Предметный указатель
А
Abandonment value, 640
ABC-method of inventory control, 462
Absolute-priority basis, 1082
Accounts receivable, 437
Accrued expenses, 499
Acid—test ratio, 255
Acquired company, 1034
Acquiring company, 1034
Actual, 190
Atditional paid-in capital, 239; 930
After-tax incremental operating cash
flows, 543 Agency costs, 787 problems, 999 theory, 42 Agency for International Development
(AID), 1109 Agents
management as, 42 Aging accounts receivable, 262 Aging of accounts payable, 263 Alternative minimum tax (AMT), 68 American Stock Exchange, 897 Amortization effect, 919
schedule, 133 Annual percentage rate (APR), 131
yield, 131 Annuity
defined, 116
ordinary, 116 Arbitrage, 222; 783
p r i c i n g theory, 215; 222 Arrearage, 923 Asset
management decision, 39
market value, 152
securitization, 916
special-purpose vehicle, 916 Asset-backed securities (ABS), 916 Assigned (stated) value, 930 Authorized shares, 929 Automated clearinghouse ( A C H ) , 395
Availability float, 389 Average collection period, 261
payable period, 263
tax rate, 67
В
Balance sheet, 238 Balloon payment, 919 Banker's acceptance (Bas), 418;
502; 1134 Basic earnings per share, 998 Benchmarking, 252 Best efforts offering, 873 Beta, 205
Bill of lading, 1135 Bond
call price, 918; 920
call provision, 920
conversion, 918
coupon effect, 170
coupon rate, 153; 909
defined, 153; 909
discount, 169
face value, 153
indenture, 910
interest-rate risk, y i e l d risk, 1 6 9
internal rate of return ( I R R ) , 167
maturity, 153; 910
par value, face value, 909
premium, 169
principal, 909
refunding, 938
retirement, 918
trustee, 910
zero-coupon, 157 Book value, 152
analysis, 726
chart, 726
per share, 930
point, 726 Business risk, 700; 733
С
Call option, 1014
premium, 939
price, 918; 997
provision, 920 Capita}
gain, 76
loss, 76 Capital budgeting
anticipated inflation, 543
defined, 539
managerial, real options, 615
opportunity cost, 543 Capital expenditures limitation, 961 Capital gain yield, 172 Capital gains income, 76 Capital leases, 980 Capital market, 79
defined, 869
primary market, 869
private placement, 871
public issue, 870
secondary market, 869 Capital rationing, 587 Capital structure, 753
defined, 775
optimal, 781 Capital turnover ratio, 270 Capital-asset pricing model,
CAPM, 201' Capitalization rate, 777 Capitalized expenditures, 546 Carring costs, 463
Automated clearinghouse (ACH), 395 Cash
before delivery (CBD), 493
concentration, 394
controllable c a s h s e g m e n t , 412
cycle, 267
depositor}' transfer check (DTC), 395
discount period, 443
discount, 444; 493
dividend and repurchase of common stock restriction, 961
dividend, 75
equivalents, 239
flows, 541
free cash segment, 412
insolvency, 742
management
motives for holding cash
on delivery (COD), 493
precautionary motive, 387
ready cash segment, 412
speculative motive, 387
transactions, 387
wire transfer, 396 Certainty equivalent (CE), 196 Change the state of incorporation, 1058 Characteristic line, 203 Chattel mortgage, 517; 964 Chief
executive officer (CEO), 49
financial officer (CFO), 49 Clayton Act, 1051 Clearing-house Interbank Payments
System (CHIPS), 404 Coefficient of variation, 620 Collateral, 511
Collect basis, interest paid on, 508 Collection float, 389 Commercial paper, 418; 500 Commitment fee, 506; 956 Common stock, 160
defined, 928 Compensating balance, 394 Composition, 1077 Concentration bank, 394 Conditional probabilities, 623
s a l e s contract, 964 Consolidation, 1050 Controllable cash segment, 412 Controlled disbursement, 402 Controller, 49 Conventional project, 575 Conversion
price, 996
ratio, 996
security, 995
value, 996 Core competences, 407 Corporate restructuring, 1033 corporation, 77 Corporation, 64 Correlation coefficient, 221 Cost of
debt, 664
equity capital, 664 goods sold, 242 preferred stock, 664
Countertrade, 1137 Coupon effect, 170
rate, 153; 909 Covariance, 198 Coverage ratios, 749 Credit period, 441 cash discount, 444 cash discount period, 443 ceasonal dating, 445 credit period, 441 standards, 437 Credit-scoring system, 457 CS First Boston, 959 Cumulative voting, 933 Currency options, 1128 risk, 1111 swap, 1128 Current ratio, 253
D
Debenture, 912 Debt capacity, 749
coverage ratios, 749 Debt-service burden, 750 Declaration date, 850 Default, 87 Deferred taxes, 286 Degree of
financial leverage (DFL), 742
operating leverage ( D O L ) , 729
total leverage (DTL), 746 Dell Computers, 406 Dependent (contingent) project, 578 Deposit float, 389
Depository transfer check ( DTC, 395 Depreciation
accelerated, 68
declining-balance, 70
denned, 68
double-declining-balance method, 70
half-year convention, 71
Modified Accelerated Cost Recovery System ( M A C R S ) , 69
