Contemporary Financial Management 12th Edition Moyer Solutions Manual

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Contemporary Financial Management 12th Edition Moyer Solutions Manual.

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This successful text provides a comprehensive and contemporary introduction to financial management, focusing on shareholder wealth maximization and cash flow management, the international aspects of financial management, the ethical behavior of managers, and the increased impact of the Internet in business practice. Content has been added or enhanced to reflect the effects of the 2008-2009 recessions on corporations.

 

Table of Content:

  1. PART 1: Introduction
  2. Chapter 1: The Role and Objective of Financial Management
  3. 1-1 Introduction
  4. 1-2 The Goal of Shareholder Wealth Maximization
  5. 1-2a Stakeholder Concerns
  6. 1-2b Divergent Objectives
  7. 1-2c Agency Problems
  8. 1-3 Maximization of Shareholder Wealth: Managerial Strategies
  9. 1-3a Determinants of Value
  10. 1-3b Managerial Actions to Influence Value
  11. 1-4 Forms of Business Organization
  12. 1-4a Sole Proprietorship
  13. 1-4b Partnership
  14. 1-4c Corporation
  15. Ethical Issues: The Practice of Financial Management
  16. 1-4d Other Types of Business Organizations
  17. 1-5 Organization of the Financial Management Function
  18. 1-5a Financial Management and Other Disciplines
  19. Entrepreneurial Issues: Shareholder Wealth Maximization
  20. 1-5b Marketing, Production, Quantitative Methods, and Human Resources Management
  21. 1-6 Career Opportunities in Finance
  22. 1-7 Professional Finance Affiliations and Certifications
  23. 1-8 Summary
  24. 1-9 Questions and Topics for Discussion
  25. Chapter 2: The Domestic and International Financial Marketplace
  26. 2-1 Introduction
  27. 2-2 An Overview of the U.S. Financial System
  28. 2-2a Financial Assets
  29. 2-2b Financial Markets
  30. 2-2c Financial Intermediaries
  31. 2-3 The Structure and Operation of U.S. Security Markets
  32. 2-3a Security Exchanges and Stock Market Indexes
  33. 2-3b Regulation of the Security Markets
  34. 2-4 The Global Economy and Multinational Enterprises
  35. 2-5 Foreign Currency Markets and Exchange Rates
  36. 2-5a The Eurocurrency Market
  37. 2-5b The Euro: A Common European Currency
  38. 2-5c Direct and Indirect Quotes
  39. 2-5d Spot Rates
  40. 2-5e Forward Rates
  41. 2-5f Foreign Currency Futures
  42. 2-5g Foreign Currency Options
  43. 2-6 Market Efficiency
  44. 2-6a Information and Capital Market Efficiency
  45. 2-6b Degrees of Market Efficiency
  46. 2-6c Implications of Market Efficiency for Financial Managers
  47. 2-6d Behavioral Finance Perspectives on the Financial Marketplace
  48. 2-7 Holding Period Returns
  49. Ethical Issues: Insider Trading
  50. 2-8 Overview of the Financial Crisis beginning in 2007
  51. International Issues: Market Efficiency Outside the United States
  52. 2-8a Causes of the Financial Crisis
  53. 2-8b How Firms Were Affected by the Financial Crisis
  54. 2-9 Income Taxes and Financial Management
  55. 2-9a Implications of Income Taxes for Financial Managers
  56. 2-9b Tax Rate Used in the Text
  57. 2-10 Summary
  58. 2-11 Questions and Topics for Discussion
  59. 2-12 Self-Test Problems
  60. 2-13 Problems
  61. APPENDIX 2A: TAXES
  62. 2A-1 Introduction
  63. 2A-2 Corporate Income Taxes
  64. Entrepreneurial Issues: S Corporations
  65. 2A-3 Questions and Topics for Discussion
  66. 2A-4 Self-Test Problems
  67. 2A-5 Problems
  68. Chapter 3: Evaluation of Financial Performance
  69. 3-1 Introduction
  70. 3-1a Uses of Financial Analysis
  71. 3-1b Interpreting Financial Ratios
  72. 3-2 Basic Classifications of Financial Ratios
  73. 3-2a Key Financial Statements
