Analysis for financial management:
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
New York, NY
McGraw-Hill Irwin
2012
|
| Ausgabe: | 10. ed., internat. ed. |
| Schriftenreihe: | The McGraw-Hill/Irwin series in finance, insurance and real estate
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025004885&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Includes index |
| Umfang: | XV, 459 S. graph. Darst. |
| ISBN: | 9780071086486 |
Internformat
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| 650 | 7 | |a Financiële analyse |2 gtt | |
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Datensatz im Suchindex
| _version_ | 1819261539206561792 |
|---|---|
| adam_text | Titel: Analysis for financial management
Autor: Higgins, Robert C
Jahr: 2012
Contents
Preface xi Ratio Analysis 60
Using Ratios Effectively 60
PART ONE
Ratio Analysis ofSensient Technologies
Corporation 62
ASSESSING THE FINANCIAL Appendix
HEALTH OF THE FIRM 1 International Differences in Financial
Structure 71
Chapter 1 Comparisons among Foreign Companies Trading
Interpreting Financial Statements 3 on U.S. Markets 71
Public Companies 73
I he Gash Flow Cycle 5 the Move Toward International Accounting
The Balance Sheet 6 Standards 77
Current Assets and Liabilities 9 Summary 79
Shareholders Equity 11 Additional Resources 80
The Income Statement 11 Problems 82
Measuring Earnings 12
Sources and Uses Statements 16
The Two-Finger Approach 18 PART TWO
The Cash Flow Statement 18 PLANNING FUTURE FINANCIAL
Financial Statements and the Value Problem 23 PERFORMANCE 87
Market Value vs. Book Value 23
Economic Income vs. Accounting Income 27 Chanter 3
Imputed Costs 28
Summary 30
Additional Resources 31 Pro Forma Statements 89
Problems 32 Percent-of-Sales Forecasting 90
Interest Expense 96
Chapter 2 Seasonality 97
Pro Forma Statements and Financial Planning 97
Evaluating Financial Performance 37 Gomputer-Based Forecasting 98
The Levers of Financial Performance 37 Coping with Uncertainty 102
Return on Equity 38 Sensitivity Analysis 102
The Three Determinants of ROE 38 Scenario Analysis 103
The Profit Margin 40 Simulation 104
Asset Turnover 42 Cash Flow Forecasts 106
Financial Leverage 47 Cash Budgets 107
Is ROE a Reliable Financial Yardstick? 53 The Techniques Compared 110
The Timing Problem 53 Planning in Large Companies 111
The Risk Problem 54 Summary 113
The Value Problem 56 Additional Resources 114
ROE or Market Price? 57 Problems 116
Financial Forecasting 89
Chapter 4 Financial Markets 168
Managing Growth 123 Private Equity Financing 168
Initial Public Offerings 170
Sustainable Growth 124 Seasoned Issues 172
The Sustainable Growth Equation 124 Issue Costs 177
Too Much Growth 127 Efficient Markets 178
Balanced Growth 127 What Is an Efficient Market? 179
Medifast s Sustainable Growth Rate 129 Implications of Efficiency 181
What If Questions 130 Appendix
What to Do When Actual Growth Exceeds Using Financial Instruments to Manage
Sustainable Growth 131 Risks 183
Sell New Equity 131 Forward Markets 184
Increase Leverage 133 Hedging in Money and Capital Markets 189
Reduce the Payout Ratio 133 Hedging with Options 189
Profitable Pruning 134 Limitations of Financial Market Hedging 192
Outsourcing 135 Valuing Options 194
Pricing 135 Summary 197
Is Merger the Answer? 136 Additional Resources 198
Too Little Growth 136 Problems 200
What to Do When Sustainable Growth
Exceeds Actual Growth 137
Ignore the Problem 138 Chapter 6
Return the Money to Shareholders 139 The Financing Decision 203
Buy Growth 139
Sustainable Growth and Inflation 140
Sustainable Growth and Pro Forma Measuring the Effects of Leverage
Forecasts 141 on a Business 209
New Equity Financing 142 Leverage and Risk 211
Leverage and Earnings 213
Why Don t U.S. Corporations Issue More
How Much to Borrow 216
Irrelevance 217
Equity? 144
Summary 146
Problems 147 Tax Benefits 219
Distress Costs 219
Flexibility 223
Market Signaling 226
PART THREE Management Incentives 229
FINANCING OPERATIONS 151 The Fimncing Decision and Growth 229
Selecting a Maturity Structure 232
Chapter 5 Inflation and Financing Strategy 233
Financial Instruments and Appendix
Markets 153 The Irrelevance Proposition 233
No Taxes 234
Financial Instruments 154 Taxes 236
Bonds 155 Summary 238
Common Stock 162 Additional Resources 239
Prefared Stock 166 Problems 240
PART FOUR Estimating Investment Risk 301
EVALUATING INVESTMENT Three Techniques for Estimating Investment
OPPORTUNITIES 245
Including Risk in Investment Evaluation 303
Risk-Adjusted Discount Rates 303
