Intermediate Financial Management (with Thomson One)

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Richard LeCompte Wichita State University Ilene Levin University of Minnesota–Duluth Kartono Liano Mississippi State University James T. Lindley University of South Mississippi Stuart Michelson Stetson University R. Daniel Pace Valparaiso University Ralph A. Pope California State University–Sacramento Allen Rappaport University of Northern Iowa Jay Ritter University of Florida Fiona Robertson Seattle University Michael Ryngaert University of Florida James Schallheim University of Utah G. Bennett Stewart Stern, Stewart, and Company Robert Strong University of Maine at Orono Eugene Swinnerton University of Detroit–Mercy Robert Taggart Boston College Jonathan Tiemann Wells Fargo Nikko Investment Advisors Sheridan Titman University of Texas at Austin Alan L. Tucker Pace University David Vang University of St. Thomas Joe Walker University of Alabama at Birmingham Gary R. Wells Idaho State University Annie Wong Western Connecticut State University Bob G. Wood, Jr. Tennessee Technological University David Ziebart University of Illinois at Urbana In addition, we would like to thank the following people, whose reviews and comments on prior editions and companion books have contributed to this edition: Mike Adler, Syed Ahmad, Sadhana M. Alangar, Bruce Anderson, Ron Anderson, Bob Angell, Vince Apilado, Henry Arnold, Bob Aubey, Gil Babcock, Peter Bacon, Kent Baker, Tom Bankston, Les Barenbaum, Charles Barngrover, Bill Beedles, Moshe Ben-Horim, Bill Beranek, Tom Berry, Bill Bertin, Roger Bey, Dalton Bigbee, John Bildersee, Russ Boisjoly, Keith Boles, Geof Booth, Kenneth Boudreaux, Helen Bowers, Oswald Bowlin, Don Boyd, G. Michael Boyd, Pat Boyer, Joe Brandt, Elizabeth Brannigan, Greg Brauer, Mary Broske, Dave Brown, Kate Brown, Bill Brueggeman, Kirt Butler, Robert Button, Bill Campsey, Bob Carleson, Severin Carlson, David Cary, Steve Celec, Don Chance, Antony Chang, Susan Chaplinsky, Jay Choi, S. K. Choudhury, Lal Chugh, Maclyn Clouse, Margaret Considine, Phil Cooley, Joe Copeland, David Cordell, John Cotner, Charles Cox, David Crary, John Crockett, Roy Crum, Brent Dalrymple, Bill Damon, Joel Dauten, Steve Dawson, Sankar De, Miles Delano, Fred Dellva, Anand Desai, Bernard Dill, Greg Dimkoff, Les Dlabay, Mark Dorfman, Gene Drycimski, Dean Dudley, David Durst, Ed Dyl, Dick Edelman, Charles Edwards, John Ellis, Dave Ewert, John Ezzell, Richard Fendler, Michael Ferri, Jim Filkins, John Finnerty, Susan Fischer, Steven Flint, Russ Fogler, Dan French, Tina Galloway, Michael Garlington, Jim Garvin, Adam Gehr, Jim Gentry, Philip Glasgo, Rudyard Goode, Walt Goulet, Bernie Grablowsky, Theoharry Grammatikos, Ed Grossnickle, John Groth, Alan Grunewald, Manak Gupta, Sam Hadaway, Don Hakala, Sally Hamilton, Gerald Hamsmith, William Hardin, John Harris, Paul Hastings, Bob Haugen, Steve Hawke, Del Hawley, Robert Hehre, George Hettenhouse, Hans Heymann, Kendall Hill, Roger Hill, Tom Hindelang, Linda Hittle, Ralph Hocking, J. Ronald Hoffmeister, Jim Horrigan, John Houston, John Howe, Keith Howe, Steve Isberg, Jim Jackson, Kose John, Craig Johnson, Keith Johnson, Ramon Johnson, Ray Preface • xv
Page 2: INTERMEDIATE FINANCIAL MANAGEMENT 9
Page 6: Be sure to visit the Intermediate F
Page 10: 1. The questions indicate to you th
Page 14: use a PowerPoint slide show, which
Page 18: selected end-of-chapter problems, (
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Page 26: publications, along with discussion
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Page 40: contents Preface iii Part 1 Fundame
Page 44: Changes in Equilibrium Stock Prices
Page 48: Adjusting the Cost of Capital for R
Page 52: Capital Structure Theory 519 Modigl
Page 56: Chapter 20 Hybrid Financing: Prefer
Page 60: Risk Management 848 Fundamentals of
Page 64: partone Fundamental Concepts
Page 68: C H A P T E R 1 An Overview of Fina
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8 • Part 1 Fundamental Concepts m
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Self-Test Questions 10 • Part 1 F
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12 • Part 1 Fundamental Concepts
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See http://www.bloomberg .com and s
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To see current estimates of DRP, go
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PROBLEMS 28 • Part 1 Fundamental
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k. Would potential agency problems
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B E G I N N I N G - O F - C H A P T
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Self-Test Questions STAND-ALONE RIS
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Table 2-2 36 • Part 1 Fundamental
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For more discussion of probability
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THE TRADE-OFF BETWEEN RISK AND RETU
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Figure 2-4 _ r W (%) 25 15 0 10 Sto
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Figure 2-6 _ r W(%) 25 15 0 15 Stoc
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THE RELATIONSHIP BETWEEN RISK AND R
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Figure 2-10 Required Rate of Return
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Self-Test Question SUMMARY 64 • P
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Expected and Required Rates of Retu
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whereas Repo Men’s are expected t
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C H A P T E R 3 Risk and Return: Pa
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In Chapter 1, we told you that mana
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Self-Test Questions EFFICIENT PORTF
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Figure 3-2 Case I: ρ = 1.0 AB Case
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Self-Test Questions 100 • Part 1
