Financial Management in Agriculture / Edition 6

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Overview

Financial Management in Agriculture, Seventh Edition, introduces students to modern concepts and tools of finance, developed and applied to the agricultural sector. Using case studies, practical problems, and a lucid presentation, the text focuses on planning, analyzing, and controlling business performance in agriculture and related financial markets. This new edition addresses recent structural changes in the food system, covering important topics such as the growth in vertical coordination within the food and fiber system, and the significant implications for financial analysis and risk management by those managing or financing the agricultural sector.

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Editorial Reviews

Booknews
A textbook for undergraduate and beginning graduate students who are assumed to have some acquaintance with microeconomic principles and with statistics. Barry is joined by Paul N. Ellinger, C. B. Baker (all U. of Illinois-Urbana-Champaign) and John A. Hopkin (Texas A&M U.) to develop and apply concepts, analytical methods, and descriptive information for managers of farms. They particularly point out how economics in agriculture differ from that in other industries because of the risk factors, and special financial institutions and lending programs. Earlier editions were published between 1973 and 1995. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780813431765
  • Publisher: Prentice Hall
  • Publication date: 9/15/1999
  • Edition description: 6TH
  • Edition number: 6
  • Pages: 682
  • Product dimensions: 6.97 (w) x 10.02 (h) x 1.41 (d)

