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Introduction To Corporate Finance

ISBN: 9780324406085 | 0324406088
Edition: 1st
Format: Hardcover
Publisher: Cengage Learning
Pub. Date: 3/7/2005

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SummaryTable of Contents
The authors wrote this text in response to the absence in the market of a text that would meet the needs of finance majors, but would still be accessible to all students. In many cases, as many as 80% of undergraduate corporate finance courses are filled with non-finance majors who are either intimidated by this course or who don't understand why they have to take the class (or both!). This text addresses the challenges all professors face: keeping students at varying degrees of ability and interest motivated and invested in the material.
PART 1: Introduction
2(152)
The Scope of Corporate Finance
4(34)
Opening Focus: Apple Succeeds with Tunes Where Others H... MORE
4(1)
The Role of Corporate Finance in Modern Business
5(8)
How Finance Interacts with Other Functional Business Areas
6(1)
Career Opportunities in Finance
7(6)
Corporate Finance Essentials
13(6)
Debt and Equity: The Two Flavors of Capital
13(1)
Financial Intermediation and Modern Finance
13(2)
The Five Basic Corporate Finance Functions
15(4)
Legal Forms of Business Organization
19(8)
Business Organizational Forms in the United States
19(6)
Forms of Business Organization Used by Non-U.S. Companies
25(1)
Comparative Corporate Finance: The Growth of Stock Market Capitalization
26(1)
The Corporate Financial Manager's Goals
27(6)
What Should a Financial Manager Try to Maximize?
27(2)
How Can Agency Costs Be Controlled in Corporate Finance?
29(2)
Why Are Ethics Important in Corporate Finance?
31(1)
How the Sarbanes-Oxley Act Is Changing How Corporate America Conducts Business
32(1)
Summary and Conclusions
33(5)
Internet Resources
33(1)
Key Terms
34(1)
Questions and Problems
34(3)
Minicase: The Scope of Corporate Finance
37(1)
Financial Statement and Cash Flow Analysis
38(50)
Opening Focus: How Do CFOs Feel About the Numbers?
38(2)
Financial Statements
40(7)
Balance Sheet
41(2)
Income Statement
43(1)
Comparative Corporate Finance: Assessing the Market Values of Global Brands
44(1)
Statement of Retained Earnings
45(1)
Statement of Cash Flows
46(1)
Notes to Financial Statements
47(1)
Cash Flow Analysis
47(6)
The Firm's Cash Flows
48(4)
Developing and Interpreting the Statement of Cash Flows
52(1)
Analyzing Financial Performance Using Ratio Analysis
53(12)
Using Financial Ratios
54(1)
Liquidity Ratios
54(1)
Activity Ratios
55(3)
Debt Ratios
58(1)
Profitability Ratios
59(5)
Market Ratios
64(1)
Corporate Taxes
65(2)
Ordinary Corporate Income
66(1)
Corporate Capital Gains
67(1)
Summary and Conclusions
67(21)
Self-Test Problems
68(3)
Internet Resources
71(1)
Key Terms
71(1)
Questions and Problems
72(9)
Minicase: Financial Statement and Cash Flow Analysis
81(2)
Appendix
83(5)
Present Value
88(66)
Opening Focus: Why Is a Lottery's ``$315 Million Jackpot'' Really Worth Only $170 Million?
