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TRANSCRIPT
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I N S T R U C T O R S M A N U A L
F U N D A M E N T A L S
O F
F I N A N C I A L
M A N A G E M E N TC O N C I S E T H I R D E D I T I O N
EUGENE F. BRIGHAMUniversity of Florida
JOEL F. HOUSTONUniversity of Florida
H a r c o u r t C o l l e g e P u b l i ! e r
Fort Worth Philadelphia San Diego New York Orlando Austin San AntonioToronto Montreal London Sydney Tokyo
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Copyright !""! #y $ar%ourt& 'n%(
All rights reser)ed( No part o* this produ%t +ay #e reprodu%ed or trans+itted in any *or+ or #yany +eans e,%ept as pro)ided in the $ar%ourt end-user li%ense agree+ent *ound in the read+e*ile(
.e/uests *or per+ission to +ake %opies o* any part o* the work should #e +ailed to the *ollowingaddress0 Per+issions Depart+ent& $ar%ourt& 'n%(& 1!22 Sea $ar#or Dri)e& Orlando& Florida3!442-1222(
Portions o* this work were pu#lished in pre)ious editions(
Printed in the 5nited States o* A+eri%a
'S6N "-"3-"3!782-1
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CONTENTS OF THE INSTRUCTORS MANUAL
Preface
Alternative Formats for the Introductory Course vContents of the Instructors Manual v
Integrated Cases and Lecture Presentation Software v
Blueprints vi
lectronic Slide Show vii
!verhead "ransparencies viii
Spreadsheet Models viii
#orld #ide #e$ Site i%
Finance &ews#ire i%
Study 'uide i%
"est Ban( i%
"echnology Supplement %
Instructors )esource C*+)!M %i
!rdering Ancillary Materials %i
Conclusion %ii
Course Sylla$us %iii
Course Schedule %viii
"ransparency Pic(+up List %%
Chapter , An !verview of Financial Management ,+,
Chapter - Financial Statements. Cash Flow. and "a%es -+,
Chapter / Analysis of Financial Statements /+,
Chapter 0 Financial Planning and Forecasting 0+,
Chapter 1 "he Financial nvironment2 Mar(ets. Institutions.
and Interest )ates 1+,
Chapter 3 )is( and )ates of )eturn 3+,
Chapter 4 "ime 5alue of Money 4+,
Chapter 6 Bonds and "heir 5aluation 6+,
Chapter 7 Stoc(s and "heir 5aluation 7+,
Chapter ,8 "he Cost of Capital ,8+,
Chapter ,, "he Basics of Capital Budgeting ,,+,
iii
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Chapter ,- Cash Flow stimation and )is( Analysis ,-+,
Chapter ,/ Capital Structure and Leverage ,/+,
Chapter ,0 *istri$utions to Shareholders2 *ividends and
Share )epurchases ,0+,
Chapter ,1 #or(ing Capital Management ,1+,
Chapter ,3 Multinational Financial Management ,3+,
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PREFACE
"his preface e%plains how we have used Fundamentals: Concise Third Edition.
and it then descri$es the instructional aids contained in the Instructors
Manualor availa$le separately from 9arcourt College Pu$lishers:
Alternative Formats for the Introductory Course
"here is no one $est way to teach the introductory finance class++the optimal
course structure varies with students $ac(grounds. instructors interests.
