Back Matter

Back MatterSource: Financial Management, Vol. 4, No. 4 (Winter, 1975), pp. 66-70Published by: Wiley on behalf of the Financial Management Association InternationalStable URL: http://www.jstor.org/stable/3664943 .

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FMA's Placement Clearinghouse

Appointments Sought and Positions Available

Organizations, academic and non-academic, wishing to list an opening should indicate, in about 25 words, the title of the position; description of duties; salary range; starting date; the name and mailing address of the person or department to contact. Academic administrative openings may be listed on a coded or noncoded basis. For example:

North Pole University: Assistant professor; teach money and banking, corporation finance, investments; September or June 1974; contact: Professor I.M. Crusader, Chairman Finance Department, Graduate School of Business, Shady Lane, North Pole, 70707.

or

XYZ Bank: Assistant vice-president to manage investment portfolio of small national bank; Ph.D. or close to Ph.D. desirable; salary range $25,000- 32,000 depending on qualifications. Contact: Harry Goldstock, Senior Vice- President, 201 Reserve Lane, Sutter City, New York, 08303.

or

Mid-Eastern State University: Dean to direct faculty of thirty-five in the areas of innovative new programs; achieving accreditation; closer ties with business and increased publications. Contact: President Avery Reasonable, Academic City, Missouri, 40111.

Persons wishing to list their interest in new appointments should describe in approximately 25 words their field of interest; degrees; relevant experiences; age and marital status; salary desired; and location preference. For example:

Financial Management and Statistics: Ph.D.; ten years teaching; extensive publications; male; married, two children, 35 years; seeking senior level, graduate teaching and research opportunity; will relocate. Code 105.

As noted in the illustration, each applicant listing will be coded and respondents should refer specifically to the code when contacting the Placement Clearinghouse. The Placement Clearinghouse takes no responsibility for selecting applicants or following up on results. The Clearinghouse will act solely as a distribution point for forwarding inquiries. The Director, however, will appreciate receiving notification of appointments made as a result of the service. Announcements of openings and applicants will be repeated for a maximum of two consecu- tive issues unless a shorter period is requested. Organizations wishing to list faculty and business openings should write or contact:

Dr. James M. Kelly Director, Placement Clearinghouse Drexel University College of Business and Administration Philadelphia, Pa. 19104

Applicants for new appointments should write or contact: Dr. Raymond N. Davis Associate Director, Placement Clearinghouse Temple University School of Business Administration Philadelphia, Pa. 19122

Schools seeking to fill Financial Vice Presidencies, Deanships, or other administrative positions (other than department headships) should write or contact:

Dr. Donald J. Puglisi Associate Director, Placement Clearinghouse College of Business and Economics University of Delaware Newark, Delaware 19711

Financial Management

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66



FINANCIAL MANAGEMENT PLACEMENT CLEARINGHOUSE

The 1976-77 FMA Placement Clearinghouse Resume Book and Position Directory are presently being prepared for publication and distribution during the late summer and early fall of 1976. Standardized position listing forms have been distributed to over 800 colleges and universities. Resume listing forms were sent to over 85 schools with doctoral programs. This rather complete coverage notwithstanding, should you wish to list with the FMA Placement Clearinghouse and do not have the proper form please write or call:

Dr. James M. Kelly Department of Finance and

Statistics Drexel University Philadelphia, PA 19104 215-895-2134

The deadlines for receipt of the resume listings and position listings are July 15, 1976 and August 15, 1976, respectively.

Positions Available

The University of Scranton: A Jesuit institution and an equal opportunity employer, is seeking a faculty member to teach undergraduate and/or graduate accounting courses in its Department of Business and Economics. A PhD is desired but persons who have reasonable expectation of completing the PhD in the near future are encouraged to apply. Rank and salary are commensurate with qualifications and experience. Send resume to: Dr. Joseph R. Zandarski, Chairman, Depart- ment of Business and Economics, Room 107 - O'Hara Hall, Scranton, Pennsylvania 18510.

Louisiana Tech University: Assistant or Associate Professor of Finance; opening effective September, 1976. Specific teaching assignment will depend on applicant's interests and qualifications relative to existing staff; strong interest in quantitative approach is desirable. PhD or DBA. with a major in Finance is required; a publication record or a strong publication potential is highly desirable, three years or more of full-time (equivalent) teaching and/or research experience is necessary for the associate rank. Salary to $19,500. Apply to: Dr. Tom S. Sale, III, Head, Department of Economics and Finance, Box 5388, Tech Station, Ruston, Louisiana 71270. Louisiana Tech is an equal opportunity university.

