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For undergraduate courses in corporate finance or financial management. Help students practice and connect to real-world financial decisions Fundamentals of Corporate Finance offers a practical introduction to modern-day core principles, arming students with a problem-solving methodology, real-life financial management practices, and an overarching valuation framework that they can apply in their future careers.
Updated with new examples, exercises, and statistics, the 4th Edition gives students the opportunity to practice and apply course concepts, while connecting them to the latest financial issues and policy in today's world of business. Pearson MyLab Finance not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID.
MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information. Pearson MyLab Finance is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.
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The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook.
Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. For undergraduate courses in corporate finance or financial management. Help students practice and connect to real-world financial decisions Fundamentals of Corporate Finance offers a practical introduction to modern-day core principles, arming students with a problem-solving methodology, real-life financial management practices, and an overarching valuation framework that they can apply in their future careers.
Annað
- Höfundar: Jonathan Berk, Peter DeMarzo, Jarrad Harford
- Útgáfa:4
- Útgáfudagur: 21-11-2018
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:Page Fidelity
- ISBN 13: 9781292215204
- Print ISBN: 9781292215075
- ISBN 10: 1292215208
Lesa meira Minnka
Efnisyfirlit
- Title page
- Dedication page
- Copyright page
- Brief contents
- Detailed contents
- About the Authors
- PART 1 Introduction
- Chapter1 Corporate Finance and the Financial Manager
- 1.1 Why Study Finance?
- 1.2 The Four Types of Firms
- Sole Proprietorships
- Partnerships
- Limited Liability Companies
- Corporations
- Tax Implications for Corporate Entities
- Corporate Taxation Around the World
- 1.3 The Financial Manager
- Making Investment Decisions
- GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act
- Making Financing Decisions
- Managing Short-Term Cash Needs
- The Goal of the Financial Manager
- Shareholder Value Versus Stakeholder Value
- 1.4 The Financial Manager's Place in the Corporation
- The Corporate Management Team
- Ethics and Incentives in Corporations
- GLOBAL FINANCIAL CRISIS The -Dodd-Frank Act on Corporate Compensation and Governance
- Citizens United v. Federal Election Commission
- 1.5 The Stock Market
- The Largest Stock Markets
- Primary Versus Secondary Markets
- Traditional Trading Venues
- INTERVIEW WITH Frank Hatheway
- New Competition and Market Changes
- Dark Pools
- Listing Standards
- Other Financial Markets
- NYSE, BATS, DJIA, S&P 500: Awash in Acronyms
- 1.6 Financial Institutions
- The Financial Cycle
- Types of Financial Institutions
- Role of Financial Institutions
- Summary
- Problems
- Chapter 2 Introduction to Financial Statement Analysis
- 2.1 Firms' Disclosure of Financial Information
- Preparation of Financial Statements
- International Financial Reporting Standards
- INTERVIEW WITH Ruth Porat
- Types of Financial Statements
- 2.2 The Balance Sheet
- Assets
- Liabilities
- Stockholders' Equity
- Market Value Versus Book Value
- Market-to-Book Ratio
- Enterprise Value
- 2.3 The Income Statement
- Earnings Calculations
- EBITDA
- 2.4 The Statement of Cash Flows
- Operating Activity
- Investment Activity
- Financing Activity
- 2.5 Other Financial Statement Information
- Statement of Stockholders' Equity
- Management Discussion and Analysis
- Notes to the Financial Statements
- 2.6 Financial Statement Analysis
