Fundamentals of corporate finance:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
McGraw-Hill/Irwin
2013
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| Ausgabe: | 10. ed., alternate ed. |
| Schriftenreihe: | The McGraw-Hill/Irwin series in finance, insurance and real estate
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes index. |
| Beschreibung: | XLI, 899, [45] S. graph. Darst. 26 cm |
| ISBN: | 9780078034633 0078034639 9780077479459 0077479459 |
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MARC
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| 245 | 1 | 0 | |a Fundamentals of corporate finance |c Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan |
| 250 | |a 10. ed., alternate ed. | ||
| 264 | 1 | |a New York, NY |b McGraw-Hill/Irwin |c 2013 | |
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| 500 | |a Includes index. | ||
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Datensatz im Suchindex
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| adam_text | Titel: Fundamentals of corporate finance
Autor: Ross, Stephen A
Jahr: 2013
Contents
Part 1 Overview of Corporate Finance
CHAPTER 1 CHAPTER 2
INTRODUCTION TO CORPORATE FINANCE 1 FINANCIAL STATEMENTS, TAXES,
AND CASH FLOW 20
1.1 Corporate Finance and the Financial Manager 2
What Is Corporate Finance? 2 2.1 The Balance Sheet 21
The Financial Manager 2 Assets: The Left Side 27
Financial Management Decisions 2 Liabilities and Owners Equity: The Right Side 21
Capital Budgeting 2 Net Working Capital 22
Capital Structure 3 Liquidity 23
Working Capital Management 4 Debt versus Equity 24
Conclusion 4 Market Value versus Book Value 24
1.2 Forms of Business Organization 4 2.2 The Income Statement 25
Sole Proprietorship 4 GAAP and the Income Statement 26
Partnership 5 Noncash Items 27
Corporation 5 Time and Costs 27
A Corporation by Another Name ... 7 2.3 Taxes 29
1.3 The Goal of Financial Management 7 Corporate Tax Rates 30
Possible Goals 8 Average versus Marginai Tax Rates 30
The Goal of Financial Management 8 2.4 Cash Flow 32
A More General Goal 9 Cash Flow from Assets 32
Sarbanes-Oxley 9 Operating Cash Flow 33
1.4 The Agency Problem and Control Capital Spending 33
of the Corporation 10 Change in Net Working Capital 34
Agency Relationships 10 Conclusion 34
Management Goals 10 A Note about Free Cash Flow 35
Do Managers Act in the Stockholders Interests? 11 Cash Flow to Creditors and Stockholders 35
Managerial Compensation 11 Cash Flow to Creditors 35
Control of the Firm 12 Cash Flow to Stockholders 35
Conclusion 12 An Example: Cash Flows for Dole Cola 37
Stakeholders 12 Operating Cash Flow 37
1.5 Financial Markets and the Corporation 13 Net Capital Spending 38
Cash Flows to and from the Firm 14 Change in NWC and Cash Flow from Assets 38
Primary versus Secondary Markets 14 Cash Flow to Stockholders and Creditors 38
Primary Markets 14 2.5 Summary and Conclusions 39
Secondary Markets 75
Dealer versus Auction Markets 15
Trading in Corporate Securities 15
Listing 16
1.6 Summary and Conclusions 16
PART 2 Financial Statements and Long-Term Financial Planning
CHAPTER 3 3.2 Standardized Financial Statements 53
WORKING WITH FINANCIAL STATEMENTS 48 Common-Size Statements 53
Common-Size Balance Sheets 53
3.1 Cash Flow and Financial Statements: Common-Size Income Statements 54
A Closer Look 49
Sources and Uses of Cash 49
Common-Size Statements of Cash Flows 55
Common-BaseYear Financial Statements:
The Statement of Cash Flows 57 Trend Analysis 55
Combined Common-Size and Base Year Analysis 55
3.3 Ratio Analysis 56 CHAPTER 4
Short-Terrr, SCvency, or Liquidity, Measures 57 LONG-TERM FINANCIAL PLANNING
ANDGROWTH 90
The Quick (or Acid-Test) Ratio 58
Other Liquidity Ratios 59 4.1 What Is Financial Planning? 92
Long-Term Solvency Measures 59 Growth as a Financial Management Goal 92
Total Debt Ratio 59 Dimensions of Financial Planning 92
A Brief Digression: Total Capitalization versus Wha* Can Planning Accompiish? 93
Total Assets 60 Examining Interactions 93
Times Interest Earned 60 Exploring Options 93
Cash Coverage 61 Avoiding Surprises 93
Asset Management, or Turnover, Measures 67 Ensuring Feasibility and Internai Consistency 94
Inventory Turnover and Days Sales in Inventory 61 Conclusion 94
