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Full Description
Corporate Finance by Booth, Cleary, & Drake is designed for a corporate finance course that focuses on decision making for a business enterprise. Authors Booth, Cleary, and Drake introduce students to the fundamental concepts in corporate finance through a step-by-step approach to working problems using extensive spreadsheet and calculator assistance. The authors also provide in-depth coverage of challenging topics in finance including derivatives and leasing. Given world news on topics like the financial crisis, the need for in depth knowledge for tomorrow s leaders in finance, and the importance of ethical decision making in financial management, Corporate Finance is tailored for tomorrow s professional. As part of a robust digital and print program, Corporate Finance includes WileyPLUS, a student-centered learning and assessment environment where students work through practice questions and assigned end-of-chapter problems, video assessments, and interactive animations alongside an embedded e-Textbook. WileyPLUS sold separately from text.
Contents
PART 1 THE FINANCIAL ENVIRONMENT 1 CHAPTER 1 An Introduction to Finance 2 1.1 What is finance? 3 1.2 Financial instruments and markets 6 1.3 The global financial crisis 15 Appendix 1A Careers in Finance 29 CHAPTER 2 Financial Management 33 2.1 Forms of business organizations 34 2.2 The goals of the business enterprise 42 2.3 The role of management and agency issues 45 2.4 Financial management 49 Case 2.1 The Tex Tech Company 55 Case 2.2 To invest or not to invest 56 PART 2 FINANCIAL ANALYSIS 57 CHAPTER 3 Financial Statements 58 3.1 Accounting principles 59 3.2 Financial statements 64 3.3 The tax system 79 Case 3.1 Finns Fridges 92 Case 3.2 Charlotte Honey Bee Company 93 CHAPTER 4 Financial Statement Analysis 94 4.1 A framework for financial analysis 95 4.2 Financial ratios 99 4.3 Using financial ratios 120 Case 4.1 Ratio Analysis of the Backup Zone 137 Case 4.2 Applying Altman s Model to IBM 138 PART 3 THE BASICS OF VALUATION 139 CHAPTER 5 The Time Value of Money 140 5.1 Time is money 141 5.2 Annuities and perpetuities 157 5.3 Nominal and effective rates 168 5.4 Applications 173 Case 5.1 Saving for retirement, considering different scenarios 191 Case 5.2 Evaluating an investment 191 CHAPTER 6 Debt Valuation and Interest Rates 192 6.1 The basics of bonds 193 6.2 Bond valuation 200 6.3 Bond yields 211 6.4 Government debt obligations 217 6.5 Interest rates 223 Case 6.1 Slice & Dice 236 CHAPTER 7 Equity Valuation 237 7.1 Equity securities 238 7.2 Discounted cash flow approaches to valuing equity 242 7.3 Using multiples to value equity 258 Case 7.1 Big G Company 273 Case 7.2 The Denver Company 273 Case 7.3 Nova Lobster Company 274 Appendix 7A A Short Primer on Bubbles 275 PART 4 CAPITAL MARKET THEORY AND FINANCIAL MANAGEMENT 277 CHAPTER 8 Risk, Return, and Portfolio Theory 278 8.1 Measuring returns 279 8.2 Measuring risk 289 8.3 Expected return and risk for portfolios 293 8.4 The efficient frontier 305 8.5 Diversification 309 8.6 A comprehensive example 312 The standard deviation 313 Case 8.1 The Boise Boyz Company 324 CHAPTER 9 Asset Pricing 325 9.1 The efficient frontier 326 9.2 The capital asset pricing model 332 9.3 The CAPM and market risk 337 9.4 Alternative asset pricing models 347 9.5 Market efficiency 350 9.6 Behavioral finance and financial management 358 Case 9.1 Morgantown Company Stock 368 Case 9.2 JPMorgan Chase s Sinking Profit 369 PART 5 LONG-TERM INVESTMENT DECISIONS 371 CHAPTER 10 Capital Budgeting Decisions 372 10.1 The capital budgeting process 373 10.2 Evaluating investment projects 377 10.3 Special issues 397 Case 10.1 The Austin Saddle Company Expansion 412 Appendix 10A Dealing with unequal lives 413 CHAPTER 11 Capital Budgeting: Cash Flows and Risk 417 11.1 Identifying relevant cash flows 418 11.2 Estimating cash flows 423 11.3 Sensitivity to inputs 432 11.4 Replacement decisions 438 11.5 Inflation and capital budgeting 441 Case 11.1 The Jam Music Company 449 Case 11.2 Can Tax Credits Make Solar Panels Profitable? 450 Appendix 11A Integrative Problem: Dazzle 451 PART 6 LONG-TERM FINANCING 457 CHAPTER 12 Debt Instruments 458 12.1 What is debt? 459 12.2 Short-term instruments 460 12.3 Long-term instruments 470 12.4 Bond ratings 474 Case 12.1 General Electric s Bond Rating Downgrade 484 CHAPTER 13 Equity and Hybrid Instruments 487 13.1 Shareholders equity 488 13.2 Common equity 492 13.3 Preferred equity 495 13.4 Hybrid securities 501 Case 13.1 Angel Financing and St. Paul 508 CHAPTER 14 Cost of Capital 509 14.1 The marginal cost of capital schedule 510 14.2 Estimating the weights 512 14.3 Estimating the costs of capital 516 14.4 Assembling the pieces 528 Case 14.1 The Lazquez Company 540 Case 14.2 The Cost of Capital of Merck & Co. 540 PART 7 FINANCIAL POLICIES 543 CHAPTER 15 Capital Structure Decisions 544 15.1 Operating and financial leverage 545 15.2 The Modigliani and Miller theorems 556 15.3 Capital structure in practice 569 Case 15.1 Analyzing Delta Air Lines 581 CHAPTER 16 Dividend Policy 584 16.1 Distributions to shareholders 586 16.2 Why do companies pay cash dividends? 595 16.3 Dividend policy in practice 599 Case 16.1 Safe-n-Secure 610 Case 16.2 Cautious George Company 610 PART 8 FINANCIAL MANAGEMENT: CAPSTONE 611 CHAPTER 17 Financial Planning, Forecasting, and Risk Management 612 17.1 The role of financial planning in a business entity 613 17.2 Methods of forecasting 614 17.3 Risk management 629 Case 17.1 Peterson Wake-up Calls 640 CHAPTER 18 Derivatives 643 18.1 Options 645 18.2 Forward and futures contracts 659 18.3 Swaps 666 Case 18.1 The Vanilla Bean Company 672 CHAPTER 19 Working Capital Management 673 19.1 Analyzing working capital 674 19.2 Managing cash and cash equivalents 688 19.3 Managing accounts receivable 691 19.4 Managing inventory 698 19.5 Short-term financing considerations 700 Case 19.1 Mikopo and Trade Credit 713 CHAPTER 20 Leasing 715 20.1 Leasing arrangements 716 20.2 Accounting issues 722 20.3 Evaluating the lease decision 728 Case 20.1 Malcolm as Tax Czar 738 CHAPTER 21 Mergers and Acquisitions 740 21.1 Types of takeovers 741 21.2 Motives for mergers and acquisitions 748 21.3 Valuation issues 757 21.4 Accounting for acquisitions 766 Case 21.1 The Merger of Alpha and Beta 774 Case 21.2 Stanford Sausage Company 775 Appendix Answers to Multiple Choice Questions 776 Glossary 780 Index 797