88(2)
Future Value of a Lump Sum
90(6)
The Concept of Future Value
90(1)
The Equation for Future Value
91(3)
A Graphic View of Future Value
94(1)
Comparative Corporate Finance: Save Money? Not Me; I'm an American
95(1)
Present Value of a Lump Sum
96(2)
The Concept of Present Value
96(1)
The Equation for Present Value
96(2)
A Graphic View of Present Value
98(1)
Future Value of Cash Flow Streams
98(7)
Finding the Future Value of a Mixed Stream
99(2)
Types of Annuities
101(1)
Finding the Future Value of an Ordinary Annuity
101(2)
Finding the Future Value of an Annuity Due
103(2)
Present Value of Cash Flow Streams
105(7)
Finding the Present Value of a Mixed Stream
105(1)
Finding the Present Value of an Ordinary Annuity
106(3)
Finding the Present Value of an Annuity Due
109(1)
Finding the Present Value of a Perpetuity
110(1)
Finding the Present Value of a Growing Perpetuity
111(1)
Special Applications of Time Value
112(9)
Compounding More Frequently Than Annually
112(3)
Stated Versus Effective Annual Interest Rates
115(1)
Deposits Needed to Accumulate a Future Sum
116(2)
Loan Amortization
118(3)
Additional Applications of Time-Value Techniques
121(5)
Implied Interest or Growth Rates
121(3)
Number of Compounding Periods
124(2)
Summary and Conclusions
126(28)
Self-Test Problems
127(1)
Internet Resources
128(1)
Key Terms
129(1)
Questions and Problems
129(11)
Minicase: Present Value
140(1)
Appendix
141(13)
PART 2: Valuation, Risk, and Return
154(174)
Valuing Bonds
156(46)
Opening Focus: California to Bond Market: ``I'll Be Back''
156(2)
Valuation Basics
158(3)
The Fundamental Valuation Model
159(2)
Bond Prices and Interest Rates
161(8)
Bond Vocabulary
161(1)
A Bond Pricing Equation (Assuming Annual Interest)
161(4)
Semiannual Compounding
165(1)
Bond Prices and Interest Rates
166(3)
Types of Bonds
169(8)
By Issuer
170(3)
By Features
173(4)
Bond Markets
177(6)
Bond Price Quotations
178(3)
Bond Ratings
181(2)
Advanced Bond Valuation---The Term Structure of Interest Rates (Optional)
183(6)
The Yield Curve
183(2)
The Expectations Theory
185(1)
Comparative Corporate Finance: Is the Yield Curve a Good Economic Predictor?
186(2)
The Liquidity Preference and Preferred Habitat Theories
188(1)
Conclusion
189(1)
Summary and Conclusions
189(13)
Self-Test Problems
190(1)
Internet Resources
190(1)
Key Terms
190(1)
Questions and Problems
191(4)
Minicase: Valuing Bonds
195(1)
Appendix
196(6)
Valuing Stocks
202(47)
Opening Focus: The Year of the Dividend
202(1)
The Essential Features of Preferred and Common Stock
203(5)
Debt Versus Equity
203(1)
Preferred Stock
204(1)
Common Stock
205(3)
Primary Markets and Issuing New Securities
208(8)
Key Investment Banking Activities
209(1)
The Investment Banker's Role in Equity Issues
209(7)
Secondary Markets for Equity Securities
216(4)
Comparative Corporate Finance: Pssst ... Want to Buy a Stock (Exchange)?
217(3)
Stock Valuation
220(9)
Preferred Stock Valuation
220(1)
The Basic Common Stock Valuation Equation
221(2)
Zero Growth
223(1)
Constant Growth
224(1)
Variable Growth
225(1)
How to Estimate Growth
226(2)
What If There Are No Dividends?
228(1)
Valuing the Enterprise---The Free Cash Flow Approach
229(3)
Other Approaches to Common Stock Valuation
232(2)
Summary and Conclusions
234(15)
Self-Test Problems
234(1)
Internet Resources
235(1)
Key Terms
235(1)
Questions and Problems
236(5)
Minicase: Valuing Stocks
241(1)
Appendix
242(7)
The Trade-off Between Risk and Return
249(40)
Opening Focus: Daedalus or Icarus---Risk Propels Money Manager to Extreme Highs and Lows
249(3)
Understanding Returns
252(4)
The Components of Total Return
252(1)
Dollar Returns and Percentage Returns
253(3)
The History of Returns (or How to Get Rich Slowly)
256(5)
Nominal and Real Returns on Stocks, Bonds, and Bills
256(1)
The Risk Dimension
257(4)
Volatility and Risk
261(5)
The Distribution of Historical Stock Returns
261(2)
The Variability of Stock Returns
263(3)
The Power of Diversification
266(7)
Systematic and Unsystematic Risk
266(4)
Risk and Return Revisited
270(2)
Comparative Corporate Finance: Risk Premiums Around the World
272(1)
Summary and Conclusions
273(16)
Self-Test Problems
274(1)
Internet Resources
274(1)
Key Terms
274(1)
Questions and Problems
275(8)
Minicase: The Trade-off Between Risk and Return
283(1)
Appendix
284(5)
Risk, Return, and the Capital Asset Pricing Model
289(39)
Opening Focus: High Beta Sinks IPO
289(1)
Expected Returns
290(8)
The Historical Approach
291(1)
The Probabilistic Approach
291(2)
The Risk-Based Approach
293(5)
Risk and Return for Portfolios
298(6)
Portfolio Expected Return
298(2)
Portfolio Risk
300(2)
Comparative Corporate Finance: How Risky Are Emerging Markets?
