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Part One Introduction1

1 The Firm and the Financial Manager1

2 The Financial Environment26

3 Accounting and Finance44

Part Two Value66

4 The Time Value of Money66

5 Valuing Bonds114

6 Valuing Stocks140

7 Net Present Value and Other Investment Criteria178

8 Using Discounted Cash-Flow Analysis to Make Investment Decisions210

9 Project Analysis238

Part Three Risk266

10 Introduction to Risk，Return，and the Opportunity Cost of Capital266

11 Risk，Return，and Capital Budgeting292

12 The Cost of Capital318

Part Four Financing344

13 An Overview of Corporate Financing344

14 How Corporations Issue Securities366

Part Five Debt and Dividend Policy392

15 Debt Policy392

16 Dividend Policy424

Part Six Financial Planning448

17 Financial Statement Analysis448

18 Financial Planning480

19 Working Capital Management and Short Term Planning506

Part Seven Short-Term Financial Decisions538

20 Cash and Inventory Management538

21 Credit Management and Bankruptcy562

Part Eight Special Topics585

22 Mergers，Acquisitions，and Corporate Control585

23 International Financial Management614

24 Options640

25 Risk Management664

Part Nine Conclusion686

26 What We Do and Do Not Know about Finance686

Appendix A：Present Value Tables699

Appendix B：Solutions to Selected End-of-Chapter Problems709

Glossary722

Global Index727

Index729

Part One Introduction1

Chapter 1 The Firm and the Financial Manager2

1.1 Organizing a Business4

Sole Proprietorships4

Partnerships4

Corporations4

Hybrid Forms of Business Organization5

1.2 The Role of the Financial Manager6

The Capital Budgeting Decision7

The Financing Decision8

1.3 Who Is the Financial Manager？8

Careers in Finance9

1.4 Goals of the Corporation12

Shareholders Want Managers to Maximize Market Value12

Ethics and Management Objectives13

Do Managers Really Maximize Value？16

1.5 Topics Covered in This Book18

Snippets of History21

1.6 Summary21

Quiz22

Practice Problems23

Solutions to Self-Test Questions24

Chapter 2 The Financial Environment26

2.1 The Flow of Savings to Corporations28

The Stock Market29

Other Financial Markets30

Financial Intermediaries31

Financial Institutions33

Total Financing of U.S.Corporations35

2.2 Functions of Financial Markets and Intermediclries36

Transporting Cash across Time36

Liquidity36

The Payment Mechanism37

Reducing Risk37

Information Provided by Financial Markets37

The Opportunity Cost of Capital39

2.3 Summary40

Quiz41

Practice Problems41

Solutions to Self-Test Questions42

Chapter 3 Accounting and Finance44

3.1 The Balance Sheet46

Book Values and Market Values48

3.2 The Income Statement50

Profits versus Cash Flow51

3.3 The Statement of Cash Flows53

3.4 Accounting Practice and Accounting Malpractice55

3.5 Taxes57

Corporate Tax57

Personal Tax58

3.6 Summary59

Quiz60

Practice Problems60

Challenge Problems63

S＆P Problems63

Solutions to Self-Test Questions64

Part Two Value66

Chapter 4 The Time Value of Money66

4.1 Future Values and Compound Interest68

4.2 Present Values71

Finding the Interest Rate76

4.3 Multiple Cash Flows80

Future Value of Multiple Cash Flows80

Present Value of Multiple Cash Flows81

4.4 Level Cash Flows：Perpetuities and Annuities82

How to Value Perpetuities83

How to Value Annuities84

Annuities Due89

Future Value of an Annuity90

4.5 Inflation and the Time Value of Money93

Real versus Nominal Cash Flows93

Inflation and Interest Rates96

Valuing Real Cash Payments98

Real or Nominal？99

4.6 Effective Annual Interest Rates100

4.7 Summary102

Quiz103

Practice Problems104

Challenge Problems108

S＆P Problems109

Solutions to Self-Test Questions109

Minicase112

Chapter 5 Valuing Bonds114

5.1 Bond Characteristics116

Reading the Financial Pages116

5.2 Bond Prices and Yields118

How Bond Prices Vary with Interest Rates119

Yield to Maturity versus Current Yield120

Rate of Return124

