Fundamentals of corporate finance:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York
McGraw-Hill
2010
|
| Ausgabe: | 9. ed., standard internat. ed. |
| Schriftenreihe: | The McGraw-Hill/Irwin series in finance, insurance, and real estate
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | Includes index |
| Beschreibung: | Getr. Zählung graph. Darst. |
| ISBN: | 9780070171589 0070171580 9780077246129 0077246128 |
Internformat
MARC
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| 245 | 1 | 0 | |a Fundamentals of corporate finance |c Stephen A. Ross ; Randolph W. Westerfield ; Bradford D. Jordan |
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| 300 | |a Getr. Zählung |b graph. Darst. | ||
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| 500 | |a Includes index | ||
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Datensatz im Suchindex
| _version_ | 1804143176920858624 |
|---|---|
| adam_text | IMAGE 1
NINTH EDITION
CORPORATE FINANCE
STEPHEN A. ROSS MASSACHUSETTS INSTITUTE OF TECHNOLOGY RANDOLPH W.
WESTERFIEID
UNIVERSITY OF SOUTHERN CALIFORNIA
UNIVERSITY OF KENTUCKY
MCGRAW-HISI BRWIN
BOSTON BURR RIDGE, IL DUBUQUE, IA NEW YORK SAN FRANCISCO ST. LOUIS
BANGKOK BOGOTA CARACAS KUALA LUMPUR LISBON LONDON MADRID MEXICO CITY
MILAN MONTREAL NEW DELHI SANTIAGO SEOUL SINGAPORE SYDNEY TAIPEI TORONTO
IMAGE 2
CHAPTER!
INTRODUCTION TO CORPORATE FINANCE 7
1.1 CORPORATE FINANCE AND THE FINANCIAL MANAGER 2 WHAT IS CORPORATE
FINANCE? 2 THE FINANCIAL MANAGER 2 ( FINANCIAL MANAGEMENT DECISIONS 2
*.;. CAPITAL BUDGETING 2 V , CAPITAL STRUCTURE ;3 :, / .-, WORKING
CAPITAL MANAGEMENT 4 ...* , CONCLUSION 4 . . * , * 1
1.2 FORMS OF BUSINESS ORGANIZATION 4 SOLE PROPRIETORSHIP 4 V PARTNERSHIP
5 . . .
CORPORATIONL 5 ,
A CORPORATION BY ANOTHER NAME . .. 7 1.3 THE GOAL OF FINANCIAL
MANAGEMENT 7 POSSIBLE GOALS 8
THE GOAL OF FINANCIAL MANAGEMENT 8 A MORE GENERAL GOAL 9 , . . * _.
SARBANES-OXLEY 9 1.4 THE AGENCY PROBLEM AND CONTROL OF THE CORPORATION
70 .
..: AGENCY RELATIONSHIPS 70 : MANAGEMENT GOALS 77 DO MANAGERS ACT IN
THE STOCKHOLDERS INTERESTS? 7 1 . MANAGERIAL COMPENSATION 11
* , CONTROL OF THE-FIRM 12 * *
.- * .CONCLUSION 12
STAKEHOLDERS 72 1.5 FINANCIAL MARKETS AND THE CORPORATION 13 CASH FLOWS
TO AND FROM THE FIRM 14 PRIMARY VERSUS SECONDARY MARKETS 74
! * PRIMARY MARKETS 14 ,
**** .-,- SECONDARY MARKETS 15 DEALER VERSUS AUCTION MARKETS 15 TRADING
IN CORPORATE SECURITIES 75 LISTING, 16 1.6 SUMMARY AND CONCLUSIONS 16
CHAPTER 2
FINANCIAL STATEMENTS, TAXES, AND CASH FLOW 79
2.1 THE BALANCE SHEET 20 ASSETS: THE LEFT SIDE 20 LIABILITIES AND
OWNERS EQUITY: THE RIGHT SIDE 20 NET WORKING CAPITAL 27
LIQUIDITY 22 DEBT VERSUS EQUITY 23 MARKET VALUE VERSUS BOOK VALUE 23 2.2
THE INCOME STATEMENT 24
GAAP AND THE INCOME STATEMENT 25 NONCASH ITEMS 26 TIME AND COSTS 26 2.3
TAXES 28
CORPORATE TAX RATES 28 AVERAGE VERSUS MARGINAL TAX RATES 29 2.4 CASH
FLOW 30 GASH FLOW FROM ASSETS 31 . . . OPERATING CASH FLOW 31
CAPITAL SPENDING 32 CHANGE IN NET WORKING CAPITAL 32 CONCLUSION 33 A
NOTE ABOUT FREE CASH FLOW 33 CASH FLOW TO CREDITORS AND STOCKHOLDERS
33
CASH FLOW TO CREDITORS 33 CASH FLOW TO STOCKHOLDERS 33 AN EXAMPLE: CASH
FLOWS FOR DOLE COLA 35 OPERATING CASH FLOW 35
NET CAPITAL SPENDING 36 CHANGE IN NWC AND CASH FLOW FROM ASSETS 36 , .
CASH FLOW TO STOCKHOLDERS AND CREDITORS 36 2.5 SUMMARY AND CONCLUSIONS
37
CHAPTER 3
WORKING WITH FINANCIAL STATEMENTS 46
3.1 CASH FLOW AND FINANCIAL STATEMENTS: ; A CLOSER LOOK 47
SOURCES AND USES OF CASH 47 THE STATEMENT OF CASH FLOWS 49
3.2 STANDARDIZED FINANCIAL STATEMENTS 5 / * COMMON-SIZE STATEMENTS 57 ^
: ,
. COMMON-SIZE BALANCE.;SHEETS: 51: ;, , ;
COMMON-SIZEINCOME.STATEMENTSK52 . . ;
COMMON-SIZE STATEMENISOFCASHFLOWS ..-* 53,, COMMON-BASE YEAR FINANCIAL
STATEMENTS: :
TREND ANALYSIS . 53 K- I / *.
XXXI
IMAGE 3
COMBINED COMMON-SIZE AND BASE
YEAR ANALYSIS 53
3.3 RATIO ANALYSIS 54 SHORT-TERM SOLVENCY, OR LIQUIDITY, MEASURES 55
CURRENT RATIO 55 THE QUICK (OR ACID-TEST) RATIO ,56
OTHER LIQUIDITY RATIOS 57 LONG-TERM SOLVENCY MEASURES 57 TOTAL DEBT
RATIO 57 A BRIEF DIGRESSION; TOTAL CAPITALIZATION VERSUS
TOTAL ASSETS 58 TIMES INTEREST EARNED 58 *CASH COVERAGE 59 . ;:
ASSET MANAGEMENT, OR TURNOVER, MEASURES 59
INVENTORY TURNOVER AND DAYS SALES IN INVENTORY 59 ., .,
RECEIVABLESTURNOYER AND DAYS SALES, * ,
IN RECEIVABLES. 60, . * * *, . ,
ASSET TURNOVER RATIOS 61 *
PROFITABILITY MEASURES 61 PROFIT MARGIN 62 ;
RETURN ON ASSETS 62 * RETURN ON EQUITY 62 * * _ , ,
MARKET VALUE MEASURES 63 PRICE-EARNINGS RATIO 63 ,
PRICE-SALES RATIO 63 . * * . .