- Profitability Ratios
- Liquidity Ratios
- Asset Efficiency
- Working Capital Ratios
- Interest Coverage Ratios
- Leverage Ratios
- Valuation Ratios
- COMMON MISTAKE Mismatched Ratios
- Operating Returns
- The DuPont Identity
- 2.7 Financial Reporting in Practice
- Enron
- The Sarbanes-Oxley Act
- Dodd-Frank Act
- GLOBAL FINANCIAL CRISIS Bernard Madoff's Ponzi Scheme
- The Financial Statements: A Useful Starting Point
- Summary
- Critical Thinking
- Problems
- Data Case
- 2.1 Firms' Disclosure of Financial Information
- Chapter1 Corporate Finance and the Financial Manager
- PART 2 Interest Rates and Valuing Cash Flows
- Chapter 3 Time Value of Money: An Introduction
- 3.1 Cost-Benefit Analysis
- Role of the Financial Manager
- Quantifying Costs and Benefits
- 3.2 Market Prices and the Valuation Principle
- The Valuation Principle
- Why There Can Be Only One Competitive Price for a Good
- Your Personal Financial Decisions
- 3.3 The Time Value of Money and Interest Rates
- The Time Value of Money
- The Interest Rate: Converting Cash Across Time
- Timelines
- 3.4 Valuing Cash Flows at Different Points in Time
- Rule 1: Comparing and Combining Values
- COMMON MISTAKE Summing Cash Flows Across Time
- Rule 2: Compounding
- Rule of 72
- Rule 3: Discounting
- Using a Financial Calculator
- Summary
- Critical Thinking
- Problems
- 3.1 Cost-Benefit Analysis
- Chapter 4 Time Value of Money: Valuing Cash Flow Streams
- 4.1 Valuing a Stream of Cash Flows
- Applying the Rules of Valuing Cash Flows to a Cash Flow Stream
- Using a Financial Calculator: Solving for Present and Future Values of Cash Flow Streams
- 4.2 Perpetuities
- Perpetuities
- Historical Examples of Perpetuities
- COMMON MISTAKE Discounting One Too Many Times
- 4.3 Annuities
- Present Value of an Annuity
- Future Value of an Annuity
- 4.4 Growing Cash Flows
- Growing Perpetuity
- Growing Annuity
- 4.5 Solving for Variables Other Than Present Value or Future Value
- Solving for the Cash Flows
- Rate of Return
- Solving for the Number of Periods
- 4.6 Non-Annual Cash Flows
- The Big Picture
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 4 APPENDIX Using a Financial Calculator
- 4.1 Valuing a Stream of Cash Flows
- Chapter 5 Interest Rates
- 5.1 Interest Rate Quotes and Adjustments
- The Effective Annual Rate
- Adjusting the Discount Rate to Different Time Periods
- Annual Percentage Rates
- COMMON MISTAKE Using the EAR in the Annuity Formula
- 5.2 Application: Discount Rates and Loans
- Computing Loan Payments
- GLOBAL FINANCIAL CRISIS Teaser Rates and Subprime Loans
- Computing the Outstanding Loan Balance
- 5.3 The Determinants of Interest Rates
- Inflation and Real Versus Nominal Rates
- Investment and Interest Rate Policy
- How Is Inflation Actually Calculated?
- The Yield Curve and Discount Rates
- INTERVIEW WITH Kevin M. Warsh
- COMMON MISTAKE Using the Annuity Formula When Discount Rates Vary
- The Yield Curve and the Economy
- 5.4 The Opportunity Cost of Capital
- Interest Rates, Discount Rates, and the Cost of Capital
- COMMON MISTAKE States Dig a $3 Trillion Hole by Discounting at the Wrong Rate
- Summary
- Summary
- Critical Thinking
- Problems
- 5.1 Interest Rate Quotes and Adjustments
- Chapter 6 Bonds
- 6.1 Bond Terminology
- 6.2 Zero-Coupon Bonds
- Zero-Coupon Bond Cash Flows
- Yield to Maturity of a Zero-Coupon Bond
- GLOBAL FINANCIAL CRISIS Negative Bond Yields
- Risk-Free Interest Rates
- 6.3 Coupon Bonds
- Coupon Bond Cash Flows
- ?The U.S. Treasury Market
- Yield to Maturity of a Coupon Bond
- ?Finding Bond Prices on the Web
- Coupon Bond Price Quotes
- 6.4 Why Bond Prices Change
- Interest Rate Changes and Bond Prices
- Time and Bond Prices
- Interest Rate Risk and Bond Prices
- Clean and Dirty Prices for Coupon Bonds
- Bond Prices in Practice
- 6.5 Corporate Bonds
- Credit Risk
- Are Treasuries Really Default-Free Securities?