Receivables Turnover and Days Sales in 4.2 Financial Planning Models: A First Look 94
Recervables 62 A Financial Planning Model: The Ingredients 94
Asset Turnover Ratios 63 Sales Forecast 94
Profitability Measures 63 Pro Forma Statements 95
ProfitMargin 64 Asset Requirements 95
Return on Assets 64 Financial Requirements 95
Return on Equity 64 The Plug 95
Market Value Measures 65 Economie Assumptions 96
Price-Earnings Ratio 65 A Simple Financial Planning Model 96
Price-Sales Ratio 65 4.3 The Percentage of Sales Approach 97
Market-to-Book Ratio 66 The Income Statement 97
Enterprise Value-EBITDA Ratio 66 The Balance Sheet 98
Conclusion 67 A Particular Scenario 700
3.4 The DuPont Identity 68 An Alternative Scenario 707
A Closer Look at ROE 68 4.4 External Financing and Growth 104
An Expanded DuPont Analysis 69 Efn and Growth 704
3.5 Using Financial Statement Information 71 Financial Policy and Growth 706
Why Evaluate Financial Statements? 71 The Internai Growth Rate 106
Internai Uses 72 The Sustainable Growth Rate 107
External Uses 72 Determinants of Growth 108
Choosing a Benchmark 72 A Note about Sustainable Growth Rate
Time Trend Analysis 72 Calculations 7 70
Peer Group Analysis 72 4.5 Some Caveats regarding Financial
Problems with Financial Statement Analysis 77 Planning Models 7 7 7
3.6 Summary and Conclusions 78 4.6 Summary and Conclusions 7 72
PART 3 Valuation of Future Cash Flows
CHAPTER 5 5-2 Present Value and Discounting 730
The Single-Perìod Case 730
NTRODUCT ON TO VALUAT ON: THE T ME Present Values for Multiple Penods 737
VALUE OF MONEY 722
5.3 More about Present and Future Values 733
5.1 Future Value and Compounding 723 Present versus Future Value 734
Investing for a Single Period 723 Determining the Discount Rate 734
Investing for More Than One Period 723 Finding the Number of Periods 738
A Note about Compound Growth 729 5,4 Summary and Conclusions 747
CHAPTER 6 Other Types of Bonds 272
Sukuk 274
DISCOUNTED CASH FLOW VALUATION 747 75 Bond Markets 215
6.1 Future and Present Values of Multiple Cash Flows 748 How Bonds Are Bought and Sold 276
Future Value with Multiple Cash Flows 748 Bond Price Reporting 276
Present Value with Multiple Cash Flows 757 A Note about Bond Price Quotes 277
A Note about Cash Flow Timing 754 7.6 Inflation and Interest Rates 279
6.2 Valuing Level Cash Flows: Annuities and Real versus Nominai Rates 279
Perpetuities 755 The Fisher Effect 220
Present Value for Annuity Cash Flows 755 Inflation and Present Values 227
Annuity Tables 156 7.7 Determinami of Bond Yields 222
Finding the Payment 158 The Term Structure of Interest Rates 222
Finding the Rate 159 Bond Yields and the Yield Curve: Putting It AH
Future Value for Annuities 767 Together 223
A Note about Annuities Due 762 Conclusion 225
Perpetuities 763 7.8 Summary and Conclusions 226
Growing Annuities and Perpetuities 765
6.3 Comparing Rates: The Effect of Compounding 765 CHAPTER 8
Effective Annual Rates and Compounding 766
Calculating and Comparing Effective Annual Rates 766 STOCK VALUATION 234
EARSandAPRS 768 8.1 Common Stock Valuation 235
Taking It to the Limit: A Note about Continuous Cash Flows 235
Compounding 770 Some Special Cases 237
6.4 Loan Types and Loan Amortization 7 77 2ero Growth 237
Pure Discount Loans 777 Constant Growth 237
Interest-Only Loans 772 Nonconstant Growth 240
Amortized Loans 772 Two-Stage Growth 242
6.5 Summary and Conclusions 777 Components of the Required Return 243
Stock Valuation Using Multiples 244
CHAPTER 7 8.2 Some Features of Common and Preferred
Stocks 246
Common Stock Features 246
7.1 Bonds and Bond Valuation 793 Shareholder Rights 246
Bond Features and Prices 793 Proxy Voting 247
Bond Values and Yields 793 Classes of Stock 247
Interest Rate Risk 797 Other Rights 248
Finding the Yield to Maturity: More Trial and Errar 798 Dividends 248
7.2 More about Bond Features 203 Preferred Stock Features 249
Is It Debt or Equity? 203 Stated Value 249
Long-Term Debt: The Basics 203 Cumulative and Noncumulative Dividends 249
Thelndenture 205 Is Preferred Stock Really Debt? 249
TermsofaBond 205 8.3 The Stock Markets 250
Security 206 Dealers and Brokers 250
Seniority 206 Organization of the NYSE 257
Repayment 206 Members 251
