Professional Documents
Culture Documents
4 .8 Interpreting Financial Ratios 110 6 .6 The Determinants of the Yield Curve 190
Expectations Theory 191
4.9 The Role of Financial Ratios-and a Final
The Liquidity Preference Theory 191
Note on Transparency 113
Besides Financial Ratios... 114 6.7 Corporate Bonds and the Risk of Default 191
Transparency 114 Variations in Corporate Bonds 193
4 .10 Summary 115 6 .8 International Bond Market
Variations-Sukuk 196
PART2 6.9 Summary 198
VALUE 123 Appendix GA: A More Detailed Look at the Yield
Curve 204
CHAPTER 5
Appendix GB: Duration: Measuring the Life of a
The Time Value of Money 123
Bond (Online)
5.1 Future Values and Compound Interest 124
5.2 Present Values 128 CHAPTER7
Finding the Interest Rate 132 Valuing Stocks 207
Finding the Investment Period 134 7.1 Stocks and Stock Markets 208
5.3 Multiple Cash Flows 135 Reading Stock Market Listings 210
Future Value of Multiple Cash Flows 135 7.2 Market Values, Book Values,
Present Value of Multiple Cash Flows 137 and Liquidation Values 211
5.4 Level Cash Flows: Perpetuities and Annuities 138 7.3 Valuing Common Stocks 214
How to Value Perpetuities 138 Valuation by Comparables 214
How to Value Annuities 140 Price and Intrinsic Value 215
Annuities Due 145 The Dividend Discount Model 217
Future Value of an Annuity 146
Cash Flows Growing at a Constant Rate-Variations 7.4 Simplifying the Dividend Discount Model 220
on Perpetuities and Annuities 148 Case 1: Zero-Growth Model 220
Case 2: Constant-Growth Model 221
5.5 Inflation and the Time Value of Money 151 Case 3: Non-Constant-Growth Model 224
Real Versus Nominal Cash Flows 151
Inflation and Interest Rates 153 7.5 Growth Stocks and Income Stocks 226
Valuing Real Cash Payments 154 7.6 Valuing a Business by Discounted Cash
Real or Nominal? 156 Flow 229
5.6 Effective Annual Interest Rates 156 Valuing the Concatenator Business 229
Repurchases and the Dividend Discount Model 230
5.7 Summary 158
7.7 There Are No Free Lunches on Bay Street 231
CHAPTER 6 Method 1: Technical Analysis 232
Valuing Bonds 171 Method 2: Fundamental Analysis 235
A Theory to Fit the Facts 236
6.1 The Bond Market 173
Bond Characteristics 173 7.8 Market Anomalies and Behavioural Finance 237
Market Anomalies 237
6 .2 Interest Rates and Bond Prices 175
Behavioural Finance 238
How Bond Prices Vary with Interest Rates 177
Interest Rate Risk 179 7.9 Summary 239
8 .2 Other Investment Criteria 257 Calculating the NPV of Blooper's Project 307
Payback 257 Further Notes and Wrinkles Arising from Blooper's
Discounted Payback 258 Project 308
Internal Rate of Return 260
9.5 Summary 311
A Closer Look at the Rate of Return Rule 260
Calculating the Rate of Return for Long-Lived Appendix 9A: Deriving the CCA Tax Shield (Online)
Projects 261
A Word of Caution 264 CHAPTER 10
Some Pitfalls of the IRR Rule 264 Project Analysis 319
8 .3 More Examples of Mutually Exclusive 10.1 How Firms Organize the Investment
Projects 268 Process 320
The Investment Timing Problem 269 Stage 1: The Capital Budget 320
The Choice Between Long- and Short-Lived Stage 2: Project Authorizations 321
Equipment 270 Problems and Some Solutions 321
Replacing an Old Machine 271
10.2 Some "What If" Questions 323
8.4 Capital Rationing 272 Sensitivity Analysis 324
Soft Rationing 272 Scenario Analysis 326
Hard Rationing 273 10.3 Break-Even Analysis 327
Pitfalls of the Profitability Index 274
Accounting Break-Even Analysis 327
8 .5 A Last Look 274 NPV Break-Even Analysis 329
Operating Leverage 331
8 .6 Summary 275
10.4 Real Options and the Value of Flexibility 333
CHAPTER 9 The Option to Expand 333
Using Discounted Cash Flow Analysis to Make A Second Real Option: The Option to Abandon 335
Investment Decisions 285 A Third Real Option: The Timing Option 337
A Fourth Real Option: Flexible Production
9.1 Identifying Cash Flows 286
Facilities 337
Discount Cash Flows, Not Profits 286
Discount Incremental Cash Flows 288 10.5 Summary 338
