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Brief Contents

© EpicStockMedia/Shutterstock.com
Preface ix
Web Extension 10A: The Accounting Rate of Return (ARR)
PART 1 THE COMPANY AND ITS ENVIRONMENT 1 CHAPTER 11 Cash Flow Estimation and Risk Analysis 453
Web Extension 11A: Certainty Equivalents and Risk-
CHAPTER 1 An Overview of Financial Management
and the Financial Environment 3 Adjusted Discount Rates
Web Extensions 1A: An Overview of Derivatives
PART 5 CORPORATE VALUATION AND
CHAPTER 2 Financial Statements, Cash Flow, and Taxes 57
Web Extension 2A: The Federal Income Tax System for
GOVERNANCE 501
Individuals
CHAPTER 12 Corporate Valuation and Financial
CHAPTER 3 Analysis of Financial Statements 101 Planning 503
CHAPTER 13 Corporate Governance 541
PART 2 FIXED INCOME SECURITIES 137
CHAPTER 4 Time Value of Money 139 PART 6 CASH DISTRIBUTIONS AND CAPITAL
Web Extensions 4A: The Tabular Approach STRUCTURE 563
4B: Derivation of Annuity Formulas CHAPTER 14 Distributions to Shareholders: Dividends
4C: Continuous Compounding and Repurchases 565
CHAPTER 5 Bonds, Bond Valuation, and CHAPTER 15 Capital Structure Decisions 607
Interest Rates 193 Web Extension 15A: Degree of Leverage
Web Extensions 5A: A Closer Look at Zero Coupon Web Extension 15B: Capital Structure Theory: Arbitrage
and Other OID Bonds Proofs of the Modigliani-Miller Theorems
Web Extensions 5B: A Closer Look at TIPS: Treasury
Inflation-Protected Securities PART 7 MANAGING GLOBAL OPERATIONS 653
Web Extensions 5C: A Closer Look at Bond Risk: Duration
CHAPTER 16 Supply Chains and Working Capital
Web Extensions 5D: The Pure Expectations Theory and
Management 655
Estimation of Forward Rates
Web Extension 16A: Secured Short-Term Financing
CHAPTER 17 Multinational Financial
PART 3 STOCKS AND OPTIONS 239 Management 705
CHAPTER 6 Risk and Return 241
Web Extensions 6A: Continuous Probability Distributions APPENDIXES
Web Extensions 6B: Estimating Beta with a Financial Calculator
APPENDIX A Solutions to Self-Test Problems 749
CHAPTER 7 Corporate Valuation and Stock Valuation 293
APPENDIX B Answers to End-of-Chapter Problems 773
Web Extension 7A: Derivation of Valuation Equations
CHAPTER 8 Financial Options and Applications in APPENDIX C Selected Equations 781
Corporate Finance 343 APPENDIX D Values of the Areas under the
Standard Normal Distribution Function 791
PART 4 PROJECTS AND THEIR VALUATION 373
CHAPTER 9 The Cost of Capital 375 GLOSSARY AND INDEXS
Web Extension 9A: The Required Return Assuming Glossary 793
Nonconstant Dividends and Stock Repurchases
Name Index 831
CHAPTER 10 The Basics of Capital Budgeting:
Evaluating Cash Flows 413 Subject Index 833
iii

Box: Financial Analysis on the Web 66

Preface ix Statement of Cash Flows 66
Box: Filling in the GAAP 69
Net Cash Flow 70
PART 1 THE COMPANY AND ITS ENVIRONMENT 1
Free Cash Flow: The Cash Flow Available for Distribution to
CHAPTER 1 Investors 70
An Overview of Financial Box: Sarbanes-Oxley and Financial Fraud 76
Management and the Financial Performance Evaluation 78
Environment 3 The Federal Income Tax System 84
The Five-Minute MBA 4 Box: When It Comes to Taxes, History Repeats
Finance from 40,000 Feet Above 4 and Repeals Itself! 86
The Corporate Life Cycle 5 Summary 89
Governing a Corporation 10 Web Extension
Box: Be Nice with a B-Corp 12 2A: The Federal Income Tax System for Individuals
Box: Taxes and Whistleblowing 14
An Overview of Financial Markets 14 CH APTER 3

Claims on Future Cash Flows: Types of Financial Securities 16 Analysis of Financial Statements 101
Claims on Future Cash Flows: The Required Rate of Return Box: Intrinsic Value and Analysis of Financial Statements 102
(The Cost of Money) 20 Financial Analysis 102
The Functions of Financial Institutions 24 Liquidity Ratios 104
Financial Markets 29 Asset Management Ratios 106
Overview of the U.S. Stock Markets 33 Debt Management Ratios 109
Trading in the Modern Stock Markets 34 Box: The Great Recession of 2007: The Price Is
Box: Measuring the Market 42 Right! (Or Wrong!) 110
Finance and the Great Recession of 2007 42 Profitability Ratios 114
Box: Anatomy of a Toxic Asset 50 Box: The World Might Be Flat, but Global Accounting Is Bumpy!
The Case of IFRS versus FASB 115
The Big Picture 52
Market Value Ratios 116
e-Resources 53
Trend Analysis, Common Size Analysis, and Percentage
Summary 53
Change Analysis 120
Web Extensions
Tying the Ratios Together: The DuPont Equation 123
1A: An Overview of Derivatives
Comparative Ratios and Benchmarking 124
CHAPTER 2
Uses and Limitations of Ratio Analysis 125
Box: Ratio Analysis on the Web 126
Financial Statements, Cash Flow,
and Taxes 57 Looking Beyond the Numbers 126
Summary 127
Box: Intrinsic Value, Free Cash Flow, and Financial
Statements 58
Financial Statements and Reports 58 PART 2 FIXED INCOME SECURITIES 137
The Balance Sheet 59 CH APTER 4
Box: The Great Recession of 2007: Let s Play Time Value of Money 139
Hide-and-Seek! 62 Box: Corporate Valuation and the Time Value of Money 140
The Income Statement 62 Time Lines 140
Statement of Stockholders’ Equity 65
iv

Future Values 141 The Default Risk Premium (DRP) 219

Box: Hints on Using Financial Calculators 145 Box: Insuring with Credit Default Swaps: Let the
Present Values 149 Buyer Beware! 221
Box: It s a Matter of Trust 150 Box: The Great Recession of 2007: U.S. Treasury
Finding the Interest Rate, I 153 Bonds Downgraded! 223
Box: The Few, the Proud, the AAA-Rated Companies! 225
Finding the Number of Years, N 154
Perpetuities 154 The Liquidity Premium (LP) 225
Box: The Great Recession of 2007: Fear and Rationality 226
Annuities 155
The Term Structure of Interest Rates 226
Future Value of an Ordinary Annuity 156
Box: The Power of Compound Interest 159 Financing with Junk Bonds 228
Future Value of an Annuity Due 159 Bankruptcy and Reorganization 228
Present Value of Ordinary Annuities and Annuities Due 160 Summary 229
Finding Annuity Payments, Periods, and Interest Rates 162 Web Extensions
5A: A Closer Look at Zero Coupon and Other OID Bonds
Box: Variable Annuities: Good or Bad? 163
Box: Using the Internet for Personal Financial Planning 164 5B: A Closer Look at TIPS: Treasury Inflation-Protected Securities
Uneven, or Irregular, Cash Flows 165 5C: A Closer Look at Bond Risk: Duration
Future Value of an Uneven Cash Flow Stream 168 5D: The Pure Expectations Theory and Estimation of Forward Rates
Solving for I with Irregular Cash Flows 169
Semiannual and Other Compounding Periods 170
Box: Truth in Lending: What Loans Really Cost 173 PART 3 STOCKS AND OPTIONS 239
Fractional Time Periods 174 CHAPTER 6
Amortized Loans 175 Risk and Return 241
Box: What You Know Is What You Get: Not in Payday Lending 176 Box: Intrinsic Value, Risk, and Return 242
Growing Annuities 178 Investment Returns and Risk 242
Box: The Great Recession of 2007: An Accident
Waiting to Happen: Option Reset Adjustable Rate Mortgages 179 Measuring Risk for Discrete Distributions 243
Summary 181 Risk in a Continuous Distribution 247
Web Extensions Box: What Does Risk Really Mean? 249
4A: The Tabular Approach Using Historical Data to Estimate Risk 249
4B: Derivation of Annuity Formulas Box: The Historic Trade-Off between Risk and Return 252
4C: Continuous Compounding Risk in a Portfolio Context 252
The Relevant Risk of a Stock: The Capital Asset Pricing Model
CHAPTER 5 (CAPM) 256
Bonds, Bond Valuation, and Interest Rates 193 Box: The Benefits of Diversifying Overseas 263
Box: Intrinsic Value and the Cost of Debt 194 The Relationship between Risk and Return in the Capital Asset
Who Issues Bonds? 194 Pricing Model 263
Box: Betting With or Against the U.S. Government: The Case Box: Another Kind of Risk: The Bernie Madoff Story 271
of Treasury Bond Credit Default Swaps 196
The Efficient Markets Hypothesis 272
Key Characteristics of Bonds 196
The Fama-French Three-Factor Model 276
Bond Valuation 200 Behavioral Finance 280
Changes in Bond Values Over Time 205 The CAPM and Market Efficiency: Implications for Corporate
Box: Chocolate Bonds 208 Managers and Investors 282
Bonds with Semiannual Coupons 208 Summary 283
Bond Yields 209 Web Extensions
The Pre-Tax Cost of Debt: Determinants of Market Interest 6A: Continuous Probability Distributions
Rates 212 6B: Estimating Beta with a Financial Calculator

