Corporate Financial Analysis in a Global Environment
Author: Diana R Harrington
This paperback text emphasizes the financial concepts and tools essential for understanding the financial impacts of business decisions. The author uses current examples of actual business situations to demonstrate how financial tools, concepts, and theories can be used by managers to improve decision-making and enhance business performance. The text has a global emphasis with an equal number of domestic and international examples. The author includes a discussion of international financial statements and the financial impacts of changes in foreign exchange rates. The book's major appeal is its direct, concise, and no-nonsense approach to understanding both the basics of finance and current financial concepts, which allows even non-financial managers to understand financial analysis.
Table of Contents:
1 | Analyzing Corporate Performance | |
I | Who Needs to Analyze an Enterprise's Performance? | 2 |
II | Financial Statements | 3 |
III | Analysis of Financial Statements | 12 |
IV | Comparative Ratio Analysis | 55 |
V | Summary | 59 |
2 | Forecasting Future Needs | |
I | Cash Budgets | 102 |
II | Projected Financial Statements | 111 |
III | Projecting Financial Statements in Highly Uncertain Conditions | 115 |
IV | Analyzing Assumptions | 119 |
V | Multi-Currency Financial Statements | 127 |
VI | Summary | 134 |
3 | Managing Working Capital | |
I | The Working Capital Cycle | 143 |
II | Cash Management | 150 |
III | Managing Other Working Capital Requirements | 153 |
IV | Financing Working Capital | 156 |
V | Summary | 159 |
4 | Valuation 1: Capital Budgeting | |
I | Cost-Benefit Analysis of Proposed Investments | 166 |
II | Evaluating Incremental Costs and Benefits | 172 |
III | Choosing Among Investments: Net Present Value and IRR | 177 |
IV | Choosing Among Investments: Simple Valuation Methods | 187 |
V | Assessing and Incorporating Risk | 192 |
VI | Other Considerations in Creating Value | 202 |
VII | Summary | 211 |
5 | Valuation 2: Company Valuation, Acquisitions, Divestitures, and Mergers | |
I | Reasons for Acquisition and Merger | 235 |
II | Valuing Cash Flows | 238 |
III | Valuation Using Market Multiples | 251 |
IV | Other Valuation Techniques | 257 |
V | Mergers Waves and Troughs | 264 |
VI | Summary | 267 |
6 | The Required Rate of Return on Equity | |
I | What Is a Shareholders' Required Return? | 272 |
II | Capital Market Basics | 272 |
III | Cash Flow Valuation Models | 278 |
IV | Capital Market Estimations - Risk Premium Models | 288 |
V | Other Concerns in Determining Required Return on Equity | 301 |
VI | Required Return on Equity for Private, Non-U.S., or Companies Experiencing Change | 303 |
VII | Summary | 304 |
7 | Financial Leverage and Shareholder Value | |
I | The Value of Financial Leverage | 328 |
II | What Do Subcontractors Want? | 337 |
III | The Impact of Leverage on Shareholders' Required Return | 345 |
IV | Conclusion | 346 |
8 | Practical Aspects of Financing a Company | |
I | Basics for Companies Financing with Equity | 352 |
II | Basics for Companies Financing with Debt | 355 |
III | RICHS Analysis | 358 |
IV | Leasing | 380 |
V | Leverage in Valuing Acquisitions | 381 |
VI | Summary | 381 |
9 | Valuation in a World of Financial Leverage | |
I | Residual Cash Flow Valuation | 402 |
II | Adjusted Present Value | 403 |
III | Free Cash Flow Valuation - The Cash Flows | 409 |
IV | Free Cash Flow Valuation - The Weighted Average Cost of Capital | 410 |
V | Summary | 417 |
App.: Solutions to Study Questions | 423 | |
Index | 487 |
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Introduction to Economics 2e
Author: Marc Lieberman
This text is the first book explicitly designed for the one-term, principles-level course covering both micro and macroeconomics, and can also be used for two-term or full-year courses where a very concise, focused treatment is desired. This is NOT a cursory "survey" text; rather, it carefully selects and fully explains all of the core topics essential to the principles course with a rigorous and analytical treatment of all introductory economic concepts. It presents economics as a unified subject in which the macroeconomics chapters build on, and flow from, the key microeconomic principles established in the first half of the book.
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