Financial Management: Principles and Applications, 13/e

Financial Management: Principles and Applications, 13/e

by Sheridan Titman, Arthur J. Keown, John D. Martin
Released January 2017
Publisher(s): Pearson
ISBN: 9780134417219

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Book description

Develop and begin to apply financial principles

People often struggle to see how financial concepts relate to their personal lives and prospective careers. Financial Management: Principles and Applications gives readers a big picture perspective of finance and how it is important in their personal and professional lives. Utilizing five key principles, the 13th Edition provides an approachable introduction to financial decision-making, weaving in real world issues to demonstrate the practical applications of critical financial concepts.

Table of contents

  1. Financial Management Principles and Applications
  2. Financial Management Principles and Applications
  3. Brief Contents
  4. Contents
  5. Teaching Students the of Finance
  6. Preface
    1. Our Approach to Financial Management
    2. New to This Edition
    3. A Total Learning Package
    4. Learning Aids in the Text
    5. Content Updating
    6. Learning Aids Supplemental to the Text
  7. Financial Management Principles and Applications
  8. Part 1 Introduction to Financial Management
    1. Chapter 1 Getting Started Principles of Finance
      1. Chapter Outline
      2. Principles , , , , and Applied
      3. 1.1 Finance: An Overview
        1. What Is Finance?
        2. Why Study Finance?
        3. Concept Check 1.1
      4. 1.2 Three Types of Business Organizations
        1. Sole Proprietorship
        2. Partnership
        3. Corporation
        4. How Does Finance Fit into the Firm’s Organizational Structure?
        5. Concept Check 1.2
      5. 1.3 The Goal of the Financial Manager
        1. Maximizing Shareholder Wealth
        2. Ethical Considerations in Corporate Finance
        3. Regulation Aimed at Making the Goal of the Firm Work: The Sarbanes–Oxley Act
        4. Concept Check 1.3
      6. 1.4 The Five Basic Principles of Finance
        1. Principle 1: Money Has a Time Value
        2. Principle 2: There Is a Risk-Return Tradeoff
        3. Principle 3: Cash Flows Are the Source of Value
        4. Principle 4: Market Prices Reflect Information
        5. Principle 5: Individuals Respond to Incentives
        6. Concept Check 1.4
      7. Chapter Summaries
        1. 1.1 Understand the importance of finance in your personal and professional lives and identify the three primary business decisions that financial managers make. (pgs. 4–5)
          1. Summary:
          2. Key Terms
          3. Concept Check 1.1
        2. 1.2 Identify the key differences among the three major legal forms of business. (pgs. 5–9)
          1. Summary:
          2. Key Terms
          3. Concept Check 1.2
        3. 1.3 Understand the role of the financial manager within the firm and the goal for making financial choices. (pgs. 9–11)
          1. Summary:
          2. Concept Check 1.3
        4. 1.4 Explain the five principles of finance that form the basis of financial management for both businesses and individuals. (pgs. 11–14)
          1. Summary:
          2. Key Terms
          3. Concept Check 1.4
      8. Study Questions
    2. Chapter 2 Firms and the Financial Markets
      1. Chapter Outline
      2. Principles ,, and Applied
      3. 2.1 The Basic Structure of the U.S. Financial Markets
      4. 2.2 The Financial Marketplace: Financial Institutions
        1. Commercial Banks: Everyone’s Financial Marketplace
        2. Nonbank Financial Intermediaries
          1. Financial Services Corporations
          2. Insurance Companies
          3. Investment Banks
          4. Investment Companies
            1. Mutual Funds and Exchange-Traded Funds (ETFs)
            2. Hedge Funds
            3. Private Equity Firms
        3. Concept Check 2.2
      5. 2.3 The Financial Marketplace: Securities Markets
        1. How Securities Markets Bring Corporations and Investors Together
        2. Types of Securities
          1. Debt Securities
          2. Equity Securities
            1. Common Stock
            2. Preferred Stock
          3. Stock Markets
          4. Reading Stock Price Quotes
          5. Other Financial Instruments
            1. The Financial Markets and the Financial Crisis
        3. Concept Check 2.3
      6. Chapter Summaries
        1. 2.1 Describe the structure and functions of financial markets. (pg. 20)
          1. Summary:
          2. Key Terms
        2. 2.2 Distinguish between commercial banks and other financial institutions in the financial marketplace. (pgs. 20–25)
          1. Summary:
          2. Key Terms
          3. Concept Check 2.2
        3. 2.3 Describe the different securities markets for bonds and stocks. (pgs. 25–33)