The Risk-Free Interest Rate: Nominal (rRF) and Real (r *) 213 CHAPTER 7
The Inflation Premium (IP) 214 Corporate Valuation and Stock Valuation 293
The Maturity Risk Premium (MRP) 216 Box: Corporate Valuation and Stock Prices 294

Legal Rights and Privileges of Common Stockholders 294 Cost of Common Stock: The Market Risk Premium, RPM 384
Types of Common Stock 295 Using the CAPM to Estimate the Cost of Common Stock, rs 388
Stock Market Reporting 296 Using the Dividend Growth Approach to Estimate the Cost of
Valuing Common Stocks—Introducing the Free Cash Flow Common Stock 390
(FCF) Valuation Model 297 The Weighted Average Cost of Capital (WACC) 393
The Constant Growth Model: Valuation When Expected Free Box: Global Variations in the Cost of Capital 395
Cash Flow Grows at a Constant Rate 300 Adjusting the Cost of Equity for Flotation Costs 395
The Multistage Model: Valuation when Expected Short-Term
Privately Owned Firms and Small Businesses 397
Free Cash Flow Grows at a Nonconstant Rate 305
The Divisional Cost of Capital 398
Application of the FCF Valuation Model to MicroDrive 309
Do Stock Values Reflect Long-Term or Short-Term Cash Estimating the Cost of Capital for Individual Projects 401
Flows? 315 Managerial Issues and the Cost of Capital 402
Value-Based Management: Using the Free Cash Flow Valuation Summary 404
Model to Identify Value Drivers 316 Web Extensions
Why Are Stock Prices So Volatile? 319 9A: The Required Return Assuming Nonconstant Dividends and
Valuing Common Stocks with the Dividend Growth Model 320 Stock Repurchases
The Market Multiple Method 328
CHAPTER 10
Comparing the FCF Valuation Model, the Dividend Growth
Model, and the Market Multiple Method 329 The Basics of Capital Budgeting: Evaluating Cash Flows 413
Preferred Stock 330 Box: Corporate Valuation and Capital Budgeting 414
Summary 331 An Overview of Capital Budgeting 414
Web Extensions The First Step in Project Analysis 416
7A: Derivation of Valuation Equations Net Present Value (NPV) 417
Internal Rate of Return (IRR) 419
CHAPTER 8
Financial Options and Applications in Modified Internal Rate of Return (MIRR) 426
Corporate Finance 343 Profitability Index (PI) 429
Box: The Intrinsic Value of Stock Options 344 Payback Period 430
Overview of Financial Options 344 How to Use the Different Capital Budgeting Methods 432
The Single-Period Binomial Option Pricing Approach 347 Other Issues in Capital Budgeting 435
Box: Financial Reporting for Employee Stock Options 348 Summary 441
The Single-Period Binomial Option Pricing Formula 353 Web Extensions
The Multi-Period Binomial Option Pricing Model 355 10A: The Accounting Rate of Return (ARR)
The Black-Scholes Option Pricing Model (OPM) 357 CHAPTER 11
Box: Taxes and Stock Options 362 Cash Flow Estimation and Risk
The Valuation of Put Options 363 Analysis 453
Applications of Option Pricing in Corporate Finance 365 Box: Project Valuation, Cash Flows, and Risk Analysis 454
Summary 367 Identifying Relevant Cash Flows 454
Analysis of an Expansion Project 459
Box: Mistakes in Cash Flow Estimation Can Kill
PART 4 PROJECTS AND THEIR VALUATION 373 Innovation 466
Risk Analysis in Capital Budgeting 467
CHAPTER 9 Measuring Stand-Alone Risk 467
The Cost of Capital 375 Sensitivity Analysis 468
Box: Corporate Valuation and the Cost of Capital 376
Scenario Analysis 471
The Weighted Average Cost of Capital 376 Monte Carlo Simulation 474
Choosing Weights for the Weighted Average Cost of Capital 378 Project Risk Conclusions 477
After-Tax Cost of Debt: rd 1 T and rstd 1 T 379 Replacement Analysis 478
Box: How Effective Is the Effective Corporate Tax Rate? 382 Real Options 480
Cost of Preferred Stock, rps 384 Phased Decisions and Decision Trees 482

Summary 485 Box: The Great Recession of 2007: Will Dividends

Ever Be the Same? 578
Web Extensions
11A: Certainty Equivalents and Risk-Adjusted Discount Rates Setting the Target Distribution Level: The Residual
Distribution Model 578
The Residual Distribution Model in Practice 580
PART 5 CORPORATE VALUATION AND A Tale of Two Cash Distributions: Dividends versus Stock
GOVERNANCE 501 Repurchases 581
CHAPTER 12 The Pros and Cons of Dividends and Repurchases 590
Corporate Valuation and Financial Planning 503 Box: Dividend Yields around the World 592
Box: Corporate Valuation and Financial Planning 504 Other Factors Influencing Distributions 592
Overview of Financial Planning 504 Summarizing the Distribution Policy Decision 594
Financial Planning at MicroDrive, Inc. 506 Stock Splits and Stock Dividends 595
Forecasting Operations 508 Box: The Great Recession of 2007: Talk About a
Evaluating MicroDrive’s Strategic Initiatives 512 Split Personality! 596
Projecting MicroDrive’s Financial Statements 515 Dividend Reinvestment Plans 598
Analysis and Selection of a Strategic Plan 519 Summary 599
The CFO’s Model 521
Additional Funds Needed (AFN) Equation Method 523 CHAPTER 15

Forecasting When the Ratios Change 526 Capital Structure Decisions 607
Summary 530 Box: Corporate Valuation and Capital Structure 608
An Overview of Capital Structure 608
CHAPTER 13
Business Risk and Financial Risk 610
Corporate Governance 541
Capital Structure Theory: The Modigliani and Miller
Box: Corporate Governance and Corporate Valuation 542
Models 614
Agency Conflicts 542 Box: Yogi Berra on the MM Proposition 616
Corporate Governance 545 Capital Structure Theory: Beyond the Modigliani and Miller
Box: Would the U.S. Government Be an Effective Models 618
Board Director? 550
Capital Structure Evidence and Implications 623
Box: The Dodd-Frank Act and Say on Pay 552
Box: The Sarbanes-Oxley Act of 2002 and Estimating the Optimal Capital Structure 628
Corporate Governance 553 Anatomy of a Recapitalization 634
Box: International Corporate Governance 555 Box: The Great Recession of 2007: Deleveraging 639
Employee Stock Ownership Plans (ESOPs) 557 Risky Debt and Equity as an Option 639
Summary 560 Managing the Maturity Structure of Debt 642
Summary 645
Web Extensions
PART 6 CASH DISTRIBUTIONS AND CAPITAL 15A: Degree of Leverage
STRUCTURE 563 15B: Capital Structure Theory: Arbitrage Proofs of the
CHAPTER 14
Modigliani-Miller Theorems
Distributions to Shareholders: Dividends and
Repurchases 565 PART 7 MANAGING GLOBAL OPERATIONS 653
Box: Uses of Free Cash Flow: Distributions to
CHAPTER 16
Shareholders 566
Supply Chains and Working Capital
An Overview of Cash Distributions 566 Management 655
Procedures for Cash Distributions 568 Box: Corporate Valuation and Working Capital
Cash Distributions and Firm Value 571 Management 656
Clientele Effect 575 Overview of Supply Chain Management 656
Signaling Hypothesis 576 Using and Financing Operating Current Assets 658
Implications for Dividend Stability 577 The Cash Conversion Cycle 662