  74. 3-2b Liquidity Ratios
  75. 3-2c Asset Management Ratios
  76. 3-2d Financial Leverage Management Ratios
  77. 3-2e Profitability Ratios
  78. 3-2f Market-Based Ratios
  79. 3-2g Dividend Policy Ratios
  80. 3-3 Summary of Financial Ratio Analysis
  81. 3-4 Trend Analysis
  82. 3-5 Analysis of Profitability: Return on Investment
  83. 3-6 Analyzing Profitability Through Return on Stockholders’ Equity
  84. 3-7 Sources of Comparative Financial Data
  85. 3-8 A Word of Caution About Financial Ratio Analysis
  86. 3-9 Earnings and Balance Sheet Quality and Financial Analysis
  87. 3-9a Earnings Quality
  88. 3-9b Balance Sheet Quality
  89. Ethical Issues: The Sarbanes-Oxley Act and the Financial Reporting Process
  90. 3-10 Market Value Added/Economic Value Added: An Alternative Measure of Performance
  91. 3-10a The Market Value Added Concept
  92. 3-10b Economic Value Added
  93. International Issues: Financial Analysis of Multinational Corporations
  94. 3-11 Inflation and Financial Statement Analysis
  95. 3-12 Summary
  96. 3-13 Questions and Topics for Discussion
  97. 3-14 Self-Test Problems
  98. 3-15 Problems
  99. Chapter 4: Financial Planning and Forecasting
  100. 4-1 Introduction
  101. 4-2 Financial Planning
  102. 4-3 Cash Flow Analysis
  103. 4-3a The Cash Flow Generation Process
  104. 4-3b Importance of Cash Flows
  105. 4-3c Cash Flows and Shareholder Wealth
  106. 4-3d The Cash Flow Concept
  107. 4-3e The Statement of Cash Flows
  108. 4-4 Financial Forecasting
  109. 4-4a Percentage of Sales Forecasting Method
  110. 4-4b Cash Budgeting
  111. 4-4c Pro Forma Statement of Cash Flows
  112. 4-4d Computerized Financial Forecasting and Planning Models
  113. 4-4e Using Financial Ratios to Forecast Future Financial Performance
  114. 4-5 Summary
  115. 4-6 Questions and Topics for Discussion
  116. 4-7 Self-Test Problems
  117. 4-8 Problems
  118. PART 2: Determinants of Valuation
  119. Chapter 5: The Time Value of Money
  120. 5-1 Introduction
  121. 5-1a A Word About Notation
  122. 5-1b CFM Excel Templates
  123. 5-2 The Use of Financial Calculators and Spreadsheets
  124. 5-2a Calculator Solution
  125. 5-2b Spreadsheet Solution
  126. 5-3 Interest
  127. 5-4 Simple Interest
  128. 5-5 Compound Interest and Future Value
  129. 5-5a Solving for the Interest Rate
  130. 5-5b Solving for the Number of Compounding Periods
  131. 5-6 Present Value
  132. 5-6a Solving for Interest and Growth Rates
  133. 5-7 Annuities
  134. 5-7a Future Value of an Ordinary Annuity
  135. 5-7b Future Value of an Annuity Due
  136. 5-7c Present Value of an Ordinary Annuity
  137. 5-7d Present Value of an Annuity Due
  138. 5-8 Present Value: Some Additional Cash Flow Patterns
  139. 5-8a Perpetuities
  140. 5-8b Present Value of an Uneven Payment Stream
  141. 5-8c Present Value of Deferred Annuities
  142. 5-9 Compounding Periods and Effective Interest Rates
  143. 5-9a Effect of Compounding Periods on Present and Future Values
  144. 5-10 Effective Rate Calculations
  145. 5-11 Net Present Value Rule
  146. 5-12 Summary
  147. 5-13 Questions and Topics for Discussion
  148. 5-14 Self-Test Problems
  149. 5-15 Problems
  150. APPENDIX 5A: CONTINUOUS COMPOUNDING AND DISCOUNTING
  151. 5A-1 Continuous Compounding
  152. 5A-2 Continuous Discounting
  153. 5A-3 Effective Rate Calculations
  154. 5A-4 Self-Test Problems
  155. 5A-5 Problems
  156. Chapter 6: Fixed-Income Securities: Characteristics and Valuation
  157. 6-1 Introduction
  158. 6-2 Characteristics of Long-Term Debt
  159. 6-2a Types of Long-Term Debt
  160. 6-2b Features of Long-Term Debt
  161. 6-2c Information on Debt Financing Activities
  162. 6-2d Bond Ratings
  163. 6-2e Users of Long-Term Debt
  164. 6-2f Advantages and Disadvantages of Long-Term Debt Financing