          1. Summary:
          2. Key Terms
          3. Concept Check 2.3
      7. Study Questions
    3. Chapter 3 Understanding Financial Statements
      1. Chapter Outline
      2. Principles , , , and Applied
      3. 3.1 An Overview of the Firm’s Financial Statements
        1. Basic Financial Statements
        2. Why Study Financial Statements?
        3. What Are the Accounting Principles Used to Prepare Financial Statements?
        4. Concept Check 3.1
      4. 3.2 The Income Statement
        1. The Income Statement of H. J. Boswell, Inc.
          1. Reading and Interpreting Boswell’s Income Statement
          2. Evaluating Boswell’s per Share Earnings and Dividends
        2. Connecting the Income Statement and Balance Sheet
        3. Interpreting Firm Profitability Using the Income Statement
        4. GAAP and Earnings Management
        5. Concept Check 3.2
      5. 3.3 Corporate Taxes
        1. Computing Taxable Income
        2. Federal Income Tax Rates for Corporate Income
        3. Marginal and Average Tax Rates
        4. Dividend Exclusion for Corporate Stockholders
        5. Concept Check 3.3
      6. 3.4 The Balance Sheet
        1. The Balance Sheet of H. J. Boswell, Inc.
          1. Assets: The Left-Hand Side of the Balance Sheet
            1. Current Assets
            2. Fixed Assets
          2. Liabilities and Stockholders’ Equity: The Right-Hand Side of the Balance Sheet
        2. Firm Liquidity and Net Working Capital
        3. Debt and Equity Financing
        4. Book Values, Historical Costs, and Market Values
        5. Concept Check 3.4
      7. 3.5 The Cash Flow Statement
        1. Sources and Uses of Cash
        2. H. J. Boswell’s Cash Flow Statement
          1. Evaluating the Cash Flow Statement
          2. Quality of Earnings—Evaluating Cash Flow from Operations
          3. Sustainable Capital Expenditures—Evaluating Investment Activities
        3. Concept Check 3.5
      8. Chapter Summaries
        1. 3.1 Describe the content of the four basic financial statements and discuss the importance of financial statement analysis to the financial manager. (pgs. 40–42)
          1. Summary:
          2. Key Terms
          3. Concept Check 3.1
        2. 3.2 Evaluate firm profitability using the income statement. (pgs. 42–47)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 3.2
        3. 3.3 Estimate a firm’s tax liability using the corporate tax schedule and distinguish between the average and marginal tax rates. (pgs. 47–49)
          1. Summary:
          2. Key Terms
          3. Concept Check 3.3
        4. 3.4 Use the balance sheet to describe a firm’s investments in assets and the way it has financed them. (pgs. 49–57)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 3.4
        5. 3.5 Identify the sources and uses of cash for a firm using the firm’s cash flow statement. (pgs. 58–66)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 3.5
      9. Study Questions
      10. Study Problems
        1. The Income Statement
        2. Corporate Income Tax
        3. The Balance Sheet
        4. Cash Flow Statement
    4. Chapter 4 Financial Analysis Sizing Up Firm Performance
      1. Chapter Outline
      2. Principles and Applied
      3. 4.1 Why Do We Analyze Financial Statements?
        1. Concept Check 4.1
      4. 4.2 Common-Size Statements: Standardizing Financial Information
        1. The Common-Size Income Statement: H. J. Boswell, Inc.
        2. The Common-Size Balance Sheet: H. J. Boswell, Inc.
        3. Concept Check 4.2
      5. 4.3 Using Financial Ratios
        1. Liquidity Ratios
          1. Measuring the Overall Liquidity of a Firm
            1. Current Ratio.
            2. Acid-Test (Quick) Ratio.
          2. Measuring the Liquidity of Individual Asset Categories
            1. How Long Does It Take to Convert the Firm’s Accounts Receivable to Cash?
              1. Average Collection Period.
              2. Accounts Receivable Turnover.
            2. How Long Does It Take to Convert the Firm’s Inventory to Cash?
              1. Inventory Turnover.
              2. Days’ Sales in Inventory.
            3. Can a Firm Have Too Much Liquidity?
        2. Capital Structure Ratios
        3. Asset Management Efficiency Ratios
        4. Profitability Ratios
          1. Cost Control: Is the Firm Earning Reasonable Profit Margins?
          2. Return on Invested Capital
          3. Is the Firm Providing a Reasonable Return on the Owners’ Investment?
        5. Market Value Ratios
          1. Price-Earnings Ratio
        6. Summing Up the Financial Analysis of H. J. Boswell, Inc.
        7. Concept Check 4.3
      6. 4.4 Selecting a Performance Benchmark
        1. Trend Analysis
        2. Peer-Firm Comparisons
          1. Industry Average Financial Ratios
        3. Concept Check 4.4
      7. 4.5 Limitations of Ratio Analysis
        1. Concept Check 4.5
      8. Chapter Summaries
        1. 4.1 Explain what we can learn by analyzing a firm’s financial statements. (pg. 80)
          1. Summary:
          2. Concept Check 4.1
        2. 4.2 Use common-size financial statements as a tool of financial analysis. (pgs. 81–83)
          1. Summary:
          2. Concept Check 4.2
        3. 4.3 Calculate and use a comprehensive set of financial ratios to evaluate a company’s performance. (pgs. 83–107)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 4.3
        4. 4.4 Select an appropriate benchmark for use in performing a financial ratio analysis. (pgs. 107–109)
          1. Summary:
          2. Key Term
          3. Concept Check 4.4
        5. 4.5 Describe the limitations of financial ratio analysis. (pgs. 109–110)
          1. Summary:
          2. Concept Check 4.5
      9. Study Questions
      10. Study Problems
        1. Common-Size Statements
        2. Using Financial Ratios
        3. Selecting a Performance Benchmark
  9. Part 2 Valuation of Financial Assets
    1. Chapter 5 The Time Value of Money The Basics
      1. Chapter Outline
      2. Principle Applied
      3. 5.1 Using Timelines to Visualize Cash Flows
        1. Concept Check 5.1
      4. 5.2 Compounding and Future Value
        1. Compound Interest and Time
        2. Compound Interest and the Interest Rate
        3. Techniques for Moving Money Through Time
        4. Applying Compounding to Things Other Than Money
        5. Compound Interest with Shorter Compounding Periods
        6. Concept Check 5.2
      5. 5.3 Discounting and Present Value
        1. The Mechanics of Discounting Future Cash Flows
        2. Two Additional Types of Discounting Problems
          1. Solving for the Number of Periods
        3. The Rule of 72
          1. Solving for the Rate of Interest
        4. Concept Check 5.3
      6. 5.4 Making Interest Rates Comparable
        1. Calculating the Interest Rate and Converting It to an EAR
        2. To the Extreme: Continuous Compounding
        3. Concept Check 5.4
      7. Chapter Summaries
        1. 5.1 Construct cash flow timelines to organize your analysis of problems involving the time value of money. (pgs. 130–131)
          1. Summary:
          2. Key Term
          3. Concept Check 5.1
        2. 5.2 Understand compounding and calculate the future value of cash flows using mathematical formulas, a financial calculator, and an Excel spreadsheet. (pgs. 132–139)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 5.2
        3. 5.3 Understand discounting and calculate the present value of cash flows using mathematical formulas, a financial calculator, and an Excel spreadsheet. (pgs. 139–144)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 5.3
        4. 5.4 Understand how interest rates are quoted and know how to make them comparable. (pgs. 145–149)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 5.4
