Solution Manual For Corporate Finance A Focused Approach 6th Edition Michael Ehrhardt


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Solution Manual For Corporate Finance A Focused Approach 6th Edition Michael Ehrhardt

Solution Manual For Corporate Finance A Focused Approach 6th Edition Michael Ehrhardt

Focus on the financial concepts, skills, and technological applications that are critical for you in today’s workplace with Ehrhardt/Brigham’s CORPORATE FINANCE: A FOCUSED APPROACH 6E. With its relevant and engaging presentation and numerous examples, you will learn the latest financial developments as you also learn how to maximize a firm’s value in today’s changing business environment. You will master the features and functions of spreadsheets by using chapter Excel Tool Kits, Build Model problems, and Mini Cases that encourage “what-if” analysis on a real-time basis.

Additional ISBNs

1305637100, 1305856813, 1337248649, 9781305637108, 9781305856813, 9781337248648, 9781305983250

Table of Content

Brief Contents
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: Finance from 40,000 Feet Above
1-3: The Corporate Life Cycle
1-4: Governing a Corporation
1-5: An Overview of Financial Markets
1-6: Claims on Future Cash Flows: Types of Financial Securities
1-7: Claims on Future Cash Flows: The Required Rate of Return (The Cost of Money)
1-8: The Functions of Financial Institutions
1-9: Financial Markets
1-10: Overview of the U.S. Stock Markets
1-11: Trading in the Modern Stock Markets 10
1-12: Finance and the Great Recession of 2007
1-13: The Big Picture
Ch 1: Summary
Ch 1: Questions
Ch 1: 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
Ch 2: Summary
Ch 2: Questions
Ch 2: Sels-Test-Problem
Ch 2: Problems
Ch 2: Spreadsheet Problems
Ch 2: 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
Ch 03: Summary
Ch 03: Questions
Ch 03: Self-Test-Problems
Ch 03: Problems
Ch 03: Spreadsheet Problem
Ch 03: Mini Case
Ch 03: Selected Additional Case
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
4-18: Growing Annuities
Ch 4: Summary
Ch 4: Questions
Ch 4: Self-Test-Problems
Ch 4: Problems
Ch 4: Spreadsheet Problem
Ch 4: Mini Case
Ch 5: Bonds, 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 Risk-Free Interest Rate: Nominal (rRF) and Real (r*)
5-9: The Inflation Premium (IP)
5-10: The Maturity Risk Premium (MRP)
5-11: The Default Risk Premium (DRP)
5-12: The Liquidity Premium (LP)
5-13: The Term Structure of Interest Rates
5-14: Financing with Junk Bonds
5-15: Bankruptcy and Reorganization
Ch 5: Summary
Ch 5: Questions
Ch 5: Self-Test-Problems
Ch 5: Problems
Ch 5: Mini Case
Ch 5: Selected Additional Case
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
Ch 6: Summary
Ch 6: Questions
Ch 6: Self-Test-Problems
Ch 6: Problems
Ch 6: Spreadsheet Problem
Ch 6: Mini Case
Ch 6: Selected Additional Case
Ch 7: Corporate Valuation and Stock Valuation
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—Introducing the Free Cash Flow (FCF) Valuation Model
7-5: The Constant Growth Model: Valuation When Expected Free Cash Flow Grows ata Constant Rate
7-6: The Multistage Model: Valuation when Expected Short-Term Free Cash Flow Growsat a Nonconstant R
7-7: Application of the FCF Valuation Model to MicroDrive
7-8: Do Stock Values Reflect Long-Term or Short-Term Cash Flows?
7-9: Value-Based Management: Using the Free CashFlow Valuation Model to Identify Value Drivers
7-10: Why Are Stock Prices So Volatile?
7-11: Valuing Common Stocks with the Dividend Growth Model
7-12: The Market Multiple Method
7-13: Comparing the FCF Valuation Model, the Dividend Growth Model, and the Market Multiple Method
7-14: Preferred Stock
Ch 7: Summary
Ch 7: Questions
