Intermediate Financial Management (with Thomson One)

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Figure 16-2 574 • Part 4 Strategic Financing Decisions Cost of Capital (%) 0 Value of Firm, V ($) V U 0 Effects of Leverage: The Trade-Off Models D/V* D* WACC r d (1 – T c ) Debt/Value Ratio (%) Debt ($) to be a signal of bad news, so stock prices tend to decline when new issues are announced. As a result, new equity financings are relatively expensive. The net effect of signaling is to motivate firms to maintain a reserve borrowing capacity designed to permit future investment opportunities to be financed by debt if internal funds are not available. By combining the trade-off and asymmetric information theories, we obtain this explanation for firms’ behavior: 1. Debt financing provides benefits because of the tax deductibility of interest, so firms should have some debt in their capital structures. 2. However, financial distress and agency costs place limits on debt usage— beyond some point, these costs offset the tax advantage of debt. The costs of r s V L
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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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CAPITAL BUDGETING PRACTICES IN THE
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ound of $1.40, a most likely value
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Self-Test Questions potential upsid
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Self-Test Question Suppose a propos
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Self-Test Question a particular dec
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product. Toshiba probably lost mone
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QUESTIONS • Corporate risk is imp
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c. What is the additional Year 3 ca
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adjustments reflect primarily the u
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Shrieves Casting Company is conside
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CORPORATE VALUATION AND REAL OPTION
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Expected cash flow per year 0.25($
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Figure 14-1 PART 1. SCENARIO ANALYS
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Figure 14-2 Now: Year 0 Year 1 Year
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somewhat higher, say, 15 to 25 perc
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Figure 14-4 Estimating the Input fo
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THE GROWTH OPTION: AN ILLUSTRATION
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Figure 14-6 PART 1. SCENARIO ANALYS
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Figure 14-8 PART 1. FIND THE VALUE
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Figure 14-9 Estimating the Value of
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SUMMARY QUESTIONS In this chapter w
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Real Options: Decision Tree Analysi
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Assume that you have just been hire
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C H A P T E R 1 5 Capital Structure
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Debt Reduces the Taxes a Company Pa
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Business Risk As noted above, busin
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Thus for Plan A, and for Plan B, Ho
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Self-Test Questions investment as s
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YOGI BERRA ON THE MM PROPOSITION Wh
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customers, suppliers, and employees
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Now let’s consider Firm N. Suppos
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Self-Test Questions investments, al
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earnings that were unanticipated by
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TAKING A LOOK AT GLOBAL CAPITAL STR
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Table 15-3 If Strasburg changes its
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Recall that FCF is net operating pr
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Recall from Chapter 11 that the val
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Figure 15-4 Cost of Capital (%) 20
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QUESTIONS factors held constant, im
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Capital Structure Analysis Optimal
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Assume you have just been hired as
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The following sources describe some
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Page 1166: investors (both individuals and ins
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Page 1178: Now we can find the company’s wei
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Page 1186: The first term in Equation 16-9a is
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Page 1210: Self-Test Questions If the debt wer
Page 1216: QUESTIONS 576 • Part 4 Strategic
Page 1220: 16-3 Refer to Problem 16-2. Assume
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Page 1228: C H A P T E R 17 Distributions to S
Page 1232: CORPORATE VALUATION AND DISTRIBUTIO
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Page 1240: DIVIDEND YIELDS AROUND THE WORLD Di
Page 1244: INFORMATION CONTENT, OR SIGNALING,
Page 1248: Table 17-1 592 • Part 4 Strategic
Page 1252: Self-Test Question Table 17-2 594
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Self-Test Questions 602 • Part 4
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604 • Part 4 Strategic Financing
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606 • Part 4 Strategic Financing
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Self-Test Questions SUMMARY 608 •
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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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Self-Test Question 886 • Part 7 S
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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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Self-Test Question 962 • Part 7 S
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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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Intermediate Financial Management (with Thomson One)

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