      8. Study Questions
      9. Study Problems
        1. Compound Interest
        2. Discounting and Present Value
        3. Making Interest Rates Comparable
          1. Questions
    2. Chapter 6 The Time Value of Money Annuities and Other Topics
      1. Chapter Outline
      2. Principles and Applied
      3. 6.1 Annuities
        1. Ordinary Annuities
          1. The Future Value of an Ordinary Annuity
            1. The Formula for the Future Value of an Ordinary Annuity
            2. Using the Mathematical Formulas.
            3. Using a Financial Calculator.
            4. Using an Excel Spreadsheet.
            5. Solving for the Payment in an Ordinary Annuity
            6. Solving for the Interest Rate in an Ordinary Annuity
              1. Using the Mathematical Formulas.
              2. Using a Financial Calculator.
              3. Using an Excel Spreadsheet.
            7. Solving for the Number of Periods in an Ordinary Annuity
              1. Using a Financial Calculator.
              2. Using an Excel Spreadsheet.
          2. The Present Value of an Ordinary Annuity
        2. Amortized Loans
          1. Amortized Loans with Monthly Payments
          2. Computing Your Outstanding Balance
        3. Annuities Due
        4. Concept Check 6.1
      4. 6.2 Perpetuities
        1. Calculating the Present Value of a Level Perpetuity
        2. Calculating the Present Value of a Growing Perpetuity
        3. Concept Check 6.2
      5. 6.3 Complex Cash Flow Streams
        1. Concept Check 6.3
      6. Chapter Summaries
        1. 6.1 Distinguish between an ordinary annuity and an annuity due, and calculate the present and future values of each. (pgs. 160–173)
          1. Summary:
          2. Key Terms
          3. Concept Check 6.1
          4. Key Equations
        2. 6.2 Calculate the present value of a level perpetuity and a growing perpetuity. (pgs. 173–175)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 6.2
        3. 6.3 Calculate the present and future values of complex cash flow streams. (pgs. 176–179)
          1. Summary:
          2. Concept Check 6.3
      7. Study Questions
      8. Study Problems
        1. Annuities
        2. Perpetuities
        3. Complex Cash Flow Streams
          1. Questions
    3. Chapter 7 An Introduction to Risk and Return History of Financial Market Returns
      1. Chapter Outline
      2. Principles and Applied
      3. 7.1 Realized and Expected Rates of Return and Risk
        1. Calculating the Realized Return from an Investment
        2. Calculating the Expected Return from an Investment
        3. Measuring Risk
          1. Calculating the Variance and Standard Deviation of the Rate of Return on an Investment
        4. Concept Check 7.1
      4. 7.2 A Brief History of Financial Market Returns
        1. U.S. Financial Markets: Domestic Investment Returns
        2. Lessons Learned
        3. U.S. Stocks Versus Other Categories of Investments
        4. Global Financial Markets: International Investing
        5. Concept Check 7.2
      5. 7.3 Geometric Versus Arithmetic Average Rates of Return
        1. Computing the Geometric or Compound Average Rate of Return
        2. Choosing the Right “Average”
        3. Concept Check 7.3
      6. 7.4 What Determines Stock Prices?
        1. The Efficient Markets Hypothesis
        2. Do We Expect Financial Markets to Be Perfectly Efficient?
          1. The Behavioral View
        3. Market Efficiency: What Does the Evidence Show?
        4. Concept Check 7.4
      7. Chapter Summaries
        1. 7.1 Calculate realized and expected rates of return and risk. (pgs. 194–202)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 7.1
        2. 7.2 Describe the historical pattern of financial market returns. (pgs. 202–207)
          1. Summary:
          2. Key Terms
          3. Concept Check 7.2
        3. 7.3 Compute geometric (or compound) and arithmetic average rates of return. (pgs. 207–211)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 7.3
        4. 7.4 Explain the efficient market hypothesis and why it is important to stock prices. (pgs. 211–214)
          1. Summary:
          2. Key Terms
          3. Concept Check 7.4
      8. Study Questions
      9. Study Problems
        1. Realized and Expected Rates of Return and Risk
        2. Geometric vs. Arithmetic Average Rates of Return
          1. Questions
    4. Chapter 8 Risk and Return Capital Market Theory
      1. Chapter Outline
      2. Principles and Applied
      3. 8.1 Portfolio Returns and Portfolio Risk
        1. Calculating the Expected Return of a Portfolio
        2. Evaluating Portfolio Risk
          1. Portfolio Diversification
          2. Diversification Lessons
        3. Calculating the Standard Deviation of a Portfolio’s Returns
        4. Concept Check 8.1
      4. 8.2 Systematic Risk and the Market Portfolio
        1. Diversification and Unsystematic Risk
        2. Diversification and Systematic Risk
        3. Systematic Risk and Beta
        4. Calculating the Portfolio Beta
        5. Concept Check 8.2
      5. 8.3 The Security Market Line and the CAPM
        1. Using the CAPM to Estimate Expected Rates of Return
        2. Concept Check 8.3
      6. Chapter Summaries
        1. 8.1 Calculate the expected rate of return and volatility for a portfolio of investments and describe how diversification affects the returns of a portfolio of investments. (pgs. 224–233)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 8.1
        2. 8.2 Understand the concept of systematic risk for an individual investment and calculate portfolio systematic risk (beta). (pgs. 233–238)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 8.2
        3. 8.3 Estimate an investor’s expected rate of return using the Capital Asset Pricing Model. (pgs. 238–242)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 8.3