  165. International Issues: The International Bond Market
  166. 6-3 Valuation of Assets
  167. 6-3a Capitalization of Cash Flow Method
  168. 6-3b Market Value of Assets and Market Equilibrium
  169. 6-3c Book Value of an Asset
  170. 6-4 Bond Valuation
  171. 6-4a Bonds Having Finite Maturity Dates
  172. 6-4b Perpetual Bonds
  173. Ethical Issues: Leveraged Buyouts and Bond Values
  174. 6-4c Yield-to-Maturity of a Bond
  175. 6-5 Characteristics of Preferred Stock
  176. 6-5a Features of Preferred Stock
  177. 6-5b Trading of Preferred Shares
  178. 6-5c Users of Preferred Stock
  179. 6-5d Advantages and Disadvantages of Preferred Stock Financing
  180. 6-5e Valuation of Preferred Stock
  181. 6-6 Summary
  182. 6-7 Questions and Topics for Discussion
  183. 6-8 Self-Test Problems
  184. 6-9 Problems
  185. Chapter 7: Common Stock: Characteristics, Valuation, and Issuance
  186. 7-1 Introduction
  187. 7-1a Understanding Stock Quotations
  188. 7-2 Characteristics of Common Stock
  189. 7-2a Common Stock and Accounting
  190. 7-2b Stockholder Rights
  191. 7-2c Other Features of Common Stock
  192. Ethical Issues: Unequal Voting Rights
  193. 7-2d Advantages and Disadvantages of Common Stock Financing
  194. 7-3 The Security Offering Process: Role of the Investment Banker
  195. 7-3a How Securities Are Sold
  196. 7-4 Valuation of Common Stock
  197. 7-4a One-Period Dividend Valuation Model
  198. International Issues: Global Equity Markets
  199. 7-4b Multiple-Period Dividend Valuation Model
  200. 7-4c A General Dividend Valuation Model
  201. 7-5 Applications of the General Dividend Valuation Model
  202. 7-5a Zero Growth Dividend Valuation Model
  203. 7-5b Constant Growth Dividend Valuation Model
  204. 7-5c Nonconstant Growth Dividend Valuation Model
  205. Entrepreneurial Issues: Valuation of Closely Held Firms
  206. 7-6 Summary
  207. 7-7 Questions and Topics for Discussion
  208. 7-8 Self-Test Problems
  209. 7-9 Problems
  210. Chapter 8: Analysis of Risk and Return
  211. 8-1 Introduction
  212. 8-2 Meaning and Measurement of Risk
  213. 8-2a Probability Distributions
  214. 8-2b Summary of Notation
  215. 8-2c Expected Value
  216. 8-2d Standard Deviation: An Absolute Measure of Risk
  217. 8-2e Normal Probability Distribution
  218. 8-2f Coefficient of Variation: A Relative Measure of Risk
  219. 8-2g Risk as an Increasing Function of Time
  220. 8-3 Relationship Between Risk and Return
  221. 8-3a Risk-Free Rate of Return
  222. 8-3b Risk Premium
  223. 8-3c Business and Financial Risk
  224. 8-3d Risk and Required Returns for Various Types of Securities
  225. 8-4 Investment Diversification and Portfolio Risk Analysis
  226. 8-4a Expected Returns from a Portfolio
  227. 8-4b Portfolio Risk
  228. 8-4c Efficient Portfolios and the Capital Market Line
  229. 8-5 Portfolio Risk and the Capital Asset Pricing Model
  230. 8-5a Systematic and Unsystematic Risk
  231. 8-5b Security Market Line (SML
  232. 8-5c Beta: A Measure of Systematic Risk
  233. 8-5d Security Market Line and Beta
  234. 8-5e Inflation and the Security Market Line
  235. 8-5f Uses of the CAPM and Portfolio Risk Concepts
  236. International Issues: Diversification and Multinational Corporations
  237. 8-5g Assumptions and Limitations of the CAPM
  238. Ethical Issues: High-Risk Securities
  239. 8-6 Other Dimensions of Risk
  240. 8-7 Summary
  241. 8-8 Questions and Topics for Discussion
  242. 8-9 Self-Test Problems
  243. 8-10 Problems
  244. PART 3: The Capital Investment Decision
  245. Chapter 9: Capital Budgeting and Cash Flow Analysis
  246. 9-1 Introduction
  247. 9-2 Key Terms and Concepts in Capital Budgeting
  248. 9-2a Cost of Capital
  249. 9-2b How Projects Are Classified
  250. 9-2c Availability of Funds
  251. 9-3 Basic Framework for Capital Budgeting