Box: Some Firms Operate with Negative Working Trading in Foreign Exchange 720
Capital! 667
Interest Rate Parity 722
Inventory Management 668
Purchasing Power Parity 724
Receivables Management 669 Box: Hungry for a Big Mac? Go to Ukraine! 725
Box: Supply Chain Finance 671
Inflation, Interest Rates, and Exchange Rates 726
Accruals and Accounts Payable (Trade Credit) 673
International Money and Capital Markets 726
Box: A Wag of the Finger or Tip of the Hat? The
Box: Greasing the Wheels of International
Colbert Report and Small Business Payment Terms 674
Business 727
The Cash Budget 677 Box: Stock Market Indices around the World 731
Cash Management and the Target Cash Balance 681 Multinational Capital Budgeting 732
Box: Use It or Lose Part of It: Cash Can Be Costly! 682 Box: Consumer Finance in China 733
Cash Management Techniques 682 Box: Double Irish with a Dutch Twist 735
Managing Short-Term Investments 685 International Capital Structures 737
Box: Your Check Isn t in the Mail 686 Multinational Working Capital Management 738
Short-Term Financing 687 Summary 741
Short-Term Bank Loans 688
Commercial Paper 692
Use of Security in Short-Term Financing 692 APPENDIXES
Summary 693 Appendix a Solutions to Self-Test Problems 749
Web Extensions Appendix b Answers to End-of-Chapter
16A: Secured Short-Term Financing Problems 773
Appendix c Selected Equations 781
CHAPTER 17
Appendix d Values of the Areas under the Standard
Multinational Financial Management 705 Normal Distribution Function 791
Box: Corporate Valuation in a Global Context 706
Multinational, or Global, Corporations 706
Multinational versus Domestic Financial Management 707 GLOSSARY AND INDEXES
Exchange Rates 709
Glossary 793
Exchange Rates and International Trade 714
Name Index 831
The International Monetary System and Exchange Rate
Policies 715 Subject Index 833

resource When we wrote the first edition of Corporate Finance: A Focused Approach, we had four goals: (1) to
Students: Access the
create a text that would help students make better financial decisions; (2) to provide a book that covers
Corporate Finance: A the core material necessary for a one-semester introductory MBA course but without all the other
Focused Approach (6th interesting-but-not-essential material that is contained in most MBA texts; (3) to motivate students by
Edition) companion site demonstrating that finance is both interesting and relevant; and (4) to make the book clear enough so
and online student that students could go through the material without wasting either their time or their professors’ time
resources by visiting
www.cengagebrain trying to figure out what we were saying.
.com, searching ISBN The events precipitating the recession of 2007, the dramatic changes in financial technology at
9781305637108, and stock exchanges across the world, and the sovereign debt crisis in Greece make it more important
clicking “Access Now” than ever for students and managers to understand the role that finance plays in a global economy,
under “Study Tools” to
go to the student
in their own companies, and in their own lives. So in addition to the four goals listed above, this
textbook companion edition has a fifth goal: to prepare students for a changed world.
site.
Intrinsic Valuation as a Unifying Theme
Instructors: Access the
Corporate Finance: A Our emphasis throughout the book is on the actions that a manager can and should take to increase the
Focused Approach (6th intrinsic value of the firm. Structuring the book around intrinsic valuation enhances continuity and
Edition) companion site helps students see how various topics are related to one another.
and instructor resources
As the title indicates, this book combines theory and practical applications. An understanding of
by going to login.
cengage.com, logging in finance theory is essential for anyone developing and/or implementing effective financial strategies.
with your faculty But theory alone isn’t sufficient, so we provide numerous examples in the book and the accom-
account username and panying Excel spreadsheets to illustrate how theory is applied in practice. Indeed, we believe that
password, and using the ability to analyze financial problems using Excel also is essential for a student’s successful job
ISBN 9781305637108 to
reach the site through
search and subsequent career. Therefore, many exhibits in the book come directly from the
your account. accompanying Excel spreadsheets. Many of the spreadsheets also provide brief “tutorials” by way
of detailed comments on Excel features that we have found to be especially useful, such as Goal
Seek, Tables, and many financial functions.
The book begins with fundamental concepts, including background on the economic and financial
environment, financial statements (with an emphasis on cash flows), the time value of money, bond
valuation, risk analysis, and stock valuation. With this background, we go on to discuss how specific
techniques and decision rules can be used to help maximize the value of the firm. This organization
provides four important advantages:
1. Managers should try to maximize the intrinsic value of a firm, which is determined by cash
flows as revealed in financial statements. Our early coverage of financial statements helps
students see how particular financial decisions affect the various parts of the firm and the
resulting cash flow. Also, financial statement analysis provides an excellent vehicle for
illustrating the usefulness of spreadsheets.
2. Covering time value of money early helps students see how and why expected future cash flows
determine the value of the firm. Also, it takes time for students to digest TVM concepts and to
learn how to do the required calculations, so it is good to cover TVM concepts early and often.
3. Most students—even those who do not plan to major in finance—are interested in investments.
The ability to learn is a function of individual interest and motivation, so Corporate Finance’s
early coverage of securities and security markets is pedagogically sound.
4. Once basic concepts have been established, it is easier for students to understand both how and
why corporations make specific decisions in the areas of capital budgeting, raising capital,
working capital management, mergers, and the like.
ix

Intended Market and Use

Corporate Finance is designed primarily for use in the introductory MBA finance course and as a
reference text in follow-on case courses and after graduation. The book can also be used as an
undergraduate introductory text for exceptionally good students.

Improvements in the 6th Edition

As in every revision, we updated and clarified materials throughout the text, reviewing the entire book
for completeness, ease of exposition, and currency. We made hundreds of small changes to keep the
text up to date, with particular emphasis on updating the real-world examples and including the
latest changes in the financial environment and financial theory. In addition, we made a number of
larger changes. Some affect all chapters, some involve reorganizing sections among chapters, and
some modify material covered within specific chapters.

Changes That Affect All Chapters

Following are some of the changes that affect all chapters.
THE GREAT RECESSION OF 2007
In every chapter we use real-world examples to show how the chapter’s topics are related to some aspect
of the global economic crisis. In addition, many chapters have “Great Recession of 2007” boxes that
focus on important issues related to the recent recession.
CONTINUED INTEGRATION WITH EXCEL
We have continued to integrate the textbook and the accompanying Excel Tool Kit spreadsheet models
for each chapter. Many figures in the textbook show the appropriate area from the chapter’s Excel Tool
Kit model. This makes the analysis more transparent to the students and better enables them to follow
the analysis in the Excel model.

Notable Changes within Selected Chapters

We made too many small improvements within each chapter to mention them all, but some of the
more notable ones are discussed below.
CHAPTER 1: AN OVERVIEW OF FINANCIAL MANAGEMENT AND THE FINANCIAL ENVIRONMENT
We added a new, short section, “1-2 Finance from 40,000 Feet Above,” to give students an overview of
the main issues in finance. We added more coverage of ethics in Section 1-4c, including a new box on
benefit corporations, “Be Nice with a B-Corp,” and a box on whistleblowing, “Taxes and Whistleblow-
ing.” We completely rewrote the sections on trading procedures (Section 1-9c) and the stock market
(Section 1-10) to reflect the impact of Reg NMS and automated trading, including a section (1-10d) on
high-frequency trading.
CHAPTER 2: FINANCIAL STATEMENTS, CASH FLOW, AND TAXES
In past editions, we introduced the operating profitability ratio and the capital requirement ratio in later
chapters, but we now introduce them in our discussion of the return on invested capital (ROIC) in
Section 2-8a because they provide insight into the sources of ROIC (i.e., profitability and capital
utilization). We also use these ratios in our expanded coverage of the free cash flow valuation model
in Chapter 7 (Corporate Valuation and Stock Valuation).
CHAPTER 5: BONDS, BOND VALUATION, AND INTEREST RATES
We added a new box on “Chocolate Bonds.” We also streamlined and improved our discussions of
the real risk-free rate and the nominal risk-free rate in Section 5-8.
CHAPTER 7: CORPORATE VALUATION AND STOCK VALUATION
We expanded the material on the free cash flow corporate valuation model and moved it so that it
now precedes the dividend growth model. We did this because most companies don’t pay a dividend
and because most practitioners use the free cash flow corporate valuation model. The expanded
coverage now illustrates the valuation of MicroDrive, which was formerly shown in Chapter 12
(Corporate Valuation and Financial Planning). This allows us to emphasize valuation (and value-
based management) in Chapter 7 and to emphasize financial planning in Chapter 12. The expanded
FCF valuation treatment in Chapter 7 now covers forecasting free cash flows and identifying value

