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· 분류 : 외국도서 > 경제경영 > 금융/재정 > 일반
· ISBN : 9781119561170
· 쪽수 : 688쪽
· 출판일 : 2019-10-08
목차
Preface iv
Author Bios xii
Part 1 Institutions and Markets
1 The Financial Environment 5
1.1 What Is Finance? 6
1.1.1 Two Themes 8
1.2 Why Study Finance? 8
1.3 Six Principles of Finance 10
1.3.1 Time Value of Money 10
1.3.2 Risk Versus Return 10
1.3.3 Diversification of Risk 11
1.3.4 Financial Markets Are Efficient 11
1.3.5 Management Versus Owner Objectives 12
1.3.6 Reputation Matters 12
1.4 Overview of the Financial System 13
1.4.1 Characteristics and Requirements 13
1.4.2 Financial System Components and Financial Functions 15
1.4.3 Creating Money 15
1.4.4 Transferring Money 15
1.4.5 Accumulating Savings 16
1.4.6 Lending and Investing Savings 16
1.4.7 Marketing Financial Assets 16
1.4.8 Transferring Financial Assets 16
1.5 Financial Markets: Characteristics and Types 17
1.5.1 Money and Capital Markets 17
1.5.2 Primary and Secondary Markets 17
1.5.3 Major Types of Financial Markets 18
1.6 Careers in Finance 18
1.7 The Plan of Study 20
Applying Finance To. . . 21
Summary 21
Key Terms 22
Review Questions 22
Exercises 22
2 Money and the Monetary System 24
2.1 The 2007–2008 Financial Crisis and Subsequent Recovery 25
2.2 Process of Moving Savings into Investments 26
2.3 Overview of the Monetary System 28
2.4 Characteristics and Functions of Money 29
2.5 Development of Money in the United States 31
2.5.1 Physical Money (Coin and Paper Currency) 31
2.5.2 Credit Money and Deposit Money 35
2.6 Money Market Securities 37
2.7 Measures of the U.S. Money Supply 38
2.7.1 M1 Money Supply 38
2.7.2 M2 Money Supply 39
2.7.3 Exclusions from the Money Supply 40
2.8 Money Supply and Economic Activity 41
2.9 International
Monetary System 42
Applying Finance To. . . 44
Summary 44
Key Terms 45
Review Questions 45
Exercises 46
Problems 47
3 Banks and Other Financial Institutions 49
3.1 Financial Institution Problems During the 2007–2008 Financial Crisis 50
3.2 Types and Roles of Financial Institutions 51
3.2.1 Depository Institutions 52
3.2.2 Contractual Savings Organizations 52
3.2.3 Securities Firms 53
3.2.4 Finance Firms 54
3.3 Overview of the Banking System 55
3.3.1 Commercial Investment and Universal Banking 55
3.3.2 Functions of Banks and the Banking System 56
3.4 Historical Development of the U.S. Banking System 58
3.4.1 Before the Civil War 58
3.4.2 Entry of Thrift Institutions 60
3.5 Regulation of the Banking System 60
3.5.1 General Banking Legislation 60
3.5.2 The Savings and Loan 1980s–1990s Crisis 63
3.5.3 Protection of Depositors’ Funds 64
3.6 Structure of Banks 65
3.6.1 Bank Charters 65
3.6.2 Degree of Branch Banking 65
3.6.3 Bank Holding Companies 66
3.7 The Bank Balance Sheet 66
3.7.1 Assets 67
3.7.2 Liabilities and Stockholders’ Equity 69
3.8 Bank Management 71
3.8.1 Liquidity Management 71
3.8.2 Capital Management 73
3.9 International Banking and Foreign Systems 75
Applying Finance To. . . 76
Summary 77
Key Terms 78
Review Questions 78
Exercises 79
Problems 79
4 Federal Reserve System 82
4.1 U.S. Central Bank Response to the Financial Crisis and Great Recession 83
4.2 The U.S. Banking System Prior to the Fed 84
4.2.1 Weaknesses of the National Banking System 84
4.2.2 The Movement to Central Banking 85
4.3 Structure of the Federal Reserve System 86
4.3.1 Member Banks 86
4.3.2 Federal Reserve District Banks 87
4.3.3 Board of Governors 89
4.3.4 Federal Open Market Committee 89
4.3.5 Advisory Committees 89
4.3.6 Role of the Chair of the Fed Board of Governors 90
