Essentials of Managerial Finance with Thomson ONE

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ISBN: 9780324258752 | 0324258755
Cover: Hardcover
Copyright: 5/24/2004

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Essentials of Managerial Finance is the classic that started the First in Finance franchise. Now in its Thirteenth Edition, this best-selling text is renowned for its excellent blend of theoretical and applied material, comprehensive support package, and applicable real-world examples. In addition to its continued coverage of such hot topics as multinational finance, ethical dilemma discussions are incorporated throughout the text. Formerly known as "Weston/Besley/Brigham", Scott Besley is now the primary author.

Part I Introduction to Managerial Finance

(86)

An Overview of Managerial Finance

(34)

A Managerial Perspective

(1)

The Importance of Finance in Nonfinance Areas

(2)

Management

(1)

Marketing

(1)

Information Systems

(1)

Accounting

(1)

Economics

(1)

Career Opportunities in Finance

(2)

Financial Markets and Institutions

(1)

Investments

(1)

Managerial Finance

(1)

Financial Evolution during the Past Century

(3)

The Globalization of Business

(1)

Information Technology

(1)

Regulatory Attitude of the Government

(1)

Alternative Forms of Business Organization

(4)

Proprietorship

(1)

Partnership

(1)

Corporation

(2)

Finance in the Organizational Structure of the Firm

(1)

Responsibilities of the Financial Management Area

(1)

The Goals of the Corporation

(2)

Managerial Incentives to Maximize Shareholder Wealth

(1)

Social Responsibility

(1)

Stock Price Maximization and Social Welfare

(1)

Managerial Actions to Maximize Shareholder Wealth

(2)

Should Earnings Per Share Be Maximized?

(1)

Agency Relationships

(5)

Stockholders versus Managers

(4)

Stockholders versus Creditors

(1)

Business Ethics

(1)

Forms of Businesses in Other Countries

(2)

Multinational Corporations

(1)

Multinational versus Domestic Managerial Finance

(2)

Summary

(1)

Questions

(2)

Self-Test Problem

(1)

Get Real with Thomson One

(1)

The Financial Environment: Markets, Institutions, and Interest Rates

(51)

A Managerial Perspective

(2)

What Are Financial Markets?

(1)

Importance of Financial Markets

(1)

Types of Financial Markets

(2)

Financial Institutions

(5)

Stock Markets

(5)

Physical Stock Exchanges

(1)

Organized Investment Networks---The Over-the-Counter (OTC) Market

(4)

The Cost of Money

(1)

Interest Rate Levels

(4)

The Determinants of Market Interest Rates

(5)

The Nominal, or Quoted, Risk-Free Rate of Interest, kRF

(1)

Inflation Premium (IP)

(1)

Default Risk Premium (DRP)

(1)

Liquidity Premium (LP)

(1)

Maturity Risk Premium (MRP)

(1)

The Term Structure of Interest Rates

(2)

Why Do Yield Curves Differ?

(4)

Does the Yield Curve Indicate Future Interest Rates?

(2)

Other Factors That Influence Interest Rate Levels

(2)

Federal Reserve Policy

(1)

Federal Deficits

(1)

Foreign Trade Balance

(1)

Business Activity

(1)

Interest Rate Levels and Stock Prices

(1)

Interest Rates and Business Decisions

(2)

International Financial Markets

(2)

International Banking

(1)

Summary

(2)

Questions

(1)

Self-Test Problems

(1)

Problems

(6)

Exam-Type Problems

(1)

Integrative Problem

(2)

Computer-Related Problem

(1)

Get Real with Thomson One

(2)

Part II Essential Concepts in Managerial Finance

(162)

The Time Value of Money

(65)

A Managerial Perspective

(2)

Cash Flow Time Lines

(1)

Future Value

(5)

Numerical Solution

(1)

Financial Calculator Solution

(2)

Problem Format

(1)

Graphic View of the Compounding Process: Growth

(1)

Present Value

(3)

Graphic View of the Discounting Process

(1)

Solving for Time and Interest Rates

(2)

Solving for k

(1)

Solving for n

100

(1)

Future Value of an Annuity

101

(4)

Ordinary Annuities

101

(2)

Annuities Due

103

(2)

Present Value of an Annuity

105

(3)

Annuities Due

106

(2)

Solving for Interest Rates with Annuities

108

(2)

Solving for k

108

(1)

Solving for n

109

(1)

Perpetuities

110

(1)