straight-line, 68 Depriciable basis, 546 Derivative securities, 995 Diluted earnings per share, 998 Dilution, 817; 998 Direct leasing, 967 Discount
bond, 156
cash, 493
quantity, 493
trade, 493 Discount basis, interest paid on, 508 Discount, capitalization rate, 111 Discounted cash flow (DCF), 567 Dividend police
stock repurchase, 841 Dividend reinvestment plan
(DRIP), 850 Dividend yield, 172; 819 Dividend(s)
declaration date, 850
ex-dividend date, 850
extra, 832
payment date, 850
record date, 849; 850
regular, 832
stock, 833
stock split, 835 Dividend-payout ratio, 815 Double taxation, 65 Draft, 492 Drawee, 1134 Dun & Bradstreet, 456
E
Earning power, 273 Earnings per share, (EPS), 40 EBIT-EPS break-even analysis, 735 Economic
exposure, 1112
order quantity (EOQ), 463
profit, 681
value atded (EVA), 681 Economies of scale, 1034 Effective annual interest rate, 131 Efficiency, turnover ratios, 260 Electronic commerce (EC), 403
data interchange (EDI), 403
funds transfer, 404
lockbox, 392 Enron, 243; 457
Equipment trust certificates, 915 Equitable (technical) insolvency, 1076 Equity, 995
carve-outs, 1066 Euro, 1126 Euro medium-term note (Euro
MTN), 959
Eurobond, 1123
Euro-commercial paper (Euro CP), 419
Eurocurrency, 1123
Eurodollars, 420; 1122
Event risk, 891
Excess return, 661
Exchange rate, 1104; 1039
Ex-dividend date, 850
Exercise price, 1014
Expected return, 190; 191
value, 618 Expiration date, 1014 Explicit interest cost, 665 Export-Import Bank of the United
States (Eximbank), 1109 Ex-rights date, 877 Extension, 1077 Extra dividend, 832
F
Face value, 909
bond, 153 Factor, 1139 Factoring, 520
accounts receivable, 520 Fair
market value, 966
merger price provision, 1058 Fama, Eugene, 214 Federal agencies, 417 Field warehouse receipt, 519 Financial Accounting Standards Board
(FASB), 1112 Financial
acquisition, 1038
failure, 1077
intermediaries, 81; 889
lease, 966
leverage, 723
management
defined, 38
markets, 77
ratio, 249
risk, 700; 743 Financing decision, 39
hedging approach, 371; 665
spontaneous, 491 Fisher's rate of intersection, 581 Float, 398
availability, 389
collection, 389
deposit, 389
mail, 389
net, 398
processing, 389 Floating lien, 516 Floating-rate notes 9FRNs), 1123 Floor planning, 517 Flotation costs, 677 Flow of
funds, 308
funds statement, 309 Forecast financial statements, 331 Foreign bond, 1123 Forfaiter, 1139 Forfaiting, 1139 Forward
contract, 1124
discount, 1125
exchange rate, 1111
premium, 1125 Free cash
flows, 1048 Free cash segment, 412 Freeze out provision, 1059 French Kenneth, 214 Full service, 965
Funds provided by operations, 313 Future
contract, 1127
value
with simple interest, 105
G
General Electric, 405
partner, 63
partnership, 62 Going concern firm, 1076
private, 1070 Goldman Sachs, 959 Goodwill, 1052 Gross working capital, 363
H
Hard currency, 1137 Hedge, 1002 ratio, 1021 Hedged positon, 1018 Homemade financial leverage, 785 Hurdle rate, 570
I
Income
bond, 913
cumulative feature, 913
statement, 238 Indenture, 910 Independent project, 577
curve, 695 Indifference point, 735 Inflation
anticipated, 543 Initial
probability, 623
offering ( I P O ) , 893$ 1046 Insolvency, 826 Interest
continuous compounding, 129
coverage ratio, 258; 749
defined, 103
effective annual interest rate, 131
nominal, 128
rate Interest-rate (or yield)
risk, 414
parity, 1131
risk, yield risk, 169 Internal rate of return ( I R R ) , 167; 570 International
Fisher effect, 1132 International trade draft, bill of
exchange, 1134 Internet
Dell Computers, 406 Intrinsic value, 152 Inventory
ABC-method of control, 462
banker, 83$ 871
decision, 38
economic order quantity (EOQ), 463
General Motors Corp., 475
grade quality, 88
indays(ITD), 265
just-in-time (JIT), 473
order point, 468
payback period (PBP), 568
project
safety stock, 469
turnover (IT) ratio, 264 Invoice, 389 IPO roll-up, 1047 Issued shares, 929
J
January effect, 214 Joint probability, 623
venture, 1061 Junk bonds, 913 Just-in-Time, 461; 473
К
Keynes, John Maynard, 387
L
Lead time, 467
Legal insolvency, 1076
Lehman Brothers, 959
Letter of credit ( L / C ) , 502; 1136
Leverage, 723
Leveraged
buyout, LBO, 1039; 1072
recapitalization, 1059 Lien, 964
Limitation on other indebtedness, 961 Limited
liability company (LLC), 65
partnership — LLP, 66
partners, 63
partnership, 63 Line of credit, 459; 504 Liquidating value (per share), 930 Liquidation, 1064
value, 151 L i q u i d i t y ratios, 253
marketability, 88 Listing, 931 Loan agreement, 960 Loans
secured, 503
unsecured, 503 Lockbox, 391 Lockup provision, 1060 London interbank offered rate
(LIBOR), 507; 1122 Loss
carryback and carryforward, 75
M
Mail float, 389 Majority-rule voting, 933 Management as agents, 42