Corporate financial management:
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Upper Saddle River, NJ [u.a.]
Pearson Prentice Hall
2007
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| Edition: | 3. ed., Pearson internat. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | Getr. Zählung graph. Darst. |
| ISBN: | 0132278723 |
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MARC
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| 245 | 1 | 0 | |a Corporate financial management |c Douglas R. Emery ; John D. Finnerty ; John D. Stowe |
| 250 | |a 3. ed., Pearson internat. ed. | ||
| 264 | 1 | |a Upper Saddle River, NJ [u.a.] |b Pearson Prentice Hall |c 2007 | |
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Record in the Search Index
| _version_ | 1804136545360281600 |
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| adam_text | PART 1 ¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
CHAPTER 5 Valuing Bonds and Stocks 111
CHAPTER 6 Risk and Return: Stocks 141
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
CHAPTER 9 Business Investment Rules 216
CHAPTER 10 Capital Budgeting Cash Flows 244
CHAPTER 11 Capital Budgeting in Practice 277
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
CHAPTER 13 Derivatives Applications 339
CHAPTER 14 Agency Theory 375
CHAPTER 15 Capital Market Efficiency 411
PART V ¦ LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
CHAPTER 17 Managing Capital Structure 472
vi
CHAPTER 18 Why Dividend Policy Matters 505
CHAPTER 19 Issuing Securities and the Role of
Investment Banking 546
CHAPTER 20 Long Term Debt 583
CHAPTER 21 Leasing and Other Asset Based
Financing 608
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
CHAPTER 23 Accounts Receivable and Inventory
Management 668
CHAPTER 24 Financial Planning 701
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
CHAPTER 26 Financial Distress
and Restructuring 781
CHAPTER 27 International Corporate Finance 811
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2
PART I ¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
1.1 What is Finance? 3
eBay s Decision to Go Public 3
1.2 Ownership, Control, and Risk 6
1.3 Three Different Views of a Firm 8
1.4 The Role of the Corporation 11
1.5 The Evolution of Finance 14
1.6 A Few Words of Advice 16
Summary 17
Questions 18
Challenging Questions 18
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
2.1 The Competitive Economic
Environment 20
The Opportunity Cost of Selling a Used
Car 20
Dcstth of Occidents! Petroleums
Founder 21
So Whams Baying? 21
Tax Free Municipal Bonds 22
Hewlett Packard s Offer to Take Over
Compaq Computer 22
Actions Venus Words 23
2.2 Value 25
Michael Jordan Played Better
Basketball 25
Airline Companies Use Their Option
to Default 26
Creating the Lockheed Tri Star 27
2.3 Financial Transactions 28
Examples of Diversification 28
Capital Markets React to New
Information 29
Hot Tips and Easy Money 30
Present and Future Values 32
2.4 Capital Markets 32
2.5 The Term Structure of Interest Rates 36
2.6 Business Ethics 38
Summary 39
Equation Summary 40
Questions 40
Challenging Questions 41
Problems 42
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
3.1 The Layout of Accounting Statements 45
3.2 Market Values Versus Book Values 50
Differences in Car Usage 51
The Sampson Company Waterfront
Warehouse 51
SunTrust s Shares of Coca Cola Stock 51
Developing a New Product at Murray
Corporation 52
3.3 Accounting Net Income Versus Cash
Flow 54
Equation Summary 55
Questions 56
Challenging Questions 56
Problems 56
Appendix Analyzing Financial Statements 59
Summary 69
Appendix Review 71
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Tune Value of Money 74
4.1 Rates of Return and Net Present
Value 75
Stock Investment Rates of Return 76
4.2 Valuing Single Cash Flows 77
Calculating a Future Value 80
Grandma s Savings Bond 82
Present Value of a Future Cash Flow 82
The Expected Return for a Bank One
Certificate of Deposit 83
How Long to Double Your Salary 84
4.3 Valuing Annuities 84
Saving for Retirement at Citibank 85
Computing the Present Value of a Car
Loan from GMAC 86
Computing Loan Payments 87
vii
PART !¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
CHAPTER 5 Valuing Bonds and Stocks 111
CHAPTER 6 Risk and Return: Stocks 141
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
CHAPTER 9 Business Investment Rules 216
CHAPTER 10 Capital Budgeting Cash Flows 244
CHAPTER 11 Capital Budgeting in Practice 277
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
CHAPTER 13 Derivatives Applications 339
CHAPTER 14 Agency Theory 375
CHAPTER 15 Capital Market Efficiency 411
PART Vi LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
CHAPTER 17 Managing Capital Structure 472
CHAPTER 18 Why Dividend Policy Matters 505
CHAPTER 19 Issuing Securities and the Role of
Investment Banking 546
CHAPTER 20 Long Term Debt 583
CHAPTER 21 Leasing and Other Asset Based
Financing 608
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
CHAPTER 23 Accounts Receivable and Inventory
Management 668
CHAPTER 24 Financial Planning 701
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
CHAPTER 26 Financial Distress
and Restructuring 781
CHAPTER 27 International Corporate Finance 811
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2
PART 1 ¦ FOUNDATIONS /
CHAPTER 1 Introduction and Overview 2
1.1 What is Finance? 3
eBay s Decision to Go Public 3
1.2 Ownership, Control, and Risk 6
1.3 Three Different Views of a Firm 8
1.4 The Role of the Corporation 11
1.5 The Evolution of Finance 14
1.6 A Few Words of Advice 16
Summary 17
Questions 18
Challenging Questions 18
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
2.1 The Competitive Economic
Environment 20
The Opportunity Cost of Selling a Used
Car 20
Death of Occidental Petroleum s
Founder 21
So Who Was Buying? 21
Tax Free Municipal Bonds 22
Hewlett Packard s Offer to Take Over
Compaq Computer 22
Actions Versus Words 23
2.2 Value 25
Michael Jordan Played Better
Basketball 25
Airline Companies Use Their Option
to Default 26
Creating the Lockheed Tri Star 27
2.3 Financial Transactions 28
Examples of Diversification 28
Capital Markets React to New
Information 29
Hot Tips and Easy Money 30
Present and Future Values 32
2.4 Capital Markets 32
2.5 The Term Structure of Interest Rates 36
2.6 Business Ethics 38
Summary 39
Equation Summary 40
Questions 40
Challenging Questions 41
Problems 42
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
3.1 The Layout of Accounting Statements 45
3.2 Market Values Versus Book Values 50
Differences in Car Usage 51
The Sampson Company Waterfront
Warehouse 51
SunTrust s Shares of Coca Cola Stock 51
Developing a New Product at Murray
Corporation 52
3.3 Accounting Net Income Versus Cash
Flow 54
Summary 55
Equation Summary 55
Questions 56
Challenging Questions 56
Problems 56
Appendix Analyzing Financial Statements 59
Summary 69
Appendix Review 71
PART 11 ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
4.1 Rates of Return and Net Present
Value 75
Stock Investment Rates of Return 76
4.2 Valuing Single Cash Flows 77
Calculating a Future Value 80
Grandmas Savings Bond 82
Present Value of a Future Cash Flow 82
The Expected Return for a Bank One
Certificate of Deposit 83
How Long to Double Your Salary 84
4.3 Valuing Annuities 84
Saving for Retirement at Citibank 85