- INTERVIEW WITH Lisa Black
- Corporate Bond Yields
- Bond Ratings
- Corporate Yield Curves
- The Credit Crisis and Bond Yields
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 6 APPENDIX A Solving for the Yield to Maturity of a Bond Using a Financial Calculator
- CHAPTER 6 APPENDIX B The Yield Curve and the Law of One Price
- Chapter 7 Stock Valuation
- 7.1 Stock Basics
- Stock Market Reporting: Stock Quotes
- Common Stock
- Preferred Stock
- 7.2 The Mechanics of Stock Trades
- 7.3 The Dividend-Discount Model
- A One-Year Investor
- Dividend Yields, Capital Gains, and Total Returns
- A Multiyear Investor
- Dividend-Discount Model Equation
- 7.4 Estimating Dividends in the Dividend-Discount Model
- Constant Dividend Growth
- Dividends Versus Investment and Growth
- Changing Growth Rates
- COMMON MISTAKE Forgetting to "Grow" This Year's Dividend
- Value Drivers and the Dividend-Discount Model
- 7.5 Limitations of the Dividend-Discount Model
- Uncertain Dividend Forecasts
- Non-Dividend-Paying Stocks
- 7.6 Share Repurchases and the Total Payout Model
- 7.7 Putting It All Together
- Summary
- Critical Thinking
- Problems
- PART 2 INTEGRATIVE CASE
- 7.1 Stock Basics
- Chapter 3 Time Value of Money: An Introduction
- PART 3 Valuation and the Firm
- Chapter 8 Investment Decision Rules
- 8.1 The NPV Decision Rule
- Net Present Value
- The NPV Decision Rule
- 8.2 Using the NPV Rule
- Organizing the Cash Flows and Computing the NPV
- The NPV Profile
- Measuring Sensitivity with IRR
- Alternative Rules Versus the NPV Rule
- 8.3 Alternative Decision Rules
- USING EXCEL Computing NPV and IRR
- The Payback Rule
- The Internal Rate of Return Rule
- COMMON MISTAKE IRR Versus the IRR Rule
- Modified Internal Rate of Return
- Why Do Rules Other Than the NPV Rule Persist?
- 8.4 Choosing Among Projects
- Differences in Scale
- INTERVIEW WITH Dick Grannis
- Timing of the Cash Flows
- 8.5 Evaluating Projects with Different Lives
- Important Considerations When Using the Equivalent Annual Annuity
- 8.6 Choosing Among Projects When Resources Are Limited
- Evaluating Projects with Different Resource Requirements
- 8.7 Putting It All Together
- Summary
- Critical Thinking
- Problems
- Data Case
- 8.1 The NPV Decision Rule
- Chapter 9 Fundamentals of Capital Budgeting
- 9.1 The Capital Budgeting Process
- 9.2 Forecasting Incremental Earnings
- Operating Expenses Versus Capital Expenditures
- Incremental Revenue and Cost Estimates
- Taxes
- Incremental Earnings Forecast
- 9.3 Determining Incremental Free Cash Flow
- Converting from Earnings to Free Cash Flow
- Calculating Free Cash Flow Directly
- Calculating the NPV
- USING EXCEL Capital Budgeting Using a Spreadsheet Program
- 9.4 Other Effects on Incremental Free Cash Flows
- Opportunity Costs
- COMMON MISTAKE The Opportunity Cost of an Idle Asset
- Project Externalities
- Sunk Costs
- COMMON MISTAKE The Sunk Cost Fallacy
- Adjusting Free Cash Flow
- Replacement Decisions
- 9.5 Analyzing the Project
- Sensitivity Analysis
- Break-Even Analysis
- INTERVIEW WITH David Holland
- Scenario Analysis
- USING EXCEL Project Analysis Using Excel
- 9.6 Real Options in Capital Budgeting
- Option to Delay
- Option to Expand
- Option to Abandon
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 9 APPENDIX MACRS Depreciation
- Chapter 10 Stock Valuation: A Second Look
- 10.1 The Discounted Free Cash Flow Model
- Valuing the Enterprise
- Implementing the Model
- Connection to Capital Budgeting
- 10.2 Valuation Based on Comparable Firms
- Valuation Multiples
- Limitations of Multiples
- Comparison with Discounted Cash Flow Methods
- 10.3 Stock Valuation Techniques: A Final Word
- INTERVIEW WITH Douglas Kehring
- 10.4 Information, Competition, and Stock Prices
- Information in Stock Prices
- Competition and Efficient Markets
- Forms of Market Efficiency
- Lessons for Investors and Corporate Managers
- Nobel Prize The 2013 Prize: An Enigma?
