MANAGERIAL FINANCE - GBV

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PRINCIPLES OFMANAGERIALFINANCETWELFTHEDITIONLAWRENCE J. GITMANSAN DIEGO STATE UNIVERSITYPEARSONPrenticeHallBoston San Francisco New YorkLondon Toronto Sydney Tokyo Singapore MadridMexico City Munich Paris Cape Town Hong Kong Montreal

ContentsPrefacexxxiRevised ContentxxxiiiSupplements to the Twelfth EditionAcknowledgmentsTo the StudentxxxviixlxliiiPart OneIntroduction to Managerial Finance 1Chapter 1The Roleand Environmentof ManagerialFinancepage 21.1 Finance and BusinessWhat Is Finance? 41.4Major Areas and Opportunitiesin Finance 4Legal Forms of BusinessOrganization 5Why Study Managerial Finance?Review Questions 9Financial Institutions 22Financial Markets 23The Relationship betweenInstitutions and MarketsThe Money Market 23The Capital Market 241.2Starbucks—A Taste for Growthpage 3The ManagerialFinance Function9Organization of the FinanceFunction 10Relationship to Economics 10Relationship to Accounting 11Primary Activities of theFinancial Manager 13Review Questions 131.3Goal of t h e F i r m 13Maximize Profit? 14Maximize Shareholder Wealth 15Corporate Governance 16The Role of Business Ethics 17Financial Institutionsand Markets 22IN PRACTICE Focus on Practice:Berkshire Hathaway-Can Büffet BeReplaced? 28Review Questions1.5Business TaxesOrdinary IncomeCapital Gains2931Review QuestionsSummary3232Self-Test Problem34Warm-Up ExercisesProblems3435I N PRACTICE Focus on Ethics:Ethics at HPSpreadsheet Exercise19Group ExerciseWeb Exercisexiv29Chapter 1 Case: Assessingthe Goal of SportsProducts, Inc. 38The Agency Issue 19Review Questions 212340413929

CONTENTSChapter 2FinancialStatementsand Analysispage 422.1The Stockholders'Report 442.6The Letter to StockholdersThe Four Key FinancialStatements 4444IN PRACTICE Focus on Ethics: Back toSchool on Ethics 45Notes to the FinancialStatements 51Consolidating International FinancialStatements 52IN PRACTICE Focus on Practice: Is It Timeto Change SOX? 53Review Questions2.2Netflix, Inc-The Red TideIs Comingpage 43Using FinancialRatios 53Profitability Ratios65Common-Size IncomeStatements 66Gross Profit Margin 67Operating Profit Margin 67Net Profit Margin 67Eamings per Share (EPS) 68Return on Total Assets (ROA) 68Return on Common Equity(ROE) 69Review Questions 692.753xvM a r k e t Ratios69Price/Earnings (P/E) Ratio69Market/Book (M/B) Ratio70Review Question71Interested Parties 54Types of Ratio Comparisons 54Cautions about UsingRatio Analysis 56Categories of Financial Ratios 57Review Questions 57Summarizing All Ratios 71DuPont System of Analysis 75Review Questions 772.3SummaryL i q u i d i t y RatiosCurrent Ratio 58Quick (Acid-Test) RatioReview Question 5958Debt RatiosA Complete RatioAnalysis 7178Self-Test Problems592.4 A c t i v i t y Ratios 59Inventory Turnover 60Average Collection Period 60Average Payment Period 61Total Asset Turnover 62Review Question 622.52.862Debt Ratio 64Times Interest Eamed Ratio 64Fixed-Payment Coverage Ratio 65Review Questions 6579Warm-Up ExercisesProblems8081Chapter 2 Case: Assessing MartinManufacturing's Current FinancialPosition 98Spreadsheet ExerciseGroup ExerciseWeb Exercise102103100

