Introduction to finance: markets, investments, and financial management
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Hoboken, NJ
Wiley
2011
|
| Edition: | 14. ed. |
| Subjects: | |
| Online Access: | Cover image Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XVIII, 590 S. Ill., graph. Darst. |
| ISBN: | 9780470561072 |
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| 100 | 1 | |a Melicher, Ronald W. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Introduction to finance |b markets, investments, and financial management |c Ronald W. Melicher ; Edgar A. Norton |
| 250 | |a 14. ed. | ||
| 264 | 1 | |a Hoboken, NJ |b Wiley |c 2011 | |
| 300 | |a XVIII, 590 S. |b Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 500 | |a Includes bibliographical references and index | ||
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| 700 | 1 | |a Norton, Edgar A. |e Verfasser |4 aut | |
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Record in the Search Index
| _version_ | 1804143685128945664 |
|---|---|
| adam_text | Titel: Introduction to finance
Autor: Melicher, Ronald William
Jahr: 2011
• CONTENTS •
PART I SUMMARY 23
INSTITUTIONS AND MARKETS 2 KEYTERMS 23
CHAPTER I
THE FINANCIAL ENVIRONMENT 4
WHAT IS FINANCE? 5 CtJAP_TER 2
TWO THEMES 6
DISCUSSION QUESTIONS 23
EXERCISES 24
MONEY AND THE MONETARY SYSTEM 25
PROCESS OF MOVING SAVINGS INTO
WHY STUDY FINANCE? 6 INVESTMENTS 26
SIX PRINCIPLES OF FINANCE 7 OVERVIEW OF THE MONETARY SYSTEM 27
TIME VALUE OF MONEY 8 IMPORTANCE AND FUNCTIONS OF MONEY 29
RISK VERSUS RETURN 8 DEVELOPMENT OF MONEY IN THE UNITED
DIVERSIFICATION OF RISK 8 STATES 30
FINANCIAL MARKETS ARE EFFICIENT 9 PHYSICAL MONEY (COIN AND PAPER CURRENCY) 30
MANAGEMENT VERSUS OWNER OBJECTIVES 9 DEPOSIT MONEY 35
REPUTATION MATTERS 10 MONEY MARKET SECURITIES 36
OVERVIEW OF THE FINANCIAL SYSTEM II MEASURES OF THE U.S. MONEY SUPPLY 37
CHARACTERISTICS AND REQUIREMENTS II MI MONEY SUPPLY 37
FINANCIAL SYSTEM COMPONENTS AND M2 MONEY SUPPLY 39
FINANCIAL FUNCTIONS 12 M3 MONEY SUPPLY 39
FINANCIAL MARKETS CHARACTERISTICS 14 EXCLUSIONS FROM THE MONEY SUPPLY 40
MONEY AND CAPITAL MARKETS 14 MONEY SUPPLY AND ECONOMIC
PRIMARY AND SECONDARY MARKETS 14 ACTIVITY 40
MAJOR TYPES OF FINANCIAL MARKETS 14 INTERNATIONAL MONETARY SYSTEM 43
SUMMARY 44
MORTGAGE MARKETS 15 KEYTERMS 45
TYPES OF MORTGAGES AND MORTGAGE-BACKED DISCUSSION QUESTIONS 45
