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영문목차
PART ONE. Overview of Corporate Finance=1
Chapter 1. Introduction to Corporate Finance=3
1.1. Corporate Finance and the Financial Manager=4
What Is Corporate Finance?=4
The Financial Manager=4
Financial Management Decisions=4
Capital Budgeting=5
Capital Structure=6
Working Capital Management=6
Conclusion=6
1.2. Forms of Business Organization=7
Sole Proprietorship=7
Partnership=7
Corporation=8
A Corporation by Another Name...=9
1.3. The Goal of Financial Management=10
Possible Goals=10
The Goal of Financial Management=11
A More General Goal=12
1.4. The Agency Problem and Control of the Corporation=12
Agency Relationships=14
Management Goals=14
Do Managers Act in the Stockholders' Interests?=14
Managerial Compensation=15
Control of the Firm=15
Conclusion=16
Stakeholders=16
1.5. Financial Markets and the Corporation=17
Cash Flows to and from the Firm=17
Primary versus Secondary Markets=18
Primary Markets=18
Secondary Markets=18
1.6. Summary and Conclusions=20
Chapter 2. Financial Statements, Taxes, and Cash Flow=23
2.1. The Balance Sheet=23
Assets:The Left-Hand Side=23
Liabilities and Owners' Equity:The Right-Hand Side=24
Net Working Capital=25
Liquidity=25
Debt versus Equity=26
Market Value versus Book Value=27
2.2. The Income Statement=28
GAAP and the Income Statement=29
Noncash Items=30
Time and Costs=30
2.3. Taxes=32
Corporate Tax Rates=32
Average versus Marginal Tax Rates=32
2.4. Cash Flow=34
Cash Flow from Assets=35
Operating Cash Flow=35
Capital Spending=36
Change in Net Working Capital=36
Conclusion=37
A Note on "Free" Cash Flow=37
Cash Flow to Creditors and Stockholders=37
Cash Flow to Creditors=37
Cash Flow to Stockholders=37
An Example:Cash Flows for Dole Cola=39
Operating Cash Flow=39
Net Capital Spending=40
Change in NWC and Cash Flow from Assets=40
Cash Flow to Stockholders and Creditors=41
2.5. Summary and Conclusions=42
PART TWO. Financial Statements and Long-Term Financial Planning=51
Chapter 3. Working with Financial Statements=53
3.1. Cash Flow and Financial Statements:A Closer Look=54
Sources and Uses of Cash=54
The Statement of Cash Flow=56
3.2. Standardized Financial Statements=59
Common-Size Statements=59
Common-Size Balance Sheets=59
Common-Size Income Statements=59
Common-Size Statements of Cash Flows=60
Common-Base Year Financial Statements:Trend Analysis=60
Combined Common-Size and Base-Year Analysis=61
3.3. Ratio Analysis=62
Short-Term Solvency, or Liquidity, Measures=63
Current Ratio=63
The Quick(or Acid-Test) Ratio=64
Other Liquidity Ratios=65
Long-Term Solvency Measures=65
Total Debt Ratio=65
A Brief Digression:Total Capitalization versus Total Assets=66
Times Interest Earned=67
Cash Coverage=67
Asset Management, or Turnover, Measures=67
Inventory Turnover and Days' Sales in Inventory=67
Receivables Turnover and Days' Sales in Receivables=68
Asset Turnover Ratios=69
Profitability Measures=70
Profit Margin=70
Return on Assets=70
Return on Equity=70
Market Value Measures=71
Price-Earnings Ratio=71
Market-to-Book Ratio=72
Conclusion=73
3.4. The Du Pont Identity=73
3.5. Using Financial Statement Information=75
Why Evaluate Financial Statements?=75
Internal Uses=75
External Uses=76
Choosing a Benchmark=76
Time-Trend Analysis=76
Peer Group Analysis=76
Problems with Financial Statement Analysis=79
3.6. Summary and Conclusions=82
Chapter 4. Long-Term Financial Planning and Growth=95
4.1. What Is Financial Planning?=96
Growth as a Financial Management Goal=97
Dimensions of Financial Planning=97
What Can Planning Accomplish?=98
Examining Interactions=98
Exploring Options=98
Avoiding Surprises=98
Ensuring Feasibility and Internal Consistency=98
Conclusion=99
