Fundamentals of coroprate finance 7th ross westerfield CH01

Fundamentals of corporate finance 10e ROSS JORDAN chap001

... day-to-day finances of the firm? Chapter Outline • Corporate Finance and the Financial Manager • Forms of Business Organization • The Goal of Financial Management • TheAgency Problem and Control of the ... ChapterOutline Outline • Corporate Finance and the Financial Manager • Forms of Business Organization • The Goal of Financial Management • TheAgency Problem and Control of the Corporation • Financial ... ChapterOutline Outline • Corporate Finance and the Financial Manager • Forms of Business Organization • The Goal of Financial Management • TheAgency Problem and Control of the Corporation • Financial...

Fundamentals of corporate finance 10e ROSS JORDAN chap002

... Average Tax Rate: The tax rate you are paying on all of your taxable income which averages across all of your corporate tax categories 2-22 Corporate Tax Rates 2-23 Example: Marginal Vs Average ... snapshot of the firm’s assets and liabilities at a given point in time  Assets are listed in order of decreasing liquidity  Liquidity is the ease of conversion to cash without significant loss of ... Cash Flow The Concept of Cash Flow  Cash flow is one of the most important pieces of information that a financial manager can derive from financial statements  The “Statement of Cash Flows” does...

Fundamentals of corporate finance 10e ROSS JORDAN chap003

... focuses on the market price of a share of stock and compares it to the Net Earnings of a company The EBITDA ratio uses the book value of the company to value all of the operating assets (the ... debt, and equity accounts, as well as dividends Sample Statement of Cash Flows (Numbers in millions of dollars) Cash, beginning of year 58 Operating Activity Financing Activity Decrease in Notes ... Categories of Financial Ratios 1.Short-term solvency or liquidity ratios 2.Long-term solvency or financial leverage ratios 3.Asset management or turnover ratios 4.Profitability ratios Categories of Financial...

Fundamentals of corporate finance 10e ROSS JORDAN chap004

... Determinants of Growth 1.Profit margin – operating efficiency 2.Total asset turnover – asset use efficiency 3.Financial leverage – choice of optimal debt ratio 4.Dividend policy – choice of how much ... then the profit margin is constant • Depreciation and interest expense may not vary directly with sales – if this is the case, then the profit margin is not constant 4-20 Percentage of Sales Approach ... retained earnings portion of equity will come from the dividend decision 4-24 Example II: % of Sales Pro Forma Balance Sheet Tasha’s Toy Emporium – Balance Sheet Current % of Sales Pro Forma Current...

Fundamentals of corporate finance 10e ROSS JORDAN chap005

... The effect of compounding is small for a small number of periods, but increases as the number of periods increases (Simple interest would have a future value of $1,250, for a difference of $26.28.) ... between earlier money and later money  Discount rate  Cost of capital  Opportunity cost of capital  Required return or required rate of return Future Values Suppose you invest $1,000 for one ... why can’t we go backward in time to the present (PV)?  We can!  As a matter of fact, finance uses the process of moving future funds back into the present when we value financial instruments...

Fundamentals of corporate finance 10e ROSS JORDAN chap006

... required discount rate is 7%  What is the value of the cash flows at year 5?  What is the value of the cash flows today?  What is the value of the cash flows at year 3? 6-27 Chapter Outline ... occurs at the end of the period, it is called an ordinary annuity If the first payment occurs at the beginning of the period, it is called an annuity due Perpetuity – infinite series of equal payments ... annual end -of- year installments of $333,333.33 over 30 years If the appropriate discount rate is 5%, how much is the sweepstakes actually worth today? 6-36 Saving For Retirement You are offered...

Fundamentals of corporate finance 10e ROSS JORDAN chap007

... Valuation of a Bond Bond Relationships Inflation and Interest Rates Determinants of Bond Yields Bond Ratings Bond Markets Chapter Outline • • • • • • • • Bond Definition Bond Features Valuation of a ... relationships regarding time (the length of a bond’s life) and the value of a bond? Bond Valuation Chapter Outline • • • • • • • • Bond Definition Bond Features Valuation of a Bond Bond Relationships Inflation ... Definition Bond Features Valuation of a Bond Bond Relationships Inflation and Interest Rates Determinants of Bond Yields Bond Ratings Bond Markets Term Structure of Interest Rates The term structure...

Fundamentals of corporate finance 10e ROSS JORDAN chap008

... Features of Common Stock Features of Preferred Stock The Stock Markets Chapter Outline • • • • • 8-3 Bond and Stock Differences Common Stock Valuation Features of Common Stock Features of Preferred ... future dividend and one future selling price of a share of common stock 8-18 One-Period Example Suppose you are thinking of purchasing the stock of Moore Oil, Inc You expect it to pay a $2 dividend ... and Stock Differences Common Stock Valuation Features of Common Stock Features of Preferred Stock The Stock Markets Our Task: To value a share of Common Stock 8-13 And how will we accomplish our...