SECURITIES 15 EXERCISES 46
CREDIT RATINGS AND SCORES 16 PROBLEMS 46
MAJOR PARTICIPANTS IN THE SECONDARY
MORTGAGE MARKETS 17 CHAPTER 3
THE 2007-09 FINANCIAL CRISIS 17 BANKS AND OTHER FINANCIAL
INSTITUTIONS 49
CAREERS IN FINANCE .9 TYPES AND ROLES OF FINANCIAL
THE PLAN OF STUDY 21 INSTITUTIONS 50
DEPOSITORY INSTITUTIONS 51 BOARD OF GOVERNORS 85
CONTRACTUAL SAVINGS ORGANIZATIONS 52 FEDERAL OPEN MARKET COMMITTEE 85
SECURITIES FIRMS 53 ADVISORY COMMITTEES 86
FINANCE FIRMS 53 ROLE OF THE CHAIR OF THE FED BOARD OF
OVERVIEW OF THE BANKING SYSTEM 53 GOVERNORS 86
COMMERCIAL, INVESTMENT, AND UNIVERSAL MONETARY POLICY FUNCTIONS AND
BANKING 54 INSTRUMENTS 87
FUNCTIONS OF BANKS AND THE BANKING OVERVIEW OF RESPONSIBILITIES 87
SYSTEM 55 RESERVE REQUIREMENTS 88
HISTORICAL DEVELOPMENT OF THE U.S. DISCOUNT RATE POLICY 90
BANKING SYSTEM 57 OPEN-MARKET OPERATIONS 92
BEFORE THE CIVIL WAR 57 IMPLEMENTATION OF MONETARY POLICY 93
ENTRY OF THRIFT INSTITUTIONS 58
FED SUPERVISORY AND REGULATORY
REGULATION OF THE BANKING SYSTEM 58 FUNCTIONS 93
GENERAL BANKING LEGISLATION 58 SPECIFIC SUPERVISORY RESPONSIBILITIES 93
THE SAVINGS AND LOAN CRISIS 60 SPECIFIC REGULATORY RESPONSIBILITIES 94
PROTECTION OF DEPOSITORS FUNDS 61 FED SERVICE FUNCTIONS 94
STRUCTURE OF BANKS 62 THE PAYMENTS MECHANISM 94
BANK CHARTERS 62 TRANSFER OF CREDIT 99
DEGREE OF BRANCH BANKING 63 OTHER SERVICE ACTIVITIES 99
BANK HOLDING COMPANIES 63 CENTRAL BANKS IN OTHER COUNTRIES 99
THE BANK BALANCE SHEET 64 SUMMARY 100
KEYTERMS 100
ASSETS 65 D,SCUSSIONQUEST,ONS 100
LIABILITIES AND OWNERS CAPITAL 68 EXERCISES 101
BANK MANAGEMENT 68 PROBLEMS 101
LIQUIDITY MANAGEMENT 69
CHAPTER 5
CAPITAL MANAGEMENT 70 POLICY MAKERS AND THE MONEY
2007-09 FINANCIAL CRISIS 72 SUPPLY 103
INTERNATIONAL BANKING AND FOREIGN NATIONAL ECONOMIC POLICY
SYSTEMS 73 OBJECTIVES 104
SUMMARY 75 ECONOMIC GROWTH 104
KEYTERMS 75 HIGH EMPLOYMENT 105
D,SCUSS,ON QUEST,0NS 76 PRICE STABILITY 105
EXERCISES 76
PROBLEMS 77 BALANCE IN INTERNATIONAL TRANSACTIONS 105
THE PERFECT FINANCIAL STORM 106
CHAPTER 4 FOUR POLICY MAKER GROUPS 106
FEDERAL RESERVE SYSTEM 79 ETHICAL BEHAVIOR IN GOVERNMENT 107
THE U.S. BANKING SYSTEM PRIOR POLICY MAKERS IN THE EUROPEAN
TO THE FED 80 ECONOMIC UNION 108
WEAKNESSES OF THE NATIONAL BANKING GOVERNMENT INFLUENCE ON THE
SYSTEM 80 ECONOMY 108
THE MOVEMENT TO CENTRAL BANKING 81
POLICY INSTRUMENTS OF THE U.S.