4.2. Financial Planning Models:A First Looks=99
A Financial Planning Models The Ingredients=99
Sales Forecast=99
Pro Forma Statements=100
Asset Requirements=100
Financial Requirements=100
The Plug=100
Economic Assumptions=100
A Simple Financial Planning Model=101
4.3. The Percentage of Sales Approach=102
The Income Statement=102
The Balance Sheet=104
A Particular Scenario=105
An Alternative Scenario=106
4.4. External Financing and Growth=109
EFN and Growth=109
Financial Policy and Growth=112
The Internal Growth Rate=112
The Sustainable Growth Rate=112
Determinants of Growth=114
4.5. Some Caveats Regarding Financial Planning Models=116
4.6. Summary and Conclusions=117
PART THREE. Valuation of Future Cash Flows=127
Chapter 5. Introduction to Valuation:The Time Value of Money=129
5.1. Future Value and Compounding=130
Investing for a Single Period=130
Investing for More Than One Period=130
A Note on Compound Growth=137
5.2. Present Value and Discounting=138
The Single-Period Case=138
Present Values for Multiple Periods=139
5.3. More on Present and Future Values=142
Present versus Future Value=142
Determining the Discount Rate=143
Finding the Number of Periods=146
5.4. Summary and Conclusions=150
Chapter 6. Discounted Cash Flow Valuation=157
6.1. Future and Present Values of Multiple Cash Flows=158
Future Value with Multiple Cash Flows=158
Present Value with Multiple Cash Flows=161
A Note on Cash Flow Timing=165
6.2. Valuing Level Cash Flows:Annuities and Perpetuities=166
Present Value for Annuity Cash Flows=166
Annuity Tables=167
Finding the Payment=168
Finding the Rate=170
Future Value for Annuities=172
A Note on Annuities Due=173
Perpetuities=174
6.3. Comparing Rates:The Effect of Compounding=176
Effective Annual Rates and Compounding=176
Calculating and Comparing Effective Annual Rates=177
EARs and APRs=179
Taking It to the Limit:A Note on Continuous Compounding=180
6.4. Loan Types and Loan Amortization=181
Pure Discount Loans=181
Interest-Only Loans=182
Amortized Loans=182
6.5. Summary and Conclusions=187
Chapter 7. Interest Rates and Bond Valuation=201
7.1. Bonds and Bond Valuation=201
Bond Features and Prices=202
Bond Values and Yields=202
Interest Rate Risk=206
Finding the Yield to Maturity:More Trial and Error=208
7.2. More on Bond Features=211
Is It Debt or Equity?=212
Long-Term Debt:The Basics=212
The Indenture=213
Terms of a Bond=214
Security=214
Seniority=215
Repayment=215
The Call Provision=215
Protective Covenants=215
7.3. Bond Ratings=216
7.4. Some Different Types of Bonds=218
Government Bonds=218
Zero Coupon Bonds=219
Floating-Rate Bonds=220
Other Types of Bonds=222
7.5. Bond Markets=223
How Bonds Are Bought and Sold=224
Bond Price Reporting=224
7.6. Inflation and Interest Rates=228
Real versus Nominal Rates=228
The Fisher Effect=229
7.7. Determinants of Bond Yields=230
The Term Structure of Interest Rates=230
Bond Yields and the Yield Curve:Putting It All Together=233
Conclusion=235
7.8. Summary and Conclusions=235
Chapter 8. Stock Valuation=243
8.1. Common Stock Valuation=243
Cash Flows=244
Some Special Cases=245
Zero Growth=245
Constant Growth=246
Nonconstant Growth=249
Components of the Required Return=251
8.2. Some Features of Common and Preferred Stocks=253
Common Stock Features=253
Shareholder Rights=253
Proxy Voting=254
Classes of Stock=255
Other Rights=255
Dividends=255
Preferred Stock Features=256
Stated Value=256
Cumulative and Noncumulative Dividends=256
Is Preferred Stock Really Debt?=257
8.3. The Stock Markets=257
Dealers and Brokers=257
Organization of the NYSE=258
Members=258
Operations=259
Floor Activity=259
Nasdaq Operations=260
Nasdaq Participants=261
The Nasdaq System=261
Stock Market Reporting=263
