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Solution Manual For Corporate Finance 11th Edition Stephen Ross

Solution Manual For Corporate Finance 11th Edition Stephen Ross

Essentials of Corporate Finance focuses on what undergraduate students with widely varying backgrounds need to carry away from a core course in business or corporate finance. The goal is to convey the most important concepts at a level that is approachable for the widest possible audience. Essentials is written in a relaxed conversational style that invites the students to join in the learning process rather than being a passive information absorber.Essentials has three basic themes as a central focus: An Emphasis on Intuition: We always try to separate and explain the principles at work on a commonsense intuitive level before launching into any specifics. A Unified Valuation Approach: We treat net present value (NPV) as the basic concept underlying corporate finance. A Managerial Focus: Students shouldn’t lose sight of the fact that financial management concerns management. We emphasize the role of the financial manager as decision-maker and we stress the need for managerial input and judgment.
  1. Cover
  2. Title
  3. Copyright
  4. About the Authors
  5. From the Authors
  6. Organization of the Text
  7. Learning Solutions
  8. Connect
  9. Comprehensive Teaching and Learning Package
  10. Acknowledgments
  11. Brief Contents
  12. Contents
  13. List of Boxes
  14. Part One: Overview of Financial Management
  15. 1 Introduction to Financial Management
  16. 1.1 Finance: A Quick Look
  17. The Five Basic Areas
  18. Corporate Finance
  19. Investments
  20. Financial Institutions
  21. International Finance
  22. Fintech
  23. Why Study Finance?
  24. Marketing and Finance
  25. Accounting and Finance
  26. Management and Finance
  27. Technology and Finance
  28. You and Finance
  29. 1.2 Business Finance and the Financial Manager
  30. What Is Business Finance?
  31. The Financial Manager
  32. Financial Management Decisions
  33. Capital Budgeting
  34. Capital Structure
  35. Working Capital Management
  36. Conclusion
  37. 1.3 Forms of Business Organization
  38. Sole Proprietorship
  39. Partnership
  40. Corporation
  41. A Corporation by Another Name . . .
  42. Benefit Corporation
  43. 1.4 The Goal of Financial Management
  44. Profit Maximization
  45. The Goal of Financial Management in a Corporation
  46. A More General Financial Management Goal
  47. Sarbanes-Oxley Act
  48. 1.5 The Agency Problem and Control of the Corporation
  49. Agency Relationships
  50. Management Goals
  51. Do Managers Act in the Stockholders’ Interests?
  52. Managerial Compensation
  53. Control of the Firm
  54. Conclusion
  55. Stakeholders
  56. 1.6 Financial Markets and the Corporation
  57. Cash Flows to and from the Firm
  58. Primary versus Secondary Markets
  59. Primary Markets
  60. Secondary Markets
  61. Summary and Conclusions
  62. Critical Thinking and Concepts Review
  63. What’s on the Web?
  64. Chapter Case: The McGee Cake Company
  65. Part Two: Understanding Financial Statements and Cash Flow
  66. 2 Financial Statements, Taxes, and Cash Flow
  67. 2.1 The Balance Sheet
  68. Assets: The Left-Hand Side
  69. Liabilities and Owners’ Equity: The Right-Hand Side
  70. Net Working Capital
  71. Liquidity
  72. Debt versus Equity
  73. Market Value versus Book Value
  74. 2.2 The Income Statement
  75. GAAP and the Income Statement
  76. Noncash Items
  77. Time and Costs
  78. Earnings Management
  79. 2.3 Taxes
  80. Corporate Tax Rates
  81. Average versus Marginal Tax Rates
  82. 2.4 Cash Flow
  83. Cash Flow from Assets
  84. Operating Cash Flow
  85. Capital Spending
  86. Change in Net Working Capital
  87. Conclusion
  88. A Note on “Free” Cash Flow
  89. Cash Flow to Creditors and Stockholders
  90. Cash Flow to Creditors
  91. Cash Flow to Stockholders
  92. Conclusion
  93. An Example: Cash Flows for Dole Cola
  94. Operating Cash Flow
