Intermediate Financial Management (with Thomson One)

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For constant growth: V op at time N Capital N c Sales N (1 g) WACC g dcOP WACC a CR 1 g bd. For constant growth: Vop at time N CapitalN CapitalN (ERO . q (1 WACC) Chapter 12 Unrecovered cost at start of year Payback period Year before full recovery . Cash flow during year NPV CF 0 CF 1 (1 r) 1 CF 2 (1 r) 2 p CF n (1 r) n n a t0 n a t0 IRR: CF 0 MIRR: PV costs PV terminal value. n a t0 CFt . t (1 r) CF1 1 (1 IRR) CFt 0. t (1 IRR) COFt t (1 r) PV costs a CIFt (1 r) t0 nt (1 MIRR) n . TV . n (1 MIRR) PV of future cash flows a t1 PI Initial cost n CF 2 (1 IRR) 2 p n CF t (1 r) t CF 0 . CFn 0. n (1 IRR) Appendix C Selected Equations and Data • 997
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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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investors (both individuals and ins
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Firm L: The total market value of F
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MM with Corporate Taxes MM’s orig
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Now we can find the company’s wei
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Self-Test Questions b b U [1 (1
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The first term in Equation 16-9a is
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Self-Test Questions In his paper, M
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Self-Test Questions tax shield is u
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| 16-14a | Based on this valuation
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after a project or investment has b
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See IFM9 Ch16 Tool Kit.xls. the equ
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Self-Test Questions If the debt wer
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Self-Test Questions SUMMARY financi
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PROBLEMS Business and Financial Ris
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Equity Viewed as an Option c. Assum
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An excellent source of recent divid
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to test the theories empirically. M
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CLIENTELE EFFECT For updates of ind
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Self-Test Question All in all, ther
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of common equity. Then, if its net
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2. Use this forecasted information
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DISTRIBUTIONS THROUGH STOCK REPURCH
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As a check, we can see that the tot
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2. The stockholders have a choice w
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Self-Test Questions down to help it
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Self-Test Question Describe the dec
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Self-Test Questions prospects look
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QUESTIONS • Dividend policy shoul
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17-3 Northern Pacific Heating and C
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CYBERPROBLEM Please go to the Thoms
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Ghosh, Chinmoy, and J. Randall Wool
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C H A P T E R 1 8 Initial Public Of
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Self-Test Questions For most startu
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Self-Test Questions best long-term
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not have to share the fees with an
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Table 18-1 Highest First-Day IPO Re
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quoted price is not being manipulat
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Self-Test Questions may or may not
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NON-IPO INVESTMENT BANKING ACTIVITI
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short-form statement just prior to
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2. Increased managerial incentives.
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Effects of Interest Rate Levels and
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value is compared with the cash out
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(Dollar amount)(1/12 of 12%)(1 T)
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TVA RATCHETS DOWN ITS INTEREST EXPE
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Self-Test Question At first blush,
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BOWIE BONDS CH-CH-CHANGE ASSET SECU
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SUMMARY • The Securities and Exch
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Underwriting and Flotation Expenses
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d. What is the net after-tax cash o
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Carter, Richard, and Steven Manaste
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technological developments or is no
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Self-Test Questions TAX EFFECTS som
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Table 19-1 have debt ratios of 50 p
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EVALUATION BY THE LESSEE Leases are
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Now we examine a more realistic exa
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Self-Test Questions The PV cost of
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Table 19-3 Lease Analysis from the
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Vehicle Leases Vehicle leasing is v
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Self-Test Questions Companies with
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SUMMARY QUESTIONS In the United Sta
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19-2 Assume that Reynolds’s tax r
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CYBERPROBLEM c. Assuming that the a
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Lee, Wayne Y., John D. Martin, and
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of unpaid preferred dividends must
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MIPS, QUIPS, TOPR S, AND QUIDS: A T
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Self-Test Questions WARRANTS period
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warrants are exercised, the stock p
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entitled to all of this remaining v
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Self-Test Questions CONVERTIBLES Se
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See IFM9 Ch20 Tool Kit.xls. value o
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5. The actual market price of the b
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converted than if stock were sold d
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Self-Test Questions $180 million, w
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Self-Test Questions What are the th
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attached 50 warrants, each exercisa
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when the bonds’ conversion value
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f. Mr. Duncan believes that the cos
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C H A P T E R 2 1 Working Capital M
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The cash conversion cycle model, wh
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To illustrate, suppose it takes Rea
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What is the cash conversion cycle?
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Self-Test Questions THE CASH BUDGET
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Table 21-2 MicroDrive Inc.: Cash Bu
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Self-Test Questions $57 million net
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Self-Test Questions INVENTORY Speed
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SUPPLY CHAIN MANAGEMENT Herman Mill
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Super Sets’s average daily sales
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ACCRUALS AND ACCOUNTS PAYABLE (TRAD
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2 365 2.04% 18.25 37.2% 98 20 T
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Figure 21-2 Temporary NOWC Total Pe
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SHORT-TERM INVESTMENTS: MARKETABLE
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SHORT-TERM BANK LOANS Loans from co
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COMMERCIAL PAPER For updates on the
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• The payables deferral period is
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PROBLEMS j. Moderate short-term fin
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21-13 The Rentz Corporation is atte
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CYBERPROBLEM Collection estimates o
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a. Barnes plans to use the precedin
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Self-Test Questions Credit Standard
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Self-Test Question Profit Potential
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at the end of January was $60,000
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Recall that at the beginning of the
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Table 22-4 Monroe Manufacturing Com
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divisions or on specific products,
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sales, and Equation 22-3. The ratio
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40 days), rather than the 30-day cr
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Self-Test Questions simultaneously.
