Efnisyfirlit

• Cover
• Half Title
• The Mcgraw-Hill Education Series in Finance
• Title
• Copyright
• Dedication
• About the Authors
• Preface
• Unique Features
• Supplements
• Connect
• Acknowledgements
• Contents in Brief
• Contents
• Part One Introduction
  • Chapter 1: Goals and Governance of the Corporation
    • 1.1 Investment and Financing Decisions
      • The Investment (Capital Budgeting) Decision
      • The Financing Decision
    • 1.2 What Is a Corporation?
      • Other Forms of Business Organization
    • 1.3 Who Is the Financial Manager?
    • 1.4 Goals of the Corporation
      • Shareholders Want Managers to Maximize Market Value
    • 1.5 Agency Problems, Executive Compensation, and Corporate Governance
      • Executive Compensation
      • Corporate Governance
    • 1.6 The Ethics of Maximizing Value
    • 1.7 Careers in Finance
    • 1.8 Preview of Coming Attractions
    • 1.9 Snippets of Financial History
    • Summary
    • Questions and Problems
  • Chapter 2: Financial Markets and Institutions
    • 2.1 The Importance of Financial Markets and Institutions
    • 2.2 The Flow of Savings to Corporations
      • The Stock Market
      • Other Financial Markets
      • Financial Intermediaries
      • Financial Institutions
      • Total Financing of U.S. Corporations
    • 2.3 Functions of Financial Markets and Intermediaries
      • Transporting Cash across Time
      • Risk Transfer and Diversification
      • Liquidity
      • The Payment Mechanism
      • Information Provided by Financial Markets
    • 2.4 The Crisis of 2007–2009
    • Summary
    • Questions and Problems
  • Chapter 3: Accounting and Finance
    • 3.1 The Balance Sheet
      • Book Values and Market Values
    • 3.2 The Income Statement
      • Income versus Cash Flow
    • 3.3 The Statement of Cash Flows
      • Free Cash Flow
    • 3.4 Accounting Practice and Malpractice
    • 3.5 Taxes
      • Corporate Tax
      • Personal Tax
    • Summary
    • Questions and Problems
  • Chapter 4: Measuring Corporate Performance
    • 4.1 How Financial Ratios Relate to Shareholder Value
    • 4.2 Measuring Market Value and Market Value Added
    • 4.3 Economic Value Added and Accounting Rates of Return
      • Accounting Rates of Return
      • Problems with EVA and Accounting Rates of Return
    • 4.4 Measuring Efficiency
    • 4.5 Analyzing the Return on Assets: The Du Pont System
      • The Du Pont System
    • 4.6 Measuring Financial Leverage
      • Leverage and the Return on Equity
    • 4.7 Measuring Liquidity
    • 4.8 Interpreting Financial Ratios
    • 4.9 The Role of Financial Ratios
    • Summary
    • Questions and Problems
    • Minicase
• Part Two Value
  • Chapter 5: The Time Value of Money
    • 5.1 Future Values and Compound Interest
    • 5.2 Present Values
      • Finding the Interest Rate
    • 5.3 Multiple Cash Flows
      • Future Value of Multiple Cash Flows
      • Present Value of Multiple Cash Flows
    • 5.4 Reducing the Chore of the Calculations: Part 1
      • Using Financial Calculators to Solve Simple Time-Value-of-Money Problems
      • Using Spreadsheets to Solve Simple Time-Value-of-Money Problems
    • 5.5 Level Cash Flows: Perpetuities and Annuities
      • How to Value Perpetuities
      • How to Value Annuities
      • Future Value of an Annuity
      • Annuities Due
    • 5.6 Reducing the Chore of the Calculations: Part 2
      • Using Financial Calculators to Solve Annuity Problems
      • Using Spreadsheets to Solve Annuity Problems
    • 5.7 Effective Annual Interest Rates
    • 5.8 Inflation and the Time Value of Money
      • Real versus Nominal Cash Flows
      • Inflation and Interest Rates
      • Valuing Real Cash Payments
      • Real or Nominal?