num$er of credit hours. and position of the course in the overall curriculum:
Further. since these factors change over time. most of us vary our approaches
from year to year: Still. you may find it useful to learn how Concisehas
$een used at Florida and elsewhere:
Concisewas designed for use in the introductory undergraduate finance course:
"his course is typically taught in one term: At Florida. we re;uire a one+
semester. 0+credit hour course that has appro%imately 16 fifty+minute class
periods: !ur sylla$us is provided later in this manual:
Contents of the Instructor9s Manual
"his Instructors Manual contains Learning !$ed the Instructors Manual$y chapter for your convenience:
Integrated Cases and Lecture Presentation Software
!ne of the most important pedagogic aids in Conciseis the set of ?Integrated
Cases@ provided with the end+of+chapter pro$lems: In past editions of
Concise. these cases were called ?Integrative Pro$lems.@ $ut since they are
actually mini cases. we changed the names: #hatever they are called. the
integrated cases have $een e%tremely well received $y instructors and students
ali(e: "hey provide an e%cellent vehicle for covering the (ey elements of
each chapter in a coherent. systematic. and interesting manner: "hey are
e;ually effective in small. discussion+oriented classes or in larger lecture+
$ased classes:
"he cases are coordinated with the opening vignettes whose purpose is tomotivate students to focus on the chapter: For e%ample. each vignette
provides $ac(ground material on a company and provides a lead+in to the
chapter: "he case then covers the (ey elements of the chapter. and its
solution is set up in a lecture format. with more detail than our normal end+
of+chapter pro$lem solutions:
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Since the cases are highly structured. one might thin( that they seriously
reduce instructors fle%i$ility: 9owever. this is less true than you would
imagine. $ecause the cases are written in a manner that ma(es it easy to
delete sections. to add new material. and to provide alternative andor
supplemental e%amples:
"he cases are good lecture vehicles for three reasons: First. they reduceinstructors preparation time++we spent a tremendous amount of time producing
carefully structured ?lecture pro$lems@ so that instructors will not have to:
Second. students li(e lectures $ased on the cases $ecause this ensures that
the lecture is consistent with the te%t. and that the two reinforce one
another: "hird. the case+oriented lectures are useful for $oth prepared and
unprepared students. and that is helpful for instructors whose students dont
always read the material $efore class:
Since our surveys indicate that more and more instructors are $asing their
lectures on the integrated cases. we developed a set of electronic slides
Lecture Presentation Software that can $e used in lieu of the transparency
masters: *r: Larry #ol(en of "e%as A D M Eniversity $rought this idea to our
attention and helped in the initial development of the electronic slides:Both transparencies and the $lac($oard can $e used effectively. $ut all of the
instructors who participated in de$ugging the slide show concluded that it
dominates the older technologies: lectronic slides are easier to use than
transparencies and far easier than the $lac($oard. crisper. more colorful.
and more complete. and they capture the attention of students $rought up in
the "5 generation:
#e originally thought the slides would $e too infle%i$le. $ut that was not the
case++it is e%tremely easy to $rea( away from the slides and use the
$lac($oard to clarify e%amples. to ma(e additional points. and the li(e: All
in all. the electronic slides really are a great addition to our ancillary
pac(age. and all instructors would $e well advised to get a set. insert the
C*+)!M. and run a ;uic( slide show to get an idea of
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Blueprints
Students often have trou$le getting good notes in class $ecause they must
choose $etween writing things down versus listening and thin(ing a$out what is
$eing said: !ur Blueprintssupplement solves this pro$lem $y providing an
efficient vehicle for students to get good notes. and it can $e reproducedlocally and purchased $y students at a relatively low cost:
Its purpose is to guide students through the chapter material: Since the
integrated cases systematically cover the (ey points in the chapters. and
since the e%amples in those cases are well designed to e%plain $oth logical
relationships and calculations. we use them as the $asis for $oth Blueprints
and our lectures:
As ones lectures move away from the $lac($oard. it $ecomes increasingly
important to provide students with a ?hard copy@ of the lecture materials++
otherwise. they cannot (eep up. their class notes will $e incomplete. and
$ecause they are trying to get notes. they cannot pay attention to the points
we are ma(ing: #ith this in mind. we have continually modified Blueprintstoma%imi>e its $enefit to students:
!riginally. Blueprints contained the lecture case and partially completed
solutions that the students completed during the course of the lecture: It
wor(ed well. and we got favora$le feed$ac( from our students and from other
instructors who used it in their classes: 9owever. a few years ago when we
went to the slide show format. we concluded that students would $e $est served
with a completely revamped version of Blueprints: ach chapter of Blueprints
$egins with the case itself. followed $y copies of the slides. three+to+a+page
on the left side and with space for notes on the right side: "hen. at the end
of each chapter. we include several e%am+type pro$lems that we cover in class
if we have time or else let students wor( on their own: &ow students can
watch and listen to the lecture. yet still end up with a good set of notes:
Blueprints offers several other advantages: First. it gives us more
fle%i$ility to present alternative e%amples. to discuss current events. and
the li(e. $ecause if we do not cover everything in the case hence chapter.