MARKET-TO-BOOK RATIO 64
CONCLUSION 64 ,
3.4 THE DU PONT IDENTITY 65 A CLOSER LOOK AT ROE 65 AN EXPANDED DU PONT
ANALYSIS 67 3.5 USING FINANCIAL STATEMENT INFORMATION 69
WHY EVALUATE FINANCIAL STATEMENTS? 69 INTERNAL USES 69 *
EXTERNAL USES . 69 CHOOSING A BENCHMARK 70 TIME TREND ANALYSIS 70 .
PEER GROUP ANALYSIS 70 * .
PROBLEMS WITH FINANCIAL STATEMENT ANALYSIS 74 3.6 SUMMARY AND
CONCLUSIONS 76
CHAPTER 4
LONG-TERM FINANCIAL PLANNING AND GROWTH 87
4.1 WHAT IS FINANCIAL PLANNING? 88 GROWTH AS A FINANCIAL MANAGEMENT GOAL
88 DIMENSIONS OF FINANCIAL PLANNING 89 WHAT CAN PLANNING ACCOMPLISH? 90
, EXAMINING INTERACTIONS 90
EXPLORING OPTIONS 90 AVOIDING SURPRISES 90 ENSURING FEASIBILITY AND
INTERNAL CONSISTENCY 90 CONCLUSION 90 4.2 FINANCIAL PLANNING MODELS:
A FIRST LOOK 97
A FINANCIAL PLANNING MODEL: THE INGREDIENTS 97 SALES FORECAST 91 PRO
FORMA STATEMENTS 97 ASSET REQUIREMENTS 92 . FINANCIAL REQUIREMENTS
92
THE PLUG 92 ECONOMIC ASSUMPTIONS 92 A SIMPLE FINANCIAL PLANNING MODEL 92
4.3 THE PERCENTAGE OF SALES APPROACH 94
THE INCOME STATEMENT 94 THE BALANCE SHEET 95 A PARTICULAR SCENARIO 97 AN
ALTERNATIVE SCENARIO 98
4.4 EXTERNAL FINANCING AND GROWTH 99 EFN AND GROWTH 99 FINANCIAL POLICY
AND GROWTH 703 * THE INTERNAL GROWTH RATE 103
THE SUSTAINABLE GROWTH RATE 103 DETERMINANTS OF GROWTH 105 A NOTE ABOUT
SUSTAINABLE GROWTH RATE CALCULATIONS 706 4.5 SOME CAVEATS REGARDING
FINANCIAL
PLANNING MODELS 708 4.6 SUMMARY AND CONCLUSIONS 709
PART J VALUATION OF FUTURE CASH FLOW
C H A P T E RS . * * . / *
INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY 779 ,
5.1 FUTURE VALUE AND COMPOUNDING 720 . *. INVESTING FOR A SINGLE
PERIOD : 720 , INVESTING FOR MORE THAN ONE PERIOD .720 * A NOTE ABOUT
COMPOUND GROWTH 726
5.2
5.3
5.4
PRESENT VALUE AND DISCOUNTING 727 THE SINGLE-PERIOD CASE 727 PRESENT
VALUES FOR MULTIPLE PERIODS 728
MORE ABOUT PRESENT AND FUTURE VALUES 737 PRESENT VERSUS FUTURE VALUE 737
DETERMINING THE DISCOUNT RATE 732 FINDING THE NUMBER OF PERIODS 736
SUMMARY AND CONCLUSIONS 739
IMAGE 4
CHAPTER 6
DISCOUNTED,CASH FLOW VALUATION 144
6.1 FUTURE AND PRESENT VALUES OF MULTIPLE CASH FLOWS 745 ,
; *; :., : , FUTURE VALUE WITH MULTIPLE CASH FLOWS 745 -PRESENT VALUE
WITH MULTIPLE CASH FLOWS 748 :. A NOTE ABOUT CASH FLOW TIMING 757 6.2
VALUING LEVEL CASH FLOWS: ANNUITIES
AND PERPETUITIES 752 * *** * PRESENT,VALUE FOR ANNUITY CASH FLOWS 753
.-*. ANNUITY TABLES 154 . * .,
* /. FINDING THE PAYMENT_ 155 -
/- FINDING THE RATE 157 . ,
*:* , FUTURE VALUE FOR ANNUITIES 759 , - {A NOTE ABOUT ANNUITIES DUE
160 * . *;! PERPETUITIES 760- -, .
I GROWING AHNUITIESAND PERPETUITIES 767 6.3 COMPARING RATES: THE EFFECT
OF COMPOUNDING 763 .: EFFECTIVE ANNUAL RATES AND COMPOUNDING 763
CALCULATING ARID COMPARING EFFECTIVE
ANNUAL RATES ,764 ;
..* *** , EARS;AND APRS- 766 , ,
* TAKING IT TO THE LIMIT: A NOTE ABOUT CONTINUOUS ***. . CBRNPOUNDING
:. 767 . *.* -
6.4 LOAN TYPES AND LOAN AMORTIZATION 769 . .PURE DISCOUNT LOANS 769,
.. V--. INTEREST-ONLY LOANS 169 L- **-* : ..AMORTIZED LOANS 170 ;/ *
, , ,
6.5 , SUMMARY ARID CONCLUSIONS 7 75
C H A P T E R7 /. .-, .; ..- * * ** , * *
INTEREST RATES A ND B O ND V A L U A T I ON 790
7:1 BONDS AND BOND VALUATION 797 * . BOND FEATURES AND: PRICES 191 ,
.BOND VALUES AND YIELDS .797 .
, , , :; INTERESTRATE RISK 795 FINDING THE YIELD TO MATURITY: MORE TRIAL
AND ERROR 796 7.2 MORE ABOUT BOND FEATURES 207 . IS IT DEBT OR EQUITY?
207 : :. . LONG-TERMDEBT: THE BASICS 207
. . .:-. THE INDENTURE 203 : ,
. TERMS~OFA BOND 203 . ..
,, ..- .* . , SECURITY 204 ,
* : . . * ,SENIORITY 204 * * * . * : * .REPAYMENT 204 . *
. * * : . THE CALL PROVISION : 205 .
:,},[ PROTECTIVE COVENANTS 205 . . -
7.3 BOND RATINGS 206 7.4 SOME DIFFERENT TYPES OF BONDS 207 , G O V E R N
M E NT B O N DS 2 07 . .