Uneven Cash Flow Streams

111

(3)

Present Value of an Uneven Cash Flow Stream

112

(1)

Future Value of an Uneven Cash Flow Stream

113

(1)

Solving for k with Uneven Cash Flow Streams

114

(1)

Semiannual and Other Compounding Periods

114

(9)

Amortized Loans

123

(2)

Comparison of Different Types of Interest Rates

125

(2)

Summary

127

(3)

Questions

130

(1)

Self-Test Problems

130

(2)

Problems

132

(7)

Exam-Type Problems

135

(2)

Integrative Problem

137

(2)

Computer-Related Problem

139

(1)

Get Real with Thomson One

139

(1)

Appendix 3A Using Spreadsheets to Solve Time Value of Money Problems

140

(7)

Appendix 3B Using Interest Tables to Solve Time Value of Money Problems

147

(3)

Appendix 3C Generating an Amortization Schedule for a Loan Using a Financial Calculator

150

(1)

Appendix 3D Computing the PV of an Uneven Cash Flow Stream Using a Financial Calculator

151

(2)

Risk and Rates of Return

153

(47)

A Managerial Perspective

153

(1)

Defining and Measuring Risk

154

(3)

Probability Distributions

155

(2)

Expected Rate of Return

157

(8)

Continuous versus Discrete Probability Distributions

158

(1)

Measuring Total (Stand-Alone) Risk: The Standard Deviation

159

(3)

Coefficient of Variation

162

(1)

Risk Aversion and Required Returns

163

(2)

Portfolio Risk---Holding Combinations of Assets

165

(13)

Portfolio Returns

165

(1)

Portfolio Risk

166

(4)

Firm-Specific Risk versus Market Risk

170

(3)

The Concept of Beta

173

(3)

Portfolio Beta Coefficients

176

(2)

The Relationship between Risk and Rates of Return

178

(7)

The Impact of Inflation

182

(1)

Changes in Risk Aversion

182

(2)

Changes in a Stock's Beta Coefficient

184

(1)

A Word of Caution

184

(1)

Physical Assets versus Securities

185

(1)

Different Types of Risk

185

(3)

Summary

188

(2)

Questions

190

(1)

Self-Test Problems

191

(1)

Problems

191

(6)

Exam-Type Problems

193

(2)

Integrative Problem

195

(2)

Computer-Related Problem

197

(1)

Get Real with Thomson One

197

(1)

Appendix 4A Calculating Beta Coefficients

198

(2)

Valuation Concepts

200

(49)

A Managerial Perspective

200

(1)

Basic Valuation

201

(1)

Valuation of Financial Assets---Bonds

202

(15)

The Basic Bond Valuation Model

204

(2)

Changes in Bond Values over Time

206

(4)

Finding the Interest Rate on a Bond: Yield to Maturity

210

(2)

Bond Values with Semiannual Compounding

212

(1)

Interest Rate Risk on a Bond

213

(2)

Bond Prices in Recent Years

215

(2)

Valuation of Financial Assets---Equity (Stock)

217

(12)

Definition of Terms Used in the Stock Valuation Models

217

(2)

Expected Dividends as the Basis for Stock Values

219

(2)

Valuing Stocks with Zero Growth

221

(1)

Valuing Stocks with Normal, or Constant, Growth

222

(2)

Expected Rate of Return on a Constant Growth Stock

224

(2)

Valuing Stocks with Nonconstant Growth

226

(3)

Stock Market Equilibrium

229

(5)

Changes in Equilibrium Stock Prices

230

(2)

The Efficient Markets Hypothesis (EMH)

232

(1)

Actual Stock Prices and Returns

233

(1)

Valuation of Real (Tangible) Assets

234

(3)

Summary

237

(1)

Questions

238

(1)

Self-Test Problems

239

(1)

Problems

240

(8)

Exam-Type Problems

243

(2)

Integrative Problem

245

(2)

Computer-Related Problem

247

(1)

Get Real with Thomson One

248

(1)

Part III Capital Budgeting

249

(86)

Capital Budgeting Techniques

250

(35)

A Managerial Perspective

250

(1)

Importance of Capital Budgeting

251

(1)

Generating Ideas for Capital Projects

252

(1)

Project Classifications

252

(1)

Similarities between Capital Budgeting and Asset Valuation

253

(1)

Capital Budgeting Evaluation Techniques

254

(7)

Payback Period

255

(1)

Net Present Value (NPV)

256

(3)

