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Table of Contents

Preface xiii About the Authors xv PART ONE Background 1 CHAPTER 1 What Is Finance? 3 Capital Markets and Capital Market Theory 4 Financial Management 5 Investment Management 7 Summary 8 CHAPTER 2 Mathematics of Finance 11 The Importance of the Time Value of Money 11 Determining the Future Value 13 Determining the Present Value 20 Determining the Unknown Interest Rate 22 Determining the Number of Compounding Periods 23 The Time Value of a Series of Cash Flows 24 Valuing Cash Flows with Different Time Patterns 34 Loan Amortization 40 The Calculation of Interest Rates and Yields 46 Principles of Valuation 51 Summary 55 CHAPTER 3 Basics of Financial Analysis 57 Financial Ratio Analysis 58 Cash Flow Analysis 87 Usefulness of Cash Flows in Financial Analysis 99 Summary 105 PART TWO Capital Markets and Capital Market Theory 109 CHAPTER 4 The Financial System 111 Financial Assets/Financial Instruments 111 Financial Markets 113 Financial Intermediaries 114 Regulators of Financial Actitivies 118 Classification of Financial Markets 122 Market Participants 131 Summary 150 References 154 CHAPTER 5 Interest Rate Determination and the Structure of Interest Rates 155 Theories About Interest Rate Determination 155 The Federal Reserve System and the Determination of Interest Rates 157 The Structure of Interest Rates 163 Term Structure of Interest Rates 168 Summary 178 References 179 CHAPTER 6 Basics of Derivatives 181 Futures and Forward Contracts 181 Options 194 Swaps 206 Cap and Floor Agreements 209 Summary 211 Appendix: Black-Scholes Option Pricing Model 212 References 219 CHAPTER 7 Asset Valuation: Basic Bond and Stock Valuation Models 221 Valuing Bonds 221 Valuation of Common Stock Using Dividend Discount Models 235 Summary 246 Appendix: Valuing Convertible Bonds 247 References 252 CHAPTER 8 Asset Valuation:The Theory of Asset Pricing 255 Characteristics of an Asset Pricing Model 255 Capital Asset Pricing Model 256 Arbitrage Pricing Theory Model 270 Summary 279 References 281 PART THREE Financial Management 283 CHAPTER 9 Financial Management 285 Forms of Business Enterprise 286 The Objective of Financial Management 291 The Agency Relationship 296 Dividend and Dividend Policies 302 Special Considerations in International Financial Management 314 Summary 322 References 325 CHAPTER 10 Financial Strategy and Financial Planning 327 Strategy and Value 328 Financial Planning and Budgeting 331 Importance of Financial Planning 332 Budgeting Process 332 Sales Forecasting 334 Seasonal Considerations 337 Budgeting 338 Pro Forma Financial Statements 346 Long-Term Financial Planning 352 Financial Modeling 355 Performance Evaluation 362 Strategy and Value Creation 369 Summary 372 References 373 CHAPTER 11 The Corporate Financing Decision 375 Debt vs. Equity 375 The concept of leverage 378 Capital Structure and Financial Leverage 381 Financial Leverage and Risk 384 Capital Structure and Taxes 388 Capital Structure and Financial Distress 393 The Cost of Capital 397 The Agency Relationship and Capital Structure 399 Optimal Capital Structure: Theory and Practice 400 A Capital Structure Prescription 403 Summary 404 Appendix: Capital structure: Lessons from Modigliani and Miller 405 References 415 CHAPTER 12 Financial Engineering, Asset Securitization, and Project Financing 417 Creation of Structured Notes 419 Asset Securitization 427 Project Financing 438 Summary 446 References 448 CHAPTER 13 Capital Budgeting: Process and Cash Flow Estimation 449 Investment Decisions and Owners? Wealth Maximization 450 Capital Budgeting Process 452 Classifying Investment Projects 454 Estimating Cash Flows of Capital Budgeting Projects 458 Summary 477 References 477 CHAPTER 14 Capital Budgeting Techniques 479 Evaluation Techniques 479 Net Present Value 481 Profitability Index 485 Internal Rate of Return 487 Modified Internal Rate of Return 491 Payback Period 495 Discounted Payback Period 496 Issues in Capital Budgeting 497 Comparing Techniques 500 Capital Budgeting Techniques in Practice 503 Capital Budgeting and the Justification of New Technology 504 Incorporating Risk into Capital Budgeting Analysis 506 Summary 523 References 524 CHAPTER 15 Managing Current Assets 525 Management of Cash and Marketable Securities 526 Cash Management 527 Marketable Securities 533 Management of Accounts Receivable 534 Inventory Management 545 Summary 553 References 554 CHAPTER 16 Financial Risk Management 555 Risk Defined 555 Enterprise Risk Management 558 Managing Risks 563 Risk Transfer 565 Summary 572 References 574 PART FOUR Investment Management 575 CHAPTER 17 The Basic Principles of Investment Management 577 The Investment Management Process 577 The Theory of Portfolio Selection 582 Tracking Error 604 Measuring and Evaluating Performance 607 Summary 622 References 624 CHAPTER 18 Equity Portfolio Management 625 Stock Market Indicators 625 Top-Down vs. Bottom-up Approaches 629 Fundamental vs. Technical Analysis 629 Popular Stock Market Strategies 631 Passive Strategies 643 Equity-Style Management 643 Types of Stock Market Structures 646 The U.S. Stock Markets: Exchanges and OTC Markets 649 Trading Mechanics 656 Summary 664 References 665 CHAPTER 19 Bond Portfolio Management 669 Sectors of the Bond Market 669 Features of Bonds 679 Yield Measures 686 Risks Associated with Investing in Bonds 693 Measuring Interest Rate Risk 702 Bond Indexes 710 Active Bond Portfolio Strategies 711 Passive Bond Portfolio Strategies 716 Summary 719 References 720 CHAPTER 20 Use of Stock Index Futures and Treasury Futures Contracts in Portfolio Management 721 Using Stock Index Futures in Equity Portfolio Management 722 Using Treasury Bond and Note Futures Contracts in Bond Portfolio Management 736 Using Stock Index Futures and Treasury Bond Futures to Implement an Asset Allocation Decision 744 Summary 746 References 746 CHAPTER 21 Use of Options in Portfolio Management 747 Using Stock Options and Index Options in Equity Portfolio Management 747 Using Interest Rate Options in Bond Portfolio Management 761 Summary 771 Appendix: Pricing Models on Options on Physicals and Futures Options 771 References 773 Index 775

About the Author

Frank J. Fabozzi, PhD, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at Yale University's School of Management, Editor of the Journal of Portfolio Management, and Associate Editor of the Journal of Structured Finance and the Journal of Fixed Income. Pamela Peterson Drake, PhD, CFA, is the J. Gray Ferguson Professor of Finance and Department Head of Finance and Business Law at James Madison University.

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