      7. Study Questions
      8. Study Problems
        1. Portfolio Returns and Portfolio Risk
        2. Systematic Risk and the Market Portfolio
        3. The Security Market Line and the CAPM
    5. Chapter 9 Debt Valuation and Interest Rates
      1. Chapter Outline
      2. Principles , , and Applied
      3. 9.1 Overview of Corporate Debt
        1. Borrowing Money in the Private Financial Market
          1. Private Debt Placements
          2. Floating-Rate Loans
        2. Borrowing Money in the Public Financial Market
          1. Corporate Bonds
        3. Basic Bond Features
          1. Bond Indenture
          2. Claims on Assets and Income
            1. Par or Face Value
            2. “Clean Price” and “Dirty Price”
          3. Coupon Interest Rate
          4. Maturity and Repayment of Principal
          5. Call Provisions and Conversion Features
          6. Bond Ratings and Default Risk
        4. Concept Check 9.1
      4. 9.2 Valuing Corporate Debt
        1. Valuing Bonds by Discounting Future Cash Flows
        2. Step 1: Determine Bondholder Cash Flows
        3. Step 2: Estimate the Appropriate Discount Rate
          1. Calculating a Bond’s Yield to Maturity
          2. Using Market-Yield-to-Maturity Data
          3. Promised or Contractual Versus Expected Yield to Maturity
          4. Quoted Yields to Maturity for Corporate Bonds
        4. Step 3: Calculate the Present Value Using the Discounted Cash Flow
          1. Semiannual Interest Payments
        5. Concept Check 9.2
      5. 9.3 Bond Valuation: Four Key Relationships
        1. Relationship 1
        2. Relationship 2
        3. Relationship 3
        4. Relationship 4
        5. Concept Check 9.3
      6. 9.4 Types of Bonds
        1. Secured Versus Unsecured
        2. Priority of Claims
        3. Initial Offering Market
        4. Abnormal Risk
        5. Coupon Level
        6. Amortizing or Non-amortizing
        7. Convertibility
        8. Concept Check 9.4
      7. 9.5 Determinants of Interest Rates
        1. Inflation and Real Versus Nominal Interest Rates
          1. Fisher Effect: The Nominal and Real Rates of Interest
        2. Interest Rate Determinants—Breaking It Down
          1. Real Risk-Free Interest Rate and Risk-Free Interest Rate
          2. Inflation Premium
          3. Default-Risk Premium
          4. Maturity-Risk Premium
          5. Liquidity-Risk Premium
        3. The Maturity-Risk Premium and the Term Structure of Interest Rates
          1. The Shape of the Yield Curve
          2. Shifts in the Yield Curve
        4. Concept Check 9.5
      8. Chapter Summaries
        1. 9.1 Identify the key features of bonds and describe the difference between private and public debt markets. (pgs. 256–265)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 9.1
        2. 9.2 Calculate the value of a bond and relate it to the yield to maturity on the bond. (pgs. 265–273)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 9.2
        3. 9.3 Describe the four key bond valuation relationships. (pgs. 273–277)
          1. Summary:
          2. Key Terms
          3. Concept Check 9.3
        4. 9.4 Identify the major types of corporate bonds. (pgs. 278–280)
          1. Summary:
          2. Key Terms
          3. Concept Check 9.4
        5. 9.5 Explain the effects of inflation on interest rates and describe the term structure of interest rates. (pgs. 280–289)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 9.5
      9. Study Questions
      10. Study Problems
        1. Overview of Corporate Debt
        2. Valuing Corporate Debt
        3. Bond Valuation: Four Key Relationships
        4. Determinants of Interest Rates
    6. Chapter 10 Stock Valuation
      1. Chapter Outline
      2. Principles , , , , and Applied
      3. 10.1 Common Stock
        1. Characteristics of Common Stock
          1. Claim on Income
          2. Claim on Assets
          3. Voting Rights
        2. Agency Costs and Common Stock
        3. Valuing Common Stock Using the Discounted Dividend Model
          1. Three-Step Procedure for Valuing Common Stock
          2. Basic Concept of the Stock Valuation Model
          3. The Constant Dividend Growth Rate Model
          4. What Causes Stock Prices to Go Up and Down?
          5. Determinants of the Investor’s Required Rate of Return
          6. Determinants of the Growth Rate of Future Dividends
        4. Concept Check 10.1
      4. 10.2 The Comparables Approach to Valuing Common Stock
        1. Defining the P/E Ratio Valuation Model
        2. What Determines the P/E Ratio for a Stock?
        3. An Aside on Managing for Shareholder Value
        4. A Word of Caution About P/E Ratios
        5. Concept Check 10.2
      5. 10.3 Preferred Stock
        1. Features of Preferred Stock
          1. Multiple Classes
          2. Claim on Assets and Income
          3. Preferred Stock as a Hybrid Security
        2. Valuing Preferred Stock
          1. Dealing with Reality: Promised Versus Expected Returns for Preferred Stock
        3. A Quick Review: Valuing Bonds, Preferred Stock, and Common Stock
        4. Concept Check 10.3
      6. Chapter Summaries
        1. 10.1 Identify the basic characteristics and features of common stock and use the discounted cash flow model to value common shares. (pgs. 302–311)
          1. Summary:
          2. Key Terms
          3. Concept Check 10.1
          4. Key Equations
        2. 10.2 Use the price/earnings (P/E) ratio to value common stock. (pgs. 311–315)
          1. Summary:
          2. Key Term
          3. Key Equations
          4. Concept Check 10.2
        3. 10.3 Identify the basic characteristics and features of preferred stock and value preferred shares. (pgs. 315–320)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 10.3
