Intermediate Financial Management (with Thomson One)

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Figure 14-1 PART 1. SCENARIO ANALYSIS: PROCEED WITH PROJECT TODAY FUTURE CASH FLOWS Now: Year 0 Year 1 Year 2 Year 3 $50 High Average Low 0.25 0.50 0.25 PART 2. DECISION TREE ANALYSIS: IMPLEMENT NEXT YEAR ONLY IF OPTIMAL NPV of This Scenario a Probability Notes: a The WACC is 14 percent. b The standard deviation is calculated as explained in Chapter 2. c The coefficient of variation is the standard deviation divided by the expected value. d The NPV in Part 2 is as of Year 0. Therefore, each of the project cash flows is discounted back one more year than in Part 1. Probability × NPV $33 $33 $33 $26.61 0.25 $6.65 $25 $25 $25 $5 $5 $5 FUTURE CASH FLOWS Now: Year 0 Year 1 Year 2 Year 3 Wait DCF and Decision Tree Analysis for the Investment Timing Option (Millions of Dollars) High Average Low 0.25 0.50 0.25 $8.04 0.50 $4.02 $38.39 0.25 1.00 $9.60 Expected value of NPVs = $1.08 Standard deviation b = Coefficient of variation c = NPV of This Scenario d Probability $24.02 22.32 Probability × NPV $50 $33 $33 $33 $23.35 0.25 $5.84 $50 $25 $25 $0 $0 $0 Year 4 $25 $0 $7.05 0.50 $3.53 $0.00 0.25 1.00 $0.00 Expected value of NPVs = $9.36 Standard deviation b = Coefficient of variation c = $8.57 0.92 Chapter 14 Real Options • 485
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INTERMEDIATE FINANCIAL MANAGEMENT 9
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Be sure to visit the Intermediate F
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1. The questions indicate to you th
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use a PowerPoint slide show, which
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selected end-of-chapter problems, (
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to the Mini Case slides and Excel f
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publications, along with discussion
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Richard LeCompte Wichita State Univ
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ERRORS IN THE TEXT CONCLUSION At th
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Part 7 Special Topics 830 Chapter 2
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The Efficient Frontier 82, Risk/Ret
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Debt Management Ratios 257 How the
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Box: Corporate Valuation, Cash Flow
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Overview of the Distribution Policy
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Chapter 22 Providing and Obtaining
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Chapter 27 Multinational Financial
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C H A P T E R 1 An Overview of Fina
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advantage in the job market over st
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poor. Of course, there are some con
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Figure 1-1 Sales Revenues Determina
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or a mutual fund manager might base
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owner, the owner/manager will presu
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More and more firms are using a rel
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The second potential conflict occur
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If all of these safeguards were fun
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Self-Test Questions • Section 404
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Inflation Premium (IP) Inflation ha
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The difference between the quoted i
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ankers. Chapter 19 discusses the im
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QUESTIONS • A conflict of interes
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1-2 The real risk-free rate is 3 pe
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IMAGE: © GETTY IMAGES, INC., PHOTO
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CORPORATE VALUATION AND RISK In Cha
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Table 2-1 then, is related to the p
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Figure 2-1 Probability Distribution
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Table 2-3 Calculating Sale.com’s
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When estimated from past data, the
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Self-Test Questions in interest. Al
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Here the ˆr i ’s are the expecte
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Figure 2-5 _ r M(%) 25 15 0 -10 Rat
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Answer: Ford’s and GM’s returns
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THE BENEFITS OF DIVERSIFYING OVERSE
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Figure 2-8 -20 Relative Volatility
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Self-Test Questions on stocks due t
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Table 2-5 Stock Return Data for Gen
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The market risk premium, RP M , sho
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4. The values we worked out for sto
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Figure 2-12 Required Rate of Return
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QUESTIONS • A stock’s beta coef
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2-7 Suppose rRF 9%, rM 14%, and b
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CYBERPROBLEM d. Construct a scatter
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P. Q. Unlimited. Explain how to cal
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B E G I N N I N G - O F - C H A P T
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See IFM9 Ch03 Tool Kit.xls for all
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Using Equation 3-3, the correlation
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Next, we use Equation 3-4 to find
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Self-Test Questions From these exam
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Figure 3-5 Selecting the Optimal Po
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THE CAPITAL MARKET LINE AND THE SEC
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all investors should hold portfolio
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Self-Test Questions Recall that the
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Table 3-4 Figure 3-8 _ _ r = 0.0034
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(r j r RF ) a J b J (r M r RF
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the random error term, e J . Before
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Self-Test Questions 2. Returns may
