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• COVER
• PREFACE
• AUTHOR BIOS
• PART 1: INSTITUTIONS AND MARKETS
• CHAPTER 1: THE FINANCIAL ENVIRONMENT
• 1.1 WHAT IS FINANCE?
• 1.2 WHY STUDY FINANCE?
• 1.3 SIX PRINCIPLES OF FINANCE
• 1.4 OVERVIEW OF THE FINANCIAL SYSTEM
• 1.5 FINANCIAL MARKETS: CHARACTERISTICS AND TYPES
• 1.6 CAREERS IN FINANCE
• 1.7 THE PLAN OF STUDY
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• NOTES
• CHAPTER 2: MONEY AND THE MONETARY SYSTEM
• 2.1 THE 2007–2008 FINANCIAL CRISIS AND SUBSEQUENT RECOVERY
• 2.2 PROCESS OF MOVING SAVINGS INTO INVESTMENTS
• 2.3 OVERVIEW OF THE MONETARY SYSTEM
• 2.4 CHARACTERISTICS AND FUNCTIONS OF MONEY
• 2.5 DEVELOPMENT OF MONEY IN THE UNITED STATES
• 2.6 MONEY MARKET SECURITIES
• 2.7 MEASURES OF THE U.S. MONEY SUPPLY
• 2.8 MONEY SUPPLY AND ECONOMIC ACTIVITY
• 2.9 INTERNATIONAL MONETARY SYSTEM
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• CHAPTER 3: BANKS AND OTHER FINANCIAL INSTITUTIONS
• 3.1 FINANCIAL INSTITUTION PROBLEMS DURING THE 2007–2008 FINANCIAL CRISIS
• 3.2 TYPES AND ROLES OF FINANCIAL INSTITUTIONS
• 3.3 OVERVIEW OF THE BANKING SYSTEM
• 3.4 HISTORICAL DEVELOPMENT OF THE U.S. BANKING SYSTEM
• 3.5 REGULATION OF THE BANKING SYSTEM
• 3.6 STRUCTURE OF BANKS
• 3.7 THE BANK BALANCE SHEET
• 3.8 BANK MANAGEMENT
• 3.9 INTERNATIONAL BANKING AND FOREIGN SYSTEMS
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• CHAPTER 4: FEDERAL RESERVE SYSTEM
• 4.1 U.S. CENTRAL BANK RESPONSE TO THE FINANCIAL CRISIS AND GREAT RECESSION
• 4.2 THE U.S. BANKING SYSTEM PRIOR TO THE FED
• 4.3 STRUCTURE OF THE FEDERAL RESERVE SYSTEM
• 4.4 MONETARY POLICY FUNCTIONS AND INSTRUMENTS
• 4.5 FED SUPERVISORY AND REGULATORY FUNCTIONS
• 4.6 FED SERVICE FUNCTIONS
• 4.7 CENTRAL BANKS IN OTHER COUNTRIES
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• CHAPTER 5: POLICY MAKERS AND THE MONEY SUPPLY
• 5.1 NATIONAL ECONOMIC POLICY OBJECTIVES
• 5.2 FOUR POLICY MAKER GROUPS
• 5.3 GOVERNMENT INFLUENCE ON THE ECONOMY
• 5.4 TREASURY CASH AND GENERAL MANAGEMENT RESPONSIBILITIES
• 5.5 TREASURY DEFICIT FINANCING AND DEBT MANAGEMENT RESPONSIBILITIES
• 5.6 CHANGING THE MONEY SUPPLY
• 5.7 FACTORS AFFECTING BANK RESERVES
• 5.8 THE MONETARY BASE AND THE MONEY MULTIPLIER
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• CHAPTER 6: INTERNATIONAL FINANCE AND TRADE
• 6.1 INTERNATIONAL MONETARY SYSTEM
• 6.2 EUROPEAN UNIFICATION
• 6.3 CURRENCY EXCHANGE MARKETS AND RATES
• 6.4 FACTORS THAT AFFECT CURRENCY EXCHANGE RATES
• 6.5 CONDUCTING BUSINESS INTERNATIONALLY
• 6.6 FINANCING INTERNATIONAL TRADE
• 6.7 DEVELOPMENTS IN U.S. INTERNATIONAL TRANSACTIONS
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• 6.8 EXCHANGE RATE RISKS IN GLOBAL BUSINESS
• SUMMARY