4.4 Monetary Policy Functions and Instruments 92
4.4.1 Overview of Responsibilities 92
4.4.2 Reserve Requirements 93
4.4.3 Fed Lending Rate Policy 95
4.4.4 Open-Market Operations 96
4.4.5 Quantitative Easing 97
4.4.6 Implementation of Monetary Policy 98
4.5 Fed Supervisory and Regulatory Functions 99
4.5.1 Specific Supervisory Responsibilities 99
4.5.2 Specific Regulatory Responsibilities 99
4.6 Fed Service Functions 101
4.6.1 The Payments Mechanism 101
4.6.2 Transfer of Credit 102
4.6.3 Other Service Activities 102
4.7 Central Banks in Other Countries 103
Applying Finance To. . . 104
Summary 104
Key Terms 105
Review Questions 105
Exercises 106
Problems 107
5 Policy Makers and the Money Supply 109
5.1 National Economic Policy Objectives 110
5.1.1 Economic Growth 110
5.1.2 High Employment 111
5.1.3 Price Stability 111
5.1.4 Domestic and International Implications 112
5.2 Four Policy Maker Groups 112
5.2.1 Ethical Behavior in Government 113
5.2.2 Policy Makers in the European Economic Union 113
5.3 Government Influence on the Economy 114
5.3.1 Government Reaction to the Perfect Financial Storm 115
5.4 Treasury Cash and General Management Responsibilities 116
5.4.1 Managing the Treasury’s Cash Balances 116
5.4.2 Powers Relating to the Federal Budget and to Surpluses or Deficits 117
5.4.3 Financial Crisis Related Activities 119
5.5 Treasury Deficit Financing and Debt Management Responsibilities 120
5.6 Changing the Money Supply 122
5.6.1 Checkable Deposit Expansion 122
5.6.2 Offsetting or Limiting Factors 126
5.6.3 Contraction of Deposits 126
5.7 Factors Affecting Bank Reserves 128
5.7.1 Changes in the Demand for Currency 128
5.7.2 Federal Reserve System Transactions 129
5.8 The Monetary Base and the Money Multiplier 131
Applying Finance to. . . 133
Summary 133
Key Terms 134
Review Questions 134
Exercises 135
Problems 135
6 International Finance and Trade 137
6.1 International Monetary System 138
6.1.1 Development of International Finance 138
6.1.2 How the International Monetary System Evolved 138
6.2 European Unification 140
6.2.1 European Union 140
6.2.2 Eurozone Members 140
6.2.3 The Euro 141
6.2.4 European Union Financial Crises 141
6.3 Currency Exchange Markets and Rates 142
6.3.1 Currency Exchange Markets 142
6.3.2 Exchange Rate Quotations 142
6.3.3 Currency Exchange Rate Appreciation and Depreciation 144
6.4 Factors that Affect Currency Exchange Rates 145
6.4.1 Basic Supply and Demand Relationships 145
6.4.2 Inflation Interest Rates and Other Factors 146
6.4.3 Arbitrage 148
6.5 Conducting Business Internationally 149
6.5.1 Exchange Rate Developments for the U.S. Dollar 149
6.5.2 Managing Currency Exchange Risk 150
6.5.3 Ethical Considerations 151
6.6 Financing International Trade 151
6.6.1 Financing by the Exporter 151
6.6.2 Financing by the Importer 153
6.6.3 Banker’s Acceptance 156
6.6.4 Other Aids to International Trade 156
6.7 Developments in U.S. International Transactions 157
6.7.1 International Business Issues 158
6.7.2 Balance-of-Payments Accounts 158
Applying Finance To. . . 161
Summary 161
Key Terms 162
Review Questions 162
Exercises 163
Problems 164
6.8 Exchange Rate Risks in Global Business 166
Hedging Cash Flows 167
Speculating or Taking Educated Guesses on Exchange Rate Movements 168
Where to Invest? 168
Summary 169
Review Questions 170
Part 2 Investments
7 Savings and Investment Process 173
7.1 Gross Domestic Product and Capital Formation 174
7.1.1 GDP Components 175
7.1.2 Implications of International Payment Imbalances 176
7.2 Federal Government Receipts and Expenditures 177
