Intermediate Financial Management 12th Edition Brigham Test Bank

Product details:

ISBN-10 ‏ : ‎ 1305720105
ISBN-13 ‏ : ‎ 978-1305720107
Author: Dr. Eugene F. Brigham

The only textbook written specifically for Intermediate or Advanced Corporate Finance courses, Brigham/Daves’ INTERMEDIATE FINANCIAL MANAGEMENT, 12E equips students with a solid understanding of both conceptual theories and practical financial skills. Offering a clear presentation, this comprehensive text from renowned author team Gene Brigham and Phillip Daves reinforces coverage from earlier corporate finance courses while providing new, progressive material to challenge even the most advanced learners. The authors use corporate valuation as a unifying theme to emphasize the theoretic groundwork for value maximization and the practical skills to analyze business decisions. The book’s reader-friendly approach incorporates actual business examples and integrated cases as well as Excel spreadsheet models to demonstrate how financial theory in practice leads to solid financial decisions.

Table contents:

Part I: Fundamental Concepts of Corporate Finance
Ch 1: An Overview of Financial Management and the Financial Environment
Beginning-of-Chapter Questions
1-1: How to Use this Text
Box: The Global Economic Crisis
Box: Columbus Was Wrong-The World Is Flat! And Hot! And Crowded!
1-2: The Corporate Life Cycle
1-3: The Primary Objective of the Corporation: Value Maximization
Box: Ethics for Individuals and Businesses
Box: Corporate Scandals and Maximizing Stock Price
1-4: An Overview of the Capital Allocation Process
1-5: Financial Securities
1-6: The Cost of Money
1-7: The Global Economic Crisis
Box: Global Economic Crisis- Anatomy of a Toxic Asset
1-8: The Big Picture
1-9: e-Resources
Ch 1: Summary
Ch 2: Risk and Return: Part I
Beginning-of-Chapter Questions
2-1: Investment Returns and Risk
Box: Intrinsic Value, Risk, and Return
2-2: Measuring Risk for Discrete Distributions
2-3: Risk in a Continuous Distribution
2-4: Using Historical Data to Estimate Risk
Box: What does Risk Really Mean?
Box: The Historic Trade-Off between Risk and Return
2-5: Risk in a Portfolio Context
2-6: The Relevant Risk of a Stock: The Capital Asset Pricing Model (CAPM)
Box: The Benefits of Diversifying Overseas
2-7: The Relationship between Risk and Return in the Capital Asset Pricing Model
2-8: The Efficient Markets Hypothesis
Box: Another Kind of Risk: The Bernie Madoff Story
2-9: The Fama-French Three-Factor Model
2-10: Behavioral Finance
2-11: The CAPM and Market Efficiency: Implications for Corporate Managers and Investors
Summary
Ch 3: Risk and Return: Part II
Beginning-of-Chapter Questions
Box: Intrinsic Value, Risk, and Return
3-1: Efficient Portfolios
3-2: Choosing the Optimal Portfolio
3-3: The Basic Assumptions of the Capital Asset Pricing Model
3-4: The Capital Market Line and the Security Market Line
Box: Skill or Luck?
3-5: Calculating Beta Coefficients
3-6: Empirical Tests of the CAPM
3-7: Arbitrage Pricing Theory
Summary
Ch 4: Bond Valuation
Beginning-of-Chapter Questions
Box: Intrinsic Value and the Cost of Debt
4-1: Who Issues Bonds?
Box: The Global Economic Crisis- Betting with or Against the U.S. Government: The Case of Treasury B
4-2: Key Characteristics of Bonds
4-3: Bond Valuation
4-4: Changes in Bond Values Over Time
Box: Drinking Your Coupons
4-5: Bonds with Semiannual Coupons
4-6: Bond Yields
4-7: The Pre-Tax Cost of Debt: Determinants of Market Interest Rates
4-8: The Real Risk-Free Rate of Interest, r*
4-9: The Inflation Premium (IP)
4-10: The Nominal, or Quoted, Risk-Free Rate of Interest, rRF
4-11: The Default Risk Premium (DRP)
Box: The Global Economic Crisis- Insuring with Credit Default Swaps: Let the Buyer Beware!
