Corporate financial management Glen Arnold

By:

Arnold, Glen [author]

Material type: Text

TextLanguage: English Publication details: Harlow Pearson 2013Edition: FifthDescription: 992 pagesContent type:

text

Media type:

unmediated

Carrier type:

volume

ISBN:

9780273758839

Subject(s):

Contents:

Machine generated contents note: pt. 1 Introduction -- 1. The financial world -- Learning outcomes -- Introduction -- The objective of the firm -- Case study 1.1 Xstrata plc -- Some possible objectives -- Corporate governance -- Primitive and modern economies -- The role of the financial manager -- The flow of funds and financial intermediation -- Growth in the financial services sector -- The financial system -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Self-review questions -- Questions and problems -- Assignments -- pt. 2 The investment decision -- 2. Project appraisal: net present value and internal rate of return -- Learning outcomes -- Introduction -- Value creation and corporate investment -- Net present value and internal rate of return -- Modified internal rate of return -- Concluding comments -- Key points and concepts -- Appendix 2.1 Mathematical tools for finance -- Mathematical tools exercises -- References and further reading -- Case study recommendations -- Websites -- Self-review questions -- Questions and problems -- Assignments -- 3. Project appraisal: cash flow and applications -- Learning outcomes -- Introduction -- Case study 3.1 Airbus's superjumbo -- Quality of information -- Are profit calculations useful for estimating project viability? -- The replacement decision -- Replacement cycles -- When to introduce a new machine -- Drawbacks of the annual equivalent annuity method -- Timing of projects -- The make or buy decision -- Fluctuating output -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- 4. The decision-making process for investment appraisal -- Learning outcomes -- Introduction -- Evidence on the employment of appraisal techniques -- Payback -- Accounting rate of return -- Internal rate of return: reasons for continued popularity -- The managerial `art' of investment appraisal -- The investment process -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- 5. Project appraisal: capital rationing, taxation and inflation -- Learning outcomes -- Introduction -- Capital rationing -- Taxation and investment appraisal -- Inflation -- Case study 5.1 Eurotunnel's inflation allowance -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- pt. 3 Risk and return -- 6. Risk and project appraisal -- Learning outcomes -- Case study 6.1 Two risky ventures ... -- Introduction -- What is risk? -- Adjusting for risk through the discount rate -- Sensitivity analysis -- Scenario analysis -- Probability analysis -- The risk of insolvency -- Problems of using probability analysis -- Evidence of risk analysis in practice -- Real options (managerial options) -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- 7. Portfolio theory -- Learning outcomes -- Introduction -- Holding period returns -- Expected return and standard deviation for shares -- Combinations of investments -- Portfolio expected return and standard deviation -- Dominance and the efficient frontier -- Indifference curves -- Choosing the optimal portfolio -- The boundaries of diversification -- Extension to a large number of securities -- Evidence on the benefits of diversification -- The capital market line -- Problems with portfolio theory -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- 8. The Capital Asset Pricing Model and multi-factor models -- Learning outcomes -- Introduction -- Some fundamental ideas and problems -- A short history of shares, bonds and bills -- The Capital Asset Pricing Model -- Factor models -- The arbitrage pricing theory -- The three-factor model -- Fundamental beta -- Project appraisal and systematic risk -- Sceptics' views -- alternative perspectives on risk -- Concluding comments -- Key points and concepts -- Appendix 8.1 Note on arithmetic and geometric means -- Appendix 8.2 Why professors do or do not use CAPM-beta -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignments -- pt. 4 Sources of finance -- 9. Stock markets -- Learning outcomes -- Case study 9.1 Using the stock market both to create wealth and to treat disease -- Introduction -- Stock exchanges around the world -- Globalisation of financial flows -- Why do companies list their shares on more than one exchange? -- The importance of a well-run stock exchange -- The London Stock Exchange -- The UK equity markets available to companies -- Tasks for stock exchanges -- How stock exchanges work -- The ownership of UK shares -- Regulation -- Understanding the figures in the financial pages -- Taxation and corporate finance -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignments -- 10. Raising equity capital -- Learning outcomes -- Case study 10.1 To float or not to float? -- Introduction -- What is equity capital? -- Preference shares -- Some unusual types of shares -- Floating on the Main Market (Official List) -- Methods of issue -- Timetable for a new issue (initial public offering) -- How does an AIM flotation differ from one on the Official List? -- The costs of new issues -- Rights issues -- Other equity issues -- Scrip issues -- Warrants -- Equity finance for unquoted firms -- How independent private fund is established and managed -- Disillusionment and dissatisfaction with quotation -- Concluding comments -- Key points and concepts -- Appendix 10.1 Reasons for and against floating -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignment -- 11. Long-term debt finance -- Learning outcomes -- Introduction -- Some fundamental features of debt finance -- Bonds -- Bank borrowing -- Syndicated loans -- Credit rating -- Mezzanine finance and high-yield (junk) bonds -- Case study 11.1 The junk bond wizard: Michael Milken -- Convertible bonds -- Valuing bonds -- International sources of debt finance -- Project finance -- Sale and leaseback -- Securitisation -- Islamic banking -- The term structure of interest rates -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignments -- 12. Short-term and medium-term finance -- Learning outcomes -- Introduction -- Short- and medium-term bank finance -- Trade credit -- Factoring -- Case study 11.1 Prestige pet products -- Hire purchase -- Leasing -- Bills of exchange -- Acceptance credits (bank bills or banker's acceptance) -- Treasury management -- Financing -- Risk management -- Working capital management -- Investment of temporary surplus funds -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignments -- 13. Stock market efficiency -- Learning outcomes -- Introduction -- What is meant by efficiency? -- Random walks -- The three levels of efficiency -- Weak-form tests -- Semi-strong form tests -- Strong-form tests -- Behavioural finance -- Misconceptions about the efficient market hypothesis -- Implications of the EMH for investors -- Implications of the EMH for companies -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Self-review questions -- Questions and problems -- Assignment -- pt. 5 Corporate value -- 14. Value-based management -- Learning outcomes -- Introduction -- Case study 14.1 Compass group -- The shareholder wealth-maximising goal -- Three steps of value -- Earnings-based management -- Return on capital employed (ROCE) has failings -- How a business creates value -- An overview of the application of value principles -- Strategic business unit management -- Corporate strategy -- Targets and motivation -- Case study 14.4 Strategy, planning and budgeting at Lloyds TSB -- Concluding comments -- Key points and concepts -- References and further reading -- Video presentations -- Case study recommendation -- Self-review questions -- Questions and problems -- Assignment -- 15. Value-creation metrics -- Learning outcomes -- Introduction -- Using cash flow to measure value -- Shareholder value analysis -- Economic profit -- Economic value added (EVA®) -- Total shareholder return (TSR) -- Wealth Added Index (WAI) -- Market Value added (MVA) -- Excess return (ER) -- Market to book ratio (MBR). Note continued: Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Website -- Self-review questions -- Questions and problems -- Assignments -- 16. The cost of capital -- Learning outcomes -- Introduction -- A word of warning -- The required rate of return -- The weighted average cost of capital (WACC) -- The cost of equity capital -- The cost of retained earnings -- The cost of debt capital -- The cost of preference share capital -- Calculating the weights -- Applying the WACC to projects and SBUs -- Empirical evidence of corporate practice -- How large is the equity risk premium -- Some thoughts on the cost of capital -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignment -- 17. Valuing shares -- Learning outcomes -- Introduction -- Case study 17.1 Amazon.com -- Valuation using net asset value (NAV) -- Valuation using income-flow methods -- The dividend valuation models -- The price-earnings ratio (PER) model -- Valuation using cash flow -- Valuation using owner earnings -- EBITDA -- Valuing unquoted shares -- Unusual companies -- Managerial control and valuation -- Allowing for real option values -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Self-review questions -- Questions and problems -- Assignments -- 18. Capital structure -- Learning outcomes -- Introduction -- Case study 18.1 The balance between debt and ordinary share capital -- What do we mean by `gearing'? -- The effect of gearing -- The value of the firm and the cost of capital -- Does the cost of capital (WACC) decrease with higher debt levels? -- Modigliani and Miller's argument in a world with no taxes -- The capital structure decision in a world with tax -- Additional considerations -- Some further thoughts on debt finance -- Concluding comments -- Key points and concepts -- Appendix 18.1 Asset beta -- Appendix 18.2 Adjusted present value (APV) -- References and further reading -- Case study recommendations -- Video presentations -- Self-review questions -- Questions and problems -- Assignments -- 19. Dividend policy -- Learning outcomes -- Introduction -- Defining the problem -- Miller and Modigliani's dividend irrelevancy proposition -- Dividends as a residual -- Clientele effects -- Taxation -- Dividends as conveyors of information -- Resolution of uncertainty -- Owner control (agency theory) -- Scrip-dividends -- Share buy-backs and special dividends -- A round-up of the arguments' -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Video presentations -- Self-review questions -- Questions and problems -- Assignments -- 20. Mergers -- Learning outcomes -- Introduction -- The merger decision -- Definitions and semantics -- Merger statistics -- Merger motives -- Case study 20.1 Economies of scale in oil -- Financing mergers -- The merger process -- The impact of mergers -- Managing mergers -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Video presentations -- Self-review questions -- Questions and problems -- Assignment -- pt. 6 Managing risk -- 21. Derivatives -- Learning outcomes -- Introduction -- A long history -- Options -- Forwards -- Futures -- Forward rate agreements (FRAs) -- A comparison of options, futures, forwards and FRAs -- Caps -- Swaps -- Derivatives users -- Over-the-counter (OTC) and exchange-traded derivatives -- Concluding comments -- Key points and concepts -- Appendix 21.1 Option pricing -- Appendix 21.2 The relationship between FRAs and swaps -- References and further reading -- Case study recommendations -- Websites -- Self-review questions -- Questions and problems -- Assignments -- 22. Managing exchange-rate risk -- Learning outcomes -- Introduction -- Case study 22.1 What a difference a few percentage point moves on the exchange rate make -- The effects of exchange-rate changes -- Volatility in foreign exchange -- The foreign exchange markets -- Exchange rates -- Types of foreign-exchange risk -- Transaction risk strategies -- Managing translation risk -- Managing economic risk -- Exchange-rate determination -- Concluding comments -- Key points and concepts -- References and further reading -- Case study recommendations -- Websites -- Self-review questions -- Questions and problems -- Assignments -- APPENDICES -- I. Future value of £1 at compound interest -- II. Present value of £1 at compound interest -- III. Present value of an annuity of £1 at compound interest -- IV. Future value of an annuity of £1 at compound interest -- V. Areas under the standardised normal distribution -- VI. Answers to the mathematical tools exercises in Chapter 2, Appendix 2.

