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• Cover
• Cover
• Front Matter
• Copyright Page
• Dedication
• About the Authors
• Bridging Theory and Practice
• Applications That Reflect Real Practice
• Teaching Every Student to Think Finance
• Practice Finance to Learn Finance
• Preface
• Acknowledgments
• Interactive Media Contents
• Interactive Media Contents
• Part 1: Introduction
• Part 1: Introduction
• 1: Corporate Finance and the Financial Manager
• Introduction: Corporate Finance and the Financial Manager
• 1.1: Why Study Finance?
• 1.2: The Four Types of Firms
• 1.3: The Financial Manager
• 1.4: The Financial Manager’s Place in the Corporation
• 1.5: The Stock Market
• 1.6: Financial Institutions
• Summary and Assignments: Corporate Finance and the Financial Manager
• 2: Introduction to Financial Statement Analysis
• Introduction: Introduction to Financial Statement Analysis
• 2.1: Firms’ Disclosure of Financial Information
• 2.2: The Balance Sheet
• 2.3: The Income Statement
• 2.4: The Statement of Cash Flows
• 2.5: Other Financial Statement Information
• 2.6: Financial Statement Analysis
• 2.7: Financial Reporting in Practice
• Summary and Assignments: Introduction to Financial Statement Analysis
• Part 2: Interest Rates and Valuing Cash Flows
• Part 2: Interest Rates and Valuing Cash Flows
• 3: Time Value of Money: An Introduction
• Introduction: Time Value of Money: An Introduction
• 3.1: Cost-Benefit Analysis
• 3.2: Market Prices and the Valuation Principle
• 3.3: The Time Value of Money and Interest Rates
• 3.4: Valuing Cash Flows at Different Points in Time
• Summary and Assignments: Time Value of Money: An Introduction
• 4: Time Value of Money: Valuing Cash Flow Streams
• Introduction: Time Value of Money: Valuing Cash Flow Streams
• 4.1: Valuing a Stream of Cash Flows
• 4.2: Perpetuities
• 4.3: Annuities
• 4.4: Growing Cash Flows
• 4.5: Solving for Variables Other Than Present Value or Future Value
• 4.6: Non-Annual Cash Flows
• Summary and Assignments: Time Value of Money: Valuing Cash Flow Streams
• 4 Appendix: Using a Financial Calculator and our interactive Annuity Calculator
• Introduction: Using a Financial Calculator and our interactive Annuity Calculator
• 5: Interest Rates
• Introduction: Interest Rates
• 5.1: Interest Rate Quotes and Adjustments
• 5.2: Application: Discount Rates and Loans
• 5.3: The Determinants of Interest Rates
• 5.4: The Opportunity Cost of Capital
• Summary and Assignments: Interest Rates
• 6: Bonds
• Introduction: Bonds
• 6.1: Bond Terminology
• 6.2: Zero-Coupon Bonds
• 6.3: Coupon Bonds
• 6.4: Why Bond Prices Change
• 6.5: Corporate Bonds
• Summary and Assignments: Bonds
• 6 Appendix A: Solving for the Yield to Maturity of a Bond Using a Financial Calculator
• Introduction: Solving for the Yield to Maturity of a Bond Using a Financial Calculator
• 6 Appendix B: The Yield Curve and the Law of One Price
• Introduction: The Yield Curve and the Law of One Price
• 7: Stock Valuation
• Introduction: Stock Valuation
• 7.1: Stock Basics
• 7.2: The Mechanics of Stock Trades
• 7.3: The Dividend-Discount Model
• 7.4: Estimating Dividends in the Dividend-Discount Model
• 7.5: Limitations of the Dividend-Discount Model
• 7.6: Share Repurchases and the Total Payout Model
• 7.7: Putting It All Together
• Summary and Assignments: Stock Valuation
• Part 2: Integrative Case
• Part 3: Valuation and the Firm
• Introduction: Valuation and the Firm
• 8: Investment Decision Rules
• Introduction: Investment Decision Rules
• 8.1: The NPV Decision Rule
• 8.2: Using the NPV Rule
• 8.3: Alternative Decision Rules
• 8.4: Choosing Among Projects
• 8.5: Evaluating Projects with Different Lives
• 8.6: Choosing Among Projects When Resources Are Limited
• 8.7: Putting It All Together
• Summary and Assignments: Investment Decision Rules