Box: The Global Economic Crisis- U.S. Treasury Bonds Downgraded!
Box: The Few, the Proud, the … AAA-Rated Companies!
Box: The Global Economic Crisis- Fear and Rationality
4-12: The Liquidity Premium (LP)
4-13: The Maturity Risk Premium (MRP)
4-14: The Term Structure of Interest Rates
4-15: Financing with Junk Bonds
4-16: Bankruptcy and Reorganization
Summary
Ch 5: Financial Options
Beginning-of-Chapter Questions
Box: The Intrinsic Value of Stock Options
5-1: Overview of Financial Options
Box: Financial Reporting for Employee Stock Options
5-2: The Single-Period Binomial Option Pricing Approach
5-3: The Single-Period Binomial Option Pricing Formula
5-4: The Multi-Period Binomial Option Pricing Model
5-5: The Black-Scholes Option Pricing Model (OPM)
Box: Taxes and Stock Options
5-6: The Valuation of Put Options
5-7: Applications of Option Pricing in Corporate Finance
Summary
Ch 6: Accounting for Financial Management
Beginning-of-Chapter Questions
Box: Intrinsic Value, Free Cash Flow, and Financial Statements
6-1: Financial Statements and Reports
6-2: The Balance Sheet
Box: The Global Economic Crisis- Let’s Play Hide-and-Seek!
6-3: The Income Statement
6-4: Statement of Stockholders’ Equity
Box: Financial Analysis on the Web
6-5: Statement of Cash Flows
Box: Filling in the GAAP
6-6: Net Cash Flow
6-7: Free Cash Flow: The Cash Flow Available for Distribution to Investors
Box: Sarbanes-Oxley and Financial Fraud
6-8: Performance Evaluation
6-9: The Federal Income Tax System
Box: When It Comes to Taxes, History Repeats and Repeals Itself!
Summary
Ch 7: Analysis of Financial Statements
Beginning-of-Chapter Questions
Box: Intrinsic Value and Analysis of Financial Statements
7-1: Financial Analysis
7-2: Liquidity Ratios
7-3: Asset Management Ratios
Box: The Global Economic Crisis- The Price is Right! (Or Wrong!)
7-4: Debt Management Ratios
7-5: Profitability Ratios
Box: The World Might Be Flat, But Global Accounting Is Bumpy! The Case of IFRS versus FASB
7-6: Market Value Ratios
7-7: Trend Analysis, Common Size Analysis, and Percentage Change Analysis
7-8: Tying the Ratios Together: The DuPont Equation
7-9: Comparative Ratios and Benchmarking
7-10: Uses and Limitations of Ratio Analysis
Box: Ratio Analysis on the Web
7-11: Looking Beyond the Numbers
Summary
Part II: Corporate Valuation
Ch 8: Basic Stock Valuation
Beginning-of-Chapter Questions
Box: Corporate Valuation and Stock Prices
8-1: Legal Rights and Privileges of Common Stockholders
8-2: Types of Common Stock
8-3: Stock Market Reporting
8-4: Valuing Common Stocks—Introducing the Free Cash Flow (FCF) Valuation Model
8-5: The Constant Growth Model: Valuation When Expected Free Cash Flow Grows at a Constant Rate
8-6: The Multi-Stage Model: Valuation When Expected Short-Term Free Cash Flow Grows at a Nonconstant
8-7: Application of the FCF Valuation Model to MicroDrive
8-8: Do Stock Values Reflect Long-Term or Short-Term Cash Flows?
8-9: Using the Free Cash Flow Valuation Model to Identify Value Drivers
8-10: Why Are Stock Prices so Volatile?
8-11: Valuing Common Stocks with the Dividend Growth Model
8-12: Market Multiple Analysis
8-13: Preferred Stock
Summary
Ch 9: Corporate Valuation and Financial Planning
Beginning-of-Chapter Questions
Box: Corporate Valuation and Financial Planning
9-1: Overview of Financial Planning
9-2: Financial Planning at MicroDrive Inc.
