Solution Manual for Financial Management Principles and Applications 8th Australian Edition by Titman

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Product details:

• ISBN-10 ‏ : ‎ 148861721X
• ISBN-13 ‏ : ‎ 978-1488617218
• Author: Sheridan Titman Tony Martin John Martin;

Financial Management is a total learning package that reflects the vitality of an ever-expanding discipline, building on the foundations of economics and accounting.

Adapted for the Australian market, students are presented with a cohesive, inter-related subject that they can use when approaching problems. Building on the strengths of the previous edition, this edition refines content, creating a modern teaching approach.

Five key principles are woven throughout the text using multiple teaching methods, forming a rationalised, coherent, integrated and intuitive problem-solving approach.

Table of contents:

1. Part 1 Introduction to financial management
2. Chapter 1 Getting started—Principles of finance
3. Finance Spotlight Welcome to the world of finance
4. 1.1 Finance: an overview
5. What is finance?
6. Why study finance?
7. 1.2 Three types of business organisation
8. Sole proprietorship
9. Partnership
10. Corporation
11. How does finance fit into a firm’s organisational structure?
12. 1.3 The goal of the financial manager
13. Maximising shareholder wealth
14. Ethical considerations in corporate finance
15. Finance Spotlight Ethical considerations arising from Bond issues
16. 1.4 The five basic principles of finance
17. Principle 1: Money has a time value
18. Principle 2: There is a risk-return trade-off
19. Principle 3: Cash flows are the source of value
20. Principle 4: Market prices reflect information
21. Principle 5: Individuals respond to incentives
22. Chapter summary
23. Study questions
24. Endnotes
25. Chapter 2 Firms and the financial market
26. Finance Spotlight Superannuation—defined benefit versus defined contribution
27. 2.1 The basic structure of the Australian financial markets
28. 2.2 The financial marketplace: financial institutions
29. Commercial banks: everyone’s financial marketplace
30. Non-bank financial intermediaries
31. Investment companies
32. Finance Spotlight Controlling costs in managed funds
33. 2.3 The financial marketplace: securities markets
34. How securities markets bring corporations and investors together
35. Types of security
36. Stock markets
37. Finance Spotlight Where’s the money around the world?
38. Financial markets and the Global Financial Crisis (GFC)
39. Chapter summary
40. Study questions
41. Endnotes
42. Chapter 3 Understanding financial statements, taxes and cash flows
43. 3.1 An overview of the firm’s financial statements
44. Finance Spotlight Accounting is the language of business
45. Basic financial statements
46. Why study financial statements?
47. What are the accounting principles used to prepare financial statements?
48. 3.2 The income statement
49. Income statement of H. J. Boswell Ltd
50. Connecting the income statement and the balance sheet
51. Interpreting firm profitability using the income statement
52. IFRS and earnings management
53. Checkpoint 3.1 Constructing an income statement
54. 3.3 Corporate tax, personal tax and dividend imputation
55. Calculating taxable income and company tax payable
56. Personal income tax and capital gains tax
57. Checkpoint 3.2 Calculation of personal income tax and capital gains tax
58. Dividend imputation
59. Checkpoint 3.3 Comparison between a classical tax system and a dividend imputation tax system
60. 3.4 The balance sheet
61. The balance sheet of H. J. Boswell Ltd
62. Firm liquidity and net working capital
63. Debt and equity financing
64. Checkpoint 3.4 Constructing a balance sheet
65. Book values, historical costs and market values
66. Finance Spotlight Your personal balance sheet and income statement
67. 3.5 The cash flow statement
68. Sources and uses of cash
69. H. J. Boswell’s cash flow statement
70. Finance Spotlight IFRS versus GAAP
71. Checkpoint 3.5 Interpreting the statement of cash flows
72. Chapter summary
73. Study questions
74. Study problems
75. Mini-case
76. Endnotes
77. Chapter 4 Financial analysis: sizing up firm performance