      7. Study Questions
      8. Study Problems
        1. Common Stock
        2. Comparables Approach to Valuing Common Stock
        3. Preferred Stock
  10. Part 3 Capital Budgeting
    1. Chapter 11 Investment Decision Criteria
      1. Chapter Outline
      2. Principles , , , and Applied
      3. 11.1 An Overview of Capital Budgeting
        1. The Typical Capital-Budgeting Process
        2. What Are the Sources of Good Investment Projects?
        3. Types of Capital Investment Projects
          1. Revenue-Enhancing Investments
          2. Cost-Reducing Investments
          3. Mandated Investments
        4. Concept Check 11.1
      4. 11.2 Net Present Value
        1. Why Is the NPV the Right Criterion?
        2. Calculating an Investment’s NPV
        3. Independent Versus Mutually Exclusive Investment Projects
          1. Evaluating an Independent Investment Opportunity
          2. Evaluating Mutually Exclusive Investment Opportunities
          3. Choosing Between Mutually Exclusive Investments
        4. Concept Check 11.2
      5. 11.3 Other Investment Criteria
        1. Profitability Index
        2. Internal Rate of Return
          1. Complications with the IRR: Multiple Rates of Return
          2. Using the IRR with Mutually Exclusive Investments
        3. Modified Internal Rate of Return
        4. Payback Period
        5. Discounted Payback Period
        6. Summing Up the Alternative Decision Rules
        7. Concept Check 11.3
      6. 11.4 A Glance at Actual Capital-Budgeting Practices
        1. Concept Check 11.4
      7. Chapter Summaries
        1. 11.1 Understand how to identify the sources and types of profitable investment opportunities. (pgs. 330–332)
          1. Summary:
          2. Concept Check 11.1
        2. 11.2 Evaluate investment opportunities using the net present value and describe why it is the best measure to use. (pgs. 332–340)
          1. Summary:
          2. Concept Check 11.2
          3. Key Terms
          4. Key Equations
        3. 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities. (pgs. 340–355)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 11.3
        4. 11.4 Understand current business practice with respect to the use of capital-budgeting criteria. (pgs. 355–357)
          1. Summary:
          2. Concept Check 11.4
      8. Study Questions
      9. Study Problems
        1. Net Present Value
        2. Other Investment Criteria
          1. Questions
    2. Chapter 12 Analyzing Project Cash Flows
      1. Chapter Outline
      2. Principles and Applied
      3. 12.1 Project Cash Flows
        1. Incremental Cash Flows Are What Matters
        2. Guidelines for Forecasting Incremental Cash Flows
          1. Sunk Costs Are Not Incremental Cash Flows
          2. Overhead Costs Are Generally Not Incremental Cash Flows
          3. Look for Synergistic Effects
            1. Don’t Overlook Positive Synergies
            2. Beware of Cash Flows Diverted from Existing Products
          4. Account for Opportunity Costs
          5. Work in Working-Capital Requirements
          6. Ignore Interest Payments and Other Financing Costs
        3. Concept Check 12.1
      4. 12.2 Forecasting Project Cash Flows
        1. Dealing with Depreciation Expense, Taxes, and Cash Flow
        2. Four-Step Procedure for Calculating Project Cash Flows
          1. Step 1: Estimate the Project’s Operating Cash Flows
          2. Step 2: Calculate the Project’s Working-Capital Requirements
          3. Step 3: Calculate the Project’s Capital Expenditure Requirements
          4. Step 4: Calculate the Project’s Free Cash Flow
        3. Computing Project NPV
        4. Concept Check 12.2
      5. 12.3 Inflation and Capital Budgeting
        1. Estimating Nominal Cash Flows
        2. Concept Check 12.3
      6. 12.4 Replacement Project Cash Flows
        1. Category 1: Initial Outlay, CF0
        2. Category 2: Annual Cash Flows
          1. Changes in Depreciation and Taxes
          2. Changes in Working Capital
          3. Changes in Capital Spending
        3. Replacement Example
        4. Concept Check 12.4
      7. Chapter Summaries
        1. 12.1 Identify incremental cash flows that are relevant to project valuation. (pgs. 374–377)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 12.1
        2. 12.2 Calculate and forecast project cash flows for expansion-type investments. (pgs. 377–383)
          1. Summary:
          2. Key Term
          3. Key Equations
          4. Concept Check 12.2
        3. 12.3 Evaluate the effect of inflation on project cash flows. (pg. 384)
          1. Summary:
          2. Key Terms
          3. Concept Check 12.3
        4. 12.4 Calculate the incremental cash flows for replacement-type investments. (pgs. 385–390)
          1. Summary:
          2. Key Terms
          3. Concept Check 12.4
      8. Study Questions
      9. Study Problems
        1. Forecasting Project Cash Flows
        2. Inflation and Capital Budgeting
        3. Replacement Project Cash Flows
      10. Appendix: The Modified Accelerated Cost Recovery System
        1. What Does All of This Mean?
          1. Study Problems
    3. Chapter 13 Risk Analysis and Project Evaluation
      1. Chapter Outline
      2. Principles , , and Applied
      3. 13.1 The Importance of Risk Analysis
        1. Concept Check 13.1
      4. 13.2 Tools for Analyzing the Risk of Project Cash Flows
        1. Key Concepts: Expected Values and Value Drivers
          1. Expected Values
          2. Value Drivers
        2. Sensitivity Analysis
        3. Scenario Analysis
        4. Simulation Analysis
        5. Concept Check 13.2
      5. 13.3 Break-Even Analysis
        1. Accounting Break-Even Analysis
          1. Fixed Costs
          2. Variable Costs
          3. Total Revenues or Volume of Output
          4. Calculating the Accounting Break-Even Point
        2. Cash Break-Even Analysis
        3. NPV Break-Even Analysis
        4. Operating Leverage and the Volatility of Project Cash Flows
        5. Concept Check 13.3
      6. 13.4 Real Options in Capital Budgeting
        1. The Option to Delay the Launch of a Project
        2. The Option to Expand a Project
        3. The Option to Reduce the Scale and Scope of a Project
        4. Concept Check 13.4
      7. Chapter Summaries
        1. 13.1 Explain the importance of risk analysis in the capital-budgeting decision-making process. (pg. 410)
          1. Summary:
          2. Concept Check 13.1
        2. 13.2 Use sensitivity, scenario, and simulation analyses to investigate the determinants of project cash flows. (pgs. 411–421)
          1. Summary:
          2. Concept Check 13.2
          3. Key Terms
        3. 13.3 Use break-even analysis to evaluate project risk. (pgs. 422–432)
          1. Summary:
          2. Key Terms
          3. Concept Check 13.3
          4. Key Equations
        4. 13.4 Describe the types of real options. (pgs. 432–434)