California State University, Fresno: rank, open; PhD or DBA with major in Finance; evidence of research capabilities; publication record influences rank and salary; to teach undergraduate instruction and graduate seminars in introductory, intermediate and advanced Finance. Contact: Paul M. Lange, Chair- man, Department of Finance and Industry, School of Business

and Administrative Sciences, California State University, Fresno, California 93740.

Rockhurst College: Assistant-Associate Professor; teaching financial management, security analysis, and a specialty; also a strong emphasis on professional continuing education for the business community. Contact: Dr. T. L. Lyon, Director, Gradu- ate Business Program, Rockhurst College, 5225 Troost Avenue, Kansas City, Missouri 64110.

Wittenberg University: Assistant or Associate Professor of Business Administration; minimum qualifications: MBA, doc- torate preferred; primary field Finance plus a secondary area in business administration. Wittenberg, a liberal arts institution, is located in Springfield, Ohio (population 85,000) approximately 45 miles west of Columbus, Ohio and 25 miles east of Dayton, Ohio. The Business Administration Department has seven full- time and one part-time faculty members. Approximately 25% of the 2,400 student body are majoring in business. Rank and salary are dependent upon qualifications. Summer teaching is optional and dependent upon need for faculty. Contact: Dr. Woodrow Wilson, Chairman, Business Administration Depart- ment, Wittenberg University, Springfield, Ohio 45501. Tele- phone 513-327-7905.

Clarkson College: Assistant to Associate Professor; teach corporate finance, investments, financial policy, money and banking; PhD; September, 1976. Interdisciplinary research encouraged. Contact: Ross L. Goble, Dean, School of Management, Pots- dam, New York 13676.

Winter 1975 67



Editorial Advisory Notes for

Financial Management

A Style Sheet for Prospective Authors

Manuscript submission. Manuscripts should be submitted to the Editor at the address shown on the

journal's masthead page. Not less than two copies must be submitted.

Manuscript evaluation fee. There is a nonrefund- able charge of $10 for evaluating manuscripts. Pay- ment of this fee may be made by personal check made payable to the Financial Management Associa- tion. Payment must accompany original submission of the manuscript. If the Editor requests a revision of the manuscript, a fee will not be charged for

subsequent reevaluation of the manuscript. First page. Financial Management evaluates manu-

scripts anonymously. Authors can facilitate this by leaving their identities off the first (title) page, and are requested to do so.

Abstract and biographical statement. An abstract of each article a few sentences in length will be

published in the table of contents of each issue. The author should supply the abstract typed on a

page separate from the text. The abstract must be no more than a few sentences in length. This

separate page should include also the title of the

manuscript, author's(s') name(s), and a biography of each author of about two or three sentences.

Viewpoint. The keystone of Financial Manage- ment's editorial policy is its interest in literature focused on issues in management and decision mak-

ing at the level of the individual unit. As such, the

journal serves the community of executives and academicians concerned with financial management of non-financial businesses, financial institutions, and

public and private nonprofit entities. In general, a

manuscript submitted to Financial Management should assume the perspective of the financial man-

ager at the "level of the firm." The principal criterion of publishability of a

manuscript is instructiveness irrespective of whether it is normative or descriptive. Underlying methodology is in itself a matter of indifference. Methodology should be dictated by the nature of the task assumed by the author.

Mathematical expression - In general, the text of an article in Financial Management should avoid tedious mathematical expression. Derivations and proofs should appear in a mathematical appendix.

The body of the manuscript should contain only resulting mathematical expressions-or formulae- whenever this is sufficient for orderly exposition. When algebraic expressions do appear in the text, they should be accompanied by a prose equivalent of its economic/finance content.

Printing cost is minimized when algebraic expressions appear on one line rather than on two. Thus, instead of having an expression like

k +g

it is preferable to have k = D/P + g.

Clearly, this format is not always usable. For example, it would be almost impossible to have the following in any style other than the way it appears.

o Ft vo= C

tV = t 1 (l+ir)t

When possible, though, the single line format is advisable.