8.4. Summary and Conclusions=264
PART FOUR. Capital Budgeting=271
Chapter 9. Net Present Value and Other Investment Criteria=273
9.1. Net Present Value=274
The Basic Idea=274
Estimating Net Present Value=275
9.2. The Payback Rule=278
Defining the Rule=278
Analyzing the Rule=280
Redeeming Qualities of the Rule=281
Summary of the Rule=281
9.3. The Discounted Payback=282
9.4. The Average Accounting Return=285
9.5. The Internal Rate of Return=287
Problems with the IRR=291
Nonconventional Cash Flows=291
Mutually Exclusive Investments=294
Redeeming Qualities of the IRR=296
9.6. The Profitability Index=297
9.7. The Practice of Capital Budgeting=298
9.8. Summary and Conclusions=300
Chapter 10. Making Capital Investment Decisions=311
10.1. Project Cash Flows:A First Look=312
Relevant Cash Flows=312
The Stand-Alone Principle=312
10.2. Incremental Cash Flows=313
Sunk Costs=313
Opportunity Costs=313
Side Effects=314
Net Working Capital=314
Financing Costs=314
Other Issues=314
10.3. Pro Forma Financial Statements and Project Cash Flows=315
Getting Started:Pro Forma Financial Statements=315
Project Cash Flows=317
Project Operating Cash Flow=317
Project Net Working Capital and Capital Spending=317
Projected Total Cash Flow and Value=318
10.4. More on Project Cash Flow=319
A Closer Look at Net Working Capital=319
Depreciation=322
Modified ACRS Depreciation(MACRS)=322
Book Value versus Market Value=323
An Example:The Majestic Mulch and Compost Company(MMCC)=325
Operating Cash Flows=325
Change in NWC=325
Capital Spending=325
Total Cash Flow and Value=328
Conclusion=328
10.5. Alternative Definitions of Operating Cash Flow=331
The Bottom-Up Approach=331
The Top-Down Approach=332
The Tax Shield Approach=332
Conclusion=333
10.6. Some Special Cases of Discounted Cash Flow Analysis=333
Evaluating Cost-Cutting Proposals=333
Setting the Bid Price=335
Evaluating Equipment Options with Different Lives=337
10.7. Summary and Conclusions=339
Chapter 11. Project Analysis and Evaluation=349
11.1. Evaluating NPV Estimates=349
The Basic Problem=350
Projected versus Actual Cash Flows=350
Forecasting Risk=350
Sources of Value=351
11.2. Scenario and Other What-If Analyses=351
Getting Started=352
Scenario Analysis=353
Sensitivity Analysis=354
Simulation Analysis=355
11.3. Break-Even Analysis=356
Fixed and Variable Costs=356
Variable Costs=356
Fixed Costs=358
Total Costs=358
Accounting Break-Even=360
Accounting Break-Even:A Closer Look=360
Uses for the Accounting Break-Even=362
11.4. Operating Cash Flow, Sales Volume, and Break-Even=363
Accounting Break-Even and Cash Flow=363
The Base Case=363
Calculating the Break-Even Level=363
Payback and Break-Even=364
Sales Volume and Operating Cash Flow=364
Cash Flow, Accounting, and Financial Break-Even Points=365
Accounting Break-Even Revisited=365
Cash Break-Even=365
Financial Break-Even=366
Conclusion=366
11.5. Operating Leverage=368
The Basic Idea=368
Implications of Operating Leverage=368
Measuring Operating Leverage=368
Operating Leverage and Break-Even=370
11.6. Capital Rationing=371
Soft Rationing=371
Hard Rationing=371
11.7. Summary and Conclusions=372
PART FIVE. Risk and Return=379
Chapter 12. Some Lessons from Capital Market History=381
12.1. Returns=382
Dollar Returns=382
Percentage Returns=384
12.2. The Historical Record=386
A First Look=387
A Closer Look=387
12.3. Average Returns:The First Lesson=392
Calculating Average Returns=392
Average Returns:The Historical Record=392
Risk Premiums=394
The First Lesson=395
12.4. The Variability of Returns:The Second Lesson=396
Frequency Distributions and Variability=396
The Historical Variance and Standard Deviation=396
The Historical Record=399
Normal Distribution=399