Ch 7: Self-Test-Problems
Ch 7: Problems
Ch 7: Spreadsheet Problem
Ch 7: Mini Case
Ch 7: Selected Additional Case
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
Ch 8: Summary
Ch 8: Questions
Ch 8: Self-Test-Problems
Ch 8: Problems
Ch 8: Spreadsheet Problem
Ch 8: 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: Using the Dividend Growth Approach to Estimate the Cost of Common Stock
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: The Divisional Cost of Capital
9-12: Estimating the Cost of Capital for Individual Projects
9-13: Managerial Issues and the Cost of Capital
Ch 9: Summary
Ch 9: Questions
Ch 9: Self-Test-Problems
Ch 9: Problems
Ch 9: Spreadsheet Problem
Ch 9: Mini Case
Ch 9: Selected Additional Case
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
Ch 10: Summary
Ch 10: Questions
Ch 10: Self-Test-Problems
Ch 10: Problems
Ch 10: Spreadsheet Problem
Ch 10: Mini Case
Ch 10: Selected Additional Case
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
Ch 11: Summary
Ch 11: Questions
Ch 11: Self-Test-Problems
Ch 11: Problems
Ch 11: Spreadsheet Problem
Ch 11: Mini Case
Ch 11: Selected Additional Case
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: Evaluating MicroDrive’s Strategic Initiatives
12-5: Projecting MicroDrive’s Financial Statements
12-6: Analysis and Selection of a Strategic Plan
12-7: The CFO’s Model
12-8: Additional Funds Needed (AFN) Equation Method
12-9: Forecasting When the Ratios Change
Ch 12: Summary
Ch 12: Questions
Ch 12: Self-Test-Problems
Ch 12: Problems
Ch 12: Spreadsheet Problem
Ch 12: Mini Case
Ch 12: Selected Additional Case
Ch 13: Corporate Governance
13-1: Agency Conflicts
13-2: Corporate Governance
13-3: Employee Stock Ownership Plans (ESOPs)
Ch 13: Summary
Ch 13: Questions
Ch 13: 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: 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
Ch 14: Summary
Ch 14: Questions
Ch 14: Self-Test-Problems
Ch 14: Problems
Ch 14: Spreadsheet Problem
Ch 14: Mini Case
Ch 14: Selected Additional Case
Ch 15: Capital Structure Decisions
15-1: An Overview of Capital Structure
15-2: Business Risk and Financial Risk
15-3: Capital Structure Theory: The Modigliani and Miller Models
15-4: Capital Structure Theory: Beyond the Modigliani and Miller Models
15-5: Capital Structure Evidence and Implications
15-6: Estimating the Optimal Capital Structure
15-7: Anatomy of a Recapitalization
15-8: Risky Debt and Equity as an Option
15-9: Managing the Maturity Structure of Debt
Ch 15: Summary
Ch 15: Questions
Ch 15: Self-Test-Problems
Ch 15: Problems
Ch 15: Spreadsheet Problem
Ch 15: Mini Case
Ch 15: Selected Additional Case
Part 7: Managing Global Operations
Ch 16: Supply Chains and Working Capital Management
16-1: Overview of Supply Chain Management
16-2: Using and Financing Operating Current Assets
16-3: The Cash Conversion Cycle
16-4: Inventory Management
16-5: Receivables Management
16-6: Accruals and Accounts Payable (Trade Credit)
16-7: The Cash Budget
16-8: Cash Management and the Target Cash Balance
16-9: Cash Management Techniques
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
Ch 16: Summary
Ch 16: Questions
Ch 16: Self-Test-Problems
Ch 16: Problems
Ch 16: Spreadsheet Problem
Ch 16: Mini Case
Ch 16: Selected Additional Case
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
Ch 17: Summary
Ch 17: Questions
Ch 17: Self-Test-Problems
Ch 17: Problems
Ch 17: Spreadsheet Problem
Ch 17: Mini Case
Ch 17: Selected Additional Case
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
Name Index
Subject Index
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Solution Manual For Corporate Finance A Focused Approach 6th Edition Michael Ehrhardt