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FINANCE

Financial managers and investment professionals need a solid foundation in finance principles and applications in order to make the best decisions in today's ever-changing financial world. Written by the experienced author team of Frank Fabozzi and Pamela Peterson Drake, Finance examines the essential elements of this discipline and makes them understandable to a wide array of individuals, from seasoned professionals looking to fine-tune their financial skills to newcomers seeking genuine guidance through the dynamic world of finance.

Divided into four comprehensive parts, this reliable resource opens with an informative introduction to the basic tools of investing and financing decision-making--financial mathematics and financial analysis (Part I). From here, you'll become familiar with the fundamentals of capital market theory, including financial markets, financial intermediaries, and regulators of financial activities (Part II). You'll also gain a better understanding of interest rates, bond and stock valuation, asset pricing theory, and derivative instruments in this section.

Part III moves on to detail decision-making within a business enterprise. Topics touched upon here include capital budgeting--that is, whether or not to invest in specific long-lived projects--and capital structure. Management of current assets and risk management are also addressed.

By covering the basics of investment decision-making, Part IV skillfully wraps up this accessible overview of finance. Beginning with the determination of an investment objective, this part proceeds to demonstrate portfolio theory and performance evaluation, and also takes the time to outline techniques for managing equity and bond portfolios as well as discuss the best ways to use derivatives in the portfolio management process.

Filled with in-depth insights and practical advice, Finance puts this field in perspective. And while a lot of ground is covered in this book, this information will help you appreciate and understand the complex financial issues that today's companies and investors constantly face.

