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Principles of Managerial Finance, Global Edition

Principles of Managerial Finance, Global Edition

14th Edition

Lawrence Gitman, Chad Zutter

Aug 2014, Paperback, 936 pages
ISBN13: 9781292018201
ISBN10: 1292018208
For orders to USA, Canada, Australia, New Zealand or Japan visit your local Pearson website
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For Introduction to Managerial Finance courses.

Guide students through complex material with a proven learning goal system. This system—a hallmark feature of Principles of Managerial Finance—weaves pedagogy into concepts and practice, giving students a roadmap to follow through the text and supplementary tools.

MyFinanceLab for Principles of Managerial Finance creates learning experiences that are truly personalized and continuously adaptive. MyFinanceLab reacts to how students are actually performing, offering data-driven guidance that helps them better absorb course material and understand difficult concepts—resulting in better performance in the course. A dynamic set of tools for gauging individual and class progress means educators can spend less time grading and more time teaching.

This program will provide a better teaching and learning experience—for you and your students. Here’s how:

  • Improve Results with MyFinanceLab: MyFinanceLab delivers proven results in helping students succeed and provides engaging experiences that personalize learning.
  • Guide Students with a Proven Learning Goal System: Integrating pedagogy with concepts and practical applications, this system presents the material students need to make effective financial decisions in a competitive business environment.
  • Provide Real, Hands-on Examples and Connections: Personal finance connections, international considerations, and Excel® spreadsheet practice help students identify and apply concepts in their daily lives.

Please note that the product you are purchasing does not include MyFinanceLab.

MyFinanceLab

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This title can be supported by MyFinanceLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyFinanceLab to accelerate your learning? You need both an access card and a course ID to access MyFinanceLab.

These are the steps you need to take:

1. Make sure that your lecturer is already using the system

Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system.

2. Check whether an access card has been included with the book at a reduced cost

If it has, it will be on the inside back cover of the book.

3. If you have a course ID but no access code, you can benefit from MyFinanceLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyFinanceLab (ISBN:9781292078342)

4. If your lecturer is using the MyLab and you would like to purchase the product...

Go to www.myfinancelab.com to buy access to this interactive study programme.

For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator




Part 1. INTRODUCTION TO MANAGERIAL FINANCE

1. The Role of Managerial Finance

2. The Financial Market Environment

Part 2. FINANCIAL TOOLS
3. Financial Statements and Ratio Analysis
4. Cash Flow and Financial Planning
5. Time Value of Money

Part 3. VALUATION OF SECURITIES
6. Interest Rates and Bond Valuation
7. Stock Valuation

Part 4. RISK AND THE REQUIRED RATE OF RETURN
8. Risk and Return
9. The Cost of Capital

Part 5. LONG-TERM INVESTMENT DECISIONS
10. Capital Budgeting Techniques
11. Capital Budgeting Cash Flows
12. Risk and Refinements in Capital Budgeting

Part 6. LONG-TERM FINANCIAL DECISIONS
13. Leverage and Capital Structure
14. Payout Policy

Part 7. SHORT-TERM FINANCIAL DECISIONS
15. Working Capital and Current Assets Management
16. Current Liabilities Management

Part 8. SPECIAL TOPICS IN MANAGERIAL FINANCE
17. Hybrid and Derivative Securities
18. Mergers, LBOs, Divestitures, and Business Failure
19. International Managerial Finance

Appendix
Glossary
Index

Guide Students with a Proven Learning Goal System

Proven Learning Goal System: To guide students through the material, this edition continues to enhance its proven learning goal system, which integrates pedagogy with concepts and practical applications.

  • The system concentrates on the material students need to know in order to make effective financial decisions in an increasingly competitive business environment.
  • The strong pedagogy and generous use of examples–including personal finance examples–make this text an easily accessible resource for in- and out-of-class learning.
  • Six Learning Goals at the start of the chapter highlight the most important concepts and techniques in the chapter. Students are reminded to think about the learning goals while working through the chapter by strategically placed learning goal icons
  • Every chapter opens with a feature, titled Why This Chapter Matters to You, that helps motivate student interest by highlighting both professional and personal benefits from achieving the chapter learning goals.
  • The Review of Learning Goals, the second part of each chapter Summary, restates each learning goal and summarizes the key material that was presented to support mastery of the goal. This review provides students with an opportunity to reconcile what they have learned with the learning goal and to confirm their understanding before moving forward.

Overarching Organization: A carefully designed framework helps students make connections. It conceptually links the firm’s actions and its value, as determined in the financial market.

  • Each major decision area is presented in terms of both risk and return factors and their potential impact on owner’s wealth.
  • A Focus on Value feature at the end of each chapter helps to reinforce students’ understanding of the link between the financial manager’s actions and the firm’s share value.