Include All Indirect Effects 289
Forget Sunk Costs 289
Include Opportunity Costs 289 PART3
Recognize the Investment in Working Capital 290 RISK 345
Remember Shutdown Cash Flows 291
Beware of Allocated Overhead Costs 291
CHAPTER 11
Discount Nominal Cash Flows by the Nominal
Introduction to Risk, Return, and the
Cost of Capital 291
Separate Investment and Financing Decisions 293
Opportunity Cost of Capital 345
11.1 Rates of Return: A Review 346
9.2 Calculating Cash Flows 293
Capital Investment 293 11.2 Five Decades of Capital Market History 348
Investment in Working Capital 293 Marketindexes 348
Operating Cash Flow 294 The Historical Record 349
Using Historical Evidence to Estimate
9.3 Business Taxes in Canada and
Today's Cost of Capital 352
the Capital Budgeting Decision 297
Depreciation and Capital Cost Allowance 297 11.3 Measuring Risk 353
The Asset Class System 297 Variance and Standard Deviation 355
Sale of Assets 299 Risk and Diversification 359
11.4
Termination of Asset Pool 300 Diversification 359
Accelerated Investment Incentive 301 Asset Versus Portfolio Risk 359
Present Values of CCA Tax Shields 302 Covariance and Correlation 362
9.4 Example: Blooper Industries 304 Correlation and Portfolio Diversification 363
Calculating Blooper's Project Cash Flows 305 Market Risk Versus Unique Risk 369
Table of Contents ix
PART6 PART7
FINANCIAL PLANNING 588 SHORT-TERM FINANCIAL
DECISIONS 653
CHAPTER 19
Long-Term Financial Planning 588 CHAPTER 21
19.1 What Is Financial Planning? 589 Cash and Inventory Management 653
Financial Planning Focuses on the Big Picture 589 21.1 Managing Cash Balances 654
Why Build Financial Plans? 590 Cheque Handling and Float 655
19.2 Financial Planning Models 591 Other Payment Systems 658
Components of a Financial Planning Model 591 Electronic Funds Transfer 659
Percentage-of-Sales Models 592 International Cash Management 660
An Improved Financial Planning Model 594 21.2 Managing Inventories 660
19.3 Tips for Planners 600 Inventory Management Models 661
Pitfalls in Model Design 600 Just-in-Time Inventory Management 664
The Assumption in Percentage-of-Sales Models 600 21.3 Managing Inventories of Cash 665
Forecasting Interest Expense 602 Uncertain Cash Flows 666
The Role of Financial Planning Models 603 Cash Management in Practice- Now and Then 668
19.4 External Financing and Growth 603 21.4 Investing Idle Cash: The Money Market 668
19.5 Summary 607 Yields on Money Market Investments 671
21.5 The International Money Market 671
CHAPTER 20
Short-Term Financial Planning 615 21.6 Summary 672
This book is about corporate finance. It focuses on how com- the tools that good financial managers use to make invest-
panies invest in real assets and how they raise the money to ment and financing decisions.
pay for these investments. It also provides a broad introduc-
tion to the financial landscape, discussing, for example, the
major players in financial markets, the role of financial insti- Why Use Our Book
tutions in the economy, and how securities are traded and
valued by investors. It offers a framework for systematically We wrote this book to make financial management clear,
thin king about most of the important financial problems useful, interesting, and fun for the beginning student. We set
that both firms and individuals are likely to confront. out to show that modern finance and good financial practice
Fin ancial management is important, interesting, and go together-even for the financial novice. The key to this is
challenging. It is important because today's capital invest- a thorough understanding of the principles and mechanics
ment decisions may determine the businesses that the firm of the time value of money. This material underlies almost
is in 10, 20, or more years ahead. Also, a firm's success or all of this text, and we spend a lengthy Chapter 5 providing
failure depends in large part on its ability to find the capital extensive practice with this key concept.