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Holdings
Item type	Current library	Call number	Copy number	Status	Barcode
Core Collection	Harare Campus Library Core Collection	HG4026 ARN (Browse shelf(Opens below))	146424	Available	BK131655
Book	PostGraduate Studies Library Open Shelf	HG4026 ARN (Browse shelf(Opens below))	146423	Available	BK131775
Book	PostGraduate Studies Library Open Shelf	HG4026 ARN (Browse shelf(Opens below))	146422	Available	BK131685

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Includes bibliographical references and index

Machine generated contents note: pt. 1 Introduction --
1. The financial world --
Learning outcomes --
Introduction --
The objective of the firm --
Case study 1.1 Xstrata plc --
Some possible objectives --
Corporate governance --
Primitive and modern economies --
The role of the financial manager --
The flow of funds and financial intermediation --
Growth in the financial services sector --
The financial system --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Self-review questions --
Questions and problems --
Assignments --
pt. 2 The investment decision --
2. Project appraisal: net present value and internal rate of return --
Learning outcomes --
Introduction --
Value creation and corporate investment --
Net present value and internal rate of return --
Modified internal rate of return --
Concluding comments --
Key points and concepts --
Appendix 2.1 Mathematical tools for finance --
Mathematical tools exercises --
References and further reading --
Case study recommendations --
Websites --
Self-review questions --
Questions and problems --
Assignments --
3. Project appraisal: cash flow and applications --
Learning outcomes --
Introduction --
Case study 3.1 Airbus's superjumbo --
Quality of information --
Are profit calculations useful for estimating project viability? --
The replacement decision --
Replacement cycles --
When to introduce a new machine --
Drawbacks of the annual equivalent annuity method --
Timing of projects --
The make or buy decision --
Fluctuating output --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
4. The decision-making process for investment appraisal --
Learning outcomes --
Introduction --
Evidence on the employment of appraisal techniques --
Payback --
Accounting rate of return --
Internal rate of return: reasons for continued popularity --
The managerial `art' of investment appraisal --
The investment process --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
5. Project appraisal: capital rationing, taxation and inflation --
Learning outcomes --
Introduction --
Capital rationing --
Taxation and investment appraisal --
Inflation --
Case study 5.1 Eurotunnel's inflation allowance --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
pt. 3 Risk and return --
6. Risk and project appraisal --
Learning outcomes --
Case study 6.1 Two risky ventures ... --
Introduction --
What is risk? --
Adjusting for risk through the discount rate --
Sensitivity analysis --
Scenario analysis --
Probability analysis --
The risk of insolvency --
Problems of using probability analysis --
Evidence of risk analysis in practice --
Real options (managerial options) --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
7. Portfolio theory --
Learning outcomes --
Introduction --
Holding period returns --
Expected return and standard deviation for shares --
Combinations of investments --
Portfolio expected return and standard deviation --
Dominance and the efficient frontier --
Indifference curves --
Choosing the optimal portfolio --
The boundaries of diversification --
Extension to a large number of securities --
Evidence on the benefits of diversification --
The capital market line --
Problems with portfolio theory --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
8. The Capital Asset Pricing Model and multi-factor models --
Learning outcomes --
Introduction --
Some fundamental ideas and problems --
A short history of shares, bonds and bills --
The Capital Asset Pricing Model --
Factor models --
The arbitrage pricing theory --
The three-factor model --
Fundamental beta --
Project appraisal and systematic risk --
Sceptics' views --
alternative perspectives on risk --
Concluding comments --
Key points and concepts --
Appendix 8.1 Note on arithmetic and geometric means --
Appendix 8.2 Why professors do or do not use CAPM-beta --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignments --
