By Robert Higgins
Research for monetary administration, 9/e is a paperback textual content and has been written to offer typical concepts and glossy advancements in a pragmatic and intuitive demeanour. it really is meant for non-financial managers and enterprise scholars attracted to the perform of economic administration. Emphasis is at the managerial functions of monetary research.
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9/In order − 1 = very important; 2 = of moderate importance; 3 = unimportant: 1-2-2-3, because they are more easily traded. 10/Risk. 11/No, far fewer securities are issued on the primary market than exchanged on the secondary market. In 2007, worldwide, listed companies issued USD 902 bn worth of new shares, whereas the value of shares exchanged was USD 101,189 bn (source: World Exchange Federations). 12/Returns, the two are inextricably linked. 13/Shares, as returns are not guaranteed for the investor, and creditors are paid out before shareholders.
Financially, capital expenditures are worthwhile only if inflows generated thanks to these expenditures exceed the required outflows by an amount yielding at least the return on investment expected by the investor. 21 22 FUNDAMENTAL CONCEPTS IN FINANCIAL ANALYSIS Note also that a company may sell some assets in which it has invested in the past. For instance, our greengrocer may decide after several years to trade in his freezer for a larger model. The proceeds would also be part of the investment cycle.
4 MOST IMPORTANTLY, HE IS A NEGOTIATOR . . Let’s return to our financial manager who has just created a financial security. Because the security is traded on a secondary market, he doesn’t know who holds the securities. Nor does he know who has sold it, especially as, via the futures market, investors can sell the security without ever having bought it. But what exactly is our financial manager selling? Or put another way: how can the value of the financial security be determined? From a practical standpoint, the financial manager “sells” management’s reputation for integrity, its expertise, the quality of the company’s assets, its overall financial health, its ability to generate a certain level of profitability over a given period and its commitment to more or less restrictive legal terms.