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Financial Management: Theory and Practice, An Asia Edition,
2nd Edition

Ser-Keng Ang, Jack Hong, Annie Koh, Eugene F. Brigham, Michael C. Ehrhardt

ISBN-13: 9789814962650 | ISBN-10: 9814962651

Copyright 2021

| Not Yet Published

| 1256 pages

List Price USD $199.00

Overview

The second Asia edition of Financial Management: Theory and Practice gives readers a fresh perspective on the latest trends of the financial world. The entire world has experienced heightened disruption and uncertainty with the 2019 global pandemic and the trade war between China and the US. The world of finance has not been spared the impact of these disruptions. Rapid technological change, especially in communications, has fundamentally altered competitive landscapes and the way firms compete. Increasingly, industry norms and conventions have been under rising pressure to maintain their relevancy or become obsolete. Leveraging on the power of platforms, personal data, analytics, and artificial intelligence, Asian countries have been at the forefront of progress in driving consumer behavior and changing the way business is conducted and delivered. This rapid progress has affected not only the financial performance of firms but also the way financial decisions are made and how financial management should be carried out.

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Meet the Authors

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Ser-Keng Ang is a Senior Lecturer of Finance at the Singapore Management University (SMU). Ser-Keng was the winner of the SMU Teaching Excellence Awards in 2008 for ‘Most Promising Teacher’ and has consistently been placed on the Dean’s Honor List as top teaching faculty since 2003–04. In 2012, he won the Best Teaching Award for the MBA elective. Ser-Keng’s research interests are in Mergers & Acquisition (M&A), capital markets, wealth management and fixed income. His article entitled, ‘Challenges of Private Banking in Asia’ has been published by the Journal of Wealth Management in the Spring 2010 issue. Ser-Keng also authored and edited the International Enterprise Singapore’s book on Financing Internationalization – Growth Strategies for Successful Companies (2004) which has been translated into Chinese. Prior to his academic appointment at SMU, Ser-Keng was an investment banker. He spent nine years in London and Hong Kong, where he was involved in the origination and execution of a number of cross-order transactions in the Asia Pacific region at international banks such as Deutsche Bank, ABN AMRO and Flemings, especially in the mergers & acquisitions and capital markets. At Deutsche Bank, he was responsible for an acquisition in the United States amounting to US$5.5 billion, for a Japanese multinational corporation. As a Senior Vice President at ABN AMRO, he was also responsible for cross-selling a broader range of products to corporate clients. Ser-Keng also worked at Arthur Andersen and Credit Suisse First Boston. Ser-Keng received a MBA from the London Business School, a Master in Business Research from the University of Western Australia, and a Bachelor of Accountancy (BAcc) from the National University of Singapore. He is qualified for both CPA and ACIS. He is a PhD in Finance candidate at the University of New South Wales, Australia.

Dr. Jack Hong is the Chief Executive Officer of JCube Capital Partners, a fund management company that makes portfolio decisions based on proprietary artificial intelligence (AI) capabilities developed for financial economics. Dr. Hong is also a co-founder of Research Room, an AI consulting and development outfit that delivers decision-making capabilities for complex use cases. Dr. Hong is concurrently an adjunct faculty with the Singapore Management University, and has been actively teaching undergraduate and postgraduate programs since 2015. He has also been training professionals in a comprehensive suite of data science capabilities from theoretical foundations to real life applications and executions.

Annie Koh is Vice President for Business Development and External Relations at the Singapore Management University (SMU). An Associate Professor of Finance, Annie also holds the position Academic Director of The Financial Training Institute (FTI), Center for Professional Studies (CPS), International Trading Center (ITC) and Business Families Institute (BFI) at SMU. Her previous portfolio includes positions as Associate Dean, Lee Kong Chian School of Business and Dean, Office of Executive & Professional Education. She received her PhD in International Finance from New York University (Stern School of Business) where she was a Fulbright scholar. Annie is a frequently sought after conference speaker at the World Economic Forum, panel moderator and expert commentator. She also sits on several advisory boards, governing councils and steering committees in SMU as well as the financial services and government sectors. She chairs the Asian Bond Fund 2 Supervisory Committee of the Monetary Authority of Singapore. Currently, she is on the Advisory Boards of a number of family businesses and on the investment committee of i-Globe (a private equity firm) as well as a member of the Research and Publications Committee of the Singapore Chinese Chamber of Commerce & Industry. She was also recently appointed to the Board of Directors of k1 Ventures Limited which is listed on the Singapore Stock Exchange and which is an investment holding company of the Keppel Group. Annie is a recipient of the Public Administration Medal (Bronze), a prestigious National Day Award for 2010. Annie’s research interests are in Family Office and Family Business Research, Investor Behaviour, Alternative Investments, and Enterprise Risk Management. Her paper, ‘An Analysis of Extreme Price Shocks and Illiquidity Among Systematic Trend Followers’ (2010), co-written with Bernard Lee and Cheng Shih-Fen was published in the Review of Futures Markets and the Social Science Research Network.