STRUCTURE OF THE FEDERAL RESERVE TREASURY 109
SYSTEM 82 MANAGING THE TREASURY S CASH BALANCES 109
MEMBER BANKS 82 POWERS RELATING TO THE FEDERAL BUDGET
FEDERAL RESERVE DISTRICT BANKS 84 AND TO SURPLUSES OR DEFICITS 110
RECENT FINANCIAL CRISIS-RELATED BANKERS ACCEPTANCES 146
ACTIVITIES 112 OTHER AIDS TO INTERNATIONAL TRADE 146
DEBT MANAGEMENT I 12 BALANCE IN INTERNATIONAL
CHANGING THE MONEY SUPPLY 113 TRANSACTIONS GOAL 147
CHECKABLE DEPOSIT EXPANSION 114 NATURE OF THE PROBLEM 148
OFFSETTING OR LIMITING FACTORS 118 BALANCE-OF-PAYMENTS ACCOUNTS 148
CONTRACTION OF DEPOSITS 118 SUMMARY 151
KEYTERMS 152
FACTORS AFFECTING BANK RESERVES I 19 D/SCUSS,ON QUESTIONS 152
CHANGES IN THE DEMAND FOR CURRENCY 119 EXERCISES 152
FEDERAL RESERVE SYSTEM TRANSACTIONS 120 PROBLEMS 153
PART 2
INVESTMENT 156
THE MONETARY BASE AND THE MONEY
MULTIPLIER 122
SUMMARY 125 -----------------------------------------------------
KEYTERMS 125 CHAPTER 7
DISCUSSION QUESTIONS 126 SAVINGS AND INVESTMENT
EXERCISES 126
PROBLEMS 126
PROCESS 158
GROSS DOMESTIC PRODUCT AND CAPITAL
CHAPTER 6 FORMATION 159
INTERNATIONAL FINANCE GDP COMPONENTS 159
AND TRADE 129 IMPLICATIONS OF INTERNATIONAL PAYMENT
GLOBAL OR INTERNATIONAL MONETARY IMBALANCES 161
SYSTEM 130 LINK BETWEEN SAVING AND INVESTMENT 161
DEVELOPMENT OF INTERNATIONAL FINANCE 130 FEDERAL GOVERNMENT RECEIPTS AND
HOW THE INTERNATIONAL MONETARY EXPENDITURES 163
SYSTEM EVOLVED 130 THE BUDGET 163
EUROPEAN UNIFICATION 132 FISCAL POLICY MAKERS 164
EUROPEAN UNION 132 DEBT FINANCING 165
EUROPEAN MONETARY UNION 132 HISTORICAL ROLE AND CREATION
THE EURO 132 OF SAVINGS 166
CURRENCY EXCHANGE MARKETS FOREIGN SOURCES OF SAVINGS 166
AND RATES 133 DOMESTIC SUPPLY OF SAVINGS 166
CURRENCY EXCHANGE MARKETS 133 CREATION OF SAVINGS 166
EXCHANGE RATE QUOTATIONS 133 MAJOR SOURCES OF SAVINGS 167
FACTORS THAT AFFECT CURRENCY EXCHANGE PERSONAL SAVINGS 167
RATES 135
CORPORATE SAVINGS 168
FACTORS AFFECTING SAVINGS 169
LEVELS OF INCOME 169
ECONOMIC EXPECTATIONS 170
CURRENCY EXCHANGE RATE APPRECIATION
AND DEPRECIATION 137
ARBITRAGE 138
EXCHANGE RATE DEVELOPMENTS FOR
THE U.S. DOLLAR 139 ECONOMIC CYCLES 170
CONDUCTING BUSINESS LIFE STAGES OF THE INDIVIDUAL SAVER 171
INTERNATIONALLY 140 LIFE STAGES OF THE CORPORATION 171
MANAGING FOREIGN EXCHANGE RISK 140 CAPITAL MARKET SECURITIES 172
ETHICAL CONSIDERATIONS 141 A FURTHER LOOK AT THE 2007-09
FINANCING INTERNATIONAL TRADE 141 FINANCIAL CRISIS 173
FINANCING BY THE EXPORTER 141 EARLY FACTORS 173
FINANCING BY THE IMPORTER 144 A BORROWING-RELATED CULTURAL SHIFT 175
SUMMARY 176 EQUATING PRESENT VALUES AND FUTURE
KEYTERMS 176 VALUES 214
DISCUSSION QUESTIONS 176
EXERCISES 177
PROBLEMS 177
FINDING INTEREST RATES AND TIME
REQUIREMENTS 215
SOLVING FOR INTEREST RATES 215
CHAPTER 8 SOLVING FOR TIME PERIODS 216
