Solution Manual For Corporate Finance A Focused Approach 5th Edition by Michael C. Ehrhardt

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Solution Manual For Corporate Finance A Focused Approach 5th Edition by Michael C. Ehrhardt
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Solution Manual For Corporate Finance A Focused Approach 5th Edition by Michael C. Ehrhardt

Solution Manual For Corporate Finance A Focused Approach 5th Edition by Michael C. Ehrhardt

Focus on the financial concepts, skills, and technological applications that are most critical for MBA students in today’s workplace with Ehrhardt/Brigham’s CORPORATE FINANCE: A FOCUSED APPROACH 5E. The text provides an in-depth treatment of essential corporate finance topics within a streamlined presentation that can be completed in a single semester. With its relevant and engaging presentation and numerous examples, students will learn the latest financial developments as they also learn how to maximize a firm’s value in today’s changing business world. Students will master the many features and functions of spreadsheets with chapter Excel Tool Kits, Build Model problems, and Mini Cases that encourage what-if analysis on a real-time basis. Students will also gain hands-on experience using Thomson ONE Business School Edition, which gives students access to the same Thomson Reuters Financial database that business professionals use every day.

Table of Content

Brief Contents
Contents
Preface
Part 1: The Company and Its Environment
Ch 1: An Overview of Financial Management and the Financial Environment
1-1: The Five-Minute MBA
1-2: The Corporate Life Cycle
1-3: The Primary Objective of the Corporation: Value Maximization
1-4: An Overview of the Capital Allocation Process
1-5: Financial Securities
1-6: The Cost of Money
1-7: Financial Institutions
1-8: Financial Markets
1-9: Trading Procedures in Financial Markets
1-10: Types of Stock Market Transactions
1-11: The Secondary Stock Markets
1-12: Stock Market Returns
1-13: The Global Economic Crisis
1-14: The Big Picture
1-15: e-Resources
Summary
Questions
Mini Case
Ch 2: Financial Statements, Cash Flow, and Taxes
2-1: Financial Statements and Reports
2-2: The Balance Sheet
2-3: The Income Statement
2-4: Statement of Stockholders’ Equity
2-5: Statement of Cash Flows
2-6: Net Cash Flow
2-7: Free Cash Flow: The Cash Flow Available for Distribution to Investors
2-8: Performance Evaluation
2-9: The Federal Income Tax System
Summary
Questions
Self-Test Problem: Solution Appears in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Thomson One: Business School Edition Problem
Mini Case
Ch 3: Analysis of Financial Statements
3-1: Financial Analysis
3-2: Liquidity Ratios
3-3: Asset Management Ratios
3-4: Debt Management Ratios
3-5: Profitability Ratios
3-6: Market Value Ratios
3-7: Trend Analysis, Common Size Analysis, and Percentage Change Analysis
3-8: Tying the Ratios Together: The DuPont Equation
3-9: Comparative Ratios and Benchmarking
3-10: Uses and Limitations of Ratio Analysis
3-11: Looking beyond the Numbers
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Part 2: Fixed Income Securities
Ch 4: Time Value of Money
4-1: Time Lines
4-2: Future Values
4-3: Present Values
4-4: Finding the Interest Rate, I
4-5: Finding the Number of Years, N
4-6: Perpetuities
4-7: Annuities
4-8: Future Value of an Ordinary Annuity
4-9: Future Value of an Annuity Due
4-10: Present Value of Ordinary Annuities and Annuities Due
4-11: Finding Annuity Payments, Periods, and Interest Rates
4-12: Uneven, or Irregular, Cash Flows
4-13: Future Value of an Uneven Cash Flow Stream
4-14: Solving for I with Irregular Cash Flows
4-15: Semiannual and Other Compounding Periods
4-16: Fractional Time Periods
4-17: Amortized Loans
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Mini Case
Ch 5: Bond, Bond Valuation, and Interest Rates
5-1: Who Issues Bonds?
5-2: Key Characteristics of Bonds
