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xiv Preface
In order to be excused from an exam, the student must contact me before the exam. If you cannot
reach me, leave a message with the department secretaries at 392-0153. In most cases I will require
students to provide me with additional documentation to justify why the student is unable to take the exam.
Please note that a simple note indicating that you were seen at the health center the day of the exam does
not, in and of itself, provide sufficient documentation. Excuses will be granted if the student is unable to
take the exam because of serious illness or injury, or a significant personal or professional commitment.
Excuses will not be granted for social activities such as ski trips, cruises, and trips to sporting events (unless
you are participating).
The exams will all be multiple choice. Each will have 10 conceptual questions and 10 numerical problems,
for a total of 20 questions.
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Course Schedule
Spring 2015
This schedule is extremely tentative, and subject to change. Any variations will be announced
in class.
Jan 5 Introduction/Chapter 1: An Overview of Financial Management
Jan 6 Chapter 2: Financial Markets and Institutions
Jan 7 Chapter 2: Financial Markets and Institutions
Jan 8 Chapter 3: Financial Statements, Cash Flow, and Taxes
Jan 12 Chapter 3: Financial Statements, Cash Flow, and Taxes
Jan 13 Chapter 4: Analysis of Financial Statements
Jan 14 Chapter 4: Analysis of Financial Statements
Jan 15 Chapter 4: Analysis of Financial Statements
Jan 19 MARTIN LUTHER KING DAY (NO CLASS)
Jan 20 Chapter 4: Analysis of Financial Statements
Jan 21 Chapter 5: Time Value of Money
Jan 22 Chapter 5: Time Value of Money
Jan 26 Chapter 5: Time Value of Money
Jan 27 Chapter 5: Time Value of Money
Jan 28 Chapter 6: Interest Rates
Jan 29 Chapter 7: Bonds and Their Valuation
Feb 2 Chapter 7: Bonds and Their Valuation
Feb 3 Chapter 7: Bonds and Their Valuation
and Review
Feb 4 EXAM (NO CLASS)
Feb 5 Chapter 8: Risk and Rates of Return
Feb 9 Chapter 8: Risk and Rates of Return
Feb 10 Chapter 8: Risk and Rates of Return
Feb 11 Chapter 9: Stocks and Their Valuation
Feb 12 Chapter 9: Stocks and Their Valuation
Feb 16 Chapter 9: Stocks and Their Valuation
Feb 17 Chapter 10: The Cost of Capital
Feb 18 Chapter 10: The Cost of Capital
Feb 19 Chapter 10: The Cost of Capital
Feb 23 Chapter 11: The Basics of Capital Budgeting
Feb 24 Chapter 11: The Basics of Capital Budgeting
Feb 25 Chapter 11: The Basics of Capital Budgeting
Feb 26 Chapter 12: Cash Flow Estimation and Risk Analysis
MARCH 2-7 SPRING BREAK
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Mar 9 Chapter 12: Cash Flow Estimation and Risk Analysis
Mar 10 Chapter 12: Cash Flow Estimation and Risk Analysis
Mar 11 Chapter 13: Other Topics in Capital Budgeting
Mar 12 Chapter 13: Other Topics in Capital Budgeting
Mar 16 Review
Mar 17 EXAM (NO CLASS)
Mar 18 Chapter 14: Capital Structure and Leverage
Mar 19 Chapter 14: Capital Structure and Leverage
Mar 23 Chapter 14: Capital Structure and Leverage
Mar 24 Chapter 15: Distributions to Shareholders
Mar 25 Chapter 15: Distributions to Shareholders
Mar 26 Chapter 15: Distributions to Shareholders
Mar 30 Chapter 16: Working Capital Management
Mar 31 Chapter 16: Working Capital Management
Apr 1 Chapter 17: Financial Planning and Forecasting
Apr 2 Chapter 17: Financial Planning and Forecasting
Apr 6 Chapter 17: Financial Planning and Forecasting
Apr 7 Review
Apr 8 Chapter 18: Derivatives and Risk Management
Apr 9 Chapter 18: Derivatives and Risk Management
Apr 13 Chapter 19: Multinational Financial Management
Apr 14 Chapter 19: Multinational Financial Management
Apr 15 Chapter 19: Multinational Financial Management
Apr 16 Chapter 20: Hybrid Financing
Apr 20 Chapter 20: Hybrid Financing
Apr 21 Chapter 21: Mergers and Acquisitions
Apr 22 Chapter 21: Mergers and Acquisitions
Apr 23 Review
Apr 29 FINAL EXAM
Preface xvii
Answers to End-of-Chapter Problems
We present here some intermediate steps and final answers to end-of-chapter problems. Please note that
your answer may differ slightly from ours due to rounding differences. Also, although we hope not, some of
the problems may have more than one correct solution, depending on what assumptions are made in
working the problem. Finally, many of the problems involve some verbal discussion as well as numerical
calculations; this verbal material is not presented here.
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11-22 $250.01.
d. Yes, NPV = $10,841.
13-1 a. E(NPV) = -$446,998.50.
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