Essentials of Corporate Finance

Cover
Title
Copyright
About the Authors
From the Authors
Organization of the Text
Learning Solutions
Comprehensive Teaching and Learning Package
Acknowledgments
Brief Contents
Contents
List of Boxes
PART ONE: OVERVIEW OF FINANCIAL MANAGEMENT
	1 Introduction to Financial Management
		1.1 Finance: A Quick Look
			The Four Basic Areas
				Corporate Finance
				Investments
				Financial Institutions
				International Finance
			Why Study Finance?
				Marketing and Finance
				Accounting and Finance
				Management and Finance
				You and Finance
		1.2 Business Finance and the Financial Manager
			What Is Business Finance?
			The Financial Manager
			Financial Management Decisions
				Capital Budgeting
				Capital Structure
				Working Capital Management
				Conclusion
		1.3 Forms of Business Organization
			Sole Proprietorship
			Partnership
			Corporation
			A Corporation by Another Name…
		1.4 The Goal of Financial Management
			Profit Maximization
			The Goal of Financial Management in a Corporation
			A More General Financial Management Goal
			Sarbanes-Oxley Act
		1.5 The Agency Problem and Control of the Corporation
			Agency Relationships
			Management Goals
			Do Managers Act in the Stockholders\' Interests?
				Managerial Compensation
				Control of the Firm
				Conclusion
			Stakeholders
		1.6 Financial Markets and the Corporation
			Cash Flows to and from the Firm
			Primary versus Secondary Markets
				Primary Markets
				Secondary Markets
		Summary and Conclusions
		Critical Thinking and Concepts Review
		What\'s on the Web?
		CHAPTER CASE: The McGee Cake Company
PART TWO: UNDERSTANDING FINANCIAL STATEMENTS AND CASH FLOW
	2 Financial Statements, Taxes, and Cash Flow
		2.1 The Balance Sheet
			Assets: The Left-Hand Side
			Liabilities and Owners\' Equity: The Right-Hand Side
			Net Working Capital
			Liquidity
			Debt versus Equity
			Market Value versus Book Value
		2.2 The Income Statement
			GAAP and the Income Statement
			Noncash Items
			Time and Costs
			Earnings Management
		2.3 Taxes
			Corporate Tax Rates
			Average versus Marginal Tax Rates
		2.4 Cash Flow
			Cash Flow from Assets
				Operating Cash Flow
				Capital Spending
				Change in Net Working Capital
				Conclusion
				A Note on \"Free\" Cash Flow
			Cash Flow to Creditors and Stockholders
				Cash Flow to Creditors
				Cash Flow to Stockholders
			Conclusion
			An Example: Cash Flows for Dole Cola
			Operating Cash Flow
			Net Capital Spending
			Change in NWC and Cash Flow from Assets
			Cash Flow to Creditors and Stockholders
		Summary and Conclusions
		Chapter Review and Self-Test Problem
		Answer to Chapter Review and Self-Test Problem
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Cash Flows and Financial Statements at Sunset Boards, Inc.
	3 Working with Financial Statements
		3.1 Standardized Financial Statements
			Common-Size Balance Sheets
			Common-Size Income Statements
		3.2 Ratio Analysis
			Short-Term Solvency, or Liquidity, Measures
				Current Ratio
				Quick (or Acid-Test) Ratio
				Cash Ratio
			Long-Term Solvency Measures
				Total Debt Ratio
				Times Interest Earned
				Cash Coverage
			Asset Management, or Turnover, Measures
				Inventory Turnover and Days\' Sales in Inventory
				Receivables Turnover and Days\' Sales in Receivables
				Total Asset Turnover
			Profitability Measures
				Profit Margin
				Return on Assets
				Return on Equity
			Market Value Measures
				Price-Earnings Ratio
				Price-Sales Ratio
				Market-to-Book Ratio
				Enterprise Value-EBITDA Ratio
		3.3 The DUPont Identity
			An Expanded DuPont Analysis
		3.4 Internal and Sustainable Growth
			Dividend Payout and Earnings Retention
			ROA, ROE, and Growth
				The Internal Growth Rate
				The Sustainable Growth Rate
				Determinants of Growth
				A Note on Sustainable Growth Rate Calculations
		3.5 Using Financial Statement Information
			Why Evaluate Financial Statements?
				Internal Uses
				External Uses
			Choosing a Benchmark
				Time-Trend Analysis
				Peer Group Analysis
			Problems with Financial Statement Analysis
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Ratios and Financial Planning at S&S Air, Inc.