Z E RO C O U P ON B O N DS 208
F L O A T I N G - R A TE B O N DS , , 2 09 ,., . .. ,
* *, O T H ER T Y P ES OF B O N D S, : 2 70 V : R- , , ; *, ; *;
7.5. BOND MARKETS 272 ;; . Y ^;
HOW BONDS ARE BOUGHT APD SOLD 212^ : :-. * ;. . * BOND.PRICE
REPORTING, 274,,, ; ; * ; . , ; , - *
A NOTE ABOUT BOND PRICE QUOTES , 2 7 5 , ,. . . . : ; 7.6 INFLATION AND
INTEREST RATES 277
REAL V E R S US N O M I N A L R R A T ES . 2 77 *;* , ** . *; ; ; *
T HE FISHER E F F E C T / 2 7 8 ; I ; ; ; : / : V ; ; ! ; :
, : ; A **(*;,, * , /*
INFLATION A ND PRESENT VALUES .279 : ...
7.7 D E T E R M I N A N TS OF B O ND Y I E L DS 2 20 ;:
T HE T E RM S T R U C T U RE OF I N T E R E S T ; R A T E S -^ 220 :* 1
,
: B O ND Y I E L DS A ND T HE YIELD-, C U R V E : ,. P U T T I NG ,
..**-*,
IT A IR T O G E T H E R 22 7 , , ; J .* , ., ,, ; ; ; . -.-
** C O N C L U S I O N - , 2 2 3 :F *__, ,* *; *; . --*.** ,
**-* * .-, ,
7.8 SUMMARY ANDI CONCLUSIONS ,224
* C H A P T E R -8 ;-* ; ::;- ;:J: : Y;-; :J: ,;* :: : ; . ;: *-. ^ ^
STOCK VALUATION^ 237 ; ; : ^ ;
8.1 COMMON STOCK VALUATION *232 * -, . C A SH F L O WS : 232-
}*{ *,- /*.. V : 5 V - . ^ . . ** . :
* S O ME S P E C I AL C A S E S- .234 ,./; . ,,., . / , , - .,
* * ZERO :GROWTH] ::23 4^- - [, : ,U:*:** ,,. *, * ; :
;. * * CONSTANT GROWTH ,,234 * ; , : ; ; V - - . ! R *.. .
; *, , ** NONCONSTANTGROWTH ,237 :,:- * * * * * . :
* - --, TWO-STAGE GROWTHY239 X; V; ,: -. * * ,:;
* COMPONENTS OF THE REQUIRED RETURN. 240 ;.,
8.2 SOME FEATURES OF COMMON AND PREFERRED STOCKS 242;
COMMONSTBCKFEATURES 242 ** ;, ...
* ;- : SHAREHOLDER -RIGHTS; ^242.-:. ;. , , . ( *. :, P R O XY
V O T I NG ^ 2 4 3 .^ *, ; ;** ;* * * * ,-*;- * * , / * .
* - :_,-, CLASSES OF.STOCK :* 244 _ . {: ; :;,, -,*. ]; *: : ,
* ** . OTHER RIGHTS: 244 V J , * *: ; , V ;-*_ ;.-
* * ;*,; *,.
*- , *.. * - DIVIDENDS - :244 :-. :,!LL,Y .*;:,;,.F-,.^:^:Y . -: - ;
* * * - ,.
P R E F E R R E D S T D C K F E A T U R E S - 2 45 ; , , ; * ; * * ,
: . : . ,*
*/ :, STATEDVALUE :245 F./::FV :I::^ :*. . JR.
*, ,* , CUMULATIVE ANDNONCUMULATIVE,DIVIDENDS- 245. . . .. * TE
PREFERRED STOCK REALLY, DEBT? ,245 .** ; * ; .
8.3 THE STOCK M A R K E T S F ) 2 46
DEALERS AND. BROKERS - 246 : ;: ,;, C ,, * ,
. .ORGANIZATION O F T H E : N Y S E ; , 2 47 ;;,;.-;; ;; :- J
, * , MEMBERS ^247- ** :. , ,/ - ; - * , ]; / * , , ,, ; V
; ,,
* :- * * OPERATIONS 1 248 -. ! ; ..: V , ; ; * * * . :]
*, V *
* * * , , *, FLOOR ACTIVITY, ,:2$8 ; A , : ; . V J , :,, . ;*;*,-,:
*- ,* * * -*
. . NASDAQ OPERATIONS^, *;2 49Y :- ~;[ ;.:; ;,, : ?:,. ,
* - - *, . ECNS : 250;}.:.: --,, : - : / ; T / J : - V ; , Y V ,-
- . ,, V:
STOCK MARKET-REPORTING ., 25P_ .; *;, ,*,*.- /* *
8.4 SUMMARYANDCONCLUSIONS 252
IMAGE 5
CHAPTER*
NET PRESENT VALUE AND OTHER INVESTMENT CRITERIA 260 , : :,/: **
9.1 NET PRESENT VALUE 267 - THE BASIC IDEA 267 - ;L
ESTIMATING NET PRESENT VALUE 262 9.2 THE PAYBACK RULE 265 DEFINING THE
RULE 265 ANALYZING THE RULE 266
REDEEMING QUALITIES OF THE RULE 267 SUMMARY OF THE RULE 268 9.3 THE
DISCOUNTED PAYBACK 268 9.4 THE AVERAGE ACCOUNTING RETURN 277 9.5 THE
INTERNAL RATE OF RETURN 273_
; : PROBLEMS WITH THE IRR 277 *** NONCONVENTIONAL CASH FLOWS 277 *:
MUTUALLY EXCLUSIVE INVESTMENTS .279 .- *
INVESTING OR FINANCING? 281 . REDEEMING QUALITIES OF THE IRR 282 THE
MODIFIED INTERNAL RATE OF RETURN (MIRR) 283 * * . METHOD #1: THE
DISCOUNTING APPROACH 283
METHOD #2: THE REINVESTMENT APPROACH 283 ;.. - , METHOD #3: THE
COMBINATION APPROACH 283, , MIRR OR IRR: WHICH IS BETTER? 284 9.6 THE
PROFITABILITY INDEX 284 * ,* /
9.7 THE PRACTICE OF CAPITAL BUDGETING -285 9.8 SUMMARY AND CONCLUSIONS
288
CHAPTER 10
MAKING CAPITAL INVESTMENT DEDSIONS 298
10.1 PROJECT CASH FLOWS: A FIRST LOOK 299 .RELEVANT CASH FLOWS 299 .
. , :
THE STAND-ALONE PRINCIPLE 299 ;
10.2 INCREMENTAL CASH FLOWS 299
SUNK COSTS 300 * .- -,
OPPORTUNITY COSTS 300 SIDE EFFECTS 300 . , . * . . . -. -
NET WORKING CAPITAL 301 , , *
FINANCING COSTS 307 . OTHER ISSUES 307 . .