• 8 Appendix: Creating the NPV Profile Using Excel’s Data Table Function
• Introduction: Creating the NPV Profile Using Excel’s Data Table Function
• 9: Fundamentals of Capital Budgeting
• Introduction: Fundamentals of Capital Budgeting
• 9.1: The Capital Budgeting Process
• 9.2: Forecasting Incremental Earnings
• 9.3: Determining Incremental Free Cash Flow
• 9.4: Other Effects on Incremental Free Cash Flows
• 9.5: Analyzing the Project
• 9.6: Real Options in Capital Budgeting
• Summary and Assignments: Fundamentals of Capital Budgeting
• 9 Appendix: MACRS Depreciation
• Introduction: MACRS Depreciation
• 10: Stock Valuation: A Second Look
• Introduction: Stock Valuation: A Second Look
• 10.1: The Discounted Free Cash Flow Model
• 10.2: Valuation Based on Comparable Firms
• 10.3: Stock Valuation Techniques: A Final Word
• 10.4: Information, Competition, and Stock Prices
• 10.5: Individual Biases and Trading
• Summary and Assignments: Stock Valuation: A Second Look
• Part 3: Integrative Case
• Part 4: Risk and Return
• Introduction: Risk and Return
• 11: Risk and Return in Capital Markets
• Introduction: Risk and Return in Capital Markets
• 11.1: A First Look at Risk and Return
• 11.2: Historical Risks and Returns of Stocks
• 11.3: The Historical Tradeoff Between Risk and Return
• 11.4: Common Versus Independent Risk
• 11.5: Diversification in Stock Portfolios
• Summary and Assignments: Risk and Return in Capital Markets
• 12: Systematic Risk and the Equity Risk Premium
• Introduction: Systematic Risk and the Equity Risk Premium
• 12.1: The Expected Return of a Portfolio
• 12.2: The Volatility of a Portfolio
• 12.3: Measuring Systematic Risk
• 12.4: Putting It All Together: The Capital Asset Pricing Model
• Summary and Assignments: Systematic Risk and the Equity Risk Premium
• 12 Appendix: Alternative Models of Systematic Risk
• Introduction: Alternative Models of Systematic Risk
• 13: The Cost of Capital
• Introduction: The Cost of Capital
• 13.1: A First Look at the Weighted Average Cost of Capital
• 13.2: The Firm’s Costs of Debt and Equity Capital
• 13.3: A Second Look at the Weighted Average Cost of Capital
• 13.4: Using the WACC to Value a Project
• 13.5: Project-Based Costs of Capital
• 13.6: When Raising External Capital Is Costly
• Summary and Assignments: The Cost of Capital
• Part 4: Integrative Case
• Part 5: Long-Term Financing
• Introduction: Long-Term Financing
• 14: Raising Equity Capital
• Introduction: Raising Equity Capital
• 14.1: Equity Financing for Private Companies
• 14.2: Taking Your Firm Public: The Initial Public Offering
• 14.3: IPO Puzzles
• 14.4: SPACs: A New Way to go Public
• 14.5: Raising Additional Capital: The Seasoned Equity Offering
• Summary and Assignments: Raising Equity Capital
• 15: Debt Financing
• Introduction: Debt Financing
• 15.1: Corporate Debt
• 15.2: Other Types of Debt
• 15.3: Bond Covenants
• 15.4: Repayment Provisions
• Summary and Assignments: Debt Financing
• 15 Appendix: Using a Financial Calculator to Calculate Yield to Call
• Introduction: Using a Financial Calculator to Calculate Yield to Call
• Part 5: Integrative Case
• Part 6: Capital Structure and Payout Policy
• Introduction: Capital Structure and Payout Policy
• 16: Capital Structure
• Introduction: Capital Structure
• 16.1: Capital Structure Choices
• 16.2: Capital Structure in Perfect Capital Markets
• 16.3: Debt and Taxes
• 16.4: The Costs of Bankruptcy and Financial Distress
• 16.5: Optimal Capital Structure: The Tradeoff Theory
• 16.6: Additional Consequences of Leverage: Agency Costs and Information
• 16.7: Capital Structure: Putting It All Together
• Summary and Assignments: Capital Structure
• 16 Appendix: The Bankruptcy Code
• Introduction: The Bankruptcy Code
• 17: Payout Policy
• Introduction: Payout Policy
