Foundations of Finance

Foundations of Finance

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This introduction to finance provides a conceptual understanding of the financial decision-making process a€” rather than just an introduction to the tools and techniques of finance a€” and focuses on the interrelationships among the topics covered. It explores the a€œbig picturea€ and actual practice a€” i.e., financial decision making rooted in current financial theory and in the current state of world economic conditions. Chapter topics include financial markets and interest rates; understanding financial statements and cash flows; evaluating a firm's financial performance; financial forecasting, planning, and budgeting; the time value of money; valuation and characteristics of bonds and stocks; the meaning and measurement of risk and return; the cost of capital; dividend policy and internal financing; working-capital management; liquid asset management; and international business finance. For financial managers and others involved in corporate financial decisions a€” and for individuals interested in an education in finance, and the logic that drives it.The capital asset pricing model is an equation that equates the expected rate of return on a stock to the risk- free rate plus a risk premium for the stocks systematic risk. ... return, k, less the risk-free rate existing in the market, k Ar For example, if the required return is 15 percent and the risk-free ... As a result, its stock price fluctuated wildly a€” far more tfian other computer firms, such as IBM. ... The lesson here is that beta may at times be misleading when used with individual companies.

Title:Foundations of Finance
Author: Arthur J. Keown, John D. Martin, J. William Petty, William J. Petty, David F. Scott, Jr.
Publisher: - 2001-03-01

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