Evaluating Corporate Investment and Financing Opportunities: A Handbook and Guide to Selected Methods for Managers and Finance Professionals

Evaluating Corporate Investment and Financing Opportunities: A Handbook and Guide to Selected Methods for Managers and Finance Professionals

Evaluating Corporate Investment and Financing Opportunities: A Handbook and Guide to Selected Methods for Managers and Finance Professionals

Evaluating Corporate Investment and Financing Opportunities: A Handbook and Guide to Selected Methods for Managers and Finance Professionals

Synopsis

Investment and financing decisions require the concurrent evaluation of profitability, liquidity, and risk. This book provides expertise to foster sound growth in sales and earnings within risk limits acceptable to management. It offers a unique presentation, based on Lewis's extensive experience in management, consulting, and teaching. Practical examples and detailed illustrations provide methods for analyzing relevant alternatives that promote clearer communications and better-informed decisions.

Excerpt

This book is directed to the practitioners of corporate finance and to all managers, consultants, teachers, students, and writers who are interested in this dynamic subject. The content is based on extensive experience in management, consulting, and teaching. The material contains sound ideas and concepts, supported by detailed technical applications illustrated with clear, practical examples.

Financial management consists of three principal parts--planning, investing, and financing. The planning process embraces both analysis of past performance and formulation of financial plans to meet company goals. The investing process includes profitability analysis for both short-term and long-term assets (capital expenditures). Uncertainty and risk are evaluated separately in relation to projected expenditures. The special subjects of bond refunding and merger are explored in separate chapters. The financing process contains definitions and valuation techniques for corporate securities and financial leases. The composition of capital structure is analyzed, with particular attention to the appropriate discount rate to measure project profitability. A final chapter explores the techniques for dealing with foreign currency transactions. These three processes are closely interrelated and must be handled concurrently and relative to varying future periods in a climate of constant change. Both investing and financing require simultaneous evaluation of profitability, risk, and liquidity.

Managers at all levels and in all functions of the company are better equipped to perform and advance to the extent that they comprehend the relationships of their responsibilities to finance. Financial managers need to understand operations, and operating managers need to understand finance. Financial managers are given a rigorous analysis of their financing activities and clear guidance on evaluation of profitability, liquidity, and risk. The related fields of macro-finance and personal finance are depicted only in relation to their interfaces with . . .

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