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Tweet <https://twitter.com/share> Embed 0of . Results for: No results containing your search query P. 2 Financial Management, Principles and Applications Financial Management, Principles and Applications Ratings: 4.0 (1)|Views: 48,530|Likes: 453 Published by shani27 <http://www.scribd.com/shani27> Financial Management, Principles and Applications 10th Edition solution manual by Keown, Martin, Petty, Scott. Financial Management, Principles and Applications 10th Edition solution manual by Keown, Martin, Petty, Scott. More info: categoriesBusiness/Law <http://www.scribd.com/browse/BusinessLaw>, Finance <http://www.scribd.com/browse/BusinessLaw/Finance> Published by: shani27 <http://www.scribd.com/shani27> on Jul 05, 2010 Copyright:Attribution Non-commercial Availability: Read on Scribd mobile: iPhone <https://itunes.apple.com/us/app/scribd-worlds-largest-online/id542557212?mt=8#> , iPad <https://itunes.apple.com/us/app/scribd-worlds-largest-online/id542557212?mt=8#> and Android <https://play.google.com/store/apps/details?id=com.scribd.app.reader0&hl=en>. Free download as PDF, DOC, TXT or read online for free from Scribd Flag for inappropriate content|Add to collection http://www.scribd.com/doc/33916033/Financial-Management-Principles-and-Applicati ons 07/16/2013 pdf text original

CHAPTER 1 An Introduction to FinancialManagement

CHAPTER ORIENTATION This chapter lays a foundation for what will follow. First, it focuses on the goal of the firm,followed by a review of the legal forms of business organization. Ten principles that form thefoundations of financial management then follow. CHAPTER OUTLINE I.Goal of the firmA.In this book we will designate maximization of shareholder wealth, by whichwe mean maximization of the total market value of the firm's common stock, to be the goal of the firm. To understand this goal and its inclusive nature it is firstnecessary to understand the difficulties involved with the frequently suggestedgoal of profit maximization.B.While the goal of profit maximization stresses the efficient use of capitalresources, it assumes away many of the complexities of the real world and for this reason is unacceptable.1.One of the major criticisms of profit maximization is that it assumesaway uncertainty of returns. That is, projects are compared byexamining their expected values or weighted average profit.2.Profit maximization is also criticized because it assumes away timingdifferences of returns. 1 C.Profit maximization is unacceptable and a more realistic goal is needed.II.Maximization of shareholder wealthA.We have chosen the goal of shareholder wealth maximization because theeffects of all financial decisions are included in this goal.B.In order to employ this goal we need not consider every price change to be amarket interpretation of the worth of our decisions. What we do focus on is theeffect that our decision should have on the stock price if everything were heldconstant.C.The agency problem is a result of the separation between the decision makersand the owners of the firm. As a result managers may make decisions that arenot in line with the goal of maximization of shareholder wealth.III.Legal forms of business organizationA.The significance of different legal forms1.The predominant form of business organization in the United States in pure numbers is the sole proprietorship.B.Sole proprietorship: A business owned by a single person and that has aminimum amount of legal structure.1.Advantagesa.Easily established with few complications b.Minimal organizational costsc.Does not have to share profits or control with others2.Disadvantagesa.Unlimited liability for the owner b.Owner must absorb all lossesc.Equity capital limited to the owner's personal investmentd.Business terminates immediately upon death of owner C.Partnership: An association of two or more individuals coming together as co-owners to operate a business for profit.1.Two types of partnershipsa.General partnership: Relationship between partners is dictated by the partnership agreement.l.Advantagesa.Minimal organizational requirements b.Negligible government regulations2.Disadvantagesa.All partners have unlimited liability b.Difficult to raise large amounts of capitalc.Partnership dissolved by the death or withdrawal of general partner b.Limited partnership 2 l.Advantagesa.For the limited partners, liability limited to theamount of capital invested in the company b.Withdrawal or death of a limited partner does notaffect continuity of the businessc.Stronger inducement in raising capital 3 2.Disadvantagesa.There must be at least one general partner whohas unlimited liability in the partnership b.Names of limited partners may not appear in thename of the firmc.Limited partners may not participate

in themanagement of the businessd.More expensive to organize than general partnership, as a written agreement is mandatory2. There is also a Limited Liability Company (LLC) form of business.This is a cross between a partnership and a corporation. It retainslimited liability for its owners, but is run and taxed like a partnership.D.The corporation: An "impersonal" legal entity having the power to purchase,sell, and own assets and to incur liabilities while existing separately and apartfrom its owners.1.Ownership is evidenced by shares of stock 2.Advantagesa.Limited liability of owners b.Ease of transferability of ownership, i.e., by the sale of one'sshares of stock c.The death of an owner does not result in the discontinuity of thefirm's lifed.Ability to raise large amounts of capital is increased3.Disadvantagesa.Most difficult and expensive form of business to establish b.Control of corporation not guaranteed by partial ownership of stock IV.The Corporation and the Financial Markets: The InteractionsA.The popularity of the corporation stems from the ease in raising capital that it provides.1.Initially, the corporation raises funds in the financial markets by sellingsecurities.2.The corporation then invests this cash in return generating assets.3.The cash flow from those assets is either reinvested in the corporation,given back to the investors in the form of dividends or interest payments, or used to repurchase stock which should cause the stock price to rise, or given to the government in the form of taxes.B.A primary market is a market in which new, as opposed to previously issued,securities are traded. 4 C.An initial public offering (IPO) is the first time a company's stock is sold to the public.D.A seasoned new issue refers to a stock offering by a company that already hascommon stock traded.E.The secondary market is the market in which stock previously issued by the firmtrades.V.Ten Principles that form the foundation of financial management.A.Principle 1: The risk-return tradeoff - we won't take additional risk unless weexpect to be compensated with additional return.1.Almost all financial decisions involve some sort of risk-return tradeoff.B.Principle 2: The time value of money - a dollar received today is worth morethan a dollar received in the future.C.Principle 3: Cash -- Not Profits -- is King. In measuring value we will use cashflows rather than accounting profits because it is only cash flows that the firmreceives and is able to reinvest.D.Principle 4: Incremental cash flows - it's only what changes that count. Inmaking business decisions we will only concern ourselves with what happensas a result of that decision.E.Principle 5: The curse of competitive markets - why it's hard to findexceptionally profitable projects. In competitive markets, extremely large profits cannot exist for very long because of competition moving in to exploitthose large profits. As a result, profitable projects can only be found if themarket is made less competitive, either through product differentiation or byachieving a cost advantage.F. Principle 6: Efficient Capital Markets The markets are quick and the prices areright.G.Principle 7: The agency problem - managers won't work for the owners unlessit's in their best interest. The agency problem is a result of the separation between the decision makers and the owners of the firm. As a result managersmay make decisions that are not in line with the goal of maximization of shareholder wealth.H.Principle 8: Taxes bias business decisions.I.Principle 9: All risk is not equal since some risk can be diversified away andsome cannot. The process of diversification can reduce risk, and as a result,measuring a project's or an asset's risk is very difficult.J.Principle 10: Ethical behavior is doing the right thing, and ethical dilemmas areeverywhere in finance. Ethical behavior is important in financial management, just as it is important in everything we do. Unfortunately, precisely how wedefine what is and what

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