The Cali Provision 207 Operations 252
Protective Covenants 207 Floor Actìvity 252
7.3 BondRatings 208 NASDAQ Operations 253
7.4 Some Different Types of Bonds 209 ECNs 254
Government Bonds 209 Stock Market Reporting 254
Zero Coupon Bonds 270 8.4 Summary and Conclusions 256
Floating-Rate Bonds 27 7
INTEREST RATES AND BOND VALUATION 792
PART 4 Capital Budgeting
CHAPTER 9 10.4 More about Project Cash Flow 372
NET PRESENT VALUE AND OTHER INVESTMENT
CRITERIA 266 Depreciation 375
Modified ACRS Depreciation (MACRS) 315
9.1 Net Present Value 267 Book Value versus Market Value 316
The Basic Idea 267 An Example: The Majestic Mulch and Compost
Estimating Net Present Value 268 Company (MMCC) 378
9.2 The Payback Rule 277 Operating Cash Flows 318
Defining the Rule 277 Change in NWC 318
Analyzing the Rule 272 Capital Spending 321
Redeeming Qualities of the Rule 273 Total Cash Flow and Value 321
Summary of the Rule 274 Conclusion 321
9.3 The Discounted Payback 274 10.5 Alternative Definitions of Operating Cash Flow 322
9.4 The Average Accounting Return 277 The Bottom-Up Approach 323
9.5 The Internai Rate of Return 279 The Top-Down Approach 323
Problems with the IRR 283 The Tax Shield Approach 323
Nonconventional Cash Flows 283 Conclusion 324
Mutually Esclusive Investments 285 10.6 Some Special Cases of Discounted
Investing or Financing? 287 Cash Flow Analysis 324
Redeeming Qualities of the IRR 288 Evaluating Cost-Cutting Proposals 324
The Modified Internai Rate of Return (MIRR) 289 Setting the Bid Price 326
Method#1: The Discounting Approach 289 Evaluating Equipment Options with Different Lives 328
Method #2; The Reinvestment Approach 289 10-7 Summary and Conclusions 330
Method #3: The Combination Approach 289 ruAirreo 11
MIRR or IRR: Which Is Better? 290 CHAPTER 11
9.6 The Profitability Index 290 PROJECT ANALYSIS AND EVALUATION 343
9.7 The Practice of Capital Budgeting 297
9.8 Summary and Conclusions 294
11.1 Evaluating NPV Estimates 344
The Basic Problem 344
Projected versus Actual Cash Flows 344
CHAPTER 10 Forecasting Risk 344
MAKING CAPITAL INVESTMENT DECISIONS 305 Sources of Value 345
11.2 Scenario and Other What-lf Analyses 346
10.1 Project Cash Flows: A First Look 306
Relevant Cash Flows 306
The Stand-Alone Principle 306
10.2 Incrementai Cash Flows 307
SunkCosts 307
Getting Started 346
Scenario Analysis 347
Sensitivity Analysis 349
Simulation Analysis 350
11.3 Break-Even Analysis 357
OpportunrtyCosts 307 Fixed and Variable Costs 357
Side Effects 308
Net Working Capital 308
Financing Costs 308
Other Issues 309
Variable Costs 351
Fixed Costs 353
Total Costs 353
Accounting Break-Even 354
10.3 Pro Forma Financial Statements and Project
Cash Flows 309 Accounting Break-Even: A Closer Look 355
Getting Started: Pro Forma Financial Statements 309 Uses for the Accounting Break-Even 356
Project Cash Flows 370 1i4 Operating Cash Row, Sales Volume, and
Break-Even 357
Project Operating Cash Fow 310 Accounting Break-Even and Cash Flow 357
Project Net Working Capital and Capital Spending 311 The Base Case 357
Projected Total Cash Flow and Value 377
Calculating the Break-Even Level 358 11.5 Operating Leverage 362
Payback and Break-Even 358 The Basic Idea 362
Sales Volume and Operating Cash Flow 358 Implications of Operating Leverage 362
Cash Flow, Accounting, and Financial Measuring Operating Leverage 362
Break-Even Points 359 Operating Leverage and Break-Even 364
Accounting Break-Even Revisited 359 11.6 Capital Rationing 364
Cash Break-Even 360 Soft Rationing 365
Financial Break-Even 360 Hard Rationing 365
Conclusion 360 11.7 Summary and Conclusions 365
PART 5 Risk and Return
CHAPTER 12 CHAPTER 13
SOME LESSONS FROM CAPITAL MARKET HISTORY 374 RETURN, RISK, AND THE SECURITY MARKET LINE 472
12.1 Returns 375 13.1 Expected Returns and Variances 473
Dollar Retums 375 Expected Return 473
Percentage Returns 377 Calculating the Variance 475
12.2 The Historical Record 379 13.2 Portfolios 476
A First Look 379 Portfolio Weights 477
ACIoserLook 387 Portfolio Expected Returns 477
12.3 Average Returns: The First Lesson 385 Portfolio Variance 478
Calculating Average Returns 385 13.3 Announcements, Surprises, and Expected
Average Returns: The Historical Record 385 Returns 420
