...MARKETING COMMUNICATIONS To Caroline, Arthur, Dan and Becky MARKETING COMMUNICATIONS JOHN EGAN Australia G Canada G Mexico G Singapore G Spain G United Kingdom G United States Marketing Communications John Egan Publishing Director John Yates Production Editor Lucy Mills Typesetter Newgen, India Text Design Design Deluxe Ltd, Bath, UK Publisher Jennifer Pegg Manufacturing Manager Helen Mason Production Controller Maeve Healy Printer Rotolito Lombarda S.p.A. Italy Development Editor Tom Rennie Marketing Executive Leo Stanley Cover Design www.mulcaheydesign.co.uk Copyright © 2007 Thomson Learning The Thomson logo is a registered trademark used herein under licence. For more information, contact Thomson Learning High Holborn House 50-51 Bedford Row London WC1R 4LR or visit us on the World Wide Web at: http://www.thomsonlearning.co.uk This edition published 2007 by Thomson Learning. All rights reserved by Thomson Learning 2007. The text of this publication, or any part thereof, may not be reproduced or transmited in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission of the publisher. Every effort has been made to trace all the copyright holders, but if any have been inadvertently overlooked the publisher will be pleased to make the necessary arrangements at the first opportunity. Please contact the...
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...completion of this chapter you should be able to: understand the impact of globalisation; understand the move towards greater dynamism, complexity and uncertainty (turbulence) in the international business environment of most firms; speculate about the future prospects for organisations, individuals, governments and groups in society as a result of environmental turbulence; outline the nature of chaotic and turbulent environments and the implications of these for long-term planning and flexible working; reflect on the differences between predictable and unpredictable change and the implications of this for organisations; understand the characteristics of the advantages and drawbacks of flexible working; discuss the influences that the changing international business environment and, in particular, the trend towards flexible working, have upon individuals and groups in the social community; explore environmental scenarios; discuss the future role of government and understand the environmental forces acting on public sector organisations. Key concepts dynamism, complexity, uncertainty and turbulence predictable and unpredictable change chaos theory futurology long-term planning environmental scenarios and planning flexible working demographic time bomb social inclusion and exclusion interventionist and laissez-faire government. Chapter 9 Globalisation, challenges and changes 3 07 Dealing with unexpected changes Minicase 9.1 Twice in the...
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...this book published in 2007, the globalization of the economy has seen its momentum challenged by two financial crises. Starting in the USA, the so-called ‘subprime’ crisis has obliged governments around the world to engage in Neo-Keynesian policies in order to consolidate the stumbling global financial system. More recently the ‘Eurozone’ crisis has called into question one of the most ambitious international cooperations and has seen populations asking for more protectionism. In the Middle East, dictatorial regimes have been ousted by the revolutionary ‘Arab Spring’ and the newly formed governments are trying to find a way between global exchange and Islamic tradition. During these difficult times, emerging countries from Asia, Latin America and Africa have increasingly asserted their newly found economic and financial power and demanded a bigger participation in world governance. The tsunami that struck Fukushima in Japan in March 2011 creating a nuclear accident has convinced many nations to reconsider their energy policy. Despite all of this, globalization, even though criticized, is still active. Firms are moving to the new emerging economies in order to capture the consumption appetite of the growing middle classes. It is still relevant and important to put together all aspects of global strategic management. This third edition is still about global firms and global management. Its objective remains to help undergraduate and graduate students, as well as company executives...
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...StudentS get: • Easy online access to homework, tests, and quizzes assigned by your instructor. • Immediate feedback on how you’re doing. (No more wishing you could call your instructor at 1 a.m.) • Quick access to lectures, practice materials, eBook, and more. (All the material you need to be successful is right at your fingertips.) • A Self-Quiz and Study tool that assesses your knowledge and recommends specific readings, supplemental study materials, and additional practice work.* *Available with select McGraw-Hill titles. Less managing. More teaching. Greater learning. InStRuctoRS... Would you like your students to show up for class more prepared? (Let’s face it, class is much more fun if everyone is engaged and prepared…) Want an easy way to assign homework online and track student progress? (Less time grading means more time teaching…) Want an instant view of student or class performance? (No more wondering if students understand…) Need to collect data and generate reports required for administration or accreditation? (Say goodbye to manually tracking student learning outcomes…) Want to record and post your lectures for students to view online? With McGraw-Hill's Connect Plus Finance, ® InStructorS get: • Simple assignment management, allowing you to spend more time teaching. • Auto-graded assignments, quizzes, and tests. • Detailed Visual Reporting where student and section results can be viewed and analyzed. • Sophisticated online testing capability...