that it needs. The second component of our approach is the extensive
Finance is interesting for several reasons. Financial deci- use of numerical examples. Each chapter presents detailed
sions often involve huge sums of money. Large investment numerical examples to help the reader become familiar and
projects or acquisitions may involve billions of dollars. Also, comfortable with the material. We have peppered the book
the financial community is international and fast-moving, with real-life illustrations of the chapters' topics. Some of
with colourful heroes and a sprinkling of unpleasant villains. these are excerpts from the financial press found in Finance
Fin ance is challenging. Financial decisions are rarely cut in Action boxes; others are built into the text as examples. By
and dried, and the financial markets in which companies connecting concepts with practice, we strive to give students
operate are changing rapidly. Good managers can cope with a working ability to make financial decisions.
rou tine problems, but only the best managers can respond We have streamlined the treatment of most topics to
to change. To handle new problems, you need more than avoid getting bogged down in unnecessary detail that can
rules of thumb; you need to understand why companies overwhelm a beginner. We don't assume users will have a lot
and financial markets behave as they do and when common of background knowledge.
practice may not be best practice. Once you have a consistent We have written the book in a relaxed and informal writ-
framework for making financial decisions, complex prob- ing style. We use mathematical notation only where neces-
lems become more manageable. sary. Even when we present an equation, we usually write
This book provides that framework. It is not an encyclo- it in words before using symbols. This approach has two
pedia of finance. It focuses instead on setting out the basic advantages: it is less intimidating and it focuses attention on
principles of financial management and applying them to the the underlying concept rather than just the formula.
main decisions faced by the financial manager. It explains
why the firm's owners would like the manager to increase
firm value and shows how managers choose between invest- Ways to Use Our Book
ments that may pay off at different points of time or have dif-
ferent degrees of risk. It also describes the main features of Because there are about as many effective ways to organize
financial markets and discusses why companies may prefer a a course in corporate finance as there are teachers, we have
particular source of finance. ensured that many topics can be introduced in different
We organize the book around the key concepts of modern orders. For example, (1) we have made sure that Part Six
finance. These concepts, properly explained, make the sub- (Financial Planning) can easily follow Part One (Introduc-
ject simpler, not more difficult. They are also more practical. tion); (2) although we discuss working capital after the basic
The tools of financial management are easier to grasp and principles of valuation and financing, we have made it pos-
use effectively when presented in a consistent conceptual sible for instructors to reverse that order (as many prefer to
framework. Modern finance provides that framework. do); and (3) although the opportunity cost of capital depends
Modern financial management is not "rocket science." It on project risk, the chapters on project valuation and those
is a set of ideas that can be made clear by words, graphs, and on risk and return are written in such a way that the two
nu merical examples. The ideas provide the "why" behind groups can be presented in any order.
xiv Preface
Chapter 16 (Debt Policy) has been updated with Cana- Chapter 21 (Cash and Inventory Management). The sec-
dian examples and statistics in the discussions on costs of tion on managing cash balances has been updated. More
financial distress and explaining financing choices, and also information is included on yields on money market invest-
includes new Finance in Action material. ments and the international money market.
Chapter 17 (Leasing) now has updated information on Chapter 22 (Credit Management and Collection) has
the leasing industry. A new Finance in Action has been updated material on numerical credit scoring. The general
added providing an overview of Canadian finance and leas- principles for the credit decision are updated with a discus-
ing market. The concept of competitive leasing has been sion of the "five Cs" that determine credit terms.
added along with an example of borrow and buy versus Chapter 23 (Mergers, Acquisitions, and Corporate Con-
leasing. trol) contains numerous updates to reflect merger news in
Chapter 18 (Payout Policy) has been updated with a recent years, and a Finance in Action has been added featur-
revamped treatment of the trade-offs governing the use ing Mizuho bank to reflect elusive synergies.