Interest Rate Risk127

The Yield Curve128

Nominal and Real Rates of Interest129

Default Risk131

Variations in Corporate Bonds133

5.3 Summary135

Quiz136

Practice Problems136

Challenge Problem138

S＆P Problems138

Solutions to Self-Test Questions138

Chapter 6 Valuing Stocks140

6.1 Stocks and the Stock Market142

Reading the Stock Market Listings142

6.2 Book Values，Liquidation Values，and Market Values144

6.3 Valuing Common Stocks147

Today’s Price and Tomorrow’s Price147

The Dividend Discount Model149

6.4 Simplifying the Dividend Discount Model152

The Dividend Discount Model with No Growth152

The Constant-Growth Dividend Discount Model152

Estimating Expected Rates of Return154

Nonconstant Growth155

6.5 Growth Stocks and Income Stocks156

The Price-Earnings Ratio158

Valuing Entire Businesses159

6.6 There Are No Free Lunches on Wall Street160

Method 1：Technical Analysis161

Method 2：Fundamental Analysis163

A Theory to Fit the Facts165

Some Puzzles and Anomalies165

6.7 Behavioral Finance and the Rise and Fall of the Dot.Coms166

6.8 Summary167

Quiz168

Practice Problems169

Challenge Problems172

S＆P Problems172

Solutions to Self-Test Questions173

Minicase175

Chapter 7 Net Present Value and Other Investment Criteria178

7.1 Net Present Value180

A Comment on Risk and Present Value181

Valuing Long-Lived Projects182

7.2 Other Investment Criteria185

Payback185

Internal Rate of Return188

A Closer Look and the Rate of Return Rule189

Calculating the Rate of Return for Long-Lived Projects189

A Word of Caution191

Some Pitfalls with the Internal Rate of Return Rule191

7.3 Mutually Exclusive Projects194

Investment Timing195

Long- versus Short-Lived Equipment196

Replacing an Old Machine197

Mutually Exclusive Projects and the IRR Rule198

7.4 Capital Rationing200

Soft Rationing200

Hard Rationing200

Pitfalls of the Profitability Index201

7.5 A Last Look202

7.6 Summary203

Quiz204

Practice Problems204

Challenge Problems207

Solutions to Self-Test Questions208

Chapter 8 Using Discounted Cash-Flow Analysis to Make Investment Decisions210

8.1 Discount Cash Flows，Not Profits212

8.2 Discount Incremental Cash Flows214

Include All Indirect Effects214

Forget Sunk Costs215

Include Opportunity Costs215

Recognize the Investment in Working Capital216

Beware of Allocated Overhead Costs216

8.3 Discount Nominal Cash Flows by the Nominal Cost of Capital217

8.4 Separate Investment and Financing Decisions219

8.5 Calculating Cash Flow219

Capital Investment219

Investment in Working Capital219

Cash Flow from Operations220

8.6 An Example：Blooper Industries222

Calculating Blooper’s Project Cash Flows223

Calculating the NPV of Blooper’s Project224

Further Notes and Wrinkles Arising from Blooper’s Project225

8.7 Summary230

Quiz230

Practice Problems231

Challenge Problems233

S＆P Problems234

Solutions to Spreadsheet Model Questions234

Solutions to Self-Test Questions235

Minicase237

Chapter 9 Project Analysis238

9.1 How Firms Organize the Investment Process240

Stage 1：The Capital Budget240

Stage 2：Project Authorizations240

Problems and Some Solutions241

9.2 Some “What-If” Questions242

Sensitivity Analysis242

Scenario Analysis245

9.3 Break-Even Analysis246

Accounting Break-Even Analysis246

Economic Value Added and Break-Even Analysis247

Operating Leverage251

9.4 Real Options and the Value of Flexibility253

The Option to Expand253

A Second Real Option：The Option to Abandon254

A Third Real Option：The Timing Option255

A Fourth Real Option：Flexible Production Facilities256

9.5 Summary256

Quiz257

Practice Problems257

Challenge Problems260

S＆P Problems260

Solutions to Self-Test Questions260

Minicase263

Part Three Risk266

Chapter 10 Introduction to Risk，Return，and the Opportunity Cost of Capital266

10.1 Rates of Return：A Review268

10.2 A Century of Capital Market History269

Market Indexes269

The Historical Record270