drivers in much more detail (we also included a corresponding Spreadsheet Problem in the end-of-
chapter problems). We also use the FCF valuation model to frame the discussion of stock price
volatility and the relative values of cash flows in the first four years versus the value of later cash flows
(we illustrated these concepts using the dividend growth model in previous editions). We have been
using this approach in our own classrooms for several years and have found it to be effective.
CHAPTER 11: CASH FLOW ESTIMATION AND RISK ANALYSIS
We added a new box, “Mistakes in Cash Flow Estimation Can Kill Innovation,” describing common
mistakes in project analysis that are made by many managers.
CHAPTER 12: CORPORATE VALUATION AND FINANCIAL PLANNING
We expanded our coverage of valuation and included an additional Spreadsheet Problem on
valuation. We did this to reinforce our treatment of valuation in Chapter 7.
CHAPTER 15: CAPITAL STRUCTURE DECISIONS
We added a short section (15-8) discussing insights gained from comparing the equity in a risky
levered firm with a call option written on the underlying value of the firm, with an expiration equal to
the debt’s maturity and a strike price equal to the debt’s face value. We also included a short section
(15-9) discussing the debt maturity choice and providing recent empirical evidence on the shift away
from long-term debt. For those instructors wishing to cover the Modigliani and Miller proofs, we have
added a new Web Extension (15B) and PowerPoint file showing the MM proofs.
CHAPTER 16: SUPPLY CHAINS AND WORKING CAPITAL MANAGEMENT
We improved our discussion of the cash conversion cycle and reduced its length by simplifying
the example. To more quickly reinforce the concepts of the cash conversion cycle, we now
follow it immediately with coverage of inventory management, receivables management, and
payables management. We added a new section (16-9a) that explains the U.S. payment, clearing,
and settlement infrastructure. We added a box on the recent phenomenon of banks charging
corporate customers for cash deposit accounts, “Use It or Lose Part of It: Cash Can Be Costly!”
CHAPTER 17: MULTINATIONAL FINANCIAL MANAGEMENT
A new opening vignette uses Medtronic and Covidien to illustrate a tax inversion merger.

Learning Tools Available to Students and Instructors

Corporate Finance includes a broad range of ancillary materials designed to enhance students’
learning and to make it easier for instructors to prepare for and conduct classes. All resources
available to students are, of course, also available to instructors; in addition, instructors have access
to the course management tools.
In addition to these resources and the items noted previously, many other resources are available
on the Web at Corporate Finance’s Web site. These ancillaries include the following.

Excel Tool Kits

Proficiency with spreadsheets is an absolute necessity for all MBA students. With that in mind, for
each chapter we created Excel spreadsheets, called Tool Kits, to show how the calculations used in
the chapter were done. The Tool Kit models include explanations that show students how to use
many of the features and functions of Excel, enabling the Tool Kits to serve as self-taught tutorials.
Web Extensions
Many chapters have Adobe PDF “appendices” that provide more detailed coverage of topics that
were addressed in the chapter.
End-of-Chapter Spreadsheet Problems
Each chapter has a Build a Model problem, where students start with a spreadsheet that contains
financial data plus general instructions about solving a specific problem. The model is partially
completed, with headings but no formulas, so the student must literally build a model. This structure
guides the student through the problem, minimizes unnecessary typing and data entry, and also makes
it easy to grade the work, because all students’ answers are in the same locations on the spreadsheet. The

partial spreadsheets for the Build a Model problems are available to students on the book’s Web site; the
completed models are in files on the Instructor’s portion of the Web site.

Interactive Study Center

The textbook’s Web site contains links to all Web sites that are cited in each chapter.

Course Management Tools Available Only to Instructors

Instructors have access to all of the materials listed above in addition to course management tools.
These tools are available at Corporate Finance’s Instructor companion Web site. These materials
include the following resources.
Solutions Manual
This comprehensive manual contains worked-out solutions to all end-of-chapter materials. It is
available in electronic form at the Instructor’s Web site.

PowerPoint Slides
For each chapter, we provide a set of PowerPoint slides that present graphs, tables, lists, and calculations
for use in lectures. Although the slides correspond to the Mini Cases at the end of the chapter, the slides
are completely self-contained in the sense that they can be used for lectures regardless of whether
students have read the Mini Cases. In fact, we often don’t assign the Mini Case, but we do use the
PowerPoint slides. Copies of these files are on the Instructor’s Web site and the CengageNOWTM site.
Instructors can easily customize the slides and convert them quickly into any PowerPoint Design
Template.1 If you add some of your own slides or modify the existing slides to better illustrate important
concepts, please share your changes with us—many of our best learning points have come from
instructors and we appreciate all suggestions for ways to improve learning experiences for students.
In addition to the slides, there is a Mini Case at the end of each chapter. We assign the Mini
Cases only for specific chapters, but some professors assign the Mini Cases for most chapters. These
cases cover all the essential issues presented in the chapter, and they provide the structure for our
class lectures even if we don’t assign the Mini Case.

Mini Case Spreadsheets

In addition to the PowerPoint slides, we also provide Excel spreadsheets that perform the calculations
required in the Mini Cases. These spreadsheets are similar to the Tool Kits, but with two differences. (1)
The numbers correspond to the Mini Cases rather than the chapter examples. (2) We added some features
that enable “what if” analysis on a real-time basis in class.
We usually begin our lectures with the PowerPoint presentation, but after we have explained a
basic concept, we “toggle” to the Mini Case Excel file and show how the analysis can be done in Excel.2
For example, when teaching bond pricing, we begin with the PowerPoint show and cover the basic
concepts and calculations. Then we toggle to Excel and use a sensitivity-based graph to show how
bond prices change as interest rates and time to maturity vary. More and more students are bringing
their laptops to class—they can follow along and do the “what if” analysis for themselves.

Solutions to End-of-Chapter Spreadsheet Problems

The partial spreadsheets for the Build a Model problems are available to students, and the completed
models are in files on the Instructor’s Web site.

NEW! Test Banks in Cognero

The Test Bank for Corporate Finance is now available online in a new system named Cengage
Learning Testing Powered by Cognero. This is a flexible, online system that allows instructors to:

1
To convert into a different design template in PowerPoint for Office 2010, select Design, Theme, and choose a
theme. Always double-check the conversion; some templates use fonts of different sizes, which can cause some
slide titles to run over their allotted space.
2
To toggle between two open programs, such as Excel and PowerPoint, hold the Alt key down and hit the Tab
key until you have selected the program you want to show.

• Author, edit, and manage test bank content.

• Use searchable metadata to ensure tests are complete and compliant.
• Create multiple test versions in an instant.
• Deliver tests from your Learning Management System (LMS), your classroom, or anywhere you
have online access.
Cengage Learning Testing Powered by Cognero works on any operating system or browser with
no special installs or downloads needed. With its intuitive tools and familiar desktop drop-down
menus, Cognero enables instructors to easily create and edit tests from school or home—anywhere
with Internet access.
In addition to the Test Bank available online through Cognero, the Test Bank is also available in
a number of file formats on the Instructor companion Web site. Each chapter’s bank of questions
includes dozens of True/False, Multiple Choice, and Essay questions. Instructors can retrieve the
appropriate file formats to administer tests through their schools’ learning management systems
(Blackboard, Canvas, Moodle, Desire2Learn, etc.), or they can opt for Word documents.
The Test Bank contains more than 1,200 class-tested questions and problems. Information
regarding the topic and degree of difficulty, along with the complete solution for all numerical
problems, is provided with each question.

Additional Course Tools

MindTap Finance for Corporate Finance: A Focused Approach
Corporate Finance: A Focused Approach, 6th Edition, includes a brand new MindTap learning
experience, powered by a rich array of online resources designed to deliver an all-in-one solution for
learning and retaining the course topics. The following items are included in the MindTap learning path:
• A media-rich e-version of the text enhanced with Concept Clips (brief animated videos that
describe and define key concepts) and Problem Walkthroughs (longer videos that demonstrate
how to solve the most common problem types step by step).
• A comprehensive digital homework problem set designed to guide students from basic
comprehension to real-world application of concepts and to facilitate preparation for exams.
Practice problems, tutorials, and other learning modules are drawn from both Aplia and
CNOW homework solutions.
• An MBA Refresher Module, including a pre-test, remediation, and a post-test, that provides
those students who need it with a refresher of core concepts in Finance, Math/Algebra,
Statistics, Accounting, and more.
• Group case activities designed to facilitate students working in teams to analyze short cases at a
number of key points throughout the course.
• Practice quizzes to measure overall comprehension of chapter concepts.