of dividends versus share repurchases. A new Finance in Chapter 24 (International Financial Management) has
Action box discusses share repurchases by companies in the extensive updates and new discussion on the global financial
Canadian oilpatch. crisis, including a Finance in Action box on the effects of the
Chapter 19 (Long-Term Financial Planning). The finan- crisis on Italy. Another new Finance in Action discusses pos-
cial planning model has been updated. The use of Excel sible scenarios pertaining to Brexit.
spreadsheets, a crucial aspect of long-term planning, is an Chapter 25 (Options) has updated market data on option
important part of this chapter. prices and examples on call and put option valuations. There
Chapter 20 (Short-Term Financial Planning) has been is also a new Excel Spreadsheet box for the Black-Scholes
significantly updated with new examples. A new Finance in option pricing model.
Action has been included that explains why loan syndication Chapter 26 (Risk Management) includes updated
is risky. examples.
xvi Preface
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applications and illustrations of the text material.
INTERNATIONAL ICON
A distinctive icon (shown here) appears where the authors discuss
global issues.
• ETHICS ICON
A distinctive icon (shown here) appears where the authors discuss
ethical issues or the implications of unethical practices.
- -0
Cash retained and
reinvested in the firm's
operations is cash
KEY POINTS saved and invested
These marginal boxes, identified with the icon shown below at right, sum- on behalf of the firm's
marize the adjoining material, at the same time helping students focus on shareholders.
the most critical content.
Preface xvi i
CHECK POINT QUESTIONS Rhonda and Reggie Hotspur are working hard to save fOI' their children's university educa-
tions. They don·t need more cash for current consumption but will face big tuition bills in 2020.
Numbered Check Point boxes with questions are provided in Should they therefore avoid investing in stocks that pay generous current cash d ividends?
Explain briefly.
KEY FORMULAS
Key mathematical formulas, identified by a number, are called out in the text.
A summary of these key formulas can be found by visiting Connect.
KEY TERMS
Key terms, when introduced, appear in colour and bold in the main text and
are defined in the margin. A glossary made up of all these definitions is also
available at the back of the book and on Connect.
CALCULATOR BOXES
AND EXERCISES
In a continued effort to help students grasp the
critical concept of time value of money, many An Introduction to Financial Calculators
pedagogical tools have been added throughout the Financial cak.ulators are des~ned with present value and future Why does the minus sign appear? Most calculators treat cash
value formul.iis <'lln~iidy progr<'!mmed. Therefore. you ~n re<tdily floW5 as either infl~ (shown ,'IS positive numbers) or outflows
text. Financial Calculator boxes provide examples solve many problems simply by entering the inputs for the problem
and punching a key for the solution
(neg11tlve numbers). For eJ1ample. If you borrow $100 today at an
intereM rate of 12%, you receive money now (a positive cash flow),
of solving a variety of problems with directions for Thebasicfinancial calculatorusesfivekeysthatcorrespondto but you will have to pay back $112 in a yetu. 11 negative cash flow at
•••••
the inpuls for common problems involving the time value of money. that time. Therefore, the calcula tor displays FV as a negative num~
the three most popular financial calculators. ber. The following time line of cash flows shows the reasoning
employed. The final negative cash flow of $112 has the same pres-
ent value as the $100 bofro~ today.
Each key represents the following input:
PV • $100
n is the number of periods. f:Ne have been using t to denote
the length of time, or number of periods. Most calculators use Year:O~-----~
n for the same concept.)
I is the interest rate per penod, eJ1pressed as 11 percentage
(not a decimal). For eJ111m~e. if the interest rate is 8%, you FV= $112
available on Connect. Selected Exhibits are set as Just as financial calculators largely replaced Interest rate tables In The Interest rate Is entered as a decimal In cell 84. The formula for
Excel Spreadsheets. the 1980s. these calculators are today giving way to spreadsheets
Like financial calculators, spreadsheets provide built·i n functions
future val ue In cell 88 takes as Its last Input lhe negative of cell 83.
because the $24 purchase price Is treated as cash outflow. Note
xviii Preface
Excel questions, identified by an arrow icon in the margin, are available 25.
