Perfect for executive education courses, MBA programs, or any class with an emphasis on translating theory into practice or learning through real-world cases, this exciting new fifth edition of Finance for Executives: Managing for Value Creation illustrates the importance of financial information in maximizing firm value. Highly respected authors Gabriel Hawawini and Claude Viallet draw on their wealth of business and teaching experience to provide a concise, analytically sound introduction to financial management that is neither too simplistic nor too theoretical. The text masterfully balances a thorough exploration of modern finance principles with a strong practical focus on real-world applications and rigorous analysis, whilst also avoiding complicated formulas that have little value for decision-making.

PART I: FINANCIAL CONCEPTS AND TECHNIQUES.
1. Financial Management and Value Creation: An Overview.
2. The Time Value of Money.
3. Risk and Return.
PART II: ANALYZING BUSINESS PERFORMANCE.
4. Interpreting Financial Statements.
5. Assessing Operational Efficiency and Liquidity.
6. Diagnosing Profitability, Risk, and Growth.
PART III: MAKING INVESTMENT DECISIONS.
7. Using the NPV Rule to Make Value-Creating Investment Decisions.
8. Alternatives to the Net Present Value Rule.
9. Identifying and Estimating a Project’s Cash Flows.
PART IV: MAKING FINANCING DECISIONS.
10. Valuing Bonds and Stocks.
11. Raising Capital and Paying Out Cash.
12. Estimating the Cost of Capital.
13. Designing a Capital Structure.
PART V: MAKING BUSINESS DECISIONS.
14. Valuing and Acquiring a Business.
15. Managing Corporate Risk.
16. Making International Business Decisions.
17. Managing for Value Creation.
Answers to Self-Test Questions.
Glossary.

Perfect for executive education courses, MBA programs, or any class with an emphasis on translating theory into practice or learning through real-world cases, this exciting new fifth edition of Finance for Executives: Managing for Value Creation illustrates the importance of financial information in maximizing firm value. Highly respected authors Gabriel Hawawini and Claude Viallet draw on their wealth of business and teaching experience to provide a concise, analytically sound introduction to financial management that is neither too simplistic nor too theoretical. The text masterfully balances a thorough exploration of modern finance principles with a strong practical focus on real-world applications and rigorous analysis, whilst also avoiding complicated formulas that have little value for decision-making. A new set of international companies from the pharmaceutical industry used, including GlaxoSmithKline and Sanofi, to illustrate how to perform a financial analysis using the concepts and techniques presented throughout. Three entirely new chapters: Chapter 2 (The Time value of Money), Chapter 3 (Risk and return), and Chapter 10 (Valuing Bonds and Stocks). Enhanced presentation and discussion of dividend policy and share repurchases in Chapter 11 (Raising Capital and Paying out Cash). Employs a strong problem-scenario approach to present key concepts within the context of realistic financial management issues that executives commonly face. Highly reader-friendly structure and presentation allowing for ease of comprehension. Clearly based on the principle that managers should manage their firm’s resources with the objective of increasing their firm’s value. Excellent use of pedagogy including use of company data to illustrate diagnostic techniques and valuation methods and spreadsheet solutions and formulas. End of chapter self-test and review problems challenge students about what they have learned and can be useful discussion points for lecturers.