Principles Of Managerial Finance - Pearson Education

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FIFTEENTH EDITIONPrinciples ofManagerial FinanceChad J. ZutterUniversity of PittsburghScott B. SmartIndiana UniversityNew York, NYA01 ZUTT6315 15 SE FM.indd 327/11/17 8:03 PM

Vice President, Business, Economics, and UK Courseware: DonnaBattistaDirector of Portfolio Management: Adrienne D’AmbrosioSenior Portfolio Manager: Kate FernandesEditorial Assistant: Caroline FennVice President, Product Marketing: Roxanne McCarleyProduct Marketer: Kaylee CarlsonProduct Marketing Assistant: Marianela SilvestriManager of Field Marketing, Business Publishing: AdamGoldsteinExecutive Field Marketing Manager: Thomas HaywardVice President, Production and Digital Studio, Arts and Business:Etain O’DeaDirector of Production, Business: Jeff HolcombManaging Producer, Business: Alison KalilContent Producer: Meredith GertzOperations Specialist: Carol MelvilleDesign Lead: Kathryn FootManager, Learning Tools: Brian SuretteContent Developer, Learning Tools: Sarah PetersonManaging Producer, Digital Studio and GLP, Media Productionand Development: Ashley SantoraManaging Producer, Digital Studio: Diane LombardoDigital Studio Producer: Melissa HonigDigital Studio Producer: Alana ColesDigital Content Team Lead: Noel LotzDigital Content Project Lead: Miguel LeonarteProject Manager: Kathy Smith, Cenveo Publisher ServicesInterior Design: Cenveo Publisher ServicesCover Design: Cenveo Publisher ServicesCover Art: ChristopheHeylen/DigitalVision Vectors/Getty Images;Decha Anunthanapong/123RF; John Kuczala/DigitalVision/Getty Images; Sean Russell/Getty Images; MarsBars/E /GettyImages; Panuwat Phimpha/ShutterstockPrinter/Binder: LSC Communications, Inc./KendallvilleCover Printer: Phoenix Color/HagerstownMicrosoft and/or its respective suppliers make no representations about the suitability of the information contained in the documents andrelated graphics published as part of the services for any purpose. All such documents and related graphics are provided “as is” withoutwarranty of any kind. Microsoft and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all warranties and conditions of merchantability, whether express, implied or statutory, fitness for a particular purpose, titleand non-infringement. In no event shall Microsoft and/or its respective suppliers be liable for any special, indirect or consequential damagesor any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action,arising out of or in connection with the use or performance of information available from the services.The documents and related graphics contained herein could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Microsoft and/or its respective suppliers may make improvements and/or changes in theproduct(s) and/or the program(s) described herein at any time. Partial screen shots may be viewed in full within the software versionspecified.Microsoft and Windows are registered trademarks of the Microsoft Corporation in the U.S.A. and other countries. This book is notsponsored or endorsed by or affiliated with the Microsoft Corporation.Copyright 2019, 2015, 2012 by Pearson Education, Inc. or its affiliates. All Rights Reserved. Manufactured in the United States ofAmerica. This publication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, orotherwise. For information regarding permissions, request forms, and the appropriate contacts within the Pearson Education Global Rightsand Permissions department, please visit of third-party content appear on the appropriate page within the text.PEARSON, ALWAYS LEARNING, and MYLAB are exclusive trademarks owned by Pearson Education, Inc. or its affiliates in the U.S.and/or other countries.Unless otherwise indicated herein, any third-party trademarks, logos, or icons that may appear in this work are the property of theirrespective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative or descriptivepurposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees,or distributors.Cataloging-in-Publication Data is available on file at the Library of Congress118A01 ZUTT6315 15 SE FM.indd 4ISBN 10:0-13-447631-XISBN 13: 978-0-13-447631-529/11/17 2:23 PM

Dedicated to our good friend and mentor,Dr. Lawrence J. Gitman,who trusted us as coauthors and successorsof Principles of Managerial Finance.CJZSBSA01 ZUTT6315 15 SE FM.indd 527/11/17 8:03 PM