Risk Premiums 386 Expected and Unexpected Returns 420
The First Lesson 386 Announcements and News 420
12.4 The Variability of Returns: The Second Lesson 387 13-4 Risk: Systematic and Unsystematic 422
Frequency Distributions and Variability 387 Systematic and Unsystematic Risk 422
The Historical Variance and Standard Deviation 388 Systematic and Unsystematic Components of
The Historical Record 390 Retum 422
Normal Distribution 397 13-5 Diversification and Portfolio Risk 423
The Second Lesson 392 The E.f!ect of Diversification: Another Lesson
2008: The Bear Growled and Investors Howled 392
Using Capital Market History 394
More on the Stock Market Risk Premium 394
12.5 More about Average Returns 396
Arithmetic versus Geometrie Averages 396
Calculating Geometrie Average Returns 396
from Market History 423
The Principle of Diversification 424
Diversification and Unsystematic Risk 425
Diversification and Systematic Risk 426
13.6 Systematic Risk and Beta 426
The Systematic Risk Principle 427
Measuring Systematic Risk 427
Arithmetic Average Retum or Geometrie Average
Return? 399 Portfolio Betas 429
12.6 Capital Market Efficiency 400 13-7 The Security Market Line 430
Price Behavior in an Efficient Market 400 Beta and the Risk Premium 430
The Efficient Markets Hypothesis 407 The Reward-to-Risk Ratio 431
Some Common Misconceptions about the EMH 402 The Basic Argument 432
The Forms of Market Efficiency 403 The Fundamental Result 434
12.7 Summary and Conclusions 404 The Security Market Line 435
Market Portfolios 435
The Capital Asset Pricing Model 435
13.8 The SML and the Cost of Capital: A Preview 438
The Basic Idea 438
The Cost of Capital 438
13.9 Summary and Conclusions 439
PÀRT 6 Cost of Capital and Long-Term Financial Policy
CHAPTER 14 15.3 Alternative Issue Methods 487
15.4 Underwriters 489
COST OF CAPITAL 449
Choosing an Underwnter 490
14.1 The Cost of Capital: Some Preliminaries 450 Types of Underwriting 490
Required Return versus Cost of Capital 450 Firm Commitment Underwriting 490
Financial Policy and Cost of Capital 457 Best Efforts Underwriting 491
14.2 The Cost of Equity 457 Dutch Auction Underwriting 491
The Dividend Growth Model Approach 457 The Aftermarket 497
Implementing the Approach 451 The Green Shoe Provision 492
Estimatingg 452 Lockup Agreements 492
Advantages and Disadvantages of the Approach 453 The Quiet Period 492
The SML Approach 453 15.5 IPOs and Underpricing 493
Implementing the Approach 454 IPO Underpricing: The 1999-2000 Experience 493
Advantages and Disadvantages of the Approach 454 Evidence on Underpricing 493
14.3 The Costs of Debt and Preferred Stock 455 Why Does Underpricing Exist? 498
The Cost of Debt 455 15.6 New Equity Sales and the Value of the Firm 499
The Cost of Preferred Stock 456 15.7 The Costs of Issuing Securities 500
14.4 The Weighted Average Cost of Capital 457 The Costs of Selling Stock to the Public 500
The Capital Structure Weights 457 The Costs of Going Public: A Case Study 504
Taxes and the Weighted Average Cost of Capital 458 15.8 Rights 504
Calculating the WACC for Eastman Chemical 459 The Mechanics of a Rights Offering 504
Eastman s Cost of Equity 459 Number of Rights Needed to Purchase a Share 505
Eastman s Cost of Debt 461 The Value of a Right 506
Eastman s WACC 462 Ex Rights 508
Solving the Warehouse Problem and Similar Capital The Underwriting Arrangements 509
Budgeting Problems 462 Effects on Shareholders 509
Performance Evaluation: Another Use of the WACC 465 15.9 Dilution 570
14.5 Divisionai and Project Costs of Capital 466 Dilution of Proportionate Ownership 570
The SML and the WACC 467 Dilution of Value: Book versus Market Values 570
Divisionai Cost of Capital 468 A Misconception 511
The Pure Play Approach 468 The Correct Arguments 512
The Subjective Approach 469 15.10 Issuing Long-Term Debt 572
14.6 Flotation Costs and the Weighted Average Cost of 15.11 Shelf Registration 573
Capital 470
The Basic Approach 477
Flotation Costs and NPV 472
Internai Equity and Flotation Costs 473
14.7 Summary and Conclusions 474 FINANCIAL LEVERAGE AND CAPITAL
15.12 Summary and Conclusions 574
CHAPTER 16
STRUCTURE POLICY 527
CHAPTER 15
16.1 The Capital Structure Question 522
RAISING CAPITAL 483 Firm Value and Stock Value: An Example 522