7.2.1 The Budget 177
7.2.2 Fiscal Policy Makers 179
7.2.3 Debt Financing 179
7.3 Role and Major Sources of Savings 180
7.3.1 Historical Sources 180
7.3.2 Creation of Savings 181
7.3.3 Personal Savings 181
7.3.4 Corporate Savings 183
7.4 Factors Affecting Savings 184
7.4.1 Levels of Income 184
7.4.2 Economic Expectations 185
7.4.3 Economic Cycles 185
7.4.4 Life Stages of the Individual Saver 186
7.4.5 Life Stages of the Corporation and Other Business Firms 186
7.5 Capital Market Securities 187
7.6 Mortgage Markets 189
7.6.1 Types of Mortgages and Mortgage-Backed Securities 189
7.6.2 Credit Ratings and Scores 190
7.6.3 Major Participants in the Secondary Mortgage Markets 190
7.7 Role of the Individual in the 2007–08 Financial Crisis and Today 191
7.7.1 Early Factors 191
7.7.2 A Borrowing-Related Cultural Shift 192
7.7.3 Subsequent Recovery 192
Applying Finance To. . . 193
Summary 193
Key Terms 194
Review Questions 194
Exercises 195
Problems 195
8 Interest Rates 197
8.1 Supply and Demand for Loanable Funds 198
8.1.1 Historical Changes in U.S. Interest Rate Levels 199
8.1.2 Loanable Funds Theory 200
8.2 Components of Market Interest Rates 203
8.3 Default Risk-Free Securities:
U.S. Treasury Debt Instruments 205
8.3.1 Marketable Securities 205
8.3.2 Dealer System 207
8.3.3 Tax Status of Federal Obligations 207
8.3.4 Ownership of Public Debt Securities 207
8.3.5 Maturity Distribution of Marketable Debt Securities 208
8.4 Term or Maturity Structure of Interest Rates 210
8.4.1 Relationship Between Yield Curves and the Economy 211
8.4.2 Term Structure Theories 211
8.5 Inflation Premiums and Price Movements 213
8.5.1 Historical International Price Movements 213
8.5.2 Inflation in the United States 214
8.5.3 Types of Inflation 216
8.6 Default Risk Premiums 218
Applying Finance To. . . 220
Summary 220
Key Terms 221
Review Questions 221
Exercises 222
Problems 223
9 Time Value of Money 225
9.1 Basic Time Value Concepts 226
9.2 Compounding to Determine Future Values 228
9.2.1 Inflation or Purchasing Power Implications 231
9.3 Discounting to Determine Present Values 232
9.3.1 Equating Present Values and Future Values 236
9.4 Finding Interest Rates and Time Requirements 237
9.4.1 Solving for Interest Rates 237
9.4.2 Solving for Time Periods 238
9.4.3 Rule of 72 239
9.5 Future Value of an Annuity 239
9.6 Present Value of an Annuity 242
9.7 Interest Rates and Time Requirements for Annuities 245
9.7.1 Solving for Interest Rates 245
9.7.2 Solving for Time Periods 246
9.8 Determining Periodic Annuity Payments 247
9.8.1 Examples Involving Annual Payments 247
9.8.2 Real Estate Mortgage Loans with Monthly Payments 248
9.9 More Frequent Time Intervals and the Cost of Consumer Credit 249
9.9.1 More Frequent Than Annual Compounding or Discounting 249
9.9.2 Cost of Consumer Credit 251
Applying Finance To. . . 252
Summary 253
Key Terms 253
Review Questions 254
Exercises 254
Problems 254
9.10 Annuity Due Problems 257
Future Value of an Annuity Due 257
Present Value of an Annuity Due 258
Interest Rates and Time Requirements for Annuity Due Problems 259
Summary 260
Questions and Problems 260
10 Bonds and Stocks: Characteristics and Valuations 262
10.1 Long-Term External Financing Sources for Businesses 263
10.2 Bonds 264
10.2.1 Who Buys Bonds? 265
10.2.2 Bond Covenants 266
10.2.3 Bond Ratings 267
10.2.4 Global Bond Market 269
10.2.5 Reading Bond Quotes 270
10.3 Different Types of Bonds 271
10.3.1 Time to Maturity 272
10.3.2 Income from Bonds 273
10.4 Corporate Equity Capital 275
10.4.1 Common Stock 276
10.4.2 Preferred Stock 277