• 17.1: Cash Distributions to Shareholders
• 17.2: Dividends Versus Share Repurchases in a Perfect Capital Market
• 17.3: The Tax Disadvantage of Dividends
• 17.4: Payout Versus Retention of Cash
• 17.5: Signaling with Payout Policy
• 17.6: Stock Dividends, Splits, and Spin-Offs
• 17.7: Advice for the Financial Manager
• Summary and Assignments: Payout Policy
• Part 6: Integrative Case
• Part 7: Financial Planning and Forecasting
• Introduction: Financial Planning and Forecasting
• 18: Financial Modeling and Pro Forma Analysis
• Introduction: Financial Modeling and Pro Forma Analysis
• 18.1: Goals of Long-Term Financial Planning
• 18.2: Forecasting Financial Statements: The Percent of Sales Method
• 18.3: Forecasting a Planned Expansion
• 18.4: Growth and Firm Value
• 18.5: Valuing the Expansion
• Summary and Assignments: Financial Modeling and Pro Forma Analysis
• 18 Appendix: The Balance Sheet and Statement of Cash Flows
• Introduction: The Balance Sheet and Statement of Cash Flows
• 19: Working Capital Management
• Introduction: Working Capital Management
• 19.1: Overview of Working Capital
• 19.2: Trade Credit
• 19.3: Receivables Management
• 19.4: Payables Management
• 19.5: Inventory Management
• 19.6: Cash Management
• Summary and Assignments: Working Capital Management
• 20: Short-Term Financial Planning
• Introduction: Short-Term Financial Planning
• 20.1: Forecasting Short-Term Financing Needs
• 20.2: The Matching Principle
• 20.3: Short-Term Financing with Bank Loans
• 20.4: Short-Term Financing with Commercial Paper
• 20.5: Short-Term Financing with Secured Financing
• 20.6: Putting It All Together: Creating a Short-Term Financial Plan
• Summary and Assignments: Short-Term Financial Planning
• Part 7: Integrative Case
• Part 8: Special Topics
• Introduction: Special Topics
• 21: Option Applications and Corporate Finance
• Introduction: Option Applications and Corporate Finance
• 21.1: Option Basics
• 21.2: Option Payoffs at Expiration
• 21.3: Factors Affecting Option Prices
• 21.4: The Black-Scholes Option Pricing Formula
• 21.5: Put-Call Parity
• 21.6: Options and Corporate Finance
• Summary and Assignments: Option Applications and Corporate Finance
• 22: Mergers and Acquisitions
• Introduction: Mergers and Acquisitions
• 22.1: Background and Historical Trends
• 22.2: Market Reaction to a Takeover
• 22.3: Reasons to Acquire
• 22.4: The Takeover Process
• 22.5: Takeover Defenses
• 22.6: Who Gets the Value Added from a Takeover?
• Summary and Assignments: Mergers and Acquisitions
• 23: International Corporate Finance
• Introduction: International Corporate Finance
• 23.1: Foreign Exchange
• 23.2: Exchange Rate Risk
• 23.3: Internationally Integrated Capital Markets
• 23.4: Valuation of Foreign Currency Cash Flows
• 23.5: Valuation and International Taxation
• 23.6: Internationally Segmented Capital Markets
• 23.7: Capital Budgeting with Exchange Rate Risk
• Summary and Assignments: International Corporate Finance
• 24: Leasing
• Introduction: Leasing
• 24.1: The Basics of Leasing
• 24.2: Accouting, Tax, and Legal Consequences of Leasing
• 24.3: The Leasing Decision
• 24.4: Reasons for Leasing
• Summary and Assignments: Leasing
• 25: Insurance and Risk Management
• Introduction: Insurance and Risk Management
• 25.1: Insurance
• 25.2: Commodity Price Risk
• 25.3: Interest Rate Risk
• Summary and Assignments: Insurance and Risk Management
• 26: Corporate Governance
• Introduction: Corporate Governance
• 26.1: Corporate Governance and Agency Costs
• 26.2: Monitoring by the Board of Directors and Others
• 26.3: Compensation Policies
• 26.4: Managing Agency Conflict
• 26.5: Regulation
• 26.6: Corporate Governance Around the World
• 26.7: The Tradeooff of Corporate Governance
• Summary and Assignments: Corporate Governance
• Glossary