78. Finance Spotlight Financial ratios and business
79. 4.1 Why do we analyse financial statements?
80. 4.2 Common-size statements: standardising financial information
81. The common-size income statement: H. J. Boswell Ltd
82. The common-size balance sheet: H. J. Boswell Ltd
83. 4.3 Using financial ratios
84. Liquidity ratios
85. Checkpoint 4.1 Evaluating James Hardie Industries PLC’s liquidity
86. Capital structure ratios
87. Asset management efficiency ratios
88. Checkpoint 4.2 Comparing the financing decisions of Wesfarmers Ltd and Woolworths Ltd
89. Profitability ratios
90. Checkpoint 4.3 Evaluating the return on assets for Wesfarmers Ltd and Woolworths Ltd
91. Market value ratios
92. Finance Spotlight Your cash budget and personal savings ratio
93. Checkpoint 4.4 Comparing Treasury Wine Estates with Australian Vintage using market value ratios
94. Summing up the financial analysis of H. J. Boswell Ltd
95. Finance Spotlight Ratios and international accounting standards
96. 4.4 Selecting a performance benchmark
97. Trend analysis
98. Peer-firm comparisons
99. 4.5 Limitations of ratio analysis
100. Chapter summary
101. Study questions
102. Study problems
103. Mini-case
104. Endnotes
105. Part 2 Valuation of financial assets
106. Chapter 5 The time value of money—The basics
107. Finance Spotlight A dollar saved is two dollars earned
108. 5.1 Using timelines to visualise cash flows
109. Checkpoint 5.1 Creating a timeline
110. 5.2 Compounding and future value
111. Compound interest and time
112. Compound interest and the interest rate
113. Techniques for valuing cash flows at different points in time
114. Applying compounding to things other than money
115. Checkpoint 5.2 Calculating the future value of a cash flow
116. Compound interest with shorter compounding periods
117. Checkpoint 5.3 Calculating future values using non-annual compounding periods
118. Finance Spotlight Saving for your first house
119. 5.3 Discounting and present value
120. The mechanics of discounting future cash flows
121. Checkpoint 5.4 Solving for the present value of a future cash flow
122. Discounting with shorter discounting periods
123. Two additional types of discounting problem
124. The Rule of 72
125. Checkpoint 5.5 Solving for the number of periods, n
126. Checkpoint 5.6 Solving for the interest rate, i
127. 5.4 Making interest rates comparable
128. Calculating the interest rate and converting it to an EAR
129. Checkpoint 5.7 Calculating an effective annual rate (EAR)
130. To the extreme: continuous compounding
131. Chapter summary
132. Study questions
133. Study problems
134. Mini-case
135. Chapter 6 The time value of money—Annuities and other topics
136. Finance Spotlight Annuities we all know
137. 6.1 Annuities
138. Ordinary annuities
139. Checkpoint 6.1 Solving for an ordinary annuity payment
140. Checkpoint 6.2 The present value of an ordinary annuity
141. Amortised loans
142. Checkpoint 6.3 Determining the outstanding balance of a loan
143. Annuities due
144. Finance spotlight Saving for retirement
145. 6.2 Perpetuities
146. Calculating the present value of a level perpetuity
147. Checkpoint 6.4 The present value of a level perpetuity
148. Calculating the present value of a growing perpetuity
149. Checkpoint 6.5 The present value of a growing perpetuity
150. 6.3 Complex cash-flow streams
151. Checkpoint 6.6 The present value of a complex cash-flow stream
152. Chapter summary
153. Study questions
154. Study problems
155. Mini-case
156. Chapter 7 Risk and return—An introduction: history of financial market returns
157. Finance Spotlight Using statistics
158. 7.1 Realised and expected rates of return and risk
159. Calculating the realised return from an investment
160. Calculating the expected return from an investment
161. Measuring risk
162. Checkpoint 7.1 Evaluating an investment’s return and risk
163. 7.2 A brief history of financial market returns
164. Australian financial markets: domestic investment returns
165. Lessons learned
166. Australian shares versus other categories of investment
167. Global financial markets: international investing
168. Finance Spotlight Determining your tolerance for risk