5-3: Bond Valuation
5-4: Changes in Bond Values over Time
5-5: Bonds with Semiannual Coupons
5-6: Bond Yields
5-7: The Pre-Tax Cost of Debt: Determinants of Market Interest Rates
5-8: The Real Risk-Free Rate of Interest, r*
5-9: The Inflation Premium (IP)
5-10: The Nominal, or Quoted, Risk-Free Rate of Interest, rRF
5-11: The Default Risk Premium (DRP)
5-12: The Liquidity Premium (LP)
5-13: The Maturity Risk Premium (MRP)
5-14: The Term Structure of Interest Rates
5-15: Financing with Junk Bonds
5-16: Bankruptcy and Reorganization
Summary
Questions
Self-Test Problem: Solution Appears in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Mini Case
Selected Additional Cases
Part 3: Stocks and Options
Ch 6: Risk and Return
6-1: Investment Returns and Risk
6-2: Measuring Risk for Discrete Distributions
6-3: Risk in a Continuous Distribution
6-4: Using Historical Data to Estimate Risk
6-5: Risk in a Portfolio Context
6-6: The Relevant Risk of a Stock: The Capital Asset Pricing Model (CAPM)
6-7: The Relationship between Risk and Return in the Capital Asset Pricing Model
6-8: The Efficient Markets Hypothesis
6-9: The Fama-French Three-Factor Model
6-10: Behavioral Finance
6-11: The CAPM and Market Efficiency: Implications for Corporate Managers and Investors
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Ch 7: Valuation of Stocks and Corporations
7-1: Legal Rights and Privileges of Common Stockholders
7-2: Types of Common Stock
7-3: Stock Market Reporting
7-4: Valuing Common Stocks
7-5: Valuing a Constant Growth Stock
7-6: Valuing Nonconstant Growth Stocks
7-7: The Free Cash Flow Valuation Model
7-8: Market Multiple Analysis
7-9: Preferred Stock
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Ch 8: Financial Options and Applications in Corporate Finance
8-1: Overview of Financial Options
8-2: The Single-Period Binomial Option Pricing Approach
8-3: The Single-Period Binomial Option Pricing Formula
8-4: The Multi-Period Binomial Option Pricing Model
8-5: The Black-Scholes Option Pricing Model (OPM)
8-6: The Valuation of Put Options
8-7: Applications of Option Pricing in Corporate Finance
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Mini Case
Part 4: Projects and Their Valuation
Ch 9: The Cost of Capital
9-1: The Weighted Average Cost of Capital
9-2: Choosing Weights for the Weighted Average Cost of Capital
9-3: After-Tax Cost of Debt: rd(1 – T) and rstd(1 – T)
9-4: Cost of Preferred Stock, rps
9-5: Cost of Common Stock: The Market Risk Premium, RPM
9-6: Using the CAPM to Estimate the Cost of Common Stock, rs
9-7: Dividend-Yield-Plus-Growth-Rate, or Discounted Cash Flow (DCF), Approach
9-8: The Weighted Average Cost of Capital (WACC)
9-9: Adjusting the Cost of Equity for Flotation Costs
9-10: Privately Owned Firms and Small Businesses
9-11: Managerial Issues and the Cost of Capital
9-12: Four Mistakes to Avoid
Summary
Questions
Self-Test Problem: Solution Appears in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Ch 10: The Basics of Capital Budgeting: Evaluating Cash Flows
10-1: An Overview of Capital Budgeting
10-2: The First Step in Project Analysis
10-3: Net Present Value (NPV)
10-4: Internal Rate of Return (IRR)
10-5: Modified Internal Rate of Return (MIRR)
10-6: Profitability Index (PI)
10-7: Payback Period
10-8: How to Use the Different Capital Budgeting Methods
10-9: Other Issues in Capital Budgeting
Summary
Questions
Self-Test Problem: Solution Appears in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Mini Case
Selected Additional Cases
Ch 11: Cash Flow Estimation and Risk Analysis
11-1: Identifying Relevant Cash Flows
11-2: Analysis of an Expansion Project
11-3: Risk Analysis in Capital Budgeting
11-4: Measuring Stand-Alone Risk
11-5: Sensitivity Analysis
11-6: Scenario Analysis
11-7: Monte Carlo Simulation
11-8: Project Risk Conclusions
11-9: Replacement Analysis
11-10: Real Options
11-11: Phased Decisions and Decision Trees