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Brief ContentsContents ixAbout the Authors xxixPreface xxxiAcknowledgments xlivPART 1 Introduction to ManagerialFinance 112753 Financial Statements and Ratio Analysis4 Long- and Short-Term FinancialPlanning 142Time Value of Money 189PART 3 Valuation of Securities6776255Interest Rates and Bond Valuation 256Stock Valuation 305Leverage and Capital Structure 552Payout Policy 606PART 7 Short-Term FinancialDecisions 64515 Working Capital and Current Assets16PART 4 Risk and the Required Rate ofReturn 345891314The Role of Managerial Finance 2The Financial Market Environment 41PART 2 Financial Tools5PART 6 Long-Term FinancialDecisions 551Management 646Current Liabilities Management 689PART 8 Special Topics in ManagerialFinance 72517 Hybrid and Derivative Securities 72618 Mergers, LBOs, Divestitures, and Business19Failure 765International Managerial Finance 809Risk and Return 346The Cost of Capital 396PART 5 Long-Term InvestmentDecisions 42910 Capital Budgeting Techniques 43011 Capital Budgeting Cash Flows 47112 Risk and Refinements in CapitalAppendix A-1Glossary G-1Index I-1Budgeting 509viiA01 ZUTT6315 15 SE FM.indd 727/11/17 8:03 PM

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ContentsAbout the Authors xxixPreface xxxiAcknowledgments xlivPART 1 Introduction to Managerial Finance1The Role ofManagerialFinance 21.11Finance and the Firm 4What Is Finance? 4What Is a Firm? 5What Is the Goal of the Firm? 5in practiceFOCUS ON ETHICS:Do Corporate Executives Have a SocialResponsibility? 6The Role of Business Ethics 10 REVIEW QUESTIONS 11 Brookdale SeniorLiving––Is Brookdale’sManagement About to BeRetired? 3in practiceFOCUS ON PRACTICE:Must Search Engines Screen Out FakeNews? 121.21.4 Developing Skills for YourCareer 32Critical Thinking 32Communication and Collaboration 33Financial Computing Skills 33Summary 33Opener-In-Review 35Self-Test Problem 35Warm-Up Exercises 36Problems 37Spreadsheet Exercise 40Managing The Firm 12The Managerial Finance Function 13 REVIEW QUESTIONS 211.3 Organization Forms, Taxation,and the Principal-Agent Relationship 21Legal Forms of Business Organization 21Agency Problems and Agency Costs 28Corporate Governance 28 REVIEW QUESTIONS 32ixA01 ZUTT6315 15 SE FM.indd 927/11/17 8:03 PM

xContents2The FinancialMarketEnvironment2.1412.4The Securities IssuingProcess 57Commercial Banks, Investment Banks,and the Shadow Banking System 43Issuing Common Stock 57 REVIEW QUESTIONS 45 REVIEW QUESTIONS 652.2 Airbnb––Billions of VCFunding Gives AirbnbPlenty of Room 42Financial Institutions 43Financial Markets 45The Relationship Between Institutionsand Markets 45The Money Market 46The Capital Market 47in practiceFOCUS ON PRACTICE:Berkshire Hathaway: Can Buffett BeReplaced? 48The Role of Capital Markets 52in practiceFOCUS ON ETHICS:Should Insider Trading Be Legal? 54 REVIEW QUESTIONS 552.3 Regulation of Financial Marketsand Institutions 552.5Financial Markets in Crisis 65Financial Institutions and Real EstateFinance 65Spillover Effects and Recovery from theGreat Recession 68 REVIEW QUESTIONS 68Summary 69Opener-In-Review 70Self-Test Problem 71Warm-Up Exercises 71Problems 72Spreadsheet Exercise 73INTEGRATIVE CASE 1 Merit EnterpriseCorp. 74Regulations Governing FinancialInstitutions 55Regulations Governing FinancialMarkets 56 REVIEW QUESTIONS 56A01 ZUTT6315 15 SE FM.indd 1027/11/17 8:03 PM