Chapter 7 The Cost of Capital 304
Discounted Cash Flow Techniques 247 The Cost of Capital Defined 305
Figures of Merit 248 Cost of Capital for Sensient Technologies
The Payback Period and the Accounting Rate Corporation 307
The Cost of Capital in Investment
of Return 249
The Time Value of Money 250 Appraisal 314
Equivalence 254 Multiple Hurdle Rates 315
The Net Present Value 255 Four Pitfalls ln Ae Use of Discounted Cash
The Benefit-Cost Ratio 257 Flow Techniques 317
The Internal Rate of Return 257 The Enterpnse Perspective versus the Equity
A Few Applications and Extensions 261 Perspective 318
Mutually Exclusive Alternatives and Capital Inflation 320
Rationing 264 Real Options 321
The IRR in Perspective 265 Excessive Risk Adjustment 329
Determining the Relevant Cash Flows 266 Economic Value Added 330
Depreciation 268 EVA and Investment Analysis 331
Working Capital and Spontaneous Sources 270 EVAs Appeal 333
Sunk Costs 271 A Cautionary Note 334
Appendix
Asset Beta and Adjusted Present
Value 334
Allocated Costs 272
Cannibalization 273
Excess Capacity 274
Financing Costs 276 Beta and Financial Leverage 335
Annendix Using Asset Beta to Estimate Equity
Mutually Exclusive Alternatives and Beta 336
Canital Rationing 278 Asset Beta and Adjusted Present Value 337
What Happened to the Other $578,000? 279 Summary 340
Unequal Lives 280
Capital Rationing 282
The Problem of Future Opportunities 284
A Decision Tree 284
Additional Resources 341
Problems 343
Chapter 9
Summary 285 Business Valuation and Corporate
Additional Resources 287
Problems 287
Restructuring 349
Valuing a Business 351
Chapter 8 Assets or Equity? 352
Dead or Alive? 352
Risk Analysis in Investment
Decisions 295
Minority Interest or Control? 354
Discounted Cash Flow Valuation 355
Risk Defined 297 Free Cash Flow 356
Risk and Diversification 299 The Terminal Value 357
A Numerical Example 360 Why Do Venture Capitalists Demand
Problems with Present Value Approaches Such High Returns? 387
to Valuation 363 Summary 389
Valuation Based on Comparable Trades 363 Additional Resources 390
Lack of Marketability 367 Problems 391
The Market for Control 368
The Premium for Control 368 Appendix A Present
financial Reasons for Restructuring 370 Value of $1 397
The Empirical Evidence 378
The Cadbury Buyout 379 Appendix B Present Value of
Appendix an Annuity of $1 399
The Venture Capital Method of
Valuation 382 Glossary 401
The Venture Capital Method-One Suggested Answers to
Financing Round 382 Odd-Numbered Problems 413
The Venture Capital Method-Multiple
Financing Rounds 385
Index 443
|
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| author | Higgins, Robert C. |
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| dewey-search | 658.15/1 |
| dewey-sort | 3658.15 11 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 10. ed., internat. ed. |
| format | Book |
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| isbn | 9780071086486 |
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| spellingShingle | Higgins, Robert C. Analysis for financial management Corporations / Finance Bedrijfsfinanciering gtt Financieel management gtt Financiële analyse gtt Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Analytische Methode (DE-588)4142352-5 gnd Management (DE-588)4037278-9 gnd Finanzanalyse (DE-588)4133000-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4017182-6 (DE-588)4142352-5 (DE-588)4037278-9 (DE-588)4133000-6 (DE-588)4123623-3 |
| title | Analysis for financial management |
| title_auth | Analysis for financial management |
| title_exact_search | Analysis for financial management |
| title_full | Analysis for financial management Robert C. Higgins |
| title_fullStr | Analysis for financial management Robert C. Higgins |
| title_full_unstemmed | Analysis for financial management Robert C. Higgins |
| title_short | Analysis for financial management |
| title_sort | analysis for financial management |
| topic | Corporations / Finance Bedrijfsfinanciering gtt Financieel management gtt Financiële analyse gtt Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Finanzierung (DE-588)4017182-6 gnd Analytische Methode (DE-588)4142352-5 gnd Management (DE-588)4037278-9 gnd Finanzanalyse (DE-588)4133000-6 gnd |
| topic_facet | Corporations / Finance Bedrijfsfinanciering Financieel management Financiële analyse Corporations Finance Finanzmanagement Finanzierung Analytische Methode Management Finanzanalyse Lehrbuch |
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