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Mini Case
Selected Additional Cases
Appendix 11A: Tax Depreciation
Part 5: Corporate Valuation and Governance
Ch 12: Corporate Valuation and Financial Planning
12-1: Overview of Financial Planning
12-2: Financial Planning at MicroDrive, Inc.
12-3: Forecasting Operations
12-4: Projecting MicroDrive’s Financial Statements
12-5: Analysis and Revision of the Preliminary Plan
12-6: Additional Funds Needed (AFN) Equation Method
12-7: Forecasting When the Ratios Change
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problems
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Ch 13: Agency Conflicts and Corporate Governance
13-1: Agency Conflicts
13-2: Corporate Governance
13-3: Employee Stock Ownership Plans (ESOPs)
Summary
Questions
Mini Case
Part 6: Cash Distributions and Capital Structure
Ch 14: Distributions to Shareholders: Dividends and Repurchases
14-1: An Overview of Cash Distributions
14-2: Procedures for Cash Distributions
14-3: Cash Distributions and Firm Value
14-4: Clientele Effect
14-5: Information Content, or Signaling, Hypothesis
14-6: Implications for Dividend Stability
14-7: Setting the Target Distribution Level: The Residual Distribution Model
14-8: The Residual Distribution Model in Practice
14-9: A Tale of Two Cash Distributions: Dividends versus Stock Repurchases
14-10: The Pros and Cons of Dividends and Repurchases
14-11: Other Factors Influencing Distributions
14-12: Summarizing the Distribution Policy Decision
14-13: Stock Splits and Stock Dividends
14-14: Dividend Reinvestment Plans
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Ch 15: Capital Structure Decisions
15-1: An Overview of Capital Structure
15-2: Business Risk and Financial Risk
15-3: Capital Structure Theory
15-4: Capital Structure Evidence and Implications
15-5: Estimating the Optimal Capital Structure
15-6: Anatomy of a Recapitalization
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Thomson One: Business School Edition Problem
Mini Case
Selected Additional Cases
Part 7: Managing Global Operations
Ch 16: Supply Chains and Working Capital Management
16-1: Overview of Working Capital Management
16-2: Using and Financing Operating Current Assets
16-3: The Cash Conversion Cycle
16-4: The Cash Budget
16-5: Cash Management and the Target Cash Balance
16-6: Cash Management Techniques
16-7: Inventory Management
16-8: Receivables Management
16-9: Accruals and Accounts Payable (Trade Credit)
16-10: Managing Short-Term Investments
16-11: Short-Term Financing
16-12: Short-Term Bank Loans
16-13: Commercial Paper
16-14: Use of Security in Short-Term Financing
Summary
Questions
Self-Test Problems: Solutions Appear in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Mini Case
Selected Additional Cases
Ch 17: Multinational Financial Management
17-1: Multinational, or Global, Corporations
17-2: Multinational versus Domestic Financial Management
17-3: Exchange Rates
17-4: Exchange Rates and International Trade
17-5: The International Monetary System and Exchange Rate Policies
17-6: Trading in Foreign Exchange
17-7: Interest Rate Parity
17-8: Purchasing Power Parity
17-9: Inflation, Interest Rates, and Exchange Rates
17-10: International Money and Capital Markets
17-11: Multinational Capital Budgeting
17-12: International Capital Structures
17-13: Multinational Working Capital Management
Summary
Questions
Self-Test Problem: Solution Appears in Appendix A
Problems: Answers Appear in Appendix B
Spreadsheet Problem
Mini Case
Selected Additional Cases
Appendix A: Solutions to Self-Test Problems
Appendix B: Answers to End-of-Chapter Problems
Appendix C: Selected Equations
Appendix D: Values of the Areas under the Standard Normal Distribution Function
Glossary
Name Index
Subject Index
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Solution Manual For Corporate Finance A Focused Approach 5th Edition by Michael C. Ehrhardt