the students will still have a complete set of notes: Second. we use our copy
as our lecture notes: #e ma(e notes of what we plan to say a$out the slides
in the space to the right of the slides. or on attached post+it sheets: "his
helps us. and it also helps our students++they can always relate the e%amples
we give to the $asic slide. hence the slides and our e%amples $oth reinforce
one another and (eep us and the students on trac(:
Electronic Slide Show
As mentioned earlier. a set of electronic slides has $een developed:
Previously. we used the Integrated Cases. transparencies. and a $lac( $oard as
a complete lecture system. and with good results: But
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advances influencing the way we learn and teach: "hus. along with Larry
#ol(en. we created a computeri>ed ?slide show@ lecture presentation that
matches the Integrated Case solutions: In addition. Christopher Bu>>ard has
made improvements to the slidesadding even more current data and pictures to
them: "he slides are developed in ?layers.@ which ma(es them more effective
than static slides and more similar to a $lac($oard presentation. $ut neater:
For e%ample. we can create a slide that $egins with an e;uation that shows howhistorical rates of return are calculated. then $rings in illustrative data.
then plots the data on a graph. and then uses the graph to e%plain the concept
of a $eta coefficient: Color coding is used to differentiate the stoc( and
mar(et returns. which helps (eep things clear and in focus:
!n simpler slides. one can clic( down a list. much li(e moving the piece of
ta$let paper used to conceal parts of a transparency until you want people to
see it: But clic(ing is easier. static electricity is never a pro$lem. and
things are always in alignment and never upside down or $ac(wardsG
"he slide show is availa$le in Microsoft PowerPointH: Any instructors with
access to Microsoft PowerPoint will have the a$ility to customi>e the Lecture
Presentation Software:
verhead !ransparencies
Because this te%t is a ?concise@ version of Fundamentals of Financial
Management no new overhead transparencies were developed: Instead. we have
prepared a pic(+up list of Fundamentalstransparencies that can $e used to
cover the material in each Concisechapter: #here material has $een revised
or added in Concise. we suggest the use of relevant slides from Concises
electronic slide show: "he electronic slides may $e printed and
transparencies developed: "he transparency pic(+up list appears at the end of
the preface after the sylla$us and course schedule information:
Spreadsheet Models
Spreadsheet programs such as Microsoft Excelare ideally suited for analy>ing
many financial issues. and a (nowledge of spreadsheets is rapidly $ecoming
essential for people in $usiness: "herefore. we ?moderni>ed@ the $oo( $y
indicating how spreadsheets are used to deal with the issues discussed in the
te%t:
#e developed a spreadsheet model for each chapter in the $oo( e%cept Chapter
,: "hese models show e%actly how the decisions dealt with in the chapter can
$e analy>ed with an Excelspreadsheet: "herefore. our models include a good$it of e%planation and serve $oth as an Exceltutorial and as a template for
analy>ing whatever financial issues are covered in the particular chapter:
"he models are contained on the instructors resource C*+)!M and on the C*+)!M
that accompanies each te%t$oo(: "hey are also accessi$le from the 9arcourt
College we$ site: "he models are not necessary for going through the $oo( and
viii
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learning the essential financial concepts: 9owever. if a student wants to
learn how these concepts are implemented in the real world. and thus get a leg
up in the
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!est Ban&
"he Test Banthat accompanies Conciseis availa$le , in $ound+$oo( form.