Rationale for the NPV Method

259

(1)

Internal Rate of Return (IRR)

260

(1)

Rationale for the IRR Method

261

(1)

Comparison of the NPV and IRR Methods

261

(7)

NPV Profiles

262

(1)

NPVs and the Required Rate of Return

263

(1)

Independent Projects

263

(1)

Mutually Exclusive Projects

264

(1)

Multiple IRRs

265

(3)

Conclusions on the Capital Budgeting Decision Methods

268

(1)

The Post-Audit

269

(2)

Summary

271

(1)

Questions

272

(1)

Self-Test Problems

273

(1)

Problems

273

(5)

Exam-Type Problems

275

(1)

Integrative Problem

276

(2)

Computer-Related Problem

278

(1)

Get Real with Thomson One

278

Appendix 6A Using a Spreadsheet to Compute NPV and IRR

272

(10)

Appendix 6B Modified Internal Rate of Return (MIRR)

282

(3)

Project Cash Flows and Risk

285

(50)

A Managerial Perspective

285

(1)

Cash Flow Estimation

286

(1)

Relevant Cash Flows

287

(3)

Cash Flow versus Accounting Income

287

(2)

Incremental Cash Flows

289

(1)

Identifying Incremental Cash Flows

290

(2)

Initial Investment Outlay

291

(1)

Incremental Operating Cash Flows

291

(1)

Terminal Cash Flow

292

(1)

Capital Budgeting Project Evaluation

292

(8)

Expansion Projects

293

(3)

Replacement Analysis

296

(4)

Incorporating Risk in Capital Budgeting Analysis

300

(1)

Stand-Alone Risk

301

(5)

Sensitivity Analysis

302

(1)

Scenario Analysis

303

(1)

Monte Carlo Simulation

304

(2)

Corporate (within-Firm) Risk

306

(3)

Beta (Market) Risk

309

(1)

Beta (or Market) Risk and Required Rate of Return for a Project

307

(2)

Measuring Beta Risk for a Project

309

(1)

Project Risk Conclusions

310

(1)

How Project Risk Is Considered in Capital Budgeting Decisions

311

(1)

Capital Rationing

312

(1)

Multinational Capital Budgeting

313

(1)

Summary

314

(1)

Questions

315

(1)

Self-Test Problems

316

(2)

Problems

318

(8)

Exam-Type Problems

321

(1)

Integrative Problem

322

(4)

Computer-Related Problem

326

(1)

Get Real with Thomson One

326

(1)

Appendix 7A Depreciation

327

(4)

Appendix 7B Comparing Projects with Unequal Lives

331

(4)

Part IV Cost of Capital, Leverage, and Dividend Policy

335

(106)

The Cost of Capital

336

(41)

A Managerial Perspective

336

(1)

The Logic of the Weighted Average Cost of Capital

337

(1)

Basic Definitions

338

(1)

Cost of Debt, kdT

339

(2)

Cost of Preferred Stock, kps

341

(1)

Cost of Retained Earnings, or Internal Equity, ks

341

(5)

The CAPM Approach

343

(1)

Discounted Cash Flow (DCF) Approach

343

(2)

Bond-Yield-Plus-Risk-Premium Approach

345

(1)

Cost of Newly Issued Common Stock, or External Equity, kc

346

(3)

Weighted Average Cost of Capital, WACC

349

(1)

The Marginal Cost of Capital, MCC

350

(10)

The MCC Schedule

350

(4)

Other Breaks in the MCC Schedule

354

(3)

Constructing an MCC Schedule---An Illustration

357

(3)

Combining the MCC and Investment Opportunity Schedules

360

(3)

WACC versus Required Rate of Return of Investors

363

(3)

Summary

366

(1)

Questions

367

(1)

Self-Test Problems

368

(1)

Problems

369

(7)

Exam-Type Problems

372

(2)

Integrative Problem

374

(2)

Computer-Related Problem

376

(1)

Get Real with Thomson One

376

(1)

Capital Structure

377

(39)

A Managerial Perspective

377

(1)

The Target Capital Structure

378

(1)

Business and Financial Risk

379

(3)

Business Risk

380

(2)

Financial Risk

382

(1)

Determining the Optimal Capital Structure

382

(10)

EPS Analysis of the Effects of Financial Leverage

383

(5)

EBIT/EPS Examination of Financial Leverage

388

(1)

The Effect of Capital Structure on Stock Prices and the Cost of Capital

388

(4)