PART THREE: VALUATION OF FUTURE CASH FLOWS
	4 Introduction to Valuation: The Time Value of Money
		4.1 Future Value and Compounding
			Investing for a Single Period
			Investing for More Than One Period
		4.2 Present Value and Discounting
			The Single-Period Case
			Present Values for Multiple Periods
		4.3 More on Present and Future Values
			Present versus Future Value
			Determining the Discount Rate
			Finding the Number of Periods
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
	5 Discounted Cash Flow Valuation
		5.1 Future and Present Values of Multiple Cash Flows
			Future Value with Multiple Cash Flows
			Present Value with Multiple Cash Flows
			A Note on Cash Flow Timing
		5.2 Valuing Level Cash Flows: Annuities and Perpetuities
			Present Value for Annuity Cash Flows
				Annuity Tables
				Finding the Payment
				Finding the Rate
			Future Value for Annuities
			A Note on Annuities Due
			Perpetuities
		5.3 Comparing Rates: The Effect of Compounding Periods
			Effective Annual Rates and Compounding
			Calculating and Comparing Effective Annual Rates
			EARs and APRs
			EARs, APRs, Financial Calculators, and Spreadsheets
		5.4 Loan Types and Loan Amortization
			Pure Discount Loans
			Interest-Only Loans
			Amortized Loans
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: S&S Air\'s Mortgage
PART FOUR: VALUING STOCKS AND BONDS
	6 Interest Rates and Bond Valuation
		6.1 Bonds and Bond Valuation
			Bond Features and Prices
			Bond Values and Yields
			Interest Rate Risk
			Finding the Yield to Maturity: More Trial and Error
		6.2 More on Bond Features
			Is It Debt or Equity?
			Long-Term Debt: The Basics
			The Indenture
				Terms of a Bond
				Security
				Seniority
				Repayment
				The Call Provision
				Protective Covenants
		6.3 Bond Ratings
		6.4 Some Different Types of Bonds
			Government Bonds
			Zero Coupon Bonds
			Floating-Rate Bonds
			Other Types of Bonds
		6.5 Bond Markets
			How Bonds Are Bought and Sold
			Bond Price Reporting
				A Note on Bond Price Quotes
		6.6 Inflation and Interest Rates
			Real versus Nominal Rates
			The Fisher Effect
		6.7 Determinants of Bond Yields
			The Term Structure of Interest Rates
			Bond Yields and the Yield Curve: Putting It All Together
			Conclusion
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Financing S&S Air\'s Expansion Plans with a Bond Issue
	7 Equity Markets and Stock Valuation
		7.1 Common Stock Valuation
			Cash Flows
			Some Special Cases
				Zero Growth
				Constant Growth
				Nonconstant Growth
			Components of the Required Return
			Stock Valuation Using Comparables, or Comps
		7.2 Some Features of Common and Preferred Stock
			Common Stock Features
				Shareholder Rights
				Proxy Voting
				Classes of Stock
				Other Rights
				Dividends
			Preferred Stock Features
				Stated Value
				Cumulative and Noncumulative Dividends
				Is Preferred Stock Really Debt?
		7.3 The Stock Markets
			Dealers and Brokers
			Organization of the NYSE
				Members
				Operations
				Floor Activity
			NASDAQ Operations
				ECNs
				Stock Market Reporting
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Stock Valuation at Ragan, Inc.
PART FIVE: CAPITAL BUDGETING
	8 Net Present Value and Other Investment Criteria
		8.1 Net Present Value
			The Basic Idea
			Estimating Net Present Value
		8.2 The Payback Rule
			Defining the Rule
			Analyzing the Rule
			Redeeming Qualities of the Rule
			Summary of the Rule
		8.3 The Average Accounting Return
		8.4 The Internal Rate of Return
			Problems with the IRR
				Nonconventional Cash Flows
				Mutually Exclusive Investments
			Redeeming Qualities of the IRR
			The Modified Internal Rate of Return (MIRR)
				Method 1: The Discounting Approach
				Method 2: The Reinvestment Approach
				Method 3: The Combination Approach
				MIRR or IRR: Which Is Better?