pt. 4 Sources of finance --
9. Stock markets --
Learning outcomes --
Case study 9.1 Using the stock market both to create wealth and to treat disease --
Introduction --
Stock exchanges around the world --
Globalisation of financial flows --
Why do companies list their shares on more than one exchange? --
The importance of a well-run stock exchange --
The London Stock Exchange --
The UK equity markets available to companies --
Tasks for stock exchanges --
How stock exchanges work --
The ownership of UK shares --
Regulation --
Understanding the figures in the financial pages --
Taxation and corporate finance --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignments --
10. Raising equity capital --
Learning outcomes --
Case study 10.1 To float or not to float? --
Introduction --
What is equity capital? --
Preference shares --
Some unusual types of shares --
Floating on the Main Market (Official List) --
Methods of issue --
Timetable for a new issue (initial public offering) --
How does an AIM flotation differ from one on the Official List? --
The costs of new issues --
Rights issues --
Other equity issues --
Scrip issues --
Warrants --
Equity finance for unquoted firms --
How independent private fund is established and managed --
Disillusionment and dissatisfaction with quotation --
Concluding comments --
Key points and concepts --
Appendix 10.1 Reasons for and against floating --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignment --
11. Long-term debt finance --
Learning outcomes --
Introduction --
Some fundamental features of debt finance --
Bonds --
Bank borrowing --
Syndicated loans --
Credit rating --
Mezzanine finance and high-yield (junk) bonds --
Case study 11.1 The junk bond wizard: Michael Milken --
Convertible bonds --
Valuing bonds --
International sources of debt finance --
Project finance --
Sale and leaseback --
Securitisation --
Islamic banking --
The term structure of interest rates --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignments --
12. Short-term and medium-term finance --
Learning outcomes --
Introduction --
Short- and medium-term bank finance --
Trade credit --
Factoring --
Case study 11.1 Prestige pet products --
Hire purchase --
Leasing --
Bills of exchange --
Acceptance credits (bank bills or banker's acceptance) --
Treasury management --
Financing --
Risk management --
Working capital management --
Investment of temporary surplus funds --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignments --
13. Stock market efficiency --
Learning outcomes --
Introduction --
What is meant by efficiency? --
Random walks --
The three levels of efficiency --
Weak-form tests --
Semi-strong form tests --
Strong-form tests --
Behavioural finance --
Misconceptions about the efficient market hypothesis --
Implications of the EMH for investors --
Implications of the EMH for companies --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Self-review questions --
Questions and problems --
Assignment --
pt. 5 Corporate value --
14. Value-based management --
Learning outcomes --
Introduction --
Case study 14.1 Compass group --
The shareholder wealth-maximising goal --
Three steps of value --
Earnings-based management --
Return on capital employed (ROCE) has failings --
How a business creates value --
An overview of the application of value principles --
Strategic business unit management --
Corporate strategy --
Targets and motivation --
Case study 14.4 Strategy, planning and budgeting at Lloyds TSB --
Concluding comments --
Key points and concepts --
References and further reading --
Video presentations --
Case study recommendation --
Self-review questions --
Questions and problems --
Assignment --
15. Value-creation metrics --
Learning outcomes --
Introduction --
Using cash flow to measure value --
Shareholder value analysis --
Economic profit --
Economic value added (EVA®) --
Total shareholder return (TSR) --
Wealth Added Index (WAI) --
Market Value added (MVA) --
Excess return (ER) --
Market to book ratio (MBR). Note continued: Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Website --
Self-review questions --
Questions and problems --
Assignments --
16. The cost of capital --
Learning outcomes --
Introduction --
A word of warning --
The required rate of return --
The weighted average cost of capital (WACC) --
The cost of equity capital --
The cost of retained earnings --
The cost of debt capital --
