Download Contemporary Financial Management (12th Edition) by R. Charles Moyer, James R. McGuigan, Ramesh P. Rao, William PDF
By R. Charles Moyer, James R. McGuigan, Ramesh P. Rao, William J. Kretlow
This winning textual content offers a accomplished and modern creation to monetary administration, targeting shareholder wealth maximization and funds move administration, the foreign facets of monetary administration, the moral habit of managers, and the elevated effect of the web in company perform. content material has been extra or improved to mirror the consequences of the 2008-2009 recessions on organizations.
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Other applications appear in the working capital management and capital structure areas. Despite the insights it offers financial managers, the profit maximization model is not useful as the central decision-making model for the firm for several reasons. First, the standard microeconomic model of profit maximization is static; that is, it lacks a time dimension. Profit maximization as a goal offers no explicit basis for comparing longterm and short-term profits. Major decisions made by financial managers must reflect the time dimension.
To move beyond that output level will result in greater additional costs than additional revenues and hence lower profits. To fail to produce up to the point where MC = MR results in a lower level of total profits than is possible by following the rule. This fundamental rule, that an economic action should be continued up to the point where the marginal revenue (benefit) just equals the marginal cost, offers excellent guidance for financial managers dealing with a wide range of problems. For example, we shall see that the basic capital expenditure analysis model is simply an adaptation of the MC = MR rule.
The firm is financed entirely with stock (1 million shares outstanding) and has no debt. After-tax earnings are $1 million, resulting in a return on stockholders’ equity of 10 percent ($1 million in earnings divided by $10 million in stockholders’ equity), and earnings per share are $1. 5 million) and pay out the balance in stockholders’ dividends. 029. Are shareholders better off because of the decision by managers to reinvest $500,000 in the firm? In this example, a strong argument can be made that the position of shareholders has deteriorated.