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 6: Valuing Bonds
    • 6.1 Bond Pricing
    • 6.2 Interest Rates and Bond Prices
      • Interest Rate Risk and Bond Maturity
    • 6.3 Yield to Maturity
    • 6.4 Bond Rates of Return
    • 6.5 The Yield Curve
      • Nominal and Real Rates of Interest
    • 6.6 Corporate Bonds and the Risk of Default
      • Protecting against Default Risk
      • Not All Corporate Bonds Are Plain Vanilla
    • Summary
    • Questions and Problems
  • Chapter 7: Valuing Stocks
    • 7.1 Stocks and the Stock Market
      • Reading Stock Market Listings
    • 7.2 Market Values, Book Values, and Liquidation Values
    • 7.3 Valuing Common Stocks
      • Valuation by Comparables
      • Price and Intrinsic Value
      • The Dividend Discount Model
    • 7.4 Simplifying the Dividend Discount Model
      • Case 1: The Dividend Discount Model with No Growth
      • Case 2: The Dividend Discount Model with Constant Growth
      • Case 3: The Dividend Discount Model with Nonconstant Growth
    • 7.5 Valuing a Business by Discounted Cash Flow
      • Valuing the Concatenator Business
      • Repurchases and the Dividend Discount Model
    • 7.6 There Are No Free Lunches on Wall Street
      • Random Walks and Efficient Markets
    • 7.7 Market Anomalies and Behavioral Finance
      • Market Anomalies
      • Bubbles and Market Efficiency
      • Behavioral Finance
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 8: Net Present Value and Other Investment Criteria
    • 8.1 Net Present Value
      • A Comment on Risk and Present Value
      • Valuing Long-Lived Projects
      • Choosing between Alternative Projects
    • 8.2 The Internal Rate of Return Rule
      • A Closer Look at the Rate of Return Rule
      • Calculating the Rate of Return for Long-Lived Projects
      • A Word of Caution
      • Some Pitfalls with the Internal Rate of Return Rule
    • 8.3 The Profitability Index
      • Capital Rationing
      • Pitfalls of the Profitability Index
    • 8.4 The Payback Rule
      • Discounted Payback
    • 8.5 More Mutually Exclusive Projects
      • Problem 1: The Investment Timing Decision
      • Problem 2: The Choice between Long- and Short-Lived Equipment
      • Problem 3: When to Replace an Old Machine
    • 8.6 A Last Look
    • Summary
    • Questions and Problems
    • Minicase
    • Appendix: More on the IRR Rule
    • Using the IRR to Choose between Mutually Exclusive Projects
    • Using the Modified Internal Rate of Return When There Are Multiple IRRs
  • Chapter 9: Using Discounted Cash-Flow Analysis to Make Investment Decisions
    • 9.1 Identifying Cash Flows
      • Discount Cash Flows, Not Profits
      • Discount Incremental Cash Flows
      • Discount Nominal Cash Flows by the Nominal Cost of Capital
      • Separate Investment and Financing Decisions
    • 9.2 Corporate Income Taxes
    • 9.3 An Example—Blooper Industries
      • Forecasting Blooper’s Cash Flows
      • Calculating the NPV of Blooper’s Mine
      • Further Notes and Wrinkles Arising from Blooper’s Project
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 10: Project Analysis
    • 10.1 The Capital Investment Process, Some Problems, and Some Solutions
    • 10.2 Some “What-If” Questions
      • Sensitivity Analysis
      • Stress Tests and Scenario Analysis
    • 10.3 Break-Even Analysis
      • Accounting Break-Even Analysis
      • NPV Break-Even Analysis
      • Operating Leverage
    • 10.4 Real Options and the Value of Flexibility
      • The Option to Expand
      • A Second Real Option: The Option to Abandon
      • A Third Real Option: The Timing Option
      • A Fourth Real Option: Flexible Production Facilities
    • Summary
    • Questions and Problems
    • Minicase
• Part Three Risk
  • Chapter 11: Introduction to Risk, Return, and the Opportunity Cost of Capital
    • 11.1 Rates of Return: A Review
    • 11.2 A Century of Capital Market History
      • Market Indexes
      • The Historical Record
      • Using Historical Evidence to Estimate Today’s Cost of Capital
    • 11.3 Measuring Risk
      • Variance and Standard Deviation
      • A Note on Calculating Variance
      • Measuring the Variation in Stock Returns
    • 11.4 Risk and Diversification
      • Diversification
      • Asset versus Portfolio Risk
      • Market Risk versus Specific Risk
    • 11.5 Thinking about Risk
      • Message 1: Some Risks Look Big and Dangerous but Really Are Diversifiable
      • Message 2: Market Risks Are Macro Risks
      • Message 3: Risk Can Be Measured
    • Summary
    • Questions and Problems
  • Chapter 12: Risk, Return, and Capital Budgeting
    • 12.1 Measuring Market Risk
      • Measuring Beta
      • Betas for Amazon and McDonald’s
      • Total Risk and Market Risk
    • 12.2 What Can You Learn from Beta?
