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Revised 3/24/08

Essentials of Managerial Finance, 14th Edition


Besley and Brigham
ERRATA SHEET

To provide a textbook that is free of errors, in the preface of the book we offer a monetary reward to the first person to report an error.
The list below includes errors reported to us as well errors we have discovered, including typographical and other minor changes
recommended for subsequent printings of the text. The errors reported to us and compiled on this list are corrected in subsequent
printings of the text; so if you have a text from a later printing, many, if not all, of these errors are already corrected. Changes/errors are
in bold print. Those errors that could cause confusion or are considered significant are marked with the symbol ►.
Revised 3/24/08
PROPO o s r d a d o
R T u e a e n x
TI h l c t f a 1
O
N e d t i i g - s
A i o n e 3 h
LI p b o n i r . o
T h e n t s CHAPT u
Y r c i . E l
O a “ t a o R d
F p. 30
s P i n n 2
FI
G e r t T ► p. 36 b
U e l n f h e
R i s e o o I
ES e
n i d w r n s
To help d w
illustrate T
the t e “ h “ h F i
concepts h n S a s o i t
discusse e t v t m g c
d in the ; C e a u h
s
text, s C o k r e
figures o
e h r u e n e d
are
located c i p p h
through o e o o O 2 w
out the n f r t l n - i
book. d E a o d e 1 t
In a few x t e , h
instance b e i 1 r
s, the p t
location o c o 0 s r h t
s of the x u n 0 , o e h
hash t , ” b e
marks f i ” s l l
on an r v t c i l
axis are e
o e c o h m s i
not
exactly m h c a s t s
proporti O a k n t
onal. t f n h g s o
These h f g o e h f i
figures e i e l i n
were o
c d t u n
drawn in
this t e 7 e h l t
manner o r 5 r e d t h
to avoid p s h e
clutter ( t . w b e
and to i C o o L
better p. 20 e
n E r C o
present
the O 1 I d l u n
concept F ) 0 n a r g
at hand; i . 0 m b r -
the g ” . t a e e T
accurac u A n n e
y of the h l
r p. 12 n e g e t r
figures
is not e e d m
compro I S m r A
mised. 1 n a s 1 s A
- c r - s s
CHAPT
E 1 t o g t 2 e s
R h r i o t e
1 s e p n a t
p. 9 h o m n b s
Revised 12/16/02
e p. 60 d o ) f i
b n . o l b
o S T b ► p. 63 r l a
x e h e 2 i l
. l e - I a o a
► p. 51 f “ 2 n c n n
- l R , c c
T a e c E o r e
T q
h e b t h u u a
e s e u a a n t s
t l r n t t h h
f n g i s e e
a o
n Q o e r e
u r o n r t
s
w e n t 2 e t
e s t h - c h g
r t h t e 3 e a i
i e o , i n v
o t p t v e
g h
i n R a l a $ n
e
v s O l u b 1
e A a s t l 0 a
n s s e e 9 t
h e s s r .
o q e i m i 6 t
f
o u u t g n h
r l a s n Net income m e
d t . Sales p i
t i ” ( s a l t
h b o ► p. 63 + h r l o
e e n ) o t i p
I u o
f $ a n t l b n o
i 4 t o d . f
r , t o p. 81 t
m 0 t h a b f h
’ 0 h e e S O e
s 0 e m T n
e u Net income - p
f r t q l Total assets 4 t a
r a o u t . h g
e t p a i s e e
► p. 74
e h t p h ,
e o i l o r c
T
c r f o i u i h
h
a t n c l g a
e
s t h a d h n
h h e b t t g
v
a e i b e
a
f n p l o e s
l
l a o n i “
u
o $ g w $ d T
e
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i
n 0 h u n . f l
v
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e
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n
h . l i x m e r
Revised 12/16/02
r o s o e In to
e s m w e f w c Ln.