10.3 PRO FORMA FINANCIAL STATEMENTS AND PROJECT CASH FLOWS 302 / GETTING
STARTED: PRO FORMA FINANCIAL STATEMENTS 302 * -. . PROJECT CASH FLOWS;
.303 ,
; PROJECT OPERATING CASH FLOW. 303 PROJECT NET WORKING CAPITAL AND
CAPITAL SPENDING 304 PROJECTED TOTAL CASH FLOW AND VALUE * .304
10.4 MORE ABOUT PROJECT CASH FLOW 305.
A CLOSER LOOK AT NET WORKING CAPITAL 305 ; *, *;- . DEPRECIATION 3
0 8 . ; ; - **;
MODIFIED ACRS DEPRECIATION (MACRS)- 308 BOOK VALUE VERSUS MARKET VALUE,;
309 AN EXAMPLE: THE MAJESTIC MULCH AND COMPOST ; COMPANY (MMCC) 37 7 X.
. , . ,. - ;
OPERATING CASH FLOWS 311 , ,,. ; - ; -:
CHANGE IN NWC 311 . - .-,, **
CAPITAL SPENDING 314 ...
TOTAL CASH FLOW AND VALUE 314 CONCLUSION 314 . .*-
10.5 ALTERNATIVE DEFINITIONS OF OPERATING CASH FLOW 375, THE BOTTOM-UP
APPROACH 376 THE TOP-DOWN APPROACH 376 . .
THE TAX SHIELD APPROACH .376 - , . - ,* ; CONCLUSION 377 . ,
10.6 SOME SPECIAL CASES OF DISCOUNTED CASH FLOW ANALYSIS 37 7 EVALUATING
COST-CUTTING PROPOSALS 377 SETTING THE BID PRICE 379 . .. . ..
EVALUATING EQUIPMENT OPTIONS WITH DIFFERENT LIVES 327 10.7 SUMMARY AND
CONCLUSIONS 323
CHAPTER 11
PROJECT ANALYSIS A ND EVALUATION 335 .
11.1 EVALUATING NPV ESTIMATES 336 THE BASIC PROBLEM 336 :
PROJECTED VERSUS ACTUAL CASH FLOWS 336
FORECASTING RISK 336 . ..
S O U R C ES OF V A L UE 3 37 **:. , *** , * * . - , * ,
11.2 SCENARIO AND OTHER WHAT-LF ANALYSES 338 ,
G E T T I NG S T A R T ED 3 38 . * , . . :: *. **,*
S C E N A R IO A N A L Y S IS 339 - . , , *;. :
S E N S I T I V I TY A N A L Y S IS 3 47 * . . - . , * .,
S I M U L A T I ON A N A L Y S IS 342 . .. ., *, .: .
1 1 .3 B R E A K - E V EN A N A L Y S IS 342
FIXED AND VARIABLE COSTS 343 **:.*
VARIABLE COSTS 343 , . ... . . *
FIXED COSTS 344 , . * , ; ,
TOTAL COSTS 344 , . : . .
ACCOUNTING BREAK-EVEN 346 : *
ACCOUNTING BREAK-EVEN: A CLOSER LOOK 346 USES FOR THE ACCOUNTING
BREAK-EVEN . 348., , .
11.4 OPERATING CASH FLOW, SALES VOLUME, AND * * . BREAK-EVEN 348
ACCOUNTING BREAK-EVEN AND CASH FLOW ,349 THE BASE CASE 349 . ****: ..
, ,-,-
IMAGE 6
CALCULATING THE BREAKREVEN LEVEL 349
*; PAYBACK AND BREAK-EVEN 350 SA|ES VOLUME ARID OPERATING CASH FLOW
-CASH FLOW, ACCOUNTING, AND FINANCIAL BREAK-EVEN POINTS - 350 * * , ,.
! .
, : ACCOUNTING BREAK-EVEN REVISITED 351 . ,** C A SH B R E A K - E V EN
3 51 . * - * .;* * ,.
. {FINANCIALBREAK-EVEN 352 . ** .
*CONCLUSION 352 ,
350.
11.5 OPERATING LEVERAGE 353 THE BASIC IDEA 353.
IMPLICATIONS OF OPERATING LEVERAGE 354 MEASURING OPERATING LEVERAGE 354
. OPERATING LEVERAGE AND BREAK-EVEN 355 11.6 CAPITAL RATIONING 356 SOFT
RATIONING 356 HARD RATIONING 357 ;11.7 SUMMARY AND CONCLUSIONS 357
C H A P T E R 12 * * * ,**,.*;*,.-: * - - */ , ** . . . -. ; -
SOME LESSONS FROM CAPITAL MARKET HISTORY 365
12.1
12.2
12.3
12.4
12.5
12.6
12.7
R E T U R NS ,366 ..*,-, *. .. , . - , * . ; . . . * , . . -
D O L L AR R E T U R N S 366 , * ;, /, .
P E R C E N T A GE R E T U R NS 368. :/. . . . ., - ,
; THE HISTORICAL RECORD 370 . ;, ,
A FIRST L O OK , 3 70 . ; * :. * / _. [. - .:
A C L O S ER L O OK 3 72 ,.
A V E R A GE R E T U R N S: T HE F I R ST L E S S ON 3 7 6 .. ...
CALCULATING AVERAGE RETURNS 376 , .
AVERAGE RETURNS: THE HISTORICAL RECORD 376 RISK PREMIUMS 377,, ,. * ,
,, . , ,* . -
THE FIRST LESSON 377 : , - , - : ,
THE VARIABILITY OF RETURNS: THE SECOND LESSON 378 .
FREQUENCY DISTRIBUTIONS AND VARIABILITY ^ 378 THE HISTORICAL VARIANCE
AND STANDARD DEVIATION 379 THE HISTORICAL RECORD 387 ! .
NORMAL DISTRIBUTION 387 THE SECOND LESSON 383; . , ;. . ..
USING CAPITAL MARKET HISTORY 383 . MORE ON THE STOCK MARKET RISK PREMIUM
.384 MORE ABOUT AVERAGE RETURNS ,385 , :
;; ARITHMETIC VERSUSI GEOMETRIC AVERAGES 386 .
CALCULATING GEOMETRIC AVERAGE RETURNS 386 ; - ARITHMETIC AVERAGE
RETURN OR GEOMETRIC AVERAGE RETURN? 388 : ,
CAPITAL MARKET EFFICIENCY 389,. : PRICE BEHAVIOR IN AN EFFICIENT MARKET
389 THE EFFICIENT MARKETS HYPOTHESIS 397
SORTIE COMMONR MISCONCEPTIONS ABOUT THE EMH 397 . THE FORMS OF MARKET
EFFICIENCY 393 SUMMARY AND CONCLUSIONS .394
CHAPTER13 .