- as self+contained computer software the standard computeri>ed test $an(.
and / as Microsoft Word files: At Florida. the faculty prefer the
Microsoft Wordformat $ecause we and our secretaries are very familiar withthat software. and it is very easy for us and them to ma(e any desired
changes in individual ;uestions. to add new ;uestions. and. of course. to
e%tract ;uestions from the file when we construct a specific e%am:
"he Test Ban contains over ,.-88 individual multiple+choice ;uestions and
pro$lems: "he ;uestions and pro$lems are all machine gradea$le. and we have
used them often enough so that most of the am$iguities that fre;uently plague
o$ed versions of the test $an( allow users to select test ;uestions
and pro$lems from the $an(. add or modify them as necessary. and then print
the final product: "he Microsoft Wordversion uses an endnote format thatma(es it very easy to create and reorder e%ams since , the ;uestions and
pro$lems selected are automatically renum$ered as you create an e%am. and -
the solutions to the pro$lems selected are also ?pulled out.@ renum$ered. and
made availa$le for review and printing:
#e personally resisted using multiple+choice tests for years. $ut due to our
own growing class si>es and pressure from adopters. we decided to assem$le
the $est possi$le set of o$
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"herefore. we decided to write a ,8+ to ,1+page set of instructions that would
tell our students what they needed for the course: ventually. we produced
similar instructions for the five leading calculators / 9Ps. a "I. and a
SharpJ those instructions are contained in the Technolog! Supplement:
#e also decided to ma(e availa$le spreadsheet tutorials that students can use
to learn the $asics of spreadsheet modeling: Although the spreadsheettutorials are $ased on Excel. the command structure of other spreadsheet
software pac(ages is sufficiently similar to permit the tutorials to $e used
with whatever software is availa$le to students: "hese tutorials provide
students with an introduction to spreadsheet modeling and its usefulness in
financial management decision ma(ing: "hen. students can learn on their own
the s(ills necessary to create andor use spreadsheet models:
In addition to the calculator and spreadsheet tutorials. weve added a
#o$er#ointtutorial: "his tutorial covers all the $asics. and it will aid
$oth students who must ma(e presentations with #o$er#ointand instructors who
want to ma(e slides for their lectures:
Instructor's (esource C)*(M
"his innovative instructors resource system includes electronic versions of
the Instructors Manual. Word Test Ban. chapter spreadsheet models. solutions
to the end+of+chapter spreadsheet pro$lems. and #o$er#ointpresentations: It
is laid out so as to ma%imi>e accessi$ility and minimi>e search time:
rdering Ancillary Materials
Ancillary materials may $e ordered $y adopters through their local 9arcourt
College sales representative or directly from the national sales office2
9arcourt College Sales *epartment
-88 Academic #ay
"roy. M! 3//47
688 -/4+-331
"he Stud! "uide. which is purchased $y students from $oo(stores. can $e
ordered through your local $oo(store:
9arcourt College Pu$lishers will provide complimentary supplements or
supplement pac(ages to those adopters ;ualified under our adoption policy:
Please contact your sales representative to learn how you may ;ualify: If as
an adopter or potential user you receive supplements you do not need. pleasereturn them to your sales representative or send them to2
Attn2 )eturns *epartment
"roy #arehouse
031 South Lincoln *rive
"roy. M! 3//47
%i
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%ii
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Conclusion
#e have tried to ma(e this Instructors Manualas clear and error+free as
possi$leJ however. there are almost certainly some mista(es and unclear
sections: Any suggestions for improving the manual will $e greatly
appreciated: Address your correspondence to Koel 9ouston at the address
$elow:
ugene F: Brigham
Koel F: 9ouston
P:!: Bo% ,,4,36
*epartment of Finance. Insurance. and )eal state
#arrington College of Business
Eniversity of Florida
'ainesville. Florida /-3,,+4,36
April -88,
%iii
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SYLLABUS FOR FINANCE 3403
Finance 3403
Course Outline
Fall 2001
Instructor: Koel F: 9ouston/// BES
/7-+4103
!ffice 9ours2 M # ,82/8 A:M: + ,,2/8 A:M:. and $y
appointment:
Course Pre-requisite: AC' -8-, or an approved e;uivalent:
Required materials:
:F: Brigham and K: 9ouston. Fundamentals of Financial
Management: Concise Third Edition:
Course Pac(et for FI& /08/2 Includes the sylla$us. a calculator
tutorial. detailed solutions to some of the end+of+chapter
;uestions. and past e%ams:
Blueprints2 A Pro$lem &ote$oo(2 Includes a hard copy of the
computer slides presented in class as well as some sample e%am+
type ;uestions:
Calculator
ou must have a financial calculator to get through the course:
Many of the e%am pro$lems involve comple% arithmetic and financial
calculations++and a financial calculator is necessary to solve
them:
I recommend either the 9P+,8B or the 9P+,4B: "he ,8B does
everything needed in the course: I will use one in class and
e%plain how to wor( various pro$lems with it. so you can follow
lectures most easily if you use a ,8B: Moreover. the "As will all
(now how to help you with a ,8B. $ut you might have trou$le
getting help with another calculator: "he 9P+,4B does more and
costs more: Some argue that the ,4B is easier to use once you get
used to it: Also. some students argue that the ,4B is $etter to
have in some of the upper level Finance classes: Again. however.
everything in this class can $e done with a ,8B:
As you will soon see. the a$ility to use a financial calculator is
critical to success in the class: ou are responsi$le forlearning how to operate your financial calculator++and it is
crucial that you are familiar with your calculator $y the time we
$egin Chapter 4: Calculator tutorials for $oth the ,8B and ,4B are
included in the Course Pac(et:
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Ma(e sure that you $ring your calculator and your Blueprints to
class: Students may not share calculators on e%ams: Please $e
sure to chec( your $atteries $efore e%ams:
Optional materials:
Study 'uide for Fundamentals of Financial Management2 Concise
"hird dition: "his wor($oo( contains learning o$
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you (eep up with the assigned reading. and ma(e an effort to
wor( the relevant pro$lems:
/: "here are a num$er of learning aids offered in addition to the
regularly scheduled lectures and review sessions: ou should
utili>e those that may contri$ute to your understanding of the
material:
a "here are several teaching assistants associated with this
course: "he "As will hold office hours in Bryan ,-1A:
"he "A schedule will vary from wee( to wee( and will $e
posted , outside the Finance office. /-, BES. -
outside Bryan ,-1A. and / on the class we$ page: "he
"As (now the material ;uite well and they are more than
willing to help you. so you should use them: ou should
study the te%t. your notes. and the pro$lems. and then as(
the "As for help in clearing up any ;uestions you might
have:
"he head "A has also esta$lished an e+mail address for thecourse2 FI#3403$C%IP&C'(&)F*&+,): Students may use this
forum to as( administrative ;uestions a$out the course. or
to provide any comments they have a$out the class: "his
forum is not appropriate for answering long and detailed
;uestions a$out the course material++for those ;uestions
you should see the "As in person:
ou may thin( that your ;uestions are ?too dum$ to as(.@
$ut they arentG Finance covers some tough material. and
most students have trou$le with at least some of it: "he
"As have all gone through it recently. and they (now what
you are up against: "hey are also really nice people who
want very much to help you. so use themG
$ "apes of the lectures will $e maintained on file in the
Media Center for one wee( following the original
presentation: "apes can also $e purchased from Eniversity
Boo( and Supply:
0: "here is also a home page for Finance /08/ on the #orld #ide
#e$: "he address is
http2www:c$a:ufl:educlassesfin/08/inde%:html: "he class
we$ page will include the course outline. office hours
schedules. class e%amples. and e%am solutions: As time goes
$y. the resources availa$le on the class we$ page will e%pand.so it is worth chec(ing it from time to time:
+aminations: "here will $e three e%ams. two during the semester and one
during the final e%am wee(: "he e%am schedule is as follows2
First .idterm: /uesda" ep& 2 :00-:00 P&.&
econd .idterm: .onda" Oct& 2 :00-:00 P&.&
http://www.cba.ufl.edu/classes/fin3403/index.htmlhttp://www.cba.ufl.edu/classes/fin3403/index.html -
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Final +am: /uesda" ,ec& 11 1:00-3:00 P&.&
%am locations will $e announced in class. and posted at Bryan
,-1. the FI&/086 notice $oard outside BES /-,. and on the class
we$ page:
our grade in the course will $e determined $ased on yourperformance on the three e%aminations: ach e%amination will
count as one+third of your final course grade:
"o determine your final grade in the course. we will first
calculate your total score as follows2
"otal Score ,st %am Score N -nd %am Score N Final %am
Score: our total score has a ma%imum of 38 points:
"o calculate the ?cutoffs@ for each course grade. we calculate
a weighted average of the lowest scores for each grade: So.