  95. Net Capital Spending
  96. Change in NWC and Cash Flow from Assets
  97. Cash Flow to Creditors and Stockholders
  98. Summary and Conclusions
  99. Chapter Review and Self-Test Problem
  100. Answer to Chapter Review and Self-Test Problem
  101. Critical Thinking and Concepts Review
  102. Questions and Problems
  103. What’s on the Web?
  104. Excel Master It! Problem
  105. Chapter Case: Cash Flows and Financial Statements at Sunset Boards, Inc.
  106. 3 Working with Financial Statements
  107. 3.1 Standardized Financial Statements
  108. Common-Size Balance Sheets
  109. Common-Size Income Statements
  110. 3.2 Ratio Analysis
  111. Short-Term Solvency, or Liquidity, Measures
  112. Current Ratio
  113. Quick (or Acid-Test) Ratio
  114. Cash Ratio
  115. Long-Term Solvency Measures
  116. Total Debt Ratio
  117. Times Interest Earned
  118. Cash Coverage
  119. Asset Management, or Turnover, Measures
  120. Inventory Turnover and Days’ Sales in Inventory
  121. Receivables Turnover and Days’ Sales in Receivables
  122. Total Asset Turnover
  123. Profitability Measures
  124. Profit Margin
  125. Return on Assets
  126. Return on Equity
  127. Market Value Measures
  128. Price-Earnings Ratio
  129. Price-Sales Ratio
  130. Market-to-Book Ratio
  131. Enterprise Value-EBITDA Ratio
  132. 3.3 The DuPont Identity
  133. An Expanded DuPont Analysis
  134. 3.4 Internal and Sustainable Growth
  135. Dividend Payout and Earnings Retention
  136. ROA, ROE, and Growth
  137. The Internal Growth Rate
  138. The Sustainable Growth Rate
  139. Determinants of Growth
  140. A Note on Sustainable Growth Rate Calculations
  141. 3.5 Using Financial Statement Information
  142. Why Evaluate Financial Statements?
  143. Internal Uses
  144. External Uses
  145. Choosing a Benchmark
  146. Time-Trend Analysis
  147. Peer Group Analysis
  148. Problems with Financial Statement Analysis
  149. Summary and Conclusions
  150. Chapter Review and Self-Test Problems
  151. Answers to Chapter Review and Self-Test Problems
  152. Critical Thinking and Concepts Review
  153. Questions and Problems
  154. What’s on the Web?
  155. Excel Master It! Problem
  156. Chapter Case: Ratios and Financial Planning at S&S Air, Inc.
  157. Part Three: Valuation of Future Cash Flows
  158. 4 Introduction to Valuation: The Time Value of Money
  159. 4.1 Future Value and Compounding
  160. Investing for a Single Period
  161. Investing for More Than One Period
  162. 4.2 Present Value and Discounting
  163. The Single-Period Case
  164. Present Values for Multiple Periods
  165. 4.3 More on Present and Future Values
  166. Present versus Future Value
  167. Determining the Discount Rate
  168. Finding the Number of Periods
  169. Summary and Conclusions
  170. Chapter Review and Self-Test Problems
  171. Answers to Chapter Review and Self-Test Problems
  172. Critical Thinking and Concepts Review
  173. Questions and Problems
  174. What’s on the Web?
  175. Excel Master It! Problem
  176. 5 Discounted Cash Flow Valuation
  177. 5.1 Future and Present Values of Multiple Cash Flows
  178. Future Value with Multiple Cash Flows
  179. Present Value with Multiple Cash Flows
  180. A Note on Cash Flow Timing
  181. 5.2 Valuing Level Cash Flows: Annuities and Perpetuities
  182. Present Value for Annuity Cash Flows
  183. Annuity Tables
  184. Finding the Payment
  185. Finding the Rate
  186. Future Value for Annuities
  187. A Note on Annuities Due
  188. Perpetuities
  189. 5.3 Comparing Rates: The Effect of Compounding Periods
  190. Effective Annual Rates and Compounding
  191. Calculating and Comparing Effective Annual Rates
  192. EARs and APRs
  193. EARs, APRs, Financial Calculators, and Spreadsheets
  194. 5.4 Loan Types and Loan Amortization
  195. Pure Discount Loans
  196. Interest-Only Loans
  197. Amortized Loans
  198. Summary and Conclusions
  199. Chapter Review and Self-Test Problems
  200. Answers to Chapter Review and Self-Test Problems