          1. Summary:
          2. Key Term
          3. Concept Check 13.4
      8. Study Questions
      9. Study Problems
        1. Tools for Analyzing the Risk of Project Cash Flows
        2. Break-Even Analysis
        3. Options in Capital Budgeting
    4. Chapter 14 The Cost of Capital
      1. Chapter Outline
      2. Principles , , , , and Applied
      3. 14.1 The Cost of Capital: An Overview
        1. Investor’s Required Return and the Firm’s Cost of Capital
        2. WACC Equation
        3. Three-Step Procedure for Estimating the Firm’s WACC
        4. Concept Check 14.1
      4. 14.2 Determining the Firm’s Capital Structure Weights
        1. Concept Check 14.2
      5. 14.3 Estimating the Cost of Individual Sources of Capital
        1. The Cost of Debt
        2. The Cost of Preferred Equity
        3. The Cost of Common Equity
          1. The Dividend Growth Model: Discounted Cash Flow Approach
            1. Estimating the Rate of Growth, g
            2. Pros and Cons of the Constant Dividend Growth Rate Model Approach
          2. The Capital Asset Pricing Model
            1. Advantages of the CAPM Approach
            2. Disadvantages of the CAPM Approach
        4. Concept Check 14.3
      6. 14.4 Summing Up: Calculating the Firm’s WACC
        1. Use Market-Based Weights
        2. Use Market-Based Costs of Capital
        3. Use Forward-Looking Weights and Opportunity Costs
        4. Weighted Average Cost of Capital in Practice
        5. Concept Check 14.4
      7. 14.5 Estimating Project Costs of Capital
        1. The Rationale for Using Multiple Discount Rates
          1. Why Don’t Firms Typically Use Project Costs of Capital?
        2. Estimating Divisional WACCs
          1. Using Pure Play Firms to Estimate Divisional WACCs
        3. Divisional WACC: Estimation Issues and Limitations
        4. Concept Check 14.5
      8. 14.6 Flotation Costs and Project NPV
        1. WACC, Flotation Costs, and the NPV
        2. Concept Check 14.6
      9. Chapter Summaries
        1. 14.1 Understand the concepts underlying the firm’s overall cost of capital and the purpose for its calculation. (pgs. 446–449)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 14.1
        2. 14.2 Evaluate a firm’s capital structure and determine the relative importance (weight) of each source of financing. (pgs. 449–452)
          1. Summary:
          2. Concept Check 14.2
        3. 14.3 Calculate the after-tax cost of debt, preferred stock, and common equity. (pgs. 453–462)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 14.3
        4. 14.4 Calculate a firm’s weighted average cost of capital. (pgs. 463–464)
          1. Summary:
          2. Concept Check 14.4
        5. 14.5 Discuss the pros and cons of using multiple, risk-adjusted discount rates and describe the divisional cost of capital as a viable alternative for firms with multiple divisions. (pgs. 465–469)
          1. Summary:
          2. Key Term
          3. Concept Check 14.5
        6. 14.6 Adjust the NPV for the costs of issuing new securities when analyzing new investment opportunities. (pgs. 469–471)
          1. Summary:
          2. Key Term
          3. Key Equation
          4. Concept Check 14.6
      10. Study Questions
      11. Study Problems
        1. Determining the Firm’s Capital Structure Weights
        2. Estimating the Cost of Individual Sources of Capital
        3. Calculating the Firm’s WACC
        4. Flotation Costs
  11. Part 4 Capital Structure and Dividend Policy
    1. Chapter 15 Capital Structure Policy
      1. Chapter Outline
      2. Principles , , and Applied
      3. 15.1 A Glance at Capital Structure Choices in Practice
        1. Defining a Firm’s Capital Structure
        2. Financial Leverage
        3. How Do Firms in Different Industries Finance Their Assets?
        4. Concept Check 15.1
      4. 15.2 Capital Structure Theory
        1. A First Look at the Modigliani and Miller Capital Structure Theorem
        2. Yogi Berra and the M&M Capital Structure Theory
        3. Capital Structure, the Cost of Equity, and the Weighted Average Cost of Capital
        4. Why Capital Structure Matters in Reality
          1. Violations of Assumption 2
          2. Violations of Assumption 1
            1. Corporate Taxes and Capital Structure
              1. Corporate Taxes and the WACC.
            2. Bankruptcy and Financial Distress Costs
          3. The Tradeoff Theory and the Optimal Capital Structure
          4. Capital Structure Decisions and Agency Costs
        5. Making Financing Choices When Managers Are Better Informed than Shareholders
        6. Managerial Implications
        7. Concept Check 15.2
      5. 15.3 Why Do Capital Structures Differ Across Industries?
        1. Concept Check 15.3
      6. 15.4 Making Financing Decisions
        1. Benchmarking the Firm’s Capital Structure
        2. Evaluating the Effect of Financial Leverage on Firm Earnings per Share
          1. Financial Leverage and the Level of EPS
          2. Financial Leverage and the Volatility of EPS
        3. Using the EBIT-EPS Chart to Analyze the Effect of Capital Structure on EPS
          1. Computing EPS Indifference Points for Capital Structure Alternatives
        4. Can the Firm Afford More Debt?
        5. Survey Evidence: Factors That Influence CFO Debt Policy
        6. Lease Versus Buy
          1. How Does Buying Differ from Leasing?
          2. Why Would a Firm Choose Leasing Versus Buying?
            1. Residual Value
            2. Tax Consequences
            3. Operating and Maintenance Expenses
        7. Concept Check 15.4
      7. Chapter Summaries
        1. 15.1 Describe a firm’s capital structure. (pgs. 484–488)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 15.1
        2. 15.2 Explain why firms have different capital structures and how capital structure influences a firm’s weighted average cost of capital. (pgs. 488–499)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 15.2
        3. 15.3 Describe some fundamental differences in industries that drive differences in the way they finance their investments. (pgs. 499–500)
          1. Summary:
          2. Concept Check 15.3
        4. 15.4 Use the basic tools of financial analysis to analyze a firm’s financing decisions. (pgs. 500–513)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 15.4
      8. Study Questions
      9. Study Problems
        1. Capital Structure Policies
        2. Capital Structure Theory
        3. Making Financing Decisions
      10. Appendix: Demonstrating the Modigliani and Miller Theorem
        1. Arbitrage and the Valuation of Levered and Unlevered Firms
        2. Summing Up
    2. Chapter 16 Dividend and Share Repurchase Policy
      1. Chapter Outline
      2. Principles , , and Applied
      3. 16.1 How Do Firms Distribute Cash to Their Shareholders?