xviCONTENTSChapter 3Gash Flowand FinancialPlanningpage 1043.1Analyzing the Firm'sCash Flow 106Depreciation 106Developing the Statementof Cash Flows 109Operating Cash Flow 112Free Cash Flow 115IN PRACTICE Focus on Practice:Free Cash Flow at eBay 116Review Questions3.2Google, Inc.-Searching fora Use for Its Cashpage 105117The FinancialPlanning Process 117Sales Forecast 129Review Question 1293.5Preparing the Pro FormaIncome Statement 130Considering Types of Costsand Expenses 131Review Questions 1323.6Preparing the Pro FormaBalance Sheet 132Review QuestionsLong-Term (Strategie) FinancialPlans 1173.7IN PRACTICE Focus on Ethics: How MuchIsaCEOWorth? 118Review QuestionsShort-Term (Operating) FinancialPlans 118Review Questions 120Summary3.3Cash Planning:Cash Budgets 120The Sales Forecast 120Preparing the Cash Budget 121Evaluating the Cash Budget 125Coping with Uncertaintyin the Cash Budget 127Cash Flow within the Month 128Review Questions 1283.4Profit Planning: Pro FormaStatements 128Preceding Year's FinancialStatements 129134Evaluation of Pro FormaStatements 134135135Self-Test Problems137Warm-Up ExercisesProblems139139Chapter 3 Case: Preparing MartinManufacturing's 2010 Pro FormaFinancial Statements 150Spreadsheet ExerciseGroup ExerciseWeb Exercise151153153Integrative Case 1: Track Software,Inc. 154

CONTENTSxviiPart TtooChapter 4Time Valueof Moneypage 1604.1Future Value versus PresentValue 162Computational Tools 163Basic Pattems of Cash FlowReview Questions 1664.2Eli Lilly and Company—Ridingthe Pipelinepage 161The Role of TimeValue in Finance 162Single AmountsA General Equation forCompounding MoreFrequently Than Annually 187Using Computational Toolsfor Compounding MoreFrequently Than Annually 189Continuous Compounding 190Nominal and EffectiveAnnual Rates of Interest 191165166IN PRACTICE Focus on Ethics: How Fair1s "Check Into Cash"? 192Future Value of a SingleAmount 166Present Value of a SingleAmount 170Comparing Present Valueand Future Value 172Review Questions 1734.3Annuities173Types of Annuities174Review Questions4.6Present Value of a MixedStream 184Review Question 1864.5Compounding InterestMore Frequently ThanAnnually 186Semiannual Compounding 186Quarterly Compounding 186Special Applicationsof Time Value 193Determining Deposits Neededto Accumulate a Future SumLoan Amortization 194Finding Interest or GrowthRates 196Finding the Future Valueof an Ordinary Annuity 175Finding the Present Valueof an Ordinary Annuity 176Finding the Future Valueof an Annuity Due 178Finding the Present Valueof an Annuity Due 180Finding the Present Valueof a Perpetuity 181Review Questions 1824.4 M i x e d Streams 182Future Value of a Mixed Stream193193IN PRACTICE Focus on Practice:New Century Brings Trouble for SubprimeMortgages 197Finding an Unknown NumberofPeriods 199Review Questions 201Summary201Self-Test Problems204Warm-Up ExercisesProblems182205206Chapter 4 Case: Finding JillMoran's RetirementAnnuity 222Spreadsheet ExerciseGroup ExerciseWeb Exercise223225222