It is often the case that identification of variables is expensive with respect to space and is laborious reading. To minimize the effect on space, enumerative style with one variable and definition per line should be avoided. Rather, when clarity will not suffer, definitions should appear in running style with separation accomplished by commas, semi- colons, or numbering. Occasionally, a conspectus of symbols is warranted at the end of a manuscript to avoid burdening prose exposition unduly.

Avoidance of enumerative style applies as well to prose expression.

Often it is possible to introduce an algebraic expression or formula with prose in a way that allows reading to proceed smoothly. For example, contrast the styles in the two following examples where the first is the preferable one.

Financial Management 68



After defining LT, the author said,

"If total corporate assets were A1, with the amount Al consisting of receivables and A2 representing all other assets, and if the typical shrinkage of those values upon liquidation caused the anticipated recovery percentage to be rl for receivables and r2 for everything else, expected aggregate receipts from the liquidation of the borrower would be:

rlA1 + r2A) = LT"

In contrasting style, the same author wrote, after having defined LI, kl, and D,

"He would come out whole if, but only if:

L1 = rAl > klD

since he would have no recourse to the assets of the parent corporation."

The editors of Financial Management strongly pre- fer the former style.

Footnotes. Reference footnotes will appear in Financial Management collected in an alphabetic listing at the end of each article. Consequently, a reference in the text to a manuscript should note

Exhibit 1. Simplest Capital-Allocation Model

21% A

20% -

19% -'

18%

17% - ME(

16% MEC (APP

Rate 15% -

of 14% K Return 13%

12%

11%

10%

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5SO $100

the appropriate citation by a number that applies to the author's alphabetically ordered references.

The following are examples of our footnote style: 9. Alexander A. Robichek and Stewart C. Myers,

Optimal Financing Decisions, Englewood Cliffs, New Jersey, Prentice-Hall, Inc., 1965.

10. Eli Schwartz and J. Richard Aronson, "Some Surrogate Evidence in Support of the Concept of Optimal Financial Structure," Journal of Fi- nance (March 1967), p. 10.

11. Ezra Solomon, The Theory of Financial Man- agement, New York, Columbia University Press, 1963.

References to these footnotes in the text of the article should appear in brackets (not parentheses) as [9], [10], [11], or if referenced at the same place would be [9, 10, 11]. If accompanied by a page reference, the notation would appear [9, pp. 39-41].

Content footnotes should be minimized. In general, their import should be absorbed in the exposition of the manuscript. Some unavoidable exceptions will be made to this policy. Content footnotes will appear at the foot of the appropriate page.

Courtesy acknowledgements customary in many academic journals will ordinarily not be used. Only in unusual cases will they appear, and then they will

A EC

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$150 $200 Cumulative Investment

Winter 1975 69



be placed at the end of the manuscript immediately before the reference footnotes.

Tables, graphs, and charts. Tables and graphs should all appear on separate pages. In final published form they will appear in the body of the article. All tables, graphs, and charts should be labeled as Exhibits and referred to in the text of the manuscript as "Exhibit 1," "Exhibit 2," etc. Of

course, they should be numbered serially with respect to the order of their first mention in the text.

Authors are responsible for supplying Financial Management with final drafts of camera-ready copy of charts and graphs drawn professionally. A good example of form desired in our graphs is shown on the preceding page.

Financial Management 70



Two new supplements, designed specifically to accompany

MANAGERIAL FINANCE, Fifth Edition and ESSENTIALS OF MANAGERIAL FINANCE, Third Edition J. Fred Weston, University of California Eugene F. Brigham, University of Florida

but which can be used with any other text in the field:

ISSUES IN MANAGERIAL FINANCE Eugene F. Brigham, University of Florida Ramon E. Johnson, University of Utah

A collection of current articles from magazines and journals plus original material written by the authors.

* each selection begins with an introduction which places the article in perspective and explains its importance and applicability

* includes comprehensive case study involving key issues in corporation finance * review questions included at the end of each article.

SOLUTIONS MANUAL AVAILABLE SPRING 1976

DECISIONS IN FINANCIAL MANAGEMENT: CASES, Second Edition Eugene F. Brigham, University of Florida Timothy J. Nantell, University of Michigan Robert T. Aubey, University of Wisconsin Richard H. Pettway, University of Florida

Demonstrates the applicability of finance in the real-world and reinforces coverage of procedures and techniques.