10.4.3 Reading Stock Quotes 278
10.5 Dividends and Stock Repurchases 279
10.5.1 How Do Firms Decide on the Dollar Amount of Dividends? 280
10.5.2 Stock Dividends and Stock Splits 282
10.5.3 Share Repurchases 283
10.6 Valuation Principles 283
10.7 Valuation of Bonds 286
10.7.1 Determining a Bond’s Present Value 286
10.7.2 Calculating the Yield to Maturity 289
10.7.3 Risk in Bond Valuation 290
10.7.4 Interest Rate Risk 291
10.8 Valuation of Stocks 293
10.8.1 Valuing Stocks with Constant Dividends 294
10.8.2 Valuing Stocks with Constant Dividend Growth Rates 294
10.8.3 Risk in Stock Valuation 296
10.8.4 Valuation and the Financial Environment 296
10.8.5 Global Economic Influences 297
10.8.6 Domestic Economic Influences 297
10.8.7 Industry and Competition 298
Applying Finance To. . . 298
Summary 298
Key Terms 299
Review Questions 300
Problems 301
10.9 Holding Period Returns 305
Annualized Rates of Return 305
Summary 307
Problems 307
11 Securities and Markets 308
11.1 Issuing Securities: Primary Securities Markets 309
11.1.1 Primary Market Functions of Investment Bankers 309
11.2 The Facebook IPO 313
11.3 Other Ways to Assist Issuing Firms 316
11.3.1 Shelf Registration 316
11.3.2 Sell Securities to a Private Party 316
11.3.3 Rights Offerings 316
11.3.4 Competitive Bidding 317
11.4 Cost of Going Public 318
11.5 Investment Banking Firms: Other Functions Innovations Regulations 321
11.5.1 Investment Banking Regulation 322
11.5.2 Innovations Among Investment Banking Firms 323
11.6 Trading Securities–Secondary Securities Markets 323
11.6.1 Organized Security Exchanges 324
11.6.2 Structure of the New York Stock Exchange 324
11.7 Security Transactions 326
11.7.1 Market Order 326
11.7.2 Limit Order 326
11.7.3 Stop-Loss Order 327
11.7.4 Short Sale 327
11.7.5 Buying on Margin 328
11.7.6 Record Keeping 329
11.7.7 Program Trading 329
11.8 Over-the-Counter Market 330
11.8.1 Third and Fourth Security Markets 330
11.8.2 High Frequency Trading 331
11.9 What Makes a Good Market? 331
11.9.1 A Word on Commissions 333
11.10 Security Market Indexes and Trading Foreign Securities 333
11.10.1 Indexes 333
11.10.2 Foreign Securities 335
11.11 Inside Information and Other Ethical Issues 336
11.11.1 Ethics and Job Opportunities in Investments 337
Applying Finance To. . . 338
Summary 339
Key Terms 340
Review Questions 341
Problems 341
11.12 Why Do Derivatives Exist? 344
Futures Contracts 345
Options 346
Option Profit/Loss Diagrams 349
Summary 350
Key Terms 350
Discussion Questions 350
Problems 351
12 Financial Return and Risk Concepts 352
12.1 Historical Return for a Single Financial Asset 353
12.1.1 Arithmetic Average Annual Rates of Return 354
12.2 Historical Risk Measures for a Single Financial Asset 355
12.2.1 Standard Deviation as a Measure of Risk 356
12.3 Where Does Risk Come from? 358
12.4 Expected Measures of Return and Risk 360
12.5 Historical Returns and Risk of Different Assets 364
12.6 Efficient Capital Markets 365
12.7 Portfolio Returns 368
12.7.1 Expected Return on a Portfolio 369
12.8 Variance and Standard Deviation of Return On a Portfolio 369
12.8.1 To Diversify or Not to Diversify? 371
12.9 Portfolio Risk and the Number of Investments in the Portfolio 372
12.9.1 Systematic and Unsystematic Risk 373
12.10 Capital Asset Pricing Model 374
Applying Finance To. . . 378
Summary 378
Key Terms 379
Review Questions 379
Problems 380
12.11A Estimating Beta 384
12.11B Security Market Line 386
Summary 387
Problems 387
Part 3 Financial Management
13 Business Organization and Financial Data 391
13.1 Starting a Business 392