169. 7.3 Geometric versus arithmetic average rates of return
170. Calculating the geometric or compound average rate of return
171. Choosing the right ‘average’
172. Checkpoint 7.2 Calculating the arithmetic and geometric average rates of return
173. 7.4 What determines share prices?
174. The efficient markets hypothesis
175. Do we expect financial markets to be perfectly efficient?
176. Market efficiency: what does the evidence show?
177. Chapter summary
178. Study questions
179. Study problems
180. Mini-case
181. Endnotes
182. Chapter 8 Risk and return—Capital market theory
183. Finance Spotlight Risk and your personal investment plan
184. 8.1 Portfolio returns and portfolio risk
185. Calculating the expected return of a portfolio
186. Checkpoint 8.1 Calculating a portfolio’s expected rate of return
187. Evaluating portfolio risk
188. Calculating the standard deviation of a portfolio’s returns
189. Finance Spotlight International diversification
190. Checkpoint 8.2 Evaluating a portfolio’s risk and return
191. 8.2 Systematic risk and the market portfolio
192. Diversification and unsystematic risk
193. Diversification and systematic risk
194. Systematic risk and beta
195. Calculating the portfolio beta
196. 8.3 The security market line and the CAPM
197. Using the CAPM to estimate expected rates of return
198. Checkpoint 8.3 Estimating the expected rate of return using the CAPM
199. Chapter summary
200. Study questions
201. Study problems
202. Mini-case
203. Endnotes
204. Chapter 9 Debt valuation and interest rates
205. Finance Spotlight Borrow now, pay later
206. 9.1 Overview of government and corporate debt
207. Borrowing money in the private financial market
208. Borrowing money in the public financial market
209. Checkpoint 9.1 Calculating the rate of interest on a floating-rate loan
210. Basic bond features
211. Finance Spotlight Fixed- and variable-rate mortgages
212. 9.2 Valuing bonds
213. Valuing bonds by discounting future cash flows
214. Step 1: Determine bondholder cash flows
215. Step 2: Estimate the appropriate discount rate
216. Checkpoint 9.2 Calculating the yield to maturity on a corporate bond
217. Step 3: Calculate the present value using the discounted cash flow
218. Checkpoint 9.3 Valuing a bond issue
219. Checkpoint 9.4 Valuing a bond issue that pays semi-annual interest
220. 9.3 Bond valuation: four key relationships
221. First relationship
222. Second relationship
223. Third relationship
224. Fourth relationship
225. 9.4 Types of bond
226. Secured versus unsecured
227. Priority of claims
228. Initial offering market
229. Abnormal risk
230. Coupon level
231. Amortising or non-amortising
232. Convertibility
233. Finance Spotlight International bonds
234. 9.5 Determinants of interest rates
235. Inflation and real versus nominal interest rates
236. Checkpoint 9.5 Solving for the real rate of interest
237. Interest rate determinants: breaking it down
238. Checkpoint 9.6 Solving for the nominal rate of interest
239. The maturity-risk premium and the term structure of interest rates
240. Chapter summary
241. Study questions
242. Study problems
243. Mini-case
244. Endnotes
245. Chapter 10 Share valuation
246. Finance Spotlight Getting your fair share
247. 10.1 Ordinary shares
248. Characteristics of ordinary shares
249. Finance Spotlight Does a share by any other name smell as sweet?
250. Agency costs and ordinary shares
251. Valuing ordinary shares using the discounted dividend model
252. Checkpoint 10.1 Valuing ordinary shares
253. 10.2 The comparables approach to valuing ordinary shares
254. Defining the price-earnings (P/E) ratio valuation model
255. What determines the P/E ratio for a share?
256. Checkpoint 10.2 Valuing ordinary shares using the P/E ratio
257. An aside on managing for shareholder value
258. A word of caution about P/E ratios
259. 10.3 Preference shares
260. Features of preference shares
261. Valuing preference shares
262. Checkpoint 10.3 Valuing preference shares
263. A quick review: valuing bonds, preference shares and ordinary shares
264. Chapter summary
265. Study questions
266. Study problems
267. Mini-case
268. Endnotes

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