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Book Description Publication Date: January 18, ISBN The Tenth Edition continues the tradition of excellence that has earned Fundamentals of Corporate Finance its status as market leader.
The supplements package has been updated and improved, and with the enhanced Connect Finance and Excel Master, student and instructor support has never been stronger.
You can contact me at smcollector gmail. The test bank contains practice exam and quiz questions and answers. Liquidity measures how quickly and easily an asset can be converted to cash without significant loss in value.
However, since liquidity also has an opportunity cost associated with it—namely that higher returns can generally be found by investing the cash into productive assets—low liquidity levels are also desirable to the firm.
Historical costs can be objectively and precisely measured whereas market values can be difficult to estimate, and different analysts would come up with different numbers.
Thus, there is a trade-off between relevance market values and objectivity book values. Depreciation is a noncash deduction that reflects adjustments made in asset book values in accordance with the matching principle in financial accounting.
Market values can never be negative. How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.
For a successful company that is rapidly expanding, for example, capital outlays will be large, possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.
For example, if a company were to become more efficient in inventory management, the amount of inventory needed would decline. The same might be true if it becomes better at collecting its receivables.
In general, anything that leads to a decline in ending NWC relative to beginning would have this effect.
Negative net capital spending would mean more long-lived assets were liquidated than purchased. If a company raises more money from selling stock than it pays in dividends in a particular period, its cash flow to stockholders will be negative.
If a company borrows more than it pays in interest, its cash flow to creditors will be negative. The adjustments discussed were purely accounting changes; they had no cash flow or market value consequences unless the new accounting information caused stockholders to revalue the derivatives.
Enterprise value is the theoretical takeover price. In the event of a takeover, an acquirer would have to take on the company's debt but would pocket its cash.
In a takeover, the value of a firm's debt would need to be paid by the buyer when taking over a company. In general, it appears that investors prefer companies that have a steady earnings stream. If true, this encourages companies to manage earnings. Under GAAP, there are numerous choices for the way a company reports its financial statements.
Although not the reason for the choices under GAAP, one outcome is the ability of a company to manage earnings, which is not an ethical decision. Even though earnings and cash flow are often related, earnings management should have little effect on cash flow except for tax implications.
However, given the questionable ethics of this practice, the company and shareholders will lose value if the practice is discovered.
All end of chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred.Solution Manual Fundamentals of Corporate Finance 8th Edition Brealey.
Table of Contents. 1 Goals and Governance of the Corporation 2 Financial Markets and Institutions 3 Accounting and Finance 4 Measuring Corporate Performance 5 The Time Value of Money 6 Valuing Bonds 7 Valuing Stocks 8 Net Present Value and Other Investment Criteria.
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