Computing the Present Value of a Car
Loan from GMAC 86
Computing Loan Payments 87
viii Contents
Saving at the IBM Credit Union
for a Down Payment on a House 87
Amortizing a Loan 88
Computing the Interest Rate on a
Mortgage from Chase Home
Mortgage 89
Computing the Remaining Life of a Car
Loan 89
Computing the Present Value of an
Annuity Starting in the Future 89
Present Value of a Perpetuity 90
Computing the Future Value and Present
Value of an Annuity Due 91
4.4 Multiple Expected Future Cash Flows 91
Computing the Present Value of a Set
of Unequal Future Cash Flows 92
Computing Total Value at Other Points
in Time 93
4.5 Compounding Frequency 94
Computing an APR at Bank
of America 94
Computing the APY from Bank
of America s APR 94
Computing the APY for a Credit
Card 95
Computing an APY with Continuous
Compounding 96
4.6 Partial Time Periods 97
Computing the Present Value of a Single
Future Cash Flow 97
Using a Partial Period to Compute
an APY 97
Computing the Present Value of an
Annuity with Early Cash Flows 98
Computing the Future Value of an
Annuity After It Has Ended 98
4.7 Evaluating Special Financing Offers 99
Cash Back or 0.9% APR from Chevy 99
Computing the Value of a Special
Financing Offer from Chrysler 100
Summary 100
Equation Summary 101
Questions 101
Problems 102
MINICASE The $125 Billion Swiss
Surprise 110
CHAPTER 5 Valuing Bonds and Stocks 111
5.1 Bonds 112
5.2 Bond Valuation 115
Computing the Fair Price of a Ford Credit
Bond 116
Computing the YTM of a Coca Cola
Bond 116
Computing the YTM of a J.C. Penney
Zero Coupon Bond 117
5.3 Bond Riskiness 117
Computing the YTC of an IBM Bond 120
5.4 Stock Valuation 121
Valuing New York Edison Preferred
Stock 122
Valuing DuPont Perpetual Preferred
Stock 122
Investing in Pepperidge Farm Common
Stock 123
5.5 Applying the Dividend Valuation
Model 125
Valuing a Constant Growth Stock:
Procter Gamble 126
Estimating International Paper s
Capitalization Rate 127
Valuing a Supernormal Growth Stock:
Meridian Research 127
Valuing an Erratic Growdi Stock:
Novell 128
5.6 Obtaining Common Stock
Information 129
5.7 The Price/Earnings Ratio 130
Estimating NPVGO: McHandy 132
Summary 132
Equation Summary 133
Questions 133
Challenging Questions 134
Problems 134
MINICASE Bond Yields for Johnson
Johnson 140
CHAPTER 6 Risk and Return: Stocks 141
6.1 Historical Security Returns in the United
States 142
Calculating a Realized APY for the Hasbin
Corporation 143
Calculating a Purchase Price from
a Realized APY 143
6.2 Probability and Statistics 146
IBM s EPS for Next Year 146
Calculating the Mean of IBM s EPS 147
Computing the Variance and Standard
Deviation of IBM s EPS 148
6.3 Expected Return and Specific Risk 149
Calculating IBM s Expected Return 149
6.4 Investment Portfolios 150
Calculating a Portfolio s Risk
and Expected Return 151
6.5 A Prescription for Investing 156
Calculating the Slope of the CML 158
The Market Portfolio s Composition 158
Summary 159
Equation Summary 160
Questions 161
Challenging Questions 161
Problems 161
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
7.1 The Capital Asset Pricing Model
(CAPM) 168
Computing an Expected Return 169
The Stock Market Risk Return
Trade Off 170
7.2 Estimating and Using the CAPM 171
Computing a Beta 171
Stock Value and Investor
Diversification 176
7.3 Multifactor Models 176
7.4 Arbitrage Pricing Theory 177
Applying the APT 178
Applying the Fama French Three Factor
Model 179
7.5 International Considerations 179
Summary 181
Equation Summary 181
Questions 182
Challenging Questions 182
Problems 182
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
8.1 The Cost of Capital 189
8.2 Corporate Valuation 189
Capital Budgeting for Wal Mart 191
8.3 Value and the Risk Return Trade Off 192
A Pure Risk Return Trade Off 192
8.4 Leverage 193
Eastern Mountain Apparel Ski Cap
Production 193
8. 5 Leverage and Risk Bearing 196
Leveraging Per Pet, Inc. 196
Leveraging Your Investment Returns 197
8.6 The Weighted Average Cost
of Capital 197
General Patent s Cost of Capital 198
8.7 A Potential Misuse of the Weighted Average
Cost of Capital 200
Capital Budgeting at American
Airlines 201
Contents ix
Using Risk Classes at Burch Trees,
Inc. 201
8.8 Financial Risk 202
Toshiba s Leveraged Investment 204
8.9 A Practical Prescription for Estimating
a Cost of Capital 206
Calculating Officemate s p^ 206
Expanding Medical Laser Production
at Poly brands 207
Estimating the Cost of Capital with
a Choice of Operating Leverage 208
Summary 208
Equation Summary 209
Questions 210
Challenging Questions 210
Problems 210
MINJCASE Divisional Cost
of Capital 215
CHAPTER 9 Business Investment Rules 216
9.1 The Capital Budgeting Process 217
Strategic Decisions at Boeing: Will
It Fly? 219
9.2 Net Present Value (NPV) 221
Discovering a Positive NPV
Opportunity 221
Computing an NPV 222
9.3 Internal Rate of Return (IRR) 223
Computing an IRR for Reebok 223
9.4 Using NPV and IRR 224
Comparing IRR with NPV at Guess,
Inc 226
Multiple IRRs for Triborg, Inc. 228
9.5 Other Capital Budgeting Criteria 229
Computing the MIRR for Reebok s
Project 230
Computing a Payback 231
Computing a Discounted Payback 232
9.6 Business Investment in Practice 233
Summary 234
Equation Summary 235
Questions 235
Challenging Question 236
Problems 236
MINICASE Getting Off the Ground
at Boeing 243
CHAPTER 10 Capital Budgeting Cash Flows 244
10.1 An Overview of Estimating Cash
Flows 245
10.2 Calculating Incremental Cash Flows 247
Capitalizing Versus Expensing
at Boeing 249
x Contents
Equivalence of Two Methods of
Computing CFAT 251
10.3 An Example of Incremental Cash Flow
Analysis 252
Computing the NPV of Rocky Mountain s
Packaging Machine 254
New Computer Game Systems
at Nintendo 256
10.4 Inflation 257
Monogramming at Christian Dior 258
10.5 A Little More About Taxes 259
Alternative Depreciation Methods
at General Electric 267
10.6 Evaluating Replacement Cycles 262
Replacing Production Machines
at Hoover 263
Replacement Cycle Frequency
at Hoover 265
Computing an Equivalent Annual Annuity
(EAA) 266
Summary 266
Equation Summary 267
Questions 267
Challenging Questions 268
Problems 268
MINICASE The Power to Cool Off
in Florida 276
CHAPTER 11 Capital Budgeting in Practice 277
11.1 A Proposal for Capacity Expansion:
The Price Setting Option 278
11.2 Real Options 280
Future Investment Option for Kosky
Financial Advising 281
To Sell or Not to Sell Joe s Diner 282
Entering the NBA Draft Early 284
Follow on Markets at Hess, Inc. 284
11.3 Capital Rationing 285
Rationing Capital with Artificially High
Discount Rates 285
Capital Rationing with a Budget
Constraint 285
11.4 Managing the Firm s Capital Budget 288
Kroger s New Optical Scanners 290
11.5 Other Factors That Are Difficult
to Quantify 292
11.6 Some Practical Advice 293
Summary 294
Equation Summary 295
Questions 295
Challenging Questions 295
Problems 296
MINICASE Building the Eurotunnel 302
Appendix Additional Methods of Project
Analysis 303
Determining the Financial Indifference
Point (Zero NPV Sales Level) 304
Sensitivity Analysis 305
Scenario Analysis at Kingdom
Catheter 305
Summary 307
Appendix Questions 307
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
12.1 Options 311
An Option View of a Lottery Ticket 312
12.2 Buying and Selling Parts of an Asset s
Return Distribution 314
Computing Outcomes for a Call
Option 316
