Analysis for Financial Management

ISBN-10: 007325858X

ISBN-13: 9780073258584

Edition: 8th 2007 (Revised)

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Description: The Eighth Edition of Analysis for Financial Management places an emphasis on the managerial applications of financial analysis in such a way that business students and nonfinancial executives understand the practice of financial management. By presenting the standard techniques and modern developments of financial management in a straightforward manner, readers will instinctively understand the featured managerial applications of financial analysis.

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Book details

List price: $105.00
Edition: 8th
Copyright year: 2007
Publisher: McGraw-Hill Higher Education
Binding: Mixed Media
Pages: 430
Size: 7.25" wide x 9.00" long x 0.50" tall
Weight: 1.452
Language: English

Prefacep. xiii
Assessing the Financial Health of the Firmp. 1
Interpreting Financial Statementsp. 3
The Cash Flow Cyclep. 3
The Balance Sheetp. 6
Current Assets and Liabilitiesp. 10
Shareholders' Equityp. 11
The Income Statementp. 11
Measuring Earningsp. 12
Sources and Uses Statementsp. 16
The Two-Finger Approachp. 18
The Cash Flow Statementp. 18
Financial Statements and the Value Problemp. 23
Market Value versus Book Valuep. 23
Economic Income versus Accounting Incomep. 26
Imputed Costsp. 27
Summaryp. 29
Additional Resourcesp. 30
Problemsp. 31
Evaluating Financial Performancep. 35
The Levers of Financial Performancep. 35
Return on Equityp. 36
The Three Determinants of ROEp. 36
The Profit Marginp. 38
Asset Turnoverp. 40
Financial Leveragep. 46
Is ROE a Reliable Financial Yardstick?p. 52
The Timing Problemp. 52
The Risk Problemp. 52
The Value Problemp. 54
ROE or Market Price?p. 56
Ratio Analysisp. 56
Using Ratios Effectivelyp. 59
Ratio Analysis of Harley-Davidson, Inc.p. 60
International Differences in Financial Structurep. 70
Comparisons among Foreign Companies Trading on U.S. Marketsp. 70
Public Companiesp. 72
The Move Toward International Accounting Standardsp. 74
Summaryp. 76
Additional Resourcesp. 77
Problemsp. 79
Planning Future Financial Performancep. 85
Financial Forecastingp. 87
Pro Forma Statementsp. 87
Percent-of-Sales Forecastingp. 88
Interest Expensep. 94
Seasonalityp. 95
Pro Forma Statements and Financial Planningp. 95
Computer-Based Forecastingp. 96
Coping with Uncertaintyp. 100
Sensitivity Analysisp. 100
Scenario Analysisp. 101
Simulationp. 102
Cash Flow Forecastsp. 104
Cash Budgetsp. 105
The Techniques Comparedp. 108
Planning in Large Companiesp. 108
Summaryp. 110
Additional Resourcesp. 111
Problemsp. 112
Managing Growthp. 119
Sustainable Growthp. 120
The Sustainable Growth Equationp. 120
Too Much Growthp. 123
Balanced Growthp. 123
Biosite, Inc. 's Sustainable Growth Ratep. 124
"What If" Questionsp. 126
What to Do When Actual Growth Exceeds Sustainable Growthp. 126
Sell New Equityp. 127
Increase Leveragep. 128
Reduce the Payout Ratiop. 129
Profitable Pruningp. 129
Outsourcingp. 130
Pricingp. 131
Is Merger the Answer?p. 131
Too Little Growthp. 131
What to Do When Sustainable Growth Exceeds Actual Growthp. 133
Ignore the Problemp. 133
Return the Money to Shareholdersp. 134
Buy Growthp. 135
Sustainable Growth and Inflationp. 135
Sustainable Growth and Pro Forma Forecastsp. 136
New Equity Financingp. 137
Why Don't U.S. Corporations Issue More Equity?p. 140
Summaryp. 141
Additional Resourcesp. 142
Problemsp. 142
Financing Operationsp. 147
Financial Instruments and Marketsp. 149
Financial Instrumentsp. 150
Bondsp. 151
Common Stockp. 157
Preferred Stockp. 160
Financial Marketsp. 163
Private Equity Financingp. 163
Initial Public Offeringsp. 166
Seasoned Issuesp. 161
Issue Costsp. 110
Efficient Marketsp. 172
What Is an Efficient Market?p. 173
