This book introduces corporate financial management, based on the basic capital budgeting framework and the time value of money. It focuses on theoretical formulations and correct application of financial techniques that will help improve managerial and financial decisions. Based on fundamental principles of accounting and finance like time value of money and after-tax cash flows, it introduces readers to real-world constraints and complexities in the two fields.
The ability of individuals to access information has never been greater thanks to
the internet. In the case of the Financial Market Meltdown of 2008, this has been
less than helpful for the intelligent lay reader who just wants to make sense of
what has happened and where things might go. A Google search for “financial
crisis” yields about 24,000,000 entries, and the crisis has spawned many hundreds
of books by journalists, academics, and others.
Every human being on this planet must deal, in one way or another, with unexpected
events that disrupt their lifestyle. Unfortunately, most of us come to learn this fact after
our lives have been disrupted many times! From the guy that doesn’t own one worldly
possession to the most wealthy of individuals, the possibility of loss always exists. The
health and life of people is the most basic asset, an asset which millions of people across
the world try to protect. Either by trying to stay healthy and out of harms way through
being fit, working out...
The content of this book has become ever more relevant after the recent 2007–2009 and 2011 financial
crises, one consequence of which was greatly increased scepticism among investment professionals about
the received wisdom drawn from standard finance, modern portfolio theory and its later developments.
After reading this chapter, you will be able to: Define current assets and describe some common methods of managing them; identify some sources of short-term financing (current liabilities); summarize the importance of long-term assets and capital budgeting; specify how companies finance their operations and manage fixed assets with long-term liabilities, particularly bonds;...
After the publication of the first edition of the book, about five years ago,
I have received a fair number of messages from readers, both students and
practitioners, around the world. The recurring keyword, and the most important
thing to me, was useful. The book had, and has, no ambition of
being a very advanced research book.
The Baltic Sea is one of the most investigated water bodies in the world. For
decades, the many highly industrialised nations around the Baltic have financed
basic and applied investigations, as well as the building and development of
research stations and vessels.
After World War II, research in the Baltic Proper was intensified and investigations
became much more international. The main goals of such investigations were
analysis of the eutrophication and pollution of the Baltic Sea, and development of
mitigating strategies (e.g. the HELCOM-Program).
A key element of the World Bank’s support, especially after Mr.
Wolfensohn assumed the presidency, is ensuring that the large amount
of resources devoted to these 1,500 projects in the portfolio is used as
effectively as possible in reaching our shared goals of sustainable eco-
nomic development and poverty alleviation.
The track record of the recent past in this respect leaves something to be
desired. Roughly speaking, at completion, about one-third of the projects
the Bank finances do not measure up to the high standards initially set