The Second Lesson=402
Using Capital Market History=402
12.5. Capital Market Efficiency=403
Price Behavior in an Efficient Market=403
The Efficient Markets Hypothesis=404
Some Common Misconceptions about the EMH=405
The Forms of Market Efficiency=407
12.6. Summary and Conclusions=407
Chapter 13. Return, Risk, and the Security Market Line=415
13.1. Expected Returns and Variances=416
Expected Return=416
Calculating the Variance=418
13.2. Portfolios=420
Portfolio Weights=420
Portfolio Expected Returns=420
Portfolio Variance=422
13.3. Announcements, Surprises, and Expected Returns=423
Expected and Unexpected Returns=423
Announcements and News=424
13.4. Risk:Systematic and Unsystematic=425
Systematic and Unsystematic Risk=425
Systematic and Unsystematic Components of Return=426
13.5. Diversification and Portfolio Risk=427
The Effect of Diversification:Another Lesson from Market History=427
The Principle of Diversification=428
Diversification and Unsystematic Risk=429
Diversification and Systematic Risk=429
13.6. Systematic Risk and Beta=430
The Systematic Risk Principle=430
Measuring Systematic Risk=431
Portfolio Betas=432
13.7. The Security Market Line=433
Beta and the Risk Premium=434
The Reward-to-Risk Ratio=435
The Basic Argument=435
The Fundamental Result=437
The Security Market Line=439
Market Portfolios=439
The Capital Asset Pricing Model=439
13.8. The SML and the Cost of Capital:A Preview=442
The Basic Idea=442
The Cost of Capital=442
13.9. Summary and Conclusions=443
Chapter 14. Options and Corporate Finance=453
14.1. Options:The Basics=454
Puts and Calls=454
Stock Option Quotations=454
Option Payoffs=456
14.2. Fundamentals of Option Valuation=459
Value of a Call Option at Expiration=459
The Upper and Lower Bounds on a Call Option's Value=459
The Upper Bound=460
The Lower Bound=460
A Simple Model:Part Ⅰ=461
The Basic Approach=462
A More Complicated Case=462
Four Factors Determining Option Values=463
14.3. Valuing a Call Option=464
A Simple Model:Part Ⅱ=464
The Fifth Factor=465
A Closer Look=466
14.4. Employee Stock Options=467
ESO Features=467
ESO Repricing=468
14.5. Equity as a Call Option on the Firm's Assets=468
Case Ⅰ:The Debt Is Risk-Free=469
Case Ⅱ:The Debt Is Risky=469
14.6. Options and Capital Budgeting=471
The Investment Timing Decision=471
Managerial Options=473
Contingency Planning=474
Options in Capital Budgeting:An Example=475
Strategic Options=476
Conclusion=476
14.7. Options and Corporate Securities=477
Warrants=477
The Difference between Warrants and Call Options=477
Earnings Dilution=478
Convertible Bonds=478
Features of a Convertible Bond=478
Value of a Convertible Bond=479
Other Options=480
The Call Provision on a Bond=480
Put Bonds=481
Insurance and Loan Guarantees=481
14.8. Summary and Conclusions=482
PART SIX. Cost of Capital and Long-Term Financial Policy=491
Chapter 15. Cost of Capital=493
15.1. The Cost of Capital:Some Preliminaries=494
Required Return versus Cost of Capital=494
Financial Policy and Cost of Capital=495
15.2. The Cost of Equity=495
The Dividend Growth Model Approach=495
Implementing the Approach=496
Estimating=496
Advantages and Disadvantages of the Approach=497
The SML Approach=497
Implementing the Approach=498
Advantages and Disadvantages of the Approach=498
15.3. The Costs of Debt and Preferred Stock=499
The Cost of Debt=499
The Cost of Preferred Stock=500
15.4. The Weighted Average Cost of Capital=501
The Capital Structure Weights=501
Taxes and the Weighted Average Cost of Capital=502
Calculating the WACC for Eastman Chemical=503
Eastman's Cost of Equity=503
Eastman's Cost of Debt=504
Eastman's WACC=505
Solving the Warehouse Problem and Similar Capital Budgeting Problems=507
