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Copyrighted Material Index American Psycho (Ellis), 271 • A • amortization, 60, 130 accountants, 32 analysts, 31 accounting APT (arbitrage pricing theory), 206–207, 209 forecasting with accounting records, 259 arithmetic rate of returns, 252–253 quality of earnings ARR (accounting rate of return), 124–125 cost recognition, 249 ask, 147 depreciation, 249 ask price, 155 inventory accounting, 248–249 asset pool, 217 overview, 247–248 asset-backed securities, 141–142 Accounting For Dummies (Tracy), 3 assets accounting rate of return (ARR), 124–125 bundling accounts payables, 31, 52 multi-asset bundles, 218 accounts receivables, 30, 47 overview, 217 accounts receivables turnover (liquidity pass-through certifi cates, 217–218 metric), 75 unbundling, 218–219 accounts receivables turnover in days current (liquidity metric), 75–76 accounts receivable, 47 accrued compensation, 52 cash, 47 accrued expenses, 52 cash equivalents, 47 accumulated other comprehensive income tax assets, 48 income, 56 inventories, 48 acid test ratio (quick ratio), 80 marketable securities, 47 acquisitions, 275–276 other current assets, 48 active portfolio management, 196 prepaid accounts, 48 additional paid-in capital,http://www.pbookshop.com 55 earning, 103 adjusters, 31 intangible, 51 agency problem, 18 liquid algorithms in fi nancial engineering, capital investments, 131–132 221–223 economic capital, 131 AllExperts, 33 inventory, 132 allowances, 47 COPYRIGHTEDlong-term, MATERIAL 46, 48–50 alpha ratio, 254–255 other assets, 51 Altman’s Z-score, calculating, 269–270 overview, 35–36, 46 American Institute of Certifi ed Public total, 103 Accountants (AICPA), 28 auditors, 31 332_9781118412794-bindex.indd2_9781118412794-bindex.indd 317317 111/28/121/28/12 88:19:19 AAMM 318 Corporate Finance For Dummies automated bill pay, 225 nepotism, 309 automotive sector, 162 overview, 305 average rate of returns, 253 prospect theory, 311–312 average, fi nding an, 259–260 rational decisions, limited ability to aversion function, 202 make, 306 satisfi cing, 310–311, 315 • B • Sunk Cost Fallacy, 307 trend following, 308–309 backward integration, 281 benefi ts, 21 balance sheet bias affecting decisions, 312–313 assets, 46–51 bid, 147 categories, 46 bid price, 155 formula for, 45 bid-ask spread, 177 liabilities, 46, 51–53 bills, 15 overview, 45–46 blue chip stocks, 160 owners’ equity, 46, 54–56 bond rates supplemental notes included in, 56 fi xed-rate bonds, 145 using, 56 fl oating-rate bonds, 145–147 bank analytics overview, 145–146 deposits times capital, 105–106 bonds earning assets to total assets ratio, 103 ask, 147 equity to total assets ratio, 105 bearer, 144 loan loss coverage ratio, 104 bid, 147 loans to deposits ratio, 106 callable, 143 net interest margin, 103–104 catastrophe, 144–145 overview, 102 clean price, 149 Bank of America, 275 convertible, 142–143, 216 banking underwriters, 24 corporate, 138 barter system, 10 coupon, 141 basic earnings per share, 63 coupon/rate, 147 bear market, 162–163 credit quality ratings, 147–148 bearer bonds, 144 http://www.pbookshop.comdebt, bond issuance as source for raising behavioral fi nance money by acquiring, 37 bias, 312–313 dirty price, 149 cronyism, 309–310 face value/par value, 148 emotional decisions, 308 government ethnocentrism, 314–315 general obligation bonds, 140 favoritism, 309–310 municipal bonds, 140–141 framing, 313–315 overview, 138 Gambler’s Fallacy, 307 revenue bonds, 140 irrationality, 315–316 treasury bonds, 139–140 logical fallacies, 306–307 issuer, 148 junk, 145, 146 332_9781118412794-bindex.indd2_9781118412794-bindex.indd 318318 111/28/121/28/12 88:19:19 AAMM Index 319 maturity/maturity date, 148 municipal, 140–141 • C • overview, 137 CAL (capital allocation line), 207–208 price, 148–149 call options, 171 price change, 149 callable bonds, 143 puttable, 143–144 capital account, 292 registered, 144 capital asset pricing model (CAPM), spread, 147 203–205, 208–209 terminology, 147–150 capital budgeting. See also capital types of, 137–145 investments valuation, 150–151 managing capital allocations, 130–132 volume, 149 net present value (NPV), 127–129 yield, 149 overview, 122 yield change, 149 payback period, 129–130 yield to maturity (YTM), 150 rate of return, 122–127 zero-coupon, 141 capital effi ciency, 130 bonds payable, 53 capital gains, 18 book value per share, 101 capital investments. See also capital bookkeeping clerks, 31 budgeting broker-dealers securities fi rms, 23 equivalent annual cost of potential brokers, 23 investments, calculating, 130–131 budget metrics liquid assets, 131–132 CP (cost performance ratio), 135 managing capital allocations, 130–132 CV (cost variance), 135 overview, 121–122 EAC (estimate at completion), 135–136 capital lease obligations, 53 overview, 134–135 capital structure