  201. Critical Thinking and Concepts Review
  202. Questions and Problems
  203. What’s on the Web?
  204. Excel Master It! Problem
  205. Chapter Case: S&S Air’s Mortgage
  206. Part Four: Valuing Stocks and Bonds
  207. 6 Interest Rates and Bond Valuation
  208. 6.1 Bonds and Bond Valuation
  209. Bond Features and Prices
  210. Bond Values and Yields
  211. Interest Rate Risk
  212. Finding the Yield to Maturity: More Trial and Error
  213. 6.2 More on Bond Features
  214. Is It Debt or Equity?
  215. Long-Term Debt: The Basics
  216. The Indenture
  217. Terms of a Bond
  218. Security
  219. Seniority
  220. Repayment
  221. The Call Provision
  222. Protective Covenants
  223. 6.3 Bond Ratings
  224. 6.4 Some Different Types of Bonds
  225. Government Bonds
  226. Zero Coupon Bonds
  227. Floating-Rate Bonds
  228. Other Types of Bonds
  229. Sukuk
  230. 6.5 Bond Markets
  231. How Bonds Are Bought and Sold
  232. Bond Price Reporting
  233. A Note on Bond Price Quotes
  234. 6.6 Inflation and Interest Rates
  235. Real versus Nominal Rates
  236. The Fisher Effect
  237. 6.7 Determinants of Bond Yields
  238. The Term Structure of Interest Rates
  239. Bond Yields and the Yield Curve: Putting It All Together
  240. Conclusion
  241. Summary and Conclusions
  242. Chapter Review and Self-Test Problems
  243. Answers to Chapter Review and Self-Test Problems
  244. Critical Thinking and Concepts Review
  245. Questions and Problems
  246. What’s on the Web?
  247. Excel Master It! Problem
  248. Chapter Case: Financing S&S Air’s Expansion Plans with a Bond Issue
  249. 7 Equity Markets and Stock Valuation
  250. 7.1 Common Stock Valuation
  251. Cash Flows
  252. Some Special Cases
  253. Zero Growth
  254. Constant Growth
  255. Nonconstant Growth
  256. Components of the Required Return
  257. Stock Valuation Using Comparables, or Comps
  258. 7.2 Some Features of Common and Preferred Stock
  259. Common Stock Features
  260. Shareholder Rights.
  261. Proxy Voting
  262. Classes of Stock
  263. Other Rights
  264. Dividends
  265. Preferred Stock Features
  266. Stated Value
  267. Cumulative and Noncumulative Dividends
  268. Is Preferred Stock Really Debt?
  269. 7.3 The Stock Markets
  270. Dealers and Brokers
  271. Organization of the NYSE
  272. Members
  273. Operations
  274. Floor Activity
  275. Nasdaq Operations
  276. ECNs
  277. Stock Market Reporting
  278. Summary and Conclusions
  279. Chapter Review and Self-Test Problems
  280. Answers to Chapter Review and Self-Test Problems
  281. Critical Thinking and Concepts Review
  282. Questions and Problems
  283. What’s on the Web?
  284. Excel Master It! Problem
  285. Chapter Case: Stock Valuation at Ragan, Inc.
  286. Part Five: Capital Budgeting
  287. 8 Net Present Value and Other Investment Criteria
  288. 8.1 Net Present Value
  289. The Basic Idea
  290. Estimating Net Present Value
  291. 8.2 The Payback Rule
  292. Defining the Rule
  293. Analyzing the Rule
  294. Redeeming Qualities of the Rule
  295. Summary of the Rule
  296. 8.3 The Average Accounting Return
  297. 8.4 The Internal Rate Of Return
  298. Problems with the IRR
  299. Nonconventional Cash Flows
  300. Mutually Exclusive Investments
  301. Redeeming Qualities of the IRR
  302. The Modified Internal Rate of Return (MIRR)
  303. Method 1: The Discounting Approach
  304. Method 2: The Reinvestment Approach
  305. Method 3: The Combination Approach
  306. MIRR or IRR: Which Is Better?
  307. 8.5 The Profitability Index
  308. 8.6 The Practice Of Capital Budgeting
  309. Summary and Conclusions
  310. Chapter Review and Self-Test Problems
  311. Answers to Chapter Review and Self-Test Problems
  312. Critical Thinking and Concepts Review
  313. Questions and Problems
  314. What’s on the Web?
  315. Excel Master It! Problem
  316. Chapter Case: Bullock Gold Mining
  317. 9 Making Capital Investment Decisions
  318. 9.1 Project Cash Flows: A First Look
  319. Relevant Cash Flows
  320. The Stand-Alone Principle