Performance Evaluation:Another Use of the WACC=509
15.5. Divisional and Project Costs of Capital=509
The SML and the WACC=509
Divisional Cost of Capital=511
The Pure Play Approach=511
The Subjective Approach=512
15.6. Flotation Costs and the Weighted Average Cost of Capital=513
The Basic Approach=513
Flotation Costs and NPV=515
15.7. Summary and Conclusions=516
Chapter 16. Raising Capital=525
16.1. The Financing Life Cycle of a Firm:Fairly-Stage Financing and Venture Capital=526
Venture Capital=526
Some Venture Capital Realities=527
Choosing a Venture Capitalist=527
Conclusion=528
16.2. Selling Securities to the Public:The Basic Procedure=528
16.3. Alternative Issue Methods=529
16.4. Underwriters=531
Choosing an Underwriter=532
Types of Underwriting=532
Firm Commitment Underwriting=532
Best Efforts Underwriting=532
The Aftermarket=533
The Green Shoe Provision=533
Lockup Agreements=533
16.5. IPOs and Underpricing=534
IPO Underpricing:The 1999-2000 Experience=534
Evidence on Underpricing=534
Why Does Underpricing Exist?=539
16.6. New Equity Sales and the Value of the Firm=541
16.7. The Costs of Issuing Securities=542
The Costs of Selling Stock to the Public=542
The Costs of Going Public:The Case of Multicom=543
16.8. Rights=546
The Mechanics of a Rights Offering=546
Number of Rights Needed to Purchase a Share=547
The Value of a Right=548
Ex Rights=550
The Underwriting Arrangements=551
Rights Offers:The Case of Time Warner=551
Effects on Shareholders=552
The Rights Offerings Puzzle=553
16.9. Dilution=554
Dilution of Proportionate Ownership=555
Dilution of Value:Book versus Market Values=555
A Misconception=556
The Correct Arguments=556
16.10. Issuing Long-Term Debt=557
16.11. Shelf Registration=558
16.12. Summary and Conclusions=559
Chapter 17. Financial Leverage and Capital Structure Policy=567
17.1. The Capital Structure Question=568
Firm Value and Stock Value:An Example=568
Capital Structure and the Cost of Capital=569
17.2. The Effect of Financial Leverage=570
The Basics of Financial Leverage=570
Financial Leverage, EPS, and ROE:An Example=570
EPS versus EBIT=571
Corporate Borrowing and Homemade Leverage=573
17.3. 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
17.4. M&M Propositions Ⅰ and Ⅱ with Corporate Taxes=579
The Interest Tax Shield=579
Taxes and M&M Proposition Ⅰ=580
Taxes, the WACC, and Proposition Ⅱ=581
Conclusion=582
17.5. Bankruptcy Costs=584
Direct Bankruptcy Costs=585
Indirect Bankruptcy Costs=585
17.6. Optimal Capital Structure=586
The Static Theory of Capital Structure=586
Optimal Capital Structure and the Cost of Capital=587
Optimal Capital Structure:A Recap=588
Capital Structure:Some Managerial Recommendations=590
Taxes=590
Financial Distress=590
17.7. The Pie Again=591
The Extended Pie Model=591
Marketed Claims versus Nonmarketed Claims=592
17.8. Observed Capital Structures=593
17.9. A Quick Look at the Bankruptcy Process=594
Liquidation and Reorganization=595
Bankruptcy Liquidation=595
Bankruptcy Reorganization=596
Financial Management and the Bankruptcy Process=597
Agreements to Avoid Bankruptcy=597
17.10. Summary and Conclusions=598
Chapter 18. Dividends and Dividend Policy=605
18.1. Cash Dividends and Dividend Payment=606
Cash Dividends=606
Standard Method of Cash Dividend Payment=607
Dividend Payment:A Chronology=607
More on the Ex-Dividend Date=608
18.2. Does Dividend Policy Matter?=609
An Illustration of the Irrelevance of Dividend Policy=609
Current Policy:Dividends Set Equal to Cash Flow=609
Alternative Policy:Initial Dividend Greater than Cash Flow=610
Homemade Dividends=610
A Test=611
18.3. Real-World Factors Favoring a Low Payout=612
Taxes=612
Expected Return, Dividends, and Personal Taxes=613
Flotation Costs=613
