey-full | 658.1501/5195 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.1501/5195 |
| dewey-search | 658.1501/5195 |
| dewey-sort | 3658.1501 45195 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV035487532 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T21:38:43Z |
| institution | BVB |
| isbn | 9781420090543 |
| language | English |
| lccn | 2008045946 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017543966 |
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| physical | XXX, 724 S. Ill. |
| publishDate | 2009 |
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| publishDateSort | 2009 |
| publisher | CRC Press |
| record_format | marc |
| series2 | Chapman & Hall/CRC finance series |
| spelling | Morris, James Russell 1944- Verfasser (DE-588)138104727 aut Introduction to financial models for management and planning James R. Morris ; John P. Daley Boca Raton, FL [u.a.] CRC Press 2009 XXX, 724 S. Ill. txt rdacontent n rdamedia nc rdacarrier Chapman & Hall/CRC finance series Includes bibliographical references and index Mathematisches Modell Corporations Finance Computer simulation Corporations Finance Mathematical models Finance Computer simulation Finance Mathematical models Mathematisches Modell (DE-588)4114528-8 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzierung (DE-588)4017182-6 s Mathematisches Modell (DE-588)4114528-8 s DE-604 Daley, John P. Verfasser (DE-588)1029687293 aut Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017543966&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017543966&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Morris, James Russell 1944- Daley, John P. Introduction to financial models for management and planning Mathematisches Modell Corporations Finance Computer simulation Corporations Finance Mathematical models Finance Computer simulation Finance Mathematical models Mathematisches Modell (DE-588)4114528-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4114528-8 (DE-588)4017182-6 |
| title | Introduction to financial models for management and planning |
| title_auth | Introduction to financial models for management and planning |
| title_exact_search | Introduction to financial models for management and planning |
| title_full | Introduction to financial models for management and planning James R. Morris ; John P. Daley |
| title_fullStr | Introduction to financial models for management and planning James R. Morris ; John P. Daley |
| title_full_unstemmed | Introduction to financial models for management and planning James R. Morris ; John P. Daley |
| title_short | Introduction to financial models for management and planning |
| title_sort | introduction to financial models for management and planning |
| topic | Mathematisches Modell Corporations Finance Computer simulation Corporations Finance Mathematical models Finance Computer simulation Finance Mathematical models Mathematisches Modell (DE-588)4114528-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Mathematisches Modell Corporations Finance Computer simulation Corporations Finance Mathematical models Finance Computer simulation Finance Mathematical models Finanzierung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017543966&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017543966&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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