Business finance : theory and practice by Eddie McLaney

By Eddie McLaney

Enterprise Financehas a real-world flavour, exploring the theories surrounding monetary selection making and bearing on those theories to what occurs within the genuine international.

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A straightforward example of a derivative is an option to buy or sell a specified asset, on a specified date or within a specified range of dates (the exercise date), for a specified price (the exercise price). For example, a UK exporter who has made a sale in euros, and expects the cash to be received in two months’ time, may buy the option to sell the euros for sterling at a price set now, but where delivery of the euros would not take place until receipt from the customer in two months’ time. Note that this is a right to sell but not an obligation.

Much of this book will be concerned with the ways in which assessment of data relating to financial decisions should be carried out. Step 5: Implement the decision It is pointless taking time and trouble to make good decisions if no attempt is to be made to ensure that action follows the decision. Such action is not restricted to what is necessary to set the selected option into motion, but includes controlling it through its life. Steps should be taken to ensure, or to try to ensure, that what was planned actually happens.

One year after buying the machine and launching the product, it is obvious that there is little demand for plastic ducks. At that point it is not possible to decide not to enter into the project a year earlier, but it is possible and may very well be desirable to abandon production immediately to avoid throwing good money after bad. In practice most of the monitoring of financial decisions is through the accounting system, particularly the budgetary control routines. 2 Business objectives What businesses are seeking to achieve, and therefore what investment and financing decisions should try to promote, is a question central to business finance, and one that has attracted considerable discussion as the subject has developed.

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