		8.5 The Profitability Index
		8.6 The Practice of Capital Budgeting
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Bullock Gold Mining
	9 Making Capital Investment Decisions
		9.1 Project Cash Flows: A First Look
			Relevant Cash Flows
			The Stand-Alone Principle
		9.2 Incremental Cash Flows
			Sunk Costs
			Opportunity Costs
			Side Effects
			Net Working Capital
			Financing Costs
			Other Issues
		9.3 Pro Forma Financial Statements and Project Cash Flows
			Getting Started: Pro Forma Financial Statements
			Project Cash Flows
				Project Operating Cash Flow
				Project Net Working Capital and Capital Spending
			Projected Total Cash Flow and Value
			The Tax Shield Approach
		9.4 More on Project Cash Flow
			A Closer Look at Net Working Capital
			Depreciation
				Modified ACRS (MACRS) Depreciation
				Bonus Depreciation
				Book Value versus Market Value
			An Example: The Majestic Mulch and Compost Company (MMCC)
				Operating Cash Flows
				Changes in NWC
				Capital Spending
				Total Cash Flow and Value
			Conclusion
		9.5 Evaluating NPV Estimates
			The Basic Problem
			Forecasting Risk
			Sources of Value
		9.6 Scenario and Other What-If Analyses
			Getting Started
			Scenario Analysis
			Sensitivity Analysis
		9.7 Additional Considerations in Capital Budgeting
			Managerial Options and Capital Budgeting
				Contingency Planning
				Strategic Options
				Conclusion
			Capital Rationing
				Soft Rationing
				Hard Rationing
			Summary and Conclusions
			Chapter Review and Self-Test Problems
			Answers to Chapter Review and Self-Test Problems
			Critical Thinking and Concepts Review
			Questions and Problems
			Excel Master It! Problem
			CHAPTER CASE: Conch Republic Electronics
PART SIX: RISK AND RETURN
	10 Some Lessons from Capital Market History
		10.1 Returns
			Dollar Returns
			Percentage Returns
		10.2 The Historical Record
			A First Look
			A Closer Look
		10.3 Average Returns: The First Lesson
			Calculating Average Returns
			Average Returns: The Historical Record
			Risk Premiums
			The First Lesson
		10.4 The Variability of Returns: The Second Lesson
			Frequency Distributions and Variability
			The Historical Variance and Standard Deviation
			The Historical Record
			Normal Distribution
			The Second Lesson
			2008: The Bear Growled and Investors Howled
			Using Capital Market History
			More on the Stock Market Risk Premium
		10.5 More on Average Returns
			Arithmetic versus Geometric Averages
			Calculating Geometric Average Returns
			Arithmetic Average Return or Geometric Average Return?
		10.6 Capital Market Efficiency
			Price Behavior in an Efficient Market
			The Efficient Markets Hypothesis
			Some Common Misconceptions about the EMH
			The Forms of Market Efficiency
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: A Job at S&S Air
	11 Risk and Return
		11.1 Expected Returns and Variances
			Expected Return
			Calculating the Variance
		11.2 Portfolios
			Portfolio Weights
			Portfolio Expected Returns
			Portfolio Variance
		11.3 Announcements, Surprises, and Expected Returns
			Expected and Unexpected Returns
			Announcements and News
		11.4 Risk: Systematic and Unsystematic
			Systematic and Unsystematic Risk
			Systematic and Unsystematic Components of Return
		11.5 Diversification and Portfolio Risk
			The Effect of Diversification: Another Lesson from Market History
			The Principle of Diversification
			Diversification and Unsystematic Risk
			Diversification and Systematic Risk
		11.6 Systematic Risk and Beta
			The Systematic Risk Principle
			Measuring Systematic Risk
			Portfolio Betas
		11.7 The Security Market Line
			Beta and the Risk Premium
				The Reward-to-Risk Ratio
				The Basic Argument
				The Fundamental Result
			The Security Market Line
				Market Portfolios
				The Capital Asset Pricing Model
		11.8 The SML and the Cost of Capital: A Preview
			The Basic Idea
			The Cost of Capital
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: The Beta for FLIR Systems
PART SEVEN: LONG-TERM FINANCING
	12 Cost of Capital
		12.1 The Cost of Capital: Some Preliminaries
			Required Return versus Cost of Capital
			Financial Policy and Cost of Capital
		12.2 The Cost of Equity
			The Dividend Growth Model Approach
				Implementing the Approach
				Estimating g