  321. 9.2 Incremental Cash Flows
  322. Sunk Costs
  323. Opportunity Costs
  324. Side Effects
  325. Net Working Capital
  326. Financing Costs
  327. Other Issues
  328. 9.3 Pro Forma Financial Statements and Project Cash Flows
  329. Getting Started: Pro Forma Financial Statements
  330. Project Cash Flows
  331. Project Operating Cash Flow
  332. Project Net Working Capital and Capital Spending
  333. Projected Total Cash Flow and Value
  334. The Tax Shield Approach
  335. 9.4 More on Project Cash Flow
  336. A Closer Look at Net Working Capital
  337. Depreciation
  338. Modified ACRS (MACRS) Depreciation
  339. Bonus Depreciation
  340. Book Value versus Market Value
  341. An Example: The Majestic Mulch and Compost Company (MMCC)
  342. Operating Cash Flows
  343. Changes in NWC
  344. Capital Spending
  345. Total Cash Flow and Value
  346. Conclusion
  347. 9.5 Evaluating NPV Estimates
  348. The Basic Problem
  349. Forecasting Risk
  350. Sources of Value
  351. 9.6 Scenario and Other What-If Analyses
  352. Getting Started
  353. Scenario Analysis
  354. Sensitivity Analysis
  355. 9.7 ADDITIONAL CONSIDERATIONS IN CAPITAL BUDGETING
  356. Managerial Options and Capital Budgeting
  357. Contingency Planning
  358. Strategic Options
  359. Conclusion
  360. Capital Rationing
  361. Soft Rationing
  362. Hard Rationing
  363. Summary and Conclusions
  364. Chapter Review and Self-Test Problems
  365. Answers to Chapter Review and Self-Test Problems
  366. Critical Thinking and Concepts Review
  367. Questions and Problems
  368. Excel Master It! Problem
  369. Chapter Case: Conch Republic Electronics
  370. Part Six: Risk and Return
  371. 10 Some Lessons from Capital Market History
  372. 10.1 Returns
  373. Dollar Returns
  374. Percentage Returns
  375. 10.2 The Historical Record
  376. A First Look
  377. A Closer Look
  378. 10.3 Average Returns: The First Lesson
  379. Calculating Average Returns
  380. Average Returns: The Historical Record
  381. Risk Premiums
  382. The First Lesson
  383. 10.4 The Variability of Returns: The Second Lesson
  384. Frequency Distributions and Variability
  385. The Historical Variance and Standard Deviation
  386. The Historical Record
  387. Normal Distribution
  388. The Second Lesson
  389. 2008: The Bear Growled and Investors Howled
  390. Using Capital Market History
  391. More on the Stock Market Risk Premium
  392. 10.5 More on Average Returns
  393. Arithmetic versus Geometric Averages
  394. Calculating Geometric Average Returns
  395. Arithmetic Average Return or Geometric Average Return?
  396. 10.6 Capital Market Efficiency
  397. Price Behavior in an Efficient Market
  398. The Efficient Markets Hypothesis
  399. Some Common Misconceptions about the EMH
  400. The Forms of Market Efficiency
  401. Summary and Conclusions
  402. Chapter Review and Self-Test Problems
  403. Answers to Chapter Review and Self-Test Problems
  404. Critical Thinking and Concepts Review
  405. Questions and Problems
  406. What’s on the Web?
  407. Excel Master It! Problem
  408. Chapter Case: A Job at S&S Air
  409. 11 Risk and Return
  410. 11.1 Expected Returns and Variances
  411. Expected Return
  412. Calculating the Variance
  413. 11.2 Portfolios
  414. Portfolio Weights
  415. Portfolio Expected Returns
  416. Portfolio Variance
  417. 11.3 Announcements, Surprises, and Expected Returns
  418. Expected and Unexpected Returns
  419. Announcements and News
  420. 11.4 Risk: Systematic and Unsystematic
  421. Systematic and Unsystematic Risk
  422. Systematic and Unsystematic Components of Return
  423. 11.5 Diversification and Portfolio Risk
  424. The Effect of Diversification: Another Lesson from Market History
  425. The Principle of Diversification
  426. Diversification and Unsystematic Risk
  427. Diversification and Systematic Risk
  428. 11.6 Systematic Risk and Beta
  429. The Systematic Risk Principle
  430. Measuring Systematic Risk
  431. Portfolio Betas