Implications of Efficiencyp. 116
Forward Contracts, Options, and the Management of Corporate Risksp. 177
Forward Marketsp. 178
Hedging in Money and Capital Marketsp. 182
Hedging with Optionsp. 182
Limitations of Financial Market Hedgingp. 185
Valuing Optionsp. 181
Summaryp. 190
Additional Resourcesp. 191
Problemsp. 192
The Financing Decisionp. 197
Financial Leveragep. 199
Measuring the Effects of Leverage on a Businessp. 203
Leverage and Riskp. 204
Leverage and Earningsp. 201
How Much to Borrowp. 210
Irrelevancep. 210
Tax Benefitsp. 212
Distress Costsp. 212
Flexibilityp. 217
Market Signalingp. 219
Management Incentivesp. 222
The Financing Decision and Growthp. 222
Selecting a Maturity Structurep. 226
Inflation and Financing Strategyp. 226
The Irrelevance Propositionp. 227
No Taxesp. 221
Taxesp. 229
Summaryp. 231
Additional Resourcesp. 232
Problemsp. 232
Evaluating Investment Opportunitiesp. 237
Discounted Cash Flow Techniquesp. 239
Figures of Meritp. 240
The Payback Period and the Accounting Rate of Returnp. 241
The Time Value of Moneyp. 242
Equivalencep. 246
The Net Present Valuep. 241
The Benefit-Cost Ratiop. 249
The Internal Rate of Returnp. 249
A Few Applications and Extensionsp. 253
Mutually Exclusive Alternatives and Capital Rationingp. 256
The IRR in Perspectivep. 257
Determining the Relevant Cash Flowsp. 258
Depreciationp. 260
Working Capital and Spontaneous Sourcesp. 262
Sunk Costsp. 263
Allocated Costsp. 264
Excess Capacityp. 265
Financing Costsp. 261
Mutually Exclusive Alternatives and Capital Rationingp. 269
What Happened to the Other $578,000?p. 270
Unequal Livesp. 271
Capital Rationingp. 273
The Problem of Future Opportunitiesp. 215
A Decision Treep. 215
Summaryp. 276
Additional Resourcesp. 277
Problemsp. 278
Risk Analysis in Investment Decisionsp. 283
Risk Definedp. 285
Risk and Diversificationp. 287
Estimating Investment Riskp. 289
Three Techniques for Estimating Investment Riskp. 290
Including Risk in Investment Evaluationp. 291
Risk-Adjusted Discount Ratesp. 291
The Cost of Capitalp. 293
The Cost of Capital Definedp. 294
Cost of Capital for Harley-Davidson, Inc.p. 296
The Cost of Capital in Investment Appraisalp. 305
Multiple Hurdle Ratesp. 306
Four Pitfalls in the Use of Discounted Cash Flow Techniquesp. 308
The Enterprise Perspective versus the Equity Perspectivep. 309
Inflationp. 311
Real Optionsp. 312
Excessive Risk Adjustmentp. 315
Economic Value Addedp. 317
EVA and Investment Analysisp. 318
EVA's Appealp. 319
A Cautionary Notep. 320
Asset Beta and Adjusted Present Valuep. 321
Beta and Financial Leveragep. 321
Using Asset Beta to Estimate Equity Betap. 322
Asset Beta and Adjusted Present Valuep. 323
Summaryp. 326
Additional Resourcesp. 328
Problemsp. 329
Business Valuation and Corporate Restructuringp. 335
Valuing a Businessp. 337
Assets or Equity?p. 337
Dead or Alive?p. 338
Minority Interest or Control?p. 340
Discounted Cash Flow Valuationp. 340
Free Cash Flowp. 342
The Terminal Valuep. 342
A Numerical Examplep. 346
Problems with Present Value Approaches to Valuationp. 348
Valuation Based on Comparable Tradesp. 349
Lack of Marketabilityp. 353
The Market for Controlp. 354
The Premium for Controlp. 354
Financial Reasons for Restructuringp. 356
The Empirical Evidencep. 363
The Daimler-Chrysler Mergerp. 365
The Venture Capital Method of Valuationp. 368
The Venture Capital Method-One Financing Roundp. 369
The Venture Capital Method-Multiple Financing Roundsp. 372
Why Do Venture Capitalists Demand Such High Returns?p. 374
Summaryp. 375
Additional Resourcesp. 376
Problemsp. 377
Present Value of $1p. 383
Present Value of an Annuity of $1p. 385
Glossaryp. 387
Suggested Answers to Odd-Numbered Problemsp. 399
Indexp. 421
Table of Contents provided by Ingram. All Rights Reserved.
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