Dividend Restrictions=614
18.4. Real-World Factors Favoring a High Payout=614
Desire for Current Income=614
Uncertainty Resolution=615
Tax and Legal Benefits from High Dividends=615
Corporate Investors=615
Tax-Exempt Investors=615
Conclusion=616
18.5. A Resolution of Real-World Factors?=616
Information Content of Dividends=616
The Clientele Effect=617
18.6. Establishing a Dividend Policy=618
Residual Dividend Approach=618
Dividend Stability=620
A Compromise Dividend Policy=621
18.7. Stock Repurchase:An Alternative to Cash Dividends=623
Cash Dividends versus Repurchase=623
Real-World Considerations in a Repurchase=625
Share Repurchase and EPS=625
18.8. Stock Dividends and Stock Splits=626
Some Details on Stock Splits and Stock Dividends=626
Example of a Small Stock Dividend=626
Example of a Stock Split=627
Example of a Large Stock Dividend=627
Value of Stock Splits and Stock Dividends=628
The Benchmark Case=628
Popular Trading Range=628
Reverse Splits=629
18.9. Summary and Conclusions=630
PART SEVEN. Short-Term Financial Planning and Management=637
Chapter 19. Short-Term Finance and Planning=639
19.1. Tracing Cash and Net Working Capital=640
19.2. The Operating Cycle and the Cash Cycle=641
Defining the Operating and Cash Cycles=642
The Operating Cycle=642
The Cash Cycle=643
The Operating Cycle and the Firm's Organizational Chart=644
Calculating the Operating and Cash Cycles=644
The Operating Cycle=645
The Cash Cycle=646
Interpreting the Cash Cycle=647
19.3. Some Aspects of Short-Term Financial Policy=648
The Size of the Firm's Investment in Current Assets=648
Alternative Financing Policies for Current Assets=651
An Ideal Case=651
Different Policies for Financing Current Assets=652
Which Financing Policy Is Best?=653
Current Assets and Liabilities in Practice=654
19.4. The Cash Budget=655
Sales and Cash Collections=655
Cash Outflows=657
The Cash Balance=657
19.5. Short-Term Borrowing=658
Unsecured Loans=659
Compensating Balances=659
Cost of a Compensating Balance=659
Letters of Credit=660
Secured Loans=660
Accounts Receivable Financing=660
Inventory Loans=661
Other Sources=661
19.6. A Short-Term Financial Plan=662
19.7. Summary and Conclusions=663
Chapter 20. Cash and Liquidity Management=673
20.1. Reasons for Holding Cash=673
The Speculative and Precautionary Motives=673
The Transaction Motive=674
Compensating Balances=674
Costs of Holding Cash=674
Cash Management versus Liquidity Management=675
20.2. Understanding Float=675
Disbursement Float=675
Collection Float and Net Float=676
Float Management=677
Measuring Float=677
Some Details=678
Cost of the Float=679
Ethical and Legal Questions=680
Electronic Data Interchange:The End of Float?=681
20.3. Cash Collection and Concentration=682
Components of Collection Time=682
Cash Collection=682
Lockboxes=683
Cash Concentration=684
Accelerating Collections:An Example=684
20.4. Managing Cash Disbursements=687
Increasing Disbursement Float=687
Controlling Disbursements=687
Zero-Balance Accounts=688
Controlled Disbursement Accounts=688
20.5. Investing Idle Cash=688
Temporary Cash Surpluses=689
Seasonal or Cyclical Activities=689
Planned or Possible Expenditures=690
Characteristics of Short-Term Securities=690
Maturity=690
Default Risk=690
Marketability=690
Taxes=690
Some Different Types of Money Market Securities=690
20.6. Summary and Conclusions=691
Appendix 20A. Determining the Target Cash Balance=696
The Basic Idea=697
The BAT Model=698
The Opportunity Costs=699
The Trading Costs=699
The Total Cost=700
The Solution=700
Conclusion=702
The Miller-Orr Model:A More General Approach=702
The Basic Idea=702
Using the Model=702
Implications of the BAT and Miller-Orr Models=703