* each case focuses on a single issue * incorporates new developments in the cost of capital and capital budgeting * set of questions accompanies each case

INSTRUCTOR'S MANUAL AVAILABLE SPRING 1976

ALSO AVAILABLE:

MANAGEMENT OF FINANCIAL INSTITUTIONS, Second Edition Alexander A. Robichek, Stanford University Alan B. Coleman, Southern Methodist University George H. Hempel, Washington University

A collection of cases and notes concerning financial management issues in financial institutions.

* integrated so that the institutional setting and principal issues are raised in a logical sequence

* exercises are included with each case

Instructor's Manual including suggested course outlines, solutions and a discussion of each case

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This is the greatest book ever written on the subject of advertising, and undoubtedly the most significant book published on any subject this year. It can change your life and your society. If you buy only one book this year, this should be it.

PUFFERY IN ADVERTISING AND SELLING Ivan L. Preston

This is the story of legalized lying in the marketplace-soft-core de- ception, going under the name of puffery.

The statement at the top of this page is puffery. It is, that is to say, a lie. But it is a legalized lie, and the publisher of this book cannot be challenged in any court in the land.

Puffery is interwoven so tightly into the fabric of American advertising (and, thus, American society) that we rarely recognize it and we are seldom aware of its insidious effects upon the consumer. But puffery's effects are real, they are insidious, and yet-through tradition, precedent, and inac- tion-we continue to tolerate this continuing injury.

Here, Ivan L. Preston analyzes the tradition of puffery from its roots in the era of caveat emptor up to modern consumerism. He explains how puffery is used, why it works, and how it has survived for so long.

Puffery is the last outpost for the seller who wishes to make money by lying, says Preston, and it is ripe for elimination. In this book, he tells why puffery should be eliminated-and how.

WHY CAN THEY LIE? The genesis of this book oc-

curred when Preston could not find, in existing literature, the answer to a seemingly simple question:

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Current laws, he soon found, are based on precedent and not much else. As he dug into the topic, he found that each precedent was based on an older one, and that none of them really made (or makes) much sense. He concluded that puffery is the legal vestige of a bygone age which gives the seller a powerful tool with which to deceive the consumer. Preston, a consumer advocate, finally de- cided that this book had to be written-not only to explain puffery, but to provide an impetus to eliminate it totally from our modern, consumer-oriented marketplace.

Here, Preston presents a lively history of puffery, an insightful look into its present uses and effects upon the consumer, its legal ramifications and government controls (or lack of them), and some sound recommendations for its eradication.

The Great American Blozw-Up will find a welcome place among puffery's supporters and detrac- tors alike: advertising executives, consumer advocates, both marketing and public interest law- yers, lawmakers, and all who share the broad concerns that Ivan L. Preston addresses in this book.

LC 74-27313 ISBN 0-299-06730-0 368 pages cloth $11.95

IVAN L. PRESTON

Ivan L. Preston, Professor in the Schools of Family Resources and Sciences, and Journal- ism and Mass Communication, at the Univer- sity of Wisconsin-Madison, has called upon the experience of a wide-ranging and produc- tive career in the preparation of this book.

By the time Preston had received his Ph.D. from Michigan State University in 1964, he had had experience as a newspaper reporter- photographer, a public relations editor at the Carnegie Institute of Technology, an account executive and assistant for two Pittsburgh advertising agencies, and a research assistant at the Curtis Publishing Company in Philadel- phia. During his twelve-year teaching career, he has constantly kept in touch with the "real world" of advertising through public service involvement and commercial experience, including a summer term with the Leo Burnett agency in Chicago.

Preston has been cited by Journalism Quarterly for being one of the most produc- tive researchers in the field of mass commu- nications. He has published articles on puffery in the New York Times, Advertising Age, and Media & Consumer magazine, as well as research articles on a wide variety of advertising topics in scholarly journals such as Journalism Quarterly, Public Opinion Quarterly, the Journal of Advertising Research, and the Journal of Consumer Affairs. He has served as consultant to the Federal Trade Commission and to other public and private institutions regarding advertising, and has long remained active in both public and private advertising and consumer organizations.