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Regular, or Simple, Interest In thi
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If a discount loan matures in less
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Self-Test Questions CHOOSING A BANK
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Self-Test Question SUMMARY sion, in
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PROBLEMS Relaxing Collection Effort
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Short-Term Financing Analysis Alter
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Rich Jackson, a recent finance grad
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from the firm are not offered a dis
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CORPORATE VALUATION AND WORKING CAP
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forecast cash inflows and outflows,
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Figure 23-2 Determination of the Ta
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Self-Test Questions commonly used p
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Self-Test Questions shipment. A Lea
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Self-Test Questions plus dramatical
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In our example, Ordering Costs TCC
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Figure 23-3 Costs of Ordering and C
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Figure 23-4 Units (in Thousands) 8
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Figure 23-5 Order Point Safety Stoc
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Table 23-2 Safety Stock Analysis Sa
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On balance, there is no evidence th
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QUESTIONS • Total carrying cost (
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C H A P T E R 2 4 Derivatives and R
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will cause an increase in Plastics
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Self-Test Questions values are dete
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LTCM’s chairman, John Meriwether,
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for the contract. Those results had
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Our examples show that forward cont
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Table 24-1 depends primarily on two
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cash flows from the interest compon
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7. Personnel risks are risks that r
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Self-Test Questions ing old electri
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when interest rates fall, so intere
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RISK MANAGEMENT IN THE CYBER ECONOM
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Major changes have occurred over ti
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Self-Test Questions SUMMARY the con
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Futures Prices: Treasury Bonds—$1
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Block, Stanley B., and Timothy J. G
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Self-Test Questions Table 25-1 Caus
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Self-Test Question In the remainder
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Self-Test Questions We should point
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totals $10 million at face value—
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owed most of their debt to a few ba
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Table 25-3 Columbia Software Compan
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value was four times that of the 40
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Self-Test Questions Reorganization
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preferred equity, and any remaining
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Self-Test Questions are assumed to
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Self-Test Question 18 months the ti
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PROBLEMS 25-5 Are liquidations like
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In addition, the firm had $10,000 i
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merger should be beneficial to both
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Self-Test Questions Of course, if y
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Table 26-1 The Ten Largest Complete
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Self-Test Question MERGER REGULATIO
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Self-Test Questions There are four
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Figure 26-1 0 1 2 N 1 Unlevered Ca
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THE FREE CASH FLOW TO EQUITY (FCFE)
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Table 26-3 (Continued) 1/1/07 12/31
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V Unlevered This shows that Tutwil
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Self-Test Question competing bids,
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Self-Test Question be willing to pa
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TEMPEST IN A TEAPOT? In 2001, amid
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Self-Test Questions What are some a
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Self-Test Questions Table 26-5 Inco
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Investment bankers have occasionall
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Self-Test Questions ance companies,
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Self-Test Questions LEVERAGED BUYOU
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Self-Test Questions DIVESTITURES Wh
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on the assets of the other units. H
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QUESTIONS • An operating merger i
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26-5 Marston Marble Corporation is
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Hager’s Home Repair Company, a re
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for Wholly Owned Subsidiaries,” J
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Interesting reports about the effec
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Self-Test Question EXCHANGE RATES t
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For a nice currency calculator to d
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Self-Test Questions arbitrage, work
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The International Monetary Fund rep
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Self-Test Questions Currency future
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eturn. The 180-day Swiss interest r
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Under()/ Implied Over() Big Mac PPP
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Self-Test Question the United State
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this purpose. It is interesting to
Page 1998:
MULTINATIONAL CAPITAL BUDGETING Up
Page 2002:
e lifted in the future, then curren
Page 2006: Table 27-5 Self-Test Questions Net
Page 2010: Self-Test Question funded by $10 mi
Page 2014: international transaction via a ban
Page 2018: • Six major factors distinguish f
Page 2022: PROBLEMS 27-1 A currency trader obs
Page 2026: CYBERPROBLEM Please go to the Thoms
Page 2030: Mathematical Table Table A-1 append
Page 2034: 4-13 a. $1,251.22. b. $898.94. 4-14
Page 2038: 12-5 NPV S $814.33; NPV L $1,675.
Page 2042: 19-4 a. Energen: Debt/TA 50%. Hast
Page 2046: Selected Equations and Data Chapter
Page 2050: Predicted future rate of return ˆ
Page 2054: Total assets turnover ratio Debt r
Page 2060: Chapter 13 n NPV a t0 n NPV B a i
Page 2064: V Tax shield r dTD r TS g . VL V
Page 2068: TCC (C)(P)(A). TOC (F)(N) F(S/2A
Page 2072: annuity due An annuity with payment
Page 2076: coefficient of variation (CV) Equal
Page 2080: the percentage of funds provided by
Page 2084: eturn will equal the expected rate
Page 2088: improper accumulation The retention
Page 2092: stock) and the book value of the fi
Page 2096: operating leverage The extent to wh
Page 2100: lessors. The most important aspect
Page 2104: presentations in 10 to 20 cities, w
Page 2108:
tax preference theory Proposes that
Page 2112:
name index Abreo, Leslie, 645n Acke
Page 2116:
subject index AAII. See American As
Page 2120:
Capital budgeting, 396, 398 in Asia
Page 2124:
DaimlerChrysler AG, 867 Dalkon Shie
Page 2128:
Financial reporting, 214-216. See a
Page 2132:
Kashima Oil, 858-859 Keiretsus, 380
Page 2136:
Opportunity costs, 233, 323, 440 as
Page 2140:
Risk, (continued) project, 435, 464
Page 2144:
TVA, interest expenses of, 645 Two-
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Intermediate Financial Management (with Thomson One)

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