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1

Financial Management

Prescribed Text Book:

Corporate Finance by Ross, S. A.Westerfield, R. W. and

Jaffe, J., The McGraw-Hill Companies, 2010.

Other Reference/Suggested Books:

Corporate Finance by Ross, S. A.Westerfield, R. W.-Jaffe, J. and

Kakani, R. K., The McGraw-Hill Education (India) Pvt. Ltd, 2014.

Corporate Finance: A Focussed Approach by Brigham, E. and

Ehrhardt, M. C., South Western Cengage Learning, 2013.

Financial Management by Khan, M. Y. and Jain, P. K., McGraw-Hill

Education (India) Pvt. Ltd, 2014.

Principles of Corporate Finance by Brealey, R.-Myers, S. and Allen,

F. The McGraw-Hill Companies, 2014.

Corporate Financial Analysis with Microsoft Excel by Francis J.

Clauss, The McGraw-Hill Companies, 2010.

Financial Management:

An Overview

Finance

Finance may be defined as the art and science of managing

money. The major areas of finance are:

1. Financial Services

Financial services is concerned with the design and delivery of advice and

financial products to individuals,

business and governments.

2. Financial Management

Financial Management is that managerial activity which is concerned

with planning, controlling and managing the financial resources of a

given firm.

business, namely, financial and non-financial, private

and public, large and small, profit-seeking and not-for-profit.

Finance and Related Disciplines

Finance and Economics

Finance is closely related to both macroeconomics and

microeconomics.

Macroeconomics provides an understanding of the institutional

structure in which the flow of finance takes place.

Microeconomics provides various profit maximization strategies

based on the theory of the firm.

One of the fundamental principle of financial management

suggests that financial decisions should be based on Marginal

Analysis.

Marginal Analysis suggests that financial decisions should be

made on the basis of comparison of marginal revenues and

marginal costs/added benefits exceed added costs.

A financial manager uses these to run the firm efficiently and

effectively.

Illustration of a Financial Decision using Marginal Analysis

contemplating to replace one of its online computers

with a new, more sophisticated one that would both

speed up processing time and handle a large volume of

transactions. The new computer would require a cash

outlay of Rs 8,00,000 and the old computer could be sold

to net Rs 2,80,000. The total benefits from the new

computer and the old computer would be Rs 10,00,000

and Rs 3,50,000 respectively. Should the manager

replace the old computer by the new one?

Illustration of a Financial Decision using Marginal Analysis

Less: Benefits with old computer 3,50,000

Marginal Revenue (a) Rs 6,50,000

Cost of new computer 8,00,000

Less: Proceeds from sale of old 2,80,000

computer

Net Benefits [(a) (b)] 1,30,000

As the store would get a net benefit of Rs 1,30,000, the old computer should

be replaced by the new one.

Finance and Accounting

Accounting generates information/data to

operations/activities of a firm. The end product of

accounting is the generation of financial statements of

a firm.

A financial manager depends on these financial

statements as a source of information/data relating to

the past, present and future financial position of the

firm for making any financial decision.

However, finance and accounting differ in two ways:

1. Treatment of Funds and

2. Decision Making.

Finance and Accounting

Treatment of Funds: The measurement of funds in

accounting is based on the accrual principle where as

the in finance it is based on cash flows.

Accrual method recognizes revenue at the point of sale

and not when collected and expenses when they are

incurred rather than when actually paid.

Cash flows method recognizes revenues and expenses

only with respect to actual inflows (when cash is

actually received) and outflows of cash (when cash is

actually paid).

To illustrate, total sales of a trader during the year amounted to Rs

10,00,000 while the cost of sales was Rs 8,00,000. At the end of the

year, it has yet to collect Rs 8,00,000 from the customers. The

accounting view and the financial view of the firms performance during

the year are given below.

Accounting view Financial view

Less: Costs 8,00,000 Less: Cash outflow 8,00,000

Net profit 2,00,000 Net cash outflow (6,00,000)

Finance and Accounting

Decision Making: The focus of finance is on the

decision making where as accounting concentrates on

collection, compilation and presentation of financial

data.

Apart from economics and accounting, finance also

drawsfor its day-to-day decisionson supportive

disciplines such as marketing, operations, production, HR

and quantitative methods.

The relationship between Financial

Management and supportive Disciplines

Primary Disciplines

1. Investment Analysis Accounting

Support

2. Working Capital Management Macroeconomics

3. Sources and Cost of Funds Microeconomics

4. Determination of Capital

Structure Other Related Disciplines

Support

5. Dividend Policy Marketing

6. Analysis of Risks and Returns Production

Operations

Resulting in Quantitative methods

HR

Shareholder Wealth Maximization

Scope of Financial Management

Financial Management addresses the following

three questions:

1. What long-term and short-term investments should

the firm engage in?

2. How can the firm raise the money for the required

investments?

3. What proportion of net profits can be distributed to

the shareholders in the form of dividends and what

proportion can be retained in the business itself ?

Scope of Financial Management

The scope of financial management can be broken down into three major

decisions as functions of finance:

(1) Investment Decision

The investment decision relates to the selection of assets in which funds

will be invested by a firm. The assets which can be acquired fall into two

broad groups: (a) fixed-assets/long-term assets (Capital Budgeting) (b)

short-term /current assets (Working Capital).

financial decision of a firm. It relates to the selection of an asset or

investment proposal or course of action whose benefits are likely to be

available in future over the lifetime of the project.

(b) Working Capital Management: Working capital management is

concerned with the management of current assets. It is an important and

integral part of financial management as short-term survival is a

prerequisite for long-term success.

(2) Financing Decision

Financing decision relates to the choice of the proportion of debt and equity

sources of financing. While the investment decision is broadly concerned

with the asset-mix or the composition of the assets of a firm, the concern of

the financing decision is with the financing-mix or capital structure or

leverage.

There is one major aspect of the financing decision, called the optimum

capital structure.

The dividend decision relates to the distribution and retention of net profits of

a firm.

The two alternatives available with the firm are:

(i) Net profits can be distributed to the shareholders in the form of dividends

or (ii) they can be retained in the business itself. The decision as to which

course should be followed depends largely on a significant element in the

dividend decision, the dividend-pay out ratio, that is, what proportion of net

profits should be paid out to the shareholders and what proportion should be

retained in the business.

The Balance-Sheet Model

of the Firm

Total Firm Value to Investors: Total Value of Assets:

Fixed Assets

Shareholders 1 Tangible

Equity

2 Intangible

Long-Term

Debt

Current Assets

Current

Liabilities

The Balance-Sheet Model

of the Firm

The Capital Budgeting and Working Capital

Decision Fixed Assets

Shareholders

1 Tangible

Equity What Long-term

investments 2 Intangible

should the firm

engage in?

Long-Term Debt

What Short-term

investments

should the firm Current Assets

Current engage in?

Liabilities

The Balance-Sheet Model

of the Firm

The Financing Decision

Fixed Assets

Shareholders

1 Tangible

Equity

2 Intangible

raise the money for

the required

Long-Term Debt investments?

Current Assets

Current

Liabilities

The Balance-Sheet Model

of the Firm

The Net Working Capital Decision

Fixed Assets

Shareholders

1 Tangible

Equity

2 Intangible

Working

Current Assets

Capital

Current

Liabilities

Key Activities/Functions of the Financial Manager

1. Performing Financial Analysis and Planning

The concern of financial analysis and planning is with (a) transforming

financial data into a form that can be used to monitor financial condition,

(b) evaluating the need for increased (reduced) productive capacity and

(c) determining the additional/reduced financing required.

2. Making Investment Decisions

Investment decisions determine both the mix and the type of assets held

by a firm. The mix refers to the amount of current assets and fixed

assets.

3. Making Financing Decisions

Financing decisions involve two major areas: first, the most appropriate

mix of short-term and long-term financing; second, the best individual

short-term or long-term sources of financing at a given point of time.

4. Making Dividend Policy Decisions

The dividend decision relates to the distribution and retention of net

profits of a firm (the dividend-pay out ratio).

Separation of Ownership and Control:

Agency Problem

Board of Directors

Debtholders

Shareholders

Management

Debt

Assets

Equity

Agency Problem

An agency problem results when managers as

agents of owners (principal) place personal goals

ahead of corporate goals. Market forces and the

threat of hostile takeover tend to act to

prevent/minimise agency problems. In addition,

firms incur agency costs in the form of monitoring

and bonding expenditures, opportunity costs and

structuring expenditures which involve both

incentive and performance-based compensation

plans to motivate management to act in the best

interest of the shareholders.