Fundamentals of corporate finance 10e ROSS JORDAN chap009

... Present Value • Profitability Index Capital Structure Dividend Policy Profits or Losses Cost of Capital Capital Budgeting Capital Structure Dividend Policy Profits or Losses Cost of Capital Capital ... Present Value • Profitability Index Chapter Outline (continued) • The Average Accounting Return • The Internal Rate of Return • Modified Internal Rate of Return • The Practice of Capital Budgeting ... uncertainty of later cash flows • Biased toward liquidity Payback’s Disadvantages • Ignores the time value of money • Requires an arbitrary cutoff point • Ignores cash flows beyond the cutoff date...

Fundamentals of corporate finance 10e ROSS JORDAN chap010

... “part of it,” then we should include the part that occurs because of the project 10-8 Common Types of Cash Flows Sunk costs – costs that have accrued in the past Opportunity costs – costs of lost ... In the previous chapter we focused on multiple techniques of capital budgeting to evaluate projects This chapter is all about how each of the cash flows (CF’s) are determined 10-4 Project Example ... Forma Income Statement Sales (50,000 units at $4.00/unit) Variable Costs ($2.50/unit) 125,000 Gross profit $ 75,000 Fixed costs 12,000 Depreciation ($90,000 / 3) 30,000 EBIT Taxes (34%) Net Income...

Fundamentals of corporate finance 10e ROSS JORDAN chap011

... Leverage  Leverage in finance is just like that in physics where a small change in one thing produces a large change in another Effects of Leverage Effects of Leverage Effects of Leverage Small ... project:  A new product requires an initial investment of $5 million and will be depreciated to an expected salvage of zero over years  The price of the new product is expected to be $25,000, and ... between variables Making a Decision  Beware of: “Paralysis of Analysis”!  At some point you must make a decision! Making a Decision  If the majority of your scenarios have positive NPVs, then...

Fundamentals of corporate finance 10e ROSS JORDAN chap012

... of their brokerage customers, to which they owe a fiduciary duty?  Suppose that you are an employee of a printing firm that was hired to proofread proxies that contained unannounced tender offers ... Standard Deviation Historical variance = sum of squared deviations from the mean / (number of observations – 1) Standard deviation = square root of the variance Std Dev = 12-27 √Variance Example ... distribution, what is the probability of losing 3% or more? Probability: a 3% loss (return of -3%) lies one standard deviation below the mean There is 16% of the probability falling below that...

Fundamentals of corporate finance 10e ROSS JORDAN chap013

... $2000 of DCLK $3000 of KO $4000 of INTC $6000 of KEI 13-18 Example: Portfolio Weights What are your portfolio weights in each security? $2,000 of DCLK $3,000 of KO $4,000 of INTC $6,000 of KEI ... SML and the Cost of Capital: A Preview 13-15 Portfolios • A portfolio is a collection of assets • An asset’s risk and return are important in how they affect the risk and return of the portfolio ... and standard deviation measure the volatility of returns • Using unequal probabilities for the entire range of possible outcomes • Weighted average of squared deviations n σ = ∑ pi ( Ri − E ( R))...

Fundamentals of corporate finance 10e ROSS JORDAN chap014

... • The Cost of Capital – Overview • The Cost of Equity • The Cost of Debt • The Cost of Preferred Stock • The Weighted Average Cost of Capital (WACC) • Divisional and Project Costs of Capital ... • The Cost of Capital – Overview • The Cost of Equity • The Cost of Debt • The Cost of Preferred Stock • The Weighted Average Cost of Capital (WACC) • Divisional and Project Costs of Capital ... • The Cost of Capital – Overview • The Cost of Equity • The Cost of Debt • The Cost of Preferred Stock • The Weighted Average Cost of Capital (WACC) • Divisional and Project Costs of Capital...

Fundamentals of corporate finance 10e ROSS JORDAN chap015

... securities at an agreed-upon offering price •The company bears the risk of the issue not being sold •The offer may be pulled if there is not enough interest at the offer price In this case, the ... and the Value of the Firm • The Cost of Issuing Securities • Rights • Dilution • Issuing Long-Term Debt • Shelf Registration 15-44 Types of Long-Term Debt Bonds – public issue of long-term debt ... Market value of stock must be greater than $150 million • No violations of the Securities Act of 1934 in the last three years 15-49 Quick Quiz 1.What is venture capital, and what types of firms receive...

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