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Essentials of managerial finance

Author: Weston, J. Fred ; Brigham, Eugene F.Publisher: Dryden Press, 1979.Edition: 5th ed.Language: EnglishDescription: x, 711, [28] p. : Graphs ; 24 cm.ISBN: 0-03-045461-1/0030454468Type of document: BookNote: Part of the tables are inserted/Includes index/Accompagned by a study guideBibliography/Index: Includes index
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Item type Current location Collection Call number Status Date due
Book Doriot Library
Main Collection
Print HG4011 .W42 1979 Suppl.
(Browse shelf)
000373435
Available
Book Doriot Library
Main Collection
Print HG4011 .W42 1979
(Browse shelf)
000243737
Available

Part of the tables are inserted/Includes index/Accompagned by a study guide

Includes index

Digitized

Part One The Environment of Managerial Finance 1 Chapter I Scope and Nature of Managerial Finance 2 The Finance Function 3 Goals of the Firm 4 Changing Role of Financial Management 8 Financial Decisions: Risk-Return Tradeoff 11 Organization and Structure of This Book 12 Chapter 2 The Financial Sector ob the Economy 16 Financial Markets 17 The Federal Reserve System 21 Fiscal Policy 21 Securities Markets 22 Interest-Bearing Business Securities 29 International Markets 32 Summary 34 Chapter 3 The Tax Environment and Forms of Business Organization 38 Corporate Income Tax 39 Personal Income Tax 46 Choices among Alternative Forms of Business Organization 49 Summary 54 Appendix 3A: Depreciation Methods 56 Straight Line 57 Double Declining Balance 57 Sum-of-Years'-Digits 58 Units of Production 58 Effect of Depreciation on Taxes Paid 59 Changing the Depreciable Life of an Asset 59 Part Two Financial Analysis, Planning, and Control 61 Chapter 4 Ratio Analysis 62 Basic Financial Statements 63 Basic Types of Financial Ratios 67 du Pont System of Financial Analysis 79 Rates of Return in Different Industries 81 Sources of Comparative Ratios 83 Use of Financial Ratios in Credit Analysis 86 Use of Financial Ratios in Security Analysis 87 Some Limitations of Ratio Analysls 87 Summary 8 Appendix 8 4A: Impact of Inflation on Financial Ratios 95 Inflation and the Measurement of Profitability 96 Inflation and Inventory Valuation Methods 97 Procedures in Replacement Cost Accounting 99 General Purchasing Power Reporting (GPPR) 102 Chapter 5 Profit Planning 105 Breakeven Analysis 106 Sources and Uses of Funds Statement 119 Summary 123 Chapter 6 Financial Forecasting 127 Cash Flow Cycle 128 Financing Patterns 131 Percent-of-Sales Method 131 Scatter Diagram, or Simple Regression Method 137 Multiple Regression Method 138 Comparison of Forecasting Methods 139 Summary 141 vi Chapter 7 Financial Planning and Control Budgeting 148 Budgeting 149 Nature of the Budgeting Process 149 Financial Control Policies 151 Problems of Budgeting 158 Use of Financial Plans and Budgets 158 Divisional Control in a Decentralized Firm 159 Effects of Inflation on Required Returns 162 External Uses of Financial Forecasts and Budgets 165 Summary 165 Part Three Working Capital Management 171 Chapter 8 Working Capital Policy 172 Importance of Working Capital Management 173 Original Concept of Working Capital 174 Extending the Working Capital Concept 174 Long-Term versus Short-Term Debt 177 Relationship of Current Assets to Fixed Assets 186 Combining Current Asset and Current Liability Management 189 Summary 190 Chapter 9 Current Asset Management 196 Cash Management 197 Determining the Minimum Cash Balance 204 Marketable Securities 206 Management of Accounts Receivable: Credit Policy 210 Inventory 216 Generality of Inventory Analysis 217 Cash Management as an Inventory Problem 221 Recent Restructuring of Current Asset Management 222 Summary 222 Chapter I O Major Sources and Forms of Short-Term Financing 227 Trade Credit 228 Concept of Net Credit 230 Short-Term Financing by Commercial Banks 231 Commercial Paper 236 Use of Security in Short-Term Financing 237 Financing Accounts Receivable 238 Inventory Financing 242 Summary 245 Part Four Investment Decisions 253 Chapter II The Interest Factor in Financial Decisions 254 Compound Value 255 Present Value 257 Compound Value versus Present Value 259 Compound Value of an Annuity 261 Present Value of an Annuity 261 Annual Payments for Accumulation of a Future Sum 264 Annual Receipts from an Annuity 264 Determining Interest Rates 265 Linear Interpolation 265 Present Value of an Uneven Series of Receipts 266 Semiannual and Other Compounding Periods 268 A Special Case of Semiannual Compounding: Bond Values 270 Appropriate Compounding or Discounting Rates 272 Summary 273 Chapter 12 Capital Budgeting Techniques 280 Significance of Capital Budgeting 281 A Simplified View of Capital Budgeting 283 Application of the Concept 284 Administrative Details 286 Analysis: Choosing among Alternative Proposals 286 Importance of Good Data 287 Ranking Investment Proposals 288 Basic Differences between the NPV and IRR Methods 295 Capital Budgeting Project Evaluation 298 Alternative Capital Budgeting Worksheet 304 Capital Rationing 304 Public Expenditure Decisions 307 Summary 308 Appendix 12A: Accelerated Depreciation 313 Chapter 13 Investment Decisions under Uncertainty 318 Risk in Financial Analysis 319 Traditional Measures of Risk of Individual Projects 324 Risk Analysis in a Portfolio Context 332 The Capital