Degree of Leverage

392

(5)

Degree of Operating Leverage (DOL)

392

(2)

Degree of Financial Leverage (DFL)

394

(1)

Degree of Total Leverage (DTL)

395

(2)

Liquidity and Capital Structure

397

(2)

Capital Structure Theory

399

(5)

Trade-Off Theory

399

(2)

Signaling Theory

401

(3)

Variations in Capital Structures among Firms

404

(1)

Capital Structures around the World

405

(2)

Summary

407

(1)

Questions

408

(1)

Self-Test Problems

408

(1)

Problems

409

(6)

Exam-Type Problems

411

(1)

Integrative Problem

412

(2)

Computer-Related Problem

414

(1)

Get Real with Thomson One

415

(1)

Dividend Policy

416

(25)

A Managerial Perspective

416

(1)

Dividend Policy and Stock Value

417

(1)

Investors and Dividend Policy

418

(2)

Information Content, or Signaling

418

(1)

Clientele Effect

419

(1)

Free Cash Flow Hypothesis

419

(1)

Dividend Policy in Practice

420

(8)

Types of Dividend Payments

420

(4)

Payment Procedures

424

(3)

Dividend Reinvestment Plans

427

(1)

Factors Influencing Dividend Policy

428

(1)

Stock Dividends and Stock Splits

429

(3)

Stock Splits

429

(1)

Stock Dividends

430

(1)

Balance Sheet Effects

430

(1)

Price Effects

430

(2)

Dividend Policies around the World

432

(2)

Summary

434

(1)

Questions

435

(1)

Self-Test Problems

436

(1)

Problems

437

(3)

Exam-Type Problems

438

(1)

Integrative Problem

439

(1)

Computer-Related Problem

440

(1)

Get Real with Thomson One

440

(1)

Part V Forecasting, Planning, and Control

441

(106)

Analysis of Financial Statements

442

(58)

A Managerial Perspective

442

(1)

Financial Statements and Reports

443

(11)

The Income Statement

445

(1)

The Balance Sheet

445

(3)

Statement of Retained Earnings

448

(1)

Accounting Income versus Cash Flow

449

(1)

Statement of Cash Flows

450

(4)

Ratio Analysis

454

(16)

Liquidity Ratios

454

(2)

Asset Management Ratios

456

(3)

Debt Management Ratios

459

(3)

Profitability Ratios

462

(2)

Market Value Ratios

464

(2)

Trend Analysis

466

(1)

Summary of Ratio Analysis: The DuPont Chart

466

(4)

Comparative Ratios (Benchmarking)

470

(2)

Uses and Limitations of Ratio Analysis

472

(1)

The Federal Income Tax System

473

(7)

Individual Income Taxes

474

(2)

Corporate Income Taxes

476

(4)

Summary

480

(2)

Questions

482

(2)

Self-Test Problems

484

(4)

Problems

488

(9)

Exam-Type Problems

490

(3)

Integrative Problem

493

(3)

Computer-Related Problem

496

(1)

Get Real with Thomson One

497

(1)

Appendix 11A 2004 Tax Rate Schedules

497

(3)

Financial Planning and Control

500

(47)

A Managerial Perspective

500

(1)

Sales Forecasts

501

(2)

Projected (Pro Forma) Financial Statements

503

(7)

Step 1. Forecast the 2006 Income Statement

504

(1)

Step 2. Forecast the 2006 Balance Sheet

505

(2)

Step 3. Raising the Additional Funds Needed

507

(1)

Step 4. Financing Feedbacks

507

(1)

Analysis of the Forecast

508

(2)

Other Considerations in Forecasting

510

(2)

Excess Capacity

510

(2)

Economies of Scale

512

(1)

Lumpy Assets

512

(1)

Financial Control---Budgeting and Leverage

512

(1)

Operating Breakeven Analysis

513

(5)

Breakeven Graph

514

(1)

Breakeven Computation

515

(2)

Using Operating Breakeven Analysis

517

(1)

Operating Leverage

518

(5)

Operating Leverage and Operating Breakeven

521

(2)

Financial Breakeven Analysis

523

(2)

Breakeven Graph

523

(1)

Breakeven Computation

524

(1)

Using Financial Breakeven Analysis

525

(1)

Financial Leverage

525

(3)

Combining Operating and Financial Leverage (DTL)

528

(2)

Using Leverage and Forecasting for Control

530

(2)

Summary

532

(1)