xviiiCONTENTSChapter 5Risk andReturnpage 2265.1Risk and ReturnF u n d a m e n t a l s 228IN PRACTICE Global Focus: An InternationalFlavor to Risk Reduction 248Review QuestionsRisk Defined 228Return Defined 228IN PRACTICE Focus on Ethics: What aboutMoral Risk? 230 http: //www, youtube, com/ "H*jyoutubeiWeb-To-Page »Risk Preferences 232Review Questions 233You8rHomeRisk of a SingleAsset 233SummaryRisk Assessment 233Risk Measurement 235Review Questions 240to Big Gainspage 227Chapter 6Interest Rates andBond Valuationpage 280Risk of a Portfolio241Portfolio Return and StandardDeviation 241Correlation 242Diversification 243Correlation, Diversification, Risk,and Return 244International Diversification 2476.16.2The Federal Debt—A Huge Appetitefor Moneypage 281Corporate BondsLegal Aspects of CorporateBonds 291Cost of Bonds to the IssuerGeneral Features of a BondIssue 293Bond Yields 294Bond Prices 294Bond Ratings 295292Chapter 5 Case: Analyzing Risk andReturn on Chargers Products'Investments 275Web Exercise2772792856.3ValuationFundamentals299Key Inputs 299Basic Valuation Model 300Review Questions 3016.4 B o n d V a l u a t i o n 301Bond Fundamentals 302Basic Bond Valuation 302Bond Value Behavior 304Yield to Maturity (YTM) 307Semiannual Interestand Bond Values 309Review Questions 311IN PRACTICE Focus on Ethics: Can WeSummaryTrust the Bond Raters?Self-Test Problems296277Populär Types of Bonds 296International Bond Issues 297Review Questions 298282291264Group ExerciseIN PRACTICE Focus on Practice: I-BondsAdjust for Inflation 285Term Structure of Interest RatesRisk Premiums: Issuer andIssue Characteristics 289Review Questions 291263Spreadsheet ExerciseInterest Rates a n dRequired Returns 282Interest Rate Fundamentals262Warm-Up ExercisesProblems5.3260Self-Test ProblemsVenture Capitalists—Findingthe Right Startup Can LeadRisk a n d Return:The Capital Asset PricingModel (CAPM) 249Types of Risk 249The Model: CAPM 250Review Questions 259j Pitt5.25.4248311314

CONTENTSWarm-Up ExercisesProblemsSpreadsheet Exercise314Group Exercise316Chapter 6 Case: Evaluating AnnieHegg's Proposed Investment inAtilier Industries Bonds 324Web Exercisexix325326327\7.1Differences betweenDebt and EquityCapital 330Voice in Management 330Claims on Income and AssetsMaturity 331TaxTreatment 331Review Question 3317.2Common andPreferred StockReview Questions330Decision Makingand CommonStock Value 357Summary341Market Efficiency 342Basic Common Stock ValuationEquation 345I N PRACTICE Focus on Practice:Understanding Human Behavior HelpsUs Understand Investor Behavior 346363Warm-Up ExercisesProblems358359Self-Test ProblemsCommon StockValuation 342Free Cash Flow ValuationModel 351Other Approaches to CommonStock Valuation 3547.4357Changes in Expected ReturnChanges in Risk 358Combined Effect 359Review Questions 359331Common Stock 331Preferred Stock 335Issuing Common Stock 336Interpreting Stock QuotationsReview Questions 3427.3I N PRACTICE Focus on Ethics: Psst-HaveYou Heard Any Good Quarterly EarningsForecasts Lately? 356363364Chapter 7 Case: Assessing theImpact of Suarez Manufacturing'sProposed Risky Investment on ItsStock Value 371Spreadsheet ExerciseGroup ExerciseWeb Exercise372373373Integrative Case 2: EncoreInternational 374

xxCONTENTSPart ThreeLong-Term Investment DecisionsChapter 8Capital BudgetingCash Flows8.1page 378Capital BudgetingDecision Process 380Motives for Capital ExpenditureSteps in the Process 380Basic Terminology 382Review Questions 3848.28.4380Relevant Cash Flows384Major Cash Flow Components384Expansion versus ReplacementDecisions 384IN PRACTICE Focus on Ethics:A Question of Value 385ExxonMobil-Maintaining Its ProjectInventorypage 379Sunk Costs and OpportunityCosts 386International Capital Budgetingand Long-Term Investments 387Review Questions 387IN PRACTICE Global Focus: ChangesMay Influence Future Investmentsin China 3888.3Finding the InitialInvestment 388Installed Cost of New Asset 389After-Tax Proceeds from Säleof Old Asset 389Change in Net Working Capital 392Calculating the InitialInvestment 393Review Questions 394377Finding the OperatingCash Inflows 394Interpreting the Term After-TaxInterpreting the Term CashInflows 395Interpreting the TermIncremental396Review Questions 3998.5394Finding the TerminalCash Flow 399Proceeds from Säle of Assets 399Taxes on Säle of Assets 399Change in Net Working Capital 400Review Question 4018.6Summarizing the RelevantCash Flows 401Review QuestionSummary403403Self-Test Problems404Warm-Up ExercisesProblems405406Chapter 8 Case: Developing RelevantCash Flows for Clark UpholsteryCompany's Machine Renewal orReplacement Decision 417Spreadsheet ExerciseGroup ExerciseWeb Exercise420421419