      • Portfolio Betas
      • The Portfolio Beta Determines the Risk of a Diversified Portfolio
    • 12.3 Risk and Return
      • Why the CAPM Makes Sense
      • The Security Market Line
      • Using the CAPM to Estimate Expected Returns
      • How Well Does the CAPM Work?
    • 12.4 The CAPM and the Opportunity Cost of Capital
      • The Company Cost of Capital
      • What Determines Project Risk?
      • Don’t Add Fudge Factors to Discount Rates
    • Summary
    • Questions and Problems
  • Chapter 13: The Weighted-Average Cost of Capital and Company Valuation
    • 13.1 Geothermal’s Cost of Capital
    • 13.2 The Weighted-Average Cost of Capital
      • Calculating Company Cost of Capital as a Weighted Average
      • Use Market Weights, Not Book Weights
      • Taxes and the Weighted-Average Cost of Capital
      • What If There Are Three (or More) Sources of Financing?
      • The NPV of Geothermal’s Expansion
      • Checking Our Logic
    • 13.3 Interpreting the Weighted-Average Cost of Capital
      • When You Can and Can’t Use WACC
      • Some Common Mistakes
      • How Changing Capital Structure Affects Expected Returns
      • What Happens When the Corporate Tax Rate Is Not Zero
    • 13.4 Practical Problems: Measuring Capital Structure
    • 13.5 More Practical Problems: Estimating Expected Returns
      • The Expected Return on Bonds
      • The Expected Return on Common Stock
      • The Expected Return on Preferred Stock
      • Adding It All Up
      • Real-Company WACCs
    • 13.6 Valuing Entire Businesses
      • Calculating the Value of the Deconstruction Business
    • Summary
    • Questions and Problems
    • Minicase
• Part Four Financing
  • Chapter 14: Introduction to Corporate Financing
    • 14.1 Creating Value with Financing Decisions
    • 14.2 Patterns of Corporate Financing
      • Are Firms Issuing Too Much Debt?
