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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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