- The Efficient Markets Hypothesis Versus No Arbitrage
- 10.5 Individual Biases and Trading
- Excessive Trading and Overconfidence
- Hanging On to Losers and the Disposition Effect
- Investor Attention, Mood, and Experience
- Summary
- Critical Thinking
- Problems
- Data Case
- PART 3 INTEGRATIVE CASE
- 10.1 The Discounted Free Cash Flow Model
- Chapter 8 Investment Decision Rules
- PART 4 Risk and Return
- Chapter 11 Risk and Return in Capital Markets
- 11.1 A First Look at Risk and Return
- 11.2 Historical Risks and Returns of Stocks
- Computing Historical Returns
- Average Annual Returns
- Arithmetic Average Returns Versus Compound Annual Returns
- The Variance and Volatility of Returns
- COMMON MISTAKE Mistakes When Computing Standard Deviation
- USING EXCEL Computing the Standard Deviation of Historical Returns
- The Normal Distribution
- 11.3 The Historical Tradeoff Between Risk and Return
- The Returns of Large Portfolios
- The Returns of Individual Stocks
- 11.4 Common Versus Independent Risk
- Theft Versus Earthquake Insurance: An Example
- Types of Risk
- 11.5 Diversification in Stock Portfolios
- Unsystematic Versus Systematic Risk
- GLOBAL FINANCIAL CRISIS Diversification Benefits During Market Crashes
- Diversifiable Risk and the Risk Premium
- The Importance of Systematic Risk
- COMMON MISTAKE A Fallacy of Long-Run Diversification
- Summary
- Critical Thinking
- Problems
- Data Case
- Chapter 12 Systematic Risk and the Equity Risk Premium
- 12.1 The Expected Return of a Portfolio
- Portfolio Weights
- Portfolio Returns
- Expected Portfolio Return
- 12.2 The Volatility of a Portfolio
- Diversifying Risks
- Measuring Stocks' Co-Movement: Correlation
- USING EXCEL Calculating the Correlation Between Two Sets of Returns
- Computing a Portfolio's Variance and Standard Deviation
- The Volatility of a Large Portfolio
- Nobel Prize Harry Markowitz
- 12.3 Measuring Systematic Risk
- Role of the Market Portfolio
- Stock Market Indexes as the Market Portfolio
- Market Risk and Beta
- Index Funds
- COMMON MISTAKE Mixing Standard Deviation and Beta
- Estimating Beta from Historical Returns
- USING EXCEL Calculating a Stock's Beta
- 12.4 Putting It All Together: The Capital Asset Pricing Model
- The CAPM Equation Relating Risk to Expected Return
- Why Not Estimate Expected Returns Directly?