CengageNOWTM for Corporate Finance: A Focused Approach

Designed by instructors for instructors, CengageNOWTM mirrors your natural workflow and provides
time-saving, performance-enhancing tools for you and your students—all in one program! CengageN-
OWTM takes the best of current technology tools including online homework management and fully
customizable algorithmic end-of-chapter problems and test bank to support your course goals and save
you significant preparation and grading time!
• Plan student assignments with an easy online homework management component.
• Manage your grade book with ease.
• Teach today’s student using valuable course support materials.
• Reinforce student comprehension with Personalized Study.
• Test with customizable algorithmic end-of-chapter problems that provide students with
immediate feedback upon answer submission.
• Grade automatically for seamless, immediate results.

ApliaTM Finance
ApliaTM Finance, an interactive learning system, engages students in course concepts, ensures they
practice on a regular basis, and helps them prepare to learn finance through a series of problems and
tutorials. Created by an instructor to help students excel, book-specific problem sets have instant
grades and detailed feedback, ensuring students have the opportunity to learn from and improve
with every question.
Chapter assignments use the same language and tone of the course textbook, giving students a
seamless experience in and out of the classroom. Problems are automatically graded and offer
detailed explanations, helping students learn from every question.
ApliaTM Finance offers:
• Problem Sets: Chapter-specific problem sets ensure that students are completing finance
assignments on a regular basis.
• Preparing for Finance Tutorials: Hands-on tutorials solve math, statistics, economics, and
accounting roadblocks before they become a problem in the course, and financial calculator
tutorials help students learn to use the tools needed in a finance course.
• Finance in Action: Exploratory modules help students understand how financial theories are
applied in the real world, and how finance professionals synthesize, use, and apply financial
information.
• Course Management System
• MindTap Reader: Aplia now features Cengage’s premier e-book format. MindTap Reader is
highly interactive, allows for inline note-taking and highlighting, and features a variety of apps
to further assist students.
For more information, visit www.aplia.com/finance.

Cengage Learning Custom Solutions

Whether you need print, digital, or hybrid course materials, Cengage Learning Custom Solutions can help
you create your perfect learning solution. Draw from Cengage Learning’s extensive library of texts and
collections, add or create your own original work, and create customized media and technology to match
your learning and course objectives. Our editorial team will work with you through each step, allowing you
to concentrate on the most important thing—your students. Learn more about all of our custom services at
www.cengage.com/custom.

The Cengage Global Economic Watch (GEW) Resource Center

This is your source for turning today’s challenges into tomorrow’s solutions. This online portal
houses the most up-to-date content concerning the economic crisis.
Organized by discipline, the GEW Resource Center offers the solutions instructors and students
need in an easy-to-use format. Included are an overview and time line of the historical events
leading up to the crisis, links to the latest news and resources, discussion and testing content, an
instructor feedback forum, and a Global Issues Database. Visit www.cengage.com/thewatch for
more information.

Acknowledgments
This book reflects the efforts of a great many people over a number of years. In addition to our immediate
colleagues, we appreciate very much the many helpful comments and suggestions we receive from
professors who use our book in their classes. Professors Greg Faulk, Anthony Gu, Andrew Mose, Chee
Ng, John Stieven, and Serge Wind have been especially helpful, providing many hints and tips for
improving the learning points in our textbook.
Many professors and professionals who are experts on specific topics reviewed earlier versions of
individual chapters or groups of chapters, and we are grateful for their insights; in addition, we
would like to thank those whose reviews and comments on earlier editions and companion books
have contributed to this edition:

Mike Adler David Crary Roger Hill Ed Miller Ron Shrieves

Syed Ahmad John Crockett Tom Hindelang John Mitchell Neil Sicherman
Sadhana M. Alangar Roy Crum Linda Hittle Carol Moerdyk J. B. Silvers
Ed Altman Brent Dalrymple Ralph Hocking Bob Moore Clay Singleton
Mary Schary Amram Bill Damon J. Ronald Hoffmeister Hassan Moussawi Joe Sinkey
Anne Anderson Joel Dauten Jim Horrigan Barry Morris Stacy Sirmans
Bruce Anderson Steve Dawson John Houston Gene Morris Jaye Smith
Ron Anderson Sankar De John Howe Fred Morrissey Steve Smith
Bob Angell Miles Delano Keith Howe Chris Muscarella Don Sorenson
Vince Apilado Fred Dellva Hugh Hunter Stu Myers David Speairs
Henry Arnold Anand Desai Steve Isberg David Nachman Ken Stanly
Nasser Arshadi Bernard Dill Jim Jackson Tim Nantell John Stansfield
Bob Aubey Greg Dimkoff Vahan Janjigian Don Nast Ed Stendardi
Abdul Aziz Les Dlabay Kurt Jesswein Bill Nelson Alan Stephens
Gil Babcock Mark Dorfman Kose John Bob Nelson Don Stevens
Peter Bacon Gene Drycimski Craig Johnson Bob Niendorf Jerry Stevens
Kent Baker Dean Dudley Keith Johnson Tom O’Brien G. Bennett Stewart
Tom Bankston David Durst Steve Johnson Dennis O’Connor Mark Stohs
Les Barenbaum Ed Dyl Ramon Johnson John O’Donnell Glen Strasburg
Charles Barngrover Dick Edelman Ray Jones Jim Olsen Robert Strong
Michael Barry Charles Edwards Manuel Jose Robert Olsen Philip Swensen
Bill Beedles John Ellis Gus Kalogeras Frank O’Meara Ernie Swift
Moshe Ben-Horim Dave Ewert Mike Keenan David Overbye Paul Swink
Omar M. Benkato John Ezzell Eric Kelley R. Daniel Pace Eugene Swinnerton
Bill Beranek Richard Fendler Bill Kennedy Coleen Pantalone Robert Taggart
Tom Berry Michael Ferri Joe Kiernan Jim Pappas Gary Tallman
Bill Bertin Jim Filkins Robert Kieschnick Stephen Parrish Dennis Tanner
Roger Bey John Finnerty Rick Kish Pam Peterson Craig Tapley
Dalton Bigbee Susan Fischer Linda Klein Glenn Petry Russ Taussig
John Bildersee Mark Flannery Don Knight Jim Pettijohn Richard Teweles
Rahul Bishnoi Steven Flint Dorothy Koehl Rich Pettit Ted Teweles
Eric Blazer Russ Fogler Theodor Kohers Dick Pettway Andrew Thompson
Russ Boisjoly E. Bruce Frederickson Jaroslaw Komarynsky Hugo Phillips Jonathan Tiemann
Keith Boles Dan French Duncan Kretovich John Pinkerton Sheridan Titman
Gordon R. Bonner Tina Galloway Harold Krogh Gerald Pogue George Trivoli
Geof Booth Partha Gangopadhyay Charles Kroncke Ralph A. Pope George Tsetsekos
Kenneth Boudreaux Phil Gardial Lynn Phillips Kugele R. Potter Alan L. Tucker
Helen Bowers Michael Garlington Joan Lamm Franklin Potts Mel Tysseland
Oswald Bowlin Sharon H. Garrison P. Lange R. Powell David Upton
Don Boyd Jim Garvin Howard Lanser Chris Prestopino Howard Van Auken
G. Michael Boyd Adam Gehr Martin Laurence Jerry Prock Pretorious Van den Dool
Pat Boyer Jim Gentry Ed Lawrence Howard Puckett Pieter Vanderburg
Ben S. Branch Stuart Gillan Richard LeCompte Herbert Quigley Paul Vanderheiden
Joe Brandt Philip Glasgo Wayne Lee George Racette David Vang
Elizabeth Brannigan Rudyard Goode Jim LePage Bob Radcliffe Jim Verbrugge
Greg Brauer Myron Gordon Ilene Levin Allen Rappaport Patrick Vincent
Mary Broske Walt Goulet Jules Levine Bill Rentz Steve Vinson
Dave Brown Bernie Grablowsky John Lewis Ken Riener Susan Visscher
Kate Brown Theoharry James T. Lindley Charles Rini Joseph Vu
Bill Brueggeman Grammatikos Chuck Linke John Ritchie John Wachowicz
Kirt Butler Ed Grossnickle Bill Lloyd Jay Ritter Mark D. Walker
Robert Button John Groth Susan Long Pietra Rivoli Mike Walker
Chris Buzzard Alan Grunewald Judy Maese Fiona Robertson Sam Weaver
Bill Campsey Manak Gupta Bob Magee Antonio Rodriguez Kuo Chiang Wei
Bob Carleson Sam Hadaway Ileen Malitz E. M. Roussakis Bill Welch
Severin Carlson Don Hakala Phil Malone Dexter Rowell Gary R. Wells
David Cary Janet Hamilton Terry Maness Mike Ryngaert Fred Weston
Steve Celec Sally Hamilton Chris Manning Jim Sachlis Norm Williams
Don Chance Gerald Hamsmith Terry Martell Abdul Sadik Tony Wingler
Antony Chang William Hardin D. J. Masson A. Jon Saxon Ed Wolfe
Susan Chaplinsky John Harris John Mathys Thomas Scampini Larry Wolken
Jay Choi Paul Hastings John McAlhany Kevin Scanlon Don Woods
S. K. Choudhury Patty Hatfield Andy McCollough Frederick Schadler Thomas Wright
Lal Chugh Bob Haugen Tom McCue James Schallheim Michael Yonan
Jonathan Clarke Steve Hawke Bill McDaniel Mary Jane Scheuer Zhong-guo Zhou
Maclyn Clouse Del Hawley Robin McLaughlin Carl Schweser David Ziebart
Margaret Considine Hal Heaton Jamshid Mehran John Settle Dennis Zocco, and
Phil Cooley Robert Hehre Ilhan Meric Alan Severn Kent Zumwalt
Joe Copeland John Helmuth Larry Merville Sol Shalit
David Cordell George Hettenhouse Rick Meyer Elizabeth Shields
John Cotner Hans Heymann Stuart E. Michelson Frederic Shipley
Charles Cox Kendall Hill Jim Millar Dilip Shome

