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Corporate Finance 8th Edition.pdf

Corporate Finance 8th Edition.p…

cufezhjg2011 2013-04-30 评分 0 浏览量 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Corporate Finance 8th Editionpdf》,可适用于高等教育领域,主题内容包含CORPORATEFINANCERoss•Westerfield•JaffeeightheditionCORPORATEFINANCERossWes符等。

CORPORATEFINANCERoss•Westerfield•JaffeeightheditionCORPORATEFINANCERossWesterfieldJaffeeightheditionISBNMHIDPartofISBNMHIDwwwmhhecomSucceedinyourcorporatefinancecoursewithhelpfromthisexperiencedauthorteamandatextthatprovidesmoderntheoryandcuttingedgeexamplesincorporatefinance•Newendofchapterminicasesandquestionsfocusoncommoncompanysituationsthatembodyimportantcorporatefinancetopics•Expandedtheoryandresearch,includingnewcontentonriskanalysis,behavioralfinance,andrealoptionscapitalbudgeting•Newproblemshavebeenaddedtotheendsofmostchapters•NewcolordesignFormoreinformationonthebook,itsfeatures,andthesupplementspackage,pleaseseethePrefaceorvisitwwwmhhecomrwjCorporateFinancegetsyoumovingintherightdirectionMDDALIMCYANMAGYELOBLACKCorporateFinancerosfminddirosfminddi::AM::AMTheMcGrawHillIrwinSeriesinFinance,Insurance,andRealEstateStephenARossFrancoModiglianiProfessorofFinanceandEconomicsSloanSchoolofManagementMassachusettsInstituteofTechnologyConsultingEditorFinancialManagementAdairExcelApplicationsforCorporateFinanceFirstEditionBenningaandSarigCorporateFinance:AValuationApproachBlockandHirtFoundationsofFinancialManagementTwelfthEditionBrealey,Myers,andAllenPrinciplesofCorporateFinanceEighthEditionBrealey,Myers,andMarcusFundamentalsofCorporateFinanceFifthEditionBrooksFinGameOnlineBrunerCaseStudiesinFinance:ManagingforCorporateValueCreationFifthEditionChewTheNewCorporateFinance:WhereTheoryMeetsPracticeThirdEditionChewandGillanCorporateGovernanceattheCrossroads:ABookofReadingsFirstEditionDeMelloCasesinFinanceSecondEditionGrinblattandTitmanFinancialMarketsandCorporateStrategySecondEditionHelfertTechniquesofFinancialAnalysis:AGuidetoValueCreationEleventhEditionHigginsAnalysisforFinancialManagementEighthEditionKester,Ruback,andTufanoCaseProblemsinFinanceTwelfthEditionRoss,Westerfield,andJaffeCorporateFinanceEighthEditionRoss,Westerfield,Jaffe,andJordanCorporateFinance:CorePrinciplesandApplicationsFirstEditionRoss,Westerfield,andJordanEssentialsofCorporateFinanceFifthEditionRoss,Westerfield,andJordanFundamentalsofCorporateFinanceEighthEditionShefrinBehavioralCorporateFinance:DecisionsThatCreateValueFirstEditionWhiteFinancialAnalysiswithanElectronicCalculatorSixthEditionInvestmentsAdairExcelApplicationsforInvestmentsFirstEditionBodie,Kane,andMarcusEssentialsofInvestmentsSixthEditionBodie,Kane,andMarcusInvestmentsSeventhEditionHirtandBlockFundamentalsofInvestmentManagementEighthEditionHirscheyandNofsingerInvestments:AnalysisandBehaviorFirstEditionJordanandMillerFundamentalsofInvestments:ValuationandManagementFourthEditionFinancialInstitutionsandMarketsRoseandHudginsBankManagementandFinancialServicesSeventhEditionRoseandMarquisMoneyandCapitalMarkets:FinancialInstitutionsandInstrumentsinaGlobalMarketplaceNinthEditionSaundersandCornettFinancialInstitutionsManagement:ARiskManagementApproachFifthEditionSaundersandCornettFinancialMarketsandInstitutions:AnIntroductiontotheRiskManagementApproachThirdEditionInternationalFinanceEunandResnickInternationalFinancialManagementFourthEditionKuemmerleCaseStudiesinInternationalEntrepreneurship:ManagingandFinancingVenturesintheGlobalEconomyFirstEditionRealEstateBrueggemanandFisherRealEstateFinanceandInvestmentsThirteenthEditionCorgel,Ling,andSmithRealEstatePerspectives:AnIntroductiontoRealEstateFourthEditionLingandArcherRealEstatePrinciples:AValueApproachSecondEditionFinancialPlanningandInsuranceAllen,Melone,Rosenbloom,andMahoneyPensionPlanning:Pension,ProfitSharing,andOtherDeferredCompensationPlansNinthEditionAltfestPersonalFinancialPlanningFirstEditionHarringtonandNiehausRiskManagementandInsuranceSecondEditionKapoor,Dlabay,andHughesFocusonPersonalFinance:AnActiveApproachtoHelpYouDevelopSuccessfulFinancialSkillsFirstEditionKapoor,Dlabay,andHughesPersonalFinanceEighthEditionrosfminddiirosfminddii::AM::AMCorporateFinanceEighthEditionStephenARossSloanSchoolofManagementMassachusettsInstituteofTechnologyRandolphWWesterfieldMarshallSchoolofBusinessUniversityofSouthernCaliforniaJeffreyJaffeWhartonSchoolofBusinessUniversityofPennsylvaniaBostonBurrRidge,ILDubuque,IANewYorkSanFranciscoStLouisBangkokBogotáCaracasKualaLumpurLisbonLondonMadridMexicoCityMilanMontrealNewDelhiSantiagoSeoulSingaporeSydneyTaipeiTorontorosfminddiiirosfminddiii::AM::AMCORPORATEFINANCEPublishedbyMcGrawHillIrwin,abusinessunitofTheMcGrawHillCompanies,Inc,AvenueoftheAmericas,NewYork,NY,CopyrightbyTheMcGrawHillCompanies,IncAllrightsreservedNopartofthispublicationmaybereproducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenconsentofTheMcGrawHillCompanies,Inc,including,butnotlimitedto,inanynetworkorotherelectronicstorageortransmission,orbroadcastfordistancelearningSomeancillaries,includingelectronicandprintcomponents,maynotbeavailabletocustomersoutsidetheUnitedStatesThisbookisprintedonacidfreepaperDOWDOWISBNMHIDEditorialdirector:BrentGordonExecutiveeditor:MicheleJanicekDevelopmentaleditorII:JenniferRizziMarketingmanager:JuliePhiferMediaproducer:JenniferWilsonLeadprojectmanager:ChristineAVaughanProductionsupervisor:GinaHangosSeniordesigner:KamiCarterSupplementproducer:IraCRobertsLeadmediaprojectmanager:BeckySzuraCoverandinteriordesign:PamVerrosCoverimage:CorbisTypeface:TimesRomanCompositor:InteractiveCompositionCorporationPrinter:RRDonnelleyLibraryofCongressCataloginginPublicationDataRoss,StephenACorporatefinanceStephenARoss,RandolphWWesterfield,JeffreyJaffethedpcm(TheMcGrawHillIrwinseriesinfinance,insurance,andrealestate)IncludesindexISBN:(alkpaper)ISBN:(alkpaper)CorporationsFinanceIWesterfield,RandolphIIJaffe,JeffreyF,IIITitleHGRdcwwwmhhecomrosfminddivrosfminddiv::AM::AMToourfamilyandfriendswithloveandgratituderosfminddvrosfminddv::AM::AMAbouttheAuthorsSTEPHENAROSSSloanSchoolofManagement,MassachusettsInstituteofTechnologyStephenARossistheFrancoModiglianiProfessorofFinancialEconomicsattheSloanSchoolofManagement,MassachusettsInstituteofTechnologyOneofthemostwidelypublishedauthorsinfinanceandeconomics,ProfessorRossisrecognizedforhisworkindevelopingthearbitragepricingtheory,aswellasforhavingmadesubstantialcontributionstothedisciplinethroughhisresearchinsignaling,agencytheory,optionpricing,andthetheoryofthetermstructureofinterestrates,amongothertopicsApastpresidentoftheAmericanFinanceAssociation,hecurrentlyservesasanassociateeditorofseveralacademicandpractitionerjournalsHeisatrusteeofCalTechandFreddieMacRANDOLPHWWESTERFIELDMarshallSchoolofBusiness,UniversityofSouthernCaliforniaRandolphWWesterfieldisDeanEmeritusoftheUniversityofSouthernCalifornia’sMarshallSchoolofBusinessandistheCharlesBThorntonProfessorofFinanceProfessorWesterfieldcametoUSCfromtheWhartonSchool,UniversityofPennsylvania,wherehewasthechairmanofthefinancedepartmentandmemberofthefinancefacultyforyearsHeisamemberofseveralpubliccompanyboardsofdirectors,includingHealthManagementAssociates,Inc,WilliamLyonHomes,andtheNicholasApplegateGrowthFundHisareasofexpertiseincludecorporatefinancialpolicy,investmentmanagement,andstockmarketpricebehaviorJEFFREYFJAFFEWhartonSchoolofBusiness,UniversityofPennsylvaniaJeffreyFJaffehasbeenafrequentcontributortothefinanceandeconomicsliteraturesinsuchjournalsastheQuarterlyEconomicJournal,TheJournalofFinance,TheJournalofFinancialandQuantitativeAnalysis,TheJournalofFinancialEconomics,andTheFinancialAnalystsJournalHisbestknownworkconcernsinsidertrading,whereheshowedboththatcorporateinsidersearnabnormalprofitsfromtheirtradesandthatregulationhaslittleeffectontheseprofitsHehasalsomadecontributionsconcerninginitialpublicofferings,regulationofutilities,thebehaviorofmarketmakers,thefluctuationofgoldprices,thetheoreticaleffectofinflationoninterestrates,theempiricaleffectofinflationoncapitalassetprices,therelationshipbetweensmallcapitalizationstocksandtheJanuaryeffect,andthecapitalstructuredecisionvirosfminddvirosfminddvi::AM::AMPrefaceTheteachingandthepracticeofcorporatefinancearemorechallengingandexcitingthaneverbeforeThelastdecadehasseenfundamentalchangesinfinancialmarketsandfinancialinstrumentsIntheearlyyearsofthestcentury,westillseeannouncementsinthefinancialpressaboutsuchmattersastakeovers,junkbonds,financialrestructuring,initialpublicofferings,bankruptcy,andderivativesInaddition,thereisthenewrecognitionof“real”options,privateequityandventurecapital,andthedisappearingdividendTheworld’sfinancialmarketsaremoreintegratedthaneverbeforeBoththetheoryandpracticeofcorporatefinancehavebeenmovingaheadwithuncommonspeed,andourteachingmustkeeppaceThesedevelopmentsplacenewburdensontheteachingofcorporatefinanceOnonehand,thechangingworldoffinancemakesitmoredifficulttokeepmaterialsuptodateOntheotherhand,theteachermustdistinguishthepermanentfromthetemporaryandavoidthetemptationtofollowfadsOursolutiontothisproblemistoemphasizethemodernfundamentalsofthetheoryoffinanceandmakethetheorycometolifewithcontemporaryexamplesIncreasingly,manyoftheseexamplesareoutsidetheUnitedStatesAlltoooftenthebeginningstudentviewscorporatefinanceasacollectionofunrelatedtopicsthatareunifiedlargelybecausetheyareboundtogetherbetweenthecoversofonebookAsinthepreviouseditions,ouraimistopresentcorporatefinanceastheworkingofafewintegratedandpowerfulinstitutionsTheIntendedAudienceofThisBookThisbookhasbeenwrittenfortheintroductorycoursesincorporatefinanceattheMBAlevelandfortheintermediatecoursesinmanyundergraduateprogramsSomeinstructorswillfindourtextappropriatefortheintroductorycourseattheundergraduatelevelaswellWeassumethatmoststudentseitherwillhavetaken,orwillbeconcurrentlyenrolledin,coursesinaccounting,statistics,andeconomicsThisexposurewillhelpstudentsunderstandsomeofthemoredifficultmaterialHowever,thebookisselfcontained,andapriorknowledgeoftheseareasisnotessentialTheonlymathematicsprerequisiteisbasicalgebraNewtotheEighthEditionWiththeeighteditionofCorporateFinance,wehavedoneextensiveupdatingandreworkingthroughoutthetextAmongthemorenoticeablechangesareopeningvignettesforeachchapterMostofthesepresentfamiliarcompaniesinsituationscoveredbythechapter,therebymotivatingthediscussionTheendofchaptermaterialhasbeenexpandedconsiderablyWenowhavetwoseparatesetsofquestions,onethatfocusesonconceptsandcriticalideasandanotherthatismoreproblemorientedThetotalnumberofquestionshasgrownsignificantlyFinally,almosteverychapternowendswithaminicasethatplacesthestudentinthepositionofneedingtoapplychapterconceptsinacommonrealworldsituationThesecasesaresuitableforavarietyofpedagogicalpurposes,rangingfromhomeworktogroupassignmentstoinclassdiscussionsInadditiontothesechangesandoverallupdating,anumberofchaptershavesignificantnewmaterialFollowingaresomeofthemorenotableadditionsandupgrades:Chapter:ExpandeddiscussionofgoalofthefirmandagencyproblemsNewmaterialonSarbanesOxleyviirosfminddviirosfminddvii::AM::AMChapter:CompletelyrewrittentocoverfinancialstatementsanalysisandlongtermfinancialplanningChapter:Newdiscussionofbondpriceinformation,includingtheNASDTRACEsystemChapter:NewdiscussionofalternativedefinitionsofprojectcashflowsChapter:Reorganized,withimproveddiscussionofdecisiontreesChapter:NewdiscussionofgeometricversusarithmeticreturnsChapter:ExpandeddiscussiononactualcostofcapitalestimationChapter:NewmaterialonseveraldividendrelatedsubjectsChapter:NewmaterialonDutchauctionIPOsChapter:NewmaterialonbondpricequotesandmakewholecallprovisionsChapter:ExpandeddiscussiononapplicationsofoptionsanalysisincorporatefinanceChapter:NewmaterialonfinancialelectronicdatainterchangeandtheCheckClearingActforthestCenturyChapter:CompletelyrewrittenwithnewmaterialonavarietyofmergerrelatedtopicsChapter:CompletelyrewrittenforclarityWehavealsoworkedtoimprovethesupplementstothetext,withthegoalofprovidingfarandawaythemostcomprehensivestudentandinstructorsupportatthislevelForexample,wenowprovidefullydetailedstepbystepsolutionstoendofchapterproblems(andspreadsheetsforeachoneaswell)Thetestbankhasgrownsignificantlyintermsofthenumberofquestions,andwehaveworkedtoprovideawidervarietyofquestionsandquestiontypesThePowerPointsetalsohasgrownThebook’sOnlineLearningCenter(OLC)deliversseveralnewandveryrichstudentstudyaidsThereisselfstudysoftwarewithatleastquestionsperchapterNarratedPowerPointslidesactuallytalkstudentsthroughthematerialOurInteractiveFinSimscontainsimulationsofkeyfinanceconceptsinwhichstudentsareaskedtoprovidevaluesforkeyvariablesThesedigitalassetsprovidecompletelynewavenuesforstudentstoexploreandwaysforthemtocomprehendthesubjectonadeeperlevelForacompletelookatthenewandupdatedeightheditionfeatures,pleaseseethenextsectionviiiPrefacerosfminddviiirosfminddviii::AM::AMrosfminddixrosfminddix::AM::AMInthiseditionofCorporateFinance,wehaveupdatedandimprovedourfeaturestopresentmaterialinawaythatmakesitcoherentandeasytounderstandInaddition,CorporateFinanceisrichinvaluablelearningtoolsandsupport,tohelpstudentssucceedinlearningthefundamentalsoffinancialmanagementPedagogyChapterOpeningVignettesEachchapterbeginswitha“roadmap”thatdescribestheobjectivesofthechapterandhowitconnectswithconceptsalreadylearnedinpreviouschaptersRealcompanyexamplesthatwillbediscussedarehighlightedinthesesectionsInthiseditionofCorporateFinance,wehaveupdatedandimprovedourfeaturestopresentmaterialinawaythatmakesitcoherentandeasytounderstandInaddition,CorporateFinanceisrichinvaluablelearningtoolsandsupport,tohelpstudentssucceedinlearningthefundamentalsoffinancialmanagementPedagogyChapterOpeningVignettesEachchapterbeginswitha“roadmap”thatdescribestheobjectivesofthechapterandhowitconnectswithconceptsalreadylearnedinpreviouschaptersRealcompanyexamplesthatwillbediscussedarehighlightedinthesesectionsReturnandRiskTheCapitalAssetPricingModel(CAPM)ExpectedreturnsoncommonstockscanvaryquiteabitOneimportantdeterminantistheindustryinwhichacompanyoperatesForexample,accordingtorecentestimatesfromIbbotsonAssociates,themedianexpectedreturnfordepartmentstores,whichincludescompaniessuchasSearsandKohls,ispercent,whereascomputerservicecompaniessuchasMicrosoftandOraclehaveamedianexpectedreturnofpercentAirtransportationcompaniessuchasDeltaandSouthwesthaveamedianexpectedreturnthatisevenhigher:percentTheseestimatesraisesomeobviousquestionsFirst,whydotheseindustryexpectedreturnsdiffersomuch,andhowarethesespecificnumberscalculatedAlso,doesthehigherreturnofferedbyairlinestocksmeanthatinvestorsshouldprefertheseto,say,departmentstorestocksAswewillseeinthischapter,theNobelPrize–winninganswerstothesequestionsformthebasisofourmodernunderstandingofriskandreturnCHAPTERIndividualSecuritiesInthefirstpartofChapter,wewillexaminethecharacteristicsofindividualsecuritiesInparticular,wewilldiscuss:Expectedreturn:ThisisthereturnthatanindividualexpectsastocktoearnoverthenextperiodOfcourse,becausethisisonlyanexpectation,theactualreturnmaybeeitherhigherorlowerAnindividual’sexpectationmaysimplybetheaveragereturnperperiodasecurityhasearnedinthepastAlternatively,itmaybebasedonadetailedanalysisofafirm’sprospects,onsomecomputerbasedmodel,oronspecial(orinside)informationVarianceandstandarddeviation:Therearemanywaystoassessthevolatilityofasecurity’sreturnOneofthemostcommonisvariance,whichisameasureofthesquareddeviationsofasecurity’sreturnfromitsexpectedreturnStandarddeviationisthesquarerootofthevarianceCovarianceandcorrelation:ReturnsonindividualsecuritiesarerelatedtooneanotherCovarianceisastatisticmeasuringtheinterrelationshipbetweentwosecuritiesAlternatively,thisrelationshipcanberestatedintermsofthecorrelationbetweenthetwosecuritiesCovarianceandcorrelationarebuildingblockstoanunderstandingofthebetacoefficientrosfminddxrosfminddx::AM::AMFiguresandTablesThistextmakesextensiveuseofrealdataandpresentstheminvariousfiguresandtablesExplanationsinthenarrative,examples,andendofchapterproblemswillrefertomanyoftheseexhibitsExamplesSeparatecalledoutexamplesareintegratedthroughoutthechaptersEachexampleillustra

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