				Advantages and Disadvantages of the Approach
			The SML Approach
				Implementing the Approach
				Advantages and Disadvantages of the Approach
		12.3 The Costs of Debt and Preferred Stock
			The Cost of Debt
			The Cost of Preferred Stock
		12.4 The Weighted Average Cost of Capital
			The Capital Structure Weights
			Taxes and the Weighted Average Cost of Capital
			Solving the Warehouse Problem and Similar Capital Budgeting Problems
			Calculating the WACC for Eastman Chemical
				Eastman\'s Cost of Equity
				Eastman\'s Cost of Debt
				Eastman\'s WACC
		12.5 Divisional and Project Costs of Capital
			The SML and the WACC
			Divisional Cost of Capital
			The Pure Play Approach
			The Subjective Approach
		12.6 Company Valuation with the WACC
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Cost of Capital for Layton Motors
	13 Leverage and Capital Structure
		13.1 The Capital Structure Question
		13.2 The Effect of Financial Leverage
			The Impact of Financial Leverage
				Financial Leverage, EPS, and ROE: An Example
				EPS versus EBIT
			Corporate Borrowing and Homemade Leverage
		13.3 Capital Structure and the Cost of Equity Capital
			M&M Proposition I: The Pie Model
			The Cost of Equity and Financial Leverage: M&M Proposition II
			Business and Financial Risk
		13.4 Corporate Taxes and Capital Structure
			The Interest Tax Shield
			Taxes and M&M Proposition I
			Conclusion
		13.5 Bankruptcy Costs
			Direct Bankruptcy Costs
			Indirect Bankruptcy Costs
		13.6 Optimal Capital Structure
			The Static Theory of Capital Structure
			Optimal Capital Structure and the Cost of Capital
			Capital Structure: Some Managerial Recommendations
				Taxes
				Financial Distress
		13.7 Observed Capital Structures
		13.8 A Quick Look at the Bankruptcy Process
			Liquidation and Reorganization
				Bankruptcy Liquidation
				Bankruptcy Reorganization
			Financial Management and the Bankruptcy Process
			Agreements to Avoid Bankruptcy
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		CHAPTER CASE: Stephenson Real Estate Recapitalization
	14 Dividends and Dividend Policy
		14.1 Cash Dividends and Dividend Payment
			Cash Dividends
			Standard Method of Cash Dividend Payment
			Dividend Payment: A Chronology
			More on the Ex-Dividend Date
		14.2 Does Dividend Policy Matter?
			An Illustration of the Irrelevance of Dividend Policy
				Current Policy: Dividends Set Equal to Cash Flow
				Alternative Policy: Initial Dividend Greater Than Cash Flow
			A Test
			Some Real-World Factors Favoring a Low Payout
				Taxes
				Flotation Costs
				Dividend Restrictions
			Some Real-World Factors Favoring a High Payout
				Desire for Current Income
				Tax and Legal Benefits from High Dividends
			Clientele Effects: A Resolution of Real-World Factors?
		14.3 Stock Repurchases: An Alternative to Cash Dividends
			Cash Dividends versus Repurchase
			Real-World Considerations in a Repurchase
			Share Repurchase and EPS
		14.4 What We Know and Do Not Know about Dividend and Payout Policies
			Dividends and Dividend Payers
			Corporations Smooth Dividends
			Putting It All Together
			Some Survey Evidence on Dividends
		14.5 Stock Dividends and Stock Splits
			Value of Stock Splits and Stock Dividends
				The Benchmark Case
				Popular Trading Range
			Reverse Splits
		Summary and Conclusions
		Chapter Review and Self-Test Problem
		Answer to Chapter Review and Self-Test Problem
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		CHAPTER CASE: Electronic Timing, Inc.
	15 Raising Capital
		15.1 The Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital
			Venture Capital
			Some Venture Capital Realities
			Choosing a Venture Capitalist
			Conclusion
		15.2 Selling Securities to the Public: The Basic Procedure
			Crowdfunding
			Initial Coin Offerings
		15.3 Alternative Issue Methods
		15.4 Underwriters
			Choosing an Underwriter
			Types of Underwriting
				Firm Commitment Underwriting
				Best Efforts Underwriting
				Dutch Auction Underwriting
			The Green Shoe Provision
			The Aftermarket
			Lockup Agreements
			The Quiet Period
			Direct Listing
		15.5 IPOs and Underpricing
			Evidence on Underpricing
			IPO Underpricing: The 1999–2000 Experience
			The Partial Adjustment Phenomenon
			Why Does Underpricing Exist?