CONTENTSChapter 9Capital BudgetingTechniquespage 4229.1Overview ofCapital BudgetingTechniques 424Bennet Company's RelevantCash Flows 424Review Question 4259.5xxiComparing NPV andIRR Techniques 434Net Present Value Profiles 435Conflicting Rankings 435Which Approach Is Better? 438IN PRACTICE Focus on Ethics:Nonfinancial Considerations in9.2Payback Period425Decision Criteria 425Pros and Cons of PaybackPeriods 426IN PRACTICE Focus on Practice:Limits on Payback Analysis 427Apple, Inc.-The iPhoneIs Revealedpage 423Review Questions9.3429Net PresentValue(NPV) 429Decision Criteria 430Review Questions 431Project SelectionReview QuestionsSummaryInternal Rate of Return(IRR) 431440441Self-Test Problem443Warm-Up ExercisesProblems443444Chapter 9 Case: Making NorwichTool's Lathe InvestmentDecision 453Spreadsheet ExerciseGroup Exercise9.4440Web Exercise454455455Decision Criteria 432Calculating the IRR 432Review Questions 434Chapter 10Risk andRefinementsin CapitalBudgetingpage 45610.1 Introduction toRisk in CapitalBudgeting 458Review Question45810.2 Behavioral Approachesfor Dealing withRisk459Risk and Cash Inflows 459Scenario Analysis 461Simulation 462I N PRACTICE Focus on Practice: The MonteCarlo Method: The Forecast Is for LessUncertainty 463Review QuestionsState Farm Insurance—Flooded withClaimspage 45746310.3 International RiskConsiderations 464Review Question46510.4 Risk-AdjustedDiscount Rates465Determining Risk-Adjusted DiscountRates (RADRs) 465IN PRACTICE Focus on Ethics:Environmental Compliance: HonestyIs the Best Policy 468Applying RADRs 468Portfolio Effects 470RADRs in Practice 472Review Questions 47310.5 Capital BudgetingRefinements 473Comparing Projects withUnequal Lives 473Recognizing Real OptionsCapital Rationing 479Review Questions 482477

XX11CONTENTSSummary482Self-Test ProblemWarm-Up ExercisesProblemsSpreadsheet Exercise484Group Exercise484Web Exercise486Chapter 10 Case: EvaluatingCherone Equipment's RiskyPlans for Increasing Its ProductionCapacity 495Long-Term Financial DecisionsChapter 11The Costof Capitalpage 50211.1 Overview of the Costof Capital 504IN PRACTICE Focus on Ethics:The Asbestos Penalty 505Specific Sources of CapitalReview Questions 507506Net Proceeds 507Before-Tax Cost of Debt 508After-Tax Cost of Debt 510Review Questions 511page 503501Cost of Retained EarningsCost of New Issues ofCommon Stock 515Review Questions 51751511.5 Weighted AverageCost of Capital 51711.6 Marginal Costand InvestmentDecisions 520Weighted Marginal Costof Capital (WMCC) 52011.3 Cost of PreferredStock 511Preferred Stock DividendsCaiculating the Cost ofPreferred Stock 511Review Question 512498Caiculating Weighted Average Costof Capital (WACC) 517Weighting Schemes 518Review Questions 52011.2 Cost of Long-TermDebt 507United Airlines—Taking Off Again498Integrative Case 3: LastingImpressions Company 499Part FourSome Key Assumptions 504The Basic Concept 50449751111.4 Cost of CommonStock 512Finding the Cost of CommonStock Equity 512IN PRACTICE Focus on Practice:EVAlue Creation521Investment Opportunities Schedule(IOS) 524Using the WMCC and IOS toMake Financing/InvestmentDecisions 524Review Questions 526Summary 526Self-Test Problem528