Other Factors Influencing the Target Cash Balance=704
Chapter 21. Credit and Inventory Management=707
21.1. Credit and Receivables=707
Components of Credit Policy=708
The Cash Flows from Granting Credit=708
The Investment in Receivables=708
21.2. Terms of the Sale=709
The Basic Form=709
The Credit Period=710
The Invoice Date=710
Length of the Credit Period=710
Cash Discounts=711
Cost of the Credit=712
Trade Discounts=712
The Cash Discount and the ACP=712
Credit Instruments=712
21.3. Analyzing Credit Policy=713
Credit Policy Effects=713
Evaluating a Proposed Credit Policy=714
NPV of Switching Policies=714
A Break-Even Application=716
21.4. Optimal Credit Policy=716
The Total Credit Cost Curve=716
Organizing the Credit Function=717
21.5. Credit Analysis=718
When Should Credit Be Granted?=718
A One-Time Sale=719
Repeat Business=719
Credit Information=720
Credit Evaluation and Scoring=721
21.6. Collection Policy=721
Monitoring Receivables=721
Collection Effort=723
21.7. Inventory Management=724
The Financial Manager and Inventory Policy=724
Inventory Types=724
Inventory Costs=725
21.8. Inventory Management Techniques=726
The ABC Approach=726
The Economic Order Quantity Model=727
Inventory Depletion=727
The Carrying Costs=728
The Shortage Costs=728
The Total Costs=729
Extensions to the EOQ Model=731
Safety Stocks=731
Reorder Points=731
Managing Derived-Demand Inventories=731
Materials Requirements Planning=731
Just-in-Time Inventory=731
21.9. Summary and Conclusions=733
Appendix 21A. More on Credit Policy Analysis=738
Two Alternative Approaches=739
The One-Shot Approach=739
The Accounts Receivable Approach=739
Discounts and Default Risk=740
NPV of the Credit Decision=741
A Break-Even Application=742
PART EIGHT. Topics in Corporate Finance=747
Chapter 22. International Corporate Finance=749
22.1. Terminology=750
22.2. Foreign Exchange Markets and Exchange Rates=751
Exchange Rates=753
Exchange Rate Quotations=753
Cross-Rates and Triangle Arbitrage=754
Types of Transactions=755
22.3. Purchasing Power Parity=756
Absolute Purchasing Power Parity=757
Relative Purchasing Power Parity=758
The Basic Idea=758
The Result=758
Currency Appreciation and Depreciation=759
22.4. Interest Rate Parity, Unbiased Forward Rates, and the International Fisher Effect=760
Covered Interest Arbitrage=760
Interest Rate Parity=761
Forward Rates and Future Spot Rates=762
Putting It All Together=763
Uncovered Interest Parity=763
The International Fisher Effect=763
22.5. International Capital Budgeting=764
Method 1:The Home Currency Approach=764
Method 2:The Foreign Currency Approach=765
Unremitted Cash Flows=766
22.6. Exchange Rate Risk=766
Short-Run Exposure=766
Long-Run Exposure=767
Translation Exposure=768
Managing Exchange Rate Risk=769
22.7. Political Risk=770
22.8. Summary and Conclusions=770
Chapter 23. Risk Management:An Introduction to Financial Engineering=777
23.1. Hedging and Price Volatility=777
Price Volatility:A Historical Perspective=778
Interest Rate Volatility=779
Exchange Rate Volatility=779
Commodity Price Volatility=780
The Impact of Financial Risk:The U.S. Savings and Loan Industry=780
23.2. Managing Financial Risk=783
The Risk Profile=783
Reducing Risk Exposure=783
Hedging Short-Run Exposure=784
Cash Flow Hedging:A Cautionary Note=785
Hedging Long-Term Exposure=786
Conclusion=786
23.3. Hedging with Forward Contracts=787
Forward Contracts:The Basics=787
The Payoff Profile=788
Hedging with Forwards=788
A Caveat=788
Credit Risk=789
Forward Contracts in practice=790
23.4. Hedging with Futures Contracts=790
Trading in Futures=790
Futures Exchanges=791
Hedging with Futures=791
23.5. Hedging with Swap Contracts=793
Currency Swaps=793
Interest Rate Swaps=794
Commodity Swaps=794