302(2)
The Security Market Line and the CAPM
304(2)
Are Stock Returns Predictable?
306(3)
Summary and Conclusions
309(19)
Self-Test Problems
309(1)
Internet Resources
310(1)
Key Terms
310(1)
Questions and Problems
310(7)
Minicase: Risk, Return, and the Capital Asset Pricing Model
317(1)
Appendix
318(10)
PART 3: Capital Budgeting
328(132)
Capital Budgeting Process and Techniques
330(45)
Opening Focus: Tantalized by Tantalum
330(2)
Introduction to Capital Budgeting
332(2)
What Do Managers Really Want?
332(1)
A Capital Budgeting Problem
332(2)
Accounting-Based Methods
334(2)
Accounting Rate of Return
334(2)
Payback Methods
336(3)
The Payback Decision Rule
336(1)
Pros and Cons of the Payback Method
336(2)
Discounted Payback
338(1)
Pros and Cons of Discounted Payback
338(1)
Net Present Value
339(6)
Net Present Value Calculations
339(3)
Pros and Cons of NPV
342(3)
Internal Rate of Return
345(10)
Finding a Project's IRR
345(4)
Advantages of the IRR Method
349(1)
Problems with the Internal Rate of Return
349(3)
IRR, NPV, and Mutually Exclusive Projects
352(3)
Profitability Index
355(1)
Which Techniques Do Firms Actually Use?
356(1)
Comparative Corporate Finance: Capital Budgeting in Sweden, South Africa, and the United Kingdom
357(1)
Summary and Conclusions
357(18)
Self-Test Problems
359(1)
Internet Resources
360(1)
Key Terms
361(1)
Questions and Problems
361(7)
Minicase: Capital Budgeting Process and Techniques
368(1)
Appendix
369(6)
Cash Flow and Capital Budgeting
375(47)
Opening Focus: Boeing Bets Big on the Dreamliner
375(2)
Types of Cash Flows
377(8)
Cash Flow vs. Accounting Profit
377(2)
Depreciation
379(2)
Fixed Asset Expenditures
381(1)
Working Capital Expenditures
381(2)
Terminal Value
383(2)
The Relevant Cash Flows
385(5)
Incremental Cash Flow
385(2)
Sunk Costs
387(1)
Opportunity Costs
387(1)
Cannibalization
388(1)
Comparative Corporate Finance: Is a High Investment Rate Good for a Nation's Economic Health?
389(1)
Cash Flows for Classicaltunes.com
390(5)
Year 0 Cash Flow
391(1)
Year 1 Cash Flow
392(1)
Year 2 Cash Flow
392(1)
Terminal Value
393(1)
Jazz-Music CD Project NPV
394(1)
Special Problems in Capital Budgeting
395(5)
Capital Rationing
395(2)
Equipment Replacement and Equivalent Annual Cost
397(2)
Excess Capacity
399(1)
The Human Face of Capital Budgeting
400(2)
Summary and Conclusions
402(20)
Self-Test Problems
402(2)
Internet Resources
404(1)
Key Terms
404(1)
Questions and Problems
404(11)
Minicase: Cash Flow and Capital Budgeting
415(1)
Appendix
416(6)
Risk and Capital Budgeting
422(38)
Opening Focus: Alcoa Publicly Discusses Its Cost of Capital
422(2)
Choosing the Right Discount Rate
424(9)
Cost Of Equity
424(4)
Weighted Average Cost of Capital (WACC)
428(3)
Comparative Corporate Finance: Does Opening Up to the World Reduce the Corporate Cost of Capital?