• REVIEW QUESTIONS
• NOTES
• PART 2: INVESTMENTS
• CHAPTER 7: SAVINGS AND INVESTMENT PROCESS
• 7.1 GROSS DOMESTIC PRODUCT AND CAPITAL FORMATION
• 7.2 FEDERAL GOVERNMENT RECEIPTS AND EXPENDITURES
• 7.3 ROLE AND MAJOR SOURCES OF SAVINGS
• 7.4 FACTORS AFFECTING SAVINGS
• 7.5 CAPITAL MARKET SECURITIES
• 7.6 MORTGAGE MARKETS
• 7.7 ROLE OF THE INDIVIDUAL IN THE 2007–2008 FINANCIAL CRISIS AND TODAY
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTES
• CHAPTER 8: INTEREST RATES
• 8.1 SUPPLY AND DEMAND FOR LOANABLE FUNDS
• 8.2 COMPONENTS OF MARKET INTEREST RATES
• 8.3 DEFAULT RISK-FREE SECURITIES: U.S. TREASURY DEBT INSTRUMENTS
• 8.4 TERM OR MATURITY STRUCTURE OF INTEREST RATES
• 8.5 INFLATION PREMIUMS AND PRICE MOVEMENTS
• 8.6 DEFAULT RISK PREMIUMS
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• NOTE
• CHAPTER 9: TIME VALUE OF MONEY
• 9.1 BASIC TIME VALUE CONCEPTS
• 9.2 COMPOUNDING TO DETERMINE FUTURE VALUES
• 9.3 DISCOUNTING TO DETERMINE PRESENT VALUES
• 9.4 FINDING INTEREST RATES AND TIME REQUIREMENTS
• 9.5 FUTURE VALUE OF AN ANNUITY
• 9.6 PRESENT VALUE OF AN ANNUITY
• 9.7 INTEREST RATES AND TIME REQUIREMENTS FOR ANNUITIES
• 9.8 DETERMINING PERIODIC ANNUITY PAYMENTS
• 9.9 MORE FREQUENT TIME INTERVALS AND THE COST OF CONSUMER CREDIT
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• EXERCISES
• PROBLEMS
• 9.10 ANNUITY DUE PROBLEMS
• SUMMARY
• QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 10: BONDS AND STOCKS: CHARACTERISTICS AND VALUATIONS
• 10.1 LONG-TERM EXTERNAL FINANCING SOURCES FOR BUSINESSES
• 10.2 BONDS
• 10.3 DIFFERENT TYPES OF BONDS
• 10.4 CORPORATE EQUITY CAPITAL
• 10.5 DIVIDENDS AND STOCK REPURCHASES
• 10.6 VALUATION PRINCIPLES
• 10.7 VALUATION OF BONDS
• 10.8 VALUATION OF STOCKS
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• 10.9 HOLDING PERIOD RETURNS
• SUMMARY
• PROBLEMS
• NOTES
• CHAPTER 11: SECURITIES AND MARKETS
• 11.1 ISSUING SECURITIES: PRIMARY SECURITIES MARKETS
• 11.2 THE FACEBOOK IPO6
• 11.3 OTHER WAYS TO ASSIST ISSUING FIRMS
• 11.4 COST OF GOING PUBLIC
• 11.5 INVESTMENT BANKING FIRMS: OTHER FUNCTIONS, INNOVATIONS, REGULATIONS
• 11.6 TRADING SECURITIES – SECONDARY SECURITIES MARKETS
• 11.7 SECURITY TRANSACTIONS
• 11.8 OVER-THE-COUNTER MARKET
• 11.9 WHAT MAKES A GOOD MARKET?
• 11.10 SECURITY MARKET INDEXES AND TRADING FOREIGN SECURITIES
• 11.11 INSIDE INFORMATION AND OTHER ETHICAL ISSUES
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• 11.12 WHY DO DERIVATIVES EXIST?
• SUMMARY
• KEY TERMS
• DISCUSSION QUESTIONS
• PROBLEMS
• NOTES
• CHAPTER 12: FINANCIAL RETURN AND RISK CONCEPTS
• 12.1 HISTORICAL RETURN FOR A SINGLE FINANCIAL ASSET
• 12.2 HISTORICAL RISK MEASURES FOR A SINGLE FINANCIAL ASSET
• 12.3 WHERE DOES RISK COME FROM?