RETURN, RISK, A ND THE SECURITY MARKET LINE 407
.13.-1 EXPECTED RETURNS AND VARIANCES 402
EXPECTED RETURN 402 CALCULATING THE VARIANCE 404 1312 PORTFOLIOS 405
**-* * PORTFOLIO WEIGHTS 406
^PORTFOLIO EXPECTED RETURNS 406 PORTFOLIO VARIANCE 407 13.3
ANNOUNCEMENTS, SURPRISES, AND EXPECTED RETURNS 409
EXPECTED AND UNEXPECTED RETURNS 409 ANNOUNCEMENTS AND NEWS 409 13.4
RISK: SYSTEMATIC AND UNSYSTEMATIC 47 7 * SYSTEMATIC AND UNSYSTEMATIC
RISK 47 7 * SYSTEMATIC AND UNSYSTEMATIC COMPONENTS
* , OF RETURN 47 7
13.5 DIVERSIFICATION AND PORTFOLIO RISK 4 12 THE EFFECT OF
DIVERSIFICATION: ANOTHER LESSON FROM MARKET HISTORY 472 THE PRINCIPLE OF
DIVERSIFICATION 473
DIVERSIFICATION AND UNSYSTEMATIC RISK 414 DIVERSIFICATION AND SYSTEMATIC
RISK 475 13.6 SYSTEMATIC RISK AND BETA 475 :*: . THE SYSTEMATIC RISK
PRINCIPLE 476 MEASURING SYSTEMATIC RISK 476 PORTFOLIO BETAS 477 13.7 THE
SECURITY MARKET LINE 479 * : BETA AND THE RISK PREMIUM 479 .- ***.
:, THE REWARD-TO-RISK RATIO 420 , * . ; THE BASIC ARGUMENT 421 .
****; . THE FUNDAMENTAL RESULT 423
THE SECURITY MARKET LINE 424 , , V*. T*. MARKET PORTFOLIOS 424 THE
CAPITAL ASSET PRICING MODEL 424 13.8 THE SML AND THE COST OF CAPITAL:
A PREVIEW 427 1 THE BASIC IDEA 427
THE COST OF CAPITAL 427 13.9 SUMMARY AND CONCLUSIONS 428
IMAGE 7
PART 6 COST OR CAPITAL AND LONE-TERM FINANCIAL POLL
CHAPTER 14
COST OF CAPITAL 437
14.1 THE COST OF CAPITAL: SOME PRELIMINARIES 438 REQUIRED RETURN VERSUS
COST OF CAPITAL 438 FINANCIAL POLICY AND COST OF CAPITAL 439 14.2 THE
COST OF EQUITY 439
THE DIVIDEND GROWTH MODEL APPROACH 439. IMPLEMENTING THE APPROACH 439
ESTIMATING G 440 -,.
ADVANTAGES AND DISADVANTAGES OF THE - APPROACH 441 ,.-.-.* , , , , , -
.. T HE S ML A P P R O A CH 4 4 7- * , ,
: I M P L E M E N T I NG T HE A P P R O A CH 4 42 . .. ,
. ADVANTAGES AND DISADVANTAGES OF THE .
/ A P P R O A CH 4 42 * . ** * .. . ,-.... ..**. , **.
14.3 THE COSTS OF DEBT AND PREFERRED STOCK 443
T HE C O ST OF D E BT 4 4 3 ;. : , , . ,; . . , .
THE COST OF PREFERRED STOCK; 444
14.4 THE WEIGHTED AVERAGE COST OF CAPITAL 445 THE CAPITAL STRUCTURE
WEIGHTS; 445: ;: V: TAXES AND THE WEIGHTED AVERAGE COST OF CAPITAL 446
CALCULATING THE WACC FOR EASTMAN CHEMICAL 447 EASTMAN S COST OF EQUITY
447, - **} **:** / * **
EASTMAN S COSF OF DEBT 449 . .-;,*
EASTMAN S WACC 450 : ? .:( - ... . ,, * .
SOLVING THE WAREHOUSE PROBLEM AND SIMILAR CAPITAL BUDGETING PROBLEMS 450
. , . .; *.: , , * ** *
PERFORMANCE EVALUATION: ANOTHER USE OF THE WACC 453 : : , * : *;
;, V
14.5 DIVISIONAL AND .PROJECT COSTS OF CAPITAL 454
THE SML AND THE WACC 455 : DIVISIONAL COST OF CAPITAL 456
THE PURE PLAY APPROACH 456 THE SUBJECTIVE APPROACH 457 14.6 FLOTATION
COSTS AND THE WEIGHTED AVERAGE COST OF CAPITAL 458
THE BASIC APPROACH 459 . . ,
FLOTATION COSTS AND NPV 460 * INTERNAL EQUITY AND FLOTATION COSTS 462 ,
14.7 SUMMARY AND CONCLUSIONS 462
CHAPTER 15
RAISING CAPITAL 477 . ? /
15.1 THE FINANCING LIFE CYCLE OF A FIRM: EARLY-STAGE FINANCING AND
VENTURE CAPITAL 472 , : VENTURE CAPITAL 472 .
