Fundamentals of corporate finance

Table of Contents and Preface
	Half-title
	Series Page
	Title page
	Copyright Information
	Dedication
	About the Authors
	Preface from the Authors
		The Tax Cuts and Jobs Act (TCJA) is incorporated throughout Ross Fundamentals of Corporate Finance, 13e.
	Coverage
	In-Text Study Features
		CHAPTER-OPENING VIGNETTES
		Chapter Learning Objectives
		PEDAGOGICAL USE OF COLOR
		IN THEIR OWN WORDS BOXES
		WORK THE WEB BOXES
		REAL-WORLD EXAMPLES
		SPREADSHEET STRATEGIES
		CALCULATOR HINTS
		CONCEPT BUILDING
		SUMMARY TABLES
		LABELED EXAMPLES
		KEY TERMS
		EXPLANATORY WEB LINKS
		KEY EQUATIONS
		HIGHLIGHTED CONCEPTS
		EXCEL MASTER
		CHAPTER SUMMARY AND CONCLUSIONS
		CHAPTER REVIEW AND SELF-TEST PROBLEMS
		CONCEPTS REVIEW AND CRITICAL THINKING QUESTIONS
		END-OF-CHAPTER QUESTIONS AND PROBLEMS
		END-OF-CHAPTER CASES
		WEB EXERCISES (ONLINE ONLY)
	Comprehensive Teaching and Learning Package
		TEXTBOOK
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		Student Resources
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		Instructors: Student Success Starts with You
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	Acknowledgments
	Brief Contents
	Contents
		PART 1 Overview of Corporate Finance
		PART 2 Financial Statements and Long-Term Financial Planning
		PART 3 Valuation of Future Cash Flows
		PART 4 Capital Budgeting
		PART 5 Risk and Return
		PART 6 Cost of Capital and Long-Term Financial Policy
		PART 7 Short-Term Financial Planning and Management
		PART 8 Topics in Corporate Finance
	In Their Own Words Boxes
		Chapter 4
		Chapter 7
		Chapter 10
		Chapter 12
		Chapter 14
		Chapter 15
		Chapter 16
		Chapter 17
		Chapter 22
		Chapter 24
	Pedagogical Use of Color
Chapter 1: Introduction to Corporate Finance
	Chapter 1 Introduction
	1.1 Finance: A Quick Look
		FINANCE: THE FIVE MAIN AREAS
		WHY STUDY FINANCE?
	1.2 Corporate Finance and the Financial Manager
		WHAT IS CORPORATE FINANCE?
		THE FINANCIAL MANAGER
		FINANCIAL MANAGEMENT DECISIONS
	1.3 Forms of Business Organization
		SOLE PROPRIETORSHIP
		PARTNERSHIP
		CORPORATION
		A CORPORATION BY ANOTHER NAME . . .
		BENEFIT CORPORATION
	1.4 The Goal of Financial Management
		POSSIBLE GOALS
		THE GOAL OF FINANCIAL MANAGEMENT
		A MORE GENERAL GOAL
		SARBANES-OXLEY
	1.5 The Agency Problem and Control of the Corporation
		AGENCY RELATIONSHIPS
		MANAGEMENT GOALS
		DO MANAGERS ACT IN THE STOCKHOLDERS’ INTERESTS?
		STAKEHOLDERS
	1.6 Financial Markets and the Corporation
		CASH FLOWS TO AND FROM THE FIRM
		PRIMARY VERSUS SECONDARY MARKETS
	1.7 Summary and Conclusions
	Concepts Review and Critical Thinking Questions
	Minicase
		The McGee Cake Company
Chapter 2: Financial Statements, Taxes, and Cash Flow
	Introduction
	2.1 The Balance Sheet
		ASSETS: THE LEFT SIDE
		LIABILITIES AND OWNERS’ EQUITY: THE RIGHT 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
	2.3 Taxes
		CORPORATE TAX RATES
		AVERAGE VERSUS MARGINAL TAX RATES
	2.4 Cash Flow
		CASH FLOW FROM ASSETS
		CASH FLOW TO CREDITORS AND STOCKHOLDERS
		AN EXAMPLE: CASH FLOWS FOR DOLE COLA
	2.5 Summary and Conclusions
	Chapter Review and Self-Test Problem
	Answer to Chapter Review and Self-Test Problem
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Cash Flows and Financial Statements at Sunset Boards, Inc.
Chapter 3: Working with Financial Statements
	Introduction
	3.1 Cash Flow and Financial Statements: A Closer Look
		SOURCES AND USES OF CASH
		THE STATEMENT OF CASH FLOWS
	3.2 Standardized Financial Statements
		COMMON-SIZE STATEMENTS
		COMMON-BASE YEAR FINANCIAL STATEMENTS: TREND ANALYSIS
		COMBINED COMMON-SIZE AND BASE YEAR ANALYSIS
	3.3 Ratio Analysis
		SHORT-TERM SOLVENCY, OR LIQUIDITY, MEASURES
		LONG-TERM SOLVENCY MEASURES
		ASSET MANAGEMENT, OR TURNOVER, MEASURES
		PROFITABILITY MEASURES
		MARKET VALUE MEASURES
		CONCLUSION
	3.4 The DuPont Identity
		A CLOSER LOOK AT ROE
		AN EXPANDED DUPONT ANALYSIS
	3.5 Using Financial Statement Information
		WHY EVALUATE FINANCIAL STATEMENTS?