  252. 9-4 Generating Capital Investment Project Proposals
  253. 9-4a Classifying Investment Projects
  254. 9-4b Project Size and the Decision-Making Process
  255. 9-5 Principles of Estimating Cash Flows
  256. 9-6 Net Investment (NINV
  257. 9-7 Net (Operating) Cash Flows
  258. 9-7a Recovery of After-Tax Salvage Value
  259. 9-7b Recovery of Net Working Capital
  260. 9-7c Interest Charges and Net Cash Flows
  261. 9-7d Depreciation
  262. 9-8 Asset Expansion Projects
  263. 9-8a Calculating the Net Investment
  264. 9-8b Calculating Annual Net Cash Flows
  265. 9-9 Asset Replacement Projects
  266. 9-9a Calculating the Net Investment
  267. 9-9b Calculating Annual Net Cash Flows
  268. 9-10 Problems in Cash Flow Estimation
  269. 9-11 The Practice of Cash Flow Estimation for Capital Budgeting
  270. Ethical Issues: Cash Flow Estimation Biases
  271. 9-12 Summary
  272. 9-13 Questions and Topics for Discussion
  273. 9-14 Self-Test Problems
  274. 9-15 Problems
  275. APPENDIX 9A: DEPRECIATION
  276. 9A-1 Introduction to Depreciation
  277. 9A-2 Straight-Line Depreciation
  278. 9A-3 Modified Accelerated Cost Recovery System (MACRS
  279. 9A-4 Real Property
  280. 9A-5 Questions and Topics for Discussion
  281. 9A-6 Problems
  282. Chapter 10: Capital Budgeting: Decision Criteria and Real Option Considerations
  283. 10-1 Introduction
  284. 10-2 Decision Models for Evaluating Alternatives
  285. 10-2a Net Present Value
  286. 10-2b Profitability Index
  287. 10-2c Internal Rate of Return
  288. 10-2d Payback (PB) Period
  289. 10-3 Capital Rationing and the Capital Budgeting Decision
  290. 10-4 Reviewing and Post-Auditing an Accepted Project
  291. 10-5 A Comprehensive Example of Capital Budgeting: Opening a New Bank Branch
  292. International Issues: A Framework for International Capital Expenditure Decisions
  293. 10-6 Real Options in Capital Budgeting
  294. 10-6a Classification of Real Options in Capital Budgeting
  295. Ethical Issues: The Use of Shareholder Resources
  296. 10-6b How Are Real Options Concepts Being Applied
  297. 10-7 Summary
  298. 10-8 Questions and Topics for Discussion
  299. 10-9 Self-Test Problems
  300. 10-10 Problems
  301. APPENDIX 10A: MUTUALLY EXCLUSIVE INVESTMENTS HAVING UNEQUAL LIVES
  302. 10A-1 Replacement Chains
  303. 10A-2 Equivalent Annual Annuities
  304. 10A-3 Problems
  305. Chapter 11: Capital Budgeting and Risk
  306. 11-1 Introduction
  307. 11-2 Total Project Risk Versus Portfolio Risk
  308. 11-3 Adjusting for Total Project Risk
  309. 11-3a Net Present Value/Payback Approach
  310. 11-3b Simulation Analysis
  311. 11-3c Sensitivity Analysis
  312. 11-3d Scenario Analysis
  313. 11-3e Certainty Equivalent Approach
  314. 11-3f Risk-Adjusted Discount Rate Approach
  315. 11-4 Adjusting for Beta Risk in Capital Budgeting
  316. 11-4a The All-Equity Case
  317. International Issues: Special Elements of Capital Budgeting Risk
  318. 11-4b The Equity and Debt Case
  319. 11-4c Computing the Risk-Adjusted Net Present Value
  320. 11-5 Summary
  321. 11-6 Questions and Topics for Discussion
  322. 11-7 Self-Test Problems
  323. 11-8 Problems
  324. PART 4: The Cost of Capital, Capital Structure, and Dividend Policy
  325. Chapter 12: The Cost of Capital
  326. 12-1 Introduction
  327. 12-2 Summary of Notation
  328. 12-3 Weighted Cost of Capital
  329. 12-3a Market Value Versus Book Value Weights
  330. 12-3b Gasco Inc.’s Weighted Cost of Capital
  331. 12-3c The Problem of “Lumpy” Capital
  332. 12-4 Relative Costs of Capital
  333. 12-5 Computing the Component Costs of Capital
  334. 12-5a Marginal Costs
  335. 12-5b Cost of Debt
  336. 12-5c Cost of Preferred Stock
  337. 12-5d Cost of Internal Equity Capital
  338. 12-5e Dividend Valuation Model Approach
  339. 12-5f Issues in Implementation