fu!Q..(LOl)
ln ~mct. Flnd 1 rn111...J t\iftd olkri111 • am1Lir
imwmwm ~we IOr-'1 of tht ElTFsyou found
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~(1.02.UH)
MICROSOFT® POWERPOINT® SLIDES and Humayun Qadri, whose efforts will help students and
Prepared by Humayun Qadri, MacEwan University, these instructors alike.
visually stimulating slides can be edited or manipulated to fit We are also grateful to the talented staff at McGraw-Hill
the needs of a particular course. Ryerson, especially Jade Fair, Portfolio Manager; Krisha
Escobar, Content Developer; and Jessica Barnoski, Supervis-
ing Editor. We want to thank copy editor Rodney Rawlings
for his energetic attention to the details.
Acknowledgments Finally, we cannot overstate our indebtedness to Koumari
Mitra, to Anusha Mitra, Devashis' daughter, and to Sabina
We take this opportunity to thank all those who helped us
Thapa, and to Samarpan Gajurel and Diluv Gajurel, Dinesh's
prepare this edition. We want to express our appreciation to
sons. They supported us and forgave us when we were very
the instructors whose insightful comments and suggestions
absorbed in the project.
were invaluable to us during this revision.
We also want to extend much gratitude to you, the stu-
PRELIMINARY REVIEW
dent using this textbook. Your criticisms and comments have
made each subsequent edition so much better. It is our hope Keith C.K. Cheung, Odette School of Business,
that, one day in the not-too-distant future, one or several of University of Windsor
you will be inspired to adapt a Brealey/Myers text for Cana- Bob Chow, Kwantlen Polytechnic University
dian students. Bill Dawson, University of Western Ontario
We owe much to our colleagues at the University of New Larbi Hammami, McGill University
Brunswick, in particular, Professors Muhammad Rashid and Dave Jailal, Seneca College
Eben Otuteye for useful suggestions. Audrey Lowrie, MacEwan University
We would like to express our appreciation to Justin Feng, H. Semih Yildirim, York University
University of New Brunswick, and Sabina Thapa for adept Don Smith, Georgian College
research and computational assistance. Additional thanks
go out to Justin Feng and Aiden Best for work on some end- PRE-WRITING REVIEW
of-chapter problem solutions. Barb Bloemhof, McMaster University
We would like to particularly thank Justin Taheri, Cen- Raad Jassim, McGill University
tennial College, for his diligent review of all the chapters Keith Cheung, University of Windsor
and end-of-chapter solutions. In addition, we would like to Nancy Bower Martin, University of Guelph
thank our supplement authors David Roberts, Lois King, W. Fraser Wilson, MacEwan University
Effective. Efficient. Easy to Use. Impact of Connect on Pass Rates
Analytics Seamless
& Reporting Integration
Monitor progress and Link your Learning Avai lable on mobile smart devices-with both onl ine
improve focus w it h Management System and offline access-the Read Anywhere app lets
Connect's visual and wit h Connect for sing le students study anywhere, anytime.
actiona ble dashboards. sign-on and g radebook
Reporting features synchronization, with all-
empower inst ructors and in-one ease fo r you and SUPPORT AT EVERY STEP
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2
Chapter 1 Goals and Governance of the Firm 3
They have 126 stores in the Middle East and their coffee and donuts self-serve kiosks operate
in SPAR convenience stores and full-service restaurants in Ireland, U.K. On June 12, 2018, the
company opened a branch in the famous Mall of the Emirates.
In the years since the first shop in 1964, Tim Hortons has become one of Canada's big corporate
success stories. According to The Globe and Mail, it ranked 59th out of the 1,000 most profitable
companies in 2012, with annual sales of $3.12 billion and a stock market value of $7.4 billion. In
2017, its annual sales were at $24.35 billion and net assets at $11.64 billion. However, problems
associated with deteriorating relations with its franchisees may have been costly for the company.
In the annual report of Canada's most admired companies released by Leger and National Public
Relations in 2017, Tim Hortons slipped to No. 50 from No. 4 in the previous year.