15.1 The Financing Life Cycleof a Firm: Early-Stage Capital Structure and the Cost of Capital 523
Financing and Venture Capital 484 16-2 The Effect of Financial Leverage 524
Venture Capital 484 Tne Basics of Financial Leverage 524
Some Venture Capital Realities 485 Financial Leverage, EPS, and ROE: An Example 524
Choosing a Venture Capitalist 485 EPS versus EBIT 525
Conclusion 486 Corporate Borrowing and Homemade Leverage 527
15.2 Selling Securities to the Public: The Basic 16-3 Capital Structure and the Cost of Equity Capital 528
Procedure 486 M M Proposition I: The Pie Model 528
The Cost of Equity and Financial Leverage: M M 17.2 Does Dividend Policy Matter? 564
Proposition II 529 An lllustration of the Irrelevance of Dividend Policy 564
Business and Financial Risk 537 Current Policy: Dividends Set Equal to Cash Flow 565
16.4 M M Propositions I and II with Corporate Taxes 532 Alternative Policy: Initial Dividend Greater Than Cash
The Interest Tax Shield 533 Flow 565
Taxes and M M Proposition I 533 Homemade Dividends 565
Taxes, the WACC, and Proposition II 534 A Test 566
Conclusion 535 17.3 Real-World Factors Favoring a Low Dividend
16.5 Bankruptcy Costs 537 Payout 567
Direct Bankruptcy Costs 538 Taxes 567
Indirect Bankruptcy Costs 538 Flotation Costs 567
16.6 Optimal Capital Structure 539 Dividend Restrictions 567
The Static Theory of Capital Structure 539 17-4 Real-World Factors Favoring a High Dividend
Optimal Capital Structure and the Cost of Capital 540 Payout 568
Optimal Capital Structure: A Recap 547 Desire for Current Income 568
Capital Structure: Some Managerial Tax and other Benefits from Hi9h Dividends 569
Recommendations 543 Corporate Investors 569
Taxes 543 Tax-Exempt Investors 569
Financial Distress 543 Conclusion 569
16.7 ThePieAgain 543 17-5 A Resolution of Real-World Factors? 569
The Extended Pie Model 544 Information Content of Dividends 569
Marketed Claims versus Nonmarketed Claims 545 The Clientele Effect 577
16.8 The Pecking-Order Theory 545 17-6 Stock Repurchases: An Alternative to Cash
Internai Financing and the Pecking Order 545 Dividends 577
ImplicationsofthePeckingOrder 546 Cash Dividends versus Repurchase 573
16.9 Observed Capital Structures 547 Real-World Considerations in a Repurchase 574
16.10 A Quick Look at the Bankruptcy Process 549 Share RePurcnase and EPS 575
LiquidationandReorganization 549 17.7 What We Know and Do Not
Bankruptcy Liquidation 549
Bankruptcy Reorganization 550
Financial Management and the Bankruptcy
Process 557 Putting It AH Together 578
AgreementstoAvoid Bankruptcy 552 Some Survey Evidence on Dividends 580
16.11 Summary and Conclusions 553 178 Stock Div|dends and Stock Splits 582
Some Details about Stock Splits and Stock
Dividends 582
Example of a Small Stock Dividend 582
DIVIDENDS AND PAYOUT POLICY 560 Example of a Stock Split 583
Know about Dividend and Payout Policies 575
Dividends and Dividend Payers 575
Corporations Smooth Dividends 578
CHAPTER 17
17.1 Cash Dividends and Dividend Payment 567
Cash Dividends 567
Standard Method of Cash Dividend Payment 567
Dividend Payment: A Chronology 562
More about the Ex-Dividend Date 562
Example of a Large Stock Dividend 583
Value of Stock Splits and Stock Dividends 583
The Benchmark Case 584
Popular Trading Range 584
Reverse Splits 584
17.9 Summary and Conclusions 585
PART 7 Short-Term Financial Planning and Management
SHORT-TERM FINANCE AND PLANNING 593
CHAPTER 18 19.2 Understanding Float 628
Disbursement Float 628
Collection Float and Net Float 629
18.1 Tracing Cash and Net Working Capital 594 Float Management 630
18.2 The Operating Cycle and the Cash Cycle 595 Measuring Float 630
Defining the Operating and Cash Cycles 596 SomeDetails 631
The Operating Cycle 596 Cost of the Float 631
The Cash Cycle 596 Ethical and Legai Questions 633
The Operating Cycle and the Firm s Organizational Electronic Data Interchange and Check 21 : The
Chart 597 End of Float? 634
Calculating the Operating and Cash Cycles 598 19.3 Cash Collection and Concentration 635
The Operating Cycle 599 Components of Collection Time 635
The Cash Cycle 600 Cash Collection 635
Interpreting the Cash Cycle 607 Lockboxes 635
18.3 Some Aspects of Short-Term Financial Policy 607 Cash Concentration 637