  340. 12-5g Capital Asset Pricing Model (CAPM) Approach
  341. International Issues: Market Equity Risk Premiums Around the World
  342. 12-5h Risk Premium over Debt and Other Approaches for Estimating the Cost of Equity Capital
  343. 12-5i Cost of External Equity Capital
  344. 12-6 Divisional Costs of Capital
  345. 12-7 Determining the Weighted (Marginal) Cost of Capital Schedule
  346. International Issues: The Cost of Capital for Multinational Companies
  347. 12-8 Determining the Optimal Capital Budget
  348. Entrepreneurial Issues: The Cost of Capital
  349. 12-9 Cost of Depreciation-Generated Funds
  350. 12-10 Summary
  351. 12-11 Questions and Topics for Discussion
  352. 12-12 Self-Test Problems
  353. 12-13 Problems
  354. Chapter 13: Capital Structure Concepts
  355. 13-1 Introduction
  356. 13-2 Capital Structure Decisions and Maximization of Shareholder Wealth
  357. 13-2a Assumptions of Capital Structure Analysis
  358. 13-3 Business Risk
  359. 13-3a Business Risk: Systematic or Unsystematic
  360. 13-4 Financial Risk and Financial Leverage
  361. 13-4a Financial Risk: Systematic or Unsystematic
  362. 13-4b Effect of Financial Leverage on Stockholder Returns and Risk
  363. 13-5 Capital Structure Theory
  364. 13-5a Capital Structure Without a Corporate Income Tax
  365. 13-5b Capital Structure with a Corporate Income Tax
  366. 13-5c Capital Structure with a Corporate Income Tax: Financial Distress Costs and Agency Costs
  367. 13-5d Value-Maximizing Capital Structure
  368. 13-5e The Cost of Capital and the Optimal Capital Structure
  369. 13-5f Other Considerations in the Capital Structure Decision
  370. Ethical Issues: LBO Stakeholder Impacts
  371. International Issues: Capital Structure
  372. 13-6 Managerial Implications of Capital Structure Theory
  373. 13-7 Summary
  374. 13-8 Questions and Topics for Discussion
  375. 13-9 Self-Test Problems
  376. 13-10 Problems
  377. Chapter 14: Capital Structure Management in Practice
  378. 14-1 Introduction
  379. 14-2 Operating and Financial Leverage
  380. 14-2a Leverage and the Income Statement
  381. 14-2b Short-Run Costs
  382. 14-2c Long-Run Costs
  383. 14-2d Measurement of Operating and Financial Leverage
  384. 14-2e Degree of Operating Leverage
  385. 14-2f Degree of Financial Leverage
  386. 14-2g Degree of Combined Leverage
  387. 14-2h Effect of Leverage on Shareholder Wealth and the Cost of Capital
  388. 14-3 Other Financial Risk Measures
  389. 14-4 EBIT-EPS Analysis
  390. 14-4a EBIT-EPS Analysis and Capital Structure Decisions
  391. 14-4b EBIT-EPS Analysis and Stock Prices
  392. 14-5 Cash Insolvency Analysis
  393. 14-6 Other Factors to Consider in Making Capital Structure Decisions
  394. 14-6a Industry Standards
  395. 14-6b Profitability and Need for Funds
  396. International Issues: Balancing Operating and Financial Risks at Nestl
  397. 14-6c Lender and Bond-Rater Requirements
  398. 14-6d Managerial Risk Aversion
  399. 14-6e Retention of Control
  400. 14-7 Summary
  401. 14-8 Questions and Topics for Discussion
  402. 14-9 Self-Test Problems
  403. 14-10 Problems
  404. APPENDIX 14A: BREAKEVEN ANALYSIS
  405. 14A-1 Introduction
  406. 14A-2 Graphic Breakeven Analysis
  407. 14A-3 Algebraic Breakeven Analysis
  408. 14A-4 Examples of Breakeven Analysis
  409. 14A-5 DOL and Breakeven Analysis
  410. 14A-6 Breakeven Analysis and Risk Assessment
  411. 14A-7 Some Limitations of Breakeven Analysis
  412. 14A-8 Cash Breakeven Point
  413. 14A-9 Questions and Topics for Discussion
  414. 14A-10 Self-Test Problems
  415. 14A-11 Problems
  416. Chapter 15: Dividend Policy
  417. 15-1 Introduction
  418. 15-2 Determinants of Dividend Policy
  419. 15-2a Industry and Company Variations in Dividend Payout Ratios
  420. 15-2b Legal Constraints
  421. 15-2c Restrictive Covenants