		CHOOSING A BENCHMARK
		PROBLEMS WITH FINANCIAL STATEMENT ANALYSIS
	3.6 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Ratio Analysis at S&S Air, Inc.
Chapter 4: Long-Term Financial Planning and Growth
	Chapter 4 Introduction
	4.1 What Is Financial Planning?
		GROWTH AS A FINANCIAL MANAGEMENT GOAL
		DIMENSIONS OF FINANCIAL PLANNING
		WHAT CAN PLANNING ACCOMPLISH?
	4.2 Financial Planning Models: A First Look
		A FINANCIAL PLANNING MODEL: THE INGREDIENTS
		A SIMPLE FINANCIAL PLANNING MODEL
	4.3 The Percentage of Sales Approach
		THE INCOME STATEMENT
		THE BALANCE SHEET
		A PARTICULAR SCENARIO
		AN ALTERNATIVE SCENARIO
	4.4 External Financing and Growth
		EFN AND GROWTH
		FINANCIAL POLICY AND GROWTH
		A NOTE ABOUT SUSTAINABLE GROWTH RATE CALCULATIONS
	4.5 Some Caveats Regarding Financial Planning Models
	4.6 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Planning for Growth at S&S Air
Chapter 5: Introduction to Valuation: The Time Value of Money
	Chapter 5 Introduction
	5.1 Future Value and Compounding
		INVESTING FOR A SINGLE PERIOD
		INVESTING FOR MORE THAN ONE PERIOD
		A NOTE ABOUT COMPOUND GROWTH
	5.2 Present Value and Discounting
		THE SINGLE-PERIOD CASE
		PRESENT VALUES FOR MULTIPLE PERIODS
	5.3 More about Present and Future Values
		PRESENT VERSUS FUTURE VALUE
		DETERMINING THE DISCOUNT RATE
		FINDING THE NUMBER OF PERIODS
	5.4 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master-It! Problem
Chapter 6: Discounted Cash Flow Valuation
	Chapter 6 Introduction
	6.1 Future and Present Values of Multiple Cash Flows
		FUTURE VALUE WITH MULTIPLE CASH FLOWS
		PRESENT VALUE WITH MULTIPLE CASH FLOWS
		A NOTE ABOUT CASH FLOW TIMING
	6.2 Valuing Level Cash Flows: Annuities and Perpetuities
		PRESENT VALUE FOR ANNUITY CASH FLOWS
		FUTURE VALUE FOR ANNUITIES
		A NOTE ABOUT ANNUITIES DUE
		PERPETUITIES
		GROWING ANNUITIES AND PERPETUITIES
	6.3 Comparing Rates: The Effect of Compounding
		EFFECTIVE ANNUAL RATES AND COMPOUNDING
		CALCULATING AND COMPARING EFFECTIVE ANNUAL RATES
		EARs AND APRs
		TAKING IT TO THE LIMIT: A NOTE ABOUT CONTINUOUS COMPOUNDING
	6.4 Loan Types and Loan Amortization
		PURE DISCOUNT LOANS
		INTEREST-ONLY LOANS
		AMORTIZED LOANS
	6.5 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master-It! Problem
	Minicase
		The MBA Decision
Chapter 7: Interest Rates and Bond Valuation
	Chapter 7 Introduction
	7.1 Bonds and Bond Valuation
		BOND FEATURES AND PRICES
		BOND VALUES AND YIELDS
		INTEREST RATE RISK
		FINDING THE YIELD TO MATURITY: MORE TRIAL AND ERROR
	7.2 More about Bond Features
		IS IT DEBT OR EQUITY?
		LONG-TERM DEBT: THE BASICS
		THE INDENTURE
	7.3 Bond Ratings
	7.4 Some Different Types of Bonds
		GOVERNMENT BONDS
		ZERO COUPON BONDS
		FLOATING-RATE BONDS
		OTHER TYPES OF BONDS
		SUKUK
	7.5 Bond Markets
		HOW BONDS ARE BOUGHT AND SOLD
		BOND PRICE REPORTING
		A NOTE ABOUT BOND PRICE QUOTES
	7.6 Inflation and Interest Rates
		REAL VERSUS NOMINAL RATES
		THE FISHER EFFECT
		INFLATION AND PRESENT VALUES
	7.7 Determinants of Bond Yields
		THE TERM STRUCTURE OF INTEREST RATES
		BOND YIELDS AND THE YIELD CURVE: PUTTING IT ALL TOGETHER
		CONCLUSION
	7.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		FINANCING S&S AIR’S EXPANSION PLANS WITH A BOND ISSUE
Chapter 8: Stock Valuation
	Chapter 8 Introduction
	8.1 Common Stock Valuation
		CASH FLOWS
		SOME SPECIAL CASES
		COMPONENTS OF THE REQUIRED RETURN
		STOCK VALUATION USING MULTIPLES
	8.2 Some Features of Common and Preferred Stocks
		COMMON STOCK FEATURES
		PREFERRED STOCK FEATURES
	8.3 The Stock Markets
		DEALERS AND BROKERS
		ORGANIZATION OF THE NYSE
		NASDAQ OPERATIONS
		STOCK MARKET REPORTING
	8.4 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Stock Valuation at Ragan, Inc.