13.1.1 Strategic Plan with a Vision or Mission 392
13.1.2 Business and Financial Goals 393
13.2 Forms of Business Organization in the United States 394
13.2.1 Proprietorship 394
13.2.2 Partnership 396
13.2.3 Corporation 396
13.3 Accounting Principles 398
13.3.1 The Annual Report 400
13.4 Income Statement 401
13.5 The Balance Sheet 402
13.5.1 Assets 403
13.5.2 Liabilities 404
13.5.3 Owners’ Equity 405
13.6 Statement of Cash Flows 405
13.7 Financial Statements of Different Companies 407
13.7.1 Common-Size Financial Statements 408
13.7.2 The Auto Bailout and Financial Statements 409
13.8 Goal of a Firm 410
13.8.1 Measuring Shareholder Wealth 410
13.8.2 Linking Strategy and Financial Plans 412
13.8.3 Criterion for Nonpublic Firms 413
13.8.4 What About Ethics? 413
13.9 Corporate Governance 414
13.9.1 Principal–Agent Problem 414
13.9.2 Reducing Agency Problems 416
13.10 Finance in the Organization Chart 418
Applying Finance To. . . 420
Summary 420
Key Terms 421
Review Questions 421
Problems 422
13.11A Income Tax 427
13.11B Depreciation Basics 429
13.11.1 A Few Words on Depreciation Methods 430
Summary 431
Review Questions and Problems 431
14 Financial Analysis and Long-Term Financial Planning 432
14.1 Financial Statement Analysis 433
14.1.1 Ratio Analysis of Balance Sheet and Income Statement 433
14.1.2 Types of Financial Ratios 435
14.2 Liquidity Ratios and Analysis 436
14.3 Asset Management Ratios and Analysis 438
14.4 Financial Leverage Ratios and Analysis 441
14.5 Profitability Ratios and Analysis 445
14.6 Market Value Ratios and Analysis 447
14.6.1 Summary of Ratio Analysis for Walgreens 449
14.7 Dupont Method of Ratio Analysis 449
14.8 Long-Term Financial Planning 452
14.8.1 Percentage of Sales Technique 452
14.8.2 Asset Investment Requirements 453
14.9 Cost-Volume-Profit Analysis 455
14.10 Degree of Operating Leverage 456
Applying Finance To. . . 458
Summary 459
Key Terms 460
Review Questions 460
Problems 461
15 Managing Working Capital 466
15.1 Importance of Working Capital 467
15.2 Operating and Cash Conversion Cycles 468
15.2.1 Operating Cycle 468
15.2.2 Cash Conversion Cycle 470
15.2.3 Determining the Length of the Operating Cycle and Cash Conversion Cycle 470
15.3 Investments in Receivables Inventory and Payable Financing 472
15.4 Cash Budgets 475
15.4.1 Minimum Desired Cash Balance 475
15.4.2 Estimated Cash Inflows 475
15.4.3 Estimated Cash Outflows 476
15.4.4 Constructing the Cash Budget 477
15.4.5 Seasonal Versus Level Production 478
15.5 Management of Current Assets 480
15.5.1 Cash Management 480
15.5.2 Marketable Securities 481
15.6 Getting–and Keeping–the Cash 488
15.7 Accounts Receivable Management 490
15.7.1 Credit Analysis 490
15.7.2 Credit-Reporting Agencies 491
15.7.3 Credit Terms and Collection Efforts 492
15.8 Inventory Management 494
15.9 Technology and Working Capital Management 495
15.9.1 Cash Management 495
15.9.2 Processing Invoices and Float 496
15.9.3 Tracking Inventory 496
Applying Finance To. . . 497
Summary 497
Key Terms 498
Review Questions 498
Problems 499
16 Short-Term Business Financing 503
16.1 Strategies for Financing Working Capital 504
16.1.1 Maturity-Matching Approach 505
16.1.2 Aggressive Approach 505
16.1.3 Conservative Approach 507
16.2 Factors Affecting Short-Term Financing 507
16.2.1 Operating Characteristics 507
16.2.2 Other Influences in Short-Term Financing 511
16.3 Providers of Short-Term Financing 512
16.3.1 Bank Lines of Credit 512
16.3.2 Computing Interest Rates 513
16.3.3 Revolving Credit Agreements 514
16.3.4 Small Business Administration 515