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...solution SOLUTIONS TO EXERCISES AND CASES For FINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Stephen H. Penman Fifth Edition CHAPTER ONE Introduction to Investing and Valuation Concept Questions C1.1. Fundamental risk arises from the inherent risk in the business – from sales revenue falling or expenses rising unexpectedly, for example. Price risk is the risk of prices deviating from fundamental value. Prices are subject to fundamental risk, but can move away from fundamental value, irrespective of outcomes in the fundamentals. When an investor buys a stock, she takes on fundamental risk – the stock price could drop because the firm’s operations don’t meet expectations – but she also runs the (price) risk of buying a stock that is overpriced or selling a stock that is underpriced. Chapter 19 elaborates and Figure 19.5 (in Chapter 19) gives a display. C1.2. A beta technology measures the risk of an investment and the required return that the risk requires. The capital asset pricing model (CAPM) is a beta technology; is measures risk (beta) and the required return for the beta. An alpha technology involves techniques that identify mispriced stocks than can earn a return in excess of the required return (an alpha return). See Box 1.1. The appendix to Chapter 3 elaborates on beta technologies. C1.3. This statement is based on a statistical average from the historical data: The return on stocks...
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...Technology Project Management, Third Edition ISBN 0-619-159847 Course Technology MIS Series Companion Web Site: www.course.com/mis/schwalbe Kathy Schwalbe, Ph.D., PMP Table of Contents CHAPTER 1 1 CHAPTER 2 3 CHAPTER 3 7 CHAPTER 4 9 CHAPTER 5 13 CHAPTER 6 18 CHAPTER 7 22 CHAPTER 8 27 CHAPTER 9 31 CHAPTER 10 35 CHAPTER 11 38 CHAPTER 12 41 APPENDIX A 44 APPENDIX B 49 APPENDIX C 51 List of solution files available with the Instructor Resource material: CHAPTER 1 Introduction to Project Management Discussion Questions 1. Why is there a new or renewed interest in the field of project management? More and more projects are being done by a variety of organizations. The projects are more complex and often involve the use of new technologies. Organizations are struggling to find better ways to manage their projects. 2. What is a project? How is it different from what most people do in their day-to-day jobs? A project is “a temporary endeavor undertaken to create a unique product or service” (PMBOK( Guide, 2000, p. 4). Projects are different from day-to-day activities primarily because they have focused goals and definite beginning and ending dates. 3. What is project management? Briefly describe the project management framework. Project management is “the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements” (PMBOK( Guide, 2000, p. 6). The project management framework graphically...
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...Solutions to Chapter 1 The Firm and the Financial Manager 1. real executive airplanes brand names financial stock investment capital budgeting financing 2. A firm might cut its labor force dramatically which could reduce immediate expenses and increase profits in the short term. Over the long term, however, the firm might not be able to serve its customers properly or it might alienate its remaining workers; if so, future profits will decrease, and the stock price will decrease in anticipation of these problems. Similarly, a firm can boost profits over the short term by using less costly materials even if this reduces the quality of the product. Once customers catch on, sales will decrease and profits will fall in the future. The stock price will fall. The moral of these examples is that, because stock prices reflect present and future profitability, the firm should not necessarily sacrifice future prospects for short-term gains. 3. The key advantage of separating ownership and management in a large corporation is that it gives the corporation permanence. The corporation continues to exist if managers are replaced or if stockholders sell their ownership interests to other investors. The corporation’s permanence is an essential characteristic in allowing corporations to obtain the large amounts of financing required by many business entities. 4. A sole proprietorship is easy to set up with a minimum of legal work. The business itself...
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...Licensed to: CengageBrain User Licensed to: CengageBrain User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2011 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. Licensed to: CengageBrain User Business Ethics, Ninth Edition O.C. Ferrell, John Fraedrich, and Linda Ferrell Vice President of Editorial/Business: Jack W. Calhoun Publisher: Erin Joyner Senior Acquisition Editor: Michele Rhoades Managing Developmental Editor: Joanne Dauksewicz Editorial Assistant: Tamara Grega Marketing Manager: Jon Monahan Senior...
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...PRESIDENT & EXECUTIVE PUBLISHER EXECUTIVE EDITOR EDITORIAL ASSISTANT MARKETING MANAGER DESIGN DIRECTOR SENIOR DESIGNER SENIOR PRODUCTION EDITOR SENIOR MEDIA EDITOR PRODUCTION MANAGEMENT SERVICES This book is printed on acid-free paper. Don Fowley Beth Lang Golub Lyle Curry Carly DeCandia Harry Nolan Kevin Murphy Patricia McFadden Lauren Sapira Pine Tree Composition Copyright 2010 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201) 748-6011, fax (201) 748-6008, website www.wiley.com/go/permissions. To order books or for customer service please, call 1-800-CALL WILEY (225-5945). ISBN 978-0-470-34381-4 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 Preface Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking...