Objectives / Goals of the Corporation

(EPS) Maximization---Profit refers to the amount

and share of income which is paid to the owners

of business who supply equity capital)

2. Stockholder Wealth Maximization (Maximizing

the price of the firms common stock)

Objectives / Goals of the Corporation

Profit Maximization v/s Wealth Maximization

1. Ambiguity 1. No Ambiguity (Concept of cash

(Short-term, long-term, total profit flows generated by the decision

or rate of profit, profit before tax or rather than accounting profit)

after tax, return on total capital

employed or total assets or

shareholder's equity)

2. No Time Value of Money (Ignores 2. Time Value of Money (the value of

the difference in the time pattern of a stream of cash flows is calculated

the benefits received in different time by discounting its element back to

period and treats all benefits the present at a discount rate which

irrespective of the timing as equally reflects both time and risk)

valuable)

Objectives / Goals of the Corporation

Profit Maximization v/s Wealth Maximization

3. No Quality of Benefits (It 3. Quality of Benefits (The

ignores degree of certainty with discount rate reflects the risk

which benefits can be expected) preference and time of the

owners or suppliers of capital).

Timing of Benefits

A more important technical objection to profit maximisation, as a guide

to financial decision making, is that it ignores the differences in the

time pattern of the benefits received over the working life of the asset,

irrespective of when they were received.

Time Alternative A (Rs in lakh) Alternative B (Rs in lakh)

Period I 50

Period II 100 100

Period III 50 100

Total 200 200

Quality of Benefits

Probably the most important technical limitation of profit maximization

as an operational objective, is that it ignores the quality aspect of

benefits associated with a financial course of action. The term quality

here refers to the degree of certainty with which benefits can be

expected.

State of Economy Profit (Rs crore)

Alternative A Alternative B

Recession (Period I) 9 0

Normal (Period II) 10 10

Boom (Period III) 11 20

Total 30 30

The Firm and the Financial Markets

The Firm and the Financial Markets:

Financial

Invests Markets

Retained

in Assets cash flows (E)

(B)

Short-term Debt

Current Assets Cash flow Dividends and Long-term Debt

Fixed Assets from firm (C) debt payments (F)

Equity Shares

Taxes (D)

be a cash generating the firm must

activity. exceed the cash

Government

flows from the

financial markets.

Time Value of Money

Time Value of Money

(Time Preference for Money)

Time value of money means that the value of a unit of

money is different in different time periods. Money has

time value.

A rupee today is more valuable than a rupee a year hence

or a rupee a year hence has less value than a rupee

today.

Money has, thus, a future value and a present value.

Time Value of Money

(Time Preference for Money)

Time preference for money is a preference for

possession of a given amount of money now, rather than

the same amount at some future time.

Three reasons may be attributed to the time preference

for money:

Risk

Preference for Consumption

Investment Opportunities

Techniques for Time Value Adjustment

1. Discounting Techniques: The process of calculating

present values of cash flows.

2. Compounding Techniques: The process of calculating

future values of cash flows.

Discounting to calculate PV of Compounding to calculate FV

a expected cash flow of a expected cash flow

$?

$1

i i

0 0 t

Year t

$?

$1

35

Discounting Technique: Present Value

Present Value: Present value of a future cash flow

is the current value of a future amount.

Discounting: Discounting is the process of

determining the present value of a series of future

cash flows or a lump sum amount.

Discount Rate (Required Rate of Return): It is the

interest rate used for discounting cash flows.

The Discounting Process

1. Estimating the Cash flow

Cash flow: The cash that is expected to be received

each period from investing in a particular financial/real

asset.

Reasons why cash flow of financial/real assets is not known:

2. Provisions included in most debt instruments grant the

issuer and/or the investor the right to change how the

borrowed funds are repaid

3. The interest rate the issuer pays can change over the

time the borrowed funds are outstanding

4. The project might fail or generate/realize less cash flows

than expected

faces uncertainty as to the amount and the timing of

dividend payments.

38

2. Determine the appropriate Discount Rate for discounting

the future expected cash flow

It is determined by addressing two questions:

1. What is the minimum interest rate the investor

should require?

The interest rate available in the financial market

on a default(risk)-free cash flow

2. How much more than the minimum interest rate

should the investor require? (Premium required for

perceived risk)

Should reflect the risks associated with realizing

the cash flow expected

3. Value of Financial Assets= PV of Expected Cash Flow

39

Summary of

Discounting

Process

Risk-Free Rate + Risk Premium

40

Calculation of Present Values

41

Present Value:

The One-Period Case (Single Cash Flow)

PV of a single cash flow (lump sum amount) to be received

in future is calculated as follows:

C1

PV =

1+ i

where C1 is cash flow at date 1 and i is the appropriate interest rate

Present Value of a Series of Cash Flows

Multi-Period Case

In many instances, especially in capital budgeting

decisions, we may be interested in the present value of a

series of receipts received by a firm at different time

periods.

n

C1 C2 C3 Cn Ct

PV = + + + ... + =

(1 + i ) (1 + i ) (1 + i )

2 3

(1 + i ) t =1 (1 + i )

n t

C1, C2,C3Cn for time period 1,2,3n

Present Value Tables and Present value interest factor (PVIF)

In order to simplify the present value calculations, present value tables (PV Tables)

are readily available for various ranges of i and n which contain the present value

interest factors (PVIF) at various discount rates and years.