Tabla de contenidos provista por Syndetics

• Preface(p. xiii)
• About the Authors(p. xv)
• Part 1 Background(p. 1)
• Chapter 1 What is Finance?(p. 3)
• Capital Markets and Capital Market Theory(p. 4)
• Financial Management(p. 5)
• Investment Management(p. 7)
• Summary(p. 8)
• Chapter 2 Mathematics of Finance(p. 11)
• The Importance of the Time Value of Money(p. 11)
• Determining the Future Value(p. 13)
• Determining the Present Value(p. 20)
• Determining the Unknown Interest Rate(p. 22)
• Determining the Number of Compounding Periods(p. 23)
• The Time Value of a Series of Cash Flows(p. 24)
• Valuing Cash Flows with Different Time Patterns(p. 34)
• Loan Amortization(p. 40)
• The Calculation of Interest Rates and Yields(p. 46)
• Principles of Valuation(p. 51)
• Summary(p. 55)
• Chapter 3 Basics of Financial Analysis(p. 57)
• Financial Ration Analysis(p. 58)
• Cash Flow Analysis(p. 87)
• Usefulness of Cash Flows in Financial Analysis(p. 99)
• Summary(p. 105)
• Part 2 Capital Markets and Capital Market Theory(p. 109)
• Chapter 4 The Financial System(p. 111)
• Financial Assets/Financial Instruments(p. 111)
• Financial Markets(p. 113)
• Financial Intermediaries(p. 114)
• Regulators of Financial Actitivies(p. 118)
• Classification of Financial Markets(p. 122)
• Market Participants(p. 131)
• Summary(p. 150)
• References(p. 154)
• Chapter 5 Interest Rate Determination and the Structure of Interest Rates(p. 155)
• Theories About Interest Rate Determination(p. 155)
• The Federal Reserve System and the Determination of Interest Rates(p. 157)
• The Structure of Interest Rates(p. 163)
• Term Structure of Interest Rates(p. 168)
• Summary(p. 178)
• References(p. 179)
• Chapter 6 Basics of Derivatives(p. 181)
• Futures and Forward Contracts(p. 181)
• Options(p. 194)
• Swaps(p. 206)
• Cap and Floor Agreements(p. 209)
• Summary(p. 211)
• Appendix: Black-Scholes Option Pricing Model(p. 212)
• References(p. 219)
• Chapter 7 Asset Valuation: Basic Bond and Stock Valuation Models(p. 221)
• Valuing Bonds(p. 221)
• Valuation of Common Stock Using Dividend Discount Models(p. 235)
• Summary(p. 246)
• Appendix: Valuing Convertible Bonds(p. 247)
• References(p. 252)
• Chapter 8 Asset Valuation: The Theory of Asset Pricing(p. 255)
• Characteristics of an Asset Pricing Model(p. 255)
• Capital Asset Pricing Model(p. 256)
• Arbitrage Pricing Theory Model(p. 270)
• Summary(p. 279)
• References(p. 281)
• Part 3 Financial Management(p. 283)
• Chapter 9 Financial Management(p. 285)
• Forms of Business Enterprise(p. 286)
• The Objective of Financial Management(p. 291)
• The Agency Relationship(p. 296)
• Dividend and Dividend Policies(p. 302)
• Special Considerations in International Financial Management(p. 314)
• Summary(p. 322)
• References(p. 325)
• Chapter 10 Financial Strategy and Financial Planning(p. 327)
• Strategy and Value(p. 328)
• Financial Planning and Budgeting(p. 331)
• Importance of Financial Planning(p. 332)
• Budgeting Process(p. 332)
• Sales Forecasting(p. 334)
• Seasonal Considerations(p. 337)
• Budgeting(p. 338)
• Pro Forma Financial Statements(p. 346)
• Long-Term Financial Planning(p. 352)
• Financial Modeling(p. 355)
• Performance Evaluation(p. 362)
• Strategy and Value Creation(p. 369)
• Summary(p. 372)
• References(p. 373)
• Chapter 11 The Corporate Financing Decision(p. 375)
• Debt vs. Equity(p. 375)
• The concept of leverage(p. 378)
• Capital Structure and Financial Leverage(p. 381)
• Financial Leverage and Risk(p. 384)
• Capital Structure and Taxes(p. 388)
• Capital Structure and Financial Distress(p. 393)
• The Cost of Capital(p. 397)
• The Agency Relationship and Capital Structure(p. 399)
• Optimal Capital Structure: Theory and Practice(p. 400)
• A Capital Structure Prescription(p. 403)
• Summary(p. 404)
• Appendix: Capital structure: Lessons from Modigliani and Miller(p. 405)
• References(p. 415)
• Chapter 12 Financial Engineering, Asset Securitization, and Project Financing(p. 417)
• Creation of Structured Notes(p. 419)
• Asset Securitization(p. 427)
• Project Financing(p. 438)
• Summary(p. 446)
• References(p. 448)
• Chapter 13 Capital Budgeting: Process and Cash Flow Estimation(p. 449)
• Investment Decisions and Owners' Wealth Maximization(p. 450)
• Capital Budgeting Process(p. 452)
• Classifying Investment Projects(p. 454)
• Estimating Cash Flows of Capital Budgeting Projects(p. 458)
• Summary(p. 477)
• References(p. 477)
• Chapter 14 Capital Budgeting Techniques(p. 479)
• Evaluation Techniques(p. 479)
• Net Present Value(p. 481)
• Profitability Index(p. 485)
• Internal Rate of Return(p. 487)
• Modified Internal Rate of Return(p. 491)
• Payback Period(p. 495)
• Discounted Payback Period(p. 496)
• Issues in Capital Budgeting(p. 497)
• Comparing Techniques(p. 500)
• Capital Budgeting Techniques in Practice(p. 503)
• Capital Budgeting and the Justification of New Technology(p. 504)
• Incorporating Risk into Capital Budgeting Analysis(p. 506)
• Summary(p. 523)
• References(p. 524)
• Chapter 15 Managing Current Assets(p. 525)
• Management of Cash and Marketable Securities(p. 526)
• Cash Management(p. 527)
• Marketable Securities(p. 533)
• Management of Accounts Receivable(p. 534)
• Inventory Management(p. 545)
• Summary(p. 553)
• References(p. 554)
• Chapter 16 Financial Risk Management(p. 555)
• Risk Defined(p. 555)
• Enterprise Risk Management(p. 558)
• Managing Risks(p. 563)
• Risk Transfer(p. 565)
• Summary(p. 572)
• References(p. 574)
• Part 4 Investment Management(p. 575)
• Chapter 17 The Basic Principles of Investment Management(p. 577)
• The Investment Management Process(p. 577)
• The Theory of Portfolio Selection(p. 582)
• Tracking Error(p. 604)
• Measuring and Evaluating Performance(p. 607)
• Summary(p. 622)
• References(p. 624)
• Chapter 18 Equity Portfolio Management(p. 625)
• Stock Market Indicators(p. 625)
• Top-Down vs. Bottom-up Approaches(p. 629)
• Fundamental vs. Technical Analysis(p. 629)
• Popular Stock Market Strategies(p. 631)
• Passive Strategies(p. 643)
• Equity-Style Management(p. 643)
• Types of Stock Market Structures(p. 646)
• The U.S. Stock Markets: Exchanges and OTC Markets(p. 649)
• Trading Mechanics(p. 656)
• Summary(p. 664)
• References(p. 665)
• Chapter 19 Bond Portfolio Management(p. 669)
• Sectors of the Bond Market(p. 669)
• Features of Bonds(p. 679)
• Yield Measures(p. 686)
• Risks Associated with Investing in Bonds(p. 693)
• Measuring Interest Rate Risk(p. 702)
• Bond Indexes(p. 710)
• Active Bond Portfolio Strategies(p. 711)
• Passive Bond Portfolio Strategies(p. 716)
• Summary(p. 719)
• References(p. 720)
• Chapter 20 Use of Stock Index Futures and Treasury Futures Contracts in Portfolio Management(p. 721)
• Using Stock Index Futures in Equity Portfolio Management(p. 722)
• Using Treasury Bond and Note Futures Contracts in Bond Portfolio Management(p. 736)
• Using Stock Index Futures and Treasury Bond Futures to Implement an Asset Allocation Decision(p. 744)
• Summary(p. 746)
• References(p. 746)
• Chapter 21 Use of Options in Portfolio Management(p. 747)
• Using Stock Options and Index Options in Equity Portfolio Management(p. 747)
• Using Interest Rate Options in Bond Portfolio Management(p. 761)
• Summary(p. 771)
• Appendix: Pricing Models on Options on Physicals and Futures Options(p. 771)
• References(p. 773)
• Index(p. 775)

Notas de autor provistas por Syndetics

FRANK J. FABOZZI, P H D, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at Yale University's School of Management, Editor of the Journal of Portfolio Management , and Associate Editor of the Journal of Structured Finance and the Journal of Fixed Income .

PAMELA PETERSON DRAKE, P H D, CFA, is the J. Gray Ferguson Professor of Finance and Department Head of Finance and Business Law at James Madison University.