Computing Outcomes for a Put
Option 317
12.3 Valuing an Option 318
12.4 Some Important Generalizations about
Options 321
12.5 Places to Look for Options 323
The Option in Gibson Greetings s
Treasury Linked Swap 324
12.6 A Simple Model of Option
Valuation 327
The Value of Carl s Call Option 328
12.7 Combining Option Values 328
The Price Setting and Production
Quantity Options 329
A Portfolio of Options 330
Summary 331
Questions 332
Challenging Questions 332
Problems 333
MINICASE A McDonald s Happy
Meal 338
CHAPTER 13 Derivatives Applications 339
13.1 Options 340
13.2 Option Pricing Models 342
Applying the Black Scholes OPM to Value
a Call Option 345
What Happens When the Share Price
Falls? 346
Valuing a Put Option 347
13.3 Warrants 348
An Issue of Warrants 348
13.4 Convertible Securities 350
Time Incorporated^ Forced
Conversion 353
13.5 Swaps 353
McDonald s Interest Rate Swap 354
How Interest Rate Swaps Are Used 355
13.6 Forwards and Futures 358
National Refinings Forward Contract 359
A Treasury Bond Futures Contract 360
13.7 Hedging 361
Hedging Gas Prices 362
Using Options to Hedge at General
Holding 362
Hedging with Futures at PepsiCo 364
Summary 365
Equation Summary 366
Questions 367
Challenging Questions 367
Problems 368
MINICASE Deriving Pride from Issuing
Innovative Securities 373
CHAPTER 14 Agency Theory 375
14.1 Principal Agent Relationships 376
A Principal Agent Conflict 376
14.2 Agency Costs 378
14.3 Stockholder Manager Conflicts 378
Stockholder—Manager Conflict 380
14.4 Debtholder Stockholder Conflicts 381
The Green Canyon Project 384
RJR Nabisco s Leveraged Buyout 388
The Effect of Asset Uniqueness on
Making a Loan 389
14.5 Consumer Firm Conflicts 390
Consumer Firm Conflicts and Chrysler s
Financial Distress 390
14.6 Working in Contractual Relationships 391
Lee Iacocca s First Year Compensation
Package 395
Chryslers Poison Pill 396
How Much Is an Executive Worth? 396
Sallie Mae s Proxy Fight 397
Removing a Restrictive Covenant 398
Choosing the Best Contract 399
14.7 Monitoring 400
The Barings Bankruptcy 401
Summary 402
Questions 403
Challenging Questions 404
Problems 405
MINICASE R.J. Reynolds Bond Value
Goes Up in Smoke 410
Contents xi
CHAPTER 15 Capital Market Efficiency 411
15.1 Efficiency 412
15.2 Liquidity and Value 413
Exchanging Shares of IBM for Wal Mart
Stock 415
Pricing Intel Stock 415
15.3 Arbitrage: Striving for Efficiency 416
Eliminating Arbitrage Opportunities 417
15.4 Signaling and Information Gathering 420
Selling a Used Car 420
15.5 The Collective Wisdom 422
Stock Market Prediction Experts 424
15.6 Value Conservation 425
Dismembering a $10 Bill 426
The Tax Treatment of Zero Coupon
Bonds 427
Going Public 428
Pyramid Schemes 429
15.7 Perfect Capital Markets 430
15.8 What Is the Conclusion on Market
Efficiency? 432
Investors Abandon the Stock Market After
the Dot Com Bust 435
Participation and Investment Allocations
in 401(k) Plans 435
Summary 436
Equation Summary 437
Questions 438
Challenging Questions 438
Problems 439
MINICASE Picking Winners and Losers
441
Useful Websites for Part IV 441
PARTV ¦ LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
16.1 Does Capital Structure Matter? 445
Arbitraging Leverage Valuation
Differences 447
16.2 The Role of Income Taxes 448
Corporate Taxes at Per Pet, Inc. 448
The Cost of Capital at Per Pet, Inc. 450
Personal Taxes at Per Pet, Inc. 452
Neutral Tax Rates 453
16.3 The Role of Agency Costs and Financial
Distress Costs 454
16.4 External Financing Transaction Costs 457
Internal Financing Versus Issuing
Securities 458
Debt Versus Equity Financing 458
16.5 Financial Leverage Clienteles 459
xii Contents
16.6 The Capital Market Imperfections View
of Capital Structure 460
Summary 464
Equation Summary 464
Questions 465
Challenging Questions 465
Problems 466
MINICASE PepsiCo s Capital Structure
Choice 471
CHAPTER 17 Managing Capital Structure 472
17.1 Industry Effects 473
17.2 Factors Affecting a Firm s Choice of Capital
Structure 478
Pro Forma Credit Analysis 479
Leverage and Discovering Oil 480
17.3 Choosing an Appropriate Capital
Structure 481
Comparative Credit Analysis 482
Comparative Credit Analysis
(continued) 482
17.4 Adjusting Present Value and Required
Returns for Capital Structure
Effects 488
17.5 Adjusted Present Value 489
Calculating an APV at Borden 490
17.6 Managing Capital Structure and Its Impact
on Firm Value 491
Calculating Bausch Lomb s
WACC 493
Estimating Conoco s Unleveraged
Required Return 494
17.7 Estimating the WACC for a Capital
Budgeting Project 494
Estimating a Projects WACC
for PepsiCo 495
Summary 497
Equation Summary 498
Questions 498
Challenging Questions 499
Problems 499
MINICASE Debt for Equity Exchange
at American Airlines 504
CHAPTER 18 Why Dividend Policy Matters 505
18.1 Dividend Policy in Practice 506
Initiating a Dividend at FedEx 507
Alcoa s Extra Dividends 509
Dividend Related Events for GE 510
18.2 Why Does Dividend Policy Matter? 512
Illustration of Dividend Irrelevance
to Firm Value and Stockholder
Wealth 514
18.3 Asymmetric Information 516
Microsoft s Dividend Policy 516
Adjusting Dividends for EPS Changes
at Snapple 517
18.4 Transaction Costs 518
18.5 The Role of Income Taxes 519
The Effect of Personal Taxes on Firm
Value 520
18.6 Dividend Policy Guidelines 521
18.7 Applying the Dividend Policy
Guidelines 522
18.8 Share Repurchases 524
Illustration of Equivalence of Dividends
and Share Repurchases 524
Greenmail: Wealth Transfer Through
Share Repurchases 525
Share Buybacks in Japan 526
Unilever s $8 Billion Dividend 526^
Holiday Inns, Inc. s Dutch Auction
Tender Offer 527
18.9 Transferable Put Rights 530
Gillette s Transferable Put Rights
Offering 530
Gillette s Transferable Put Rights
Offering (continued) 531
Gillette s Transferable Put Rights
Offering (continued) 531
Gillette s Transferable Put Rights
Offering (concluded) 532
18.10 Stock Dividends and Stock Splits 533
A 10% Stock Dividend, a 100% Stock
Dividend, and a 2 for l Stock
Split 534
GE s Stock Split 534
Summary 537
Equation Summary 538
Questions 539
Challenging Questions 539
Problems 540
MINICASE CBS s Share Repurchase 545
CHAPTER 19 Issuing Securities and the Role
of Investment Banking 546
19.1 The Long Term Financing Menu 547
19.2 Common Stock 549
19.3 Issuing Securities 551
GM s General Cash (Seasoned) Offer
of Common Stock 552
GM Pension Funds Secondary
Offering 556
19.4 Investment Banking and the Cost
of Issuing Securities 556
19.5 Private Placements 560
19.6 Rights Issues 562
Eurotunnel s Two Rights Issues 563
The Long Island Lighting Company
Rights Offering 564
19.7 Dilution 565
Dilution in Percentage Ownership 566
Dilution in Value: Market Value Versus
Book Value 566
19.8 Going Public and Going Private 567
19.9 Preferred Stock 570
Summary 571
Equation Summary 573
Questions 573
Challenging Questions 573
Problems 574
MINICASE Lucent Technologies IPO 578
Appendix Evaluating the Merits of Innovative
Financing 579
Questions 582
CHAPTER 20 Long Term Debt 583
20.1 Types of Long Term Debt 584
20.2 Main Features of Long Term Debt 585
Debt Covenants 586
20.3 Designing a Long Term Debt Issue 587
Calculating Duration 588
An Optional Redemption Price Schedule
for a Long Term Bond 590
20.4 Recent Innovations in the Bond
Market 591
An Oil Indexed Debt Issue 591
20.5 International Debt Financing 593
Comparing Domestic and Eurobond
