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Pearson Education Limited Edinburgh Gate Harlow CM20 2JE United Kingdom Tel: + 44 (0)1279 623623 Web: First published 1997 (print) Second edition published 2000 (print) Third edition published 2003 (print) Fourth edition published 2006 (print) Fifth edition published 2009 (print) Sixth edition published 2012 (print) Seventh edition published 2014 (print and electronic) Eighth edition published 2017 (print and electronic) © Pearson Education Limited 1997, 2012 (print) © Pearson Education Limited 2014, 2017 (print and electronic) The right of Peter Atrill to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. To learn more, please visit us at A01_ATRI4338_08_SE_FM.indd 2 Every day our work helps learning flourish, and wherever learning flourishes, so do people. From classroom to boardroom, our curriculum materials, digital learning tools and testing programmes help to educate millions of people worldwide – more than any other private enterprise. We combine innovative learning technology with trusted content and educational expertise to provide engaging and effective learning experiences that serve people wherever and whenever they are learning. Restructuring a business: divestments and demergers.Īppendix A Present value table.Īppendix B Annual equivalent factor table.Īppendix C Solutions to self-assessment questions.Īppendix D Solutions to review questions.Īppendix E Solutions to selected exercises.įinancial Management A01_ATRI4338_08_SE_FM.indd 1Īt Pearson, we have a simple mission: to help people make more of their lives through learning. Wealth-enhancing motives for mergers.įorms of purchase consideration. Shareholder value and directors’ rewards. The link between MVA and EVA®.Ĭriticisms of the shareholder value approach. Managing the business with shareholder value analysis.Įconomic value added (EVA®). The importance of dividends.įactors determining the level of dividends.ĭividend policy and management attitudes: some evidence.ĭividend smoothing in practice.Īlternatives to cash dividends. The capital structure debate.ĭividend distributions in practice.ĭividend policy and shareholder wealth. Limitations of the WACC approach.Ĭost of capital – some evidence. Long-term finance for the smaller business. Internal sources of short-term finance.Īre the stock markets really efficient?. Portfolio effects and risk reduction.Įxternal sources of finance.Įxternal sources of long-term finance.Īttitudes towards the level of borrowing.Įxternal sources of short-term finance. The expected value–standard deviation rule. Risk-adjusted discount rate.Įxpected net present value (ENPV). Investment decisions when funds are limited.Ĭomparing projects with unequal lives. Investment decisions and human behaviour. Investment appraisal methods.Īccounting rate of return (ARR). Using ratios to predict financial failure. Relationship between profitability and efficiency.įinancial ratios and the problem of overtrading. Long-term cash flow projections.įinancial ratio classifications. Projected financial statements and decision making. Projected statement of financial position (balance sheet). Preparing the projected statements: a worked example. The role of projected financial statements.