- Nobel Prize William Sharpe
- The Security Market Line
- The CAPM and Portfolios
- Summary of the Capital Asset Pricing Model
- The Big Picture
- Summary
- Critical Thinking
- Problems
- CHAPTER 12 APPENDIX Alternative Models of Systematic Risk
- 12.1 The Expected Return of a Portfolio
- Chapter 13 The Cost of Capital
- 13.1 A First Look at the Weighted Average Cost of Capital
- The Firm's Capital Structure
- Opportunity Cost and the Overall Cost of Capital
- Weighted Averages and the Overall Cost of Capital
- Weighted Average Cost of Capital Calculations
- 13.2 The Firm's Costs of Debt and Equity Capital
- Cost of Debt Capital
- COMMON MISTAKE Using the Coupon Rate as the Cost of Debt
- Cost of Preferred Stock Capital
- Cost of Common Stock Capital
- 13.3 A Second Look at the Weighted Average Cost of Capital
- WACC Equation
- Weighted Average Cost of Capital in Practice
- Methods in Practice
- 13.4 Using the WACC to Value a Project
- Key Assumptions
- WACC Method Application: Extending the Life of a GE Facility
- Summary of the WACC Method
- 13.5 Project-Based Costs of Capital
- COMMON MISTAKE Using a Single Cost of Capital in Multi-Divisional Firms
- Cost of Capital for a New Acquisition
- Divisional Costs of Capital
- INTERVIEW WITH Shelagh Glaser
- 13.6 When Raising External Capital Is Costly
- Summary
- Critical Thinking
- Problems
- Data Case
- PART 4 INTEGRATIVE CASE
- 13.1 A First Look at the Weighted Average Cost of Capital
- Chapter 11 Risk and Return in Capital Markets
- PART 5 Long-Term Financing
- Chapter 14 Raising Equity Capital
- 14.1 Equity Financing for Private Companies
- Sources of Funding
- INTERVIEW WITH Kevin Laws
- Crowdfunding: The Wave of the Future?
- Securities and Valuation
- Exiting an Investment in a Private Company
- 14.2 Taking Your Firm Public: The Initial Public Offering
- Advantages and Disadvantages of Going Public
- Primary and Secondary IPO Offerings
- Other IPO Types
- Google's IPO
- 14.3 IPO Puzzles
- Underpriced IPOs
- "Hot" and "Cold" IPO Markets
- GLOBAL FINANCIAL CRISIS 2008–2009: A Very Cold IPO Market
- High Cost of Issuing an IPO
- Poor Post-IPO Long-Run Stock Performance
- Underpriced IPOs
- 14.4 Raising Additional Capital: The Seasoned Equity Offering
- SEO Process
- SEO Price Reaction
- SEO Costs
- Summary
- Critical Thinking
- Problems
- Data Case
- 14.1 Equity Financing for Private Companies
- Chapter 15 Debt Financing
- 15.1 Corporate Debt
- Private Debt
- Debt Financing at Hertz: Bank Loans
- Debt Financing at Hertz: Private Placements
- Public Debt
- Debt Financing at Hertz: Public Debt
- 15.2 Other Types of Debt
- Sovereign Debt
- Municipal Bonds
- ?Detroit's Art Museum at Risk
- Asset-Backed Securities
- GLOBAL FINANCIAL CRISIS CDOs, Subprime Mortgages, and the Financial Crisis
- 15.3 Bond Covenants
- Types of Covenants
- Advantages of Covenants
- Application: Hertz's Covenants
- 15.4 Repayment Provisions
- Call Provisions
- New York City Calls Its Municipal Bonds
- Sinking Funds
- Convertible Provisions
- Summary
- Critical Thinking
- Problems
- Data Case
- CHAPTER 15 APPENDIX Using a Financial Calculator to Calculate Yield to Call
- PART 5 INTEGRATIVE CASE
- 15.1 Corporate Debt
- Chapter 14 Raising Equity Capital
- PART 6 Capital Structure and Payout Policy
- Chapter 16 Capital Structure
- 16.1 Capital Structure Choices
- Capital Structure Choices Across Industries
- Capital Structure Choices Within Industries
- 16.2 Capital Structure in Perfect Capital Markets
- Application: Financing a New Business
- Leverage and Firm Value
- The Effect of Leverage on Risk and Return
- Homemade Leverage