assessment TCP (to-complete performance), 136 choosing a capital structure, 233–234 Buffet, Warren (CEO of Berkshire cost of capital, calculating, 228–233 Hathaway), 199–200, 233 debt, calculating cost of, 229–230 bull market, 162–163 dividend policy, 230–232 bundling assets equity, calculating cost of, 230 multi-asset bundles, 218http://www.pbookshop.comoverview, 227–228 overview, 217 WACC (weighted average cost of capital), pass-through certifi cates, 217–218 228–229 unbundling, 218–219 capital, raising. See raising capital business credit institutions, 26 CAPM (capital asset pricing model), business cycle, stock valuation affected 203–205, 208–209 by, 167 caps, 161 Business Plans For Dummies (Tiffany and captive fi nancing company, 26 Peterson), 37 cash buying long, 158 as fi nancing method for M&A, 287 buying on margin, 158 overview, 47 buyouts, 276 paid to suppliers and employees, 67 received from customers, 66 332_9781118412794-bindex.indd2_9781118412794-bindex.indd 319319 111/28/121/28/12 88:19:19 AAMM 320 Corporate Finance For Dummies cash dividend coverage ratio, 102 consumer discretionary sector, 162 cash equivalents, 47 consumer staples sector, 162 cash fl ow conventional evaluations for investment discounted, 119–120 performance, 252–254 sources, 250–251 convertibility risk, 190 cash ratio, 80–81 convertible bonds, 142–143, 216 catastrophe bonds, 144–145 convertible preferred shares, 54, 216 CFO, 34 corporate analysis, 165 CFO (Chief Financial Offi cer), 32 corporate bonds, 138 Chartered Financial Analyst Institute corporate fi nance (CFAI), 28 as intermediary, 12–13 chips, 160 defi ned, 10 claim, 21 government policy infl uenced by, 15 clean price, 149 infl uence of, 14–15 closed-ended loans, 39 interactions between people, analyzing, co-pay, 21 13–14 cognitive bias, 313 overview, 11–12 COGS (cost of goods sold), 59 proactive about, becoming, 15–16 coincident indicators, stock valuation uniqueness of, 12 affected by, 168 corporations collateralized mortgage obligations, 214 agency problem, 18 commercial banks, 20, 37 capital gains, 18 Commodity Futures Trading Commission disclosure, 19 (CFTC), 28 double taxation, 18 common dividends, 232 goals of, 19 common stock, 41–42, 55 limited liability, 18 Compaq/HP merger, 274 nonprofi t, 19 comparing data, 259 overview, 18–19 competitor elimination as motive for M&A correlations, 265–267 (mergers and acquisitions), 283 cost of capital, calculating, 228–233 compound interest, 117 cost of goods sold (COGS), 59 compounding interest loans,http://www.pbookshop.com 40 cost of inventory, 132 computational fi nance cost recognition, 249 automated bill pay, 225 cost variance (CV), 135 logic programming, 225–226 costs online banking, 225 non-value added, 184 overview, 223–224 rate of return, 123 software packages, fi nancial, 225–226 coupon bonds, 141 trading, computerized, 224 coupon/rate, 147 confi rmation bias, 258, 313 CP (cost performance ratio), 135 conglomerate integration as motive for credit quality ratings, 147–148 M&A (mergers and acquisitions), credit risk, 186–187 282–283 credit unions, 20 332_9781118412794-bindex.indd2_9781118412794-bindex.indd 320320 111/28/121/28/12 88:19:19 AAMM Index 321 cronyism, 309–310 government loans as source for, 37 cross-listing, 298–299 loan terms, 39–40 cultural aspects of international fi nance, long run, making sure loan pays off in, 303–304 38–39 currency, 10–11 overview, 36–37 current account, 292 proposals, 37 current assets where to ask for money, 37–38 accounts receivable, 47 debt analytics cash, 47 debt ratio, 92 cash equivalents, 47 debt to equity ratio, 92–93 income tax assets, 48 debt to tangible net worth, 93 inventories, 48 equity multiplier, 94 marketable securities, 47 fi xed charge coverage, 91–92 other current assets, 48 operating cash fl ows to total debt, 94 prepaid accounts, 48 overview, 90–91 current liabilities debt expenses, 230 accounts payables, 52 debt portfolio, 194 accrued compensation, 52 debt ratio, 92 accrued expenses, 52 debt to equity ratio, 92–93 current portion of long-term debt, 53 debt to tangible net worth, 93 deferred income tax, 52–53 deductible, 21 other current liabilities, 53 default risk, 230 unearned income, 52 deferred income tax, 52–53 current portion of long-term debt, 53 deferred tax, 48 current ratio, 79 defl ation, 115 current yield, 149 depository institutions, 19–20 CV (cost variance), 135 depreciation, 49–50 derivatives • D • forwards, 173–175 futures, 175–176 data collection, 258–259 options, 170–172 days sales in inventory (liquidityhttp://www.pbookshop.com metric), overview, 169–170 76–77 swaps, 177–179 days sales in receivables (liquidity metric), diluted earnings per share, 63 74–75 dirty price, 149 dealers, 23 disclosure, 19 debt discount brokers, 23 calculating cost of, 229–230
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