In terms of a formula, it will be:

PV = A (PVIF)

Present value interest factor is the multiplier used to calculate at a specified

discount rate the present value of an amount to be received in a future period.

Example

from now, assuming 10 per cent rate of interest. We have to look in the

10 per cent column of the fifth year in Table. The relevant PVIF as per PV

Table is 0.621.

Therefore, Present Value = Rs 2,000 (0.621) = Rs. 1,242.

The PV Function

= PV(rate, nper, pmt, fv, type)

Computes the present value of a series of equal payments for a

specified number of periods at a specified rate of interest.

Payments can be made at either the beginning or end of each

period.

where rate = the interest rate per period (i.e., per

year, month, etc.), which remains constant

throughout the total number of periods

nper= total number of periods (i.e., number of years,

months, etc.)

pmt = the payment made each period. (Periodic

payments, if any, remain constant throughout the

total number of periods.) 45

ContdThe PV Function

= PV(rate, nper, pmt, fv, type)

fv = the future value, or the cash balance you want to

attain after the last payment is made. If future value

is omitted, it is assumed to be zero (e.g., the future

value of a loan is zero).

type = 0 if periodic payments are made at the end of

each period, 1 if periodic payments are made at the

beginning of each period.

46

The NPV Function for a Series of Cash Flows

= NPV(rate, value1, value2, value3)

Computes the present value of a series

(equal/mixed) of cash flows for a specified number

of periods at a specified rate of interest. Payments

can be made at either the beginning or end of each

period, as specified by the value for type.

47

Net Present Value

It is the difference between the present value

of cash inflows and the present value of cash

outflows.

NPV is used in capital budgeting to analyze

the profitability of an investment or project.

If the NPV of a prospective project is positive,

it is accepted.

If NPV is negative, the project is probably

rejected because cash flows will also be

negative.

48

Net Present Value

n

Ct

NPV = C0 +

t =1 (1 + i )

t

Ct = Cash inflow at time t

i = Discount rate

49

Calculation of Future Values

50

Calculation of Future Values (FV)

The process of going from todays values, or present values

(PVs), to future values (FVs) is called compounding.

Specifically, the process of finding the future values of cash

flows by applying the concept of compound interest.

The general formula for the future value of an investment over

many periods can be written as:

FVn = PV(1 + i)n

where,

PV is cash flow at date 0, r is the appropriate interest rate, and

n is the number of periods over which the cash is invested.

51

The FV Function

= FV(rate, nper, pmt, pv, type)

rate = the interest rate per period (i.e., per year,

month, etc.), which remains constant throughout

the total number of periods

nper= total number of periods (i.e., number of

years, months, etc.)

pmt = the payment made each period (periodic

payments, if any, remain constant throughout the

total number of periods)

52

The FV Function

= FV(rate, nper, pmt, pv, type)

pv= the present value of an investment, or, if

periodic payments are made, the lump sum

amount that the series of future payments is worth

right now

type = 0 if periodic payments are made at the end

of each period, 1 if periodic payments are made at

the beginning of each period.

53

Future (compounded) Value of a Series of Payments

For simplicity, we assume that the compounding time period is one year and payment

is made at the END of each year. Suppose, Mr X deposits each year Rs 500, Rs 1,000,

Rs 1,500, Rs 2,000 and Rs 2,500 in his saving bank account for 5 years. The interest

rate is 5%. He wishes to find the future value of his deposits at the end of the 5th year.

You are required to determine the sum of money he will have.

n nt

FVn = CFt (1 + r )

t =1

where, CF is cash flow at time t, r is the appropriate interest rate, and n is the

number of periods over which the cash is invested.