The Sizeof the Firm s Investment in Current Assets 602 Accelerating Collections: An Example 638
Alternative Financing Policies for Current Assets 603 19.4 Managing Cash Disbursements 639
An Ideal Case 603 Increasing Disbursement Float 639
Different Policies for Financing Current Assets 603 Controlling Disbursements 640
Which Financing Policy Is Best? 606 Zero-Balance Accounts 640
Current Assets and Liabilities in Practice 607 Controlied Disbursement Accounts 641
18.4 The Cash Budget 608 19.5 Investing Idle Cash 647
Sales And Cash Collections 608 Temporary Cash Surpluses 647
CashOutflows 609 Seasonal or Cyclical Activities 641
The Cash Balance 609 Planned or Possible Expenditures 641
18.5 Short-Term Borrowing 670 Characteristics of Short-Term Securities 642
Unsecured Loans 67 7 Maturìty 642
Compensating Balances 611 Default Risk 642
Cost of a Compensating Balance 611 Marketability 642
Letters of Credit 612 Taxes 642
Secured Loans 672 Some Different Types of Money Market Securities 643
Accounts Receivable Financing 612 19.6 Summary and Conclusions 644
Inventory Loans 613 19A Determining the Target Cash Balance 649
Other Sources 673 The Basic Idea 649
18.6 A Short-Term Financial Pian 674 The BAT Model 650
18.7 Summary and Conclusions 675 The Opportunity Costs 651
The Trading Costs 652
CHAPTER 19 The Total Cost 652
CASH AND LIQUIDITY MANAGEMENT 626
The Solution 652
Conclusion 654
19.1 Reasons for Holding Cash 627 The Miller-Orr Model: A More General Approach 654
The Speculative and Precautionary Motives 627 The Basic Idea 654
The Transaction Motive 627 using the Model 654
Compensating Balances 627 Implications of the BAT and Miller-Orr Models 655
Costs of Holding Cash 627 Other Factors Influencing the Target Cash Balance 656
Cash Management versus Liquidity Management 628
CHAPTER 20 20.6 Collection Policy 673
Monitoring Receivables 673
CREDIT AND INVENTORY MANAGEMENT 659 Collection Effort 674
20.1 Credit and Receivables 660 20.7 Inventory Management 674
Components of Credit Policy 660 The Financial Manager and Inventory Policy 674
The Cash Flows from Granting Credit 660 Inventory Types 675
The Investment in Receivables 667 Inventory Costs 675
20.2 Terms of the Sale 667 20.8 Inventory Management Techniques 676
The Basic Form 662 The ABC Approach 676
The Credit Period 662 The Economie Order Quantity Model 676
The Invoice Date 662 Inventory Depletion 678
Lengthof the Credit Period 662 The Carrying Costs 678
Cash Discounts 663 The Restocking Costs 679
Cost of the Credit 664 The Total Costs 679
Trade Discounts 664 Extensions to the EOQ Model 687
The Cash Discount and the ACP 664 SafetyStocks 681
Credit Instruments 665 Reorder Points 681
20.3 Analyzing Credit Policy 665 Managing Derived-Demand Inventories 687
Credit Policy Effects 665 Materials Requirements Planning 683
Evaluating a Proposed Credit Policy 666 Just-in-Time Inventory 683
NPV of Switching Policies 666 20.9 Summary and Conclusions 683
A Break-Even Application 668 20A More about Credit Policy Analysis 690
20.4 Optimal Credit Policy 668 Two Alternative Approaches 690
The Total Credit Cost Curve 668 The One-Shot Approach 690
Organizing the Credit Function 669 The Accounts Receivable Approach 691
20.5 Credit Analysis 670 Discounts and Default Risk 692
When Should Credit Be Granted? 670 NPV of the Credit Decìsion 693
A One-Time Sale 670 A Break-Even Application 693
Repeat Business 671
Credit Information 672
Credit Evaluation and Scoring 672
PART 8 Topics in Corporate Finance
CHAPTER 21 21.4 Interest Rate Parity, Unbiased Forward Rates, and
the International Fisher Effect 708
INTERNATIONAL CORPORATE FINANCE 697 Covered Interest Arbitrage 708
21.1 Terminology 698 Interest Rate Parity 709
21.2 Foreign Exchange Markets and Exchange Rates 699 Forward Rates and Future Spot Rates 770
Exchange Rates 700 Putting It AH Together 770
Exchange Rate Quotations 700 Uncovered Interest Parity 711
Cross-Rates and Triangle Arbitrage 701 The International Fisher Effect 711
Types of Transactions 703 21.5 International Capital Budgeting 772
21.3 Purchasing Power Parity 704 Method 1 : The Home Currency Approach 772
Absolute Purchasing Power Parity 704 Method 2: The Foreign Currency Approach 773