Table of Contents

Preface v
Section 1 Introduction
1. Nature and Scope of Financial Management 3
The Financial Function 3
Risk and Time 5
Tools of Financial Management 6
Structural Characteristics of Agricultural Finance 10
Implications of Risk and Liquidity
2. Managerial Goals 21
Goal Identification 21
Life Cycle of the Firm 34
Section 2 Financial Analysis, Planning, and Control
3. Financial Statements and Information Flows 41
An Agricultural Accounting Perspective 42
Coordinated Financial Statements 43
Projecting Financial Performance 66
Computer Technology 82
Accounting for Income Tax Obligations 83
4. Financial Analysis and Control 91
The Financial Control Process 91
Characteristics of Goal Measures 94
The Tools of Financial Analysis 95
Explaining Changes in Ratios 121
5. Financial Planning and Feasibility Analysis 133
An Overview of Financial Planning 133
Financing Current Assets 135
Financing Depreciable Assets 140
Financing Fixed Assets 142
Repayment Plans 143
Sources for Loan Repayment: An Example 145
Analyzing Debt Structure 148
Analyzing Financial Feasibility 148
Section 3 Capital Structure, Liquidity, and Risk Management
6. Capital Structure, Leverage, and Financial Risk 159
Capital Costs and Leverage 160
Firm Growth in Agriculture 166
Financial Leverage and Firm Growth 168
Leverage and Risk 172
The Leverage Choice 178
Proprietor Withdrawals 178
Resource Productivity and Growth 179
External Financing 180
Market Demand 181
7. Liquidity, Lender-Borrower Relationships, and Credit Evaluation 187
Needs for Liquidity 188
Sources of Liquidity 190
Credit Concepts and Borrowing Behavior 194
Lender-Borrower Relationships 197
Determinants of Credit and the Cost of Borrowing 199
The Credit Profile 203
Lender Preferences and Resource Allocation 206
Credit Evaluation and Scoring Procedures 208
8. Risk Management 219
A Risk Management Perspective 220
Fundamentals of Diversification 221
Diversification, Risk, and Financial Servicing Capacity 229
Enterprise Diversification in Agriculture 233
Marketing Alternatives 235
Flexibility 237
Financial Responses to Risk 238
Section 4 Capital Budgeting and Long-Term Decision Making
9. The Time Value of Money 249
Concepts of Time Value 249
Compound Interest 250
Future Value of a Present Sum 251
Present Value of a Future Payment 252
Applications of Single-Payment Formulas 254
Annual Interest and Compounding 256
Present Value of a Series of Payments 257
Present Value of a Uniform Series 258
Present Value of an Infinite Uniform Series 259
Future Value of a Series of Payments 260
Future Value of a Uniform Series 261
Applications of Series Formulas 262
Present Value of a Constant-Growth Series 264
The Effects of Time and Interest Rates on Present and Future Values 266
Review of Formulas 269
10. Capital Budgeting Methods 273
Identification of Alternatives 273
Capital Budgeting Methods 274
Data Needs 288
Analysis and Interpretation: A Capital Budgeting Application 294
Appendix Capital Budgeting Using the Weighted Average Cost of Capital 308
11. Capital Budgeting: Inflation, Risk, and Financial Planning 315
Inflation and Capital Budgeting 315
Risk and Capital Budgeting 320
Financial Feasibility of Single Investments 325
Comparing Investments with Different Economic Lives 330
Appendix Asset Replacement 336
12. Controlling Farm Land 343
Characteristics of Farm Land 343
Alternatives in Land Control 344
Land Values 345
Analyzing Land Investments 351
Financial Feasibility of Land Investments 364
Leasing Farm Land 367
13. Leasing Non-Real Estate Assets 379
Types of Leases 379
Issues in Capital Leasing 383
Economics of Leasing 389
14. Costs of Financial Capital 401
Money Costs of Debt Capital 401
Noninterest Money Costs 409
Methods of Computing Interest 410
Effects of Balance Requirements 414
An Application: Determining the Money Costs of Debt Capital 415
Other Costs 418
Costs of Equity Capital 421
Using Costs of Financial Capital 424
Section 5 Financial Markets for Agriculture
15. Financial Intermediation in Agriculture 429
Financial Markets 429
An Historical Perspective 430
Importance of Financial Intermediation 432
Evolution of Financial Markets for Agriculture 435
Credit Sources for Agriculture 436
Equity Capital 439
Conceptualizing Financial Intermediation 440
Identifying Financial Intermediaries 443
The Regulatory Environment 447
Competition in Financial Markets 448
16. The Management Environment for Financial Intermediaries 455
Asset--Liability Management 455
Gap Management and Interest Rate Risk 458
Duration Gap and Interest Rate Risk 460
Other Risk Management Techniques 463
Loan Pricing 464
17. Financial Intermediaries in Agriculture 473
Commercial Banks 474
Farm Credit System 485
Life Insurance Companies 502
Trade Credit 503
Individuals and Seller Financing 509
Farm Service Agency 511
Federal Agricultural Mortgage Corporation (Farmer Mac) 513
Commodity Credit Corporation 516
18. Policy Issues Affecting Financial Markets for Agriculture 523
Monetary and Fiscal Policies 523
International Financial Markets 528
Evaluating Financial Intermediation in Agriculture 532
Regulatory Issues and Credit Policies 536
Section 6 Other Topics
19. Legal Aspects of Agricultural Finance 549
Contracts 549
Notes 550
Real Versus Personal Property 550
Transactions Secured by Real Property 552
Transactions Secured by Personal Property 555
Foreclosure and Bankruptcy 559
Co-ownership of Agricultural Property 560
Other Negotiable Instruments 561
Documents of Title for Goods in Storage or Transit 562
Other Legal Instruments and Terminology 564
20. Business Organization in Agriculture 569
Evaluative Criteria 569
Organizational Alternatives 572
Appendix Estate Taxes: Implications for Farmers 587
21. Outside Equity Capital in Agriculture 593
The Role of Outside Equity Capital 593
Equity Capital and Limited Partnerships 595
Equity Capital and Corporations 597
Basic Steps in Going Public 602
Equity Capital and Mergers 604
22. Market Structure of Agriculture: Contracts, Integration, and Financing 609
Stages of the Food and Fiber System 609
Types of Vertical Coordination 611
Extent of Vertical Coordination 613
Casual Developments in Vertical Coordination 615
Financing Implications 617
Appendix 623
Glossary (Terms Used in Agricultural Finance) 643
Indexes 665
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