• 12.4 EXPECTED MEASURES OF RETURN AND RISK
• 12.5 HISTORICAL RETURNS AND RISK OF DIFFERENT ASSETS
• 12.6 EFFICIENT CAPITAL MARKETS
• 12.7 PORTFOLIO RETURNS
• 12.8 VARIANCE AND STANDARD DEVIATION OF RETURN ON A PORTFOLIO
• 12.9 PORTFOLIO RISK AND THE NUMBER OF INVESTMENTS IN THE PORTFOLIO
• 12.10 CAPITAL ASSET PRICING MODEL
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• 12.11A ESTIMATING BETA
• 12.11B SECURITY MARKET LINE
• SUMMARY
• PROBLEMS
• NOTES
• PART 3: FINANCIAL MANAGEMENT
• CHAPTER 13: BUSINESS ORGANIZATION AND FINANCIAL DATA
• 13.1 STARTING A BUSINESS
• 13.2 FORMS OF BUSINESS ORGANIZATION IN THE UNITED STATES
• 13.3 ACCOUNTING PRINCIPLES
• 13.4 INCOME STATEMENT
• 13.5 THE BALANCE SHEET
• 13.6 STATEMENT OF CASH FLOWS
• 13.7 FINANCIAL STATEMENTS OF DIFFERENT COMPANIES
• 13.8 GOAL OF A FIRM
• 13.9 CORPORATE GOVERNANCE
• 13.10 FINANCE IN THE ORGANIZATION CHART
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• 13.11A INCOME TAX
• 13.11B DEPRECIATION BASICS
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 14: FINANCIAL ANALYSIS AND LONG-TERM FINANCIAL PLANNING
• 14.1 FINANCIAL STATEMENT ANALYSIS
• 14.2 LIQUIDITY RATIOS AND ANALYSIS
• 14.3 ASSET MANAGEMENT RATIOS AND ANALYSIS
• 14.4 FINANCIAL LEVERAGE RATIOS AND ANALYSIS
• 14.5 PROFITABILITY RATIOS AND ANALYSIS
• 14.6 MARKET VALUE RATIOS AND ANALYSIS
• 14.7 DUPONT METHOD OF RATIO ANALYSIS
• 14.8 LONG-TERM FINANCIAL PLANNING
• 14.9 COST–VOLUME–PROFIT ANALYSIS
• 14.10 DEGREE OF OPERATING LEVERAGE
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• NOTES
• CHAPTER 15: MANAGING WORKING CAPITAL
• 15.1 IMPORTANCE OF WORKING CAPITAL
• 15.2 OPERATING AND CASH CONVERSION CYCLES
• 15.3 INVESTMENTS IN RECEIVABLES, INVENTORY, AND PAYABLE FINANCING
• 15.4 CASH BUDGETS
• 15.5 MANAGEMENT OF CURRENT ASSETS
• 15.6 GETTING – AND KEEPING – THE CASH
• 15.7 ACCOUNTS RECEIVABLE MANAGEMENT
• 15.8 INVENTORY MANAGEMENT
• 15.9 TECHNOLOGY AND WORKING CAPITAL MANAGEMENT
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• NOTES
• CHAPTER 16: SHORT-TERM BUSINESS FINANCING
• 16.1 STRATEGIES FOR FINANCING WORKING CAPITAL
• 16.2 FACTORS AFFECTING SHORT-TERM FINANCING
• 16.3 PROVIDERS OF SHORT-TERM FINANCING
• 16.4 NONBANK SHORT-TERM FINANCING SOURCES
• 16.5 ADDITIONAL VARIETIES OF SHORT-TERM FINANCING
• 16.6 INVENTORY FINANCING AND OTHER SECURED LOANS
• 16.7 THE COST OF SHORT-TERM FINANCING
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• NOTES
• CHAPTER 17: CAPITAL BUDGETING ANALYSIS
• 17.1 MISSION, VISION, AND CAPITAL BUDGETING
• 17.2 CAPITAL BUDGETING PROCESS
• 17.3 CAPITAL BUDGETING TECHNIQUES – NET PRESENT VALUE
• 17.4 CAPITAL BUDGETING TECHNIQUES – INTERNAL RATE OF RETURN
• 17.5 CAPITAL BUDGETING TECHNIQUES – MODIFIED INTERNAL RATE OF RETURN
• 17.6 CAPITAL BUDGETING TECHNIQUES – PROFITABILITY INDEX
• 17.7 CAPITAL BUDGETING TECHNIQUES – PAYBACK PERIOD
• 17.8 CONFLICTS BETWEEN DISCOUNTED CASH FLOW TECHNIQUES
• 17.9 ESTIMATING PROJECT CASH FLOWS
• 17.10 KEEPING MANAGERS HONEST
• 17.11 RISK-RELATED CONSIDERATIONS
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• 17.12 PROJECT STAGES AND CASH FLOW ESTIMATION
• 17.13 APPLICATIONS
• SUMMARY
• PROBLEMS
• NOTES
• CHAPTER 18: CAPITAL STRUCTURE AND THE COST OF CAPITAL
• 18.1 WHY CHOOSE A CAPITAL STRUCTURE?
• 18.2 REQUIRED RATE OF RETURN AND THE COST OF CAPITAL
• 18.3 COST OF CAPITAL
• 18.4 WEIGHTED AVERAGE COST OF CAPITAL
• 18.5 PLANNING GROWTH RATES
• 18.6 EBIT/eps ANALYSIS
• 18.7 COMBINED OPERATING AND FINANCIAL LEVERAGE EFFECTS
• 18.8 INSIGHTS FROM THEORY AND PRACTICE
• APPLYING FINANCE TO…
• SUMMARY
• KEY TERMS
• REVIEW QUESTIONS
• PROBLEMS
• NOTES
• APPENDIX
• GLOSSARY
• INDEX
• END USER LICENSE AGREEMENT