Borrowing Costs 594
20.6 Bond Refunding 595
Analyzing a High Coupon Bond
Refunding Opportunity 597
Refunding a Sinking Fund Issue 600
Summary 601
Equation Summary 602
Questions 602
Challenging Questions 602
Problems 603
MINICASE Disney s 100 Year
Bonds 607
CHAPTER 21 Leasing and Other Asset Based
Financing 6108
21.1 Lease Financing 609
Synthetic Leases 612
21.2 Tax and Accounting Treatment of Financial
Leases 613
Contents xiii
21.3 Valuing a Financial Lease 614
Leasing Is an Alternative to
Borrowing 615
A Financial Lease Is Similar to a Secured
Loan 616
NACCOs Net Advantage to Leasing 619
Lease Financing Can Affect the Value
of an Investment Project 619
21.4 Project Financing 621
Project Financing Versus Conventional
Financing 621
21.5 Limited Partnership Financing 623
The Cinema Group Partners Limited
Partnership 624
Calculating the Cost of Limited Partner
Capital 624
Summary 627
Equation Summary 627
Questions 628
Challenging Questions 628
Problems 628
MINICASE Will Leasing Fly
at Continental? 634
Useful Web Sites for Part V 635
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
22.1 Overview of Working Capital
Management 639
22.2 Cash Conversion Cycle 643
Cash Conversion Cycle for Clark
Pharmaceuticals 644
22.3 Cash Management 644
Disbursement Float at Huskie Oil 646
Collection Float at Huskie Oil 647
Cost of a Wire Transfer 648
Profitability of a Lockbox System
at The Gap 648
22.4 Short Term Financing 648
Cost of Trade Credit for Radio Shack 650
Loans with Compensating Balance
Requirements 654
Famous Amos s Cost for a Discounted
Loan 654
Famous Amos s Cost for a Discounted
Installment Loan 655
GE s Interest Plus Commercial Paper
Substitute 657
GMACs Cost of Commercial Paper 657
Summary 659
xiv Contents
Equation Summary 659
Questions 660
Challenging Questions 660
Problems 660
MINICASE Sbort Term Financing
far Breakfast 667
CHAPTER 23 Accounts Receivable and Inventory
Management 668
23.1 Accounts Receivable Management 669
Simple Credit Granting Decision 671
23.2 Credit Standards and Credit
Evaluation 673
Calculating Credit Scores for a Business
Customer 675
Consumer Credit Scoring Model 676
23.3 Monitoring Accounts Receivable 677
Building an Aging Schedule for the Provo
Palace 675
Average Age of Accounts Receivable
for Provo Palace 679
Micro Systems s Collection Fractions
and Receivables Balance Fractions 680
The NPV of Changing Credit
Policy 683
23.4 Inventory Management 684
Officemax s EOQ 686
The EOQ and Quantity Discounts
atOfficemax 687
Order Quantity and Reorder Point
at Oxford Arms 686
Summary 691
Equation Summary 692
Questions 692
Challenging Questions 693
Problems 693
MINICASE Musical Chairs at Home
Depot 700
CHAPTER 24 Financial Planning 701
24.1 The Financial Planning Process 702
24.2 Cash Budgeting 706
Cash Budgeting at the Monet Paint
Company 707
24.3 Pro Forma Financial Statements 709
Pro Forma Financial Statements
for Bluestem Crafts Stores 709
Forecasting Financing Needs
for Cohen 712
Whittaker Industries Long Term
Planning Model 713
24.4 Automating Financial Forecasting 714
Summary 721
Equation Summary 722
Questions 722
Challenging Questions 723
Problems 723
MINICASE Planning New Magic
at Disney 732
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
25.1 What Is Special About a Merger? 737
Lockheed s and Martin Marietta s Merger
of Equals 737
25.2 Why Firms Merge 739
Calculating the Net Advantage
to Merging 739
The Lockheed/Martin Marietta
Horizontal Merger 740
Potential Economics Are Not Always
Realized 741
Sandoz A.G. s Acquisition of Genetic
Therapy, Inc. 742
A Conglomerate Merger Might Not
Increase Shareholder Wealth 742
A Conglomerate Merger Can Benefit
Bondholders at the Expense
of Stockholders 744
25.3 Technical Issues 745
Texaco s Acquisition of Getty Oil 746
Lockheed/Martin Marietta Tax Free
Combination 747
Purchase Accounting 748
25.4 Comparative Analysis of Mergers 749
Analysis of Premiums Paid 751
Comparative Analysis 753
25.5 Discounted Cash Flow Analysis 755
Calculating the NPV of a Potential
Acquisition 760
25.6 The Medium of Payment 767
Impact on the Net Acquisition Cost
in a Stock for Stock Acquisition 762
25.7 Merger Tactics 764
Brooke Group s Proxy Battle with RJR
Nabisco Management 765
25.8 Leveraged Buyouts 768
Summary 769
Equation Summary 770
Questions 771
Challenging Questions 772
Problems 772
MINICASE Is the Lockheed/Martin
Marietta Merger Defensible? 779
CHAPTER 26 Financial Distress and
Restructuring 781
26.1 Corporate Financial Distress and Its
Consequences 782
26.2 A Little History 785
26.3 Early Detection of Financial Distress 786
Applying the Z Scote Model 788
26.4 Reorganization Outside Bankruptcy 789
RJR Nabisco s Exchange Offer 790
26.5 Chapter 11 of the Bankruptcy Code—
Reorganization 791
Reorganization Value Versus Liquidation
Value 791
Cramdown 794
26.6 Prepackaged Plans of Reorganization 797
Crystal Oil Company s Prepackaged
Bankruptcy 797
26.7 Chapter 7 of the Bankruptcy Code—
Liquidation 798
26.8 An International Perspective 799
Olympia York s Bankruptcy 800
Summary 801
Equation Summary 802
Questions 802
Challenging Questions 803
Problems 803
MINICASE Crystal Oil s Prepackaged
Bankruptcy 809
CHAPTER 27 International Corporate Finance 811
27.1 The Foreign Exchange Market 812
Using an Exchange Rate to Convert
from One Currency to Another 813
A Riskless Currency Arbitrage
Opportunity 814
A Forward Contract 817
A Currency Swap 817
27.2 Hedging Against Foreign Exchange
Risks 819
Hedging Foreign Currency Risk
in the Forward Market 819
Contents xv
27.3 International Interest Rates and Exchange
Rates 821
Relationship Between International
Interest Rates and Exchange Rates 821
27.4 International Inflation Rates and Exchange
Rates 823
Relationship Between International
Inflation Rates and Exchange
Rates 824
27.5 Unbiased Forward Rates and die
International Fisher Effect 824
International Fisher Effect 825
27.6 International Capital Budgeting
Decisions 826
The Incremental After Tax Cash Flows
for AlliedSignal s Swiss Project 826
Adjusting for Political Risk 828
Calculating the NPV for AlliedSignal s
Swiss Investment 828
27.7 Financing Foreign Investments 829
GE Capital s Eurobond Financing 830
Calculating AlliedSignal s Cost of
Borrowing in a Foreign Currency 831
Summary 833
Equation Summary 834
Questions 834
Challenging Questions 835
Problems 835
MINICASE International Financing
at Emerson Electric 840
Useful Websites for Part VII 841
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2
|
| adam_txt |
PART 1 ¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
CHAPTER 5 Valuing Bonds and Stocks 111
CHAPTER 6 Risk and Return: Stocks 141
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
CHAPTER 9 Business Investment Rules 216
CHAPTER 10 Capital Budgeting Cash Flows 244
CHAPTER 11 Capital Budgeting in Practice 277
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
CHAPTER 13 Derivatives Applications 339
CHAPTER 14 Agency Theory 375
CHAPTER 15 Capital Market Efficiency 411
PART V ¦ LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
CHAPTER 17 Managing Capital Structure 472
vi
CHAPTER 18 Why Dividend Policy Matters 505
CHAPTER 19 Issuing Securities and the Role of
Investment Banking 546
CHAPTER 20 Long Term Debt 583
CHAPTER 21 Leasing and Other Asset Based
Financing 608
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