Chapter 9: Net Present Value and Other Investment Criteria
	Chapter 9 Introduction
	9.1 Net Present Value
		THE BASIC IDEA
		ESTIMATING NET PRESENT VALUE
	9.2 The Payback Rule
		DEFINING THE RULE
		ANALYZING THE RULE
		REDEEMING QUALITIES OF THE RULE
		SUMMARY OF THE RULE
	9.3 The Discounted Payback
	9.4 The Average Accounting Return
	9.5 The Internal Rate of Return
		PROBLEMS WITH THE IRR
		REDEEMING QUALITIES OF THE IRR
		THE MODIFIED INTERNAL RATE OF RETURN (MIRR)
	9.6 The Profitability Index
	9.7 The Practice of Capital Budgeting
	9.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		BULLOCK GOLD MINING
Chapter 10: Making Capital Investment Decisions
	Chapter 10 Introduction
	10.1 Project Cash Flows: A First Look
		RELEVANT CASH FLOWS
		THE STAND-ALONE PRINCIPLE
	10.2 Incremental Cash Flows
		SUNK COSTS
		OPPORTUNITY COSTS
		SIDE EFFECTS
		NET WORKING CAPITAL
		FINANCING COSTS
		OTHER ISSUES
	10.3 Pro Forma Financial Statements and Project Cash Flows
		GETTING STARTED: PRO FORMA FINANCIAL STATEMENTS
		PROJECT CASH FLOWS
		PROJECTED TOTAL CASH FLOW AND VALUE
	10.4 More about Project Cash Flow
		A CLOSER LOOK AT NET WORKING CAPITAL
		DEPRECIATION
		AN EXAMPLE: THE MAJESTIC MULCH AND COMPOST COMPANY (MMCC)
	10.5 Alternative Definitions of Operating Cash Flow
		THE BOTTOM-UP APPROACH
		THE TOP-DOWN APPROACH
		THE TAX SHIELD APPROACH
		CONCLUSION
	10.6 Some Special Cases of Discounted Cash Flow Analysis
		EVALUATING COST-CUTTING PROPOSALS
		SETTING THE BID PRICE
		EVALUATING EQUIPMENT OPTIONS WITH DIFFERENT LIVES
	10.7 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Conch Republic Electronics, Part 1
Chapter 11: Project Analysis and Evaluation
	Chapter 11 Introduction
	11.1 Evaluating NPV Estimates
		THE BASIC PROBLEM
		PROJECTED VERSUS ACTUAL CASH FLOWS
		FORECASTING RISK
		SOURCES OF VALUE
	11.2 Scenario and Other What-If Analyses
		GETTING STARTED
		SCENARIO ANALYSIS
		SENSITIVITY ANALYSIS
		SIMULATION ANALYSIS
	11.3 Break-Even Analysis
		FIXED AND VARIABLE COSTS
		ACCOUNTING BREAK-EVEN
		ACCOUNTING BREAK-EVEN: A CLOSER LOOK
		USES FOR THE ACCOUNTING BREAK-EVEN
	11.4 Operating Cash Flow, Sales Volume, and Break-Even
		ACCOUNTING BREAK-EVEN AND CASH FLOW
		SALES VOLUME AND OPERATING CASH FLOW
		CASH FLOW, ACCOUNTING, AND FINANCIAL BREAK-EVEN POINTS
	11.5 Operating Leverage
		THE BASIC IDEA
		IMPLICATIONS OF OPERATING LEVERAGE
		MEASURING OPERATING LEVERAGE
		OPERATING LEVERAGE AND BREAK-EVEN
	11.6 Capital Rationing
		SOFT RATIONING
		HARD RATIONING
	11.7 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Conch Republic Electronics, Part 2
Chapter 12: Some Lessons from Capital Market History
	Chapter 12 Introduction
	12.1 Returns
		DOLLAR RETURNS
		PERCENTAGE RETURNS
	12.2 The Historical Record
		A FIRST LOOK
		A CLOSER LOOK
	12.3 Average Returns: The First Lesson
		CALCULATING AVERAGE RETURNS
		AVERAGE RETURNS: THE HISTORICAL RECORD
		RISK PREMIUMS
		THE FIRST LESSON
	12.4 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: A YEAR TO REMEMBER
		USING CAPITAL MARKET HISTORY
		MORE ON THE STOCK MARKET RISK PREMIUM
	12.5 More about Average Returns
		ARITHMETIC VERSUS GEOMETRIC AVERAGES
		CALCULATING GEOMETRIC AVERAGE RETURNS
		ARITHMETIC AVERAGE RETURN OR GEOMETRIC AVERAGE RETURN?