  422. 15-2d Tax Considerations
  423. 15-2e Liquidity and Cash Flow Considerations
  424. 15-2f Borrowing Capacity and Access to the Capital Markets
  425. 15-2g Earnings Stability
  426. 15-2h Growth Prospects
  427. 15-2i Shareholder Preferences
  428. 15-2j Protection Against Dilution
  429. 15-3 Dividend Policy and Firm Value
  430. 15-3a Arguments for the Irrelevance of Dividends
  431. 15-3b Arguments for the Relevance of Dividends
  432. 15-3c Transaction Costs
  433. 15-3d Taxes
  434. 15-3e Issuance (Flotation) Costs
  435. 15-3f Agency Costs
  436. 15-3g Conclusions Regarding Dividend Relevance
  437. 15-4 Dividend Policies
  438. 15-4a Passive Residual Policy
  439. 15-4b Stable Dollar Dividend Policy
  440. 15-4c Other Dividend Payment Policies
  441. Entrepreneurial Issues: Dividend Policy
  442. 15-4d How Dividends Are Paid
  443. International Issues: Dividend Policies for Multinational Firms
  444. 15-4e Dividend Reinvestment Plans
  445. 15-5 Stock Dividends and Stock Splits
  446. 15-6 Share Repurchases as Dividend Decisions
  447. 15-6a Procedures for Repurchasing Shares
  448. 15-6b Share Repurchase Versus Cash Dividend Example
  449. 15-6c Tax Considerations
  450. 15-6d Financial Flexibility
  451. 15-6e Signaling Effects
  452. 15-6f Earnings-per-Share Dilution
  453. 15-6g Agency Costs
  454. 15-6h Advantages and Disadvantages
  455. 15-7 Summary
  456. 15-8 Questions and Topics for Discussion
  457. 15-9 Self-Test Problems
  458. 15-10 Problems
  459. PART 5: Working Capital Management
  460. Chapter 16: Working Capital Policy and Short-Term Financing
  461. 16-1 Introduction
  462. 16-2 Working Capital Policy
  463. 16-2a Importance of Working Capital
  464. 16-2b Operating Cycle Analysis
  465. 16-3 Levels of Working Capital Investment
  466. 16-3a Profitability Versus Risk Trade-Off for Alternative Levels of Working Capital Investment
  467. 16-3b Optimal Level of Working Capital Investment
  468. 16-4 Proportions of Short-Term and Long-Term Financing
  469. 16-4a Cost of Short-Term Versus Long-Term Debt
  470. 16-4b Risk of Long-Term Versus Short-Term Debt
  471. 16-5 Profitability Versus Risk Trade-Off for Alternative Financing Plans
  472. 16-5a Optimal Proportions of Short-Term and Long-Term Debt
  473. 16-6 Overall Working Capital Policy
  474. 16-7 Short-Term Credit
  475. 16-8 Cost of Short-Term Funds
  476. 16-9 Trade Credit
  477. 16-9a Credit Terms
  478. 16-9b Cost of Trade Credit
  479. 16-9c Stretching Accounts Payable
  480. 16-10 Accrued Expenses and Deferred Income
  481. 16-10a Accrued Expenses
  482. 16-10b Deferred Income
  483. 16-11 Short-Term Bank Credit
  484. Ethical Issues: Interest Rate Manipulation
  485. 16-11a Single Loans (Notes
  486. 16-11b Lines of Credit
  487. 16-11c Revolving Credit Agreements
  488. Ethical Issues: Tying Bank Loans to Other Services
  489. 16-12 Commercial Paper
  490. 16-13 Accounts Receivable Loans
  491. 16-13a Pledging Accounts Receivable
  492. 16-13b Factoring Accounts Receivable
  493. 16-14 Inventory Loans
  494. 16-14a Floating Liens
  495. 16-14b Trust Receipts
  496. 16-14c Terminal Warehouse and Field Warehouse Financing Arrangements
  497. International Issues: Foreign Receivables Financing
  498. 16-15 Summary
  499. 16-16 Questions and Topics for Discussion
  500. 16-17 Self-Test Problems
  501. 16-18 Problems
  502. Chapter 17: The Management of Cash and Marketable Securities
  503. 17-1 Introduction
  504. 17-2 Liquid Asset Balance
  505. 17-2a Cash Flows and the Cash Budget
  506. 17-2b Corporate-Bank Relations
  507. 17-2c Optimal Liquid Asset Balance
  508. 17-2d The Practice of Liquidity Management
  509. 17-3 Controlling the Collection and Disbursement of Cash
  510. 17-3a Float
  511. 17-3b Expediting Collections
  512. 17-3c Slowing Disbursements