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Figure 3-10 Required Rate of Return
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The SML states that each stock’s
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Self-Test Questions between low- an
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Self-Test Questions Using the Fama-
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QUESTIONS • The feasible set of p
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a. Construct a scatter diagram show
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SELECTED ADDITIONAL REFERENCES AND
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Self-Test Questions bond. Default r
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Provisions to Call or Redeem Bonds
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Self-Test Questions typically requi
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The following general equation, wri
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1 2 3 4 6 Interest Pmt 7 8 9 A Matu
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See IFM9 Ch04 Tool Kit.xls for deta
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You could substitute values for r d
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In 1996 Chateau Teyssier, an Englis
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One’s exposure to interest rate r
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Self-Test Questions DEFAULT RISK Re
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needed $10 million to build a major
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ordinated. Conversely, a bond with
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Table 4-3 types of bonds vary over
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sent to jail. Those events led to t
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and reporting purposes bonds are qu
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QUESTIONS • An adjustment to the
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Bond Yields; Financial Calculator N
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Sam Strother and Shawna Tibbs are v
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CORPORATE VALUATION AND STOCK RISK
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Self-Test Question classifications
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Self-Test Questions RATIONAL EXUBER
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firm’s stock, but the market pric
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Equation 5-2 is the sum of an infin
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profitable investment opportunities
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The popular Motley Fool Web site ht
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ecome a constant growth stock, we c
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STOCK VALUATION BY THE FREE CASH FL
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The investor can calculate Stock i
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the existence of computers and tele
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Self-Test Questions for anyone to c
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Figure 5-5 right indicates how stoc
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Self-Test Questions SUMMARY A NATIO
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QUESTIONS • The marginal investor
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Rates of Return and Equilibrium Sup
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. Now assume that TTC’s period of
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The Chicago Board Options Exchange
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Figure 6-1 Space Technology Inc.: O
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REPORTING EMPLOYEE STOCK OPTIONS Wh
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Figure 6-2 Current Stock Price $40
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See the Web Extension for this chap
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For a Web-based option calculator,
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d2 d1 0.420.25 0.180 0.20 0.020
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If an employee stock option grant m
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Self-Test Question For example, con
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Self-Test Question SUMMARY would be
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SPREADSHEET PROBLEM Build a Model:
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In Chapter 1, we told you that mana
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THE INCOME STATEMENT See IFM9 Ch07
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their company’s stock. In additio
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The first step in modifying the tra
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operating working capital and opera
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chooses. Therefore, we now define a
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Self-Test Questions MVA AND EVA pos
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THE FEDERAL INCOME TAX SYSTEM See I
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See the Chapter 7 Web Extension for
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• The statement of retained earni
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PROBLEMS Note: By the time this boo
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Loss Carryback, Carryforward 7-9 Th
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2005 2006 Liabilities and Equity Ac
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CORPORATE VALUATION AND ANALYSIS OF
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Ability to Meet Short-Term Obligati
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year. Annual sales divided by inven
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Self-Test Questions Identify four r
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Self-Test Questions PROFITABILITY R
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firm with the low profit margin mig
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elow the average, this suggests tha
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Table 8-2 MicroDrive Inc.: Summary
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Table 8-4 MicroDrive Inc.: Common S
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e greater than the ROA of 5.7 perce
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Table 8-6 Comparative Ratios for De
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Self-Test Questions tion, which is
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QUESTIONS PROBLEMS • ROE is impor
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Barry Computer Company: Income Stat