Special thanks are due to Dana Clark, Susan Whitman, Amelia Bell, and Kirsten Benson, who
provided invaluable editorial support; to Joel Houston and Phillip Daves, whose work with us on
other books is reflected in this text; and to Lou Gapenski, our past coauthor, for his many
contributions.
Our colleagues and our students at the Universities of Florida and Tennessee gave us many
useful suggestions, and the Cengage staff—especially Jennifer King, Jana Lewis, Mike Reynolds,
Heather Mooney, and Brad Sullender—helped greatly with all phases of text development, produc-
tion, and marketing.

Errors in the Text

At this point, authors generally say something like this: “We appreciate all the help we received
from the people listed above, but any remaining errors are, of course, our own responsibility.”
And in many books, there are plenty of remaining errors. Having experienced difficulties with
errors ourselves, both as students and as instructors, we resolved to avoid this problem in
Corporate Finance. As a result of our error-detection procedures, we are convinced that the
book is relatively free of mistakes.
Partly because of our confidence that few such errors remain, but primarily because we want to
detect any errors in the textbook that may have slipped by so we can correct them in subsequent
printings, we decided to offer a reward of $10 per error to the first person who reports a textbook
error to us. For purposes of this reward, errors in the textbook are defined as misspelled words,
nonrounding numerical errors, incorrect statements, and any other error that inhibits compre-
hension. Typesetting problems such as irregular spacing and differences in opinion regarding
grammatical or punctuation conventions do not qualify for this reward. Also, given the ever-
changing nature of the Internet, changes in Web addresses do not qualify as errors, although we
would appreciate reports of changed Web addresses. Finally, any qualifying error that has follow-
through effects is counted as two errors only. Please report any errors to Michael C. Ehrhardt at
the e-mail address given below.

Conclusion
Finance is, in a real sense, the cornerstone of the free enterprise system. Good financial management is
therefore vitally important to the economic health of business firms, hence to the nation and the world.
Because of its importance, corporate finance should be thoroughly understood. However, this is easier
said than done—the field is relatively complex, and it is undergoing constant change in response to
shifts in economic conditions. All of this makes corporate finance stimulating and exciting, but also
challenging and sometimes perplexing. We sincerely hope that Corporate Finance: A Focused Approach
will help readers understand and solve the financial problems businesses face today.

Michael C. Ehrhardt Eugene F. Brigham

University of Tennessee University of Florida
[email protected] [email protected]

November 2015

The Company and

Its Environment
© EpicStockMedia/Shutterstock.com

CHAPTER 1
An Overview of Financial Management and the Financial
Environment 3
CHAPTER 2
Financial Statements, Cash Flow, and Taxes 57
CHAPTER 3
Analysis of Financial Statements 101

An Overview of Financial
Management and the
Financial Environment

www In a global beauty contest for companies, the winner is … Apple.

See http://fortune.com/ Or at least Apple is the most admired company in the world, according to Fortune
worlds-most-admired
-companies for updates magazine’s annual survey. The others in the global top ten are Amazon.com, Google,
on the rankings. Berkshire Hathaway, Starbucks, Coca-Cola, Walt Disney, FedEx, Southwest Airlines,
and General Electric. What do these companies have that separates them from the
rest of the pack?
Based on a survey of executives, directors, and security analysts, these companies
have very high average scores across nine attributes: (1) innovativeness, (2) quality of
management, (3) long-term investment value, (4) social responsibility, (5) people
management, (6) quality of products and services, (7) financial soundness, (8) use
of corporate assets, and (9) effectiveness in doing business globally. After culling
weaker companies, the final rankings are then determined by over 3,900 experts from
a wide variety of industries.
What makes these companies special? In a nutshell, they reduce costs by having
innovative production processes, they create value for customers by providing high-
quality products and services, and they create value for employees by training and
fostering an environment that allows employees to utilize all of their skills and
talents. As you will see throughout this book, the resulting cash flow and superior
return on capital also create value for investors.

resource This chapter should give you an idea of what financial management is all about, including
The textbook’s Web site an overview of the financial markets in which corporations operate. Before going into
has tools for teaching, details, let’s look at the big picture. You’re probably in school because you want an
learning, and conducting
financial research.
interesting, challenging, and rewarding career. To see where finance fits in, here’s a
five-minute MBA.

1-1 The Five-Minute MBA

Okay, we realize you can’t get an MBA in five minutes. But just as an artist quickly
sketches the outline of a picture before filling in the details, we can sketch the key
elements of an MBA education. The primary objective of an MBA program is to provide
managers with the knowledge and skills they need to run successful companies, so we
start our sketch with some common characteristics of successful companies.
First, successful companies have skilled people at all levels inside the company, includ-
ing leaders, managers, and a capable workforce. Skilled people enable a company to
identify, create, and deliver products or services that are highly valued by customers—
so highly valued that customers choose to purchase from them rather than from their
competitors.
Second, successful companies have strong relationships with groups outside the com-
pany. For example, successful companies develop win–win relationships with suppliers
and excel in customer relationship management.
Third, successful companies have enough funding to execute their plans and support
their operations. Most companies need cash to purchase land, buildings, equipment, and
materials. Companies can reinvest a portion of their earnings, but most growing compa-
nies also must raise additional funds externally by some combination of selling stock and/
or borrowing in the financial markets. Therefore, all successful companies sell their
products/services at prices that are high enough to cover costs and to compensate owners
and creditors for the use of their money and their exposure to risk.
To help your company succeed, you must be able to evaluate any proposal or idea,
whether it relates to marketing, supply chains, production, strategy, mergers, or any other
area. In addition, you must understand the ways that value-adding proposals can be
funded. Therefore, we will show you how to evaluate proposals and fund value-adding
ideas, essential financial skills that will help you throughout your career.

S E L F - T E S T
What are three attributes of successful companies?
What two essential financial skills must every successful manager have?

1-2 Finance from 40,000 Feet Above

Seeing the big picture of finance from a bird’s-eye view will help you keep track of the
individual parts. It all starts with some individuals or organizations that have more cash
than they presently want to spend. Other individuals or organizations have less cash than
they currently want to spend, but they have opportunities to generate cash in the future.
Let’s call the two groups providers and users: The providers have extra cash today and
the users have opportunities to generate cash in the future. For example, a provider might
be an individual who is spending less today in order to save for retirement. Another
provider might be a bank with more cash on hand than it needs. In either case, the
provider is willing to give up cash today for cash in the future.