- Leverage and the Cost of Capital
- COMMON MISTAKE Capital Structure Fallacies
- GLOBAL FINANCIAL CRISIS Bank Capital Regulation and the ROE Fallacy
- MM and the Real World
- Nobel Prize Franco Modigliani and Merton Miller
- 16.3 Debt and Taxes
- The Interest Tax Deduction and Firm Value
- Value of the Interest Tax Shield
- The Interest Tax Shield with Permanent Debt
- Leverage and the WACC with Taxes
- Debt and Taxes: The Bottom Line
- 16.4 The Costs of Bankruptcy and Financial Distress
- Direct Costs of Bankruptcy
- Bankruptcy Can Be Expensive
- Indirect Costs of Financial Distress
- 16.5 Optimal Capital Structure: The Tradeoff Theory
- Differences Across Firms
- Optimal Leverage
- 16.6 Additional Consequences of Leverage: Agency Costs and Information
- Agency Costs
- Airlines Use Financial Distress to Their Advantage
- GLOBAL FINANCIAL CRISIS Moral Hazard and Government Bailouts
- Financial Distress and Rolling the Dice, Literally
- Debt and Information
- 16.7 Capital Structure: Putting It All Together
- Summary
- Critical Thinking
- Problems
- CHAPTER 16 APPENDIX The Bankruptcy Code
- 16.1 Capital Structure Choices
- Chapter 17 Payout Policy
- 17.1 Cash Distributions to Shareholders
- Dividends
- Share Repurchases
- 17.2 Dividends Versus Share Repurchases in a Perfect Capital Market
- Alternative Policy 1: Pay a Dividend with Excess Cash
- Alternative Policy 2: Share Repurchase (No Dividend)
- COMMON MISTAKE Repurchases and the Supply of Shares
- Alternative Policy 3: High Dividend (Equity Issue)
- Modigliani-Miller and Dividend Policy Irrelevance
- COMMON MISTAKE The Bird in the Hand Fallacy
- Dividend Policy with Perfect Capital Markets
- 17.3 The Tax Disadvantage of Dividends
- Taxes on Dividends and Capital Gains
- Optimal Dividend Policy with Taxes
- Tax Differences Across Investors
- 17.4 Payout Versus Retention of Cash
- Retaining Cash with Perfect Capital Markets
- Retaining Cash with Imperfect Capital Markets
- 17.5 Signaling with Payout Policy
- Dividend Smoothing
- Dividend Signaling
- Royal & SunAlliance's Dividend Cut
- Signaling and Share Repurchases
- INTERVIEW WITH John Connors
- 17.6 Stock Dividends, Splits, and Spin-Offs
- Stock Dividends and Splits
- ?Berkshire Hathaway's A and B Shares
- Spin-Offs
- 17.7 Advice for the Financial Manager
- Summary
- Critical Thinking
- Problems
- Data Case
- PART 6 INTEGRATIVE CASE
- 17.1 Cash Distributions to Shareholders
- Chapter 16 Capital Structure
- PART 7 Financial Planning and Forecasting
- Chapter 18 Financial Modeling and Pro Forma Analysis
- 18.1 Goals of Long-Term Financial Planning
- Identify Important Linkages
- Analyze the Impact of Potential Business Plans
- Plan for Future Funding Needs
- 18.2 Forecasting Financial Statements: The Percent of Sales Method
- Percent of Sales Method
- Pro Forma Income Statement
- Pro Forma Balance Sheet
- COMMON MISTAKE Confusing Stockholders' Equity with Retained Earnings
- Making the Balance Sheet Balance: Net New Financing
- Choosing a Forecast Target
- 18.3 Forecasting a Planned Expansion
- KMS Designs' Expansion: Financing Needs
- KMS Designs' Expansion: Pro Forma Income Statement
- COMMON MISTAKE Treating Forecasts as Fact
- Forecasting the Balance Sheet
- 18.4 Growth and Firm Value
- Sustainable Growth Rate and External Financing
- 18.5 Valuing the Expansion
- Forecasting Free Cash Flows
- COMMON MISTAKE Confusing Total and Incremental Net Working Capital
- KMS Designs' Expansion: Effect on Firm Value
- Optimal Timing and the Option to Delay
- Summary
- Critical Thinking
- Problems
- CHAPTER 18 APPENDIX The Balance Sheet and Statement of Cash Flows