Provide Real, Hands-on Examples and Connections

Personal Finance Connection: Several features show students the value of applying financial principles and techniques to their personal lives:

  • Why This Chapter Matters to You helps motivate interest by discussing how the topic relates to the concerns of other major business disciplines and personal finance decisions.
  • Personal Finance examples link the concepts, tools, and techniques of each chapter. Numerous examples of personal finance problems can be found throughout the homework material.

International Considerations: In today’s world international considerations are essential to the study of business in general—and finance in particular. As in prior editions, discussions of international dimensions are integrated throughout the chapters, learning goals, and end-of-chapter content.

  • For instructors who devote more time to international considerations, a separate chapter on international managerial finance is available at the end of the text.

NEW End-of-Chapter Excel Review Questions: These ask readers to complete problems using a simulated Excel spreadsheet in MyFinanceLab that resemble examples demonstrated in the corresponding section. These problems simulate the experience of building an Excel spreadsheet solution and provide students with Excel tutorials to help develop this important business skill.

AAA Spreadsheet Exercise in each chapter: These give students an opportunity to use Excel® software to create one or more spreadsheets with which to analyze a financial problem. The spreadsheet to be created often is modeled on a table or Excel screenshot located in the chapter. Students can access working versions of the Excel screenshots in MyFinanceLab.

In Practice boxes: Insights into important topics in managerial finance are offered through the experiences of real companies, both large and small. There are three categories of In Practice boxes:

  • NEW Focus on Ethics boxes in every chapter help readers understand and appreciate important ethical issues and problems related to managerial finance. New topics include: Critics See Ethical Dilemmas in Google Glass? (Chapter 1).
  • Focus on Practice boxes take a corporate focus that relates a business event or situation to a specific financial concept or technique.
  • Global Focus boxes look specifically at the managerial finance experiences of international companies.
  • All three types of In Practice boxes end with one or more critical thinking questions to help readers broaden the lesson from the content of the box.

NEW Matter of Fact box topics, including:

  • Firms Accelerate Dividends so Shareholders Save on Taxes (chapter 1)
  • Bond Yields Hit Record Lows (chapter 6)
  • Did Tax Cuts Stimulate Dividends? (chapter 7)
  • The Value of Speed (chapter 7)
  • Payback in Europe (chapter 10)
  • Europeans Squeeze Working Capital (chapter 11)
  • USPS Problems Create Opportunities for Banks (chapter 15)
  • Receivables Trading (chapter 16)

NEW chapter-opening vignettes, including:

  • A Crisis in Housing Finance (chapter 2)
  • General Dynamics (chapter 3)
  • European Aeronautic Defense and Space Co. (chapter 4)
  • City of Cincinnati (chapter 5)
  • Tesla (chapter 7)
  • Legg Mason Global Asset Management (chapter 8)
  • Alcoa (chapter 9)
  • Diamond Comic Distributors (chapter 11)
  • YPF (chapter 12)
  • Lowe’s (chapter 13)
  • Whirlpool (chapter 14)
  • Treasury Risk Survey 2013 (chapter 15)
  • FastPay (chapter 16)
  • Nokia Corporation (chapter 17)
  • Dell, Inc. (chapter 18)
  • Air New Zealand (chapter 19)

Key equations: Found in green boxes throughout the text, these equations help readers identify the most important mathematical relationships. The variables used in these equations are, for convenience, printed on the front endpapers of the book.

Review Questions: Placed at the end of each major text section, these questions challenge readers to stop and test their understanding of key concepts, tools, techniques, and practices before moving on to the next section.


Opener-in-Review questions at the end of each chapter revisit the opening vignette and ask students to apply lessons from the chapter to that business situation.

Self-Test Problems, keyed to the learning goals, give readers an opportunity to strengthen their understanding of topics by doing a sample problem. For reinforcement, solutions to the Self-Test Problems appear in the appendix at the back of the book.

Warm-Up Exercises follow the Self-Test Problems. These short, numerical exercises give students practice in applying tools and techniques presented in the chapter.

Comprehensive Problems, keyed to the learning goals, are longer and more complex than the Warm-Up Exercises. In this section, instructors will find multiple problems that address the important concepts, tools, and techniques in the chapter.

An Integrative Case at the end of each part of the book challenges students to use what they have learned over the course of several chapters.

NEW TVM Tables Supplement is a self-contained online supplement which explains how the reader should use the interest rate factors and documents how the in-chapter examples can be solved using the interest rate factors. An IRF icon appears to indicate which examples can be solved using the interest rate factors.


Additional chapter resources, such as Chapter Cases, Group Exercises, Critical Thinking Problems, and numerous online resources for student learning and assessment are available in MyFinanceLab at www.myfinancelab.com.