n e p h l t r o p. 143
t n l e l h i n
t i n e e t t T
a e s r t a h
s n h n s p e i e
s c o a n n
e e h t e g f
t i x e “ - i
s i s e i t 1 r
” n n s ( r 0 s
o o t t a 0 t
t t r u . h d
o h g p. 101 e e r t
e h h d a e
“ e I f t r
T d r b n o t h m
o i u u h e
t s j y t r r r i
a c o e h t o n
l u b r e h u t
c s , s g h E
u s a s l h a q
r i e e i . n u
r o s x c n ” a
e n p i o e CHAPT ? t
n e s n E , i
t o c t d d R a o
f i o 4 n n
l s a o c w d
i p l r n p. 133
o 4
a e i m ) r -
b c s s , I o
p n 4
i i t e l “ w
l a l e t s
i l m l r F 6
t i h
t i i s e a o
i s g t d g s
u u
e t h o s e h l
s s t c d r o
e e d
. k n u
” s h t t l b
h a w h 4 d
CHAPT e - e
E o v h n o :
u e e u 1 b
R c ,
3 l n e g e
c
d t h n
p. 98 o n ” e b PMT  
a
b o l l t
T t l
e b t s a
h : u h B n p. 170
e t 3
“ y e h o k
T n u . I
f e s
o s o l n
o h p. 139
t u t d In
u a o g o p
r o u footno
c c h b r
t p l te 6,
c k e o
h d chang
Revised 12/16/02
b 1 e o b n T t
l 0 s l i - .
e 3 t e n w 3 CHAP
m , t h i T
0 h a b t t p E
4 0 a t e h h a R
- 0 t l e ” r
2 , t o t 6
8 r d h w E s
e e e t h c p. 236
p s p y t h o ,
a p i h i u t T
r e c m e c l h h
t c t a a d e e
t t f l
b i t c i D b y f
, v h h g i e i a
c e e u l e r
h l t r e “ l -
a y y h e m o d r
n . e e . m t i
g a a h f g
CHAP p. 211 h
e TER 5 r c , e o
t
s o I t r r
p. 197 d
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a
2 2 o e c t
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0 o i n s ” 8
f a e
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t c t c p
h a ►p. 213 6
a h h g i e -
n e e e a r
r I 2
d d a t n c
l t i e
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$ s a h o S n h
n
Revised 12/16/02
o o s d - s e e
u r c Y e
l S a t b e n m D
d o l h e a t a e
l c e r e t c
b u u r n u e
e t l s d B c r m
i a e . o e i b
1 o t t p. 246 n t e
2 n o u d s y r
/ , r p T . h
3 ” s . h o d 3
1 h ” e p. 255 u a 1
/ t o p. 238 l t ,
2 h u g I d e 2
1 e l I r n 0
. d n e b g 3
i e p e i 5
p. 236 m f t n a v .
a o h r “ e CHAP
I g l e c t D n TER 7
n e l u o
s o f p. 266
e r a
t w q v y o
t o r I
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h t u n
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a h t i t
q
t e t h t
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e s o h e h
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s
t o a i n b
t
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-
t v h t - o e
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l a o 5 u p n
,
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t
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C i : r b p
h
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f ” u
c o e s e e
t p. 258 l
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h d
l t e o c
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a u 1 b h
e i h a
t l 5
Revised 12/16/02
n x D̂1 ˆ 
P 0P u r 9 q n
g p r̂s   1
. 0
l - u
e e P0 P50 d p 1 a f
c CHAP . r 8 t o
1 t TER 8 p. 347 b o . i r
0 e e b ►p. 369 o
d ► p. 345 l n p
I
p n $ e T r
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r a p 0 e - b
c t e 0 9 3 l
r
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b a
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1 u i t t
l - o
r 1 h h r b i
p n i e e e s
t 9
e , r i
r ( y t ( t
t n
c a h t a 1 h
e t g h b e
i e l
n a l e +
t t v n e t
e d f
. h o t r a
e n $ t ) b
p. 273 l
l 4 h p
t
l
t f 0 a , e
T o a o
h o r 0 t r n
p r . o t
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e t n o
q f v 0 o n ( t
t a . u 1
u t e
a h s CHAP l o s
e e d - h
t t TER 9 f
i m ►p. 385 t r o
p 3 b ) u
o e h
n a n e e
t
l
g s T . d
h t h
t e u s ►p. 386
) o e s b
o u f e
o e c T e
s l t d
c d r a o h
o h n e u
o b i s
m b S l d
p u t n t e
l e e d
u o l a
t d c P i b
0 g r f
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b o e e o
e 4 v b r
t , A e
h : l i g
n n e P
e o s n i
h m v r
t f o
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Revised 12/16/02
b t s 3 i a p h
l . h c % v t a i
e CHAP o o p. 463 e h g r
m TER u m n e e d
10 l p I r ,
9 d u n f t (
- p. 430 t o t h m
1 b a t r h e i
7 I e t a d
n h
. i e t n d d
►p. 388 l o h o l
t a n e $ l e
h f
T b o 7 l )
e e f t 1 a
h u
e l o r o 5 r c
t e r t o
a t
n d h a m a l
b r l i m u
u l
m I s
l l l o m
e R s o l u n
b i
e R h n n i n
a o g o t s
r t e
i r u - n h
n a l f t . t o
t t d e h u
g h r p. 464
h o r a l
e e b m t d
i m I
n r e n
t : c i b
o t
p t r h a t s e
p h p
a s
e h
r a = i e g $
o n t i 6
t f t
s 0 o a t v 4
t R . l e
h p a
d R 0 s b n r
e . 9 h a
o l
e CHAP 3 f o e i t
p u n h
a TER t
f 11 + h l i e
g d t r
g e p. 457 e n
, 0 h
, . b e t
a t T p t
n 0 a e h h
h h 4 t a
d e e g e
e $ i n
h = , 4 m t
t r 1 l $
h e t i
i 0 h 5 d e 6
i s . 1
s r u e d
1 m l f .