Using Historical Evidence to Estimate Today’s Cost of Capital272

10.3 Measuring Risk274

Variance and Standard Deviation275

A Note on Calculating Variance277

Measuring the Variation in Stock Returns277

10.4 Risk and Diversification279

Diversification279

Asset versus Portfolio Risk280

Market Risk versus Unique Risk283

10.5 Thinking about Risk284

Message 1：Some Risks Look Big and Dangerousbut Really Are Diversifiable285

Message 2：Market Risks Are Macro Risks286

Message 3：Risk Can Be Measured287

10.6 Summary287

Quiz288

Practice Problems289

S＆P Problems290

Solutions to Self-Test Questions291

Chapter 11 Risk，Return，and Capital Budgeting292

11.1 Measuring Market Risk294

Measuring Beta294

Betas for Amazon.com and ExxonMobil296

Portfolio Betas298

11.2 Risk and Return300

Why the CAPM Works302

The Security Market Line303

How Well Does the CAPM Work？304

Using the CAPM to Estimate Expected Returns306

11.3 Capital Budgeting and Project Risk308

Company versus Project Risk308

Determinants of Project Risk309

Don’t Add Fudge Factors to Discount Rates310

11.4 Summary311

Quiz311

Practice Problems312

Challenge Problem316

S＆P Problems317

Solutions to Self-Test Questions317

Chapter 12 The Cost of Capital318

12.1 Geothermal’s Cost of Capital320

12.2 The Weighted-Average Cost of Capital321

Calculating Company Cost of Capital as a Weighted Average322

Market versus Book Weights324

Taxes and the Weighted-Average Cost of Capital325

What If There Are Three （or More） Sources of Financing？325

Wrapping Up Geothermal326

Checking Our Logic327

12.3 Measuring Capital Structure328

12.4 Calculating Required Rates of Return330

The Expected Return on Bonds330

The Expected Return on Common Stock330

The Expected Return on Preferred Stock331

12.5 Calculating the Weighted-Average Cost of Capital332

Real Company WACCs332

12.6 Interpreting the Weighted-Average Cost of Capital333

When You Can and Can’t Use WACC333

Some Common Mistakes333

How Changing Capital Structure Affects Expected Returns334

What Happens When the Corporate Tax Rate Is Not Zero335

12.7 Flotation Costs and the Cost of Capital335

12.8 Summary336

Quiz337

Practice Problems337

Challenge Problems339

S＆P Problems339

Solutions to Self-Test Questions340

Minicase341

Part Four Financing344

Chapter 13 An Overview of Corporate Financing344

13.1 Creating Value with Financing Decisions346

13.2 Common Stock347

Ownership of the Corporation348

Voting Procedures349

Classes of Stock350

Corporate Governance in the United States and Elsewhere350

13.3 Preferred Stock351

13.4 Corporate Debt352

Debt Comes in Many Forms353

Innovation in the Debt Market357

13.5 Convertible Securities358

13.6 Patterns of Corporate Financing359

Do Firms Rely Too Heavily on Internal Funds？359

External Sources of Capital360

13.7 Summary362

Quiz362

Practice Problems363

S＆P Problems364

Solutions to Self-Test Questions364

Chapter 14 How Corporations Issue Securities366

14.1 Venture Capital368

14.2 The Initial Public Offering370

Arranging a Public Issue370

14.3 The Underwriters375

14.4 General Cash Offers by Public Companies376

General Cash Offers and Shelf Registration377

Costs of the General Cash Offer378

Market Reaction to Stock Issues378

14.5 The Private Placement379

14.6 Summary380

Quiz381

Practice Problems381

Challenge Problem383

S＆P Problems383

Solutions to Self-Test Questions384

Minicase385

Appendix：Hotch Pot’s New-Issue Prospectus386

Part Five Debt and Dividend Policy392

Chapter 15 Debt Policy392

15.1 How Borrowing Affects Value in a Tax-Free Economy394

MM’s Argument395

How Borrowing Affects Earnings per Share396

How Borrowing Affects Risk and Return398

Debt and the Cost of Equity400

15.2 Capital Structure and Corporate Taxes403

Debt and Taxes at River Cruises403

How Interest Tax Shields Contribute to the Value of Stockholders’ Equity404

Corporate Taxes and the Weighted-Average Cost of Capital405