	12.6 Capital Market Efficiency
		PRICE BEHAVIOR IN AN EFFICIENT MARKET
		THE EFFICIENT MARKETS HYPOTHESIS
		SOME COMMON MISCONCEPTIONS ABOUT THE EMH
		THE FORMS OF MARKET EFFICIENCY
	12.7 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		A JOB AT S&S AIR
Chapter 13: Return, Risk, and the Security Market Line
	Chapter 13 Introduction
	13.1 Expected Returns and Variances
		EXPECTED RETURN
		CALCULATING THE VARIANCE
	13.2 Portfolios
		PORTFOLIO WEIGHTS
		PORTFOLIO EXPECTED RETURNS
		PORTFOLIO VARIANCE
	13.3 Announcements, Surprises, and Expected Returns
		EXPECTED AND UNEXPECTED RETURNS
		ANNOUNCEMENTS AND NEWS
	13.4 Risk: Systematic and Unsystematic
		SYSTEMATIC AND UNSYSTEMATIC RISK
		SYSTEMATIC AND UNSYSTEMATIC COMPONENTS OF RETURN
	13.5 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
	13.6 Systematic Risk and Beta
		THE SYSTEMATIC RISK PRINCIPLE
		MEASURING SYSTEMATIC RISK
		PORTFOLIO BETAS
	13.7 The Security Market Line
		BETA AND THE RISK PREMIUM
		THE SECURITY MARKET LINE
	13.8 The SML and the Cost of Capital: A Preview
		THE BASIC IDEA
		THE COST OF CAPITAL
	13.9 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		The Beta for Colgate-Palmolive
Chapter 14: Cost of Capital
	Chapter 14 Introduction
	14.1 The Cost of Capital: Some Preliminaries
		REQUIRED RETURN VERSUS COST OF CAPITAL
		FINANCIAL POLICY AND COST OF CAPITAL
	14.2 The Cost of Equity
		THE DIVIDEND GROWTH MODEL APPROACH
		THE SML APPROACH
	14.3 The Costs of Debt and Preferred Stock
		THE COST OF DEBT
		THE COST OF PREFERRED STOCK
	14.4 The Weighted Average Cost of Capital
		THE CAPITAL STRUCTURE WEIGHTS
		TAXES AND THE WEIGHTED AVERAGE COST OF CAPITAL
		CALCULATING THE WACC FOR EASTMAN CHEMICAL
		SOLVING THE WAREHOUSE PROBLEM AND SIMILAR CAPITAL BUDGETING PROBLEMS
		PERFORMANCE EVALUATION: ANOTHER USE OF THE WACC
	14.5 Divisional and Project Costs of Capital
		THE SML AND THE WACC
		DIVISIONAL COST OF CAPITAL
		THE PURE PLAY APPROACH
		THE SUBJECTIVE APPROACH
	14.6 Company Valuation with the WACC
	14.7 Flotation Costs and the Average Cost of Capital
		THE BASIC APPROACH
		FLOTATION COSTS AND NPV
		INTERNAL EQUITY AND FLOTATION COSTS
	14.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Cost of Capital for Master Tools
Chapter 15: Raising Capital
	Chapter 15 Introduction
	15.1 The Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital
		ENTREPRENEURSHIP
		VENTURE CAPITAL
		SOME VENTURE CAPITAL REALITIES
		VENTURE CAPITAL FIRMS
		CROWDFUNDING
		INITIAL COIN OFFERINGS (ICOS)
		CONCLUSION
	15.2 Selling Securities to the Public: The Basic Procedure
	15.3 Alternative Issue Methods
	15.4 Underwriters
		CHOOSING AN UNDERWRITER
		TYPES OF UNDERWRITING
		THE AFTERMARKET
		THE GREEN SHOE PROVISION
		LOCKUP AGREEMENTS
		THE QUIET PERIOD
		DIRECT LISTING
	15.5 IPOs and Underpricing
		IPO UNDERPRICING: THE 1999–2000 EXPERIENCE
		EVIDENCE ON UNDERPRICING
		THE PARTIAL ADJUSTMENT PHENOMENON
		WHY DOES UNDERPRICING EXIST?