Dr. Eugene F. Brigham is graduate research professor emeritus at the University of Florida, where he has taught since 1971. He received his M.B.A. and Ph.D. from the University of California-Berkeley and his undergraduate degree from the University of North Carolina. Prior to joining the University of Florida, Dr. Brigham held teaching positions at the University of Connecticut, the University of Wisconsin and the University of California-Los Angeles. A former president of the Financial Management Association, he has written many journal articles on the cost of capital, capital structure and other aspects of financial management. He has authored or co-authored 10 textbooks on managerial finance and managerial economics that are used at more than 1,000 universities in the United States and have been translated into 11 languages worldwide. In addition to his academic writing, Dr. Brigham continues to teach, consult and complete research. He has served as a consultant to many corporations and government agencies, including the Federal Reserve Board, the Federal Home Loan Bank Board, the U.S. Office of Telecommunications Policy and the RAND Corp. He has also testified as an expert witness in numerous electric, gas and telephone rate cases at both federal and state levels. Dr. Brigham spends his spare time on the golf course, enjoying time with his family and dogs and tackling outdoor adventure activities, such as biking through Alaska.

Dr. Michael C. Ehrhardt is a Professor Emeritus and current faculty member in two Executive MBA programs at the University of Tennessee. He received a B.S. in Civil Engineering and a B.A. in Economics at Swarthmore College. After working several years as an engineer, he earned his M.S. in Operations Research and Ph.D. in Finance from the Georgia Institute of Technology. Dr. Ehrhardt has taught extensively at the undergraduate, master's and doctoral levels in the areas of investments, corporate finance and capital markets. He has directed and served on numerous dissertation committees. Dr. Ehrhardt teaches in executive education programs and consults in the areas of corporate valuation, value-based compensation plans, financial aspects of supply chain management and the cost of capital. His honors include the Allen G. Keally Outstanding Teacher Award, the Tennessee Organization of MBA Students Outstanding Faculty Award, the College of Business Administration Research & Teaching Award and the John B. Ross Outstanding Teaching Award in the College of Business. An author and co-author of several books addressing various areas of finance, Dr. Ehrhardt focuses much of his research on corporate valuation and asset pricing models, including pricing models for interest-rate sensitive instruments. His work has been published in numerous journals, including THE JOURNAL OF FINANCE, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, FINANCIAL MANAGEMENT, THE FINANCIAL REVIEW, THE JOURNAL OF FINANCIAL RESEARCH and THE JOURNAL OF BANKING AND FINANCE.

  • Insights on new and emerging risks in risk management, such as cyber-security and supply chain risks.
  • Additional discussions regarding new areas of financing, such as green finance, REITs, and Islamic Banking.
  • Chapters adapted to explaining both the practices and nuances in the Asian markets and the differences in corporate sectors.
  • An introduction to alternative financial services platforms increasingly being adopted across Asia, such as e-Wallet, shadow banking, peer-to-peer lending, microfinance, and crowdfunding.

Table of Contents

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Preface
PART 1 THE COMPANY AND ITS ENVIRONMENT
Chapter 1 An Overview of Financial Management and the
Financial Environment
Chapter 2 Financial Statements, Cash Flow, and Taxes
Chapter 3 Analysis of Financial Statements
PART 2 FIXED INCOME SECURITIES
Chapter 4 Time Value of Money
Chapter 5 Bonds, Bond Valuation, and Interest Rates
PART 3 Stocks and Options
Chapter 6 Risk and Return
Chapter 7 Corporate Valuation and Stock Valuation
Chapter 8 Financial Options and Applications in Corporate
Finance
PART 4 PROJECTS AND THEIR VALUATION
Chapter 9 The Cost of Capital
Chapter 10 The Basics of Capital Budgeting: Evaluating Cash Flows
Chapter 11 Cash Flow Estimation and Risk Analysis
Appendix 11A Depreciation for Tax Purposes
PART 5 CORPORATE VALUATION AND GOVERNANCE
Chapter 12 Corporate Valuation and Financial Planning
Chapter 13 Corporate Governance
PART 6 CASH DISTRIBUTIONS AND CAPITAL STRUCTURE
Chapter 14 Distributions to Shareholders: Dividends and
Repurchases
Chapter 15 Capital Structure Decisions
PART 7 MANAGING GLOBAL OPERATIONS
Chapter 16 Supply Chains and Working Capital Management
Chapter 17 Multinational Financial Management
PART 8 TACTICAL FINANCING DECISIONS
Chapter 18 Public and Private Financing: Initial Offerings,
Seasoned Offerings, Investment Banks
Chapter 19 Lease Financing
Chapter 20 Hybrid Financing: Preferred Stock, Warrants, and
Convertibles
PART 9 STRATEGIC FINANCE IN A DYNAMIC ENVIRONMENT
Chapter 21 Dynamic Capital Structures and Corporate Valuation
Chapter 22 M&A and Corporate Control
Chapter 23 Enterprise Risk Management
Chapter 24 Bankruptcy, Reorganization, and Liquidation
PART 10 SPECIAL TOPICS
Chapter 25 Portfolio Theory and Asset Pricing Models
Chapter 26 Real Options
Appendices
Appendix A Solutions to Self-Test Problems
Appendix B Answers to End-of-Chapter Problems
Appendix C Selected Equations
Glossary and Indexes
Glossary
Name Index
Subject Index
WEB CHAPTERS
Chapter 27 Providing and Obtaining Credit
Chapter 28 Advanced Issues in Cash Management and
Inventory Control
Chapter 29 Pension Plan Management
Chapter 30 Financial Management in Not-for-Profit Businesses

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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Financial Management: Theory and Practice, An Asia Edition

  • ISBN-10: 9814962651
  • ISBN-13: 9789814962650

Price USD$ 199.00

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