		15.6 New Equity Sales and the Value of the Firm
		15.8 Issuing Long-Term Debt
		15.9 Shelf Registration
		Summary and Conclusions
		Chapter Review and Self-Test Problem
		Answer to Chapter Review and Self-Test Problem
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		CHAPTER CASE: S&S Air Goes Public
PART EIGHT: SHORT-TERM FINANCIAL MANAGEMENT
	16 Short-Term Financial Planning
		16.1 Tracing Cash and Net Working Capital
		16.2 The Operating Cycle and the Cash Cycle
			Defining the Operating and Cash Cycles
				The Operating Cycle
				The Cash Cycle
			The Operating Cycle and the Firm\'s Organizational Chart
			Calculating the Operating and Cash Cycles
				The Operating Cycle
				The Cash Cycle
			Interpreting the Cash Cycle
		16.3 Some Aspects of Short-Term Financial Policy
			The Size of the Firm\'s Investment in Current Assets
			Alternative Financing Policies for Current Assets
			Which Financing Policy Is Best?
			Current Assets and Liabilities in Practice
		16.4 The Cash Budget
			Sales and Cash Collections
			Cash Outflows
			The Cash Balance
		16.5 Short-Term Borrowing
			Unsecured Loans
			Secured Loans
				Accounts Receivable Financing
				Inventory Loans
			Other Sources
		16.6 A Short-Term Financial Plan
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		Chapter Case: Piepkorn Manufacturing Working Capital Management, Part 1
	17 Working Capital Management
		17.1 Float and Cash Management
			Reasons for Holding Cash
				The Speculative and Precautionary Motives
				The Transaction Motive
				Benefits of Holding Cash
			Understanding Float
				Disbursement Float
				Collection Float and Net Float
				Float Management
				Ethical and Legal Questions
				Electronic Data Interchange and Check 21: The End of Float?
		17.2 Cash Management: Collection, Disbursement, and Investment
			Cash Collection and Concentration
				Components of Collection Time
				Cash Collection
				Lockboxes
				Cash Concentration
			Managing Cash Disbursements
				Increasing Disbursement Float
				Controlling Disbursements
			Investing Idle Cash
				Temporary Cash Surpluses
				Characteristics of Short-Term Securities
				Some Different Types of Money Market Securities
		17.3 Credit and Receivables
			Components of Credit Policy
			Terms of Sale
				The Basic Form
				The Credit Period
				Cash Discounts
				Credit Instruments
			Optimal Credit Policy
				The Total Credit Cost Curve
				Organizing the Credit Function
			Credit Analysis
				Credit Information
				Credit Evaluation and Scoring
			Collection Policy
				Monitoring Receivables
				Collection Effort
		17.4 Inventory Management
			The Financial Manager and Inventory Policy
			Inventory Types
			Inventory Costs
		17.5 Inventory Management Techniques
			The ABC Approach
			The Economic Order Quantity Model
				Inventory Depletion
				Carrying Costs
				Shortage Costs
				Total Costs
			Extensions to the EOQ Model
				Safety Stocks
				Reorder Points
			Managing Derived-Demand Inventories
				Materials Requirements Planning
				Just-in-Time Inventory
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Chapter Case: Piepkorn Manufacturing Working Capital Management, Part 2
PART NINE: TOPICS IN BUSINESS FINANCE
	18 International Aspects of Financial Management
		18.1 Terminology
		18.2 Foreign Exchange Markets and Exchange Rates
			Exchange Rates
				Exchange Rate Quotations
				Cross-Rates and Triangle Arbitrage
			Types of Transactions
		18.3 Purchasing Power Parity
			Absolute Purchasing Power Parity
			Relative Purchasing Power Parity
				The Basic Idea
				The Result
				Currency Appreciation and Depreciation
		18.4 Exchange Rates and Interest Rates
			Covered Interest Arbitrage
			Interest Rate Parity
		18.5 Exchange Rate Risk
			Short-Run Exposure
			Long-Run Exposure
			Translation Exposure
			Managing Exchange Rate Risk
		18.6 Political Risk
			The Tax Cuts and Jobs Act
			Managing Political Risk
		Summary and Conclusions
		Chapter Review and Self-Test Problems
		Answers to Chapter Review and Self-Test Problems
		Critical Thinking and Concepts Review
		Questions and Problems
		What\'s on the Web?
		Excel Master It! Problem
		Chapter Case: S&S Air Goes International
Appendix A: Mathematical Tables
Appendix B: Key Equations
Appendix C: Answers to Selected End- of-Chapter Problems
Appendix D: Using the HP-10B and TI BA II Plus Financial Calculators
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Name Index
Subject Index
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