for e%ample. to determine the cutoff for an A2
Lowest A Lowest A. ,st %am N Lowest A. -nd %am N Lowest
A. Final %am:
Li(ewise. the lowest C grade would $e a weighted average of the
lowest C grades from each of the e%ams:
"herefore. if the curve was set such that you needed ,4 or
higher to get an A on the first e%am. ,3 or higher to get an A
on the second e%am. and ,4 or higher to get an A on the final.
the cutoff for an A in the course would $e 18 ,4 N ,3 N ,4:
In this hypothetical e%ample. if your total score is 18 points
or higher you would earn an A in the class: !$viously. the
actual cutoff for an A will depend on the curves set for the
individual e%aminations:
Please reco!ni5e t6at t6e si5e o7 t6is class ma8es it necessar"
7or t6e cuto77s to be 7irm i&e& t6ere 9ill be no roundin! up
re!ardless o7 6o9 close "ou are to t6e 6i!6er !rade&
/6ere 9ill be #O ma8eup eams& If you have a valid e%cuse for
missing either of the first two e%ams. your final grade will $e
$ased on your performance on the other two e%aminations++each
of these e%aminations will count as 18 percent of your final
grade: If you miss the final with a valid e%cuse. you must ma(e
it up the following term: If you do not have a valid e%cusefor missing an e%am. it will count as a >ero:
In order to $e e%cused from an e%am. the student must contact
mebe7ore t6e eam: If you cannot reach me. leave a message
with the department secretaries at /7-+8,1/: In most cases I
will re;uire students to provide me with additional
documentation to
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e%am: Please note that a simple note indicating that you were
seen at the health center the day of the e%am does notin and
of itself provide sufficient documentation: %cuses will $e
granted if the student is una$le to ta(e the e%am$ecause of
serious illness or in
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COURSE SCHEDULEFALL 2001
/6is sc6edule is etremel" tentatie and subject to c6an!e& (n" ariations
9ill be announced in class&
Aug -- IntroductionChapter ,2 An !verview of Financial Management
Aug -/ Chapter ,2 An !verview of Financial Management
Aug -4 Chapter -2 Financial Statements
Aug -6 Chapter -2 Financial Statements
Aug -7 Chapter /2 Analysis of Financial Statements
Aug /8 Chapter /2 Analysis of Financial Statements
ep 3 *('OR ,( ;#O C*(ation Schedule
liminate "4+-, through "4+-/ since this discussion has $een eliminated from
Integrated Case
Concise Chapter ,:
"6+, Bond 5aluation2 "erminology
"6+- 'eneral 5aluation Model"6+/ Bond 5aluation Model
"6+0 Bond 5aluation with Interest )ate Changes
"6+1 Bond 5alues over "ime
"6+3 ield to Maturity "M
"6+4 Current ield. Capital 'ains ield. and "otal )eturn
"6+6 Interest )ate Price )is( for ,8 Coupon Bonds with *ifferent
Maturities
"6+7 5aluation of Semiannual Coupon Bonds
"6+,8 %ample of Semiannual Coupon Bond 5aluation