INTEREST RATES 179 RULE OF 72 217
SUPPLY AND DEMAND FOR LOANABLE FUTURE VALUE OF AN ANNUITY 217
FUNDS 180
PRESENT VALUE OF AN ANNUITY 220
HISTORICAL CHANGES IN U.S. INTEREST
RATE LEVELS 181 INTEREST RATES AND TIME REQUIREMENTS
LOANABLE FUNDS THEORY 182
DETERMINANTS OF MARKET INTEREST
RATES 185
RISK-FREE SECURITIES: U.S. TREASURY DEBT
OBLIGATIONS 186 PAYMENTS 223
FOR ANNUITIES 221
SOLVING FOR INTEREST RATES 222
SOLVING FOR TIME PERIODS 223
DETERMINING PERIODIC ANNUITY
MARKETABLE OBLIGATIONS 187
DEALER SYSTEM 188
TAX STATUS OF FEDERAL OBLIGATIONS 189
OWNERSHIP OF PUBLIC DEBT SECURITIES 189
MATURITY DISTRIBUTION OF MARKETABLE DEBT
SECURITIES 190
TERM OR MATURITY STRUCTURE OF
INTEREST RATES 190 APR VERSUS EAR 227
EXAMPLES INVOLVING ANNUAL PAYMENTS 223
REAL ESTATE MORTGAGE LOANS WITH MONTHLY
PAYMENTS 225
MORE FREQUENT COMPOUNDING OR
DISCOUNTING INTERVALS 226
COST OF CONSUMER CREDIT 227
UNETHICAL LENDERS 227
RELATIONSHIP BETWEEN YIELD CURVES AND
THE ECONOMY 191
SUMMARY 229
KEYTERMS 230
DISCUSSION QUESTIONS 230
TERM STRUCTURE THEORIES 192 EXERCISES 230
INFLATION PREMIUMS AND PRICE PROBLEMS 231
MOVEMENTS 193
HISTORICAL INTERNATIONAL PRICE LEARNING EXTENSION 9
MOVEMENTS 194 ANNUITY DUE PROBLEMS 233
INFLATION IN THE UNITED STATES 194 FUTURE VALUE OF AN ANNUITY DUE 233
TYPES OF INFLATION 196 PRESENT VALUE OF AN ANNUITY DUE 234
DEFAULT RISK PREMIUMS 198 INTEREST RATES AND TIME REQUIREMENTS
SUMMARY 202 FOR ANNUITY DUE PROBLEMS 235
KEYTERMS 202 QUESTIONS AND PROBLEMS 236
DISCUSSION QUESTIONS 202
EXERCISES 202 CHAPTER 10
PROBLEMS 203 BONDS AND STOCKS: CHARACTERISTICS
AND VALUATIONS 237
LONG-TERM EXTERNAL FINANCING SOURCES
FOR BUSINESSES 238
CHAPTER 9
TIME VALUE OF MONEY 205
BASIC CONCEPTS 206
DEBT CAPITAL 240
WHO BUYS BONDS? 241
BOND COVENANTS 242
COMPOUNDING TO DETERMINE FUTURE
VALUES 207
INFLATION OR PURCHASING POWER
IMPLICATIONS 211 BOND RATINGS 243
DISCOUNTING TO DETERMINE PRESENT BONDHOLDER SECURITY 244
VALUES 211 TIME TO MATURITY 246
INCOME FROM BONDS 247 INVESTMENT BANKING REGULATION 291
GLOBAL BOND MARKET 248 TRADING SECURITIES-SECONDARY
READING BOND QUOTES 248 SECURITIES MARKETS 292
CORPORATE EQUITY CAPITAL 250 ORGANIZED SECURITY EXCHANGES 292
COMMON STOCK 251 STRUCTURE OF THE NEW YORK STOCK
PREFERRED STOCK 252
READING STOCK QUOTES 253
DIVIDENDS AND STOCK REPURCHASES 254
EXCHANGE 292
SECURITY TRANSACTIONS 294
WHAT MAKES A GOOD MARKET? 298
A WORD ON COMMISSIONS 299
HOW DO FIRMS DECIDE ON THE DOLLAR
AMOUNT OF DIVIDENDS? 255 SECURITY MARKET INDEXES 300
STOCK DIVIDENDS AND STOCK SPLITS 256 FOREIGN SECURITIES 301
SHARE REPURCHASES 257 INSIDE INFORMATION AND OTHER
VALUATION PRINCIPLES 258 ETHICAL ISSUES 302
VALUATION OF BONDS 260 CHANGES IN THE STRUCTURE OF THE
STOCK MARKET 303
DETERMINING A BOND S PRESENT VALUE 260
SUMMARY 305
CALCULATING THE YIELD TO MATURITY 263 KEYTERMS 306