431(1)
The WACC, CAPM, and Taxes
432(1)
A Closer Look at Risk
433(7)
Breakeven Analysis
433(1)
Sensitivity Analysis
434(3)
Scenario Analysis and Monte Carlo Simulation
437(1)
Decision Trees
438(2)
Real Options
440(4)
Why NPV Doesn't Always Give the Right Answer
440(1)
Types of Real Options
441(2)
The Surprising Link Between Risk and Real Option Values
443(1)
Strategy and Capital Budgeting
444(2)
Competition and NPV
444(1)
Strategic Thinking and Real Options
445(1)
Summary and Conclusions
446(14)
Self-Test Problems
446(1)
Internet Resources
447(1)
Key Terms
447(1)
Questions and Problems
448(5)
Minicase: Risk and Capital Budgeting
453(1)
Appendix
454(6)
PART 4: Capital Structure and Dividend Policy
460(138)
Raising Long-Term Financing
462(35)
Opening Focus: Investors Welcome China Life's IPO
462(2)
The Basic Choices in Long-Term Financing
464(5)
The Need to Fund a Financial Deficit
464(1)
The Choice between Internal Versus External Financing
464(1)
Raising Capital from Financial Intermediaries or on Capital Markets
465(1)
The Expanding Role of Securities Markets in Corporate Finance
466(3)
Investment Banking and the Public Sale of Securities
469(5)
Conflicts of Interest Facing Investment Banks
470(2)
Legal Rules Governing Public Security Sales in the United States
472(2)
The U.S. Market for Initial Public Offerings (IPOs)
474(7)
Patterns Observed in the U.S. IPO Market
474(2)
Advantages and Disadvantages of an IPO
476(2)
Specialized IPOs: Equity Carve-Outs, Spin-Offs, Reverse LBOs, and Tracking Stocks
478(1)
The Investment Performance of IPOs
479(2)
Seasoned Equity Offerings in the United States
481(3)
Stock Price Reactions to Seasoned Equity Offerings
481(1)
Rights Offerings
482(1)
Private Placements in the United States
483(1)
International Common-Stock Offerings
484(6)
Non-U.S. Initial Public Offerings
484(1)
Comparative Corporate Finance: Average First-Day Returns on IPOs for 38 Countries
485(1)
International Common-Stock Issues
486(2)
Share Issue Privatizations
488(2)
Summary and Conclusions
490(7)
Self-Test Problems
491(1)
Internet Resources
491(1)
Key Terms
492(1)
Questions and Problems
492(4)
Minicase: Raising Long-Term Financing
496(1)
Capital Structure
497(35)
Opening Focus: Capital Structures of America's Most Admired Companies
497(2)
What Is Financial Leverage and Why Do Firms Use It?
499(5)
How Leverage Increases the Risk of Expected Earnings per Share
501(1)
The Fundamental Principle of Financial Leverage
502(1)
Leverage Increases Expected Return---But Does It Increase Value?
503(1)
The Modigliani and Miller Capital Structure Irrelevance Propositions
504(3)
Proposition I: The Capital Structure Irrelevance Proposition
505(1)
Proposition II: How Increasing Leverage Affects the Cost of Equity
505(2)
The M&M Capital Structure Model with Corporate and Personal Taxes
507(5)
The M&M Model with Corporate Taxes
507(1)
Determining the Present Value of Debt Tax Shields
508(1)
The M&M Model with Corporate and Personal Taxes
509(3)
The Agency Cost/Tax Shield Trade-Off Model of Corporate Leverage
512(6)
Costs of Bankruptcy and Financial Distress
512(1)
Comparative Corporate Finance: How Important Is R&D Spending to Modern Economies?
513(3)
Agency Costs and Capital Structure
516(1)
The Agency Cost/Tax Shield Trade-Off Model of Corporate Leverage
517(1)
Patterns Observed in Corporate Capital Structures
518(4)
Book Versus Market Value Leverage Ratios
518(1)
Are Capital Structures Randomly Selected?