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AN ALTERNATIVE THEORY OF RISK AND R
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PROBLEMS 3-1 Characteristic Line an
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To begin, briefly review the Chapte
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C H A P T E R 4 Bond Valuation The
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In Chapter 1, we told you that mana
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An excellent site for information o
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BOND VALUATION 120 • Part 1 Funda
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See IFM9 Ch04 Tool Kit.xls. Figure
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Self-Test Questions BOND YIELDS 126
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Self-Test Question 130 • Part 1 F
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See IFM9 Ch04 Tool Kit.xls for deta
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Table 4-2 138 • Part 1 Fundamenta
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See the Standard & Poor’s Web sit
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Self-Test Questions BOND MARKETS 14
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Self-Test Questions SUMMARY 144 •
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Bond Valuation; Financial Calculato
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SELECTED ADDITIONAL REFERENCES AND
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THE MARKET FOR COMMON STOCK Note th
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Figure 5-4 1,600 1,400 1,200 1,000
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Self-Test Questions PREFERRED STOCK
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Return on Common Stock Constant Gro
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Sam Strother and Shawna Tibbs are s
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C H A P T E R 6 Financial Options T
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See the Web Extension for this chap
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Figure 6-3 Current Stock Value a $3
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There are many free binomial option
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Robert’s Online Option Pricer can
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THE VALUATION OF PUT OPTIONS 206
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QUESTIONS PROBLEMS 210 • Part 1 F
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c. Consider Triple Trice’s call o
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Self-Test Questions THE BALANCE SHE
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FINANCIAL ANALYSIS ON THE INTERNET
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STATEMENT OF CASH FLOWS 222 • Par
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FINANCIAL BAMBOOZLING: HOW TO SPOT
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For an updated estimate of Coca-Col
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H&R Block provides information for
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QUESTIONS 242 • Part 1 Fundamenta
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7-8 You have just obtained financia
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CYBERPROBLEM 246 • Part 1 Fundame
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Assume that you are Jamison’s ass
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INTERNATIONAL ACCOUNTING DIFFERENCE
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Self-Test Questions MARKET VALUE RA
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RATIO ANALYSIS IN THE INTERNET AGE
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Self-Test Question SUMMARY 274 •
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8-4 Doublewide Dealers has an ROA o
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The first part of the case, present
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Jamison examined monthly data for 2
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parttwo Corporate Valuation
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C H A P T E R 9 Financial Planning
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The value of a firm is determined b
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Self-Test Questions SALES FORECAST
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296 • Part 2 Corporate Valuation
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Table 9-4 302 • Part 2 Corporate
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THE AFN FORMULA 304 • Part 2 Corp
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FORECASTING FINANCIAL REQUIREMENTS
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PROBLEMS 310 • Part 2 Corporate V
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Additional Funds Needed Long-Term F
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CYBERPROBLEM negative, Cumberland w
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g. Why does the percent of sales ap
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To find the rate on a T-bond, go to
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To find an estimate of earnings gro
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ESTIMATING THE COST OF CAPITAL FOR
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Self-Test Question 344 • Part 2 C
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PROBLEMS 348 • Part 2 Corporate V
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10-13 A summary of the balance shee
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CYBERPROBLEM of the common equity f
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Chen, Carl R., “Time-Series Analy
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Figure 11-1 364 • Part 2 Corporat
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Figure 11-3 366 • Part 2 Corporat
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Table 11-6 a Projected figures may