Relative Purchasing Power Parity 706 Unremitted Cash Flows 774
The Basic Idea 706 21.6 Exchange Rate Risk 774
The Result 706 Short-Run Exposure 774
CurrencyAppreciation and Depreciation 707 Long-Run Exposure 775
BEHAVIORAL FINANCE: IMPLICATIONS FOR
FINANCIAL MANAGEMENT 726
Translation Exposure 776 Credit Risk 759
Managing Exchange Rate Risk 77 7 Forward Contracts in Practice 759
21.7 Politicai Risk 777 23.4 Hedging with Futures Contracts 759
21.8 Summary and Conclusions 778 Trading in Futures 759
Futures Exchanges 760
CHAPTER 22 Hedging with Futures 760
23.5 Hedging with Swap Contracts 762
Currency Swaps 762
Interest Rate Swaps 763
22.1 Introduction to Behavioral Finance 727 Commodity Swaps 763
22.2 Biases 727 The Swap Dealer 763
Overconfidence 727 Interest Rate Swaps: An Example 764
Overoptimism 728 23.6 Hedging with Option Contracts 765
Confirmation Bias 728 Option Terminology 765
22.3 Framing Effects 729 Options versus Forwards 765
Loss Aversion 729 Option Payoff Profiles 765
House Money 730 Option Hedging 766
2ZA Heuristics 732 Hedging Commodity Price Risk with Options 766
The Affect Heuristic 732 Hedging Exchange Rate Risk with Options 769
The Representativeness Heuristic 732 Hedging Interest Rate Risk with Options 769
Representativeness and Randomness 733 a Preliminary Note 769
The Gambler s Fallacy 734 Interest Rate Caps 769
22.5 Behavioral Finance and Market Efficiency 735 Other Interest Rate Options 769
Limits to Arbitrage 735 Actual Use Of Derivatives 770
The 3Com/Palm Mispricing 736 23.7 Summary and Conclusions 777
The Royal Dutch/Shell Price Ratio 737
Bubbles and Crashes 737 CHAPTER 24
The Crash of 1929 738
The Crash ofOctober 1987 739 OPTIONS AND CORPORATE FINANCE 777
The Nikkei Crash 740 24.1 Options: The Basics 778
The Dot-Com Bubble and Crash 741 PutsandCalls 778
22.6 Market Efficiency and the Performance of Stock Option Quotations 779
Professional Money Managers 743 Option Payoffs 780
22.7 Summary and Conclusions 746 242 Fundamentals of Option Valuation 783
Value of a Cali Option at Expiration 783
CHAPTER 23 The Upper and Lower Bounds on a Cali Option s
ENTERPRISE RISK MANAGEMENT 750 Value 784
The Upper Bound 784
23.1 Insurance 757 The Lower Bound 784
23.2 Managing Financial Risk 752 A Simple Model: Part I 786
The Risk Profile 753 The Basic Approach 786
Reducing Risk Exposure 753 A More Complicated Case 786
Hedging Short-Run Exposure 754 Four Factors Determining Option Values 787
Cash Flow Hedging: A Cautionary Note 755 24.3 Valuing a Cali Option 788
Hedging Long-Term Exposure 755 A Simple Model: Part II 788
Conclusion 756 The Fifth Factor 789
23.3 Hedging with Forward Contracts 756 ACIoserLook 790
Forward Contracts: The Basics 756 24.4 Employee Stock Options 797
The Payoff Profile 757 ESO Features 797
Hedging with Forwards 757 ESO Repricing 792
ACaveat 758 ESO Backdating 793
24.5 Equity as a Cali Option on the Firm s Assets 794 25.5 Options and Corporate Decisions: Some
Case I: The Debt Is Risk-Free 794 Applications 838
Case II: The Debt Is Risky 794 Mergers and Diversification 838
24.6 Options and Capital Budgeting 796 Options and Capital Budgeting 839
The Investment Timing Decision 796 25.6 Summary and Conclusions 847
Managerial Options 798
Contingency Planning 799 CHAPTER 26
Options in Capital Budgeting: An Example 800 MERGERS AND ACQUISITIONS 848
Strategie Options 801
Conclusion 801 26.1 The Legai Forms of Acquisitions 849
24.7 Options and Corporate Securities 807 Merger or Consolidation 849
Warrants 807 Acquisition of Stock 850
The DifferencebetweenWarrants and Cali Acquisition of Assets 850
Options 802 Acquisition Classifications 857
Earnìngs Dilution 802 A Note about Takeovers 857
Convertible Bonds 803 Alternatives to Merger 852
Features ofa Convertible Bond 803 26.2 Taxes and Acquisitions 852
Value of a Convertible Bond 803 Determinants of Tax Status 852
Other Options 805 Taxable versus Tax-Free Acquisitions 852
The Cali Provision on a Bond 805 26.3 Accounting for Acquisitions 853
Put Bonds 805 The Purchase Method 853
Insurance and Loan Guarantees 806 Pooling of Interests 854
24.8 Summary and Conclusions 806 More about Goodwill 854
26.4 Gains from Acquisitions 855
CHAPTER 25 Synergy 855
Revenue Enhancement 856
Marketing Gains 856