CHAPTER 23 Accounts Receivable and Inventory
Management 668
CHAPTER 24 Financial Planning 701
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
CHAPTER 26 Financial Distress
and Restructuring 781
CHAPTER 27 International Corporate Finance 811
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2
PART I ¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
1.1 What is Finance? 3
eBay s Decision to Go Public 3
1.2 Ownership, Control, and Risk 6
1.3 Three Different Views of a Firm 8
1.4 The Role of the Corporation 11
1.5 The Evolution of Finance 14
1.6 A Few Words of Advice 16
Summary 17
Questions 18
Challenging Questions 18
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
2.1 The Competitive Economic
Environment 20
The Opportunity Cost of Selling a Used
Car 20
Dcstth of Occidents! Petroleums
Founder 21
So Whams Baying? 21
Tax Free Municipal Bonds 22
Hewlett Packard's Offer to Take Over
Compaq Computer 22
Actions Venus Words 23
2.2 Value 25
Michael Jordan Played Better
Basketball 25
Airline Companies Use Their Option
to Default 26
Creating the Lockheed Tri Star 27
2.3 Financial Transactions 28
Examples of Diversification 28
Capital Markets React to New
Information 29
Hot Tips and Easy Money 30
Present and Future Values 32
2.4 Capital Markets 32
2.5 The Term Structure of Interest Rates 36
2.6 Business Ethics 38
Summary 39
Equation Summary 40
Questions 40
Challenging Questions 41
Problems 42
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
3.1 The Layout of Accounting Statements 45
3.2 Market Values Versus Book Values 50
Differences in Car Usage 51
The Sampson Company Waterfront
Warehouse 51
SunTrust's Shares of Coca Cola Stock 51
Developing a New Product at Murray
Corporation 52
3.3 Accounting Net Income Versus Cash
Flow 54
Equation Summary 55
Questions 56
Challenging Questions 56
Problems 56
Appendix Analyzing Financial Statements 59
Summary 69
Appendix Review 71
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Tune Value of Money 74
4.1 Rates of Return and Net Present
Value 75
Stock Investment Rates of Return 76
4.2 Valuing Single Cash Flows 77
Calculating a Future Value 80
Grandma's Savings Bond 82
Present Value of a Future Cash Flow 82
The Expected Return for a Bank One
Certificate of Deposit 83
How Long to Double Your Salary 84
4.3 Valuing Annuities 84
Saving for Retirement at Citibank 85
Computing the Present Value of a Car
Loan from GMAC 86
Computing Loan Payments 87
vii
PART !¦ FOUNDATIONS 1
CHAPTER 1 Introduction and Overview 2
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
PART II ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
CHAPTER 5 Valuing Bonds and Stocks 111
CHAPTER 6 Risk and Return: Stocks 141
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
CHAPTER 9 Business Investment Rules 216
CHAPTER 10 Capital Budgeting Cash Flows 244
CHAPTER 11 Capital Budgeting in Practice 277
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
CHAPTER 13 Derivatives Applications 339
CHAPTER 14 Agency Theory 375
CHAPTER 15 Capital Market Efficiency 411
PART Vi LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
CHAPTER 17 Managing Capital Structure 472
CHAPTER 18 Why Dividend Policy Matters 505
CHAPTER 19 Issuing Securities and the Role of
Investment Banking 546
CHAPTER 20 Long Term Debt 583
CHAPTER 21 Leasing and Other Asset Based
Financing 608
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
CHAPTER 23 Accounts Receivable and Inventory
Management 668
CHAPTER 24 Financial Planning 701
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
CHAPTER 26 Financial Distress
and Restructuring 781
CHAPTER 27 International Corporate Finance 811
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2
PART 1 ¦ FOUNDATIONS /
CHAPTER 1 Introduction and Overview 2
1.1 What is Finance? 3
eBay's Decision to Go Public 3
1.2 Ownership, Control, and Risk 6
1.3 Three Different Views of a Firm 8
1.4 The Role of the Corporation 11
1.5 The Evolution of Finance 14
1.6 A Few Words of Advice 16
Summary 17
Questions 18
Challenging Questions 18
CHAPTER 2 The Financial Environment: Concepts
and Principles 19
2.1 The Competitive Economic
Environment 20
The Opportunity Cost of Selling a Used
Car 20
Death of Occidental Petroleum's
Founder 21
So Who Was Buying? 21
Tax Free Municipal Bonds 22
Hewlett Packard's Offer to Take Over
Compaq Computer 22
Actions Versus Words 23
2.2 Value 25
Michael Jordan Played Better
Basketball 25
Airline Companies Use Their Option
to Default 26
Creating the Lockheed Tri Star 27
2.3 Financial Transactions 28
Examples of Diversification 28
Capital Markets React to New
Information 29
Hot Tips and Easy Money 30
Present and Future Values 32
2.4 Capital Markets 32
2.5 The Term Structure of Interest Rates 36
2.6 Business Ethics 38
Summary 39
Equation Summary 40
Questions 40
Challenging Questions 41
Problems 42
CHAPTER 3 Accounting, Cash Flows, and Taxes 44
3.1 The Layout of Accounting Statements 45
3.2 Market Values Versus Book Values 50
Differences in Car Usage 51
The Sampson Company Waterfront
Warehouse 51
SunTrust's Shares of Coca Cola Stock 51
Developing a New Product at Murray
Corporation 52
3.3 Accounting Net Income Versus Cash
Flow 54
Summary 55
Equation Summary 55
Questions 56
Challenging Questions 56
Problems 56
Appendix Analyzing Financial Statements 59
Summary 69
Appendix Review 71
PART 11 ¦ BASIC VALUATION 73
CHAPTER 4 The Time Value of Money 74
4.1 Rates of Return and Net Present
Value 75
Stock Investment Rates of Return 76
4.2 Valuing Single Cash Flows 77
Calculating a Future Value 80
Grandmas Savings Bond 82
Present Value of a Future Cash Flow 82
The Expected Return for a Bank One
Certificate of Deposit 83
How Long to Double Your Salary 84
4.3 Valuing Annuities 84
Saving for Retirement at Citibank 85
Computing the Present Value of a Car
Loan from GMAC 86
Computing Loan Payments 87
viii Contents
Saving at the IBM Credit Union
for a Down Payment on a House 87
Amortizing a Loan 88
Computing the Interest Rate on a
Mortgage from Chase Home
Mortgage 89
Computing the Remaining Life of a Car
Loan 89
Computing the Present Value of an
Annuity Starting in the Future 89
Present Value of a Perpetuity 90
Computing the Future Value and Present
Value of an Annuity Due 91
4.4 Multiple Expected Future Cash Flows 91
Computing the Present Value of a Set
of Unequal Future Cash Flows 92
Computing Total Value at Other Points
in Time 93
4.5 Compounding Frequency 94
Computing an APR at Bank
of America 94
Computing the APY from Bank
of America's APR 94
Computing the APY for a Credit
Card 95
Computing an APY with Continuous
Compounding 96
4.6 Partial Time Periods 97
Computing the Present Value of a Single
Future Cash Flow 97
Using a Partial Period to Compute
an APY 97
Computing the Present Value of an
Annuity with Early Cash Flows 98
Computing the Future Value of an
Annuity After It Has Ended 98
4.7 Evaluating "Special Financing" Offers 99
Cash Back or 0.9% APR from Chevy 99
Computing the Value of a Special
Financing Offer from Chrysler 100
Summary 100
Equation Summary 101
Questions 101
Problems 102
MINICASE The $125 Billion Swiss
Surprise 110
CHAPTER 5 Valuing Bonds and Stocks 111
5.1 Bonds 112
5.2 Bond Valuation 115
Computing the Fair Price of a Ford Credit
Bond 116
Computing the YTM of a Coca Cola
Bond 116
Computing the YTM of a J.C. Penney
Zero Coupon Bond 117