16.4 Nonbank Short-Term Financing Sources 516
16.4.1 Trade Credit from Suppliers 516
16.4.2 Commercial Finance Companies 518
16.4.3 Commercial Paper 519
16.5 Additional Varieties of Short-Term Financing 521
16.5.1 Accounts Receivable Financing 521
16.5.2 Acceptances 524
16.6 Inventory Financing and Other Secured Loans 525
16.6.1 Inventory Loans 525
16.6.2 Loans Secured by Stocks and Bonds 526
16.6.3 Other Forms of Security for Loans 527
16.7 The Cost of Short-Term Financing 527
Applying Finance To. . . 528
Summary 528
Key Terms 529
Review Questions 530
Problems 530
17 Capital Budgeting Analysis 533
17.1 Mission, Vision, and Capital Budgeting 534
17.1.1 Identifying Potential Capital Budget Projects 535
17.2 Capital Budgeting Process 537
17.3 Capital Budgeting Techniques–Net Present Value 540
17.3.1 Using Spreadsheet Functions 542
17.4 Capital Budgeting Techniques–Internal Rate of Return 543
17.4.1 NPV and IRR 546
17.5 Capital Budgeting Techniques–Modified Internal Rate of Return 547
17.6 Capital Budgeting Techniques–Profitability Index 549
17.7 Capital Budgeting Techniques–Payback Period 549
17.8 Conflicts Between Discounted Cash Flow Techniques 550
17.8.1 Different Cash Flow Patterns 550
17.8.2 Different Time Horizons 550
17.8.3 Different Sizes 551
17.8.4 Difference Between Theory and Practice 551
17.9 Estimating Project Cash Flows 552
17.9.1 Isolating Project Cash Flows 552
17.9.2 Approaches to Estimating Project Cash Flows 554
17.10 Keeping Managers Honest 558
17.11 Risk-Related Considerations 559
Applying Finance To. . . 561
Summary 561
Key Terms 563
Review Questions 563
Problems 564
17.12 Project Stages and Cash Flow Estimation 567
Initial Outlay 567
Cash Flows During the Project’s Operating Life 568
Salvage Value and NWC Recovery at Project Termination 568
17.13 Applications 569
Cash Flow Estimation for a Revenue Expanding Project 569
Cash Flow Estimation for a Cost-Saving Project 571
Setting a Bid Price 574
Summary 576
Review Questions 576
Problems 576
18 Capital Structure and the Cost of Capital 578
18.1 Why Choose a Capital Structure? 579
18.1.1 Trends in Corporate Use of Debt 580
18.1.2 Cashing in on Low Interest Rates 581
18.2 Required Rate of Return and the Cost of Capital 582
18.3 Cost of Capital 583
18.3.1 Cost of Debt 583
18.3.2 Cost of Preferred Stock 584
18.3.3 Cost of Common Equity 584
18.3.4 Cost of New Common Stock 586
18.4 Weighted Average Cost of Capital 587
18.4.1 Capital Structure Weights 587
18.4.2 Measuring the Target Weights 587
18.4.3 What Do Businesses Use as Their Cost of Capital? 589
18.4.4 Difficulty of Making Capital Structure Decisions 591
18.5 Planning Growth Rates 592
18.5.1 Internal Growth Rate 592
18.5.2 Sustainable Growth Rate 593
18.5.3 Effects of Unexpectedly Higher (or Lower) Growth 594
18.6 EBIT/Eps Analysis 594
18.6.1 Indifference Level 595
18.6.2 Implications of EBIT/Eps Analysis 596
18.7 Combined Operating and Financial Leverage Effects 597
18.7.1 Unit Volume Variability 597
18.7.2 Price-Variable Cost Margin 598
18.7.3 Fixed Costs 598
18.7.4 Degree of Financial Leverage 598
18.7.5 Total Risk 599
18.8 Insights from Theory and Practice 601
18.8.1 Taxes and Nondebt Tax Shields 601
18.8.2 Bankruptcy Costs 601
18.8.3 Agency Costs 603
18.8.4 A Firm’s Assets and Its Financing Policy 603
18.8.5 The Pecking Order Hypothesis 604
18.8.6 Market Timing 604
18.8.7 Beyond Debt and Equity 605
18.8.8 Guidelines for Financing Strategy 605
Applying Finance To. . . 607
Summary 607
Key Terms 608
Review Questions 609
Problems 610
Appendix 615
Glossary 624
Index 000