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Exploring the Variety of Random
Documents with Different Content
gentle and calm faces, I should not, on that account, have
harboured any suspicions of my dear Switzerland.
I should have said to my companions:
“Continue to trust her; she loves us. This democracy is tranquil,
healthy, little inclined to use lofty phrases, and by no means fond of
scenes in the street; but she has a robust faith in the right of
nations. With all her heart she detests aggressive imperialism and
the cultured barbarism of Germany. You will find her shy, reserved,
and circumspect; you will perhaps blame her for her silence. But this
would be wrong, for her silence is a duty she owes to her patriotism.
She is intensely patriotic. She would like to hail you with
acclamations, but a great national obligation seals her lips. You could
not possibly wish her light-heartedly to do anything owing to which
German civilization and Latin civilization might suddenly come into
hostile conflict within her closed borders, for she exists solely in
virtue of their mutual accord, and it is her historic mission to
maintain the contact between them, to harmonize them, to
interpenetrate each with the other. This abominable war is a difficult
hour in her inner life. Even in times of peace she has to walk
circumspectly; but now, if she is to avoid a disruption which is
always possible, she must control her every movement, must bridle
her tongue, swallow her burning words, the words of love and
admiration which, if she followed the dictates of her heart, she
would utter to her valiant sister and neighbour. Believe me, my
friends, the mountain democracy is praying in her heart for the
victory of right, for our victory. Her silence is but a mask; she is
mute for reasons of state.”
I did not have to deliver this address. From one end to the other
of Switzerland, the Helvetian people, so hostile to demonstrations,
hailed us with acclamations. They sat up all night. They
overwhelmed us with gifts. The seats of the train were heaped with
ribbons, cockades, flowers, boxes of cigars, baskets of food, bottles
of the celebrated vintages of Neuchâtel, La Côte, Lavaux, and
Yvorne. In my compartment alone we filled six haversacks with
cigars, which we sent to the front to the 30th of the line, the
regiment of poor Robequain, of whose death I learned on reaching
Bellegarde.
Do not imagine that this explosion of generosity was inspired by
mere pity for the wreckage of war. I am absolutely confident that it
was inspired by love for France. Burghers and peasants, children and
old men, in German Switzerland just as much as in French, they all
sang the Marseillaise. They waved the tricolor. They cried, “Vive la
France!” At the stops they talked to us frankly, like brothers. They
handed us addresses which were hymns to “The Nation of Valmy
and of the Marne,” to “The Champions of the Rights of Man,” to “The
Citizen Army which has sworn to conquer or die for the Advent of a
Free Europe.”
It seemed to me that the proud Helvetians of Morgarten and
Sempach, these forefathers of democracy and liberty, had emerged
from their national Grütli to line the road in our honour, and to give
their blessing to the sons of the young republic.
I cannot describe the mad jubilation which surged through our
veins. France! France the beloved! France of our blood and our
heart. France the eternal, resuscitated by the German aggression,
once more become the champion of freedom. France hailed by the
neutrals, and by all men who respect the right! I was drunk with
happiness. This single night was a compensation, for you, noble
fellows mutilated in the war; for you, my brother, with broken ear-
drums and split skull; and for you, my friends, all my dear dead
friends, who sleep in Lorraine, in Belgium, in Flanders, and on the
Marne.
FOOTNOTES
[1] On this point I am in entire agreement with my friend
François Poncet. His little book, published a year before the war,
Ce que pense la jeunesse allemande, besides being couched in an
admirably concise and clear style, is of substantial value.
[2] Many German liberals have held the opinion, in all good
faith, that the new generation of France is reactionary. I do not
know why, but a young man coming from Paris, and having
nothing to do with either royalism or clericalism, was regarded by
them as a remarkable exception.
[3] Vide supra, note on p. 17.
[4] The system of having no more than one or two children.
[5] M. Deschars was killed by the Germans in Belgium, in
August 1914, together with all the wounded and the staff of Dr.
Sedillot’s ambulance.
[6] Let me repeat once more that such is the belief of every
German liberal. In their view we are all nothing more than
replicas of Charles Maurras.
[7] Are you not ashamed, you, the French democracy, to be
allied with the Russian barbarians?
[8] Provençal execration.
[9] Are any of you sick? Any tropical fevers?
[10] Sergeant-major.
[11] A slang word, universally employed, meaning “smashed”
or “ruined.” Accent on second syllable.
[12] Treat a ruffian gently and he will knock you about; knock a
ruffian about and he will fawn upon you.
[13] It need hardly be said that this story has no pretensions to
historical accuracy. The current talk among soldiers is, as a rule,
no less “imaginary” than the chatter of the drawing-rooms.
[14] Refer to previous note.
[15]

O my native place! O my native place!

O Toulouse! O Toulouse!…

[16] Old city of Cahors, so old and so smoky!

[17] A few days later the regulations established the right to
send four cards and two letters each month.
[18]

Dear fatherland, calm heart be thine,

Firm stands and true the watch by Rhine!

[19]

Hail to thee in the victor’s crown,

Ruler of the fatherland!

[20] The men would rather have a little more bread than so
much spiritual nourishment.
[21] The word “tub” alarms me, and the reader must excuse
me for writing it as we really pronounce it in France.
[22] A handsome Frenchman and an ugly German.
[23] Back with the mob!
[24] Now then, gentlemen, can’t we work a little harder?
[25] There, old chum! There’s something to grease your dirty
palm!
[26] This war will be the greatest stain on the history of
Europe!
[27] “Upon what nation, in days to come, will the verdict of
‘guilty’ be passed by the tribunal of world history? One thing, at
least, is certain. Germany can look forward to the verdict with a
clear conscience.” (Otto von Gierke, Internationale Monatschrift
für Wissenschaft, Kunst, und Technik, November 1, 1914, 3rd
Kriegsheft, “Deutsches Recht und Deutsche Kraft.”) At this
identical time, the Protestant theologians of England, in the
celebrated letter they sent to Adolf von Harnack, assured that
illustrious German historian and personal friend of William II:
“Doch wir sind der festen Ueberzeugung, dass Grossbritannien in
diesem Kampfe für Recht und Gewissen; für Europa, die
Menschheit und dauernden Frieden fecht.” [“We are, however,
firmly convinced that, in this struggle, Great Britain is fighting for
right and conscience, for Europe, humanity, and permanent
peace.”] It is a remarkable fact that throughout Europe every one
has a “clear conscience”!
[28] The German authorities subsequently rifled all the
notebooks containing “memoirs.” It was only by continued
stratagems that I was able to save part of my own.
[29]

The Vandals have taken Berlin! Oh, what a spectacle!

The pagans are at Danzig! The Mongols at Breslau!
In my mind all this rises simultaneously,
Pell-mell, as chance wills; it is horrible!… O shame!…
Germany, Germany, Germany.… Alas!

[30]

The little Frenchwoman

Who awaits me at home
Has eyes that glow
And a heart of lilac.…

[31] After repeated requests I had been allowed to subscribe to

the Frankfurter Zeitung. Three other prisoners have subscribed
respectively to the Münchener Neueste Nachrichten, the Berliner
Tageblatt, and the Kölnische Zeitung.
[32] Potato bread.

Printed in Great Britain by

UNWIN BROTHERS, LIMITED, THE GRESHAM PRESS, WOKING AND LONDON
Battles and Bivouacs
A French Soldier’s Note-book
By JACQUES ROUJON
Translated by FRED ROTHWELL
Large Crown 8vo. 5s. net.
“Battles and Bivouacs,” by Jacques Roujon, is a vivid recital of the
first six months of warfare. The language is direct and unaffected,
soul-stirring, and free from exaggeration; every page, nay, every
line, compels attention and evokes the most sympathetic interest.
The book is alike authentic and restrained in tone, but what most
strikes the reader is its extraordinary sincerity. No war book has yet
appeared that gives so strong an impression of reality, or which, on
its own sheer merits, is more worthy to survive the rage and tumult
of battle.

My Experiences on Three Fronts

By SISTER MARTIN-NICHOLSON
Crown 8vo. 4s. 6d. net.
A vivid account of the author’s experiences in Belgium and Russia
and afterwards with the French and English troops.