5.3 Bond Riskiness 117
Computing the YTC of an IBM Bond 120
5.4 Stock Valuation 121
Valuing New York Edison Preferred
Stock 122
Valuing DuPont Perpetual Preferred
Stock 122
Investing in Pepperidge Farm Common
Stock 123
5.5 Applying the Dividend Valuation
Model 125
Valuing a Constant Growth Stock:
Procter Gamble 126
Estimating International Paper's
Capitalization Rate 127
Valuing a Supernormal Growth Stock:
Meridian Research 127
Valuing an Erratic Growdi Stock:
Novell 128
5.6 Obtaining Common Stock
Information 129
5.7 The Price/Earnings Ratio 130
Estimating NPVGO: McHandy 132
Summary 132
Equation Summary 133
Questions 133
Challenging Questions 134
Problems 134
MINICASE Bond Yields for Johnson
Johnson 140
CHAPTER 6 Risk and Return: Stocks 141
6.1 Historical Security Returns in the United
States 142
Calculating a Realized APY for the Hasbin
Corporation 143
Calculating a Purchase Price from
a Realized APY 143
6.2 Probability and Statistics 146
IBM's EPS for Next Year 146
Calculating the Mean of IBM's EPS 147
Computing the Variance and Standard
Deviation of IBM's EPS 148
6.3 Expected Return and Specific Risk 149
Calculating IBM's Expected Return 149
6.4 Investment Portfolios 150
Calculating a Portfolio's Risk
and Expected Return 151
6.5 A Prescription for Investing 156
Calculating the Slope of the CML 158
The Market Portfolio's Composition 158
Summary 159
Equation Summary 160
Questions 161
Challenging Questions 161
Problems 161
CHAPTER 7 Risk and Return: Asset Pricing
Models 167
7.1 The Capital Asset Pricing Model
(CAPM) 168
Computing an Expected Return 169
The Stock Market Risk Return
Trade Off 170
7.2 Estimating and Using the CAPM 171
Computing a Beta 171
Stock Value and Investor
Diversification 176
7.3 Multifactor Models 176
7.4 Arbitrage Pricing Theory 177
Applying the APT 178
Applying the Fama French Three Factor
Model 179
7.5 International Considerations 179
Summary 181
Equation Summary 181
Questions 182
Challenging Questions 182
Problems 182
PART III ¦ CAPITAL BUDGETING 187
CHAPTER 8 Cost of Capital 188
8.1 The Cost of Capital 189
8.2 Corporate Valuation 189
Capital Budgeting for Wal Mart 191
8.3 Value and the Risk Return Trade Off 192
A Pure Risk Return Trade Off 192
8.4 Leverage 193
Eastern Mountain Apparel Ski Cap
Production 193
8. 5 Leverage and Risk Bearing 196
Leveraging Per Pet, Inc. 196
Leveraging Your Investment Returns 197
8.6 The Weighted Average Cost
of Capital 197
General Patent's Cost of Capital 198
8.7 A Potential Misuse of the Weighted Average
Cost of Capital 200
Capital Budgeting at American
Airlines 201
Contents ix
Using Risk Classes at Burch Trees,
Inc. 201
8.8 Financial Risk 202
Toshiba's Leveraged Investment 204
8.9 A Practical Prescription for Estimating
a Cost of Capital 206
Calculating Officemate's p^ 206
Expanding Medical Laser Production
at Poly brands 207
Estimating the Cost of Capital with
a Choice of Operating Leverage 208
Summary 208
Equation Summary 209
Questions 210
Challenging Questions 210
Problems 210
MINJCASE Divisional Cost
of Capital 215
CHAPTER 9 Business Investment Rules 216
9.1 The Capital Budgeting Process 217
Strategic Decisions at Boeing: Will
It Fly? 219
9.2 Net Present Value (NPV) 221
Discovering a Positive NPV
Opportunity 221
Computing an NPV 222
9.3 Internal Rate of Return (IRR) 223
Computing an IRR for Reebok 223
9.4 Using NPV and IRR 224
Comparing IRR with NPV at Guess,
Inc 226
Multiple IRRs for Triborg, Inc. 228
9.5 Other Capital Budgeting Criteria 229
Computing the MIRR for Reebok's
Project 230
Computing a Payback 231
Computing a Discounted Payback 232
9.6 Business Investment in Practice 233
Summary 234
Equation Summary 235
Questions 235
Challenging Question 236
Problems 236
MINICASE Getting Off the Ground
at Boeing 243
CHAPTER 10 Capital Budgeting Cash Flows 244
10.1 An Overview of Estimating Cash
Flows 245
10.2 Calculating Incremental Cash Flows 247
Capitalizing Versus Expensing
at Boeing 249
x Contents
Equivalence of Two Methods of
Computing CFAT 251
10.3 An Example of Incremental Cash Flow
Analysis 252
Computing the NPV of Rocky Mountain's
Packaging Machine 254
New Computer Game Systems
at Nintendo 256
10.4 Inflation 257
Monogramming at Christian Dior 258
10.5 A Little More About Taxes 259
Alternative Depreciation Methods
at General Electric 267
10.6 Evaluating Replacement Cycles 262
Replacing Production Machines
at Hoover 263
Replacement Cycle Frequency
at Hoover 265
Computing an Equivalent Annual Annuity
(EAA) 266'
Summary 266
Equation Summary 267
Questions 267
Challenging Questions 268
Problems 268
MINICASE The Power to Cool Off
in Florida 276
CHAPTER 11 Capital Budgeting in Practice 277
11.1 A Proposal for Capacity Expansion:
The Price Setting Option 278
11.2 Real Options 280
Future Investment Option for Kosky
Financial Advising 281
To Sell or Not to Sell Joe's Diner 282
Entering the NBA Draft Early 284
Follow on Markets at Hess, Inc. 284
11.3 Capital Rationing 285
Rationing Capital with Artificially High
Discount Rates 285
Capital Rationing with a Budget
Constraint 285
11.4 Managing the Firm's Capital Budget 288
Kroger's New Optical Scanners 290
11.5 Other Factors That Are Difficult
to Quantify 292
11.6 Some Practical Advice 293
Summary 294
Equation Summary 295
Questions 295
Challenging Questions 295
Problems 296
MINICASE Building the Eurotunnel 302
Appendix Additional Methods of Project
Analysis 303
Determining the Financial Indifference
Point (Zero NPV Sales Level) 304
Sensitivity Analysis 305
Scenario Analysis at Kingdom
Catheter 305
Summary 307
Appendix Questions 307
PART IV ¦ ADVANCED VALUATION 309
CHAPTER 12 Options 310
12.1 Options 311
An Option View of a Lottery Ticket 312
12.2 Buying and Selling Parts of an Asset's
Return Distribution 314
Computing Outcomes for a Call
Option 316
Computing Outcomes for a Put
Option 317
12.3 Valuing an Option 318
12.4 Some Important Generalizations about
Options 321
12.5 Places to Look for Options 323
The Option in Gibson Greetings's
Treasury Linked Swap 324
12.6 A Simple Model of Option
Valuation 327
The Value of Carl's Call Option 328
12.7 Combining Option Values 328
The Price Setting and Production
Quantity Options 329
A Portfolio of Options 330
Summary 331
Questions 332
Challenging Questions 332
Problems 333
MINICASE A McDonald's Happy
Meal 338
CHAPTER 13 Derivatives Applications 339
13.1 Options 340
13.2 Option Pricing Models 342
Applying the Black Scholes OPM to Value
a Call Option 345
What Happens When the Share Price
Falls? 346
Valuing a Put Option 347
13.3 Warrants 348
An Issue of Warrants 348
13.4 Convertible Securities 350
Time Incorporated^ Forced
Conversion 353
13.5 Swaps 353
McDonald's Interest Rate Swap 354
How Interest Rate Swaps Are Used 355
13.6 Forwards and Futures 358
National Refinings Forward Contract 359
A Treasury Bond Futures Contract 360
13.7 Hedging 361
Hedging Gas Prices 362
Using Options to Hedge at General
Holding 362
Hedging with Futures at PepsiCo 364
Summary 365
Equation Summary 366
Questions 367
Challenging Questions 367
Problems 368
MINICASE Deriving Pride from Issuing
Innovative Securities 373
CHAPTER 14 Agency Theory 375
14.1 Principal Agent Relationships 376
A Principal Agent Conflict 376
14.2 Agency Costs 378
14.3 Stockholder Manager Conflicts 378
Stockholder—Manager Conflict 380
14.4 Debtholder Stockholder Conflicts 381
The Green Canyon Project 384