    • 14.3 Common Stock
      • Stock Splits
      • Ownership of the Corporation
      • Voting Procedures
      • The Wall Street Walk
      • Classes of Stock
    • 14.4 Preferred Stock
    • 14.5 Corporate Debt
      • Debt Comes in Many Forms
      • Innovation in the Debt Market
    • 14.6 Convertible Securities
    • Summary
    • Questions and Problems
  • Chapter 15: How Corporations Raise Venture Capital and Issue Securities
    • 15.1 Venture Capital
      • Venture Capital Companies
    • 15.2 The Initial Public Offering
      • Arranging a Public Issue
      • Other New-Issue Procedures
      • The Underwriters
    • 15.3 General Cash Offers by Public Companies
      • General Cash Offers and Shelf Registration
      • Costs of the General Cash Offer
      • Market Reaction to Stock Issues
    • 15.4 The Private Placement
    • Summary
    • Questions and Problems
    • Minicase
    • Appendix: Hotch Pot’s New-Issue Prospectus
• Part Five Debt and Payout Policy
  • Chapter 16: Debt Policy
    • 16.1 How Borrowing Affects Value in a Tax-Free Economy
      • MM’s Argument—A Simple Example
      • How Borrowing Affects Earnings per Share
      • How Borrowing Affects Risk and Return
    • 16.2 Debt and the Cost of Equity
      • No Magic in Financial Leverage
    • 16.3 Debt, Taxes, and the Weighted-Average Cost of Capital
      • Debt and Taxes at River Cruises
      • How Interest Tax Shields Contribute to the Value of Stockholders’ Equity
      • Corporate Taxes and the Weighted-Average Cost of Capital
      • The Implications of Corporate Taxes for Capital Structure
    • 16.4 Costs of Financial Distress
      • Bankruptcy Costs
      • Costs of Bankruptcy Vary with Type of Asset
      • Financial Distress without Bankruptcy
    • 16.5 Explaining Financing Choices
      • The Trade-Off Theory
      • A Pecking Order Theory
      • The Two Faces of Financial Slack
      • Is There a Theory of Optimal Capital Structure?
    • Summary
    • Questions and Problems
    • Minicase
    • Appendix: Bankruptcy Procedures
  • Chapter 17: Payout Policy
    • 17.1 How Corporations Pay Out Cash to Shareholders
      • How Firms Pay Dividends
      • Stock Dividends
      • Stock Repurchases
    • 17.2 The Information Content of Dividends and Repurchases
    • 17.3 Dividends or Repurchases? The Payout Controversy
      • Dividends or Repurchases? An Example
      • Repurchases and the Dividend Discount Model
      • Dividends and Share Issues
    • 17.4 Why Dividends May Increase Value
    • 17.5 Why Dividends May Reduce Value
      • Taxation of Dividends and Capital Gains under Current Tax Law
      • Taxes and Payout—A Summary
    • 17.6 Payout Policy and the Life Cycle of the Firm
    • Summary
    • Questions and Problems
    • Minicase
• Part Six Financial Analysis and Planning
  • Chapter 18: Long-Term Financial Planning
    • 18.1 What Is Financial Planning?
      • Why Build Financial Plans?
    • 18.2 Financial Planning Models
      • Components of a Financial Planning Model
    • 18.3 A Long-Term Financial Planning Model for Dynamic Mattress
      • Pitfalls in Model Design
      • Choosing a Plan
      • Valuing Dynamic Mattress
    • 18.4 External Financing and Growth
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 19: Short-Term Financial Planning
    • 19.1 Links between Long-Term and Short-Term Financing
      • Tax Strategies
      • Reasons to Hold Cash
    • 19.2 Tracing Changes in Cash
    • 19.3 Cash Budgeting
      • Preparing the Cash Budget
    • 19.4 Dynamic’s Short-Term Financial Plan
      • Dynamic Mattress’s Financing Plan
      • Evaluating the Plan
      • A Note on Short-Term Financial Planning Models
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 20: Working Capital Management
    • 20.1 Working Capital
      • Components of Working Capital
      • Working Capital and the Cash Cycle
    • 20.2 Accounts Receivable and Credit Policy
      • Terms of Sale
      • Credit Agreements
      • Credit Analysis
      • The Credit Decision
      • Collection Policy
    • 20.3 Inventory Management
    • 20.4 Cash Management
      • Check Handling and Float
      • Other Payment Systems
      • Electronic Funds Transfer
      • International Cash Management
    • 20.5 Investing Idle Cash: The Money Market
      • Money Market Investments
      • Calculating the Yield on Money Market Investments
      • Yields on Money Market Investments
      • The International Money Market
    • 20.6 Managing Current Liabilities: Short-Term Debt
      • Bank Loans
      • Commercial Paper
    • Summary
    • Questions and Problems
    • Minicase
• Part Seven Special Topics
  • Chapter 21: Mergers, Acquisitions, and Corporate Control
    • 21.1 Types of Mergers
    • 21.2 Sensible Motives for Mergers
      • Economies of Scale and Scope
      • Economies of Vertical Integration
      • Complementary Resources
      • Changes in Corporate Control
      • Industry Consolidation
      • Industrial Logic Does Not Guaranty Success
    • 21.3 Dubious Reasons for Mergers
      • Improved Diversification
      • The Bootstrap Game
      • Management Bias
    • 21.4 The Mechanics of a Merger
      • The Form of Acquisition
      • Mergers, Antitrust Law, and Popular Opposition
    • 21.5 Evaluating Mergers
      • Mergers Financed by Cash
      • Mergers Financed by Stock
      • A Warning
      • Another Warning
    • 21.6 The Market for Corporate Control
    • 21.7 Proxy Contests
    • 21.8 Takeovers
    • 21.9 Leveraged Buyouts
      • Barbarians at the Gate?
