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By Richard Pike

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Extra info for Corporate Finance and Investment: Decisions & Strategies, 6th Edition

Sample text

This chapter provides an overview of these markets, and the major institutions within them, paying particular attention to the Stock Exchange. 2 FINANCIAL MARKETS financial market Any market in which financial assets and liabilities are traded A financial market is any mechanism for trading financial assets or securities. A security is a legal contract giving the right to receive future benefits under a stated set of conditions. Examples of financial securities range from the mortgage on a house or lease on a car to securities that are traded on financial markets, termed marketable securities.

QXD 12 10/27/08 12:29 PM Page 12 Part I A framework for financial decisions and controls to do so. Agency costs are the difference between the return expected from an efficient agency contract and the actual return, given that managers may act more in their own interests than the interests of shareholders. 4 Identify some potential agency problems that may arise between shareholders and managers. 9 MANAGING THE AGENCY PROBLEM To attempt to deal with such agency problems, various incentives and controls have been recommended, all of which incur costs.

Good cash management therefore lies at the heart of a healthy business. Let us now consider the major sources and uses of cash for a typical business. QXD 8 10/27/08 12:29 PM Page 8 Part I A framework for financial decisions ■ Sources and uses of cash Shareholders’ funds shareholders’ funds/ equity capital Money invested by shareholders and profits retained in the company The largest proportion of long-term finance is usually provided by shareholders and is termed shareholders’ funds or equity capital.

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