  432. 11.7 The Security Market Line
  433. Beta and the Risk Premium
  434. The Reward-to-Risk Ratio
  435. The Basic Argument
  436. The Fundamental Result
  437. The Security Market Line
  438. Market Portfolios
  439. The Capital Asset Pricing Model
  440. 11.8 The SML and the Cost of Capital: a Preview
  441. The Basic Idea
  442. The Cost of Capital
  443. Summary and Conclusions
  444. Chapter Review and Self-Test Problems
  445. Answers to Chapter Review and Self-Test Problems
  446. Critical Thinking and Concepts Review
  447. Questions and Problems
  448. What’s on the Web?
  449. Excel Master It! Problem
  450. Chapter Case: The Beta for FLIR Systems
  451. Part Seven: Long-Term Financing
  452. 12 Cost of Capital
  453. 12.1 The Cost of Capital: Some Preliminaries
  454. Required Return versus Cost of Capital
  455. Financial Policy and Cost of Capital
  456. 12.2 The Cost of Equity
  457. The Dividend Growth Model Approach
  458. Implementing the Approach
  459. Estimating g
  460. Advantages and Disadvantages of the Approach
  461. The SML Approach
  462. Implementing the Approach
  463. Advantages and Disadvantages of the Approach
  464. 12.3 The Costs of Debt and Preferred Stock
  465. The Cost of Debt
  466. The Cost of Preferred Stock
  467. 12.4 The Weighted Average Cost of Capital
  468. The Capital Structure Weights
  469. Taxes and the Weighted Average Cost of Capital
  470. Solving the Warehouse Problem and Similar Capital Budgeting Problems
  471. Calculating the WACC for Eastman Chemical
  472. Eastman’s Cost of Equity
  473. Eastman’s Cost of Debt
  474. Eastman’s WACC
  475. 12.5 Divisional and Project Costs of Capital
  476. The SML and the WACC
  477. Divisional Cost of Capital
  478. The Pure Play Approach
  479. The Subjective Approach
  480. 12.6 Company Valuation With The WACC
  481. Summary and Conclusions
  482. Chapter Review and Self-Test Problems
  483. Answers to Chapter Review and Self-Test Problems
  484. Critical Thinking and Concepts Review
  485. Questions and Problems
  486. What’s on the Web?
  487. Excel Master It! Problem
  488. Chapter Case: Cost of Capital for Master Tools
  489. 13 Leverage and Capital Structure
  490. 13.1 The Capital Structure Question
  491. 13.2 The Effect of Financial Leverage
  492. The Impact of Financial Leverage
  493. Financial Leverage, EPS, and ROE: An Example
  494. EPS versus EBIT
  495. Corporate Borrowing and Homemade Leverage
  496. 13.3 Capital Structure and The Cost of Equity Capital
  497. M&M Proposition I: The Pie Model
  498. The Cost of Equity and Financial Leverage: M&M Proposition II
  499. Business and Financial Risk
  500. 13.4 Corporate Taxes and Capital Structure
  501. The Interest Tax Shield
  502. Taxes and M&M Proposition I
  503. Conclusion
  504. 13.5 Bankruptcy Costs
  505. Direct Bankruptcy Costs
  506. Indirect Bankruptcy Costs
  507. 13.6 Optimal Capital Structure
  508. The Static Theory of Capital Structure
  509. Optimal Capital Structure and the Cost of Capital
  510. Capital Structure: Some Managerial Recommendations
  511. Taxes
  512. Financial Distress
  513. 13.7 Observed Capital Structures
  514. 13.8 A Quick Look at The Bankruptcy Process
  515. Liquidation and Reorganization
  516. Bankruptcy Liquidation
  517. Bankruptcy Reorganization
  518. Financial Management and the Bankruptcy Process
  519. Agreements to Avoid Bankruptcy
  520. Summary and Conclusions
  521. Chapter Review and Self-Test Problems
  522. Answers to Chapter Review and Self-Test Problems
  523. Critical Thinking and Concepts Review
  524. Questions and Problems
  525. What’s on the Web?
  526. Excel Master It! Problem
  527. Chapter Case: Stephenson Real Estate Recapitalization
  528. 14 Dividends and Dividend Policy
  529. 14.1 Cash Dividends and Dividend Payment
  530. Cash Dividends
  531. Standard Method of Cash Dividend Payment
  532. Dividend Payment: A Chronology
  533. More on the Ex-Dividend Date
  534. 14.2 Does Dividend Policy Matter?