25.1 Put-Call Parity 877 Strategie Benefits 857
Protective Puts 877 Market Power 857
An Alternative Strategy 877 Cost Reductions 857
TheResult 878 Economies ofScale 857
Continuous Compounding: A Refresher Course 879 Economies of Vertical Integration 858
25.2 The Black-Scholes Option Pricing Model 822 Complementary Resources 858
The Cali Option Pricing Formula 822 Lower Taxes 858
Put Option Valuation 825 Net Operating Losses 858
A Cautìonary Note 826 Unused Debt Capacity 859
25.3 More about Black-Scholes 827 Surplus Funds 859
Varying the Stock Price 827 Asset Write-Ups 859
Varying the Time to Expiration 830 Reductions in Capital Needs 859
Varying the Standard Deviation 837 Avoiding Mistakes 860
Varying the Risk-Free Rate 832 A Note about Inefficient Management 867
Implied Standard Deviations 832 26.5 Some Financial Side Effects of
25.4 Valuation of Equity and Debt in a Leveraged Acquisitions 867
Firm 835 EPS Growth 867
Valuing the Equity in a Leveraged Firm 835 Diversification 862
Options and the Valuation of Risky Bonds 836
OPTION VALUATION 876
26.6 The Cost of an Acquisition 863 NPV Analysis 889
Case I: Cash Acquisition 863 A Misconception 889
Case II: Stock Acquisition 864 27.6 A Leasing Paradox 897
Cash versus Common Stock 864 27.7 Reasons for Leasing 892
26.7 Defensive Tactics 865 Good Reasons for Leasing 892
The Corporate Charter 865 Tax Advantages 892
Repurchase and Standstill Agreements 866 A Reduction of Uncertainty 893
Poison Pills and Share Rights Plans 866 Lower Transactions Costs 893
Going Private and Leveraged Buyouts 867 Fewer Restrictions and Security Requirements 893
Other Devices and Jargon of Corporate Takeovers 867 Dubious Reasons for Leasing 893
26.8 Some Evidence on Acquisitions: Does Leasing and Accounting Income 893
M APay? 869 100 Percent Financing 894
26.9 Divestitures and Restructurings 870 Low Cost 894
26.10 Summary and Conclusions 877 Other Reasons for Leasing 894
27.8 Summary and Conclusions 895
CHAPTER 27
LEASING 880 APPENDIX A
27.1 Leases and Lease Types 887 MATHEMATICAL TABLES A-1
Leasing versus Buying 887 APPENDIX B
Operating Leases 882
Financial Leases 882 KEYEQUATIONS B-1
Tax-Oriented Leases 883 APPENDIX C
Leveraged Leases 883
Sale and Leaseback Agreements 883
27.2 Accounting and Leasing 883
27.3 Taxes, the IRS, and Leases 885 APPENDIX D
27.4 The Cash Flows from Leasing 886 USING THE Hp 10B AND TI BA II
ANSWERS TO SELECTED END-OF-CHAPTER
PROBLEMS C
The Incrementai Cash Flows 886
A Note about Taxes 887
27.5 Lease or Buy? 888 Index I
A Preliminary Analysis 888
Three Potential Pitfalls 888
PLUS FINANCIAL CALCULATORS D
|
| any_adam_object | 1 |
| author | Ross, Stephen A. 1944-2017 |
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| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 10. ed., alternate ed. |
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| id | DE-604.BV040274482 |
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| indexdate | 2024-07-10T00:20:32Z |
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| spelling | Ross, Stephen A. 1944-2017 Verfasser (DE-588)128781408 aut Fundamentals of corporate finance Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan 10. ed., alternate ed. New York, NY McGraw-Hill/Irwin 2013 XLI, 899, [45] S. graph. Darst. 26 cm txt rdacontent n rdamedia nc rdacarrier The McGraw-Hill/Irwin series in finance, insurance and real estate Includes index. Corporations Finance Finanzierung (DE-588)4017182-6 gnd rswk-swf Corporate Finance (DE-588)4269795-5 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 Sonstige (DE-588)121792250 oth Jordan, Bradford D. Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025129998&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 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 Fundamentals of corporate finance Corporations Finance Finanzierung (DE-588)4017182-6 gnd Corporate Finance (DE-588)4269795-5 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4269795-5 (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 Finanzierung (DE-588)4017182-6 gnd Corporate Finance (DE-588)4269795-5 gnd |
| topic_facet | Corporations Finance Finanzierung Corporate Finance Einführung Lehrbuch |
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