Financial Management: Principles and Applications

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Автор:Авторски колектив
Издателство:Pearson Education
Страници:761
Корици:Твърди
Година:2003
Броя:1
ISBN: Тегло (гр.): 1669 Формат: 205 / 295 Състояние: Мн. Добро
Financial Management. Principles and Applications. Arthur J. Keown, John W. Martin, William D. Petty, David F. Scott JR

PREFACE
In many ways, Harley-Davidson is the American experience. lts beginnings date back to 1903 ind the Industrial Revolution in America, and it survived two world wars, the Great Depression, and competition from countless competitors from both home and abroad. Then, in 1985, Harley-Davidson came close to becoming a part of history as it teetered on the verge of bankruptcy. However, since then, Harley-Davidson reinvented itself, becoming one of the most successful companies in America and, as President Reagan once proclaimed, “an American success story.”

In many ways, the evolution of Harley-Davidson illustrates the enormous challenges faced by any company in today’s world—surviving and prospering in a business world involves а . ontinuous series of challenges. In this text, we focus on how the firm can create wealth for its >hareholders. How did Harley-Davidson do? Between 1986, when Harley-Davidson returned to public ownership with a successful stock offering, and 1999, Harley’s stock price rose -pproximately 100-fold. And how was all of this done? Through outstanding financial management. Harley-Davidson management made good decisions. That’s what we’re going to :ook at in this book. We'll look at what it takes to turn Harley-Davidson or any other company iround, and what it takes to keep a company like Harley-Davidson alive and well.

OUR APPROACH TO FINANCIAL MANAGEMENT

The first-time student of finance will find that corporate finance builds upon both accounting _nd economics. Economics provides much of the theory that underlies our techniques, whereas -ccounting provides the input or data on which decision making is based. Unfortunately, it is all :oo easy for students to lose sight of the logic that drives finance and to focus instead on mem-rizing formulas and procedures. As a result, students have a difficult time understanding the nterrelationships between the topics covered. Moreover, later in life when the problems encountered do not fit neatly into the textbook presentation, the student may have problems -^stracting from what was leamed. To overcome this problem, the opening chapter presents 10 -i'ic principles of finance that are woven throughout the book. What results is a text tightly round around these guiding principles. In essence, the student is presented with a cohesive, .terrelated subject from which future, as yet unknown, problems can be approached.

Teaching an introductory finance class while faced with an ever-expanding discipline r uts additional pressures on the instructor. What to cover, what to omit, and how to do this а hile maintaining a cohesive presentation are inescapable questions. In dealing with these questions, we have attempted to present the chapters in a stand-alone fashion so that they could be easily rearranged to fit almost any desired course structure and course length. Because the principles are woven into every chapter, the presentation of the text remains ::ght regardless of whether or not the chapters are rearranged. Again, our goal is to provide an enduring understanding of the basic tools and fundamental principles upon which finance > based. This foundation will give a student beginning his or her studies in finance a strong ?ase on which to build future studies and give the student who will take only one finance class a lasting understanding of the basics of finance.

Although historical circumstances continue to serve as the driving force behind the ievelopment and practice of finance, the underlying principles that guide our discipline

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