	15.6 New Equity Sales and the Value of the Firm
	15.7 The Costs of Issuing Securities
		THE COSTS OF SELLING STOCK TO THE PUBLIC
		THE COSTS OF GOING PUBLIC: A CASE STUDY
	15.8 Rights
		THE MECHANICS OF A RIGHTS OFFERING
		NUMBER OF RIGHTS NEEDED TO PURCHASE A SHARE
		THE VALUE OF A RIGHT
		EX RIGHTS
		THE UNDERWRITING ARRANGEMENTS
		EFFECTS ON SHAREHOLDERS
	15.9 Dilution
		DILUTION OF PROPORTIONATE OWNERSHIP
		DILUTION OF VALUE: BOOK VERSUS MARKET VALUES
	15.10 Issuing Long-Term Debt
	15.11 Shelf Registration
	15.12 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		S&S Air Goes Public
Chapter 16: Financial Leverage and Capital Structure Policy
	Chapter 16 Introduction
	16.1 The Capital Structure Question
		FIRM VALUE AND STOCK VALUE: AN EXAMPLE
		CAPITAL STRUCTURE AND THE COST OF CAPITAL
	16.2 The Effect of Financial Leverage
		THE BASICS OF FINANCIAL LEVERAGE
		CORPORATE BORROWING AND HOMEMADE LEVERAGE
	16.3 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
	16.4 M&M Propositions I and II with Corporate Taxes
		THE INTEREST TAX SHIELD
		TAXES AND M&M PROPOSITION I
		TAXES, THE WACC, AND PROPOSITION II
		CONCLUSION
	16.5 Bankruptcy Costs
		DIRECT BANKRUPTCY COSTS
		INDIRECT BANKRUPTCY COSTS
	16.6 Optimal Capital Structure
		THE STATIC THEORY OF CAPITAL STRUCTURE
		OPTIMAL CAPITAL STRUCTURE AND THE COST OF CAPITAL
		OPTIMAL CAPITAL STRUCTURE: A RECAP
		CAPITAL STRUCTURE: SOME MANAGERIAL RECOMMENDATIONS
	16.7 The Pie Again
		THE EXTENDED PIE MODEL
		MARKETED CLAIMS VERSUS NONMARKETED CLAIMS
	16.8 The Pecking-Order Theory
		INTERNAL FINANCING AND THE PECKING ORDER
		IMPLICATIONS OF THE PECKING ORDER
	16.9 Observed Capital Structures
	16.10 A Quick Look at the Bankruptcy Process
		LIQUIDATION AND REORGANIZATION
		FINANCIAL MANAGEMENT AND THE BANKRUPTCY PROCESS
		AGREEMENTS TO AVOID BANKRUPTCY
	16.11 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Stephenson Real Estate Recapitalization
Chapter 17: Dividends and Payout Policy
	Chapter 17 Introduction
	17.1 Cash Dividends and Dividend Payment
		CASH DIVIDENDS
		STANDARD METHOD OF CASH DIVIDEND PAYMENT
		DIVIDEND PAYMENT: A CHRONOLOGY
		MORE ABOUT THE EX-DIVIDEND DATE
	17.2 Does Dividend Policy Matter?
		AN ILLUSTRATION OF THE IRRELEVANCE OF DIVIDEND POLICY
		HOMEMADE DIVIDENDS
		A TEST
	17.3 Real-World Factors Favoring a Low Dividend Payout
		TAXES
		FLOTATION COSTS
		DIVIDEND RESTRICTIONS
	17.4 Real-World Factors Favoring a High Dividend Payout
		DESIRE FOR CURRENT INCOME
		TAX AND OTHER BENEFITS FROM HIGH DIVIDENDS
		CONCLUSION
	17.5 A Resolution of Real-World Factors?
		INFORMATION CONTENT OF DIVIDENDS
		THE CLIENTELE EFFECT
	17.6 Stock Repurchases: An Alternative to Cash Dividends
		CASH DIVIDENDS VERSUS REPURCHASE
		REAL-WORLD CONSIDERATIONS IN A REPURCHASE
		SHARE REPURCHASE AND EPS
	17.7 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
	17.8 Stock Dividends and Stock Splits
		SOME DETAILS ABOUT STOCK SPLITS AND STOCK DIVIDENDS
		VALUE OF STOCK SPLITS AND STOCK DIVIDENDS
		REVERSE SPLITS
	17.9 Summary and Conclusions
	Connect to Finance
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		Electronic Timing, Inc.
Chapter 18: Short-Term Finance and Planning
	Chapter 18 Introduction
	18.1 Tracing Cash and Net Working Capital
	18.2 The Operating Cycle and the Cash Cycle
		DEFINING THE OPERATING AND CASH CYCLES
		THE OPERATING CYCLE AND THE FIRM’S ORGANIZATIONAL CHART
		CALCULATING THE OPERATING AND CASH CYCLES
		INTERPRETING THE CASH CYCLE
	18.3 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
	18.4 The Cash Budget
		SALES AND CASH COLLECTIONS
		CASH OUTFLOWS
		THE CASH BALANCE
	18.5 Short-Term Borrowing
		UNSECURED LOANS
		SECURED LOANS
		OTHER SOURCES
	18.6 A Short-Term Financial Plan
	18.7 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problems
	Minicase
		Piepkorn Manufacturing Working Capital Management
Chapter 19: Cash and Liquidity Management
	Chapter 19 Introduction
	19.1 Reasons for Holding Cash
		THE SPECULATIVE AND PRECAUTIONARY MOTIVES
		THE TRANSACTION MOTIVE
		COMPENSATING BALANCES
		COSTS OF HOLDING CASH
		CASH MANAGEMENT VERSUS LIQUIDITY MANAGEMENT
	19.2 Understanding Float
		DISBURSEMENT FLOAT
		COLLECTION FLOAT AND NET FLOAT
		FLOAT MANAGEMENT
		ELECTRONIC DATA INTERCHANGE AND CHECK 21: THE END OF FLOAT?