CONTENTSWarm-Up ExercisesProblemsChapter 12Leverageand CapitalStructurepage 544Spreadsheet Exercise530Group Exercise53012.1 Leverage 546Breakeven Analysis 547Operating Leverage 550Considering Risk in EBIT-EPSAnalysis 577Basic Shortcoming of EBIT-EPSAnalysis 577Review Question 577IN PRACTICE Focus on Practice:Adobe's Leverage 553Financial Leverage 554CVS/Caremark Corporation—Optimizing Its Capital Structurepage 545Linkage 578Estimating Value 578Maximizing Value versusMaximizing EPS 579Some Other ImportantConsiderations 580Review Questions 58012.2 The Firm's CapitalStructure 561Types of Capital 561External Assessment of CapitalStructure 562Capital Structure of Non-U.S.Firms 563Capital Structure Theory 564Optimal Capital Structure 572Review Questions 57412.3 EBIT-EPS Approachto Capital StructurePresenting a Financing PlanGraphically 575Comparing Alternative CapitalStructures 57554312.4 Choosing the OptimalCapital Structure 578Review Questions 560Ptarmacy542Web ExerciseIN PRACTICE Focus on Ethics:The Buyout Binge 560ÄJHRU541Chapter 11 Case: Making StarProducts' Financing/InvestmentDecision 539Total Leverage 557CVwxxiiiSummary581Self-Test Problems 583Warm-Up Exercises574584Problems 585Chapter 12 Case: EvaluatingTampa Manufacturing's CapitalStructure 595Spreadsheet ExerciseGroup ExerciseWeb Exercise597597596

xxivCONTENTSChapter 13DividendPolicypage 59813.1 DividendFundamentals13.4 Types of DividendPolicies 611600Cash Dividend PaymentProcedures 600Tax Treatment of Dividends602I N P R A C T I C E Focus on Practice: CapitalGains and Dividend Tax TreatmentExtendedto2010 602Dividend Reinvestment PlansReview Questions 60313.2 Relevance ofDividend PolicyMicrosoft Corporation—Giving Back to the Shareholderspage 59960313.5 Other Formsof Dividends603Residual Theory of DividendsArguments for DividendIrrelevance 606Arguments for DividendRelevance 607Review Questions 60713.3 Factors AffectingDividend Policy 607Legal Constraints 608Contractual Constraints 609Internal Constraints 609Growth Prospects 609Owner Considerations 609Market Considerations 610Review Question 610Constant-Payout-Ratio DividendPolicy 611Regulär Dividend Policy 611Low-Regular-and-Extra DividendPolicy 612Review Question 613604613Stock Dividends 613Stock Splits 615Stock Repurchases 616IN PRACTICE Focus on Ethics:Are Buybacks Really a Bargain?Review QuestionsSummary619619Self-Test Problem621Warm-Up ExercisesProblems618621622Chapter 13 Case: EstablishingGeneral Access Company'sDividend Policy and InitialDividend 629Spreadsheet ExerciseGroup ExerciseWeb Exercise630631631Integrative Case 4: O'Grady ApparelCompany 632

