2013 | ISBN: 0078034752 | English | 647 Pages | PDF | 11 MB
Essentials of Corporate Finance by Ross, Westerfield, and Jordan is written to convey the most important concepts and principles of corporate finance at a level that is approachable for a wide audience. The authors retain their modern approach to finance, but have distilled the subject down to the essential topics in 18 chapters. They believe that understanding the 'why' is just as important, if not more so, than understanding the 'how,' especially in an introductory course.
The integrated solutions for 'Essentials of Corporate Finance' have been specifically designed to help improve student performance, meaning that students are prepared for and engaged in class, and they can successfully solve problems and analyze the results. McGraw-Hill's adaptive learning component, 'LearnSmart,' provides assignable modules that help students master chapter core concepts and come to class more prepared. In addition, resources within 'Connect Plus' help students solve financial problems and apply what they've learned. Ross 'Essentials' succinct coverage, managerial focus, and strong end-of-chapter content combine with a complete digital solution to help your students achieve higher outcomes in the course.
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Sample questions asked in the 8th edition of Essentials of Corporate Finance:
Cash and Operating Cycles. Calvani, Inc., has a cash cycle of 38.7 days, an operating cycle of 57.5 days, and an inventory period of 21.4 days. The company reported cost of goods sold in the amount of $430,000, and credit sales were $684,000. What is the company’s average balance in accounts payable and accounts receivable?
Annuity Future Value. The St. Louis Federal Reserve Board has files listing historical interest rates on their website www.stlouisfed.org. Find the link for “FRED ® ” (Federal Reserve Economic Data). You will find listings for Moody’s Seasoned Aaa Corporate Bond Yield and Moody’s Seasoned Baa Corporate Bond Yield. (These rates are discussed in the next chapter.) If you invest $2,000 per year for the next 40 years at the most recent Aaa yield, how much will you have? What if you invest the same amount at the Baa yield?
EAR versus APR. You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage loan for 80 percent of the $2,900,000 purchase price. The monthly payment on this loan will be $14,900. What is the APR on this loan? The EAR?
S&S AIR GOES PUBLIC Mark Sexton and Todd Story have been discussing the future of S&S Air. The company has been experiencing fast growth, and the two see only clear skies in the company’s future. However, the fast growth can no longer be funded by internal sources, so Mark and Todd have decided the time is right to take the company public. To this end, they have entered into discussions with the investment bank of Crowe & Mallard. The company has a working relationship with Renata Harper, the underwriter who assisted with the company’s previous bond offering. Crowe & Mallard have assisted numerous small companies in the IPO process, so Mark and Todd feel confident with this choice. Renata begins by telling Mark and Todd about the process. Although Crowe & Mallard charged an underwriter fee of 4 percent on the bond offering, the underwriter fee is 7 percent on all initial stock offerings of the size of S&S Air’s offering. Renata tells Mark and Todd that the company can expect to pay about $1,800,000 in legal fees and expenses, $13,500 in SEC registration fees, and $15,000 in other filing fees. Additionally, to be listed on the NASDAQ, the company must pay $125,000. There are also transfer agent fees of $6,500 and engraving expenses of $450,000. The company should also expect to pay $75,000 for other expenses associated with the IPO. Finally, Renata tells Mark and Todd that to file with the SEC, the company must provide three years’ audited financial statements. She is unsure about the costs of the audit. Mark tells Renata that the company provides audited financial statements as part of the bond covenant, and the company pays $300,000 per year for the outside auditor. Many employees of S&S Air have shares of stock in the company because of an existing employee stock purchase plan. To sell the stock, the employees can tender their shares to be sold in the IPO at the offering price, or the employees can retain their stock and sell it in the secondary market after S&S Air goes public. Todd asks you to advise the employees about which option is best. What would you suggest to the employees?
Calculating Annuity Values. If you deposit $5,000 at the end of each of the next 20 years into an account paying 10.8 percent interest, how much money will you have in the account in 20 years? How much will you have if you make deposits for 40 years?
Interest Rate Risk. Bond J has a coupon rate of 4 percent. Bond S has a coupon rate of 14 percent. Both bonds have 10 years to maturity, make semiannual payments, and have a YTM of 8 percent. If interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds? What if rates suddenly fall by 2 percent instead? What does this problem tell you about the interest rate risk of lower-coupon bonds?
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