9-3: Forecasting Operations
9-4: Projecting MicroDrive’s Financial Statements
9-5: Analysis and Revision of the Preliminary Plan
9-6: Additional Funds Needed (AFN) Equation Method
9-7: Forecasting When the Ratios Change
Summary
Ch 10: Corporate Governance
Beginning-of-Chapter Questions
Box: Corporate Governance and Corporate Valuation
10-1: Agency Conflicts
10-2: Corporate Governance
Box: The Global Economic Crisis- Would the U.S. Government Be an Effective Board Director?
Box: The Dodd-Frank Act and “Say on Pay”
Box: The Sarbanes-Oxley Act of 2002 and Corporate Governance
Box: International Corporate Governance
10-3: Employee Stock Ownership Plans (ESOPs)
Summary
Ch 11: Determining the Cost of Capital
Beginning-of-Chapter Questions
Box: Corporate Valuation and the Cost of Capital
11-1: The Weighted Average Cost of Capital
11-2: Choosing Weights for the Weighted Average Cost of Capital
11-3: After-Tax Cost of Debt: rd(1 – T) and rstd(1 – T)
Box: How Effective is the Effective Corporate Tax Rate?
11-4: Cost of Preferred Stock, rps
11-5: Cost of Common Stock: The Market Risk Premium, RPM
11-6: Using the CAPM to Estimate the Cost of Common Stock, rs
11-7: Dividend-Yield-Plus-Growth-Rate, or Discounted Cash Flow (DCF), Approach
11-8: The Weighted Average Cost of Capital (WACC)
Box: Global Variations in the Cost of Capital
11-9: Adjusting the Cost of Equity for Flotation Costs
11-10: Privately Owned Firms and Small Businesses
11-11: Managerial Issues and the Cost of Capital
Summary
Part III: Project Valuation
Ch 12: Capital Budgeting: Decision Criteria
Beginning-of-Chapter Questions
Box: Corporate Valuation and Capital Budgeting
12-1: An Overview of Capital Budgeting
12-2: The First Step in Project Analysis
12-3: Net Present Value (NPV)
12-4: Internal Rate of Return (IRR)
12-5: Modified Internal Rate of Return (MIRR)
12-6: Profitability Index (PI)
12-7: Payback Period
12-8: How to Use the Different Capital Budgeting Methods
12-9: Other Issues in Capital Budgeting
Summary
Ch 13: Capital Budgeting: Estimating Cash Flows and Analyzing Risk
Beginning-of-Chapter Questions
Box: Project Valuation, Cash Flows, and Risk Analysis
13-1: Identifying Relevant Cash Flows
13-2: Analysis of an Expansion Project
Box: Mistakes in Cash Flow Estimation Can Kill Innovation
13-3: Risk Analysis in Capital Budgeting7
13-4: Measuring Stand-Alone Risk
13-5: Sensitivity Analysis
13-6: Scenario Analysis
13-7: Monte Carlo Simulation
13-8: Project Risk Conclusions
13-9: Replacement Analysis
13-10: Real Options
13-11: Phased Decisions and Decision Trees
Summary
Appendix 13A: Tax Depreciation
Ch 14: Real Options
Beginning-of-Chapter Questions
14-1: Valuing Real Options
14-2: The Investment Timing Option: An Illustration
14-3: The Growth Option: An Illustration
14-4: Concluding Thoughts on Real Options
Summary
Part IV: Strategic Financing Decisions
Ch 15: Distributions to Shareholders: Dividends and Repurchases
Beginning-of-Chapter Questions
Box: Uses of Free Cash Flow: Distributions to Shareholders
15-1: An Overview of Cash Distributions
15-2: Procedures for Cash Distributions
15-3: Cash Distributions and Firm Value
15-4: Clientele Effect
15-5: Information Content, or Signaling, Hypothesis
15-6: Implications for Dividend Stability
Box: Will Dividends Ever Be the Same?
15-7: Setting the Target Distribution Level: The Residual Distribution Model
15-8: The Residual Distribution Model in Practice
15-9: A Tale of Two Cash Distributions: Dividends versus Stock Repurchases
15-10: The Pros and Cons of Dividends and Repurchases
Box: Dividend Yields Around the World
15-11: Other Factors Influencing Distributions
15-12: Summarizing the Distribution Policy Decision
15-13: Stock Splits and Stock Dividends
Box: The Global Economic Crisis- Talk about a Split Personality!