RISK IN BOND VALUATION 264 DISCUSSION QUESTIONS 306
VALUATION OF STOCKS 267
PROBLEMS 307
VALUING STOCKS WITH CONSTANT LEARNING EXTENSION II
DIVIDENDS 268
INTRODUCTION TO FUTURES
VALUING STOCKS WITH CONSTANT DIVIDEND AND OPTIONS 309
GROWTH RATES 268
RISK IN STOCK VALUATION 269
VALUATION AND THE FINANCIAL
ENVIRONMENT 270
GLOBAL ECONOMIC INFLUENCES 270
DOMESTIC ECONOMIC INFLUENCES 271
WHY DO DERIVATIVES EXIST? 309
FUTURES CONTRACTS 310
OPTIONS 311
OPTION PAYOFF DIAGRAMS 312
SUMMARY 314
KEYTERMS 314
INDUSTRY AND COMPETITION 271 DISCUSSION QUESTIONS 315
SUMMARY 273 PROBLEMS 315
KEY TERMS 273
DISCUSSION QUESTIONS 274
CHAPTER 12
PROBLEMS 275 FINANCIAL RETURN AND RISK
CONCEPTS 317
Learning Extension 10 HISTORICAL RETURN AND RISK FOR A SINGLE
ANNUALIZING RATES OF RETURN 278 FINANCIAL ASSET 318
ARITHMETIC AVERAGE ANNUAL RATES OF
HOLDING PERIOD RETURNS 278
ANNUALIZED RATES OF RETURN 278 RETURN 319
PROBLEMS 280 VARIANCE AS A MEASURE OF RISK 320
CHAPTER 11
SECURITIES MARKETS 281
STANDARD DEVIATION AS A
MEASURE OF RISK 320
WHERE DOES RISK COME FROM? 323
ISSUING SECURITIES: PRIMARY SECURITIES
MARKETS 282 EXPECTED MEASURES OF RETURN
PRIMARY MARKET FUNCTIONS OF INVESTMENT AND RISK 324
BANKERS 282 HISTORICAL RETURNS AND RISK OF
COST OF GOING PUBLIC 287
OTHER FUNCTIONS OF INVESTMENT BANKING
DIFFERENT ASSETS 327
EFFICIENT CAPITAL MARKETS 328
FIRMS 289 PORTFOLIO RETURNS AND RISK 331
EXPECTED RETURN ON A PORTFOLIO 331 CORPORATE GOVERNANCE 371
VARIANCE AND STANDARD DEVIATION PRINCIPAL-AGENT PROBLEM 371
OF RETURN ON A PORTFOLIO 332 REDUCING AGENCY PROBLEMS 372
TO DIVERSIFY OR NOT TO DIVERSIFY? 333 FINANCE IN THE ORGANIZATION
PORTFOLIO RISK AND THE NUMBER CHART 374
OF INVESTMENTS IN THE PORTFOLIO 334 SUMMARY 377
SYSTEMATIC AND UNSYSTEMATIC RISK 335 KEY7ERMS 378
CAPITAL ASSET PRICING MODEL 336 D/SCUSS/ON QUESTIONS 378
PROBLEMS 378
ETHICS AND JOB OPPORTUNITIES IN
INVESTMENTS 339
SUMMARY 342
KEY TERMS 342
DISCUSSION QUESTIONS 342 DEPRECIATION BASICS 384
PROBLEMS 343 A FEW WORDS ON DEPRECIATION
METHODS 385
LEARNING EXTENSION 13
FEDERAL INCOME TAXATION 382
LEARNING EXTENSION 12
ESTIMATING BETA 346
QUESTIONS AND PROBLEMS 385
SECURITY MARKET LINE 347 CHAPTER 14
QUESTIONS AND PROBLEMS 349 FINANCIAL ANALYSIS AND LONG-TERM
FINANCIAL PLANNING 387
PART 3 FINANCIAL STATEMENT ANALYSIS 388
FINANCIAL MANAGEMENT 350
RATIO ANALYSIS OF BALANCE SHEET
AND INCOME STATEMENT 388
CHAPTER 13
BUSINESS ORGANIZATION AND TYPES OF FINANCIAL RATIOS 389
FINANCIAL DATA 352 LIQUIDITY RATIOS AND ANALYSIS 390
STARTING A BUSINESS 353 ASSET MANAGEMENT RATIOS AND
STRATEGIC PLAN WITH A VISION OR MISSION 353
BUSINESS AND FINANCIAL GOALS 354
ANALYSIS 392
FINANCIAL LEVERAGE RATIOS AND ANALYSIS 394
PROFITABILITY RATIOS AND ANALYSIS 398
FORMS OF BUSINESS ORGANIZATION IN