- 18.1 Goals of Long-Term Financial Planning
- Chapter 19 Working Capital Management
- 19.1 Overview of Working Capital
- The Cash Cycle
- Working Capital Needs by Industry
- Firm Value and Working Capital
- 19.2 Trade Credit
- Trade Credit Terms
- Trade Credit and Market Frictions
- COMMON MISTAKE Using APR Instead of EAR to Compute the Cost of Trade Credit
- Managing Float
- 19.3 Receivables Management
- Determining the Credit Policy
- The 5 C's of Credit
- Monitoring Accounts Receivable
- 19.4 Payables Management
- Determining Accounts Payable Days Outstanding
- Stretching Accounts Payable
- 19.5 Inventory Management
- Benefits of Holding Inventory
- Costs of Holding Inventory
- Inventory Management Adds to the Bottom Line at Gap
- 19.6 Cash Management
- Motivation for Holding Cash
- Alternative Investments
- Hoarding Cash
- Summary
- Critical Thinking
- Problems
- Data Case
- 19.1 Overview of Working Capital
- Chapter 20 Short-Term Financial Planning
- 20.1 Forecasting Short-Term Financing Needs
- Application: Springfield Snowboards, Inc.
- Negative Cash Flow Shocks
- Positive Cash Flow Shocks
- Seasonalities
- The Cash Budget
- 20.2 The Matching Principle
- Permanent Working Capital
- Temporary Working Capital
- Permanent Versus Temporary Working Capital
- Financing Policy Choices
- 20.3 Short-Term Financing with Bank Loans
- Single, End-of-Period Payment Loan
- Line of Credit
- Bridge Loan
- Common Loan Stipulations and Fees
- 20.4 Short-Term Financing with Commercial Paper
- Short-Term Financing and the Financial Crisis of the Fall of 2008
- 20.5 Short-Term Financing with Secured Financing
- Accounts Receivable as Collateral
- A Seventeenth-Century Financing Solution
- Inventory as Collateral
- Loan Guarantees: The Ex-Im Bank Controversy
- 20.6 Putting It All Together: Creating a Short-Term Financial Plan
- Summary
- Critical Thinking
- Problems
- PART 7 INTEGRATIVE CASE
- 20.1 Forecasting Short-Term Financing Needs
- Chapter 18 Financial Modeling and Pro Forma Analysis
- PART 8 Special Topics
- Chapter 21 Option Applications and Corporate Finance
- 21.1 Option Basics
- Option Contracts
- Stock Option Quotations
- Options on Other Financial Securities
- Options Are for More Than Just Stocks
- 21.2 Option Payoffs at Expiration
- The Long Position in an Option Contract
- The Short Position in an Option Contract
- Profits for Holding an Option to Expiration
- Returns for Holding an Option to Expiration
- 21.3 Factors Affecting Option Prices
- Strike Price and Stock Price
- Option Prices and the Exercise Date
- Option Prices and the Risk-Free Rate
- Option Prices and Volatility
- 21.4 The Black-Scholes Option Pricing Formula
- 21.5 Put-Call Parity
- Portfolio Insurance
- 21.6 Options and Corporate Finance
- Summary
- Critical Thinking
- Problems
- Data Case
- 21.1 Option Basics
- Chapter 22 Mergers and Acquisitions
- 22.1 Background and Historical Trends
- Merger Waves
- Types of Mergers
- 22.2 Market Reaction to a Takeover
- 22.3 Reasons to Acquire
- Economies of Scale and Scope
- Vertical Integration
- Expertise
- Monopoly Gains
- Efficiency Gains
- Tax Savings from Operating Losses
- Diversification
- Earnings Growth
- Managerial Motives to Merge
- 22.4 The Takeover Process
- Valuation
- The Offer
- Merger "Arbitrage"
- Tax and Accounting Issues
- Board and Shareholder Approval
- 22.5 Takeover Defenses
- Poison Pills
- Staggered Boards
- White Knights
- Golden Parachutes
- Recapitalization
- Other Defensive Strategies
- Regulatory Approval
- Weyerhaeuser's Hostile Bid for Willamette Industries
- 22.6 Who Gets the Value Added from a Takeover?