Questions

533

(1)

Self-Test Problems

534

(1)

Problems

534

(11)

Exam-Type Problems

539

(2)

Integrative Problem

541

(3)

Computer-Related Problem

544

(1)

Get Real with Thomson One

545

(1)

Appendix 12A Projected Financial Statements, Including Financing Feedbacks

545

(2)

Part VI Working Capital Management

547

(102)

Working Capital Policy

548

(29)

A Managerial Perspective

548

(1)

Working Capital Terminology

549

(2)

The Requirement for External Working Capital Financing

551

(1)

The Relationships Among Working Capital Accounts

552

(5)

The Cash Conversion Cycle

557

(4)

Working Capital Investment and Financing Policies

561

(5)

Alternative Current Asset Investment Policies

561

(1)

Alternative Current Asset Financing Policies

562

(4)

Advantages and Disadvantages of Short-Term Financing

566

(1)

Speed

566

(1)

Flexibility

567

(1)

Cost of Long-Term versus Short-Term Debt

567

(1)

Risk of Long-Term versus Short-Term Debt

567

(1)

Multinational Working Capital Management

567

(1)

Summary

568

(1)

Questions

569

(1)

Self-Test Problems

570

(1)

Problems

571

(5)

Exam-Type Problems

572

(1)

Integrative Problem

573

(2)

Computer-Related Problem

575

(1)

Get Real with Thomson One

576

(1)

Managing Short-Term Assets

577

(42)

A Managerial Perspective

577

(2)

Cash Management

579

(1)

The Cash Budget

580

(5)

Cash Management Techniques

585

(5)

Cash Flow Synchronization

585

(1)

Check-Clearing Process

586

(1)

Using Float

586

(2)

Acceleration of Receipts

588

(1)

Disbursement Control

588

(2)

Marketable Securities

590

(3)

Rationale for Holding Marketable Securities

590

(1)

Characteristics of Marketable Securities

591

(1)

Types of Marketable Securities

591

(2)

Credit Management

593

(6)

Credit Policy

593

(1)

Receivables Monitoring

594

(2)

Analyzing Proposed Changes in Credit Policy

596

(3)

Inventory Management

599

(5)

Types of Inventory

599

(1)

Optimal Inventory Level

599

(5)

Inventory Control Systems

604

(1)

Multinational Working Capital Management

604

(3)

Cash Management

604

(1)

Credit Management

605

(1)

Inventory Management

605

(2)

Summary

607

(1)

Questions

608

(2)

Self-Test Problems

610

(1)

Problems

611

(7)

Exam-Type Problems

615

(1)

Integrative Problems

616

(1)

Computer-Related Problems

617

(1)

Get Real with Thomson One

618

(1)

Managing Short-Term Liabilities (Financing)

619

(30)

A Managerial Perspective

619

(1)

Sources of Short-Term Financing

620

(1)

Accruals

620

(1)

Accounts Payable (Trade Credit)

621

(1)

The Cost of Trade Credit

621

(1)

Components of Trade Credit: Free versus Costly

622

(1)

Short-Term Bank Loans

622

(3)

Maturity

623

(1)

Promissory Note

623

(1)

Compensating Balances

623

(1)

Line of Credit

623

(1)

The Cost of Bank Loans

624

(1)

Choosing a Bank

625

(2)

Willingness to Assume Risks

625

(1)

Advice and Consent

625

(1)

Loyalty to Customers

625

(1)

Specialization

626

(1)

Maximum Loan Size

626

(1)

Merchant Banking

626

(1)

Other Services

626

(1)

Commercial Paper

627

(1)

Use of Commercial Paper

627

(1)

Maturity and Cost

627

(1)

Computing the Cost of Short-Term Credit

628

(5)

Computing the Cost of Trade Credit (Accounts Payable)

628

(1)

Computing the Cost of Bank Loans

629

(2)

Computing the Cost of Commercial Paper

631

(1)

Borrowed (Principal) Amount versus Required (Needed) Amount

632

(1)

Use of Security in Short-Term Financing

633

(7)

Accounts Receivable Financing

634

(4)

Inventory Financing

638

(2)

Summary

640

(1)

Questions

641

(1)

Self-Test Problems

642

(1)

Problems

642

(6)

Exam-Type Problems

645

(1)

Integrative Problem

646

(2)

Computer-Related Problem

648

(1)

Get Real with Thomson One

648

(1)

Part VII Strategic Long-Term Financing Decisions

649

(90)