519(3)
Summary and Conclusions
522(10)
Self-Test Problems
523(1)
Internet Resources
524(1)
Key Terms
524(1)
Questions and Problems
525(6)
Minicase: Capital Structure
531(1)
Dividend Policy
532(36)
Opening Focus: British Airways Cuts Dividend to Preserve Cash During Airline Crisis
532(3)
Dividend Fundamentals
535(7)
Cash Dividend Payment Procedures
535(1)
External Factors Affecting Dividend Policy
536(1)
Types of Dividend Policies
537(1)
Other Forms of Dividends
538(4)
Patterns Observed in Payout Policies Worldwide
542(7)
Payout Patterns Observed
542(5)
Introduction to the Agency Cost/Contracting Model of Dividends
547(2)
Dividend Irrelevance in a World with Perfect Capital Markets
549(3)
Real--World Influences on Dividend Policy
552(5)
Personal Income Taxes
552(3)
Trading and Other Transactions Costs
555(1)
The Residual Theory of Dividends
555(1)
Paying Dividends as a Means of Communicating Information
556(1)
Dividend Payments as Solutions to Agency Problems
556(1)
A Checklist for Dividend Payments
557(2)
Comparative Corporate Finance: Dividend Policies of the Twenty-five Most Valuable Non-U.S. Public Companies
558(1)
Developing a Checklist for Dividend Policy
559(1)
Summary and Conclusions
559(9)
Self-Test Problems
560(1)
Internet Resources
561(1)
Key Terms
561(1)
Questions and Problems
561(6)
Minicase: Dividend Policy
567(1)
Entrepreneurial Finance and Venture Capital
568(30)
Opening Focus: Amazon.com Redefines Electronic Commerce and Stock Volatility
568(2)
The Challenges of Financing Entrepreneurial Growth Companies
570(2)
Venture Capital Financing in the United States
572(6)
Types of Venture Capital Funds
573(1)
Investment Patterns of U.S. Venture Capital Firms
574(3)
The Economic Effect of Venture Capital Investment
577(1)
The Organization and Operations of U.S. Venture Capital Firms
578(6)
Organization and Funding of Venture Capital Limited Partnerships
578(1)
How Venture Capitalists Structure Their Investments
579(2)
Why Venture Capitalists Use Convertible Securities
581(1)
The Pricing of Venture Capital Investments
582(1)
The Profitability of Venture Capital Investments
583(1)
Exit Strategies Employed by Venture Capitalists
584(1)
International Markets for Venture Capital and Private Equity
584(8)
European Venture Capital and Private-Equity Fund-Raising and Investment
585(4)
Venture Capital Markets Outside the United States and Western Europe
589(1)
Comparative Corporate Finance: Does a Nation's Legal System Influence the Size of Its Venture Capital Industry?
590(2)
Summary and Conclusions
592(6)
Self-Test Problems
593(1)
Internet Resources
593(1)
Key Terms
594(1)
Questions and Problems
594(2)
Minicase: Entrepreneurial Finance and Venture Capital
596(2)
PART 5: Options, International Finance, and Risk Management
598(118)
Options
600(48)
Opening Focus: Cuban Collars Yahoo!
600(2)
Comparative Corporate Finance: International Derivatives Trading
602(1)
Options Vocabulary
603(4)
Option Payoff Diagrams
607(10)
Call Option Payoffs
607(2)
Put Option Payoffs
609(1)
Payoffs for Portfolios of Options and Other Securities
610(4)
Put-Call Parity
614(3)
Qualitative Analysis of Option Prices
617(3)
Factors That Influence Option Values
617(3)
Option Pricing Models
620(10)
The Binomial Model
620(6)
The Black and Scholes Model
626(4)
Options in Corporate Finance
630(4)
Employee Stock Options
630(1)
Warrants and Convertibles
631(3)
Summary and Conclusions
634(14)
Self-Test Problems
635(1)
Internet Resources
635(1)
Key Terms
635(1)
Questions and Problems
636(3)
Minicase: Options
639(1)
Appendix
640(8)
International Financial Management
648(37)
Opening Focus: Dollar's Fall Creates Winners and Losers
648(2)
Exchange Rate Fundamentals
650(7)
Fixed Versus Floating Exchange Rates
650(1)
Exchange Rate Quotes
650(4)
The Foreign Exchange Market
654(3)
The Parity Conditions in International Finance
657(9)
Forward-Spot Parity
657(2)
Purchasing Power Parity
659(2)
Interest Rate Parity
661(3)
Real Interest Rate Parity (the Fisher Effect)
664(2)
Managing Financial and Political Risk
666(4)
Transactions Risk
666(1)
Translation and Economic Risk
667(1)
Political Risk
668(1)