RJR Nabisco's Leveraged Buyout 388
The Effect of Asset Uniqueness on
Making a Loan 389
14.5 Consumer Firm Conflicts 390
Consumer Firm Conflicts and Chrysler's
Financial Distress 390
14.6 Working in Contractual Relationships 391
Lee Iacocca's First Year Compensation
Package 395
Chryslers Poison Pill 396
How Much Is an Executive Worth? 396
Sallie Mae's Proxy Fight 397
Removing a Restrictive Covenant 398
Choosing the Best Contract 399
14.7 Monitoring 400
The Barings Bankruptcy 401
Summary 402
Questions 403
Challenging Questions 404
Problems 405
MINICASE R.J. Reynolds Bond Value
Goes Up in Smoke 410
Contents xi
CHAPTER 15 Capital Market Efficiency 411
15.1 Efficiency 412
15.2 Liquidity and Value 413
Exchanging Shares of IBM for Wal Mart
Stock 415
Pricing Intel Stock 415
15.3 Arbitrage: Striving for Efficiency 416
Eliminating Arbitrage Opportunities 417
15.4 Signaling and Information Gathering 420
Selling a Used Car 420
15.5 The Collective Wisdom 422
Stock Market Prediction Experts 424
15.6 Value Conservation 425
Dismembering a $10 Bill 426
The Tax Treatment of Zero Coupon
Bonds 427
Going Public 428
Pyramid Schemes 429
15.7 Perfect Capital Markets 430
15.8 What Is the Conclusion on Market
Efficiency? 432
Investors Abandon the Stock Market After
the Dot Com Bust 435
Participation and Investment Allocations
in 401(k) Plans 435
Summary 436
Equation Summary 437
Questions 438
Challenging Questions 438
Problems 439
MINICASE Picking Winners and Losers
441
Useful Websites for Part IV 441
PARTV ¦ LONG TERM FINANCING 443
CHAPTER 16 Why Capital Structure Matters 444
16.1 Does Capital Structure Matter? 445
Arbitraging Leverage Valuation
Differences 447
16.2 The Role of Income Taxes 448
Corporate Taxes at Per Pet, Inc. 448
The Cost of Capital at Per Pet, Inc. 450
Personal Taxes at Per Pet, Inc. 452
Neutral Tax Rates 453
16.3 The Role of Agency Costs and Financial
Distress Costs 454
16.4 External Financing Transaction Costs 457
Internal Financing Versus Issuing
Securities 458
Debt 'Versus Equity Financing 458
16.5 Financial Leverage Clienteles 459
xii Contents
16.6 The Capital Market Imperfections View
of Capital Structure 460
Summary 464
Equation Summary 464
Questions 465
Challenging Questions 465
Problems 466
MINICASE PepsiCo's Capital Structure
Choice 471
CHAPTER 17 Managing Capital Structure 472
17.1 Industry Effects 473
17.2 Factors Affecting a Firm's Choice of Capital
Structure 478
Pro Forma Credit Analysis 479
Leverage and Discovering Oil 480
17.3 Choosing an Appropriate Capital
Structure 481
Comparative Credit Analysis 482
Comparative Credit Analysis
(continued) 482
17.4 Adjusting Present Value and Required
Returns for Capital Structure
Effects 488
17.5 Adjusted Present Value 489
Calculating an APV at Borden 490
17.6 Managing Capital Structure and Its Impact
on Firm Value 491
Calculating Bausch Lomb's
WACC 493
Estimating Conoco's Unleveraged
Required Return 494
17.7 Estimating the WACC for a Capital
Budgeting Project 494
Estimating a Projects WACC
for PepsiCo 495
Summary 497
Equation Summary 498
Questions 498
Challenging Questions 499
Problems 499
MINICASE Debt for Equity Exchange
at American Airlines 504
CHAPTER 18 Why Dividend Policy Matters 505
18.1 Dividend Policy in Practice 506
Initiating a Dividend at FedEx 507
Alcoa's Extra Dividends 509
Dividend Related Events for GE 510
18.2 Why Does Dividend Policy Matter? 512
Illustration of Dividend Irrelevance
to Firm Value and Stockholder
Wealth 514
18.3 Asymmetric Information 516
Microsoft's Dividend Policy 516
Adjusting Dividends for EPS Changes
at Snapple 517
18.4 Transaction Costs 518
18.5 The Role of Income Taxes 519
The Effect of Personal Taxes on Firm
Value 520
18.6 Dividend Policy Guidelines 521
18.7 Applying the Dividend Policy
Guidelines 522
18.8 Share Repurchases 524
Illustration of Equivalence of Dividends
and Share Repurchases 524
Greenmail: Wealth Transfer Through
Share Repurchases 525
Share Buybacks in Japan 526
Unilever's $8 Billion Dividend 526^
Holiday Inns, Inc.'s Dutch Auction
Tender Offer 527
18.9 Transferable Put Rights 530
Gillette's Transferable Put Rights
Offering 530
Gillette's Transferable Put Rights
Offering (continued) 531
Gillette's Transferable Put Rights
Offering (continued) 531
Gillette's Transferable Put Rights
Offering (concluded) 532
18.10 Stock Dividends and Stock Splits 533
A 10% Stock Dividend, a 100% Stock
Dividend, and a 2 for l Stock
Split 534
GE's Stock Split 534
Summary 537
Equation Summary 538
Questions 539
Challenging Questions 539
Problems 540
MINICASE CBS's Share Repurchase 545
CHAPTER 19 Issuing Securities and the Role
of Investment Banking 546
19.1 The Long Term Financing Menu 547
19.2 Common Stock 549
19.3 Issuing Securities 551
GM's General Cash (Seasoned) Offer
of Common Stock 552
GM Pension Funds' Secondary
Offering 556"
19.4 Investment Banking and the Cost
of Issuing Securities 556"
19.5 Private Placements 560
19.6 Rights Issues 562
Eurotunnel's Two Rights Issues 563
The Long Island Lighting Company
Rights Offering 564
19.7 Dilution 565
Dilution in Percentage Ownership 566'
Dilution in Value: Market Value Versus
Book Value 566
19.8 Going Public and Going Private 567
19.9 Preferred Stock 570
Summary 571
Equation Summary 573
Questions 573
Challenging Questions 573
Problems 574
MINICASE Lucent Technologies'IPO 578
Appendix Evaluating the Merits of Innovative
Financing 579
Questions 582
CHAPTER 20 Long Term Debt 583
20.1 Types of Long Term Debt 584
20.2 Main Features of Long Term Debt 585
Debt Covenants 586
20.3 Designing a Long Term Debt Issue 587
Calculating Duration 588
An Optional Redemption Price Schedule
for a Long Term Bond 590
20.4 Recent Innovations in the Bond
Market 591
An Oil Indexed Debt Issue 591
20.5 International Debt Financing 593
Comparing Domestic and Eurobond
Borrowing Costs 594
20.6 Bond Refunding 595
Analyzing a High Coupon Bond
Refunding Opportunity 597
Refunding a Sinking Fund Issue 600
Summary 601
Equation Summary 602
Questions 602
Challenging Questions 602
Problems 603
MINICASE Disney's 100 Year
Bonds 607
CHAPTER 21 Leasing and Other Asset Based
Financing 6108
21.1 Lease Financing 609
Synthetic Leases 612
21.2 Tax and Accounting Treatment of Financial
Leases 613
Contents xiii
21.3 Valuing a Financial Lease 614
Leasing Is an Alternative to
Borrowing 615
A Financial Lease Is Similar to a Secured
Loan 616
NACCOs Net Advantage to Leasing 619
Lease Financing Can Affect the Value
of an Investment Project 619
21.4 Project Financing 621
Project Financing Versus Conventional
Financing 621
21.5 Limited Partnership Financing 623
The Cinema Group Partners Limited
Partnership 624
Calculating the Cost of Limited Partner
Capital 624
Summary 627
Equation Summary 627
Questions 628
Challenging Questions 628
Problems 628
MINICASE Will Leasing Fly
at Continental? 634
Useful Web Sites for Part V 635
PART VI ¦ WORKING CAPITAL
MANAGEMENT 637
CHAPTER 22 Liquidity Management 638
22.1 Overview of Working Capital
Management 639
22.2 Cash Conversion Cycle 643
Cash Conversion Cycle for Clark
Pharmaceuticals 644
22.3 Cash Management 644
Disbursement Float at Huskie Oil 646
Collection Float at Huskie Oil 647
Cost of a Wire Transfer 648
Profitability of a Lockbox System
at The Gap 648
22.4 Short Term Financing 648
Cost of Trade Credit for Radio Shack 650
Loans with Compensating Balance
Requirements 654