SOME VENTURE CAPITAL REALITIES 473 CHOOSING A VENTURE CAPITALIST 473
CONCLUSION 474 15.2 SELLING SECURITIES TO THE PUBLIC: THE BASIC
PROCEDURE 474 15.3 ALTERNATIVE ISSUE METHODS 475 15.4 UNDERWRITERS 477
CHOOSING AN UNDERWRITER 478 TYPES OF UNDERWRITING 478
FIRM COMMITMENT UNDERWRITING 478 BEST EFFORTS UNDERWRITING 478 DUTCH
AUCTION UNDERWRITING 479 THE AFTERMARKET 479 THE GREEN SHOE PROVISION
480 LOCKUP AGREEMENTS 480 THE QUIET PERIOD 480
15.5 IPOS AND UNDERPRICING 487 IPO UNDERPRICING: THE 1999-2000
EXPERIENCE 487 EVIDENCE ON UNDERPRICING 487 WHY DOES URIDERPRICING
EXIST? 484 15.6 NEW EQUITY SALES AND THE VALUE OF THE FIRM 487 15.7 THE
COSTS OF ISSUING SECURITIES 488
THE COSTS OF SELLING STOCK TO THE PUBLIC 488 THE COSTS OF GOING PUBLIC:
THE CASE OF SYMBION 490 15.8 RIGHTS 492 ; ; THE MECHANICS OF A RIGHTS
OFFERING 492
NUMBER OF RIGHTS NEEDED TO PURCHASE A SHARE 493 THE VALUE OF A RIGHT 494
, ., . * EX RIGHTS .496 THE UNDERWRITING ARRANGEMENTS 497
EFFECTS ON SHAREHOLDERS 497 15.9 DILUTION 498 DILUTION OF PROPORTIONATE
OWNERSHIP 498
DILUTION OF VALUE: BOOK VERSUS MARKET VALUES 498 , A MISCONCEPTION 499
*,. THE CORRECT ARGUMENTS 500 15.10 ISSUING LONG-TERM DEBT 500 15.11
SHELF REGISTRATION 507 15.12 SUMMARY AND CONCLUSIONS 502
CHAPTER16
FINANCIAL LEVERAGE AND CAPITAL STRUCTURE POLICY 508
16.1 THE CAPITAL STRUCTURE QUESTION 509 : FIRM VALUE ARID STOCK VALUE:
AN EXAMPLE 509 CAPITAL STRUCTURE AND THE COST OF CAPITAL 570
IMAGE 8
16.2 THE EFFECT OF FINANCIAL LEVERAGE 570
THE BASICS OF FINANCIAL LEVERAGE 57 7 FINANCIAL LEVERAGE, EPS, AND ROE:
AN EXAMPLE 511 EPS VERSUS EBIT 512 CORPORATE BORROWING AND HOMEMADE
LEVERAGE 574 16.3 CAPITAL STRUCTURE AND THE COST OF EQUITY
CAPITAL 575 M&M PROPOSITION I: THE PIE MODEL 575 THE COST OF EQUITY AND
FINANCIAL LEVERAGE: M&M PROPOSITION II 576
BUSINESS AND FINANCIAL RISK 578 16.4 M&M PROPOSITIONS I AND II WITH
CORPORATE TAXES -579-. , *, : -; - , , ,; * *
THE INTEREST TAX SHIELD 520
TAXES AND M&M PROPOSITION 1. 520 TAXES, THE WACC, AND PROPOSITION II 527
. .
CONCLUSION 522 16.5 BANKRUPTCY COSTS 524 DIRECT BANKRUPTCY COSTS 525
INDIRECT BANKRUPTCY COSTS 525 16.6 OPTIMAL CAPITAL STRUCTURE 526
THE STATIC THEORY OF CAPITAL STRUCTURE 526 OPTIMAL CAPITAL STRUCTURE AND
THE COST OF CAPITAL 527 OPTIMAL CAPITAL STRUCTURE: A RECAP 528
CAPITAL STRUCTURE: SOME MANAGERIAL RECOMMENDATIONS 530 , TAXES 530 :
FINANCIAL DISTRESS 530 16.7 THE PIE AGAIN 530 THE EXTENDED PIE MODEL 537
MARKETED CLAIMS VERSUS NONMARKETED CLAIMS 532 16.8 THE PECKING-ORDER
THEORY 532
INTERNAL FINANCING AND THE PECKING ORDER 532 IMPLICATIONS OF THE PECKING
ORDER 533 16.9 OBSERVED CAPITAL STRUCTURES 534 16.10 A QUICK LOOK AT THE
BANKRUPTCY PROCESS 536 LIQUIDATION AND REORGANIZATION 536
BANKRUPTCY LIQUIDATION 536 BANKRUPTCY REORGANIZATION 537 FINANCIAL
MANAGERNENT AND THE BANKRUPTCY PROCESS 538 AGREEMENTS TO AVOID
BANKRUPTCY 539 16.11 SUMMARY AND CONCLUSIONS 539
1 7 .2
STANDARD METHOD OF CASH DIVIDEND PAYMENT 547 DIVIDEND PAYMENT: A
CHRONOLOGY 547 MORE ABOUT THE EX-DIVIDEND DATE 548 DOES DIVIDEND POLICY
MATTER? 550 AN ILLUSTRATION OF THE IRRELEVANCE OF DIVIDEND
POLICY 550 CURRENT POLICY: DIVIDENDS SET EQUAL TO CASH FLOW 551
ALTERNATIVE POLICY: INITIAL DIVIDEND GREATER THAN CASH
FLOW 551 H O M E M A DE D I V I D E N DS 5 5 7, .-_.,..., V .%,..
17.3
17.4
17.5
17.6
17.7
17.8
CHAPTER 17
DIVIDENDS AND PAYOUT POLICY 546
17.1 CASH DIVIDENDS AND DIVIDEND PAYMENT 547 CASH DIVIDENDS 547 17.9
REAL-WORLD,FACTORS FAVORING A LOW ; * * , Y- DIVIDEND PAYOUT 553 , ;
TAXES , 553. / : ;- ; .; , *;,; . ;- :- -V: -: . ,;.* **
.FLOTATION COSTS 553 ; , . :; / * / .,.;,; ; .- J I DIVIDEND
RESTRICTIONS* 553. - _ . * -._ ** * ,.*. ,. . REAL-WORLD FACTORS
FAVORING A HIGH - DIVIDEND PAYOUT 554 , ;
DESIRE FOR CURRENT INCOME 554 ;, , .
TAX AND OTHER BENEFITS FROM HIGH DIVIDENDS 555 CORPORATE INVESTORS 555 ,
, .
TAX-EXEMPT INVESTORS^ 555 * ,. * , : *** C O N C L U S I ON 5 55
:*,*/;!. * - **-,. , - -
A RESOLUTION OF REAL-WORLD FACTORS? 555
INFORMATION CONTENT OF DIVIDENDS 556 THE CLIENTELE EFFECT 557. .. **
STOCK REPURCHASES: AN ALTERNATIVE TO CASH DIVIDENDS 558 .
CASH DIVIDENDS VERSUS REPURCHASE 559 REAL-WORLD CONSIDERATIONS IN A
REPURCHASE 560 . V R
SHARE REPURCHASE AND EPS 567
WHAT WE KNOW AND DO NOT KNOW ABOUT DIVIDEND AND PAYOUT POLICIES 567
DIVIDENDS AND DIVIDEND PAYERS 567 CORPORATIONS SMOOTH DIVIDENDS 564
PUTTING IT ALL TOGETHER 564 SOME SURVEY EVIDENCE ON DIVIDENDS 566- STOCK
DIVIDENDS AND STOCK SPLITS 568. SOME DETAILS ABOUT STOCK SPLITS AND
STOCK
DIVIDENDS 568 , . -.
EXAMPLE OF A SMALL STOCK DIVIDEND 568 EXAMPLE OF A STOCK SPLIT 569 . -
EXAMPLE OF,A LARGE STOCK DIVIDEND 569 VALUE OF STOCK SPLITS AND STOCK
DIVIDENDS 569
THE BENCHMARK CASE- 570 **
POPULAR TRADING.RANGE 570 * REVERSE SPLITS 570 ; -
SUMMARY ARID CONCLUSIONS 577
IMAGE 9
C H A P T ER 1 8 .. V : , ; V : . ;:*{ % : , / . ; : / *; ; *
SHORT-TERM FINANCE AND PLANNING 579
18.1 TRACING CASH AND NET WORKING CAPITAL 580 18.2 THE OPERATING CYCLE
AND THE CASH CYCLE 587 : DEFINING THE OPERATING ARID CASH CYCLES 582 *
THE OPERATING CYCLE .582.: :, . .