CONTENTSPart FiveShort-Term Financial DecisionsChapter 14WorkingCapital andCurrent AssetsManagementpage 63614.1 Net Working CapitalFundamentals 63814.4 Accounts ReceivableManagement 652Short-Term FinancialManagement 638Net Working Capital 638The Tradeoff between Profitabilityand Risk 639Review Questions 640Credit Selection and StandardsCredit Terms 657Credit Monitoring 659Review Questions 66114.2 Cash ConversionCycle 641AT&T-Outsourcing Is inthe CardsCalculating the CashConversion Cycle 641Funding Requirements of theCash Conversion Cycle 642Strategies for Managing theCash Conversion Cycle 645Review Questions 645page 63714.3 InventoryManagement645Differing Viewpoints aboutInventory Level 646Common Techniquesfor Managing Inventory 646IN P R A C T I C E Focus on Practice: RFID:The Wave of the Future 651International InventoryManagement 651Review Questions 652XXV63565214.5 Management of Receiptsand Disbursements 661Float 662Speeding Up Collections 662Slowing Down Payments 663Cash Concentration 663I N PRACTICE Focus on Ethics: StretchingAccounts Payable-Is It a Good Policy? 664Zero-Balance Accounts 665Investing in MarketableSecurities 666Review Questions 668Summary668Self-Test Problems670Warm-Up ExercisesProblems671671Chapter 14 Case: Assessing RochePublishing Company's CashManagement Efficiency 677Spreadsheet ExerciseGroup ExerciseWeb Exercise679679678

XXVICONTENTSChapter 15Current LiabilitiesManagementpage 68015.1 SpontaneousLiabilities 682Accounts Payable ManagementAccruals 686Review Questions 68768215.2 Unsecured Sourcesof Short-TermLoans 687Bank Loans687Memorial Sloan-Kettering CancerCenter—Reducing AccountsPayable Expensespage 681Summary693I N PRACTICE Focus on Practice:Commercial Paper Boom to Continueafter Depressed Start to the Decade 694International Loans 695Review Questions 696702Self-Test ProblemCharacteristics of SecuredShort-Term Loans 697706707Chapter 15 Case: Selecting KantonCompany's Financing Strategy anUnsecured Short-Term BorrowingArrangement 713Spreadsheet ExerciseGroup ExerciseWeb Exercise15.3 Secured Sourcesof Short-TermLoans 697706Warm-Up ExercisesProblemsIN PRACTICE Focus on Ethics:Loan Fraud 688Commercial PaperUse of Accounts Receivableas Collateral 698Use of Inventoryas Collateral 700Review Questions 702714715715Integrative Case 5: Casade Disefio 716

CONTENTSPart SixSpecial Topics in Managerial FinanceChapter 16Hybrid andDerivativeSecuritiespage 72016.1 Overview of Hybridsand Derivatives 722Review QuestionValue of WarrantsReview Questions16.2 Leasing722Types of Leases722723Lease-versus-Purchase Decision724IN P R A C T I C E Focus on Practice: Leasesto Airlines End on a Sour Note 725Effects of Leasing on FutureFinancing 729Advantages and Disadvantagesof Leasing 730Review Questions 730Boeing-"We Will Build thepage 721719740742722Leasing ArrangementsDreamliner; Others Will Lease It"XXVÜ16.3 ConvertibleSecurities 731Types of Convertible Securities 731General Featuresof Convertibles 732Financing with Convertibles 733Determining the Valueof a Convertible Bond 735Review Questions 73716.4 Stock PurchaseWarrants 737Key Characteristics 738Implied Price of anAttached Warrant 73916.5 Options 742Calls and Puts 742Options Markets 743Options Trading 743Role of Call and Put Optionsin Fund Raising 744Hedging Foreign-CurrencyExposures with Options 744I N P R A C T I C E Focus on Ethics:Options Backdating 745Review QuestionsSummary746746Self

of Managerial Finance page 2 Introduction to Managerial Finance 1 Starbucks—A Taste for Growth page 3 1.1 Finance and Business What Is Finance? 4 Major Areas and Opportunities in Finance 4 Legal Forms of Business Organization 5 Why Study Managerial Finance? Review Questions 9 1.2 The Managerial Finance Function 9 Organization of the Finance

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