Contents xiPART 2 Financial Tools3FinancialStatements andRatio Analysis 763.175The Stockholders’ Report 78The Letter to Stockholders 78in practiceMore Countries Adopt InternationalFinancial Reporting Standards 78The Four Key Financial Statements 79in practice Kroger––Ratios Point toTrouble at Kroger 77GLOBAL FOCUS:FOCUS ON ETHICS:Earnings Shenanigans 79Notes to the Financial Statements 85Consolidating International FinancialStatements 85 REVIEW QUESTIONS 863.2Using Financial Ratios 87Interested Parties 87Types of Ratio Comparisons 87Cautions About Using Ratio Analysis 90 REVIEW QUESTIONS 913.3Liquidity Ratios 92Current Ratio 92Quick (Acid-Test) Ratio 94 REVIEW QUESTIONS 953.4Activity Ratios 95Inventory Turnover 95Average Collection Period 96Average Payment Period 98Total Asset Turnover 98 REVIEW QUESTION 993.5Times Interest Earned Ratio 102Fixed-Payment Coverage Ratio 103 REVIEW QUESTIONS 1033.6Profitability Ratios 103Common-Size Income Statements 103Gross Profit Margin 104Operating Profit Margin 106Net Profit Margin 106Earnings Per Share (EPS) 107Return on Total Assets (ROA) 108Return on Equity (ROE) 108 REVIEW QUESTIONS 1103.7Market Ratios 110Price/Earnings (P/E) Ratio 111Market/Book (M/B) Ratio 113 REVIEW QUESTION 1143.8A Complete Ratio Analysis 114Summarizing of Whole Foods’ FinancialCondition 114DuPont System of Analysis 118 REVIEW QUESTIONS 121Summary 121Opener-In-Review 123Self-Test Problems 123Warm-Up Exercises 124Problems 125Spreadsheet Exercise 140Debt Ratios 99Debt Ratio 101Debt-to-Equity Ratio 101A01 ZUTT6315 15 SE FM.indd 1127/11/17 8:04 PM

xiiContents4Long- and ShortTerm FinancialPlanning 1424.14.4The Financial PlanningProcess 144Profit Planning: Pro FormaStatements 165Long-Term Strategic Financial Plans 144Short-Term (Operating) FinancialPlans 145Preceding Year’s Financial Statements 166Sales Forecast 166 REVIEW QUESTION 167 REVIEW QUESTIONS 1464.24.5Measuring the Firm’s CashFlow 146 Netflix Inc.––NotStreaming at Netflix—Cash Flow 143Depreciation 146Depreciation Methods 147Developing the Statement of CashFlows 149Free Cash Flow 154in practiceFOCUS ON ETHICS:Is Excess Cash Always a GoodThing? 155in practiceFOCUS ON PRACTICE:Free Cash Flow at LinkedIn 156 REVIEW QUESTIONS 1574.3Cash Planning: CashBudgets 157The Sales Forecast 157Preparing the Cash Budget 158Evaluating the Cash Budget 163Coping with Uncertainty in the CashBudget 164Cash Flow within the Month 165Preparing the Pro FormaIncome Statement 167Considering Types of Costs andExpenses 168 REVIEW QUESTIONS 1694.6 Preparing the Pro FormaBalance Sheet 169 REVIEW QUESTIONS 1714.7Evaluation of Pro FormaStatements 171 REVIEW QUESTIONS 172Summary 172Opener-In-Review 174Self-Test Problems 174Warm-Up Exercises 176Problems 176Spreadsheet Exercise 187 REVIEW QUESTIONS 165A01 ZUTT6315 15 SE FM.indd 1227/11/17 8:04 PM

