Unique in its approach, this text provides students with an intuitive, conceptual understanding of the financial decision-making process--rather than just introducing them to soon-forgotten formulas and calculations of finance. And, by focusing on concept interrelationships, it explores the "big picture" and actual practice--i.e., financial decision making rooted in current financial theory and in the current state of world economic conditions. Throughout, Foundations of Finance eliminates non-essential material and keeps mathematics to a minimum--presenting material at a level accessible to non-finance majors--but with a strong theoretical foundation necessary for more specialized students.
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The first to answer the need for a briefer finance text, this text consists of eighteen chapters covering the core topics of finance. Nine fundamental axioms of finance are introduced in the first chapter and revisited throughout the text to present an integrated view of finance and aid in problem solving. International finance, ethics, and practical applications are integrated, in-text problems correspond to Disclosure software, and the use of the financial calculator is incorporated.From the Back Cover:
This introduction to finance provides a conceptual understanding of the financial decision-making process — rather than just an introduction to the tools and techniques of finance — and focuses on the interrelationships among the topics covered. It explores the “big picture” and actual practice — i.e., financial decision making rooted in current financial theory and in the current state of world economic conditions. Chapter topics include financial markets and interest rates; understanding financial statements and cash flows; evaluating a firm's financial performance; financial forecasting, planning, and budgeting; the time value of money; valuation and characteristics of bonds and stocks; the meaning and measurement of risk and return; the cost of capital; dividend policy and internal financing; working-capital management; liquid asset management; and international business finance. For financial managers and others involved in corporate financial decisions — and for individuals interested in an education in finance, and the logic that drives it.
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