Comparison of Annual, Semi-annual and Quarterly Compounding

End of year Compounding period

Annual Half-yearly Quarterly

1 Rs 1,060.00 Rs 1,060.90 Rs 1,061.36

2 1,123.60 1,125.51 1,126.49

The effect of compounding more than once a year can also be expressed in the

form of a formula. Earlier equation can be modified as below:

mn

i

FV = PV 1 +

m

in which m is the number of times per year compounding is made and n is the

time period. For semi-annual compounding, m would be 2, while for quarterly

compounding it would equal 4 and if interest is compounded monthly, weekly

and daily, would equal 12, 52 and 365 respectively.

The general applicability of the formula can be shown as follows, assuming the

same figures of Mr Xs savings of Rs 1,000:

1. For semi-annual compounding, Rs 1,000 [1 + (0.06/2)]2x2 = Rs 1,000 (1 +

0.03)4 = Rs 1,125.51

2. For quarterly compounding, Rs 1,000 [1 + (0.06/4)]4x2 = Rs 1,000 (1 +

0.015)8 = Rs 1,126.49

Continuous Compounding

One can compound much more frequently than once a year; one

could compound semiannually, quarterly, monthly, weekly, daily,

hourly, each minute, or even more often. The limiting case would

be to compound multiple times with n is infinite (every

infinitesimal instant), which is commonly called continuous

compounding.

With continuous compounding, the future value at the end of T years is expressed as:

C0(ert)

where C0 is the initial investment, r is the annual interest rate, and T is the number of years

over which the investment runs. The number e is a constant and is approximately equal to

2.718.

Excel Function:

Continuous Compounding Function

=Initial Deposit*EXP(number)

56

Continuous Compounding

57

Continuous Discounting

One can discount much more frequently than once a year; one

could discount semiannually, quarterly, monthly, weekly, daily,

hourly, each minute, or even more often. The limiting case would

be to discounting multiple times with n is infinite (every

infinitesimal instant), which is commonly called continuous

discounting.

With continuous discounting, the present value at the end of T years is expressed as:

C0(e-rt)

where C0 is the initial investment, r is the annual interest rate, and T is the number of years

over which the investment runs. The number e is a constant and is approximately equal to

2.718.

58

Cash Flows: Some Simplifications

Perpetuity

A constant stream of cash flows that lasts forever without

end.

Growing Perpetuity

A stream of cash flows that grows at a constant rate forever.

Annuity

A stream of constant cash flows that lasts for a fixed

number of periods.

Growing Annuity

A stream of cash flows that grows at a constant rate for a

fixed number of periods.

Perpetuity

A constant stream of cash flows that lasts forever without end.

C C C

0 1 2 3

Growing Perpetuity

A growing stream of cash flows that lasts forever.

C C(1+g) C (1+g)2

0 1 2 3

Annuity

A constant stream of cash flows with a fixed maturity.

C C C C

0 1 2 3 T

Note: The present value of receiving the coupons for only T periods

must be less than the present value of a consol, but how much less?

Annuity

Important Observations:

1. Consol 1 is a normal consol with its first payment at date 1. The

first payment of consol 2 occurs at date T+1.

2. The present value of having a cash flow of C at each of T dates is

equal to the present value of consol 1 minus the present value of

consol 2.

Annuity

Important Observations:

3. The present value of consol 1 is given by

4. Consol 2 is just a consol with its first payment at date T+1. From

the perpetuity formula, this consol will be worth C/r at date T.

However, we do not want the value at date T. We want the value

now, in other words, the present value at date 0. We must discount

C/r back by T periods. Therefore, the present value of consol 2 is:

Annuity

Important Observations:

5. The present value of having cash flows for T years is the present

value of a consol with its first payment at date 1 minus the present

value of a consol with its first payment at date at T+1.

6. Thus the present value of an annuity is:

Annuity)

C 1

or PV =

r (1 + r )T

1

Growing Annuity

A growing stream of cash flows with a fixed maturity.

C C(1+g) C (1+g)2 C(1+g)T-1

0 1 2 3 T

C C (1 + g ) C (1 + g )T 1

PV = + ++

(1 + r ) (1 + r ) 2

(1 + r )T

The formula for the present value of a growing annuity:

C 1+ g

T

PV = 1

r g (1 + r )

Growing Annuity: Example

You are evaluating an income property that is providing increasing

rents. Net rent is received at the end of each year. The first year's

rent is expected to be $8,500 and rent is expected to increase 7%

each year. Each payment occur at the end of the year. What is the

present value of the estimated income stream over the first 5 years if

the discount rate is 12%?

$8,500 (1.07) = $8,500 (1.07) 3 =

$8,500 $9,095 $9,731.65 $10,412.87 $11,141.77

0 1 2 3 4 5

$34,706.26

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