d l 3 i o
i t a e p. 484
n 3 m l r
c s l
c o o o P
o = u i f t r
l o o h
r u f n t o
r 1 t n h e b
m t 3
e n h e l
c . g r t e
e
Revised 12/16/02
m 5 S a D n e
a 0 t O i O o ,
1 m , i l L t c
1 o 5 t i y e h
- u 0 l s s a
1 n 1 e c h 7 n
3 t d c r o , g
: s – o e u c e
I “ m d l h
n o 8 D p i d a D
f 4 a u t n L
t d 0 y t b g F
h e , s e s e e
e b 0 d a =
t 0 S l S D
t , 0 a b e L t
a t . l y s r F o
b h e . a
CHAP
l e s d t = D
T CHAPT
e i h F
E E
s O v e t L
R R
t e u i r o
1
h c t d t =
1 7
a o s i h D .
6 p. 689
t n t n a F
d ►p. 611 a g n L p. 697
g - T n I
i t h d a n Q = I
v o e i v . . n
e - n e E
p. 695 p. 696
s l s g r q
E
a e a u
I I q
t s c ( g a
n n u
o t
h t D e a
n i
e S t b t
d o
l O a h o i
n
c i ) c e t o
o n s ” c h n
e 1
s e o f
n 7
t s u i e 1
t -
s h n r q 7
e 4
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c ,
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e t
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h
b d e u o h
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t b c a n a
b n e e t s n
s
f e i i g
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r l r a n n
e s
a i b c D
v b t l i t L
s r
a e t e n h F
e i
r l e p e
i e c n b f t
t t
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i f
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s 4 D d t g D
n r
Revised 12/16/02
F , H e 4 d u .
L t A - f l 3
. h P “ 2 o b d 2
e T m 8 r e .
p. 701 E e ( 5 b ► p. 798
p R n b - l e
I h t ) 7 a T
n r 1 t s b 8 h
a 8 h h s e . e
t s p. 742 a o h l 1
h e t ul o e % a
e I ” d u d . n
“ n b l ► p. 796 s
s f s e d Y w
e e t o P e T e
c w h M b a h r
o e e t T e r e g
n r h ( i
d t s a B D 3 a v
h e t a R n e
s a v i n P = s n
e n e t k
w
n n i o = 7 e f
t 7 t s f . r o
e 5 h M 1 0 g r
n ” “ i . % i p
c l m d 5 . v r
e s i e d % ► p. 795 e o
h n n le . n b
i o e t T p. 795 T l
n u t e
h f e
l o h x T e o m
t d f a a h r
h t t s) e a p 9
e b h . =
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e e ” $ a s o 9
S APPEN 1, n w b
m “ E D 5 s e l s
a n t I 8 w r e h
l o h X 7. e g m o
l t i 1 r i u
B m c C 3. g v 6 l
u o a ► p. 795 i - d
► p. 795 e
s r l v 3
n
i e D T e b
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n i h h n f s e
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s h e f o 1
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s a w s 5 1 d 6
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s s gi e 9 b .
e 0 e r e
v ( ► p. 799
c . p g s
e d
t ” a i h $
n ) F
i r f v o s 8 o
o a o e u h 3 r
n C t r n l o 2 p
Revised 12/16/02
r
o
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