Asset Pricing Model 338 The Use of Risk Adjusted Discount Rates: An Example 342 Summary 343 Part Five Valuation and the Cost of Capital 349 Chapter 14 Valuation and Rates of Return 350 Definitions of Value 351 The Required Rate of Return 353 Bond Valuation 355 Preferred Stock Valuation 360 Common Stock Valuation and Rates of Return 361 Factors Leading to Changes in Market Prices 365 Marketability and Rates of Return 366 Summary 366 Appendix 14A: Multi-Period Stock Valuation Models 372 Expected Dividends as the Basis for Stock Values 372 Stock Values with Zero Growth 373 Normal, or Constant, Growth 373 Supernormal Growth 375 Comparing Companies with Different Expected Growth Rates 376 Chapter 15 Financial Leverage and Risk 380 Basic Definitions 381 Theory of Financial Leverage 381 Analysis of Alternative Methods of Financing 388 Breakeven Analysis 394 Relationship of Financial Leverage to Operating Leverage 395 Variations in Financial Structure 399 Factors Influencing Financial Structure 400 Summary 404 Chapter 16 The Cost of Capital 410 The Cost of Capital 41 1 Composite, or Overall, Cost of Capital 41 1 Basic Definitions 412 Before-Tax Component Cost of Debt ( k b ) 413 Preferred Stock 415 Tax Adjustment 416 Cost of Retained Earnings (k,) 41 7 Cost of New Common Stock, or External Equity Capital (k,) 419 Finding the Basic Required Rate of Return on Common Equity 420 Effects of Risky Leverage 422 Effect of Leverage on the Component Cost of Debt 424 Combining Debt and Equity: Weighted Average, or Composite, Cost of Capital 425 Calculating the Marginal Cost of Capital for an Actual Company 428 Large Firms versus Small Firms 437 Summary 438 Chapter 17 Dividend Policy and Internal Financing 445 Factors Influencing Dividend Policy 446 Dividend Policy Decisions 449 Rationale for Stable Dividends 450 Alternative Dividend Policies 451 Residual Theory of Dividends 452 Long-Run Viewpoint 455 High and Low Dividend Payout Industries 455 Conflicting Theories on Dividends 456 Dividend Payments 457 Stock Dividends and Stock Splits 458 Stock Repurchases as an Alternative to Dividends 460 Summary 463 Part Six Long-Term Financing 471 Chapter 18 Obtaining External Long-Term Funds 472 Direct Financing 474 Investment Banking 480 Investment Banking Operation 482 Costs of Flotation 487 Regulation of Security Trading 489 Appraisal of Regulation of Security Trading 491 Summary 491 Chapter 19 Common Stock 498 Apportionment of Income, Control, and Risk 499 Common Stock Financing 501 Evaluation of Common Stock as a Source of Funds 505 Use of Rights in Financing 506 Theoretical Relationships of Rights Offerings 507 Effects on Position of Stockholders 510 Advantages of Use of Rights in New Financing 514 Choosing among Alternative Forms of Financing 515 Summary 523 Chapter 20 Fixed Income Securities: Debt and Preferred Stock 530 Instruments of Long-Term Debt Financing 531 Secured Bonds 535 Unsecured Bonds 536 Characteristics of Long-Term Debt 539 Decisions on the Use of Long-Term Debt 540 Nature of Preferred Stock 541 Major Provisions of Preferred Stock Issues 542 Evaluation of Preferred Stock 545 Decision Making on the Use of Preferred Stock 547 Rationale for Different Classes of Securities 547 Refunding a Bond or a Preferred Stock Issue 549 Summary 552 Chapter 21 Lease Financing 561 *..Types of Leases 562 Accounting for Leases 564 Cost Comparison between Lease and Purchase 567 Alternative Approaches to Leasing Decisions 572 Use of an Internal Rate of Return Analysis 575 Additional Influences on the Leasing versus Owning Decision 576 Summary 581 Chapter 22 Warrants and Convertibles 586 Warrants 587 Convertibles 591 Analysis of Convertible Debentures 593 Decisions on the Use of Warrants and Convertibles 601 Reporting Earnings If Convertibles or Warrants Are Outstanding 603 Summary 603 Part Seven Integrated Topics in Financial Management 61I Chapter 23 Timing of Financial'Policy 612 Significance to Financial Management 613 Historical Patterns in Interest Rate Movement 614 Interest Rates as an Index of Availability of Funds 617 Costs of Different Kinds of Financing over Time 61 7 Characteristic Patterns in Cost of Money 619 Interest Rate Forecasts 620 Implications of Interest Rate Patterns for Financial Timing 625 Summary 626 Chapter 24 External Growth: Mergers and Holding Companies 633 Mergers versus Internal Growth 635 Terms of Mergers 636 Holding Companies 643 Summary 652 Appendix 24A: Financial Accounting Policies in Mergers 657 Chapter 25 Failure, Reorganization, and Liquidation 665 The Firm's Life Cycle 666 Failure 667 Causes of Failures 667 The Failure Record 668 Extension and Composition 669 Reorganization in General 671 Financial Decisions in Reorganization 671 Liquidation Procedures 677 Bankruptcy 678 Summary 684 Chapter 26 International Business Finance 689 Introduction 690 The Development of an International Firm 691 Impact of Exchange Rate Fluctuations 694 Risk Position of the Firm in Foreign Currency Units 695 Methods of Dealing with the Risk of a Decline in Foreign Currency Values 695 Protection against Rising Values of Foreign Currencies 697 Monetary Balance 699 International Financing 702 Working Capital Management in International Enterprise 706 Summary 707 Appendix A Appendix B Interest Tables Answers to Selected End-of-Chapter Problems Glossary Index

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