Foundations of finance, global edition by Arthur J. Keown, John D. Martin, J. William Petty

By Arthur J. Keown, John D. Martin, J. William Petty

For undergraduate classes in company Finance.

 

The 5 Key ideas for the principles of Finance

Foundations of Finance retains its foundational method of the most important suggestions of finance, strengthened via real-world vignettes, instances, and challenge routines. using 5 rules, that are provided at the start of the ebook and utilized all through, the authors introduce a multi-step method of monetary challenge fixing that appeals to readers’ in any respect degrees, math and numerical abilities. As in earlier versions, the Ninth variation focuses on valuation and opens each bankruptcy with a vignette in accordance with monetary judgements confronted by means of modern, real-world businesses and companies. different hugely worthwhile good points comprise mini situations, cautionary stories, lists of keyword phrases, and a dialogue of ethics. Revised and up-to-date, the most recent variation comprises new lecture movies, monetary considering, consumer suggestions, and classes from the hot financial crisis.

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Example text

Forgetting Principle 5: Conflicts of Interest Cause Agency Problems (Unchecked agency problems in the subprime housing market and problems with executive compensation). Without doubt the subprime lending crisis had a lot to do with our recent financial crisis, and much of the subprime lending crisis had its roots in the agency problem. As mentioned earlier, mortgage brokers weren’t concerned with whether or not the borrower could handle the mortgage because they got paid on the number of mortgages they made, not the quality of the mortgages.

The Global Financial Crisis Beginning in 2007, the United States experienced its most severe financial crisis since the Great Depression of the 1930s. As a result, some financial institutions collapsed while the government bailed others out, unemployment skyrocketed, the stock ­market plummeted, and the United States entered into a recession. Although the recession is now officially over, many Americans still feel the lingering effects of the financial crisis from lost wages resulting from high unemployment, along with a dramatic rise in our country’s debt.

Even if they don’t result in anyone going to jail, they tend to end careers and thereby terminate future opportunities. Why? Because unethical behavior destroys trust, and businesses cannot function without a certain degree of trust. Concept Check 1. According to Principle 3, how do investors decide where to invest their money? 2. What is an efficient market? 3. What is the agency problem, and why does it occur? 4. Why are ethics and trust important in business? LO3 Describe the role of finance in business.

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