Financial Management: Theory and PracticeContinuing the four goals from the first edition, i.e. helping students to make good financial decisions, providing a solid text for the introductory MBA course, motivating students by demonstrating finance is relevant and interesting, and presenting the material clearly, this Tenth Edition promises to be the best yet. Written by a highly-acclaimed, best selling, author team, this text remains the only MBA-level text to present a balance of financial theory and applications. |
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Page 289
... issue is callable , the company could sell a new issue of low - yielding securities if and when interest rates drop . It could then use the proceeds of the new issue to retire the high - rate issue and thus reduce its interest expense ...
... issue is callable , the company could sell a new issue of low - yielding securities if and when interest rates drop . It could then use the proceeds of the new issue to retire the high - rate issue and thus reduce its interest expense ...
Page 723
... issue , ( 2 ) the tax savings from writing off the unexpensed flotation costs on the old issue , and ( 3 ) the net interest that must be paid while both issues are outstanding ( the new issue is often sold one month before the refunding ...
... issue , ( 2 ) the tax savings from writing off the unexpensed flotation costs on the old issue , and ( 3 ) the net interest that must be paid while both issues are outstanding ( the new issue is often sold one month before the refunding ...
Page 724
... issue ( $ 6,000,000 ) 2. Flotation costs on new issue ( 2,650,000 ) ( $ 3,960,000 ) ( 2,650,000 ) 3. Tax savings on old issue flotation costs 2,400,000 4. Extra interest cost on old issue ( 750,000 ) 816,000 ( 495,000 ) 5. Interest ...
... issue ( $ 6,000,000 ) 2. Flotation costs on new issue ( 2,650,000 ) ( $ 3,960,000 ) ( 2,650,000 ) 3. Tax savings on old issue flotation costs 2,400,000 4. Extra interest cost on old issue ( 750,000 ) 816,000 ( 495,000 ) 5. Interest ...
Contents
CHAPTER | 1 |
AN OVERVIEW OF FINANCIAL MANAGEMENT | 3 |
CHAPTER | 17 |
Copyright | |
49 other sections not shown
Common terms and phrases
12 percent after-tax analysis annual annuity assume average balance sheet bank beta beta coefficient bonds capital budgeting capital gains capital structure CAPM Chapter common equity common stock company's corporate cost of capital cost of equity coupon decision depreciation discussed dividend policy dollar EBIT effect Equation estimate example expected rate expected return financial calculator Financial Management firm firm's fixed assets flotation costs forecast free cash flow funds future growth rate higher income increase inflation interest rates inventory investment investors issue lease leverage loan long-term market risk market value maturity MicroDrive MicroDrive's million NOPAT Note operating payments payout portfolio preferred stock present value problem profit rate of return ratio required rate retained earnings risk premium risk-free rate risky securities SELF-TEST QUESTIONS sell share shareholders short-term stock price stockholders tax rate WACC yield yield to maturity zero