THE UNITED STATES 354 MARKET VALUE RATIOS AND ANALYSIS 399
PROPRIETORSHIP 355 SUMMARY OF RATIO ANALYSIS FOR
WALGREENS 402
THE ANNUAL REPORT 359
ACCOUNTING PRINCIPLES 359
INCOME STATEMENT 361
THE BALANCE SHEET 362
ASSETS 363
LIABILITIES 364
DU PONT METHOD OF RATIO
ANALYSIS 402
LONG-TERM FINANCIAL PLANNING 404
PERCENTAGE OF SALES TECHNIQUE 405
COST-VOLUME-PROFIT ANALYSIS 407
DEGREE OF OPERATING LEVERAGE 409
OWNERS EQUITY 365 SUMMARY 4|2
STATEMENT OF CASH FLOWS 365 KEYTERMS 412
DISCUSSION QUESTIONS 412
PROBLEMS 413
FINANCIAL STATEMENTS OF DIFFERENT
COMPANIES 367
GOAL OF A FIRM 368 CHAPTER 15
MEASURING SHAREHOLDER WEALTH 368 MANAGING WORKING CAPITAL 417
LINKING STRATEGY AND FINANCIAL OPERATING AND CASH CONVERSION
PLANS 370 CYCLES 419
CRITERION FOR NONPUBLIC FIRMS 370 OPERATING CYCLE 419
WHAT ABOUT ETHICS? 370 CASH CONVERSION CYCLE 419
DETERMINING THE LENGTH OF THE OPERATING ADDITIONAL VARIETIES OF SHORT-TERM
CYCLE AND CASH CONVERSION CYCLE 421 FINANCING 468
WORKING CAPITAL REQUIREMENTS 422 ACCOUNTS RECEIVABLE FINANCING 468
CASH BUDGETS 425 INVENTORY LOANS 471
MINIMUM DESIRED CASH BALANCE 425 LOANS SECURED BY STOCKS AND BONDS 472
CASH INFLOWS 425 OTHER FORMS OF SECURITY FOR BANK
CASH OUTFLOWS 426
CONSTRUCTING THE CASH BUDGET 427
SEASONAL VERSUS LEVEL PRODUCTION 428
LOANS 472
THE COST OF SHORT-TERM FINANCING 473
SUMMARY 475
KEYTERMS 475
MANAGEMENT OF CURRENT ASSETS 430 DISCUSSION QUESTIONS 476
CASH AND MARKETABLE SECURITIES PROBLEMS 476
MANAGEMENT 430
GETTING-AND KEEPING-THE CASH 436 CHAPTER 17
CAPITAL BUDGETING ANALYSIS 479
MANAGEMENT OF FIXED ASSETS 480
IDENTIFYING POTENTIAL CAPITAL
BUDGET PROJECTS 480
CAPITAL BUDGETING PROCESS 482
CAPITAL BUDGETING TECHNIQUES 485
TECHNOLOGY AND WORKING CAPITAL NET PRESENT VALUE 485
ACCOUNTS RECEIVABLE MANAGEMENT 439
CREDIT ANALYSIS 439
CREDIT-REPORTING AGENCIES 439
CREDIT TERMS AND COLLECTION EFFORTS 440
INVENTORY MANAGEMENT 442
MANAGEMENT 443
CASH MANAGEMENT 443
PROCESSING INVOICES AND FLOAT 443
TRACKING INVENTORY 445
SUMMARY 446
KEYTERMS 446 CONFLICTS BETWEEN DISCOUNTED
DISCUSSION QUESTIONS 446 CASH FLOW TECHNIQUES 494
PROBLEMS 447 DIFFERENT CASH FLOW PATTERNS 494
INTERNAL RATE OF RETURN 488
NPVANDIRR 491
MODIFIED INTERNAL RATE OF RETURN 492
PROFITABILITY INDEX 494
CHAPTER 16
SHORT-TERM BUSINESS FINANCING 451
DIFFERENT TIME HORIZONS 495
DIFFERENT SIZES 495
PAYBACK PERIOD 495
STRATEGIES FOR FINANCING WORKING
CAPITAL 452 DIFFERENCE BETWEEN THEORY AND
MATURITY-MATCHING APPROACH 453
AGGRESSIVE APPROACH 455
CONSERVATIVE APPROACH 455
PRACTICE 496
SAFETY MARGIN 497
MANAGERIAL FLEXIBILITY AND OPTIONS 497
ESTIMATING PROJECT CASH FLOWS 497
FACTORS AFFECTING SHORT-TERM
FINANCING 456 ISOLATING PROJECT CASH FLOWS 498
OPERATING CHARACTERISTICS 456 APPROACHES TO ESTIMATING PROJECT
CASH FLOWS 499
OTHER INFLUENCES IN SHORT-TERM