Common Stock and the Investment Banking Process

650

(26)

A Managerial Perspective

650

(1)

Balance Sheet Accounts and Definitions

651

(1)

Legal Rights and Privileges of Common Stockholders

652

(2)

Control of the Firm

653

(1)

The Preemptive Right

653

(1)

Types of Common Stock

654

(1)

Evaluation of Common Stock as a Source of Funds

655

(2)

From a Corporation's Viewpoint

655

(1)

From a Social Viewpoint

656

(1)

The Market for Common Stock

657

(5)

Types of Stock Market Transactions

657

(1)

The Decision to List the Stock

658

(1)

Regulation of Securities Markets

659

(3)

Financial Instruments in International Markets

662

(1)

American Depository Receipts

662

(1)

Foreign Equity Instruments

662

(1)

The Investment Banking Process

663

(6)

Raising Capital: Stage I Decisions

663

(1)

Raising Capital: Stage II Decisions

664

(3)

Selling Procedures

667

(1)

Shelf Registration

668

(1)

Maintenance of the Secondary Market

669

(1)

Summary

669

(1)

Questions

670

(1)

Self-Test Problems

671

(1)

Problems

671

(4)

Exam-Type Problems

673

(1)

Integrative Problem

674

(1)

Get Real with Thomson One

675

(1)

Long-Term Debt

676

(30)

A Managerial Perspective

676

(1)

Traditional Debt Instruments

677

(3)

Term Loans

677

(1)

Bonds

678

(2)

Specific Debt Contract Features

680

(2)

Bond Indentures

680

(1)

Call Provisions

681

(1)

Sinking Funds

681

(1)

Bond Innovations in the Past Few Decades

682

(8)

Zero (or Very Low) Coupon Bonds

682

(1)

Floating Rate Debt

683

(1)

Junk Bonds

684

(3)

Bond Rating Criteria

687

(1)

Importance of Bond Ratings

687

(3)

Changes in Ratings

690

(1)

Rationale for Using Different Types of Securities

690

(1)

Factors Influencing Long-Term Financing Decisions

691

(3)

Target Capital Structure

691

(1)

Maturity Matching

692

(1)

Interest Rate Levels

693

(1)

Forecasted Interest Rates

693

(1)

The Firm's Current and Forecasted Conditions

693

(1)

Restrictions in Existing Debt Contracts

694

(1)

Availability of Collateral

694

(1)

Bankruptcy and Reorganization

694

(1)

Refunding Operations

695

(1)

Foreign Debt Instruments

696

(2)

Summary

698

(1)

Questions

699

(1)

Self-Test Problems

700

(1)

Problems

701

(3)

Exam-Type Problems

703

(1)

Integrative Problem

703

(1)

Get Real with Thomson One

704

(2)

Alternative Financing Arrangements and Corporate Restructuring

706

(33)

A Managerial Perspective

706

(1)

Preferred Stock

707

(3)

Major Provisions of Preferred Stock Issues

708

(1)

Pros and Cons of Preferred Stock

709

(1)

Leasing

710

(7)

Types of Leases

711

(1)

Financial Statement Effects

712

(2)

Evaluation by the Lessee

714

(3)

Factors That Affect Leasing Decisions

717

(1)

Options

717

(3)

Option Types and Markets

718

(1)

Option Values

719

(1)

Warrants

720

(2)

Use of Warrants in Financing

721

(1)

Convertibles

722

(2)

Conversion Ratio and Conversion Price

722

(1)

Use of Convertibles in Financing

723

(1)

Reporting Earnings When Warrants or Convertibles Are Outstanding

724

(1)

Leveraged Buyouts (LBOs)

725

(2)

Mergers

727

(3)

Rationale for Mergers

727

(1)

Types of Mergers

728

(1)

Merger Activity

729

(1)

Summary

730

(1)

Questions

731

(1)

Self-Test Problems

732

(1)

Problems

733

(4)

Exam-Type Problem

735

(1)

Integrative Problem

736

(1)

Computer-Related Problem

737

(1)

Get Real with Thomson One

737

(2)

Appendix A Mathematical Tables

739

(9)

Appendix B Solutions to Self-Test Problems

748

(31)

Appendix C Answers to End-of-Chapter Problems

779

(5)

Appendix D Selected Equations

784

(9)

Index

793

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Essentials of Managerial Finance with Thomson ONE

Summary

Table of Contents

Supplemental Materials