The Swap Dealer=794
Interest Rate Swaps:An Example=795
23.6. Hedging with Option Contracts=796
Option Terminology=796
Options versus Forwards=797
Option Payoff Profiles=797
Option Hedging=797
Hedging Commodity Price Risk with Options=797
Hedging Exchange Rate Risk with Options=800
Hedging Interest Rate Risk with Options=800
A Preliminary Note=800
Interest Rate Caps=800
Other Interest Rate Options=800
23.7. Summary and Conclusions=801
Chapter 24. Option Valuation=807
24.1. Put-Call Parity=807
Protective Puts=808
An Alternative Strategy=808
The Result=808
Continuous Compounding:A Refresher Course=810
24.2. The Black-Scholes Option Pricing Model=813
The Call Option Pricing Formula=813
Put Option Valuation=816
A Cautionary Note=817
24.3. More on Black-Scholes=818
Varying the Stock Price=818
Varying the Time to Expiration=821
Varying the Standard Deviation=823
Varying the Risk Free Rate=823
Implied Standard Deviations=824
24.4. Valuation of Equity and Debt in a Leveraged Firm=825
Valuing the Equity in a Leveraged Firm=826
Options and the Valuation of Risky Bonds=827
24.5. Options and Corporate Decisions:Some Applications=829
Mergers and Diversification=829
Options and Capital Budgeting=831
24.6. Summary and Conclusions=833
Chapter 25. Mergers and Acquisitions=841
25.1. The Legal Forms of Acquisitions=842
Merger or Consolidation=843
Acquisition of Stock=843
Acquisition of Assets=844
Acquisition Classifications=844
A Note on Takeovers=845
25.2. Taxes and Acquisitions=846
Determinants of Tax Status=846
Taxable versus Tax-Free Acquisitions=846
25.3. Accounting for Acquisitions=846
The Purchase Method=847
Pooling of Interests=847
More on Goodwill=847
25.4. Gains from Acquisition=849
Synergy=849
Revenue Enhancement=850
Marketing Gains=850
Strategic Benefits=850
Market Power=851
Cost Reductions=851
Economies of Scale=851
Economies of Vertical Integration=851
Complementary Resources=852
Lower Taxes=852
Net Operating Losses=852
Unused Debt Capacity=852
Surplus Funds=852
Asset Write-Ups=853
Reductions in Capital Needs=853
Avoiding Mistakes=853
A Note on Inefficient Management=854
25.5. Some Financial Side Effects of Acquisitions=854
EPS Growth=855
Diversification=856
25.6. The Cost of an Acquisition=856
Case Ⅰ:Cash Acquisition=857
Case Ⅱ:Stock Acquisition=857
Cash versus Common Stock=858
25.7. Defensive Tactics=859
The Corporate Charter=859
Repurchase and Standstill Agreements=859
Exclusionary Self-Tenders=860
Poison Pills and Share Rights Plans=860
Going Private and Leveraged Buyouts=862
Other Devices and Jargon of Corporate Takeovers=863
25.8. Some Evidence on Acquisitions=864
25.9. Summary and Conclusions=865
Chapter 26. Leasing=873
26.1. Leases and Lease Types=874
Leasing versus Buying=874
Operating Leases=875
Financial Leases=875
Tax-Oriented Leases=876
Leveraged Leases=876
Sate and Leaseback Agreements=876
26.2. Accounting and Leasing=876
26.3. Taxes, the IRS, and Leases=878
26.4. The Cash Flows from Leasing=879
The Incremental Cash Flows=879
A Note on Taxes=881
26.5. Lease or Buy?=881
A Preliminary Analysis=881
Three Potential Pitfalls=882
NPV Analysis=882
A Misconception=882
26.6. A Leasing Paradox=884
26.7. Reasons for Leasing=885
Good Reasons for Leasing=886
Tax Advantages=886
A Reduction of Uncertainty=887
Lower Transactions Costs=887
Fewer Restrictions and Security Requirements=887
Dubious Reasons for Leasing=887
Leasing and Accounting Income=887
100 Percent Financing=888
Low Cost=888
Other Reasons for Leasing=888
26.8. Summary and Conclusions=889
Appendix A. Mathematical Tables=A-1
Appendix B. Key Equations=B-1
Appendix C. Answers to Selected End-of-Chapter Problems=C
Index=Ⅰ
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