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Income Statements 2005 2006 2007E S
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C H A P T E R 9 Financial Planning
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sistently outperformed the average
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Figure 9-1 Net Sales ($) 3,000 2,00
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in 2006. The table also shows the h
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forecasted dividend of 1.08($1.15)
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Forecast Operating Assets As noted
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Based on its required assets and sp
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Self-Test Questions the receivables
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Self-Test Questions Inserting value
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Figure 9-2 a. Constant Ratios Inven
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Self-Test Questions SUMMARY QUESTIO
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Pro Forma Statements and Ratios Add
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9-9 The Booth Company’s sales are
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B. 2006 INCOME S TATEMENT (MILLIONS
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CORPORATE VALUATION AND THE COST OF
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Self-Test Questions and it is also
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Self-Test Questions THE CAPM APPROA
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Go to http://investor.reuters .com,
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To find an estimate of beta, go to
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Self-Test Questions estimate the ma
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For example, see http://www.zacks.c
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Self-Test Question dents used the C
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Self-Test Questions GLOBAL VARIATIO
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ADJUSTING THE COST OF CAPITAL FOR R
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Self-Test Questions company’s cos
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ADJUSTING THE COST OF CAPITAL FOR F
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Self-Test Questions Table 10-1 Aver
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To find the current S&P 500 market
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QUESTIONS banker helps the company
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10-9 The Bouchard Company’s curre
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Flotation Costs and the Cost of Equ
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(2) Should the component costs be f
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CORPORATE VALUATION: PUTTING THE PI
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plants, patents, and other real ass
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Table 11-2 MagnaVision Inc.: Balanc
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A variant of the constant growth di
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Table 11-4 Finding the Value of Mag
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Table 11-5 Financial Results for Be
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Table 11-7 Initial Projections for
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Table 11-9 Bell Electronics’ Fore
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VALUE-BASED MANAGEMENT IN PRACTICE
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een in power for a long time, and i
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Executive bonuses are based on a nu
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Executive compensation packages dif
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G&A’s Balance Sheet after the ESO
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Self-Test Questions SUMMARY What ar
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PROBLEMS 11-4 What are some actions
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11-9 The balance sheets of Roop Ind
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Balance Sheets for December 31 (Mil
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k. What is the expected ROIC of eac
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C H A P T E R 1 2 Capital Budgeting
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PROJECT CLASSIFICATIONS Self-Test Q
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Figure 12-2 Project S: Net cash flo
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The equation for the NPV is as foll
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project’s future EVAs. Therefore,
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Self-Test Questions What four capit
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capital is greater than 11.8 percen
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Self-Test Questions When solved, we
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Self-Test Questions PROFITABILITY I
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an expected payoff of $115,500 afte
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Self-Test Question THE POST-AUDIT A
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Figure 12-6 Project C: 0 Comparing
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Economic Life versus Physical Life
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Self-Test Questions 1. Reluctance t
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QUESTIONS • Small firms tend to u
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Capital Budgeting Methods 12-5 Proj
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Present Value of Costs Payback, NPV
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(2) Look at your NPV profile graph
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CORPORATE VALUATION, CASH FLOWS, AN
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eceivables. The difference between
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stockholder reporting, one normally
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Table 13-3 Recovery Allowance Perce
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3. Terminal year cash flow. At the
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Table 13-4 75 76 77 78 79 80 81 82
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Table 13-4 119 120 121 122 123 124
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Suppose the expected rate of inflat
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somewhat higher or lower than 20,00
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Table 13-5 or low sales prices and
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A firm’s financing choices obviou