The Implications of Corporate Taxes for Capital Structure406

15.3 Costs of Financial Distress407

Bankruptcy Costs408

Financial Distress without Bankruptcy409

Costs of Distress Vary with Type of Asset411

15.4 Explaining Financing Choices412

The Trade-off Theory412

A Pecking Order Theory413

The Two Faces of Financial Slack414

15.5 Summary416

Quiz417

Practice Problems418

Challenge Problems420

S＆P Problems421

Solutions to Self-Test Questions421

Minicase423

Chapter 16 Dividend Policy424

16.1 How Dividends Are Paid426

Cash Dividends426

Some Legal Limitations on Dividends427

Stock Dividends and Stock Splits427

16.2 Share Repurchase428

The Role of Share Repurchases429

Repurchases and Share Valuation430

16.3 How Do Companies Decide on Dividend Payments？431

16.4 Why Dividend Policy Should Not Matter432

Dividend Policy Is Irrelevant in Competitive Markets433

The Assumptions behind Dividend Irrelevance435

16.5 Why Dividends May Increase Firm Value436

Market Imperfections436

Dividends as Signals437

16.6 Why Dividends May Reduce Firm Value439

Why Pay Any Dividends at All？439

Taxation of Dividends and Capital Gains under Current Tax Law440

16.7 Summary441

Quiz442

Practice Problems443

Challenge Problem445

S＆P Problems445

Solutions to Self-Test Questions445

Part Six Financial Planning448

Chapter 17 Financial Statement Analysis448

17.1 Financial Ratios450

Leverage Ratios452

Liquidity Ratios454

Efficiency Ratios456

Profitability Ratios457

17.2 The Du Pont System459

Other Financial Ratios461

17.3 Using Financial Ratios461

Accounting Principles and Financial Ratios461

Choosing a Benchmark463

17.4 Measuring Company Performance466

17.5 The Role of Financial Ratios469

17.6 Summary470

Quiz471

Practice Problems472

Challenge Problem474

S＆P Problems475

Solutions to Self-Test Questions475

Minicase477

Chapter18 Financial Planning480

18.1 What Is Financial Planning482

Financial Planning Focuses on the Big Picture482

Why Build Financial Plans？482

18.2 Financial Planning Models484

Components of a Financial Planning Model484

An Example of a Planning Model485

An Improved Model487

18.3 Planners Beware491

Pitfalls in Model Design491

The Assumption in Percentage of Sales Models491

The Role of Financial Planning Models493

18.4 External Financing and Growth493

18.5 Summary497

Quiz498

Practice Problems499

Challenge Problems502

S＆P Problems503

Solutions to Self-Test Questions503

Minicase504

Chapter19 Working Capital Management and Short-Term Planning506

19.1 Working Capital508

The Components of Working Capital508

Working Capital and the Cash Conversion Cycle509

The Working Capital Trade-off512

19.2 Links between Long-Term and Short-Term Financing513

19.3 Tracing Changes in Cash and Working Capital515

19.4 Cash Budgeting517

Forecast Sources of Cash517

Forecast Uses of Cash518

The Cash Balance519

19.5 A Short-Term Financing Plan520

Options for Short-Term Financing520

Evaluating the Plan522

19.6 Sources of Short-Term Financing523

Bank Loans523

Commercial Paper524

Secured Loans524

19.7 The Cost of Bank Loans526

Simple Interest （APR）526

Discount Interest526

Interest with Compensating Balances527

19.8 Summary528

Quiz529

Practice Problems530

Challenge Problem532

S＆P Problems532

Solutions to Self-Test Questions532

Minicase535

Part Seven Short-term Financial Decisions538

Chapter 20 Cash and Inventory Management538

20.1 Cash Collection，Disbursement，and Float540

Float540

Valuing Float541

20.2 Managing Float542

Speeding Up Collections543

Controlling Disbursements545

Electronic Funds Transfer547

20.3 Inventories and Cash Balances548

Managing Inventories548

Just-in-Time Inventory Management551

Managing Inventories of Cash551

Uncertain Cash Flows553

Cash Management in the Largest Corporations554

Investing Idle Cash：The Money Market555

20.4 Summary556

Quiz557

Practice Problems558

