[Ebook PDF] Short-Term Financial Management, Fifth Edition

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Short-Term Financial Management, Fifth Edition

ISBN-13: 978-1516508228
ISBN-10: 151650822X

Author: John Zietlow (Author), Matthew Hill (Author), Terry Maness (Author)

Written specifically for upper-level undergraduate finance courses that focus on short-term financial management, working capital, and treasury management, this revised 5th edition of Short-Term Financial Management provides a comprehensive overview of topics that are vital for anyone interested in a career in corporate finance.

The opening chapter reviews the time value of money and the basics of financial statement analysis. This edition also emphasizes benchmarking the cash conversion cycle, revises the discussion of bank relationship management, and expands the section on account analysis statements. In addition, there is new material on the application of statistical tools through the use of Excel.

Each chapter includes student learning objectives, discussion questions, and sample problems. “Focus on Practice” sections introduce students to real-world articles and case studies. The book also features resources that will allow students to practice and apply the target concepts. An excellent introduction to many topics covered by the Certified Treasury Professional (CTP) certification, Short-Term Financial Management is suitable for courses in intermediate financial management and advanced corporate finance.

Matthew Hill holds the Ph.D. in finance from Mississippi State University. Dr. Hill is the co-director of the Center for Strategic Finance and Corporate Treasury Management at Arkansas State University.

John Zietlow earned his D.B.A at the University of Memphis. A former financial analyst for Ford Motor Company, Dr. Zietlow is now a professor of finance at Southwest Baptist University in Bolivar, Missouri.

Terry Maness completed his D.B.A at Indiana University, Bloomington. Dr. Maness is the dean of the Hankamer School of Business at Baylor University.

PREFACE
As we continue to teach and research the area of short-term financial management, we are more convinced than ever about the importance of the topic to students majoring in accounting and finance. 1is belief is confirmed by our ongoing discussions with corporate practitioners who mention the amount of time spent each day managing the firm’s short-term finances.τhe recent financial crisis and the subsequent changes in regulation have refocused managers and investors on short-term financial management. These developments have necessitated the edition of this textbook. We welcome constructive criticism that may improve future editions.
Although other textbooks provide some level of coverage of short-term financial management, we have not found them to be satisfactory across the board.
Comparison texts do not (a) provide in-depth coverage of credit management, short-term investing and borrowing, and selecting/managing banking relationships; (b) integrate short-term nancial decisions within the cash flow timeline; (c) link shareholder-value maximization to short-term financial management; and ( d) provide the proper focus ( e.g., they are oriented too much toward practitioners, etc.). While practical aspects of short-term financial management are clearly important and are discussed extensively in this textbook, an analytical approach to the subject is also needed. Practice informed by theory is our goal.
We cannot improve on Rene Stulz’s comment, made while accepting an award at the 1999 Eastern Finance Association annual meeting：气.. everything that makes finance interesting has to do with what happens in the presence of frictions. It is time to reverse the order of things and focus on the real world first:’
COVERAGE
This textbook is appropriate for students who have completed an introductory corporate-finance course. Our book is specifically targeted for an upper-level undergraduate finance course focused on
short-term financial management, working capital management, or treasury management. Further, this textbook is suitable for an MBA-level course in corporate finance or financial management.
We have titled the book Short-Term Financial Management for two reasons. First, although we cover most of the topics of treasury management, we do not address long-term financing and pension issues that are part of that field. Second, we include current liability management, bank relationship management, and risk management issues, implying that much more than cash management is included here. Nevertheless, we are confident that treasury-department practitioners and those preparing for the Certified Treasury Professional exam will find much of the material they need within our presentation. We are certified- Terry is a permanently certified CCM (i.e.,Certified Cash Manager, which was the former title for the CTP); John’s CCM converted over to the new designation of CTP; and Matt was awarded the CTP designation in 2001 and in 2014.
The following strengths characterize our book:
• Integrated coverage of treasury and working capital management topics. Not only are core cash management concepts covered in detail, valuation and the cash flow timeline are also used as integrating themes. Specifically Unit 1 introduces short-term financial management, defines liquidity, and discusses associated valuation concepts. Unit 2 focuses on managing operating working capital (i inventory receivables, and payables). Unit 3 covers the core material for corporate cash management, including the U.S. payment system, cash collection, concentration, and disbursements. Unit 4 provides an analysis of cash flow forecasting, along with short-term investing and financing decisions. 1e text concludes with Unit 5, covering international cash management and financial risk management. Despite the broad coverage, the text is arranged in a cohesive fashion.
• Lucid writing style and our use of well-known firms as examples. We hope that students will find the text straightforward and informative. Our discussion of well-known firms (e.g.,Apple and Wal-Mart) helps engage the students.
• An emphasis on decision analysis. We use numerous real-world examples and provide sections ( entitled “Test Your Understanding”) within the chapters to reinforce the material. Retention is also aided by listing a set of objectives at the beginning of each chapter.
Survey evidence on current trends in short-term financial-management practices is included throughout the text, along with footnotes and end-of-chapter citations for readers wishing to review the findings in greater detail.
• An emphasis on problem-solving skills. 1ese are enhanced through numerous end-of-chapter questions and problems. 1e questions gauge students’ understanding of concepts and relationships, while the problems require demonstration of quantitative tools and critical thinking skills.