FINANCING 458 CASH FLOW FROM OPERATIONS 499
PROVIDERS OF SHORT-TERM CASH FLOW FROM INVESTMENT ACTIVITIES 501
FINANCING 460 CASH FLOW FROM FINANCING ACTIVITIES 501
COMMERCIAL BANK LENDING 460 AN EXAMPLE 501
TRADE CREDIT FROM SUPPLIERS 463 DEPRECIATION AS A TAX SHIELD 502
COMMERCIAL FINANCE COMPANIES 465 KEEPING MANAGERS HONEST 503
COMMERCIAL PAPER 466 RISK-RELATED CONSIDERATIONS 505
SUMMARY 506 WHAT DO BUSINESSES USE AS THEIR COST OF
KEYTERMS 507 CAPITAL? 530
DISCUSSION QUESTIONS 507
PROBLEMS 508
DIFFICULTY OF MAKING CAPITAL
STRUCTURE DECISIONS 532
LEARNING EXTENSION 17 511 PLANNING GROWTH RATES 533
ESTIMATING PROJECT CASH FLOWS INTERNAL GROWTH RATE 534
PROJECT STAGES AND CASH FLOW SUSTAINABLE GROWTH RATE 534
ESTIMATION 511 EFFECTS OF UNEXPECTEDLY HIGHER
INITIAL OUTLAY 511 (OR LOWER) GROWTH 535
CASH FLOWS DURING THE PROJECT S EBIT/EPS ANALYSIS 536
OPERATING LIFE 512 INDIFFERENCE LEVEL 536
SALVAGE VALUE AND NWC RECOVERY COMBINED OPERATING AND FINANCIAL
AT PROJECT TERMINATION 512 LEVERAGE EFFECTS 539
APPLICATIONS 513 UNIT VOLUME VARIABILITY 539
CASH FLOW ESTIMATION FOR A REVENUE PRICE-VARIABLE COST MARGIN 539
FIXED COSTS 539
DEGREE OF FINANCIAL LEVERAGE 540
TOTAL RISK 540
EXPANDING PROJECT 513
CASH FLOW ESTIMATION FOR A COST-SAVING
PROJECT 515
SETTING A BID PRICE 517
SUMMARY 519 INSIGHTS FROM THEORY AND
DISCUSSION QUESTIONS 519 PRACTICE 542
PROBLEMS 519 TAXES AND NONDEBT TAX SHIELDS 542
BANKRUPTCY COSTS 542
CHAPTER 18 AGENCY COSTS 544
CAPITAL STRUCTURE AND THE COST A FIRM S ASSETS AND ITS FINANCING
OF CAPITAL 521 POLICY 545
WHY CHOOSE A CAPITAL STRUCTURE? 522 THE PECKING ORDER HYPOTHESIS 545
TRENDS IN CORPORATE USE OF DEBT 523 MARKET TIMING 545
REQUIRED RATE OF RETURN AND BEYOND DEBT AND EQUITY 546
THE COST OF CAPITAL 524 GUIDELINES FOR FINANCING
COST OF CAPITAL 525 STRATEGY 546
COST OF DEBT 526 SUMMARY 549
KEY TERMS 549
COST OF PREFERRED STOCK 526 DISCUSSION QUESTIONS 549
COST OF COMMON EQUITY 527 PROBLEMS 550
COST OF NEW COMMON STOCK 528
WEIGHTED AVERAGE COST OF CAPITAL 528 APPENDIX 553-561
CAPITAL STRUCTURE WEIGHTS 529 GLOSSARY 562-574
MEASURING THE TARGET WEIGHTS 529 INDEX 575-590
|
| any_adam_object | 1 |
| author | Melicher, Ronald W. Norton, Edgar A. |
| author_facet | Melicher, Ronald W. Norton, Edgar A. |
| author_role | aut aut |
| author_sort | Melicher, Ronald W. |
| author_variant | r w m rw rwm e a n ea ean |
| building | Verbundindex |
| bvnumber | BV036960216 |
| callnumber-first | H - Social Science |
| callnumber-label | HG173 |
| callnumber-raw | HG173 |
| callnumber-search | HG173 |
| callnumber-sort | HG 3173 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 010 |
| ctrlnum | (OCoLC)706971543 (DE-599)BVBBV036960216 |
| dewey-full | 332 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332 |
| dewey-search | 332 |
