By Eugene F. Brigham, Joel F. Houston
Expect the well known writer workforce that's First in Finance to convey a special stability of transparent recommendations, modern idea, and useful functions that guarantees an intensive realizing of today's company finance and fiscal administration. Brigham/Houston's basics of economic administration, 12E provides an outstanding, targeted beginning in monetary fundamentals punctuated with well timed real examples, end-of-chapter purposes, and built-in instances that allow you to comprehend the how and why of company budgeting, financing, and dealing capital determination making. The book's presentation of Time worth of cash (TVM) is repositioned so readers can instantly commence utilizing the strategies after studying them. THOMSON ONE-BUSINESS tuition version accompanies this variation, delivering an identical monetary on-line database utilized by execs on Wall highway on a daily basis. basics of economic administration, 12E additionally deals APLIA FOR FINANCE, the prime homework resolution instrument in academic publishing this day. belief the strengths in Brigham/Houston's market-leading basics of economic administration, 12E for the 1st in Finance time and time back.
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Additional info for Fundamentals of Financial Management (12th Edition)
7 A third trend that’s having a profound effect on financial management is everimproving information technology (IT). Improvements in IT are spurring globalization, and they are changing financial management as it is practiced in the G LOBAL P ERSPECTIVES IS SHAREHOLDER WEALTH MAXIMIZATION Most academics agree that shareholder wealth maximization should be a firm’s primary goal, but it’s not clear that people elsewhere really know how to implement it. PricewaterhouseCoopers (PWC), a global consulting firm, conducted a survey of 82 Singapore companies to test their understanding and implementation of shareholder value concepts.
S corporations; limited liability companies (LLCs); limited liability partnerships (LLPs) Stockholder wealth maximization e. Intrinsic value; market price f. Equilibrium; marginal investor g. Business ethics h. Corporate raider; hostile takeover QUESTIONS 1-1 1-2 If you bought a share of stock, what would you expect to receive, when would you expect to receive it, and would you be certain that your expectations would be met? If most investors expect the same cash flows from Companies A and B but are more confident that A’s cash flows will be closer to their expected value, which company should have the higher stock price?
Similarly, if marketing wants to sign a contract with Tiger Woods that will cost $10 million per year for 9 Shareholder Wealth Maximization The primary goal for managers of publicly owned companies implies that decisions should be made to maximize the long-run value of the firm’s common stock. Part 1 Introduction to Financial Management 5 years, the financial staff will evaluate the proposal, look at the probable increase in sales, and reach a conclusion as to whether signing Tiger will lead to a higher stock price.