Download Fundamentals of Financial Management (12th Edition) by Eugene F. Brigham, Joel F. Houston PDF
By Eugene F. Brigham, Joel F. Houston
Anticipate the well known writer staff that's First in Finance to carry a special stability of transparent recommendations, modern thought, and useful purposes that guarantees a radical realizing of today's company finance and monetary administration. Brigham/Houston's basics of economic administration, 12E offers an effective, centred starting place in monetary fundamentals punctuated with well timed real examples, end-of-chapter functions, and built-in situations that show you how to comprehend the how and why of company budgeting, financing, and dealing capital choice making. The book's presentation of Time worth of cash (TVM) is repositioned so readers can instantly start utilizing the strategies after studying them. THOMSON ONE-BUSINESS institution variation accompanies this version, providing a similar monetary on-line database utilized by execs on Wall highway each day. basics of economic administration, 12E additionally deals APLIA FOR FINANCE, the top homework resolution instrument in academic publishing this day. belief the strengths in Brigham/Houston's market-leading basics of monetary administration, 12E for the 1st in Finance time and time back.
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If someone reports a corporate wrongdoing and is FOR WHISTLE-BLOWERS later penalized, he or she can ask the Occupational Safety & Health Administration (OSHA) to investigate the situation; if the employee was improperly penalized, the company can be required to reinstate the person, along with back pay and a sizable penalty award. According to The Wall Street Journal, some big awards have been handed out and a National Whistle-Blower Center has been established to help people sue companies. It’s still dangerous to blow the whistle, but less so than before the Sarbanes-Oxley Act was passed.
Explain. Who would be better able to judge the effect of a new airliner on Boeing’s profits—its managers or its stockholders? Explain. Would all Boeing stockholders expect the same outcome from a given new project, and how would those expectations affect the stock’s price? Explain. 1-5 INTRINSIC VALUES, STOCK PRICES, AND EXECUTIVE COMPENSATION As noted in the preceding section, stock prices are based on cash flows expected in future years, not just in the current year. Thus, stock price maximization requires us to take a long-run view of operations.
Obviously, all this can make it difficult for investors to decide how much a stock is really worth, and it helps explain why a firm’s reputation is an important determinant of its stock price. Fortunately, most executives are honest. But even for honest companies, it is hard for investors to determine the proper price of a stock. Figure 1-2 illustrates the situation. The top box indicates that managerial actions, combined with the economy, taxes, and political conditions, determine stock prices and thus investors’ returns.