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Preface | |
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Introduction | |
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Nature and Scope of Financial Management | |
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The Financial Function | |
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Risk and Time | |
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Tools of Financial Management | |
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Structural Characteristics of Agricultural Finance | |
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Implications of Risk and Liquidity | |
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Managerial Goals | |
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Goal Identification | |
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Life Cycle of the Firm | |
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Financial Analysis, Planning, and Control | |
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Financial Statements and Information Flows | |
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An Agricultural Accounting Perspective | |
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Coordinated Financial Statements | |
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Projecting Financial Performance | |
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Computer Technology | |
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Accounting for Income Tax Obligations | |
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Financial Analysis and Control | |
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The Financial Control Process | |
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Characteristics of Goal Measures | |
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The Tools of Financial Analysis | |
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Explaining Changes in Ratios | |
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Financial Planning and Feasibility Analysis | |
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An Overview of Financial Planning | |
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Financing Current Assets | |
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Financing Depreciable Assets | |
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Financing Fixed Assets | |
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Repayment Plans | |
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Sources for Loan Repayment: An Example | |
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Analyzing Debt Structure | |
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Analyzing Financial Feasibility | |
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Capital Structure, Liquidity, and Risk Management | |
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Capital Structure, Leverage, and Financial Risk | |
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Capital Costs and Leverage | |
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Firm Growth in Agriculture | |
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Financial Leverage and Firm Growth | |
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Leverage and Risk | |
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The Leverage Choice | |
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Proprietor Withdrawals | |
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Resource Productivity and Growth | |
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External Financing | |
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Market Demand | |
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Liquidity, Lender-Borrower Relationships, and Credit Evaluation | |
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Needs for Liquidity | |
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Sources of Liquidity | |
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Credit Concepts and Borrowing Behavior | |
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Lender-Borrower Relationships | |
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Determinants of Credit and the Cost of Borrowing | |
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The Credit Profile | |
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Lender Preferences and Resource Allocation | |
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Credit Evaluation and Scoring Procedures | |
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Risk Management | |
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A Risk Management Perspective | |
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Fundamentals of Diversification | |
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Diversification, Risk, and Financial Servicing Capacity | |
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Enterprise Diversification in Agriculture | |
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Marketing Alternatives | |
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Flexibility | |
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Financial Responses to Risk | |
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Capital Budgeting and Long-Term Decision Making | |
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The Time Value of Money | |
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Concepts of Time Value | |
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Compound Interest | |
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Future Value of a Present Sum | |
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Present Value of a Future Payment | |
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Applications of Single-Payment Formulas | |
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Annual Interest and Compounding | |
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Present Value of a Series of Payments | |
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Present Value of a Uniform Series | |
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Present Value of an Infinite Uniform Series | |
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Future Value of a Series of Payments | |
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Future Value of a Uniform Series | |
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Applications of Series Formulas | |
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Present Value of a Constant-Growth Series | |
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The Effects of Time and Interest Rates on Present and Future Values | |
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Review of Formulas | |
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Capital Budgeting Methods | |
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Identification of Alternatives | |
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Capital Budgeting Methods | |
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Data Needs | |
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Analysis and Interpretation: A Capital Budgeting Application | |
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Capital Budgeting Using the Weighted Average Cost of Capital | |
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Capital Budgeting: Inflation, Risk, and Financial Planning | |
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Inflation and Capital Budgeting | |
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Risk and Capital Budgeting | |
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Financial Feasibility of Single Investments | |
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Comparing Investments with Different Economic Lives | |
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Asset Replacement | |
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Controlling Farm Land | |
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Characteristics of Farm Land | |
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Alternatives in Land Control | |
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Land Values | |
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Analyzing Land Investments | |
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Financial Feasibility of Land Investments | |
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Leasing Farm Land | |
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Leasing Non-Real Estate Assets | |
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Types of Leases | |
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Issues in Capital Leasing | |
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Economics of Leasing | |
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Costs of Financial Capital | |
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Money Costs of Debt Capital | |
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Noninterest Money Costs | |
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Methods of Computing Interest | |
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Effects of Balance Requirements | |
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An Application: Determining the Money Costs of Debt Capital | |
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Other Costs | |
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Costs of Equity Capital | |
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Using Costs of Financial Capital | |
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Financial Markets for Agriculture | |
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Financial Intermediation in Agriculture | |
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Financial Markets | |
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An Historical Perspective | |
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Importance of Financial Intermediation | |
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Evolution of Financial Markets for Agriculture | |
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Credit Sources for Agriculture | |
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Equity Capital | |
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Conceptualizing Financial Intermediation | |
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Identifying Financial Intermediaries | |
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The Regulatory Environment | |
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Competition in Financial Markets | |
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The Management Environment for Financial Intermediaries | |
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Asset--Liability Management | |
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Gap Management and Interest Rate Risk | |
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Duration Gap and Interest Rate Risk | |
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Other Risk Management Techniques | |
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Loan Pricing | |
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Financial Intermediaries in Agriculture | |
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Commercial Banks | |
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Farm Credit System | |
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Life Insurance Companies | |
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Trade Credit | |
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Individuals and Seller Financing | |
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Farm Service Agency | |
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Federal Agricultural Mortgage Corporation (Farmer Mac) | |
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Commodity Credit Corporation | |
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Policy Issues Affecting Financial Markets for Agriculture | |
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Monetary and Fiscal Policies | |
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International Financial Markets | |
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Evaluating Financial Intermediation in Agriculture | |
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Regulatory Issues and Credit Policies | |
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Other Topics | |
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Legal Aspects of Agricultural Finance | |
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Contracts | |
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Notes | |
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Real Versus Personal Property | |
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Transactions Secured by Real Property | |
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Transactions Secured by Personal Property | |
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Foreclosure and Bankruptcy | |
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Co-ownership of Agricultural Property | |
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Other Negotiable Instruments | |
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Documents of Title for Goods in Storage or Transit | |
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Other Legal Instruments and Terminology | |
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Business Organization in Agriculture | |
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Evaluative Criteria | |
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Organizational Alternatives | |
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Estate Taxes: Implications for Farmers | |
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Outside Equity Capital in Agriculture | |
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The Role of Outside Equity Capital | |
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Equity Capital and Limited Partnerships | |
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Equity Capital and Corporations | |
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Basic Steps in Going Public | |
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Equity Capital and Mergers | |
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Market Structure of Agriculture: Contracts, Integration, and Financing | |
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Stages of the Food and Fiber System | |
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Types of Vertical Coordination | |
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Extent of Vertical Coordination | |
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Casual Developments in Vertical Coordination | |
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Financing Implications | |
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Appendix | |
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Glossary (Terms Used in Agricultural Finance) | |
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Indexes | |