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...PRESIDENT & EXECUTIVE PUBLISHER EXECUTIVE EDITOR EDITORIAL ASSISTANT MARKETING MANAGER DESIGN DIRECTOR SENIOR DESIGNER SENIOR PRODUCTION EDITOR SENIOR MEDIA EDITOR PRODUCTION MANAGEMENT SERVICES This book is printed on acid-free paper. Don Fowley Beth Lang Golub Lyle Curry Carly DeCandia Harry Nolan Kevin Murphy Patricia McFadden Lauren Sapira Pine Tree Composition Copyright 2010 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201) 748-6011, fax (201) 748-6008, website www.wiley.com/go/permissions. To order books or for customer service please, call 1-800-CALL WILEY (225-5945). ISBN 978-0-470-34381-4 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 Preface Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking...
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...CHAPTER THREE How Financial Statements are Used in Valuation Stephen H. Penman The web page for Chapter Three runs under the following headings: What the Chapter is Doing Historical Multiples Historical Equity and Bond Returns The Selection of Comparable Firms Screening Engines Calculating Multiples Unlevered (or Enterprise) Multiples Beware of Price-to-ebitda Ratios P/E Ratios and Dividends Price-to-sales Multiples During the Internet Bubble Multiple Comparison Methods and Chain Letters Asset-based valuation: Break Up Values Firms Trading as Market Values less than Net Assets No Arbitrage: the Law of One Price How Share Prices are Arbitraged Negative Stub Values Expectational Arbitrage and the Risk of Arbitraging The Cost of Arbitrage: Why There Might Appear to be an Arbitrage Opportunity When There is None. Dealing with Risk in Active Investing Readers’ Corner Appendix to Web Page: Formal Analysis of Abnormal Returns, No-arbitrage, and Market Efficiency What this Chapter is Doing Chapter 3 does three things: First, it looks at three valuation and investment approaches that use financial statement information, but in limited, suspect or impractical ways, and points out the pitfalls in these methods: ...
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...EXECUTIVE PUBLISHER EXECUTIVE EDITOR EDITORIAL ASSISTANT MARKETING MANAGER DESIGN DIRECTOR SENIOR DESIGNER SENIOR PRODUCTION EDITOR SENIOR MEDIA EDITOR PRODUCTION MANAGEMENT SERVICES Don Fowley Beth Lang Golub Lyle Curry Carly DeCandia Harry Nolan Kevin Murphy Patricia McFadden Lauren Sapira Pine Tree Composition This book is printed on acid-free paper. Copyright 2010 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201) 748-6011, fax (201) 748-6008, website www.wiley.com/go/permissions. To order books or for customer service please, call 1-800-CALL WILEY (225-5945). ISBN 978-0-470-34381-4 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 Preface Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without...
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...Center Management Recent Titles in Library and Information Science Text Series Library and Information Center Management, Sixth Edition Robert D. Stueart and Barbara B. Moran United States Government Information: Policies and Sources Peter Hernon, Harold C. Relyea, Robert E. Dugan, and Joan F. Cheverie Library Information Systems: From Library Automation to Distributed Information Access Solutions Thomas R. Kochtanek and Joseph R. Matthews The Complete Guide to Acquisitions Management Frances C. Wilkinson and Linda K. Lewis Organization of Information, Second Edition Arlene G. Taylor The School Library Media Manager, Third Edition Blanche Woolls Basic Research Methods for Librarians Ronald R. Powell and Lynn Silipigni Connoway Library of Congress Subject Headings: Principles and Application, Fourth Edition Lois Mai Chan Developing Library and Information Center Collections, Fifth Edition G. Edward Evans and Margaret Zarnosky Saponaro Metadata and Its Impact on Libraries Sheila S. Intner, Susan S. Lazinger, and Jean Weihs Organizing Audiovisual and Electronic Resources for Access: A Cataloging Guide, Second Edition Ingrid Hsieh-Yee Introduction to Cataloging and Classification, Tenth Edition Arlene G. Taylor LIbRaRy and InfoRMaTIon CenTeR ManageMenT Seventh Edition Robert D. Stueart and Barbara B. Moran Library and Information Science Text Series Library of Congress Cataloging-in-Publication Data Stueart, Robert D. Library and information center management / Robert...
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...Finance Course: Corporate Finance MBA−10 California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−55204−6 Text: Harvard Business School Entrepreneurship Cases Corporate Finance, Seventh Edition Ross−Westerfield−Jaffe Harvard Business School Finance Cases This book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55204−6 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 35 70 98 130 152 152 193 219 219 241 241 275 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting Introduction 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and Capital Budgeting 8. Risk Analysis, Real Options, and Capital Budgeting III: Risk 10. Return and Risk: The Capital−Asset−Pricing...
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...Advanced Financial Accounting, Sixth Edition Baker−Lembke−King Harvard Business School Accounting Cases Corporate Finance, Seventh Edition Ross−Westerfield−Jaffe Harvard Business Review General Management Articles Harvard Business School Finance Cases This book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55313−1 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 69 97 129 151 151 192 192 214 214 248 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and Capital Budgeting 8. Risk Analysis, Real Options, and Capital Budgeting III: Risk 10. Return and Risk: The Capital−Asset−Pricing Model (CAPM) VII. Short−Term Finance 27. Cash Management VIII...
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