Fundamentals of financial management concise 9th edition pdf download

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Lecture Suggestions Chapter 1 covers some important concepts, and discussing them in class can be interesting. However, students can read the chapter on their own, so it can be assigned but not covered in class. We spend the first day going over the syllabus and discussing grading and other mechanics relating to the course. To the extent that time permits, we talk about the topics that will be covered in the course and the structure of the book.

We also discuss briefly the fact that it is assumed that managers try to maximize stock prices, but that they may have other goals, hence that it is useful to tie executive compensation to stockholder-oriented performance measures.

If not, we ask students to read it on their own, and to keep them honest, we ask one or two questions about the material on the first exam. One point we emphasize in the first class is that students should print a copy of the PowerPoint slides for each chapter covered and purchase a financial calculator immediately, and bring both to class regularly. Students will need to learn how to use their calculators before time value of money concepts are covered in Chapter 5.

It is important for students to grasp these concepts early as many of the remaining chapters build on the TVM concepts. We are often asked what calculator students should buy. It can be estimated but not measured precisely. At any given time, most stocks are reasonably close to their intrinsic values and thus are at or close to equilibrium.

However, at times stock prices and equilibrium values are different, so stocks can be temporarily undervalued or overvalued. Investor optimism and pessimism, along with imperfect knowledge about the true intrinsic value, leads to deviations between the actual prices and intrinsic values. Intrinsic values are strictly estimates, and different analysts with different data and different views of the future will form different estimates of the intrinsic value for any given stock. So, theoretically, it is better that the two be equal; however, intrinsic value is a long-run concept.

So, maximizing the intrinsic value will maximize the average price over the long run but not necessarily the current price at each point in time. However, the CEO would prefer that the market price be high— since it is the current price that he will receive when exercising his stock options. In addition, he will be retiring after exercising those options, so there will be no repercussions to him with respect to his job if the market price drops—unless he did something illegal during his tenure as CEO.

The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. This means that options or direct stock awards should be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time. If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. However, it is easier to measure the growth rate in reported profits than the intrinsic value, although reported profits can be manipulated through aggressive accounting procedures and intrinsic value cannot be manipulated.