	19.3 Cash Collection and Concentration
		COMPONENTS OF COLLECTION TIME
		CASH COLLECTION
		LOCKBOXES
		CASH CONCENTRATION
		ACCELERATING COLLECTIONS: AN EXAMPLE
	19.4 Managing Cash Disbursements
		INCREASING DISBURSEMENT FLOAT
		CONTROLLING DISBURSEMENTS
	19.5 Investing Idle Cash
		TEMPORARY CASH SURPLUSES
		CHARACTERISTICS OF SHORT-TERM SECURITIES
		SOME DIFFERENT TYPES OF MONEY MARKET SECURITIES
	19.6 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problem
	Answers to Chapter Review and Self-Test Problem
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		Cash Management at Webb Corporation
	19A Determining the Target Cash Balance
		THE BASIC IDEA
		THE BAT MODEL
		THE MILLER-ORR MODEL: A MORE GENERAL APPROACH
		IMPLICATIONS OF THE BAT AND MILLER-ORR MODELS
		OTHER FACTORS INFLUENCING THE TARGET CASH BALANCE
	Appendix Review and Self-Test Problem
	Answers to Appendix Review and Self-Test Problems
	Questions and Problems
Chapter 20: Credit and Inventory Management
	Chapter 20 Introduction
	20.1 Credit and Receivables
		COMPONENTS OF CREDIT POLICY
		THE CASH FLOWS FROM GRANTING CREDIT
		THE INVESTMENT IN RECEIVABLES
	20.2 Terms of the Sale
		THE BASIC FORM
		THE CREDIT PERIOD
		CASH DISCOUNTS
		CREDIT INSTRUMENTS
	20.3 Analyzing Credit Policy
		CREDIT POLICY EFFECTS
		EVALUATING A PROPOSED CREDIT POLICY
	20.4 Optimal Credit Policy
		THE TOTAL CREDIT COST CURVE
		ORGANIZING THE CREDIT FUNCTION
	20.5 Credit Analysis
		WHEN SHOULD CREDIT BE GRANTED?
		CREDIT INFORMATION
		CREDIT EVALUATION AND SCORING
	20.6 Collection Policy
		MONITORING RECEIVABLES
		COLLECTION EFFORT
	20.7 Inventory Management
		THE FINANCIAL MANAGER AND INVENTORY POLICY
		INVENTORY TYPES
		INVENTORY COSTS
	20.8 Inventory Management Techniques
		THE ABC APPROACH
		THE ECONOMIC ORDER QUANTITY MODEL
		EXTENSIONS TO THE EOQ MODEL
		MANAGING DERIVED-DEMAND INVENTORIES
	20.9 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		CREDIT POLICY AT HOWLETT INDUSTRIES
	20.A More about Credit Policy Analysis
		TWO ALTERNATIVE APPROACHES
		DISCOUNTS AND DEFAULT RISK
	Appendix Review and Self-Test Problems
	Answers to Appendix Review and Self-Test Problems
	Questions and Problems
Chapter 21: International Corporate Finance
	Chapter 21 Introduction
	21.1 Terminology
	21.2 Foreign Exchange Markets and Exchange Rates
		EXCHANGE RATES
	21.3 Purchasing Power Parity
		ABSOLUTE PURCHASING POWER PARITY
		RELATIVE PURCHASING POWER PARITY
	21.4 Interest Rate Parity, Unbiased Forward Rates, and the International Fisher Effect
		COVERED INTEREST ARBITRAGE
		INTEREST RATE PARITY
		FORWARD RATES AND FUTURE SPOT RATES
		PUTTING IT ALL TOGETHER
	21.5 International Capital Budgeting
		METHOD 1: THE HOME CURRENCY APPROACH
		METHOD 2: THE FOREIGN CURRENCY APPROACH
		UNREMITTED CASH FLOWS
	21.6 Exchange Rate Risk
		SHORT-RUN EXPOSURE
		LONG-RUN EXPOSURE
		TRANSLATION EXPOSURE
		MANAGING EXCHANGE RATE RISK
	21.7 Political Risk
		THE TAX CUTS AND JOBS ACT OF 2017
		MANAGING POLITICAL RISK
	21.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		S&S AIR GOES INTERNATIONAL
Chapter 22: Behavioral Finance: Implications for Financial Management
	Chapter 22 Introduction
	22.1 Introduction to Behavioral Finance
	22.2 Biases
		OVERCONFIDENCE
		OVEROPTIMISM
		CONFIRMATION BIAS
	22.3 Framing Effects
		LOSS AVERSION
		HOUSE MONEY
	22.4 Heuristics
		THE AFFECT HEURISTIC
		THE REPRESENTATIVENESS HEURISTIC
		REPRESENTATIVENESS AND RANDOMNESS
		THE GAMBLER’S FALLACY
	22.5 Behavioral Finance and Market Efficiency
		LIMITS TO ARBITRAGE
		BUBBLES AND CRASHES
	22.6 Market Efficiency and the Performance of Professional Money Managers
	22.7 Summary and Conclusions
	Connect to Finance
	Concepts Review and Critical Thinking Questions
	Minicase
		Your 401(K) Account at S&S Air
Chapter 23: Enterprise Risk Management
	Chapter 23 Introduction
	23.1 Insurance
	23.2 Managing Financial Risk
		THE RISK PROFILE
		REDUCING RISK EXPOSURE
		HEDGING SHORT-RUN EXPOSURE
		CASH FLOW HEDGING: A CAUTIONARY NOTE
		HEDGING LONG-TERM EXPOSURE
		CONCLUSION
	23.3 Hedging with Forward Contracts
		FORWARD CONTRACTS: THE BASICS
		THE PAYOFF PROFILE
		HEDGING WITH FORWARDS
	23.4 Hedging with Futures Contracts
		TRADING IN FUTURES
		FUTURES EXCHANGES
		HEDGING WITH FUTURES
	23.5 Hedging with Swap Contracts
		CURRENCY SWAPS
		INTEREST RATE SWAPS
		COMMODITY SWAPS
		THE SWAP DEALER
		INTEREST RATE SWAPS: AN EXAMPLE
	23.6 Hedging with Option Contracts
		OPTION TERMINOLOGY
		OPTIONS VERSUS FORWARDS
		OPTION PAYOFF PROFILES
		OPTION HEDGING
		HEDGING COMMODITY PRICE RISK WITH OPTIONS
		HEDGING EXCHANGE RATE RISK WITH OPTIONS
		HEDGING INTEREST RATE RISK WITH OPTIONS
		ACTUAL USE OF DERIVATIVES
	23.7 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		Chatman Mortgage, Inc.
