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To avoid this, lenders impose various monitoring costs on the firm. Examples would of these monitoring costs would: include raising the rate on future debt issues, denying future loan requests, imposing restrictive bond provisions.

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Finally, add together the total market value of the firm’s equity to the total market value of the firm’s debt. This yields the total market value of the firm’s assets. To estimate the market value weights, simply dividend the market value of either debt or equity by the market value of the firm’s assets .

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Simulation is a statistically-based behavioral approach that applies predetermined probability distributions and random numbers to estimate risky outcomes. Figure 10.1 presents a flowchart of the simulation of the NPV of a project. The use of computers has made the use of simulation economically feasible, and the resulting output provides an exce...

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Powell Corporation, a large diversified manufacturer of aircraft components, is trying to determine the initial investment required to replace an old machine with a new, more sophisticated model. The machine’s purchase price is $380,000 and an additional $20,000 will be necessary to install it. It will be depreciated under MACRS using a 5-year reco...

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Although considerable evidence supports the concept of market efficiency, research collectively known as behavioral finance has begun to cast doubt on this notion. Behavioral finance is a growing body of research that focuses on investor behavior and its impact on investment decisions and stock prices. Throughout this book, we ignore both disbel...

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Companies and governments borrow internationally by issuing bonds in the Eurobond market and the foreign bond market. A Eurobond is issued by an international borrower and sold to investors in countries with currencies other than the currency in which the bond is denominated. In contrast, a foreign bond is issued in a host country’s financial mar...

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The coefficient of variation, CV, is a measure of relative dispersion that is useful in comparing risks of assets with differing expected returns. Equation 5.4 gives the expression of the coefficient of variation.

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Compounding more frequently than once a year results in a higher effective interest rate because you are earning on interest on interest more frequently. As a result, the effective interest rate is greater than the nominal (annual) interest rate. Furthermore, the effective rate of interest will increase the more frequently interest is compounded.

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The cash budget begins with a sales forecast, which is simply a prediction of the sales activity during a given period. A prerequisite to the sales forecast is a forecast for the economy, the industry, the company and other external and internal factors that might influence company sales. The sales forecast is then used as a basis for estimating...

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Liquidity Ratios Activity Ratios Leverage Ratios Profitability Ratios Common-Size Income Statements

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