Famous Amos's Cost for a Discounted
Loan 654
Famous Amos's Cost for a Discounted
Installment Loan 655
GE's Interest Plus Commercial Paper
Substitute 657
GMACs Cost of Commercial Paper 657
Summary 659
xiv Contents
Equation Summary 659
Questions 660
Challenging Questions 660
Problems 660
MINICASE Sbort Term Financing
far Breakfast 667
CHAPTER 23 Accounts Receivable and Inventory
Management 668
23.1 Accounts Receivable Management 669
Simple Credit Granting Decision 671
23.2 Credit Standards and Credit
Evaluation 673
Calculating Credit Scores for a Business
Customer 675
Consumer Credit Scoring Model 676
23.3 Monitoring Accounts Receivable 677
Building an Aging Schedule for the Provo
Palace 675
Average Age of Accounts Receivable
for Provo Palace 679
Micro Systems's Collection Fractions
and Receivables Balance Fractions 680
The NPV of Changing Credit
Policy 683
23.4 Inventory Management 684
Officemax's EOQ 686
The EOQ and Quantity Discounts
atOfficemax 687
Order Quantity and Reorder Point
at Oxford Arms 686"
Summary 691
Equation Summary 692
Questions 692
Challenging Questions 693
Problems 693
MINICASE Musical Chairs at Home
Depot 700
CHAPTER 24 Financial Planning 701
24.1 The Financial Planning Process 702
24.2 Cash Budgeting 706
Cash Budgeting at the Monet Paint
Company 707
24.3 Pro Forma Financial Statements 709
Pro Forma Financial Statements
for Bluestem Crafts Stores 709
Forecasting Financing Needs
for Cohen 712
Whittaker Industries' Long Term
Planning Model 713
24.4 Automating Financial Forecasting 714
Summary 721
Equation Summary 722
Questions 722
Challenging Questions 723
Problems 723
MINICASE Planning New Magic
at Disney 732
PART VII ¦ SPECIAL TOPICS 735
CHAPTER 25 Mergers and Acquisitions 736
25.1 What Is Special About a Merger? 737
Lockheed's and Martin Marietta's "Merger
of Equals" 737
25.2 Why Firms Merge 739
Calculating the Net Advantage
to Merging 739
The Lockheed/Martin Marietta
Horizontal Merger 740
Potential Economics Are Not Always
Realized 741
Sandoz A.G.'s Acquisition of Genetic
Therapy, Inc. 742
A Conglomerate Merger Might Not
Increase Shareholder Wealth 742
A Conglomerate Merger Can Benefit
Bondholders at the Expense
of Stockholders 744
25.3 Technical Issues 745
Texaco's Acquisition of Getty Oil 746
Lockheed/Martin Marietta Tax Free
Combination 747
Purchase Accounting 748
25.4 Comparative Analysis of Mergers 749
Analysis of Premiums Paid 751
Comparative Analysis 753
25.5 Discounted Cash Flow Analysis 755
Calculating the NPV of a Potential
Acquisition 760
25.6 The Medium of Payment 767
Impact on the Net Acquisition Cost
in a Stock for Stock Acquisition 762
25.7 Merger Tactics 764
Brooke Group's Proxy Battle with RJR
Nabisco Management 765
25.8 Leveraged Buyouts 768
Summary 769
Equation Summary 770
Questions 771
Challenging Questions 772
Problems 772
MINICASE Is the Lockheed/Martin
Marietta Merger Defensible? 779
CHAPTER 26 Financial Distress and
Restructuring 781
26.1 Corporate Financial Distress and Its
Consequences 782
26.2 A Little History 785
26.3 Early Detection of Financial Distress 786
Applying the Z Scote Model 788
26.4 Reorganization Outside Bankruptcy 789
RJR Nabisco's Exchange Offer 790
26.5 Chapter 11 of the Bankruptcy Code—
Reorganization 791
Reorganization Value Versus Liquidation
Value 791
Cramdown 794
26.6 Prepackaged Plans of Reorganization 797
Crystal Oil Company's Prepackaged
Bankruptcy 797
26.7 Chapter 7 of the Bankruptcy Code—
Liquidation 798
26.8 An International Perspective 799
Olympia York's Bankruptcy 800
Summary 801
Equation Summary 802
Questions 802
Challenging Questions 803
Problems 803
MINICASE Crystal Oil's Prepackaged
Bankruptcy 809
CHAPTER 27 International Corporate Finance 811
27.1 The Foreign Exchange Market 812
Using an Exchange Rate to Convert
from One Currency to Another 813
A Riskless Currency Arbitrage
Opportunity 814
A Forward Contract 817
A Currency Swap 817
27.2 Hedging Against Foreign Exchange
Risks 819
Hedging Foreign Currency Risk
in the Forward Market 819
Contents xv
27.3 International Interest Rates and Exchange
Rates 821
Relationship Between International
Interest Rates and Exchange Rates 821
27.4 International Inflation Rates and Exchange
Rates 823
Relationship Between International
Inflation Rates and Exchange
Rates 824
27.5 Unbiased Forward Rates and die
International Fisher Effect 824
International Fisher Effect 825
27.6 International Capital Budgeting
Decisions 826
The Incremental After Tax Cash Flows
for AlliedSignal's Swiss Project 826
Adjusting for Political Risk 828
Calculating the NPV for AlliedSignal's
Swiss Investment 828
27.7 Financing Foreign Investments 829
GE Capital's Eurobond Financing 830
Calculating AlliedSignal's Cost of
Borrowing in a Foreign Currency 831
Summary 833
Equation Summary 834
Questions 834
Challenging Questions 835
Problems 835
MINICASE International Financing
at Emerson Electric 840
Useful Websites for Part VII 841
APPENDIX A Using a Business Calculator A l
APPENDIX B Cumulative Distribution Function
for the Standard Normal Random
Variable A 4
GLOSSARY G 2
INDEX 1 2 |
| any_adam_object | 1 |
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| author | Emery, Douglas R. Finnerty, John D. Stowe, John D. |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV022461815 |
| illustrated | Illustrated |
| index_date | 2024-07-02T17:40:36Z |
| indexdate | 2024-07-09T20:58:06Z |
| institution | BVB |
| isbn | 0132278723 |
| language | English |
| lccn | 2006043264 |
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| spelling | Emery, Douglas R. Verfasser (DE-588)17024086X aut Corporate financial management Douglas R. Emery ; John D. Finnerty ; John D. Stowe 3. ed., Pearson internat. ed. Upper Saddle River, NJ [u.a.] Pearson Prentice Hall 2007 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Kapitalgesellschaft (DE-588)4129472-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content USA (DE-588)4078704-7 g Finanzmanagement (DE-588)4139075-1 s Kapitalgesellschaft (DE-588)4129472-5 s DE-604 Finanzierung (DE-588)4017182-6 s 1\p DE-604 Finnerty, John D. Verfasser (DE-588)170193225 aut Stowe, John D. Verfasser (DE-588)170240975 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015669474&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Emery, Douglas R. Finnerty, John D. Stowe, John D. Corporate financial management Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4129472-5 (DE-588)4017182-6 (DE-588)4078704-7 (DE-588)4123623-3 |
| title | Corporate financial management |
| title_auth | Corporate financial management |
| title_exact_search | Corporate financial management |
| title_exact_search_txtP | Corporate financial management |
| title_full | Corporate financial management Douglas R. Emery ; John D. Finnerty ; John D. Stowe |
| title_fullStr | Corporate financial management Douglas R. Emery ; John D. Finnerty ; John D. Stowe |
| title_full_unstemmed | Corporate financial management Douglas R. Emery ; John D. Finnerty ; John D. Stowe |
| title_short | Corporate financial management |
| title_sort | corporate financial management |
| topic | Corporations Finance Finanzmanagement (DE-588)4139075-1 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Corporations Finance Finanzmanagement Kapitalgesellschaft Finanzierung USA Lehrbuch |
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