15-14: Dividend Reinvestment Plans
Summary
Ch 16: Capital Structure Decisions
Beginning-of-Chapter Questions
Box: Corporate Valuation and Capital Structure
16-1: An Overview of Capital Structure
16-2: Business Risk and Financial Risk
16-3: Capital Structure Theory
Box: Yogi Berra on the MM Proposition
16-4: Capital Structure Evidence and Implications
16-5: Estimating the Optimal Capital Structure
16-6: Anatomy of a Recapitalization
Box: The Global Economic Crisis- Deleveraging
Summary
Ch 17: Dynamic Capital Structures and Corporate Valuation
Beginning-of-Chapter Questions
Box: Corporate Valuation and Capital Structure Decisions
17-1: The Impact of Growth and Tax Shields on Value
17-2: The Modigliani and Miller Models and the Compressed Adjusted Present Value (APV) Model
17-3: Dynamic Capital Structures and the Adjusted Present Value (APV) Model
17-4: Risky Debt and Equity as an Option
17-5: Introducing Personal Taxes: The Miller Model
17-6: Capital Structure Theory: Arbitrage Proofs of the Modigliani-Miller Theorems
Summary
Part V: Tactical Financing Decisions
Ch 18: Initial Public Offerings, Investment Banking, and Financial Restructuring
Beginning-of-Chapter Questions
18-1: The Financial Life Cycle of a Start-up Company
18-2: The Decision to Go Public
18-3: The Process of Going Public: An Initial Public Offering
18-4: Equity Carve-Outs: A Special Type of IPO
18-5: Other Ways to Raise Funds in the Capital Markets
Box: Where There’s Smoke There’s Fire
18-6: Investment Banking Activities and Their Role in the Global Economic Crisis
Box: What was the Role of Investment Banks?
18-7: The Decision to Go Private
18-8: Managing the Maturity Structure of Debt
18-9: Refunding Operations
Box; TVA Ratchets Down Its Interest Expenses
18-10: Managing the Risk Structure of Debt with Project Financing
Summary
Ch 19: Lease Financing
Beginning-of-Chapter Questions
19-1: Types of Leases
19-2: Tax Effects
19-3: Financial Statement Effects
Off-Balance Sheet Financing: Is It Going to Disappear?
19-4: Evaluation by the Lessee
19-5: Evaluation by the Lessor
19-6: Other Issues in Lease Analysis
Box: What You Don’t Know Can Hurt You!
Box: Lease Securitization
19-7: Other Reasons for Leasing
Summary
Ch 20: Hybrid Financing: Preferred Stock, Warrants, and Convertibles
Beginning-of-Chapter Questions
20-1: Preferred Stock
Box: The Romance Had No Chemistry, but It Had a Lot of Preferred Stock!
Box: Hybrids Aren’t Only for Corporations
20-2: Warrants
20-3: Convertible Securities
20-4: A Final Comparison of Warrants and Convertibles
20-5: Reporting Earnings When Warrants or Convertibles Are Outstanding
Summary
Part VI: Working Capital Management
Ch 21: Supply Chains and Working Capital Management
Beginning-of-Chapter Questions
Box: Corporate Valuation and Working Capital Management
21-1: Overview of Working Capital Management
21-2: Using and Financing Operating Current Assets
21-3: The Cash Conversion Cycle
Box: Some Firms Operate with Negative Working Capital!