- The Free Rider Problem
- Toeholds
- The Leveraged Buyout
- The Leveraged Buyout of RJR-Nabisco by KKR
- The Freezeout Merger
- Competition
- Summary
- Critical Thinking
- Problems
- 22.1 Background and Historical Trends
- Chapter 23 International Corporate Finance
- 23.1 Foreign Exchange
- The Foreign Exchange Market
- Exchange Rates
- 23.2 Exchange Rate Risk
- Exchange Rate Fluctuations
- Brexit
- Hedging with Forward Contracts
- Cash-and-Carry and the Pricing of Currency Forwards
- Hedging Exchange Rate Risk with Options
- 23.3 Internationally Integrated Capital Markets
- COMMON MISTAKE Forgetting to Flip the Exchange Rate
- 23.4 Valuation of Foreign Currency Cash Flows
- Application: Ityesi, Inc.
- The Law of One Price as a Robustness Check
- 23.5 Valuation and International Taxation
- A Single Foreign Project with Immediate -Repatriation of Earnings
- Multiple Foreign Projects and Deferral of Earnings Repatriation
- 23.6 Internationally Segmented Capital Markets
- Differential Access to Markets
- Macro-Level Distortions
- Implications of Internationally Segmented Capital Markets
- 23.7 Capital Budgeting with Exchange Rate Risk
- Application: Ityesi, Inc.
- Conclusion
- Summary
- Critical Thinking
- Problems
- Data Case
- 23.1 Foreign Exchange
- Chapter 21 Option Applications and Corporate Finance
- Index
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Rafbók til eignar þarf að hlaða niður á þau tæki sem þú vilt nota innan eins árs frá því bókin er keypt.
Þú kemst í bækurnar hvar sem er
Þú getur nálgast allar raf(skóla)bækurnar þínar á einu augabragði, hvar og hvenær sem er í bókahillunni þinni. Engin taska, enginn kyndill og ekkert vesen (hvað þá yfirvigt).
Auðvelt að fletta og leita
Þú getur flakkað milli síðna og kafla eins og þér hentar best og farið beint í ákveðna kafla úr efnisyfirlitinu. Í leitinni finnur þú orð, kafla eða síður í einum smelli.
Glósur og yfirstrikanir
Þú getur auðkennt textabrot með mismunandi litum og skrifað glósur að vild í rafbókina. Þú getur jafnvel séð glósur og yfirstrikanir hjá bekkjarsystkinum og kennara ef þeir leyfa það. Allt á einum stað.
Hvað viltu sjá? / Þú ræður hvernig síðan lítur út
Þú lagar síðuna að þínum þörfum. Stækkaðu eða minnkaðu myndir og texta með multi-level zoom til að sjá síðuna eins og þér hentar best í þínu námi.
Fleiri góðir kostir
- Þú getur prentað síður úr bókinni (innan þeirra marka sem útgefandinn setur)
- Möguleiki á tengingu við annað stafrænt og gagnvirkt efni, svo sem myndbönd eða spurningar úr efninu
- Auðvelt að afrita og líma efni/texta fyrir t.d. heimaverkefni eða ritgerðir
- Styður tækni sem hjálpar nemendum með sjón- eða heyrnarskerðingu
Umsagnir
Þorgrímur Þórarinsson
Ekki hægt að setja í full screen, hafði samband við VitalSource og þau staðfestu að appið býður ekki upp á það eftir nýlega uppfærslu. Virkar heldur ekki að láta forritið lesa upphátt eins og sagt var að yrði hægt. Mikil vonbrigði, mæli ekki með.
Lesa fleiri umsagnir
Fundamentals of Corporate Finance Fourth Edition Chapter 2 Summary
Source: https://www.heimkaup.is/fundamentals-of-corporate-finance
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