European Monetary Union and Rise of Regional Trading Blocks
668(1)
Comparative Corporate Finance: How Risky Are Different Countries
669(1)
Long--Term Investment Decisions
670(3)
Capital Budgeting
670(2)
Cost of Capital
672(1)
Summary and Conclusions
673(12)
Self-Test Problems
674(1)
Internet Resources
674(1)
Key Terms
675(1)
Questions and Problems
675(5)
Minicase: International Financial Management
680(1)
Appendix
681(4)
Risk Management
685(31)
Opening Focus: The Fred Hutchinson Cancer Research Center Uses Derivatives to Fight Cancer
685(2)
Overview of Risk Management
687(6)
Risk Factors
687(2)
Comparative Corporate Finance: International Differences in Foreign Exchange Risk Management Emphasis
689(1)
The Hedging Decision
690(3)
Forward Contracts
693(6)
Forward Prices
693(2)
Currency Forward Contracts
695(2)
Interest Rate Forward Contracts
697(2)
Futures Contracts
699(5)
Hedging with Futures Contracts
702(1)
Concerns When Using Futures Contracts
703(1)
Options and Swaps
704(5)
Options
704(2)
Swaps
706(3)
Financial Engineering
709(1)
Summary and Conclusions
710(6)
Self-Test Problems
711(1)
Internet Resources
711(1)
Key Terms
711(1)
Questions and Problems
712(3)
Minicase: Risk Management
715(1)
PART 6: Financial Planning and Management
716(110)
Financial Planning
718(36)
Opening Focus: LG Philips Plans to Spend $21.6 Billion for New Complex
718(2)
Overview of the Planning Process
720(3)
Successful Long-Term Planning
720(1)
The Role of Finance in Long-Term Planning
721(1)
Comparative Corporate Finance: Public Versus Private Forecasts
722(1)
Planning for Growth
723(8)
Sustainable Growth
723(3)
Pro Forma Financial Statements
726(5)
Planning and Control
731(8)
Short--Term Financing Strategies
731(3)
The Cash Budget
734(5)
Summary and Conclusions
739(15)
Self-Test Problems
740(2)
Internet Resources
742(1)
Key Terms
742(1)
Questions and Problems
742(5)
Minicase: Financial Planning
747(1)
Appendix
748(6)
Cash Conversion, Inventory, and Receivables Management
754(45)
Opening Focus: Effective Short-Term Financial Management at Dell Computer
754(3)
The Cash Conversion Cycle
757(4)
Operating Cycle
757(2)
Cash Conversion Cycle
759(2)
Shortening The Cash Conversion Cycle
761(1)
Cost Trade-offs in Short-Term Financial Management
761(2)
Inventory Management
763(6)
Investing in Inventory
764(1)
Techniques for Controlling Inventory
764(5)
Accounts Receivable Standards and Terms
769(10)
Effective Accounts Receivable Management
770(1)
Credit Standards
770(1)
Comparative Corporate Finance: Trade Credit Practices Around the World
771(6)
Credit Terms
777(2)
Collecting, Monitoring, and Applying Cash to Receivables
779(4)
Collection Policy
779(1)
Credit Monitoring
779(3)
Cash Application
782(1)
Summary and Conclusions
783(16)
Self-Test Problems
784(1)
Internet Resources
785(1)
Key Terms
785(1)
Questions and Problems
785(8)
Minicase: Cash Conversion, Inventory, and Receivables Management
793(1)
Appendix
794(5)
Cash, Payables, and Liquidity Management
799(27)
Opening Focus: The Electronic Payment Revolution?
799(2)
Cash Management
801(2)
Float
801(1)
Cash Position Management
802(1)
Collections
803(6)
Comparative Corporate Finance: Please Send Money
804(1)
Types of Collection Systems
805(1)
Lockbox Systems
806(1)
Cash Concentration
807(1)
Funds Transfer Mechanisms
808(1)
Accounts Payable and Disbursements
809(5)
Overview of the Accounts Payable Process
809(1)
Cash Discounts
810(1)
Disbursement Products and Methods
811(1)
Developments in Accounts Payable and Disbursements
812(2)
Short--Term Investing and Borrowing
814(4)
Short--Term Investing
814(3)
Short--Term Borrowing
817(1)
Summary and Conclusions
818(8)
Self-Test Problems
819(1)
Internet Resources
820(1)
Key Terms
821(1)
Questions and Problems
821(4)
Minicase: Cash, Payables, and Liquidity Management
825(1)
Part 7: Special Topics
826(96)
Long--Term Debt and Leasing
828(34)
Opening Focus: The Terminator Sells Economic Recovery Bonds
828(1)
Characteristics of Long-Term Debt Financing
829(4)
The Choice between Public and Private Debt Issues
830(1)
Debt Covenants
830(1)
Comparative Corporate Finance: Islamic Finance: How Do You Sell Bonds When You Cannot Pay Interest?