. THE CASH CYCLE ,582 ./
THE OPERATING CYCLE ARID THE FIRM S ORGANIZATIONAL . ,, . C H A RT
5 8 3 . - ^ - I F { ? :* .. ; * ; . - .
CALCULATINGTHE OPERATING ARID CASH CYCLES 584, . :. , THE OPERATING
CYCLE 5 8 5 ; ,. ^: ** . * * , .. *
* *- ** . ** THE.CASH CYCLE 586* , *; * . , , : -;. *
INTERPRETING THE CASH CYCLE 587 , 18.3 SOME ASPECTS OF SHORT-TERM
FINANCIAL POLICY 587 THE SIZE OF THE FIRRN S INVESTMENT IN CURRENT ;
A S S E TS 5 88 - * * *_ -. :* - . * : - * * . * */
ALTERNATIVE FINANCING POLICIES FOR CURRENT
: A S S E T S: 589, -,. * * * * , :*-
;* AN IDEAL CASE: 589 . *
DIFFERENT POLICIES FOR FINANCING CURRENT ASSETS 589
WHICH FINANCING POLICY IS BEST? 592 , CURRENT ASSETS AND LIABILITIES IN
PRACTICE 593 18.4 THE CASH BUDGET 594 * SALES AND CASH COLLECTIONS; 594
CASH OUTFLOWS 595 J
THE CASH BALANCE 595 18.5 SHORT-TERM BORROWING 596 UNSECURED LOANS 597
COMPENSATING BALANCES 597
COST OF A COMPENSATING BALANCE 597 LETTERS OF CREDIT 598 SECURED LOANS
598 ACCOUNTS RECEIVABLE FINANCING 598
INVENTORY LOANS 599 OTHER SOURCES 599 18.6 A SHORT-TERM FINANCIAL PLAN
600 18.7 SUMMARY AND CONCLUSIONS 607
CHAPTER 19
CASH AND LIQUIDITY MANAGEMENT 672
19.1 REASONS FOR HOLDING CASH 673 THE SPECULATIVE AND PRECAUTIONARY
MOTIVES 673 THE TRANSACTION MOTIVE 673 COMPENSATING BALANCES 673
COSTS OF HOLDING CASH 613 CASH MANAGEMENT VERSUS LIQUIDITY MANAGEMENT
674
19.2 UNDERSTANDING FLOAT 674 DISBURSEMENT FLOAT 674 COLLECTION FLOAT AND
NET FLOAT 675 * - FLOAT MANAGEMENT 676 . . ; MEASURING FLOAT 676 ** *
* - SOME DETAILS , 67 7 COST OF THE FLOAT 617 . ETHICAL AND LEGAL
QUESTIONS 619 ELECTRONIC DATA INTERCHANGE AND CHECK 21: THE END OF *
FLOAT? 620-
19.3 CASH COLLECTION AND CONCENTRATION 627 COMPONENTS OF COLLECTION TIME
627 CASH COLLECTION 627 LOCKBOXES 627 CASH CONCENTRATION 623
ACCELERATING COLLECTIONS: AN EXAMPLE - 624 19.4 MANAGING CASH
DISBURSEMENTS 625
INCREASING DISBURSEMENT FLOAT 625 CONTROLLING DISBURSEMENTS 626
ZERO-BALANCE ACCOUNTS 626 CONTROLLED DISBURSEMENT ACCOUNTS 627 19.5
INVESTING IDLE CASH 627 .-: TEMPORARY CASH SURPLUSES 627
. SEASONAL OR CYCLICAL ACTIVITIES 627 PLANNED OR POSSIBLE EXPENDITURES
62 7 CHARACTERISTICS OF SHORT-TERM SECURITIES 628 MATURITY 628,
DEFAULT RISK 628 MARKETABILITY 628 TAXES 628 SOME DIFFERENT TYPES OF
MONEY MARKET SECURITIES 629 19.6 SUMMARY AND CONCLUSIONS 630 19A
DETERMINING THE TARGET CASH BALANCE 634
THE BASIC IDEA 634 THE BAT MODEL 635 THE OPPORTUNITY COSTS 636 THE
TRADING-COSTS 637
THE TOTAL COST: 637 THE SOLUTION. 638:
CONCLUSION * 639 THE MIILEHDRR MODEL: A MORE GENERAL APPROACH 639.
THE BASICJDEA 639 USING THE MODEL 639 IMPLICATIORIS OF THE BAT AND
MILLER-ORR MODELS ,647 .,, OTHER FACTORS INFLUENCING THE TARGET CASH
BALANCE 641. * ;,
IMAGE 10
CHAPTER 20
CREDIT AND INVENTORY MANAGEMENT 644
20.1 CREDIT AND RECEIVABLES 645 COMPONENTS OF CREDIT POLICY 645 THE CASH
FLOWS FROM GRANTING CREDIT 645 THE INVESTMENT IN RECEIVABLES 646 20.2
TERMS OF THE SALE 646
THE BASIC FORM 647 THE CREDIT PERIOD 647 * THE INVOICE DATE 647 LENGTH
OF THE CREDIT PERIOD 647
CASH DISCOUNTS 648 COST OF THE CREDIT 649. . * ;
TRADE DISCOUNTS 649 THE CASH DISCOUNT AND THE ACP 649 CREDIT INSTRUMENTS
650 20.3 ANALYZING CREDIT POLICY 650 CREDIT POLICY EFFECTS 650
EVALUATING A PROPOSED CREDIT POLICY 657 NPV OF SWITCHING POLICIES 651
ABREAK-EVEN APPLICATION 653 20.4 OPTIMAL CREDIT POLICY 653, THE TOTAL
CREDIT COST CURVE 653 ORGANIZING THE CREDIT FUNCTION 654 * 20.5 CREDIT
ANALYSIS 655 WHEN SHOULD CREDIT BE GRANTED? 655 , A ONE-TIME SALE 655 .
REPEAT BUSINESS 656 . .
CREDIT INFORMATION 657 .
CREDIT EVALUATION AND SCORING 657 . ..
20.6 COLLECTION POLICY 658
MONITORING RECEIVABLES 658 COLLECTION EFFORT 659 20.7 INVENTORY
MANAGEMENT 659 THE FINANCIAL MANAGER AND INVENTORY
POLICY 660 INVENTORY TYPES 660 INVENTORY COSTS .660 . . .