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Self-Test Question 512 • Part 4 S
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Figure 15-1 Revenues and Costs (Tho
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Table 15-1 Section I. Zero Debt Deb
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520 • Part 4 Strategic Financing
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Figure 15-2 524 • Part 4 Strategi
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Self-Test Questions 530 • Part 4
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Table 15-4 536 • Part 4 Strategic
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Self-Test Questions SUMMARY 540 •
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PROBLEMS 542 • Part 4 Strategic F
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WACC and Optimal Capital Structure
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h. With the above points in mind, n
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C H A P T E R 16 Capital Structure
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This chapter extends the discussion
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Figure 16-1 a. Without Taxes Cost o
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INTRODUCING PERSONAL TAXES: THE MIL
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For Kunkel Inc., 570 • Part 4 Str
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QUESTIONS 576 • Part 4 Strategic
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16-3 Refer to Problem 16-2. Assume
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David Lyons, CEO of Lyons Solar Tec
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C H A P T E R 17 Distributions to S
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CORPORATE VALUATION AND DISTRIBUTIO
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DIVIDEND YIELDS AROUND THE WORLD Di
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INFORMATION CONTENT, OR SIGNALING,
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Self-Test Question Table 17-2 594
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PROBLEMS Residual Distribution Mode
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Alternative Dividend Policies 612
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(3) What are the advantages and dis
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partfive Tactical Financing Decisio
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C H A P T E R 18 Initial Public Off
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CORPORATE VALUATION, IPOs, AND FINA
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622 • Part 5 Tactical Financing D
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Table 18-3 13 14 15 16 17 18 19 20
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QUESTIONS PROBLEMS 652 • Part 5 T
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Randy’s, a family-owned restauran
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C H A P T E R 19 Lease Financing Th
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Leasing is another form of financin
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Table 19-2 670 • Part 5 Tactical
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See IFM9 Ch19 Tool Kit.xls. 672 •
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Self-Test Question 678 • Part 5 T
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PROBLEMS 680 • Part 5 Tactical Fi
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Build a Model: Lessee’s Analysis
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ut that $200,000 is the expected va
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C H A P T E R 20 Hybrid Financing:
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Preferred stock, warrants, and conv
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Suppose your company needs cash to
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See IFM9 Ch20 Tool Kit.xls. 696 •
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Figure 20-1 702 • Part 5 Tactical
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PROBLEMS 710 • Part 5 Tactical Fi
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Because he expects earnings to cont
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partsix Working Capital Management
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C H A P T E R 21 Working Capital Ma
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Superior working capital management
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722 • Part 6 Working Capital Mana
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Self-Test Questions Table 21-1 724
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THE BEST AT MANAGING WORKING CAPITA
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THE GREAT DEBATE: HOW MUCH CASH IS
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Self-Test Question 734 • Part 6 W
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Self-Test Questions Table 21-3 738
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SHORT-TERM FINANCING Self-Test Ques
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QUESTIONS 752 • Part 6 Working Ca
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21-6 McDowell Industries sells on t
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Dan Barnes, financial manager of Sk
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f. In his preliminary cash budget,
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C H A P T E R 22 Providing and Obta
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CORPORATE VALUATION AND CREDIT POLI
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SETTING THE COLLECTION POLICY Self-
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Table 22-1 768 • Part 6 Working C
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QUESTIONS 790 • Part 6 Working Ca
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22-4 On March 1, Minnerly Motors ob
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e. What is the firm’s forecasted
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INVENTORY CONTROL SYSTEMS 808 • P
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ACCOUNTING FOR INVENTORY 810 • Pa
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THE ECONOMIC ORDERING QUANTITY (EOQ
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Self-Test Questions Why are safety
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PROBLEMS Economic Ordering Quantity
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Andria Mullins, financial manager o
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partseven Special Topics
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C H A P T E R 24 Derivatives and Ri
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Risk management can reduce firm ris
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836 • Part 7 Special Topics finan
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840 • Part 7 Special Topics fluct