  513. Ethical Issues: Cash Management
  514. 17-4 Electronic Funds Transfer
  515. 17-4a Check Clearing for the 21st Century Act
  516. 17-5 Investing in Marketable Securities
  517. 17-5a Choosing Marketable Securities
  518. Entrepreneurial Issues: Cash Management
  519. 17-5b Types of Marketable Securities
  520. International Issues: Cash Management
  521. 17-6 Summary
  522. 17-7 Questions and Topics for Discussion
  523. 17-8 Self-Test Problems
  524. 17-9 Problems
  525. Chapter 18: The Management of Accounts Receivable and Inventories
  526. 18-1 Introduction
  527. 18-2 Accounts Receivable Management
  528. 18-2a Shareholder Wealth and Optimal Investments in Accounts Receivable
  529. 18-2b Credit Standards
  530. 18-2c Credit Terms
  531. 18-2d Collection Effort
  532. 18-2e Monitoring Accounts Receivable
  533. 18-3 Evaluating Individual Credit Applicants
  534. 18-3a Gathering Information on the Credit Applicant
  535. 18-3b Analyzing Creditworthiness and Making the Credit Decision
  536. 18-4 Inventory Management
  537. 18-4a Benefits of Holding Inventories
  538. 18-4b Inventory-Related Costs
  539. 18-5 Inventory Control Models
  540. 18-5a Basic EOQ Model
  541. 18-5b Extensions of the Basic EOQ Model
  542. 18-5c Just-in-Time Inventory Management Systems
  543. 18-6 Summary
  544. 18-7 Questions and Topics for Discussion
  545. 18-8 Self-Test Problems
  546. 18-9 Problems
  547. PART 6: Additional Topics in Contemporary Financial Management
  548. Chapter 19: Lease and Intermediate-Term Financing
  549. 19-1 Introduction
  550. 19-2 Leasing
  551. 19-3 Types of Leases
  552. 19-3a Operating Leases
  553. 19-3b Financial or Capital Leases
  554. 19-3c Leveraged Leases
  555. 19-4 Advantages and Disadvantages of Leasing
  556. 19-4a Advantages
  557. Entrepreneurial Issues: Leasing by Small Businessesa
  558. 19-4b Disadvantages
  559. 19-5 Tax and Accounting Aspects of Leases
  560. 19-5a Tax Status of True Leases
  561. 19-5b Leases and Accounting Practices
  562. 19-6 Determining Lease Payments: The Lessor’s Perspective
  563. 19-7 Lease-Buy Analysis: The Lessee’s Perspective
  564. 19-8 Term Loans
  565. 19-8a Repayment Provisions
  566. 19-8b Interest Costs
  567. 19-9 Security Provisions and Protective Covenants
  568. 19-9a Security Provisions
  569. 19-9b Affirmative Covenants
  570. 19-9c Negative Covenants
  571. 19-9d Restrictive Covenants
  572. 19-9e Default Provisions
  573. 19-10 Suppliers of Term Loans
  574. 19-10a Commercial Banks and Savings and Loan Associations
  575. 19-10b Life Insurance Companies and Pension Funds
  576. 19-10c Small Business Administration (SBA
  577. 19-10d Small Business Investment Companies (SBICs
  578. 19-10e Industrial Development Authorities (IDAs
  579. 19-11 Equipment Loans
  580. 19-11a Conditional Sales Contract
  581. 19-11b Chattel Mortgage
  582. 19-12 Summary
  583. 19-13 Questions and Topics for Discussion
  584. 19-14 Self-Test Problems
  585. 19-15 Problems
  586. Chapter 20: Financing with Derivatives
  587. 20-1 Introduction
  588. 20-2 Options
  589. 20-2a Option Valuation Concepts
  590. 20-2b Variables Affecting Call Option Valuation
  591. 20-2c Option Valuation Models
  592. 20-2d Call Options on Bonds
  593. 20-2e Common Stock in an Options Framework
  594. 20-3 Convertible Securities
  595. 20-3a Features of Convertible Securities
  596. 20-3b Managing Long-Term Funding with Convertibles
  597. 20-3c Valuation of Convertible Securities
  598. 20-3d Converting Convertible Securities
  599. 20-3e Convertible Securities and Earnings Dilution
  600. 20-4 Warrants
  601. 20-4a Features of Warrants
  602. 20-4b Reasons for Issuing Warrants
  603. 20-4c Valuation of Warrants
  604. 20-4d Comparison of Convertible Securities and Warrants
  605. 20-5 Analysis of Rights Offerings