        1. Cash Dividends
          1. Dividend Payment Procedures
        2. Stock Repurchases
        3. How Do Firms Repurchase Their Shares?
        4. Personal Tax Considerations: Dividend Versus Capital Gains Income
        5. Noncash Distributions: Stock Dividends and Stock Splits
          1. Rationale for a Stock Dividend or Split
        6. Concept Check 16.1
      4. 16.2 Does Dividend Policy Matter?
        1. The Irrelevance of the Distribution Choice
          1. The Timing of Dividends Is Irrelevant
            1. The Form of Payment (Cash Dividends Versus Share Repurchases) Is Irrelevant
            2. Individual Investor Wealth Effects: No Personal Taxes
          2. Individual Investor Wealth Effects: Personal Taxes
          3. Tax Treatment: Dividends and Capital Gains Taxed at 15 Percent
          4. Tax Treatment: What Happens if Dividends Are Taxed at a Higher Rate than Capital Gains
        2. Why Dividend Policy Is Important
          1. Transactions are Costly
          2. The Information Conveyed by Dividend and Share Repurchase Announcements
          3. The Information Conveyed by Stock Dividend and Stock Split Announcements
        3. Concept Check 16.2
      5. 16.3 Cash Distribution Policies in Practice
        1. Stable Dividend Payout Policy
        2. Residual Dividend Payout Policy
        3. Other Factors Playing a Role in How Much to Distribute
          1. Liquidity Position
          2. Lack of Other Sources of Financing
          3. Earnings Predictability
        4. Concept Check 16.3
      6. Chapter Summaries
        1. 16.1 Distinguish between the use of cash dividends and share repurchases. (pgs. 528–532)
          1. Summary:
          2. Key Terms
          3. Concept Check 16.1
        2. 16.2 Understand the tax treatment of dividends and capital gains, and the conditions under which dividend policy is an important determinant of stock value. (pgs. 532–541)
          1. Summary:
          2. Key Term
          3. Concept Check 16.2
        3. 16.3 Describe corporate dividend policies that are commonly used in practice. (pgs. 541–545)
          1. Summary:
          2. Key Term
          3. Concept Check 16.3
      7. Study Questions
      8. Study Problems
        1. How Do Firms Distribute Cash?
        2. Does Dividend Policy Matter?
  12. Part 5 Liquidity Management and Special Topics in Finance
    1. Chapter 17 Financial Forecasting and Planning
      1. Chapter Outline
      2. Principle Applied
      3. 17.1 An Overview of Financial Planning
        1. Concept Check 17.1
      4. 17.2 Developing a Long-Term Financial Plan
        1. Financial Forecasting Example: Ziegen, Inc.
          1. Sources of Spontaneous Financing: Accounts Payable and Accrued Expenses
          2. Sources of Discretionary Financing
          3. Summarizing Ziegen’s Financial Forecast
          4. Analyzing the Effects of Profitability and Dividend Policy on the Firm’s DFN (Discretionary Financing Needs)
          5. Analyzing the Effects of Sales Growth on a Firm’s DFN
        2. Concept Check 17.2
      5. 17.3 Developing a Short-Term Financial Plan
        1. Cash Budget Example: Melco Furniture, Inc.
        2. Uses of the Cash Budget
        3. Concept Check 17.3
      6. Chapter Summaries
        1. 17.1 Understand the goals of financial planning. (pgs. 554–555)
          1. Summary:
          2. Key Terms
          3. Concept Check 17.1
        2. 17.2 Use the percent-of-sales method to forecast the financing requirements of a firm, including its discretionary financing needs. (pgs. 555–564)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 17.2
        3. 17.3 Prepare a cash budget and use it to evaluate the amount and timing of a firm’s short-term financing requirements. (pgs. 564–566)
          1. Summary:
          2. Concept Check 17.3
      7. Study Questions
      8. Study Problems
        1. Developing a Long-Term Financial Plan
        2. Developing a Short-Term Financial Plan
    2. Chapter 18 Working-Capital Management
      1. Chapter Outline
      2. Principle Applied
      3. 18.1 Working-Capital Management and the Risk-Return Tradeoff
        1. Measuring Firm Liquidity
        2. Managing Firm Liquidity
        3. Risk-Return Tradeoff
        4. Concept Check 18.1
      4. 18.2 Working-Capital Policy
        1. The Principle of Self-Liquidating Debt
          1. Permanent and Temporary Asset Investments
          2. Spontaneous, Temporary, and Permanent Sources of Financing
        2. A Graphic Illustration of the Principle of Self-Liquidating Debt
        3. Concept Check 18.2
      5. 18.3 Operating and Cash Conversion Cycles
        1. Measuring Working-Capital Efficiency
        2. Calculating the Operating and Cash Conversion Cycles
        3. Concept Check 18.3
      6. 18.4 Managing Current Liabilities
        1. Calculating the Cost of Short-Term Financing
        2. Evaluating the Cost of Trade Credit
          1. Credit Terms and Cash Discounts
        3. Evaluating the Cost of Bank Loans
        4. Concept Check 18.4
      7. 18.5 Managing the Firm’s Investment in Current Assets
        1. Managing Cash and Marketable Securities
          1. Costs of Managing Cash and Marketable Securities
          2. Problem 1: Maintaining a Sufficient Cash Balance
          3. Problem 2: Managing the Composition of the Firm’s Marketable Securities Portfolio
        2. Managing Accounts Receivable
          1. Determinants of the Size of a Firm’s Investment in Accounts Receivable
          2. Terms of Sale
          3. Customer Quality
          4. Collection Efforts
        3. Managing Inventories
        4. Concept Check 18.5
      8. Chapter Summaries
        1. 18.1 Describe the risk-return tradeoff involved in managing a firm’s working capital. (pgs. 578–579)
          1. Summary:
          2. Concept Check 18.1
        2. 18.2 Explain the principle of self-liquidating debt as a tool for managing firm liquidity. (pgs. 579–582)
          1. Summary:
          2. Key Terms
          3. Concept Check 18.2