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842 • Part 7 Special Topics Forwa
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844 • Part 7 Special Topics Figur
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846 • Part 7 Special Topics bonds
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Self-Test Question RISK MANAGEMENT
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MICROSOFT’S GOAL: MANAGE EVERY RI
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Table 24-2 852 • Part 7 Special T
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854 • Part 7 Special Topics Futur
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856 • Part 7 Special Topics and i
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858 • Part 7 Special Topics the c
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QUESTIONS PROBLEMS 860 • Part 7 S
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Assume that you have just been hire
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C H A P T E R 25 Bankruptcy, Reorga
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CORPORATE VALUATION AND BANKRUPTCY
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Table 25-2 ISSUES FACING A FIRM IN
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870 • Part 7 Special Topics as a
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874 • Part 7 Special Topics subsi
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876 • Part 7 Special Topics The p
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880 • Part 7 Special Topics sold
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882 • Part 7 Special Topics What
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QUESTIONS 888 • Part 7 Special To
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890 • Part 7 Special Topics singl
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of directors. In turn, Ron asked yo
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C H A P T E R 26 Mergers, LBOs, Div
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CORPORATE VALUATION AND MERGERS The
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898 • Part 7 Special Topics merge
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TYPES OF MERGERS Self-Test Question
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906 • Part 7 Special Topics The v
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Self-Test Questions SETTING THE BID
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918 • Part 7 Special Topics The E
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920 • Part 7 Special Topics In a
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Figure 26-2 Mostly cash Note: These
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928 • Part 7 Special Topics stake
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Self-Test Questions CORPORATE ALLIA
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932 • Part 7 Special Topics priva
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Self-Test Questions HOLDING COMPANI
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PROBLEMS 938 • Part 7 Special Top
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Build a Model: Merger Analysis 940
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offer for Lyons Lighting? If so, ho
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C H A P T E R 27 Multinational Fina
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The special issues facing a multina
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MULTINATIONAL VERSUS DOMESTIC FINAN
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The Bloomberg World Currency Values
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954 • Part 7 Special Topics For e
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956 • Part 7 Special Topics gover
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Table 27-3 Notes: aThese are repres
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HUNGRY FOR A BIG MAC? GO TO THE PHI
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STOCK MARKET INDICES AROUND THE WOR
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974 • Part 7 Special Topics equip
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QUESTIONS 978 • Part 7 Special To
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980 • Part 7 Special Topics On th
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and 4 percent in Spain. Does intere
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appendix b Answers to End-of-Chapte
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8-9 a. Current ratio 1.98; DSO 76
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15-4 30% debt: WACC 11.14%; V $10
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23-1 a. 3,000 bags. b. 4,000 bags.
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n p B a (rpi rˆ p) i1 2Pi . bi
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994 • Appendix C Selected Equatio
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996 • Appendix C Selected Equatio
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Chapter 13 n NPV a t0 n NPV B a i
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V Tax shield r dTD r TS g . VL V
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TCC (C)(P)(A). TOC (F)(N) F(S/2A
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annuity due An annuity with payment
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coefficient of variation (CV) Equal
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the percentage of funds provided by
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eturn will equal the expected rate
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improper accumulation The retention
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stock) and the book value of the fi
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operating leverage The extent to wh
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lessors. The most important aspect
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presentations in 10 to 20 cities, w
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tax preference theory Proposes that
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name index Abreo, Leslie, 645n Acke
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subject index AAII. See American As
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Capital budgeting, 396, 398 in Asia
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DaimlerChrysler AG, 867 Dalkon Shie
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Financial reporting, 214-216. See a
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Kashima Oil, 858-859 Keiretsus, 380
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Opportunity costs, 233, 323, 440 as
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Risk, (continued) project, 435, 464
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TVA, interest expenses of, 645 Two-
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