831(1)
Cost of Long-Term Debt
832(1)
Corporate Loans
833(3)
Term Loans
833(1)
Syndicated Loans
834(2)
Corporate Bonds
836(10)
Popular Types of Bonds
836(1)
Legal Aspects of Corporate Bonds
837(2)
Methods of Issuing Corporate Bonds
839(1)
General Features of a Bond Issue
839(1)
High-Yield Bonds
840(1)
International Corporate Bond Financing
840(2)
Bond-Refunding Options
842(4)
Leasing
846(8)
Basic Types of Leases
846(2)
Lease Arrangements
848(1)
The Lease Contract
848(1)
The Lease-Versus-Purchase Decision
848(4)
Effects of Leasing on Future Financing
852(1)
Advantages and Disadvantages of Leasing
853(1)
Summary and Conclusions
854(8)
Self-Test Problems
854(2)
Internet Resources
856(1)
Key Terms
856(1)
Questions and Problems
856(5)
Minicase: Long-Term Debt and Leasing
861(1)
Mergers, Acquisitions, and Corporate Control
862(35)
Opening Focus: Mergers Create Two $1 Trillion Banks in a Single Quarter
862(2)
Overview of Corporate Control Activities
864(4)
Corporate Control Transactions
864(1)
LBOs, MBOs, and Dual-Class Recapitalizations
865(1)
Tender Offers, Acquisitions, and Proxy Fights
866(1)
Divestitures and Spin-offs
867(1)
Mergers and Business Concentration
868(4)
Horizontal Mergers
868(1)
Vertical Mergers
869(1)
Conglomerate Mergers
870(1)
Other Concentration Classifications
871(1)
Merger and Acquisition Transaction Characteristics
872(5)
Method of Payment
872(1)
Attitude of Target Management
873(1)
Accounting Treatment
873(2)
Shareholder Wealth Effects and Transaction Characteristics
875(2)
Rationale and Motives for Mergers and Acquisitions
877(4)
Value-Maximizing Motives
877(2)
Non-Value-Maximizing Motives
879(2)
History and Regulation of Mergers and Acquisitions
881(9)
The History of Merger Waves
881(2)
Regulation of Corporate Control Activities
883(4)
Other Legal Issues Concerning Corporate Control
887(1)
Comparative Corporate Finance: Searching for Effective Corporate Governance and Value-Enhancing Mergers
888(2)
International Regulation of Mergers and Acquisitions
890(1)
Summary and Conclusions
890(7)
Self-Test Problems
891(1)
Internet Resources
891(1)
Key Terms
892(1)
Questions and Problems
892(4)
Minicase: Mergers, Acquisitions, and Corporate Control
896(1)
Bankruptcy and Financial Distress
897(25)
Opening Focus: WorldCom Emerges from Bankruptcy with a New Name, New Management, and a New Capital Structure
897(1)
Business Failure Fundamentals
898(4)
Types of Business Failure
898(2)
Major Causes of Business Failure
900(2)
Voluntary Settlements
902(1)
Voluntary Reorganization
902(1)
Voluntary Liquidation
902(1)
Bankruptcy Law in the United States
903(3)
Comparative Corporate Finance: If Companies Can Declare Bankruptcy: Why Not Countries?
905(1)
Reorganization in Bankruptcy
906(5)
Reorganization Procedures
906(3)
Subsidies to Firms That Reorganize
909(2)
Prepackaged Bankruptcies
911(1)
Liquidation in Bankruptcy
911(3)
Procedures
911(1)
Priority of Claims
911(2)
Final Accounting
913(1)
Predicting Bankruptcy
914(2)
Summary and Conclusions
916(6)
Self-Test Problems
916(1)
Internet Resources
917(1)
Key Terms
917(1)
Questions and Problems
918(3)
Minicase: Bankruptcy and Financial Distress
921(1)
Glossary922(21)
Index943

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