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Table 11-8 Panel A: FCF Valuation o
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INTERNATIONAL CORPORATE GOVERNANCE
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See http://www .esopassociation.org
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QUESTIONS 386 • Part 2 Corporate
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11-3 Brooks Enterprises has never p
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CYBERPROBLEM 392 • Part 2 Corpora
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partthree Project Valuation
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C H A P T E R 12 Capital Budgeting:
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You can calculate the free cash flo
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CAPITAL BUDGETING DECISION RULES Th
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402 • Part 3 Project Valuation Fi
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See IFM9 Ch12 Tool Kit.xls. 404 •
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406 • Part 3 Project Valuation Fo
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410 • Part 3 Project Valuation We
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MODIFIED INTERNAL RATE OF RETURN (M
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Self-Test Question 414 • Part 3 P
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Self-Test Questions BUSINESS PRACTI
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HOW DOES INDUSTRY EVALUATE PROJECTS
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420 • Part 3 Project Valuation to
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SUMMARY 424 • Part 3 Project Valu
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PROBLEMS 12-1 Project K has a cost
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428 • Part 3 Project Valuation c.
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12-14 Shao Airlines is considering
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You have just graduated from the MB
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Free cash flow 438 • Part 3 Proj
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440 • Part 3 Project Valuation hi
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Self-Test Questions TAX EFFECTS 442
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444 • Part 3 Project Valuation Ta
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448 • Part 3 Project Valuation Th
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Table 13-4 99 100 101 102 103 104 1
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Table 13-4 151 152 153 154 155 156
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Self-Test Question 454 • Part 3 P
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Figure 13-1 40,000 30,000 20,000 10
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See IFM9 Ch13 Tool Kit.xls for a sc
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Recent developments in technology h
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Figure 13-2 a. Sales Price Probabil
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PROJECT RISK CONCLUSIONS Self-Test
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Figure 13-4 466 • Part 3 Project
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468 • Part 3 Project Valuation Co
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Self-Test Question SUMMARY 470 •
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PROBLEMS 472 • Part 3 Project Val
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13-8 The Bartram-Pulley Company (BP
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SPREADSHEET PROBLEM Build a Model:
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(3) Use the worst-, most likely, an
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THE INVESTMENT TIMING OPTION: AN IL
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484 • Part 3 Project Valuation Ap
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486 • Part 3 Project Valuation In
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Figure 14-3 Notes: a The WACC is 14
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Figure 14-4 PART 1. FIND THE VALUE
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Figure 14-5 Self-Test Questions 492
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494 • Part 3 Project Valuation of
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Table 14-1 Cost of Capital Used to
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GROWTH OPTIONS AT DOT-COM COMPANIES
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CONCLUDING THOUGHTS ON REAL OPTIONS
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PROBLEMS Investment Timing Option:
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Growth Option: Option Analysis 504
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partfour Strategic Financing Decisi
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C H A P T E R 15 Capital Structure
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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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Table 15-4 536 • Part 4 Strategic
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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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See IFM9 Ch17 Tool Kit.xls for all
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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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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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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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See IFM9 Ch21 Tool Kit.xls for all
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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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