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SHORT SUMMER COURSE IN COBOL PROGRAMMING AND TECHNIQUES

The EDP Clinic, SUNYA of the State

University of New York at Albany an- nounces a two week, short summer course in COBOL programming and techniques. The course is instructional in nature and

develops the basic principles and techniques applied to practical cases starting from be-

ginning foundations. The course will be conducted the weeks of August 16th and

August 23rd, 1976 at the University cam-

pus in Albany, New York. It is designed to be of maximum practical use to the

banking, accounting, insurance, legal, health, financial, manufacturing and retail trade institutions as well as the several polit- ical subdivisions from local, central school districts to the several state and federal

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Emphasis in the first week, Session I, is placed on COBOL fundamentals including basics of programming, file structures and developing practical use of the COBOL skeleton. No previous knowledge or experience are assumed for Session I. The second week stresses more advanced programming techniques, more advanced topics in file structures, sort and merge, table handling and modular and structured programming. Knowledge of and experience with the basics of COBOL are assumed for Session II. The course is an integrated two week course but registrations may be made for either Session I or Session II or both Sessions in accordance with the following schedule.

For further information and to register please communicate with

Session I Session II Session I & II

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American Journal of Edited by William G. Tomek, Cornell University

Agricultural Economics Published by the American Agricultural Economics Association

August 1976 Articles: Harry P. Mapp, Jr., and Vernon R. Eidman, "A Bioeconomic Simulation Analysis of Regulating Groundwater Irrigation"; Fu-Lai Tung, James A. MacMillan, and Charles F. Framingham, "A Dynamic Regional Model for Evaluating Resource Development Programs"; Fred C. White and Bill R. Miller, "Implications of Public School Finance Reform with Local Control"; Wayne D. Purcell and Kenneth E. Nelson, "Recent Changes in Beef Grades"; Clifton B. Luttrell and R. Alton Gilbert, "Crop Yields: Random, Cyclical, or Bunchy?"; Richard W. Simunek, "National Farm Capital Accounts"; and Marc A. Johnson, "Estimating the Influence of Service Quality on Transportation." Plus more Articles, Notes, Book Reviews, News.

Annual membership dues (including Journal) $25; Annual subscription rate $35; Individual copies $10. Contact John C. Redman. Agricultural Economics, University of Kentucky, Lexington, Ky. 40506. Pub- lished in February, Mav, August, November, and December.

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JUST PUBLISHED

FINANCE BOOKS FROM WEST

MANAGERIAL FINANCE: ESSENTIALS Charles Kroncke, University of Wisconsin, Madison Erwin E. Nemmers, Northwestern University Alan E. Grunewald, Michigan State University Cited as a significant contribution to the field of managerial finance, this text offers the essentials of financial decision-

making - just the right balance of tools, theory and practical applications to real-life business problems. Compare it to your present text as you consider the following comments from reviewers: * Chapter 3 ("Financial Ratio Analysis") is the basis for

financial analysis throughout the rest of the student's academic career...and I'm glad to see it given the em-

phasis it deserves. No other text includes percentage com-

position or working capital and the Cash-to-Average- Daily-Purchase Ratio adds significantly to liquidity analysis.

* Chapter 10 on capital budgeting is excellent in providing the students a reason to learn present value techniques and is the best I have seen for the beginning finance student.

* Chapter 11 ("The Cash Flows of Capital Budgeting") is a valuable addition to this text...particularly decision tree enumeration of alternative cash flows...a very realistic and worthwhile teaching device.

* One of the few (if not the only) texts to include cost of short-term debt (Chapter 19) as an integral part of the cost of capital. This is long overdue in texts and to be

applauded in this one.

1976, 504 pages, cloth, $14.95, accompanied by:

Study Guide for Managerial Finance: Essentials Malcolm Richards, Texas A & M University 1976, 222 pages, Paper $5.95

Cases in Financial Management Vincent P. Apilado, Arizona State University Jerry Poe, Arizona State University J. R. Ezzell, Penn State University R. Burr Porter, Southern Methodist University In Press, 225 pages (t.), paper. $7.95 (t.)

Instructor's Manual

FUNDAMENTALS OF INVESTMENTS

Richard Stevenson, University of Iowa Edward Jennings, University of Iowa

Here is the ideal text for clearly presenting traditional investment analysis and contemporary methods at the introductory level. But in addition to such fundamentals as portfolio theory, capital asset pricing, and measurement of investment performance material, the text examines the fol-

lowing areas, given only sketchy treatment in competing texts:

* Complete chapter (#16) devoted to preferred stock.