Chapter 24: Options and Corporate Finance
	Chapter 24 Introduction
	24.1 Options: The Basics
		PUTS AND CALLS
		STOCK OPTION QUOTATIONS
		OPTION PAYOFFS
	24.2 Fundamentals of Option Valuation
		VALUE OF A CALL OPTION AT EXPIRATION
		THE UPPER AND LOWER BOUNDS ON A CALL OPTION’S VALUE
		A SIMPLE MODEL: PART I
		FOUR FACTORS DETERMINING OPTION VALUES
	24.3 Valuing a Call Option
		A SIMPLE MODEL: PART II
		THE FIFTH FACTOR
		A CLOSER LOOK
	24.4 Employee Stock Options
		ESO FEATURES
		ESO REPRICING
		ESO BACKDATING
	24.5 Equity as a Call Option on the Firm’s Assets
		CASE I: THE DEBT IS RISK-FREE
		CASE II: THE DEBT IS RISKY
	24.6 Options and Capital Budgeting
		THE INVESTMENT TIMING DECISION
		MANAGERIAL OPTIONS
	24.7 Options and Corporate Securities
		WARRANTS
		CONVERTIBLE BONDS
		OTHER OPTIONS
	24.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		S&S Air’s Convertible Bond
Chapter 25: Option Valuation
	Chapter 25 Introduction
	25.1 Put-Call Parity
		PROTECTIVE PUTS
		AN ALTERNATIVE STRATEGY
		THE RESULT
		CONTINUOUS COMPOUNDING: A REFRESHER COURSE
	25.2 The Black-Scholes Option Pricing Model
		THE CALL OPTION PRICING FORMULA
		PUT OPTION VALUATION
		A CAUTIONARY NOTE
	25.3 More about Black-Scholes
		VARYING THE STOCK PRICE
		VARYING THE TIME TO EXPIRATION
		VARYING THE STANDARD DEVIATION
		VARYING THE RISK-FREE RATE
		IMPLIED STANDARD DEVIATIONS
	25.4 Valuation of Equity and Debt in a Leveraged Firm
		VALUING THE EQUITY IN A LEVERAGED FIRM
		OPTIONS AND THE VALUATION OF RISKY BONDS
	25.5 Options and Corporate Decisions: Some Applications
		MERGERS AND DIVERSIFICATION
		OPTIONS AND CAPITAL BUDGETING
	25.6 Summary and Conclusions
	Connect to Finance
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Excel Master It! Problem
	Minicase
		Exotic Cuisines Employee Stock Options
Chapter 26: Mergers and Acquisitions
	Chapter 26 Introduction
	26.1 The Legal Forms of Acquisitions
		MERGER OR CONSOLIDATION
		ACQUISITION OF STOCK
		ACQUISITION OF ASSETS
		ACQUISITION CLASSIFICATIONS
		A NOTE ABOUT TAKEOVERS
		ALTERNATIVES TO MERGER
	26.2 Taxes and Acquisitions
		DETERMINANTS OF TAX STATUS
		TAXABLE VERSUS TAX-FREE ACQUISITIONS
	26.3 Accounting for Acquisitions
		THE PURCHASE METHOD
		MORE ABOUT GOODWILL
	26.4 Gains from Acquisitions
		SYNERGY
		REVENUE ENHANCEMENT
		COST REDUCTIONS
		LOWER TAXES
		REDUCTIONS IN CAPITAL NEEDS
		AVOIDING MISTAKES
		A NOTE ABOUT INEFFICIENT MANAGEMENT
	26.5 Some Financial Side Effects of Acquisitions
		EPS GROWTH
		DIVERSIFICATION
	26.6 The Cost of an Acquisition
		CASE I: CASH ACQUISITION
		CASE II: STOCK ACQUISITION
		CASH VERSUS COMMON STOCK
	26.7 Defensive Tactics
		THE CORPORATE CHARTER
		REPURCHASE AND STANDSTILL AGREEMENTS
		POISON PILLS AND SHARE RIGHTS PLANS
		GOING PRIVATE AND LEVERAGED BUYOUTS
		OTHER DEVICES AND JARGON OF CORPORATE TAKEOVERS
	26.8 Some Evidence on Acquisitions: Does M&A Pay?
	26.9 Divestitures and Restructurings
	26.10 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		THE BIRDIE GOLF–HYBRID GOLF MERGER
Chapter 27: Leasing
	Chapter 27 Introduction
	27.1 Leases and Lease Types
		LEASING VERSUS BUYING
		OPERATING LEASES
		FINANCIAL LEASES
	27.2 Accounting and Leasing
	27.3 Taxes, the IRS, and Leases
	27.4 The Cash Flows from Leasing