Practical Pacifism and its

Adversaries: “Is it Peace, Jehu?”
By Dr. SEVERIN NORDENTOFT
Crown 8vo. 4s. 6d. net.
In addition to making definite suggestions as to the lines on which
the Peace Movement should go to work after the war—suggestions
which are both obvious and practical—the book contains a reprint of
a pamphlet written by an upper-class native of Schleswig, with
footnote criticisms by a Prussian scholar of unbiassed views, which
renders very sensational and personal testimony to the terrible
discontent and bitter rage which a conquered nation feels in its
humiliating position of subjection—thus proving beyond all doubt
that the chief obstacle that the Peace Movement has to face is this
unnatural denial to the conquered people of the Rights of Peace.

Above the Battle

By ROMAIN ROLLAND
Translated by C. K. OGDEN, M.A.
Crown 8vo, Cloth. Third Impression. 2s. 6d. net. Postage 4d.
“We must leave unnoticed many fine and penetrating thoughts
and many stirring passages in these golden pages. In them, let us
say, once for all, speaks the finest spirit of modern France.”—The
Times Literary Supplement.
“At last it is here … the book we have been waiting for.”—Labour
Leader.

Poland’s Case for Independence

Demy 8vo. 7s. 6d. net.
This notable book is a reprint of certain remarkable pamphlets
illustrating the vitality of Polish nationality, and written mostly by
representative Poles. Introductions have been furnished to the
pamphlets by Lord Bryce, Lord Weardale, Mr. G. P. Gooch, Mr. Sidney
Webb, Dr. Seton Watson, etc.

Poland Past and Present

By J. H. HARLEY
Crown 8vo. 4s. 6d. net.
Some new and vital details of the recent history of this
unfortunate country are conveyed to British readers in Mr. J. H.
Harley’s vividly interesting volume. It will be preceded by a preface
from the pen of Mr. Ladislas Mickiewicz—the son of the great Polish
poet—which will state the attitude of the Polish people to Germany,
and reveal how deeply their sympathies are enlisted in the cause of
the Allies. A notable feature of the book will be a record of the
attempts made by the Germans in Poland during the last few months
to seduce Poland from her confidence in the justice of the Western
Powers.

Antwerp to Gallipoli
By ARTHUR RUHL
Small Demy. 7s. 6d. net.
Contents.—“The Germans are Coming!”—Paris at Bay—After the
Marne—The Fall of Antwerp—Paris Again; and Bordeaux: Journal of
a Fight from a London Fog—“The Great Days”—Two German Prison-
Camps—In the German Trenches at La Bassée—The Road to
Constantinople: Rumania and Bulgaria—The Adventure of the Fifty
Hostages—With the Turks at the Dardanelles—Soghan-Dere and the
Flier of Ak-Bash—A War Correspondents’ Village—Cannon Fodder—
East of Lemberg: Through Austria-Hungary to the Galician Front—In
the Dust of the Russian Retreat.
FICTION
Crown 8vo. 6s. each. Postage 5d.

The Financing of Fiona

By DOROTHEA CONYERS
“The Financing of Fiona” is a sporting story with love interest
running through it. The plot turns on Colonel Beresford’s will, written
hurriedly on notepaper, in which he leaves everything to his niece
Fiona; but he dies suddenly, and his nephew Challoner, though he
does not think of suppressing the will, takes out the centre sheet, so
completely altering everything that Fiona gets her uncle’s lovely old
home but no income with it. By this Challoner thinks that the girl is
sure to marry him, and that he will have both Kinvarragh and the
money. But Fiona, left penniless, determines to struggle and to take
paying guests for the hunting. Two men, Major Bohun and his
nephew, come to her, and bring their horses. Fiona fights with many
troubles, and Major Bohun’s fears that his nephew will marry her,
together with hunting and shooting, make the rest of the book. The
troubles end in an unexpected manner, and Fiona is left at
Kinvarragh, but not alone.

When the Wicked Man …

By GUY THORNE
Author of “When it was Dark”
Mr. Guy Thorne’s new novel, “When the Wicked Man …,” is one of
unusual and penetrating interest. It is a profound study of a bad
man’s soul, stripped bare and naked without equivocation or
evasion. If Maupassant had written this story it would have stopped
at the third book, and a brilliant but unutterably painful document
would be all that remained. Mr. Guy Thorne goes farther. He shows
us the dark and sensual soul of Sebastian Warde moving towards
the Light, until the wicked man at last turns from his wickedness,
and, crushed, broken, and empty, casts himself at the feet of God.
The action of the story takes place in Paris, at Athens and the Bay of
Nauplia in Greece, at Weymouth in Dorsetshire, the French battle-
front, and finally in London. These are the main divisions into which
the tale naturally falls.
This is not a story without a plot. The action is continuous and
intense throughout, and from first to last is as inevitable as a Greek
tragedy. “When the Wicked Man …” is written with an economy and
precision of effect that is stereoscopic. The people, places, and
dramatic situations stand out from the page. They have perspective;
one sees them.
In fact, the novel is quite unlike anything published in England for
very many years.

Redwing
By CONSTANCE SMEDLEY
Miss Smedley’s latest novel displays her usual skill in the
presentation of character; and her characters do not stand still, but
grow as we watch them. Her two leading characters in this book are
a boy and girl, both of whom are lonely, misunderstood, and, to
some extent, unwanted; and in each case the experiences of
childhood create a determining bias. Their development of strength
and courage not only helps them mutually, but finally brings the
three people who are the dominating influences of their lives into
happier conditions. The book is planned on a large scale, covers a
wide range of social life, and deals with explorers, business
gamblers, and men and women of large ambitions.
Families Repaired
By J. S. FLETCHER
Mr. J. S. Fletcher’s new novel is of the same genre as the author’s
well-known humorous stories, “The Paths of the Prudent” and
“Grand Relations,” both of which have gone through several editions.
It deals with a highly complicated matrimonial arrangement,
proposed by an Anglo-Canadian multi-millionaire as the means of
repairing the fortunes of two noble families which have fallen upon
bad times, and the plot involves numerous amusing and piquant
situations and quaint embarrassments. The various characters are
drawn with great fidelity, especially those of an old bachelor about
town, a couple of young ladies of high rank, who live their own very
modernized lives in a Camden Town flat, and an Irish-American
widow of a lively and original type. The story is full of smart and
bright dialogue, and though it is essentially one of farcical humour,
the plot is exciting and even sensational.

The Farm Servant

By E. H. ANSTRUTHER
The central theme of this remarkable first novel is the passionate
love-story of Anna Murrell, “The Farm Servant.” But the study of
Frank Harding and the manner in which his life was affected by three
women is of equal importance. Few modern novels have been so
varied in setting, for the two largest sections of the book deal with a
quiet village in East Anglia and with the Latin Quarter of Paris just
before the War. It is a book with passages of great tragic power; but
these are interspersed with chapters delightful for their quiet
humour and acute observations of the little “actions and reactions”
of everyday life. It is a long book: but only in a long book could the
author, besides working out the main theme, have created such a
host of minor characters. Mr. Harding, the Carringtons, the Juleses,
Dr. Emmersley, Lucie Dubels, and a dozen others are all as real as
the people one meets every day.

The Long Divorce

(John Bogardus)

By GEORGE A. CHAMBERLAIN
Author of “Through Stained Glass,” “Home,” etc.
Another brilliant, fascinating, out-of-the-ordinary Chamberlain
novel. The panoramic setting is Europe, America, Africa, and the
seas between. The style is the author’s swiftest, that whirls the
reader along. And John Bogardus’s love-story, or series of love-
stories, is a beautiful, tender, and extraordinarily illuminating record.
Behind the rushing style, the astonishing fire of epigrams, the
groups of memorable characters, and the stream of the alluring plot,
the reader is gratefully conscious of a deep and rich background of
seeing and thinking and feeling.

Moll Davis
By BERNARD CAPES
“Written with all the liveliness one is accustomed to associate with
the name of Mr. Bernard Capes.”—Pall Mall Gazette.
“If witty dialogue and a sense of atmosphere can make a good
comedy, here is one of the best.”—T. P.’s Weekly.

An Outraged Society
By A. BROWNLOW FFORDE
Some Opinions on Mr. Fforde’s Previous Novels:
“Might well have been written by Mr. Kipling in one of his lighter
moods. Brimful of humour and extremely racy.”—Daily Chronicle.
“Is a vivacious writer, and possesses a considerable fund of
humour.”—Manchester Examiner.

The Duel
By ALEXANDER KUPRIN
“One has no hesitation in recommending ‘The Duel’ to any one on
the look-out for really good fiction.”—Globe.
“Kuprin writes with the vividness and the authority that come from
first-hand experience. It must be read to appreciate its power.”—
Aberdeen Journal.

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