  535. An Illustration of the Irrelevance of Dividend Policy
  536. Current Policy: Dividends Set Equal to Cash Flow
  537. Alternative Policy: Initial Dividend Greater Than Cash Flow
  538. A Test
  539. Some Real-World Factors Favoring a Low Payout
  540. Taxes
  541. Flotation Costs
  542. Dividend Restrictions
  543. Some Real-World Factors Favoring a High Payout
  544. Desire for Current Income
  545. Tax and Legal Benefits from High Dividends
  546. Clientele Effects: A Resolution of Real-World Factors?
  547. 14.3 Stock Repurchases: An Alternative to Cash Dividends
  548. Cash Dividends versus Repurchase
  549. Real-World Considerations in a Repurchase
  550. Share Repurchase and EPS
  551. 14.4 What We Know And Do Not Know About Dividend and Payout Policies
  552. Dividends and Dividend Payers
  553. Corporations Smooth Dividends
  554. Putting It All Together
  555. Some Survey Evidence on Dividends
  556. 14.5 Stock Dividends and Stock Splits
  557. Value of Stock Splits and Stock Dividends
  558. The Benchmark Case
  559. Popular Trading Range
  560. Reverse Splits
  561. Summary and Conclusions
  562. Chapter Review and Self-Test Problems
  563. Answer to Chapter Review and Self-Test Problem
  564. Critical Thinking and Concepts Review
  565. Questions and Problems
  566. What’s on the Web?
  567. Chapter Case: Electronic Timing, Inc.
  568. 15 Raising Capital
  569. 15.1 The Financing Life Cycle of A Firm: Early-Stage Financing and Venture Capital