		THE INCREMENTAL CASH FLOWS
		A NOTE ABOUT TAXES
	27.5 Lease or Buy?
		A PRELIMINARY ANALYSIS
		THREE POTENTIAL PITFALLS
		NPV ANALYSIS
		A MISCONCEPTION
	27.6 A Leasing Paradox
	27.7 Reasons for Leasing
		GOOD REASONS FOR LEASING
		DUBIOUS REASONS FOR LEASING
		OTHER REASONS FOR LEASING
	27.8 Summary and Conclusions
	Connect to Finance
	Chapter Review and Self-Test Problems
	Answers to Chapter Review and Self-Test Problems
	Concepts Review and Critical Thinking Questions
	Questions and Problems
	Minicase
		The Decision to Lease or Buy at Warf Computers
Appendix A
	Appendix A
Appendix B
	Appendix B
		CHAPTER 2
		CHAPTER 3
		CHAPTER 4
		CHAPTER 5
		CHAPTER 6
		CHAPTER 7
		CHAPTER 8
		CHAPTER 9
		CHAPTER 10
		CHAPTER 11
		CHAPTER 12
		CHAPTER 13
		CHAPTER 14
		CHAPTER 15
		CHAPTER 16
		CHAPTER 18
		CHAPTER 19
		CHAPTER 20
		CHAPTER 21
		CHAPTER 24
		CHAPTER 25
		CHAPTER 26
Appendix C
	Appendix C
		CHAPTER 2
		CHAPTER 3
		CHAPTER 4
		CHAPTER 5
		CHAPTER 6
		CHAPTER 7
		CHAPTER 8
		CHAPTER 9
		CHAPTER 10
		CHAPTER 11
		CHAPTER 12
		CHAPTER 13
		CHAPTER 14
		CHAPTER 15
		CHAPTER 16
		CHAPTER 17
		CHAPTER 18
		CHAPTER 19
		APPENDIX 19A
		CHAPTER 20
		APPENDIX 20A
		CHAPTER 21
		CHAPTER 23
		CHAPTER 24
		CHAPTER 25
		CHAPTER 26
		CHAPTER 27
Appendix D
	Appendix D
		CALCULATOR SETTINGS
		SAMPLE PROBLEMS
Formulas Index
	Formulas Index
Name Index
	Name Index
Subject Index
	Subject Index
		A
		B
		C
		D
		E
		F
		G
		H
		I
		J
		K
		L
		M
		N
		O
		P
		Q
		R
		S
		T
		U
		V
		W
		Y
		Z
Additional Student Resources
	Additional Student Resources
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	Figure 7.3 Text Alternative (Chapter 7)
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	Figure 13.1 Text Alternative (Chapter 13)
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	Figure 14.1 Text Alternative (Chapter 14)
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	Figure 17.3 Text Alternative (Chapter 17)
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	Figure 18.6 Text Alternative (Chapter 18)
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	Figure 19.2 Text Alternative (Chapter 19)
	Figure Components of Collection Time Text Alternative (Chapter 19)
	Figure 19.3 Text Alternative (Chapter 19)
	Figure 19.4 Text Alternative (Chapter 19)
	Figure Cash flows for current collection operation Text Alternative (Chapter 19)
	Figure Cash flows for lockbox collection operation Text Alternative (Chapter 19)
	Figure 19.5 Text Alternative (Chapter 19)
	Figure 19.6 Text Alternative (Chapter 19)
	Figure 19A.1 Text Alternative (Chapter 19A)
	Figure 19A.2 Text Alternative (Chapter 19A)
	Figure 19A.3 Text Alternative (Chapter 19A)
	Figure Cash flow diagram for granting credit Text Alternative (Chapter 20)
	Figure 20.1 Text Alternative (Chapter 20)
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	Figure 20.3 Text Alternative (Chapter 20)
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	Figure 20.5 Text Alternative (Chapter 20)
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	Figure Triangle arbitrage diagram Text Alternative (Chapter 21)
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	Figure 22.3 Text Alternative (Chapter 22)
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