  606. 20-5a Valuation of Rights
  607. 20-6 Swaps
  608. 20-6a Interest Rate Swaps
  609. 20-6b Credit Default Swaps
  610. 20-7 Summary
  611. 20-7a Options
  612. 20-7b Convertible Securities
  613. 20-7c Warrants
  614. 20-7d Rights Offering
  615. 20-7e Swaps
  616. 20-8 Questions and Topics for Discussion
  617. 20-9 Self-Test Problems
  618. 20-10 Problems
  619. APPENDIX 20A: THE BLACK-SCHOLES OPTION PRICING MODEL
  620. 20A-1 The Foundations of Option Valuation
  621. 20A-2 The Black-Scholes Option Pricing Model
  622. 20A-3 Applying the Black-Scholes Model
  623. 20A-4 Problems
  624. APPENDIX 20B: BOND REFUNDING ANALYSIS
  625. 20B-1 The Bond Refunding Process
  626. 20B-2 Problems
  627. Chapter 21: Risk Management
  628. 21-1 Introduction
  629. 21-2 Why Manage Risk
  630. 21-3 Nonhedging Risk-Management Strategies
  631. 21-3a Acquisition of Additional Information
  632. 21-3b Diversification
  633. 21-3c Insurance
  634. 21-3d Gaining Control over the Operating Environment
  635. 21-3e Limited Use of Firm-Specific Assets
  636. 21-4 Hedging Strategies for Risk Management
  637. 21-4a Forward Contracts
  638. 21-4b Futures Contracts
  639. 21-4c A Long Hedge
  640. 21-4d A Short Hedge
  641. 21-5 Hedging Price Risk with Options
  642. 21-5a Final Comments Regarding Risk-Management Strategies
  643. Ethical Issues: AIG, the Financial Crisis of 2008, and the Failure of Risk Management
  644. 21-6 Summary
  645. 21-7 Questions and Topics for Discussion
  646. 21-8 Self-Test Problems
  647. 21-9 Problems
  648. Chapter 22: International Financial Management
  649. 22-1 Introduction
  650. 22-2 Factors That Affect Exchange Rates
  651. 22-2a Covered Interest Arbitrage and Interest Rate Parity
  652. 22-2b Purchasing Power Parity
  653. 22-2c Expectations Theory and Forward Exchange Rates
  654. 22-2d The International Fisher Effect
  655. 22-2e An Integrative Look at International Parity Relationships
  656. 22-3 Forecasting Future Exchange Rates
  657. 22-3a Using Forward Rates
  658. 22-3b Using Interest Rates
  659. 22-4 Foreign Exchange Risk
  660. 22-4a Transaction Exposure
  661. 22-4b Economic Exposure
  662. 22-4c Translation Exposure
  663. Ethical Issues: Payment of Bribes Abroad
  664. 22-5 Summary
  665. 22-6 Questions and Topics for Discussion
  666. 22-7 Self-Test Problems
  667. 22-8 Problems
  668. Chapter 23: Corporate Restructuring
  669. 23-1 Introduction
  670. 23-2 Mergers and Acquisitions
  671. 23-2a Mergers Defined
  672. 23-2b Merger Statistics
  673. 23-2c Types of Mergers
  674. 23-2d Form of Merger Transactions
  675. 23-2e Holding Companies
  676. 23-2f Joint Ventures
  677. 23-2g Leveraged Buyouts
  678. 23-2h Divestitures and Restructurings
  679. 23-2i Tender Offers
  680. 23-2j Rationale for Restructuring
  681. 23-2k Antitakeover Measures
  682. 23-2l Reasons for Mergers
  683. 23-2m Accounting Aspects of Mergers
  684. 23-2n Tax Aspects of Mergers
  685. 23-2o Valuation of Merger Candidates
  686. 23-2p Valuation Techniques
  687. 23-2q Analysis of a Merger: Earnings per Share and P/E Effects
  688. 23-3 Business Failure
  689. 23-3a Definitions of Business Failure
  690. 23-3b Business Failure Statistics
  691. 23-3c Causes of Business Failure
  692. 23-3d Alternatives for Failing Businesses
  693. 23-3e Informal Alternatives for Failing Businesses
  694. 23-3f Formal Alternatives for Failing Businesses Under the Bankruptcy Laws
  695. 23-3g Reorganization
  696. 23-3h Liquidation
  697. 23-4 Summary
  698. 23-5 Questions and Topics for Discussion
  699. 23-6 Self-Test Problems
  700. 23-7 Problems
  701. Reference Materials Tables
  702. Glossary
  703. Solutions to Self-Test Problems
  704. Check Answers to Selected Problems
  705. Index

 

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