Analysis for Financial Management 13th Edition by Robert Higgins, Jennifer Koski, Todd Mitton ISBN 9781265042639 1265042632

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ISBN 10: 1265042632
ISBN 13: 9781265042639
Author: Robert Higgins, Jennifer Koski, Todd Mitton

Analysis for Financial Management 13th Edition Table of contents:

PART ONE ASSESSING THE FINANCIAL HEALTH OF THE FIRM

Chapter 1 Interpreting Financial Statements

The Cash Flow Cycle

Overview of Financial Statements

The Balance Sheet

Current Assets and Liabilities

Shareholders’ Equity

The Income Statement

Measuring Earnings

Sources and Uses Statements

The Two-Finger Approach

The Cash Flow Statement

Financial Statements and the Value Problem

Market Value vs. Book Value

Economic Income vs. Accounting Income

Imputed Costs

Summary

Additional Resources

Problems

Chapter 2 Evaluating Financial Performance

The Levers of Financial Performance

Return on Equity

The Three Determinants of ROE

The Profit Margin

Asset Turnover

Financial Leverage

Is ROE a Reliable Financial Yardstick?

The Timing Problem

The Risk Problem

The Value Problem

ROE or Market Price?

Ratio Analysis

Using Ratios Effectively

Ratio Analysis of Polaris Inc.

Summary

Additional Resources

Problems

PART TWO PLANNING FUTURE FINANCIAL PERFORMANCE

Chapter 3 Financial Forecasting

Pro Forma Statements

Percent-of-Sales Forecasting

Interest Expense

Seasonality

Pro Forma Statements and Financial Planning

Forecasting with Spreadsheets

Coping with Uncertainty

Sensitivity Analysis

Scenario Analysis

Simulation

Cash Flow Forecasts

Cash Budgets

The Techniques Compared

Summary

Additional Resources

Problems

Chapter 4 Managing Growth

Sustainable Growth

The Sustainable Growth Equation

Too Much Growth

Balanced Growth

DLH Holdings’ Sustainable Growth Rate

“What If” Questions

What to Do When Actual Growth Exceeds Sustainable Growth

Sell New Equity

Increase Leverage

Reduce the Payout Ratio

Profitable Pruning

Outsourcing

Pricing

Is Merger the Answer?

Too Little Growth

What to Do When Sustainable Growth Exceeds Actual Growth

Ignore the Problem

Return the Money to Shareholders

Buy Growth

Sustainable Growth and Pro Forma Forecasts

New Equity Financing

Why Don’t U.S. Corporations Issue More Equity?

Summary

Additional Resources

Problems

PART THREE FINANCING OPERATIONS

Chapter 5 Financial Instruments and Markets

Financial Instruments

Bonds

Common Stock

Preferred Stock

Financial Markets

Venture Capital Financing

Private Equity

Initial Public Offerings

Seasoned Issues

Issue Costs

Efficient Markets

What Is an Efficient Market?

Implications of Efficiency

Appendix

Using Derivatives to Manage Risks

Forward Markets

Hedging with Forward Contracts

Hedging with Futures Contracts

Types of Forwards and Futures

Hedging with Swaps

Interest Rate Swaps

Currency Swaps

Hedging with Options

Limitations of Financial Market Hedging

Valuing Options

Summary

Additional Resources

Problems

Chapter 6 The Financing Decision

Financial Leverage

Measuring the Effects of Leverage on a Business

Leverage and Risk

Leverage and Earnings

How Much to Borrow

Irrelevance

Tax Benefits

Distress Costs

Flexibility

Market Signaling

Management Incentives

The Financing Decision and Growth

Selecting a Maturity Structure

Inflation and Financing Strategy

Appendix

The Irrelevance Proposition

No Taxes

Taxes

Summary

Additional Resources

Problems

PART FOUR EVALUATING INVESTMENT OPPORTUNITIES

Chapter 7 Discounted Cash Flow Techniques

Figures of Merit

The Payback Period and the Accounting Rate of Return

The Time Value of Money

Equivalence

The Net Present Value

The Benefit-Cost Ratio

The Internal Rate of Return

Uneven Cash Flows

A Few Applications and Extensions

Mutually Exclusive Alternatives and Capital Rationing

The IRR in Perspective

Determining the Relevant Cash Flows

Depreciation

Working Capital and Spontaneous Sources

Sunk Costs

Allocated Costs

Cannibalization

Excess Capacity

Financing Costs

Appendix

Mutually Exclusive Alternatives and Capital Rationing

What Happened to the Other $578,000?

Unequal Lives

Capital Rationing

The Problem of Future Opportunities

A Decision Tree

Summary

Additional Resources

Problems

Chapter 8 Risk Analysis in Investment Decisions

Risk Defined

Risk and Diversification

Estimating Investment Risk

Three Techniques for Estimating Investment Risk

Including Risk in Investment Evaluation

Risk-Adjusted Discount Rates

The Cost of Capital

The Cost of Capital Defined

The Cost of Capital for Polaris

The Cost of Capital in Investment Appraisal

Multiple Hurdle Rates

Four Pitfalls in the Use of Discounted Cash Flow Techniques

The Enterprise Perspective vs. the Equity Perspective

Inflation

Real Options

Excessive Risk Adjustment

A Cautionary Note

Appendix

Asset Beta and Adjusted Present Value

Calculating Asset Beta

Using Asset Beta to Estimate Equity Beta

Asset Beta and Adjusted Present Value

Summary

Additional Resources

Problems

Chapter 9 Business Valuation and Corporate Restructuring

Valuing a Business

Assets or Equity?

Dead or Alive?

Minority Interest or Control?

Discounted Cash Flow Valuation

Free Cash Flow

The Terminal Value

A Numerical Example

Problems with Present Value Approaches to Valuation

Valuation Based on Comparable Trades

Lack of Marketability

The Market for Control

The Premium for Control

Financial Reasons for Restructuring

The Empirical Evidence

The LinkedIn Buyout

Appendix

The Venture Capital Method of Valuation

The Venture Capital Method—One Financing Round

The Venture Capital Method—Multiple Financing Rounds

Why Do Venture Capitalists Demand Such High Returns?

Summary

Additional Resources

Problems

Glossary

Suggested Answers to Odd-Numbered Problems

Index

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Tags: Robert Higgins, Jennifer Koski, Todd Mitton, Financial Management, Analysis