The estimated amount of time this product will be on the market is based on a number of factors, including faculty input to
instructional design and the prior revision cycle and updates to academic research-which typically results in a revision
cycle ranging from every two to four years for this product.
Discussion of relevant aspects of the recent financial crisis, with emphasis on the possible roles played by the efficient market hypothesis, fair value accounting, and the financial rating agencies in precipitating the crisis.
The examination of Kraft Foods Corporation’s $23 billion hostile takeover of British confectioner Cadbury Plc, including the role played by activist investor Nelson Peltz.
Expanded coverage of real options analysis, including decision trees.
An update of the empirical evidence on corporate restructuring and shareholder value creation.
The use of Sensient Technologies Corporation (SXT), the world’s largest food and beverage color company, as an extended example throughout the book.
Fresh examples throughout the text, including new company examples and updated data to keep the text at the forefront of currency.
A heavy reliance on presenting the practical implications of modern concepts such as market efficiency, beta risk, and market signaling.
Data on realized returns on securities, industry ratios, median rations by S&P rating category, etc. is incorporated throughout.
Chapter 4, Managing Growth, takes more time than other texts to explain decisions around growth strategies and especially about sustainable growth.
Extensive discussion of the statement of cash flows. The very thorough coverage of this challenging topic uses data from S&P’s Research Insight to illustrate key points.
Significant international examples dispersed throughout the text and embedded in selected appendices, especially Appendix 2A, “International Differences in Capital Structure.”
Engaging and highly interesting writing style, a true hallmark of this text.
An assessment of the strengths and weaknesses of the internal rate of return as an acceptance criterion in capital budgeting.
Special emphasis on the importance of business strategy for company financing choices and on the irrelevance proposition as a foundation for capital structure decisions.
Extensive coverage of capital intensity and its effect on breakeven sales.
Annotated website references at the end of each chapter that explain where financial information can be found while providing quick access to additional material.
Excel problems featured in the end of chapter material indicated by an icon. Students will be able to use these problems to better understand the concepts and calculations presented in the text. The interactive Excel spreadsheets can be found on the Online Learning Center, www.mhhe.com/higgins10e.
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