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Financial Institutions, Investments, & Management: An Introduction

ISBN: 9780324178173 | 0324178174
Edition: 8th
Format: Paperback
Publisher: Cengage Learning
Pub. Date: 6/5/2003

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SummaryTable of Contents
A general introduction to the three primary aspects of Finance and examination of how they interrelate. The book discusses financial institutions and their roles in helping to allocate savings in the economy, along with a description and analysis of securities issued and traded in money and capital markets. The book covers fundamentals of investing in stocks, mutual funds, derivatives, and other marketable securities with an emphasis on securities markets, mechanics of trading, techniques of analysis, diversification, and valuation of assets. F... MORE
Prefacexiii
Introduction to Finance
1(9)
The Divisions of Finance
2(1)
... MOREKey Financial Concepts
3(4)
Finance and Other Business Disciplines
7(1)
Plan of the Text
8(2)
Part I Financial Institutions
10(102)
The Creation of Financial Assets
13(36)
Forms of Business
14(4)
The Role of Money
18(2)
The Role of Interest Rates
20(3)
The Transfer of Funds to Business
23(1)
The Direct Transfer: The Issuing and Selling of New Securities
24(7)
The Indirect Transfer Through Financial Intermediaries
31(14)
Summary
45(1)
Review Questions
46(3)
The Federal Reserve and the Supply and Cost of Credit
49(40)
The Role of the Federal Reserve System
50(5)
The Expansion of Money and Credit
55(7)
The Tools of Monetary Policy
62(3)
The Impact of Fiscal Policy on Credit Markets
65(3)
Impact of an Inflationary Economic Environment on Credit Markets
68(5)
The Impact of International Currency Flows on Credit Markets
73(12)
Summary
85(1)
Review Questions
86(2)
Problems
88(1)
The Role of Securities Markets
89(23)
Securities Markets
90(5)
The Mechanics of Investing in Securities
95(4)
Measures of Security Prices
99(3)
Regulation
102(2)
Foreign Securities
104(1)
Competition in the Security Markets
105(3)
Summary
108(1)
Review Questions
109(1)
Problems
110(2)
Part II Investments
112(246)
The Tiem Value of Money
115(38)
The Future Value of a Dollar
116(6)
The Present Value of a Dollar
122(3)
The Future Value of an Annuity
125(6)
The Present Value of an Annuity
131(4)
Illustrations of Compounding and Discounting
135(9)
Nonannual Compounding
144(1)
Periods of Less Than One Year
145(1)
Summary
146(1)
The Equations for the Interest Factors
147(1)
Review Questions
148(1)
Problems
148(5)
Risk and Its Management
153(34)
The Return on an Investment
154(1)
The Sources of Risk
155(12)
Beta Coefficients
167(8)
The Capital Asset Pricing Model and an Investment's Required Return
175(3)
Summary
178(1)
Review Questions
178(1)
Problems
179(4)
Appendix: Using Excel to Compute Standard Deviations and Regressions Equations
183(4)
Equity: Preferred and Common Stock
187(30)
Equity
188(2)
The Features of Preferred Stock
190(1)
Preferred Stock and Bonds Contrasted
191(2)
Analysis of Preferred Stock
193(1)
Disadvantages of Preferred Stock From an Investor's Perspective
194(1)
Common Stock
195(2)
Dividend Policy
197(7)
Cash Dividends
204(2)
Stock Dividends
206(1)
Stock Splits
207(3)
Dividend Reinvestment Plans
210(1)
Repurchase of Stock
210(1)
Summary
211(1)
Review Questions
212(1)
Problems
213(4)
Valuation of Stock
217(20)
Valuation of Preferred Stock
218(2)
Valuation of Common Stock: The Present Value and the Growth of Dividends
220(5)
Risk and Stock Valuation
225(3)
Alternative Valuation Techniques: Multiplier Models
228(2)
Summary
230(1)
Review Questions
231(1)
Problems
232(5)
Investing in Long-Term Debt (Bonds)
237(42)
Characteristics of All Debt Instruments
238(3)
Types of Corporate Bonds
241(4)
Foreign Bonds
245(1)
Registered and Book Entry Bonds
246(1)
Determination of the Price of a Bond
246(4)
Yields
250(6)
Retiring Debt
256(2)
Convertible Bonds and Convertible Preferred Stock
258(10)
Convertible Preferred Stock
268(1)
Government Securities
269(4)
Summary
273(1)
Review Questions
274(1)