The cost of preference share capital --
Calculating the weights --
Applying the WACC to projects and SBUs --
Empirical evidence of corporate practice --
How large is the equity risk premium --
Some thoughts on the cost of capital --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignment --
17. Valuing shares --
Learning outcomes --
Introduction --
Case study 17.1 Amazon.com --
Valuation using net asset value (NAV) --
Valuation using income-flow methods --
The dividend valuation models --
The price-earnings ratio (PER) model --
Valuation using cash flow --
Valuation using owner earnings --
EBITDA --
Valuing unquoted shares --
Unusual companies --
Managerial control and valuation --
Allowing for real option values --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Self-review questions --
Questions and problems --
Assignments --
18. Capital structure --
Learning outcomes --
Introduction --
Case study 18.1 The balance between debt and ordinary share capital --
What do we mean by `gearing'? --
The effect of gearing --
The value of the firm and the cost of capital --
Does the cost of capital (WACC) decrease with higher debt levels? --
Modigliani and Miller's argument in a world with no taxes --
The capital structure decision in a world with tax --
Additional considerations --
Some further thoughts on debt finance --
Concluding comments --
Key points and concepts --
Appendix 18.1 Asset beta --
Appendix 18.2 Adjusted present value (APV) --
References and further reading --
Case study recommendations --
Video presentations --
Self-review questions --
Questions and problems --
Assignments --
19. Dividend policy --
Learning outcomes --
Introduction --
Defining the problem --
Miller and Modigliani's dividend irrelevancy proposition --
Dividends as a residual --
Clientele effects --
Taxation --
Dividends as conveyors of information --
Resolution of uncertainty --
Owner control (agency theory) --
Scrip-dividends --
Share buy-backs and special dividends --
A round-up of the arguments' --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Video presentations --
Self-review questions --
Questions and problems --
Assignments --
20. Mergers --
Learning outcomes --
Introduction --
The merger decision --
Definitions and semantics --
Merger statistics --
Merger motives --
Case study 20.1 Economies of scale in oil --
Financing mergers --
The merger process --
The impact of mergers --
Managing mergers --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Video presentations --
Self-review questions --
Questions and problems --
Assignment --
pt. 6 Managing risk --
21. Derivatives --
Learning outcomes --
Introduction --
A long history --
Options --
Forwards --
Futures --
Forward rate agreements (FRAs) --
A comparison of options, futures, forwards and FRAs --
Caps --
Swaps --
Derivatives users --
Over-the-counter (OTC) and exchange-traded derivatives --
Concluding comments --
Key points and concepts --
Appendix 21.1 Option pricing --
Appendix 21.2 The relationship between FRAs and swaps --
References and further reading --
Case study recommendations --
Websites --
Self-review questions --
Questions and problems --
Assignments --
22. Managing exchange-rate risk --
Learning outcomes --
Introduction --
Case study 22.1 What a difference a few percentage point moves on the exchange rate make --
The effects of exchange-rate changes --
Volatility in foreign exchange --
The foreign exchange markets --
Exchange rates --
Types of foreign-exchange risk --
Transaction risk strategies --
Managing translation risk --
Managing economic risk --
Exchange-rate determination --
Concluding comments --
Key points and concepts --
References and further reading --
Case study recommendations --
Websites --
Self-review questions --
Questions and problems --
Assignments --
APPENDICES --
I. Future value of £1 at compound interest --
II. Present value of £1 at compound interest --
III. Present value of an annuity of £1 at compound interest --
IV. Future value of an annuity of £1 at compound interest --
V. Areas under the standardised normal distribution --
VI. Answers to the mathematical tools exercises in Chapter 2, Appendix 2.

This title is supported by MyFinanceLab, an online homework and tutorial system which can be used by students for self-directed study or instructors can choose to fully integrate this eLearning technology into the delivery of their course.

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