* Discussion of government securities including money market funds and securities (#19).

* Chapter (#24) on leverage-inherent securities, i.e., war-

rants, rights, mutual funds, and CBOE options.

* Complete chapter (#23) on foreign investments including "How to's" as well as consideration of the risk-return

impact of these investments on the investor.

* Wide variety of investment alternatives, i.e,, investments in commodity futures, art masterpieces, stamps and coins, gold and silver.

1976, 555 oages, cloth, $12.95, accompanied by:

Instructor's Manual

To request your examination copy for adoption considera-

tion, write, indicating course, enrollment, and present text, to:

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WEST PUBLISHING COMPANY



forthcoming:

Ezra Solomon & John Pringe's

AN INTRODUCTION TO

FINANCIAL MANAGEMENT

In 1963 Ezra Solomon's THEORY OF FINANCIAL MANAGEMENT redirected the course of the field. And this spring Goodyear will publish an introductory text, one that is written explicitly to first level students and that integrates the theoretical and empirical advances in the field in the years since that pioneering work. As might be expected, An Introduction to Financial Management is intended to restore some balance to the beginning study of financial management, both by reestablishing finance as applied economics and by emphasizing the workaday application of its concepts. A casebook, prepared by Michael Rice and John Pringle, both of the University of North Carolina at Chapel Hill, will accompany the text, as will a thoroughgoing Instructor's Manual.

CONTENTS The Scope and Setting of Financial Management The Scope and Objectives of Financial Management The Firm and Its Environment Managing Ongoing Operations Revenues, Costs, Profits and Cash Flows Analyzing Financial Performance Developing the Financial Plan Sources of Short and Intermediate Term Funds Managing Cash Managing Accounts Receivable and Inventory Investment Decisions The Time Value of Money Criteria for Investment Decisions Identifying Relevant Cash Flows Using Probability Concepts in Financial Management The Required Rate of Return Determining the Required Rate of Return on an Investment Opportunity Making the Investment Decision Investment Decisions, Valuation, and Returns to Shareholders Financing Decisions Sources of Long Term Financing The Variety of Instruments and Rates Financial Leverage: Debt vs. Equity Determining the Level of Debt Selecting the Form of Debt Dividend Policy Index

Ezra Solomon is Dean Witter Professor of Finance in the Graduate School of Business at Stanford University. A former member of the Council of Economic Advisors, he is the author of MANAGEMENT OF CORPORATE CAPITAL (1959) and THEORY OF FINANCIAL MANAGEMENT (1963). John Pringle is Professor of Finance in the Graduate School of Business Administration at the University of North Carolina, Chapel Hill.

Clip out coupon and mail to: Goodyear Publishing Company, Inc. 15113 Sunset Boulevard Pacific Palisades, California 90272 attn: Pamela Sullivan

I Yes, I would like to be placed on the list to receive a I preview copy of AN INTRODUCTION TO FINANCIAL

MANAGEMENT.

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Financial Management Journals Department University of Wisconsin Press P.O. Box 1379 Madison, Wisconsin 53701 U.S.A.

Return Postage Guaranteed

Second Class Postage paid at

Madison, Wisconsin and at

Additional Entry Points

r COMING IN AUGUST

MODERN DEVELOPMENTS IN FINANCIAL MANAGEMENT

Edited by Stewart C. Myers, Massachusetts Institute of Technology Providing convenient access to the best current thinking in the area of corporate finance, this book is a compact summary of the state of the art in financial management. The most comprehensive reader of leading articles currently available, it is invaluable to graduate or advanced undergraduate students of financial management and to practicing financial managers. The book strikes a balance between theory, the testing of the theory, and concern for problems in practical implementation. Its emphasis is on recent articles, particularly those applying modern portfolio theory and operations research techniques to problems in financial management. Each article has been selected for its theoretical and practical significance. The editor has supplied detailed introductions to clarify con- troversial issues, and to unify the volume into a coherent text for a wide range of courses in financial

~~~~~~~~~~management. ^ 688 pages ca. $8.95 paper/$1 7.50 cloth

<11) Praeger Publishers, Inc. College Division 111 Fourth Avenue New York, New York 10003

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