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

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