        3. 18.3 Use the cash conversion cycle to measure the efficiency with which a firm manages its working capital. (pgs. 582–587)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 18.3
        4. 18.4 Evaluate the cost of financing as a key determinant of the management of a firm’s use of current liabilities. (pgs. 587–591)
          1. Summary:
          2. Key Terms
          3. Concept Check 18.4
        5. 18.5 Understand the factors underlying a firm’s investment in cash and marketable securities, accounts receivable, and inventory. (pgs. 591–597)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 18.5
      9. Study Questions
      10. Study Problems
        1. Working-Capital Management and the Risk-Return Tradeoff
        2. Working-Capital Policy
        3. Operating and Cash Conversion Cycles
        4. Managing Current Liabilities
    3. Chapter 19 International Business Finance
      1. Chapter Outline
      2. Principles and Applied
      3. 19.1 Foreign Exchange Markets and Currency Exchange Rates
        1. What a Change in the Exchange Rate Means for Business
        2. Foreign Exchange Rates
          1. Reading Exchange Rate Quotes
          2. Exchange Rates and Arbitrage
          3. Asked and Bid Rates
          4. Cross Rates
        3. Types of Foreign Exchange Transactions
        4. Concept Check 19.1
      4. 19.2 Interest Rate and Purchasing-Power Parity
        1. Interest Rate Parity
        2. Purchasing-Power Parity and the Law of One Price
        3. The International Fisher Effect
        4. Concept Check 19.2
      5. 19.3 Capital Budgeting for Direct Foreign Investment
        1. Foreign Investment Risks
          1. Political Risk
          2. Exchange Rate Risk
        2. Concept Check 19.3
      6. Chapter Summaries
        1. 19.1 Understand the nature and importance of the foreign exchange market and learn to read currency exchange rate quotes. (pgs. 608–615)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 19.1
        2. 19.2 Describe interest rate and purchasing-power parity. (pgs. 616–619)
          1. Summary:
          2. Key Terms
          3. Key Equations
          4. Concept Check 19.2
        3. 19.3 Discuss the risks that are unique to the capital budgeting analysis of direct foreign investments. (pgs. 619– 624)
          1. Summary:
          2. Key Terms
          3. Concept Check 19.3
          4. Key Equation
      7. Study Questions
      8. Study Problems
        1. Foreign Exchange Markets and Currency Exchange Rates
        2. Interest Rate and Purchasing-Power Parity
        3. Capital Budgeting for Direct Foreign Investment
    4. Chapter 20 Corporate Risk Management
      1. Chapter Outline
      2. Principles and Applied
      3. 20.1 Five-Step Corporate Risk Management Process1
        1. Step 1 : Identify and Understand the Firm’s Major Risks
        2. Step 2 : Decide Which Types of Risks to Keep and Which to Transfer
        3. Step 3 : Decide How Much Risk to Assume
        4. Step 4 : Incorporate Risk into All the Firm’s Decisions and Processes
        5. Step 5 : Monitor and Manage the Firm’s Risk Exposures
        6. Concept Check 20.1
      4. 20.2 Managing Risk with Insurance Contracts
        1. Types of Insurance Contracts
        2. Why Purchase Insurance?
        3. Concept Check 20.2
      5. 20.3 Managing Risk by Hedging with Forward Contracts
        1. Hedging Commodity Price Risk Using Forward Contracts
        2. Hedging Currency Risk Using Forward Contracts
          1. Limitations of Forward Contracts
        3. Concept Check 20.3
      6. 20.4 Managing Risk with Exchange-Traded Financial Derivatives
        1. Futures Contracts
          1. Managing Default Risk in Futures Markets
          2. Hedging with Futures Contracts
        2. Option Contracts
          1. A Graphical Look at Option Pricing Relationships
          2. Reading Option Price Quotes
        3. Concept Check 20.4
      7. 20.5 Valuing Options and Swaps
        1. The Black-Scholes Option Pricing Model
          1. Key Variables in the Black-Scholes Option Pricing Equation
          2. The Black-Scholes Option Pricing Equation
        2. Swap Contracts
        3. Credit Default Swaps
        4. Concept Check 20.5
      8. Chapter Summaries
        1. 20.1 Define risk management in the context of the five-step risk management process. (pgs. 634–637)
          1. Summary:
          2. Key Term
          3. Concept Check 20.1
        2. 20.2 Understand how insurance contracts can be used to manage risk. (pgs. 637–638)
          1. Summary:
          2. Key Terms
          3. Concept Check 20.2
        3. 20.3 Use forward contracts to hedge commodity price risk. (pgs. 638–643)
          1. Summary:
          2. Key Terms
          3. Concept Check 20.3
        4. 20.4 Understand the advantages and disadvantages of using exchange-traded futures and option contracts to hedge price risk. (pgs. 643–651)
          1. Summary:
          2. Key Terms
          3. Concept Check 20.4
        5. 20.5 Understand how to value options and how swaps work. (pgs. 651–658)
          1. Summary:
          2. Key Terms
          3. Key Equation
          4. Concept Check 20.5
      9. Study Questions
      10. Study Problems
        1. Managing Risk by Hedging with Forward Contracts
        2. Managing Risk with Exchange-Traded Financial Derivatives
        3. Valuing Options and Swaps
  13. Glossary
  14. Organization Index
    1. A
    2. B
    3. C
    4. D
    5. E
    6. F
    7. G
    8. H
    9. I
    10. J
    11. K
    12. L
    13. M
    14. N
    15. O
    16. P
    17. Q
    18. R
    19. S
    20. T
    21. U
    22. V
    23. W
    24. Y
    25. Z
  15. Subject Index
    1. A
    2. B
    3. C
    4. D
    5. E
    6. F
    7. G
    8. H
    9. I
    10. J
    11. K
    12. L
    13. M
    14. N
    15. O
    16. P
    17. Q
    18. R
    19. S
    20. T
    21. U
    22. V
    23. W
    24. Y
    25. Z

Product information

  • Title: Financial Management: Principles and Applications, 13/e
  • Author(s): Sheridan Titman, Arthur J. Keown, John D. Martin
  • Release date: January 2017
  • Publisher(s): Pearson
  • ISBN: 9780134417219