Contents xiii5Time Value ofMoney 1895.1The Role of Time Value inFinance 191Future Value Versus Present Value 191Computational Tools 192Basic Patterns of Cash Flow 194 REVIEW QUESTIONS 1945.2 Mega Millions Jackpot––Pay Me Now or Pay MeLater 190Single Amounts 195Future Value of a Single Amount 195Present Value of a Single Amount 199 REVIEW QUESTIONS 202 EXCEL REVIEW QUESTIONS 2025.3Annuities 203Types of Annuities 203Finding the Future Value of an OrdinaryAnnuity 204Finding the Present Value of an OrdinaryAnnuity 205Finding the Future Value of an AnnuityDue 207Finding the Present Value of an AnnuityDue 208Finding the Present Value of aPerpetuity 210 REVIEW QUESTIONS 211 EXCEL REVIEW QUESTIONS 2115.4Mixed Streams 212Future Value of a Mixed Stream 212Present Value of a Mixed Stream 214 REVIEW QUESTION 215 EXCEL REVIEW QUESTION 215A General Equation forCompounding 217Using Computational Tools forCompounding 217Continuous Compounding 218Nominal and Effective Annual Rates ofInterest 219 REVIEW QUESTIONS 221in practiceFOCUS ON ETHICS:Was the Deal for Manhattan aSwindle? 221 EXCEL REVIEW QUESTIONS 2225.6Special Applications ofTime Value 222Determining Deposits Needed toAccumulate a Future Sum 222Loan Amortization 223Finding Interest or Growth Rates 225in practiceFOCUS ON PRACTICE:New Century Brings Trouble forSubprime Mortgages 225Finding an Unknown Number ofPeriods 228 REVIEW QUESTIONS 230 EXCEL REVIEW QUESTIONS 230Summary 230Opener-In-Review 232Self-Test Problems 232Warm-Up Exercises 233Problems 234Spreadsheet Exercise 250INTEGRATIVE CASE 2 Track Software,Inc. 2515.5Compounding Interest MoreFrequently Than Annually 215Semiannual Compounding 215Quarterly Compounding 216A01 ZUTT6315 15 SE FM.indd 1327/11/17 8:04 PM

xivContentsPART 3 Valuation of Securities6Interest Ratesand BondValuation 2562556.1 Interest Rates and RequiredReturns 258Interest Rate Fundamentals 258Term Structure of Interest Rates 263in practiceFOCUS ON PRACTICE:I-Bonds Adjust for Inflation 264Risk Premiums: Issuer and IssueCharacteristics 269 REVIEW QUESTIONS 270 Aston Martin BondIssue––The Name IsBond—Junk Bond 2576.2 Government and CorporateBonds 270Legal Aspects of Corporate Bonds 271Cost of Bonds to the Issuer 272General Features of a Bond Issue 273Bond Yields 274Bond Prices 274Bond Ratings 275Common Types of Bonds 275International Bond Issues 276in practiceFOCUS ON ETHICS:“Can Bond Ratings Be Trusted?” 2776.3Valuation Fundamentals 279Key Inputs 279Basic Valuation Model 280 REVIEW QUESTIONS 2816.4Bond Valuation 281Bond Fundamentals 282Bond Valuation 282Semiannual Interest Rates and BondValues 284Changes in Bond Values 286Yield to Maturity (YTM) 289 REVIEW QUESTIONS 291 EXCEL REVIEW QUESTIONS 291Summary 291Opener-In-Review 293Self-Test Problems 294Warm-Up Exercises 294Problems 296Spreadsheet Exercise 304 REVIEW QUESTIONS 278A01 ZUTT6315 15 SE FM.indd 1427/11/17 8:04 PM

Contents xv77.1Differences Between DebtStock Valuation 305 and Equity 307Voice in Management 307Claims on Income and Assets 307Maturity 308Tax Treatment 308 REVIEW QUESTION 3087.2Common and PreferredStock 308 Tesla Inc.––Stock PricesAre All About the Future 306Common Stock 309Preferred Stock 312 REVIEW QUESTIONS 3147.3Common Stock Valuation 3147.4Decision Making and CommonStock Value 328Changes in Expected Dividends 329Changes in Risk 329Combined Effect 330 REVIEW QUESTIONS 330Summary 330Opener-In-Review 332Self-Test Problems 333Warm-Up Exercises 333Problems 334Spreadsheet Exercise 342INTEGRATIVE CASE 3 EncoreInternational 343Market Efficiency and Stock Valuation 314Common Stock Dividend ValuationModel 316in practiceFOCUS ON PRACTICE:Understanding Human Behavior HelpsUs Understand Investor Behavior 317Free Cash Flow Valuation Model 321Other Approaches to Common StockValuation 324in practiceFOCUS ON ETHICS:Index Funds and CorporateGovernance 326 REVIEW QUESTIONS 328A01 ZUTT6315 15 SE FM.indd 1527/11/17 8:04 PM

