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[Ebook PDF] Contemporary Financial Management, 14th Edition
Authors: by R. Charles Moyer (Author), James R. McGuigan (Author), Ramesh P. Rao (Author)
Providing a comprehensive overview packed with relevant examples, CONTEMPORARY FINANCIAL MANAGEMENT, 14e, focuses on value creation, risk management, and effectively managing cash flow. It explores the international aspects of financial management, examines the ethical behavior of managers, emphasizes the unique finance-related concerns of entrepreneurs, and studies the effects of the 2008-2009 recession. In addition, chapter-opening “”Financial Challenges”” scenarios, icons, cases, and other learning features highlight critical concepts and enable readers to apply what they learn to real-word practice.
PREFACE
The financial management field continues to experience exciting change and growth.
Financial practitioners are increasingly employing new financial management techniques, sophisticated computer resources, and mega databases to aid in their decision making.
“Financial engineers” continue to create new derivative financial instruments and transactions, including options, financial futures contracts, options on futures contracts, foreign currency swaps, and interest rate swaps, to help managers deal with risk and enhance shareholder wealth. Many industries have been restructured because of the pressures of global competition. Leveraged buyout transactions from sophisticated investors have forced managers to make more careful use of their firms’ resources. The growing private equity market has added another dimension to the focus on sound management of a firm’s resources. Corporate reformers have focused attention on the structure of corporate governance relationships and the impact of alternative managerial compensation packages on firm performance. The Internet has transformed the way securities are bought and sold and the way companies access new capital. At the same time, financial researchers have made important advances in the areas of valuation, cost of capital, capital structure theory and practice, option valuation (including “real” options associated with capital investments), risk management, and dividend policy. Access to and content of the Internet have greatly expanded, making timely financial information increasingly available to customers, investors, and financial managers.
The financial crisis and recession that began in late 2007 and continued into 2010 had a major impact on the financial marketplace and the practice of financial management.
This crisis in the financial markets identified structural weaknesses in many financial institutions, including commercial banks, quasi-governmental financial entities, regulatory practices, and various aspects of risk management. The lessons from this experience will have long-lasting impacts on financial markets and the strategies employed by financial managers and investors. This 14th Edition of Contemporary Financial Management addresses the cause of this crisis and its impacts on the practice of finance.
The future promises to be a more exciting time for finance professionals. Financial managers have refocused their attention on the core objective of maximizing shareholder wealth. Managers who act contrary to the interests of shareholders face the prospect of an unfriendly takeover, a corporate restructuring, pressure from domestic and foreign competitors, pressure from private equity investors, or pressures from shareholder groups and institutional investors. Firms increasingly must find operating savings necessary to remain competitive, as managers continue to struggle to find the optimal capital structure for their
firm. The central importance of cash flows in the financial management of a firm has never been more apparent. The European economic and monetary unification and the near collapse of that union in the wake of the financial crisis of 2008–2010, and the growing importance of countries such as China and India, all require contemporary financial managers to possess greater knowledge of doing business in an international marketplace.
Recent turmoil in the commodity, currency, and interest rate markets highlight the importance of financial risk management tools. In addition, the standards of ethical behavior adopted by managers of business enterprises become even more important. Contemporary Financial Management, 14th Edition, incorporates these changes—the increased focus on shareholder wealth maximization and cash flow anagement, an emphasis on the international aspects of financial management, a concern for the ethical behavior of managers, the role of private equity investors, and the lessons learned in the financial crisis that impacted all aspects of risk management—into a text designed primarily for an introductory course in financial management. The book is also suitable for management development programs and as a reference aid to practicing finance professionals.
The 13th Edition of CFM was well received by our many adopters. In the 14th Edition we retain the core features of that edition. We appreciate the many users and adopters who continue to offer suggestions for content additions and enhancements. As in the past, we have incorporated many of these suggestions into this edition. This edition has been extensively updated throughout, including the addition of numerous contemporary examples and references.
We recognize that students enter this course with a wide variety of backgrounds in mathematics, economics, accounting, and statistics. The only presumption we make regarding prior preparation is that all student users have had one course in financial accounting.
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