In retrospect, this success was hardly a sure thing. Horton and Joyce's ideas were inspired,
but their implementation was complex and difficult. It took time and considerable effort to
build a customer base. Beyond the challenges posed by its product innovation, the firm had
to make good investments. In the beginning, such decisions were constrained. Contracts had
to be carefully vetted for their chances of working out. Given the company's scarce resources,
every new contract it undertook might have led to the demise of the entire firm if it had failed.
As the company grew, the investment decisions became more complex. When should it expand
outside Canada into other countries? How many unique menu items should it develop? Which
companies should it acquire as it expanded its range of products and services?
Here are just a few examples of investment decisions made by the firm in recent years:
• In 2001, the company formed a joint venture with a subsidiary of IAWS Group plc for the
construction of Maidstone Bakeries, in Brantford, Ontario, to manufacture donuts, Timbits,
and selected breads. That same year, the company acquired a Maidstone Coffee facility in
Rochester, New York, to roast coffee for about 42% of the company's coffee requirements.
Later, in November 2008, the company announced the construction of a coffee-roasting
plant in Hamilton, Ontario, at a cost of $30,000,000.
• In 2004, the company purchased 42 coffee and donut restaurants that formerly operated
under the Bess Eaton name in three U.S. states, namely Rhode Island, Connecticut, and
Massachusetts, for over $60 million.
Another random document with
no related content on Scribd:
Ja hän istui niin hiljaisena. Hän ei puhunut koskaan sanaakaan.
Hän tuijotti vain Dyvekeen suurilla, melkein mustilla silmillänsä.
*****
*****
Huomaamattaan otti hän kirjan, jota Samuel Stern juuri oli lukenut.
— Niin, minä teen aina kernaasti mitä hän pyytää. Hän alkoi nyt
kertoella Dyvekestä. Tuntui helpotukselta siirtyä toiseen asiaan.
— Kun vain se ilo ei olisi pian lopussa… Ihmiset saavat aina kaikki
liian myöhään. Niin on minunkin käynyt, olen vasta aivan äskettäin
saanut järkeä — ja samaten kävi myöskin esi-isämme Aadamin…
Ja tuo kaikkihan oli juuri päinvastoin kuin mitä hän oli tarkoittanut.
Kuinka mielellään olisikaan hän sanonut Samuel Sternille, että jos
olisi uskaltanut, niin olisi hän tullut tänne yksistään hänen tähtensä.
———
Hän nauroi. Miksi pitäisi hänen sitten saada tietää se? Eihän hän
välittänyt siitä rahtuakaan.
Nyt kun kaiken tuli olla voitettua ja loppuun kärsittyä — nyt oli
kaikki äkkiä muuttunut… käynyt entistä hullummaksi… Nyt oli heidän
välillensä tullut jotain uutta — jotakin, jota ei ennen ollut olemassa!
Olihan tuo taivaan lahja, että Dyveke piti hänestä. Hänen piti olla
siitä onnellinen, — ja sen piti riittää.
Tietysti hän koetti näyttää iloiselta. Mutta salaa hän toivoi että
pääsisi pois. Niin tuskallisen pitkä ei ollut mikään kesä vielä ollut.
Dyveke oli huolestunut, sillä pikku äiti oli jälleen alkanut nukkua
niin vähän.
Hän oli valvonut koko yön. Hän oli istunut akkunansa ääressä.
Vihdoinkin oli hän nähnyt Samuel Sternin palaavan vähän ennen
auringonnousua. Thora oli piiloutunut, sillä hän kulki aivan hänen
akkunansa ohitse. Hän näki hänet kumminkin selvästi. Samuel Stern
oli itkenyt.
Hän oli rukoillut että maan päältä löytyisi ihminen, joka voisi tehdä
hänelle jotain hyvää.
*****
— Mitä on tapahtunut?
Heinrich Cronen äiti oli hento, hieno, miellyttävä henkilö, jolla oli
kalpeat, lempeät kasvot.
Rouva Crone nousi paikaltaan. Hän tahtoi jättää koko asian rouva
Thammersin ratkaistavaksi. Mutta hänen täytyi tunnustaa totuus: hän
ei uskaltanut vastustaa Heinrichia. Se olisi vielä varmempi keino
menettää hänet.
Illallisen jälkeen kysyi hän häntä uudelleen. Silloin oli hän tullut
kotiin.