  570. Entrepreneurship
  571. Venture Capital
  572. Stages of Financing
  573. Some Venture Capital Realities
  574. Venture Capital Firms
  575. Crowdfunding
  576. Initial Coin Offerings
  577. Conclusion
  578. 15.2 Selling Securities to the Public: The Basic Procedure
  579. 15.3 Alternative Issue Methods
  580. 15.4 Underwriters
  581. Choosing an Underwriter
  582. Types of Underwriting
  583. Firm Commitment Underwriting
  584. Best Efforts Underwriting
  585. Dutch Auction Underwriting
  586. The Green Shoe Provision
  587. The Aftermarket
  588. Lockup Agreements
  589. The Quiet Period
  590. Direct Listing
  591. Special-purpose acquisition companies
  592. 15.5 IPOs and Underpricing
  593. Evidence on Underpricing
  594. IPO Underpricing: The 1999–2000 Experience
  595. The Partial Adjustment Phenomenon
  596. Why Does Underpricing Exist?
  597. 15.6 New Equity Sales and the Value of The Firm
  598. 15.7 The Cost of Issuing Securities
  599. 15.8 Issuing Long-Term Debt
  600. 15.9 Shelf Registration
  601. Summary and Conclusions
  602. Chapter Review and Self-Test Problems
  603. Answer to Chapter Review and Self-Test Problem
  604. Critical Thinking and Concepts Review
  605. Questions and Problems
  606. What’s on the Web?
  607. Chapter Case: S&S Air Goes Public
  608. Part Eight: Short-Term Financial Management
  609. 16 Short-Term Financial Planning
  610. 16.1 Tracing Cash and Net Working Capital
  611. 16.2 The Operating Cycle and the Cash Cycle
  612. Defining the Operating and Cash Cycles
  613. The Operating Cycle
  614. The Cash Cycle
  615. The Operating Cycle and the Firm’s Organizational Chart
  616. Calculating the Operating and Cash Cycles
  617. The Operating Cycle
  618. The Cash Cycle
  619. Interpreting the Cash Cycle
  620. 16.3 Some Aspects of Short-Term Financial Policy
  621. The Size of the Firm’s Investment in Current Assets
  622. Alternative Financing Policies for Current Assets
  623. Which Financing Policy Is Best?
  624. Current Assets and Liabilities in Practice
  625. 16.4 The Cash Budget
  626. Sales and Cash Collections
  627. Cash Outflows
  628. The Cash Balance
  629. 16.5 Short-Term Borrowing
  630. Unsecured Loans
  631. Secured Loans
  632. Accounts Receivable Financing
  633. Other Sources
  634. 16.6 A Short-Term Financial Plan
  635. Summary and Conclusions
  636. Chapter Review and Self-Test Problems
  637. Answers to Chapter Review and Self-Test Problems
  638. Critical Thinking and Concepts Review
  639. Questions and Problems
  640. What’s on the Web?
  641. Excel Master It! Problem
  642. Chapter Case: Piepkorn Manufacturing Working Capital Management, Part 1
  643. 17 Working Capital Management
  644. 17.1 Float and Cash Management
  645. Reasons for Holding Cash
  646. The Speculative and Precautionary Motives
  647. The Transaction Motive
  648. Benefits of Holding Cash
  649. Understanding Float
  650. Disbursement Float
  651. Collection Float and Net Float
  652. Float Management
  653. Ethical and Legal Questions
  654. Electronic Data Interchange and Check 21: The End of Float?
  655. 17.2 Cash Management: Collection, Disbursement, and Investment
  656. Cash Collection and Concentration
  657. Components of Collection Time
  658. Cash Collection
  659. Lockboxes
  660. Cash Concentration
  661. Managing Cash Disbursements
  662. Increasing Disbursement Float
  663. Controlling Disbursements
  664. Investing Idle Cash
  665. Temporary Cash Surpluses
  666. Characteristics of Short-Term Securities
  667. Some Different Types of Money Market Securities
  668. 17.3 Credit and Receivables
  669. Components of Credit Policy
  670. Terms of Sale
  671. The Basic Form
  672. The Credit Period
  673. Cash Discounts
  674. Optimal Credit Policy
  675. The Total Credit Cost Curve
  676. Organizing the Credit Function
  677. Credit Analysis
  678. Credit Information
  679. Credit Evaluation and Scoring
  680. Collection Policy
  681. Monitoring Receivables
  682. Collection Effort
  683. 17.4 Inventory Management
  684. The Financial Manager and Inventory Policy
  685. Inventory Types
  686. Inventory Costs
  687. 17.5 Inventory Management Techniques
  688. The ABC Approach
  689. The Economic Order Quantity Model
  690. Inventory Depletion
  691. Carrying Costs
  692. Shortage Costs
  693. Total Costs
  694. Extensions to the EOQ Model
  695. Safety Stocks
  696. Reorder Points
  697. Managing Derived-Demand Inventories
  698. Materials Requirements Planning
  699. Just-in-Time Inventory
  700. Summary and Conclusions
  701. Chapter Review and Self-Test Problems
  702. Answers to Chapter Review and Self-Test Problems
  703. Critical Thinking and Concepts Review
  704. Questions and Problems
  705. What’s on the Web?
  706. Chapter Case: Piepkorn Manufacturing Working Capital Management, Part 2
  707. Part Nine: Topics in Business Finance
  708. 18 International Aspects of Financial Management
  709. 18.1 TERMINOLOGY
  710. 18.2 FOREIGN EXCHANGE MARKETS AND EXCHANGE RATES
  711. Exchange Rates
  712. Exchange Rate Quotations
  713. Cross-Rates and Triangle Arbitrage
  714. Types of Transactions
  715. 18.3 PURCHASING POWER PARITY
  716. Absolute Purchasing Power Parity
  717. Relative Purchasing Power Parity
  718. The Basic Idea
  719. The Result
  720. Currency Appreciation and Depreciation
  721. 18.4 EXCHANGE RATES AND INTEREST RATES
  722. Covered Interest Arbitrage
  723. Interest Rate Parity
  724. 18.5 EXCHANGE RATE RISK
  725. Short-Run Exposure
  726. Long-Run Exposure
  727. Translation Exposure
  728. Managing Exchange Rate Risk
  729. 18.6 POLITICAL RISK
  730. The Tax Cuts and Jobs Act
  731. Managing Political Risk
  732. Summary and Conclusions
  733. Chapter Review and Self-Test Problems
  734. Answers to Chapter Review and Self-Test Problems
  735. Critical Thinking and Concepts Review
  736. Questions and Problems
  737. What’s on the Web?
  738. Excel Master It! Problem
  739. Chapter Case: S&S Air Goes International
  740. Appendix A: Mathematical Tables
  741. Appendix B: Key Equations
  742. Appendix C: Answers to Selected End-of-Chapter Problems
  743. Appendix D: Using the HP-10B and TI BA II Plus Financial Calculators
  744. Glossary
  745. Name Index
  746. Subject Index
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Solution Manual For Corporate Finance 11th Edition Stephen Ross