By R. Charles Moyer, James R. McGuigan, Ramesh P. Rao, William J. Kretlow
This profitable textual content offers a finished and modern creation to monetary administration, targeting shareholder wealth maximization and funds circulate administration, the overseas elements of economic administration, the moral habit of managers, and the elevated impression of the web in company perform. content material has been additional or better to mirror the consequences of the 2008-2009 recessions on agencies.
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Additional info for Contemporary Financial Management (12th Edition)
In Enron’s case, the agency conflict between owners and managers was handled poorly. Enron’s CEO is now serving a long term in prison. These agency problems give rise to a number of agency costs, which are incurred by shareholders to minimize agency problems. Examples of agency costs include 1. Expenditures to structure the organization in such a way as to minimize the incen- tives for management to take actions contrary to shareholder interests. 2. Expenditures to monitor management’s actions, such as paying for audits of mana- gerial performance and internal audits of the firm’s expenditures.
S. S. financial system and the role of stock exchanges. Also included is an introduction to the various types of financial derivative securities. The causes and consequences of the financial market and economic crisis of 2008–2009 are discussed. The last part of the chapter contains an introduction to international financial management, including multinational enterprises and the foreign currency markets and exchange rates. Chapter 3 deals with the use of financial ratios to evaluate a firm’s financial performance.
Special thanks are due to Mohsen Mollagholamali for his diligent help in updating real data and examples used in Chapters 2–4, 13–15, 21, and 23; to Subbu Iyer for updating the Financial Challenge and examples in Chapter 21; and to Anil P. Rao for reviewing and suggesting changes to Chapters 2, 4, and 23. Acknowledgments xxvii Finally, we wish to express our thanks to the Finance team members at Cengage Learning. We are particularly appreciative of the support provided by our editors and marketing staff: Mike Reynolds, our executive editor; Susanna Smart, our senior developmental editor; Nate Anderson, our marketing manager; Holly Henjum, our production manager; Michelle Kunkler, our text designer; and Scott Fidler, our media editor.