xviContentsPART 4 Risk and the Required Rate of Return8Risk andReturn 3468.1 Risk and ReturnFundamentals 3488.4 Risk and Return: The CapitalAsset Pricing Model (CAPM) 368What Is Risk? 348What Is Return? 348Types of Risk 368The Model: CAPM 369in practiceFOCUS ON ETHICS:If It Seems Too Good to Be True, ItProbably Is 349Risk Preferences 351 Legg Mason GlobalAsset Management––Miller’s Time 347345 REVIEW QUESTIONS 3528.2Risk of a Single Asset 352Risk Assessment 352Risk Measurement 355 REVIEW QUESTIONS 378Summary 378Opener-In-Review 380Self-Test Problems 380Warm-Up Exercises 381Problems 382Spreadsheet Exercise 394 REVIEW QUESTIONS 3608.3Risk of a Portfolio 360Portfolio Return and StandardDeviation 360Correlation 362Diversification 363Correlation, Diversification, Risk, andReturn 365International Diversification 366in practiceGLOBAL FOCUS:An International Flavor to RiskReduction 367 REVIEW QUESTIONS 368A01 ZUTT6315 15 SE FM.indd 1627/11/17 8:04 PM

Contents xvii9The Cost ofCapital 3969.1Overview of the Cost ofCapital 398in practiceFOCUS ON ETHICS:The Cost of Capital Also Rises 398The Basic Concept 399Sources of Long-Term Capital 401 REVIEW QUESTIONS 402 J&J––ExceedingExpectations 3979.2Cost of Long-Term Debt 402Net Proceeds 402Before-Tax Cost of Debt 403After-Tax Cost of Debt 405 REVIEW QUESTIONS 406 EXCEL REVIEW QUESTION 4069.3Cost of Preferred Stock 406Preferred Stock Dividends 407Calculating the Cost of PreferredStock 4079.5Weighted Average Costof Capital 412Calculating Weighted Average Cost ofCapital (WACC) 412in practiceFOCUS ON PRACTICE:Uncertain Times Make for an UncertainWeighted Average Cost of Capital 414Capital Structure Weights 415 REVIEW QUESTIONS 415Summary 416Opener-In-Review 417Self-Test Problem 417Warm-Up Exercises 418Problems 419Spreadsheet Exercise 426INTEGRATIVE CASE 4 Eco PlasticsCompany 427 REVIEW QUESTION 4079.4Cost of Common Stock 407Finding the Cost of Common StockEquity 408Cost of Retained Earnings 411 REVIEW QUESTIONS 412A01 ZUTT6315 15 SE FM.indd 1727/11/17 8:04 PM

xviiiContentsPART 5 Long-Term Investment Decisions4291010.1 Overview of Capital432BudgetingCapital BudgetingMotivesforCapitalExpenditure 432Techniques 430Steps in the Process 432Basic Terminology 433Capital Budgeting Techniques 434 REVIEW QUESTION 435 Maritime ResourcesCorp.––The Gold Standardfor Evaluating GoldMines 43110.2 Payback Period 435Decision Criteria 436Pros and Cons of Payback Analysis 436in practiceFOCUS ON PRACTICE:Limits on Payback Analysis 438 REVIEW QUESTIONS 43910.3 Net Present Value (NPV) 440Decision Criteria 440NPV and the Profitability Index 442NPV and Economic Value Added 44310.5 Comparing NPV and IRRTechniques 448Net Present Value Profiles 448Conflicting Rankings 449Which Approach is Better? 453in practiceFOCUS ON ETHICS:Baby You Can Drive My Car—Just Nota VW Diesel 455 REVIEW QUESTIONS 455Summary 456Opener-In-Review 457Self-Test Problem 458Warm-Up Exercises 458Problem

PART 8 Special Topics in Managerial Finance 725 17 Hybrid and Derivative Securities 726 18 Mergers, LBOs, Divestitures, and Business Failure 765 19 International Managerial Finance 809 Appendix A-1 Glossary G-1 Index I-1 PART 1 Introduction to Managerial Finance 1 1 The Role of Managerial Finance 2

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