| dewey-sort | 3332 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 14. ed. |
| format | Book |
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| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV036960216 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:51:35Z |
| institution | BVB |
| isbn | 9780470561072 |
| language | English |
| lccn | 2010036820 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020875114 |
| oclc_num | 706971543 |
| open_access_boolean | |
| physical | XVIII, 590 S. Ill., graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Wiley |
| record_format | marc |
| spelling | Melicher, Ronald W. Verfasser aut Introduction to finance markets, investments, and financial management Ronald W. Melicher ; Edgar A. Norton 14. ed. Hoboken, NJ Wiley 2011 XVIII, 590 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Finance Finance United States Kreditwesen (DE-588)4032950-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Kreditwesen (DE-588)4032950-1 s Finanzierung (DE-588)4017182-6 s DE-604 Norton, Edgar A. Verfasser aut http://catalogimages.wiley.com/images/db/jimages/9780470561072.jpg Cover image HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020875114&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Melicher, Ronald W. Norton, Edgar A. Introduction to finance markets, investments, and financial management Finance Finance United States Kreditwesen (DE-588)4032950-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4017182-6 (DE-588)4078704-7 |
| title | Introduction to finance markets, investments, and financial management |
| title_auth | Introduction to finance markets, investments, and financial management |
| title_exact_search | Introduction to finance markets, investments, and financial management |
| title_full | Introduction to finance markets, investments, and financial management Ronald W. Melicher ; Edgar A. Norton |
| title_fullStr | Introduction to finance markets, investments, and financial management Ronald W. Melicher ; Edgar A. Norton |
| title_full_unstemmed | Introduction to finance markets, investments, and financial management Ronald W. Melicher ; Edgar A. Norton |
| title_short | Introduction to finance |
| title_sort | introduction to finance markets investments and financial management |
| title_sub | markets, investments, and financial management |
| topic | Finance Finance United States Kreditwesen (DE-588)4032950-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Finance Finance United States Kreditwesen Finanzierung USA |
| url | http://catalogimages.wiley.com/images/db/jimages/9780470561072.jpg http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020875114&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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