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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 | |