Challenge Problem560

S＆P Problems560

Solutions to Self-Test Questions560

Chapter 21 Credit Management and Bankruptcy562

21.1 Terms of Sale564

21.2 Credit Agreements566

21.3 Credit Analysis566

Financial Ratio Analysis567

Numerical Credit Scoring567

When to Stop Looking for Clues568

21.4 The Credit Decision569

Credit Decisions with Repeat Orders571

Some General Principles572

21.5 Collection Policy573

21.6 Bankruptcy574

Bankruptcy Procedures574

The Choice between Liquidation and Reorganization576

21.7 Summary578

Quiz579

Practice Problems580

Challenge Problems581

S＆P Problems582

Solutions to Self-Test Questions582

Minicase584

Part Eight Special Topics585

Chapter 22 Mergers，Acquisitions，and Corporate Control585

22.1 The Market for Corporate Control588

Method 1：Proxy Contests589

Method 2：Mergers and Acquisitions589

Method 3：Leveraged Buyouts590

Method 4：Divestitures and Spin-offs590

22.2 Sensible Motives for Mergers591

Economies of Scale592

Economies of Vertical Integration593

Combining Complementary Resources593

Mergers as a Use for Surplus Funds594

22.3 Dubious Reasons for Mergers594

Diversification594

The Bootstrap Game595

22.4 Evaluating Mergers596

Mergers Financed by Cash596

Mergers Financed by Stock598

A Warning600

Another Warning600

22.5 Merger Tactics600

22.6 Leveraged Buyouts602

Barbarians at the Gate？603

22.7 The Benefits and Costs of Mergers605

22.8 Summary607

Quiz608

Practice Problems608

Challenge Problems609

S＆P Problems610

Solutions to Self-Test Questions610

Minicase612

Chapter 23 International Financial Management614

23.1 Foreign Exchange Markets616

23.2 Some Basic Relationships618

Exchange Rates and Inflation619

Inflation and Interest Rates622

Interest Rates and Exchange Rates624

The Forward Rate and the Expected Spot Rate625

Some Implications626

23.3 Hedging Exchange Rate Risk627

23.4 International Capital Budgeting628

Net Present Value Analysis628

The Cost of Capital for Foreign Investment630

Avoiding Fudge Factors631

23.5 Summary632

Quiz633

Practice Problems633

Challenge Problem635

S＆P Problems635

Solutions to Self-Test Questions635

Minicase638

Chapter24 Options640

24.1 Calls and Puts642

Selling Calls and Puts644

Financial Alchemy with Options646

24.2 What Determines Option Values？647

Upper and Lower Limits on Option Values648

The Determinants of Option Value649

Option-Valuation Models651

24.3 Spotting the Option653

Options on Real Assets654

Options on Financial Assets655

24.4 Summary657

Quiz658

Practice Problems659

Challenge Problems661

S＆P Problems661

Solutions to Self-Test Questions662

Chapter25 Risk Management664

25.1 Why Hedge？666

25.2 Reducing Risk with Options666

25.3 Futures Contracts668

The Mechanics of Futures Trading670

Commodity and Financial Futures672

25.4 Forward Contracts673

25.5 Swaps674

25.6 Innovation in the Derivatives Market677

25.7 Is “Derivative” a Four-Letter Word？677

25.8 Summary679

Quiz679

Practice Problems680

Challenge Problem681

S＆P Problems681

Solutions to Self-Test Questions681

Part Nine Conclusion686

Chapter 26 What We Do and Do Not Know about Finance686

26.1 What We Do Know：The Six Most Important Ideas in Finance688

Net Present Value688

Risk and Return688

Efficient Capital Markets689

MM’s Irrelevance Propositions689

Option Theory689

Agency Theory690

26.2 What We Do Not Know：Seven Unsolved Problems in Finance690

What Determines Project Risk and Present Value？690

Risk and Return—Have We Missed Something？690

Are There Important Exceptions to the Efficient-Market Theory？691

How Can We Explain Capital Structure？692

How Can We Resolve the Dividend Controversy？692

How Can We Explain Merger Waves？692

What Is the Value of Liquidity？692

26.3 A Final Word693

Quiz694

Answers to Quiz697

Appendix A：Present Value Tables699

Appendix B：Solutions to Selected End-of-Chapter Problems709

Glossary722

Global Index727

Index729