Business managers will gain a basic understanding of the complex world of finance with Introduction to Finance: Markets, Investments, and Financial Management, 15th Edition. This text presents a balanced survey of the three main areas of finance: institutions and markets, investments, and financial management. The examples have been completely updated throughout to provide the most relevant information. Discussions of small business practice help them gain a better understanding of small business applications. More focus is placed on ethics to reflect the headlines in today s news. Additional end-of-chapter questions and career-profile features also enable business managers to connect the material to the real world.
Preface iii PART 1: INSTITUTIONS AND MARKETS 2 Chapter 1: The Financial Environment 4 Chapter 2: Money and the Monetary System 21 Chapter 3: Banks and Other Financial Institutions 43 Chapter 4: Federal Reserve System 73 Chapter 5: Policy Makers and the Money Supply 97 Chapter 6: International Finance and Trade 123 PART 2: INVESTMENTS 148 Chapter 7: Savings and Investment Process 150 Chapter 8: Interest Rates 173 Chapter 9: Time Value of Money 199 Chapter 10: Bonds and Stocks: Characteristics and Valuations 231 Chapter 11: Securities Markets 275 Chapter 12: Financial Return and Risk Concepts 317 PART 3: FINANCIAL MANAGEMENT 346 Chapter 13: Business Organization and Financial Data 348 Chapter 14: Financial Analysis and Long-Term Financial Planning 385 Chapter 15: Managing Working Capital 415 Chapter 16: Short-Term Business Financing 447 Chapter 17: Capital Budgeting Analysis 476 Chapter 18: Capital Structure and the Cost of Capital 515 Appendix 547 Glossary 556 Index 570