"6+,, A) Illustration with Bonds
"6+,- ield to Call "C
"6+,/ "C versus "M
"6+,0 Bond )atings++!ne Measure of *efault )is(
"6+,1 Factors Affecting *efault )is( and Bond )atings
"6+,3 Ban(ruptcy and )eorgani>ation "erminology
"6+,4 Payment Priority in Li;uidation
Concise Chapter -:
"7+, Legal )ights and Privileges of Common Stoc(holders
"7+- *ifferent Approaches for 5aluing Common Stoc(
"7+/ 'eneral Stoc( 5aluation Model
"7+0 Constant 'rowth Stoc( 5aluation Model
"7+1 Constant 'rowth Stoc( 5aluation %ample
"7+3 Constant 'rowth *ividends and Present 5alue of *ividends
"7+4 *ividend and Capital 'ains ields"7+6 Tero 'rowth and Supernormal 'rowth
"7+7 Supernormal 'rowth Continued
"7+,8 &onconstant 'rowth2 Tero 'rowth. "hen Constant 'rowth
"7+,, *eclining 'rowth
"7+,- Free Cash Flow Method
"7+,/ "he fficient Mar(ets 9ypothesis M9
"7+,0 Preferred Stoc( 5aluation
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Concise Chapter %.:
",8+, Basic *efinitions
",8+- Cost of *e$t. (d, + "
",8+/ Cost of Preferred Stoc(. (p",8+0 Cost of )etained arnings. (s
",8+1 Cost of &ewly Issued Common Stoc(. (e",8+3 #eighted Average Cost of Capital. #ACC
",8+4 )is( and the Cost of Capital
",8+6 *ivisional Cost of Capital
",8+7 Procedures for *etermining Pro
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",0+,, Factors to Consider #hen sta$lishing Firms "arget Capital
Structure
",0+,- "a%es. Ban(ruptcy Costs. and 5alue of the Firm "rade+off
"heory
Concise Chapter %(: /Corresponds to FFM- Chapter %)0
",1+, *ividend Policy "heories",1+- *ividend Policy 9ypotheses
",1+/ )esidual *ividend Model Page ,
",1+0 )esidual *ividend Model2 An %ample Page -
",1+1 Summary of Factors Influencing *ividend Policy
",1+3 Advantages and *isadvantages of )esidual *ividend Policy
",1+4 *ividend )einvestment Plans *)IPs
",1+6 Steps for Setting *ividend Policy
",1+7 Stoc( )epurchases
",1+,8 Advantages and *isadvantages of )epurchases
",1+,, Stoc( *ividend vs: Stoc( Splits
Concise Chapter %): /Corresponds to FFM- Chapters %* and %+0
",3+, Selected )atios. SQI. Inc: e%cept SQI *S! should $e 01:3/ on a/31+day $asis
S,1+3. S,1+4 Cash conversion Cycle CCC
S,1+6 )ationale for 9olding Cash
",3+0 Cash Budget2 Purpose. "iming. and *ata )e;uired
",3+1 SQIs Cash Budget
",3+3 !ther Items for Inclusion in Cash Budget
",3+4 Categories of Inventory Costs
",3+6 lements of Credit Policy
",4+, #or(ing Capital Financing Policies
",4+- Moderate Financing Policy
",4+/ Conservative Financing Policy
",4+0 Short "erm Credit
S,1+/0++S,1+08 "rade Credit
liminate ",4+3 through ",4+,,
S,1+0, Commercial Paper
Concise Chapter %*: /Corresponds to FFM- Chapter %-0
",7+, Introduction to Multinational Financial Management
",7+- Multinational versus *omestic Financial Management
",7+/ Currency %change )ates
",7+0 Currency %change )ate Illustration
",7+1 uropean Monetary Enion Add 'reece to mem$er nations2