21-4: The Cash Budget
21-5: Cash Management and the Target Cash Balance
21-6: Cash Management Techniques
Box: Your Check Isn’t in the Mail
21-7: Inventory Management
Box: Supply Chain Management
21-8: Receivables Management
Box: Supply Chain Finance
21-9: Accruals and Accounts Payable (Trade Credit)
Box: A Wag of the Finger or Tip of the Hat? The Colbert Report and Small Business Payment Terms
21-10: Managing Short-Term Investments
21-11: Short-Term Financing
21-12: Short-Term Bank Loans
21-13: Commercial Paper
21-14: Use of Security in Short-Term Financing
Summary
Ch 22: Providing and Obtaining Credit
Beginning-of-Chapter Questions
22-1: Credit Policy
22-2: Setting the Credit Period and Standards
22-3: Setting the Collection Policy
22-4: Cash Discounts
22-5: Other Factors Influencing Credit Policy
22-6: The Payments Pattern Approach to Monitoring Receivables
22-7: Analyzing Proposed Changes in Credit Policy
22-8: Analyzing Proposed Changes in Credit Policy: Incremental Analysis
22-9: The Cost of Bank Loans
22-10: Choosing a Bank
Summary
Ch 23: Other Topics in Working Capital Management
Beginning-of-Chapter Questions
23-1: The Concept of Zero Working Capital
23-2: Setting the Target Cash Balance
23-3: Inventory Control Systems
23-4: Accounting for Inventory
23-5: The Economic Ordering Quantity (EOQ) Model
23-6: EOQ Model Extensions
Summary
Part VII: Special Topics
Ch 24: Enterprise Risk Management
Beginning-of-Chapter Questions
Box: Corporate Valuation and Risk Management
24-1: Reasons to Manage Risk
24-2: An Overview of Enterprise Risk Management
24-3: A Framework for Enterprise Risk Management
24-4: Categories of Risk Events
24-5: Foreign Exchange (FX) Risk
24-6: Commodity Price Risk
24-7: Interest Rate Risk
Box: The Game of Truth or LIBOR
24-8: Project Selection Risks
24-9: Managing Credit Risks
24-10: Risk and Human Safety
Summary
Ch 25: Bankruptcy, Reorganization, and Liquidation
Beginning-of-Chapter Questions
25-1: Financial Distress and Its Consequences
25-2: Issues Facing a Firm in Financial Distress
25-3: Settlements without Going through Formal Bankruptcy
25-4: Federal Bankruptcy Law
25-5: Reorganization in Bankruptcy
25-6: Liquidation in Bankruptcy
Box: A Nation of Defaulters?
25-7: Anatomy of a Bankruptcy: Transforming the GM Corporation into the GM Company
25-8: Other Motivations for Bankruptcy
25-9: Some Criticisms of Bankruptcy Laws
Summary
Ch 26: Mergers and Corporate Control
Beginning-of-Chapter Questions
26-1: Rationale for Mergers
26-2: Types of Mergers
26-3: Level of Merger Activity
26-4: Hostile versus Friendly Takeovers
26-5: Merger Regulation
26-6: Overview of Merger Analysis
26-7: The Free Cash Flow to Equity (FCFE) Approach
26-8: Illustration of the Three Valuation Approaches for a Constant Capital Structure
26-9: Setting the Bid Price
26-10: Analysis When There Is a Permanent Change in Capital Structure
26-11: Taxes and the Structure of the Takeover Bid
Box: Tempest in a Teapot?
26-12: Financial Reporting for Mergers
26-13: Analysis for a “True Consolidation”
26-14: The Role of Investment Bankers
26-15: Who Wins: The Empirical Evidence
Box: Merger Mistakes
26-16: Corporate Alliances
26-17: Divestitures
26-18: Holding Companies
Summary
Ch 27: Multinational Financial Management
Beginning-of-Chapter Questions
Box: Corporate Valuation in a Global Context
27-1: Multinational, or Global, Corporations
27-2: Multinational versus Domestic Financial Management
27-3: Exchange Rates
27-4: Exchange Rates and International Trade
27-5: The International Monetary System and Exchange Rate Policies
27-6: Trading in Foreign Exchange
27-7: Interest Rate Parity
27-8: Purchasing Power Parity
Box: Hungry for a Big Mac? Go To Ukraine!
27-9: Inflation, Interest Rates, and Exchange Rates
27-10: International Money and Capital Markets
Box: Greasing the Wheels of International Business
Box: Stock Market Indices Around the World
27-11: Multinational Capital Budgeting
Box: Consumer Finance in China
Box: Double Irish with a Dutch Twist
27-12: International Capital Structures
27-13: Multinational Working Capital Management
Summary
Appendixes
Appendix A: Values of the Areas under the Standard Normal Distribution Function
Appendix B: Answers to End-of-Chapter Problems
Appendix C: Selected Equations
Glossary
Name Index
Subject Index

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