20.8 INVENTORY MANAGEMENT J , /, ;,
TECHNIQUES 667 : ,., , :
THE ABC APPROACH : .667. * , , , . *; / , .,
; THE ECONOMIC ORDER QUANTITY MODEL 662
. INVENTORY DEPLETION 662; , . ..
., THECARRYINGCOSTS 664 * .
, THE SHORTAGE COSTS .664 *; , ,
*- . THE*TOTAL COSTS 664 : * . * , . .,
,. , EXTENSIONS TO THE EOQ MODEL 666.. :** *;
. , SAFETY.STOCKS 666 ** . }. , . * -. * * * * .
,-, . R E O R D ER P O I N TS 6 6 6. *-; :: * * *** , *: **
, MANAGING DERIVED-DEMAND INVENTORIES : 666
MATERIALS REQUIREMENTS PLANNING . 668 -.
* , JUST-IN-TIME INVENTORY ...668 * .
20.9 SUMMARY AND CONCLUSIONS .668 20A MORE ABOUT CREDIT POLICY ANALYSIS
674 T WO A L T E M A T I V E . A P P R O A C H ES 674. . ,/; *,.;
.. ** **,,. THE ONE-SHOTAPPROACH .675. ;.* -.* *. ;.-*...
* THE ACCOUNTS RECEIVABLE APPROACH 675
DISCOUNTS AND DEFAULT RISK 676
NPV OF THE CREDIT DECISION 677 A BREAK-EVEN APPLICATION 678
CHAPTER21
INTERNATIONAL CORPORATE FINANCE 687
21.1 TERMINOLOGY 682 / 21.2 FOREIGN EXCHANGE MARKETS AND EXCHANGE
RATES 683 / , * .
-. EXCHANGE RATES 684 ;,
* EXCHANGE:RATE QUOTATIONS , 684 * ;,. , CRDSS-RATES AND TRIANGLE
ARBITRAGE 685- - - .* TYPES OF TRANSACTIONS 687 . , ** ,
21.3 PURCHASING POWER PARITY 688 ABSOLUTE PURCHASING POWER PARITY 688 ..
,; RELATIVE PURCHASING,POWERPARITY 690 -* ;. THE BASIC IDEA, 690 , . .
: ;* ;. THE RESULT 690
: CURRENCY APPRECIATION AND DEPRECIATION 69,7
21.4 INTEREST RATE PARITY, UNBIASED FORWARD RATES, AND THE INTERNATIONAL
FISHER EFFECT 692 COVERED INTEREST ARBITRAGE 692 INTEREST RATE PARITY
693
FORWARD RATES AND FUTURE SPOT RATES 694 PUTTING IT ALL TOGETHER 694
UNCOVERED INTEREST PARITY 695 THE INTERNATIONAL FISHER EFFECT 695 21.5
INTERNATIONAL CAPITAL BUDGETING 696
METHOD 1: THE HOME CURRENCY APPROACH 696 METHOD 2: THE FOREIGN CURRENCY
APPROACH 697 UNREMITTED CASH FLOWS 698 21.6 EXCHANGE RATE RISK 698
SHORT-RUN EXPOSURE 698 LONG-RUN EXPOSURE 699
IMAGE 11
TRANSLATION EXPOSURE 700
MANAGING EXCHANGE RATE RISK 707 21.7 POLITICAL RISK 707 21.8 SUMMARY AND
CONCLUSIONS 702
APPENDIX A
MATHEMATICAL TABLES A-I
APPENDIX B
KEY EQUATIONS B-1
APPENDIX C
ANSWERS TO SELECTED END-OF-CHAPTER PROBLEMS C-1 :*** *:::* .* .
INDEX I-1
|
| any_adam_object | 1 |
| author | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jordan, Bradford D. |
| author_GND | (DE-588)128781408 (DE-588)121792250 |
| author_facet | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jordan, Bradford D. |
| author_role | aut aut aut |
| author_sort | Ross, Stephen A. 1944-2017 |
| author_variant | s a r sa sar r w rw b d j bd bdj |
| building | Verbundindex |
| bvnumber | BV036586755 |
| classification_rvk | QP 700 |
| ctrlnum | (OCoLC)705697072 (DE-599)GBV58883534X |
| discipline | Wirtschaftswissenschaften |
| edition | 9. ed., standard internat. ed. |
| format | Book |
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| genre_facet | Einführung Lehrbuch |
| id | DE-604.BV036586755 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:43:30Z |
| institution | BVB |
| isbn | 9780070171589 0070171580 9780077246129 0077246128 |
| language | English |
| lccn | 2008053546 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020507544 |
| oclc_num | 705697072 |
| open_access_boolean | 1 |
| owner | DE-2070s DE-573 |
| owner_facet | DE-2070s DE-573 |
| physical | Getr. Zählung graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | McGraw-Hill |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance, and real estate |
| spelling | Ross, Stephen A. 1944-2017 Verfasser (DE-588)128781408 aut Fundamentals of corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Bradford D. Jordan 9. ed., standard internat. ed. New York McGraw-Hill 2010 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier The McGraw-Hill/Irwin series in finance, insurance, and real estate Includes index Corporations / Finance Corporate Finance (DE-588)4269795-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content 2\p (DE-588)4123623-3 Lehrbuch gnd-content Finanzierung (DE-588)4017182-6 s Corporate Finance (DE-588)4269795-5 s 3\p DE-604 Westerfield, Randolph Verfasser (DE-588)121792250 aut Jordan, Bradford D. Verfasser aut DE-601 pdf/application http://www.gbv.de/dms/zbw/58883534X.pdf kostenfrei Inhaltsverzeichnis GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020507544&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Ross, Stephen A. 1944-2017 Westerfield, Randolph Jordan, Bradford D. Fundamentals of corporate finance Corporations / Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4269795-5 (DE-588)4017182-6 (DE-588)4151278-9 (DE-588)4123623-3 |
| title | Fundamentals of corporate finance |
| title_auth | Fundamentals of corporate finance |
| title_exact_search | Fundamentals of corporate finance |
| title_full | Fundamentals of corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Bradford D. Jordan |
| title_fullStr | Fundamentals of corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Bradford D. Jordan |
| title_full_unstemmed | Fundamentals of corporate finance Stephen A. Ross ; Randolph W. Westerfield ; Bradford D. Jordan |
| title_short | Fundamentals of corporate finance |
| title_sort | fundamentals of corporate finance |
| topic | Corporations / Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Corporations / Finance Corporate Finance Finanzierung Einführung Lehrbuch |
| url | http://www.gbv.de/dms/zbw/58883534X.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020507544&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT rossstephena fundamentalsofcorporatefinance AT westerfieldrandolph fundamentalsofcorporatefinance AT jordanbradfordd fundamentalsofcorporatefinance |
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