Problems
275(4)
Analysis of Financial Statements
279(56)
General Accounting Principles
280(1)
The Balance Sheet
281(6)
The Income Statement
287(2)
Statement of Cash Flows
289(4)
Limitations of Accounting Data
293(1)
Depreciation
294(6)
Losses and Tax Savings
300(2)
Ratio Analysis
302(2)
Liquidity Ratios
304(3)
Activity Ratios
307(5)
Profitability Ratios
312(2)
Leverage Ratios
314(4)
Coverage Ratios
318(2)
Analysis of Financial Statements and the Internet
320(2)
Analysis of Financial Statements and the Use of Excel Spreadsheets
322(4)
Summary
326(1)
Review Questions
327(1)
Problems
328(7)
Investment Companies
335(23)
Investment Companies: Origins and Terminology
336(2)
Closed-End Investment Companies
338(4)
Mutual Funds
342(5)
The Returns Earned on Investments in Mutual Funds
347(3)
Selecting a Mutual Fund
350(3)
Index Funds and Exchange-Traded Funds
353(1)
Summary
354(1)
Review Questions
354(2)
Problems
356(2)
Part III Corporate Finance
358(247)
Break-Even Analysis and Leverage
361(22)
Break-Even Analysis
362(4)
Operating Leverage
366(4)
Financial Leverage
370(3)
Financial Leverage and Risk
373(4)
Financial Leverage Through Preferred Stock Financing
377(1)
Summary
378(1)
Review Questions
379(1)
Problems
379(4)
Cost of Capital
383(26)
Components of the Cost of Capital
384(7)
Cost of Capital: A Weighted Average
391(2)
The Optimal Capital Structure
393(2)
The Marginal Cost of Capital
395(4)
The Optimal Capital Structure and the Value of the Firm's Stock
399(3)
Cost of Capital Review and Problem Areas
402(1)
Summary
403(1)
Review Questions
404(1)
Problems
405(4)
Capital Budgeting
409(44)
Valuation and Long-Term Investment Decisions
411(1)
Importance of Cash Flow
412(2)
Payback Period
414(2)
Introduction to Discounted Cash Flows Methods of Capital Budgeting
416(1)
Net Present Value
417(2)
Internal Rate of Return
419(2)
Net Present Value and Internal Rate of Return Compared
421(6)
Ranking Investment Opportunities
427(7)
The Introduction of Risk into Capital Budgeting
434(2)
Risk Adjustments in Capital Budgeting
436(3)
Adjusting the Discount Rate
439(4)
Summary
443(1)
Review Questions
444(1)
Problems
445(8)
Planning: Forecasting and Budgeting
453(36)
Planning
454(2)
Fluctuations in Asset Requirements
456(1)
Forecasting External Financial Requirements: Percent of Sales
457(7)
Forecasting External Financial Requirements: Regression Analysis
464(6)
Forecasting External Financial Requirements: Changes in Fixed Assets
470(2)
The Cash Budget
472(8)
Summary
480(1)
Review Questions
481(1)
Problems
481(8)
Management of Short-Term Assets
489(40)
Working Capital and Its Management
490(1)
The Impact of the Operating Cycle on Working Capital Policy
491(3)
Financing and Working Capital Policy
494(3)
The Inventory Cycle
497(1)
The Economic Order Quantity
498(11)
Management of Accounts Receivable
509(5)
Cash Management
514(4)
Money Market Instruments and Yields
518(2)
The Calculation of Yields
520(2)
Summary
522(1)
Review Questions
523(1)
Problems
524(5)
Sources of Short- and Intermediate-Term Funds
529(40)
Free Sources: Accruals
531(1)
Commercial Bank Loans
531(7)
Trade Credit
538(5)
Commercial Paper
543(2)
Secured Loans
545(2)
Factoring
547(1)
Intermediate-Term Debt
548(3)
Leasing
551(8)
Bankruptcy and Reorganization
559(3)
Summary
562(1)
Review Questions
563(1)
Problems
564(5)
Derivatives and Risk Management
569(36)
Options
570(1)
The Intrinsic Value of an Option to Buy Stock
571(2)
Leverage
573(3)
Call Options
576(6)
Puts
582(2)
Stock Index Options
584(2)
Futures
586(7)
Hedging
593(2)
Financial and Currency Futures
595(3)
Stock Index Futures
598(2)
Summary
600(1)
Review Questions
601(1)
Problems
602(3)
Appendix A Interest Factors for the Future Value of One Dollar605(1)
Appendix B Interest Factors for the Present Value of One Dollar606(1)
Appendix C Interest Factors for the Future Value of an Annuity of One Dollar607(1)
Appendix D Interest Factors for the Present Value of an Annuity of One Dollar608(1)
Appendix E Answers to Selected Problems609(8)
Index617

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