    • 21.10 Divestitures, Spin-Offs, and Carve-Outs
    • 21.11 The Benefits and Costs of Mergers
      • Who Gains and Loses from Mergers?
      • Buyers versus Sellers
      • Mergers and Society
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 22: International Financial Management
    • 22.1 Foreign Exchange Markets
      • Spot Exchange Rates
      • Forward Exchange Rates
    • 22.2 Some Basic Relationships
      • Exchange Rates and Inflation
      • Real and Nominal Exchange Rates
      • Inflation and Interest Rates
      • The Forward Exchange Rate and the Expected Spot Rate
      • Interest Rates and Exchange Rates
    • 22.3 Hedging Currency Risk
      • Transaction Risk
      • Economic Risk
    • 22.4 International Capital Budgeting
      • Net Present Values for Foreign Investments
      • The Cost of Capital for Foreign Investment
      • Avoiding Fudge Factors
      • Political Risk
    • Summary
    • Questions and Problems
    • Minicase
  • Chapter 23: Options
    • 23.1 Calls and Puts
      • Selling Calls and Puts
      • Payoff Diagrams Are Not Profit Diagrams
      • Financial Alchemy with Options
      • Some More Option Magic
    • 23.2 What Determines Option Values?
      • Upper and Lower Limits on Option Values
      • The Determinants of Option Value
      • Option-Valuation Models
    • 23.3 Spotting the Option
      • Options on Real Assets
      • Options on Financial Assets
    • Summary
    • Questions and Problems
  • Chapter 24: Risk Management
    • 24.1 Why Hedge?
    • 24.2 Reducing Risk with Options
    • 24.3 Forward and Futures Contracts
      • The Mechanics of Futures Trading
      • Commodity and Financial Futures
      • Forward Contracts
    • 24.4 Valuing Futures and Forward Contracts
    • 24.5 Swaps
      • Interest Rate Swaps
      • Currency Swaps
    • 24.6 Innovation in the Derivatives Market
    • 24.7 Is “Derivative” a Four-Letter Word?
    • Summary
    • Questions and Problems
• Part Eight Conclusion
  • Chapter 25: What We Do and Do Not Know about Finance
    • 25.1 What We Do Know: The Six Most Important Ideas in Finance
      • Net Present Value (Chapter 5)
      • Risk and Return (Chapters 11 and 12)
      • Efficient Capital Markets (Chapter 7)
      • MM’s Irrelevance Propositions (Chapters 16 and 17)
      • Option Theory (Chapter 23)
      • Agency Theory
    • 25.2 What We Do Not Know: Nine Unsolved Problems in Finance
      • What Determines Project Risk and Present Value?
      • Risk and Return—Have We Missed Something?
      • Are There Important Exceptions to the Efficient-Market Theory?
      • Is Management an Off-Balance-Sheet Liability?
      • How Can We Explain Capital Structure?
      • How Can We Resolve the Payout Controversy?
      • How Can We Explain Merger Waves?
      • What Is the Value of Liquidity?
      • Why Are Financial Systems Prone to Crisis?
      • What Should Be the Goals of the Corporation?
    • 25.3 A Final Word
    • Questions and Problems
• Appendix A
• Glossary
• Index

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