Corporate finance for dummies taillard, michael

Corporate Finance FOR DUMmIES ‰ Corporate Finance FOR DUMmIES ‰ by Michael Taillard, PhD, MBA Corporate Finance For Dummies® Published by John Wiley & Sons, Inc 111 River St Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2013 by John Wiley & Sons, Inc., Hoboken, New Jersey Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada 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 the prior written permission of the Publisher Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 7486008, or online at http://www.wiley.com/go/permissions Trademarks: Wiley, the Wiley logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc., and/or its affiliates in the United States and other countries, and may not be used without written permission All other trademarks are the property of their respective owners John Wiley & Sons, Inc., is not associated with any product or vendor mentioned in this book LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION THIS WORK IS SOLD WITH THE UNDERSTANDING THAT 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print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com Library of Congress Control Number: 2012952209 ISBN 978-1-118-41279-4 (pbk); ISBN 978-1-118-43478-9 (ePub); ISBN 978-1-118-43481-9 (ePDF); ISBN 978-1-118-43484-0 (eMobi) Manufactured in the United States of America 10 About the Author Michael Taillard’s other works include Economics and Modern Warfare (published by Palgrave Macmillan), and 101 Things Everyone Should Know About the Global Economy (published by Adams Media) After spending several years as a university economics instructor at several locations in the United States and China, Mike decided to leave and become a freelance research experimentalist Mike’s work so far includes economic research projects for The American Red Cross, a theoretical study for the United States Strategic Command (STRATCOM), and awardwinning research through a private school and tutoring company designed as a philanthropic experiment in macroeconomic cash flows as a form of urban renewal Mike has also appeared in documentaries such as Dead Man Working Mike received his PhD of financial economics and has an academic background that includes a master’s degree in international finance with a dual concentration in international management, as well as a bachelor’s degree in international economics Dedication This book is dedicated to my family back in Michigan Publisher’s Acknowledgments We’re proud of this book; please send us your comments at http://dummies.custhelp.com For other comments, please contact our Customer Care Department within the U.S at 877-762-2974, outside the U.S at 317-572-3993, or fax 317-572-4002 Some of the people who helped bring this book to market include the following: Acquisitions, Editorial, and Vertical Websites Composition Services Project Editors: Kelly Ewing, Tim Gallan Acquisitions Editor: Stacy Kennedy Copy Editors: Amanda M Langferman, Christine Pingleton Assistant Editor: David Lutton Project Coordinator: Patrick Redmond Layout and Graphics: Jennifer Creasey Proofreaders: Lindsay Amones, Lisa Young Stiers Indexer: Christine Karpeles Editorial Program Coordinator: Joe Niesen General Reviewer: Jill Lynn Vihtelic Editorial Supervisor and Reprint Editor: Carmen Krikorian Editorial Assistants: Rachelle S Amick, Alexa Koschier Cover Photos: © Stephen Finn/iStockphoto.com Cartoons: Rich Tennant (www.the5thwave.com) Publishing and Editorial for Consumer Dummies Kathleen Nebenhaus, Vice President and Executive Publisher David Palmer, Associate Publisher Kristin Ferguson-Wagstaffe, Product Development Director Publishing for Technology Dummies Andy Cummings, Vice President and Publisher Composition Services Debbie Stailey, Director of Composition Services Index •J• JIT (just-in-time) inventory management, 132 joint ventures and partnerships, 278 journals as resource, 34 junk bonds, 145, 146 •K• Kedl, Kent (Technomic Asia), 277 Kiplinger, 34 •L• lagging indicators, stock valuation affected by, 168 large cap stocks, 161 leading indicators, stock valuation affected by, 167 legal issues for M&A (mergers and acquisitions), 273 leveraged buyout, 276 liabilities current accounts payables, 52 accrued compensation, 52 accrued expenses, 52 current portion of long-term debt, 53 deferred income tax, 52–53 other current liabilities, 53 unearned income, 52 long-term, 51, 53 overview, 36, 46 LIBOR (London Interbank Offered Rate), 26 life insurance companies, 22 LIFO (last-in, first-out) accounting, 59, 248 limit order, 156–157 limited liability, 18 liquid assets capital investments, 131–132 economic capital, 131 inventory, 132 liquidation, 42 liquidity metrics accounts receivables turnover, 75 accounts receivables turnover in days, 75–76 acid test ratio (quick ratio), 80 cash ratio, 80–81 current ratio, 79 days sales in inventory, 76–77 days sales in receivables, 74–75 inventory turnover, 77 inventory turnover in days, 77–78 operating cash flows to current maturities, 82 operating cycle, 78 overview, 74 sales to working capital, 81 working capital, 78–79 liquidity risk, 192 loan loss coverage ratio, 104 loan sharks, 26–27 loan terms, 39–40 loans closed-ended, 39 compounding interest, 40 exotic financial products, 220–221 federally subsidized, 38 fixed rate, 39 interest-only, 220–221 negative-amortization, 221 open-ended, 39 secured, 39 simple interest, 39–40 teaser-rates, 39 types of, 39–40 unsecured, 39 variable rate, 39 loans collected, 69 loans received, 69 loans to deposits ratio, 106 logic programming, 225–226 logical fallacies, 306–307 London Interbank Offered Rate (LIBOR), 26 long run, making sure loan pays off in, 38–39 327 328 Corporate Finance For Dummies long-term assets depreciation, 49–50 investments, 49 property, plant, and equipment (PPE), 49 long-term debt to operating property ratio, 109 long-term liabilities, 51, 53 •M• M&A (mergers and acquisitions) acquisitions, 275–276 buyouts, 276 divestiture, 278–279 factoring, 277–278 financing, 287–288 hostile takeovers, 277 joint ventures and partnerships, 278 legal issues, 273 mergers, 273–274 motives for, 279–284 overview, 272–273 purchase price, determining, 284–287 macroeconomics affecting stocks valuation, 167–168 magazines as resource, 34 manager compensation as motive for M&A (mergers and acquisitions), 283 managers, 31–32 managing capital allocations, 130–132 margin See gross margin margin accounts, 157 market capitalization, 161 market fluctuations, 166 market order, 156 market risk, 185–186 market value, 101 marketable securities, 47 mature bonds, 139 maturity/maturity date, bonds, 148 MBS (mortgage-backed security), 213–214 mean average, 259–260 mergers See M&A Merrill Lynch, 275 micro cap stocks, 161 mid cap stocks, 161 MIRR (modified internal rate of return), 125–127 mixed-interest hybrids, 215–216 modern portfolio theory See also portfolio management efficient market hypothesis, 196–197 overview, 193, 195 risk management, 197–209 Modigliani-Miller Theorem, 231 monetary policy, stock valuation affected by, 167 Money, 34 money, history of, 10–11 Moody’s bond credit ratings, 147–148 mortgage-backed securities, 142 mortgage-backed security (MBS), 213–214 moving averages, 260 multi-asset bundles, 218 municipal bonds, 140–141 mutual cooperatives, 20 mutual funds, 24–25, 218 •N• nano cap stocks, 161 National Credit Union Administration (NCUA), 28 negative SV (schedule variation), 133–134 negative-amortization loans, 221 nepotism, 309 net cash provided by financing activities, calculating, 69 net cash provided by investing activities, calculating, 68 net cash provided by operations, calculating, 67 net change in cash, combining the three types of operations to get, 70 net income calculating, 62–63 income tax expense, 62 interest expense, 62 Index interest income, 62 overview, 62–63 net interest margin, 103–104 net present value (NPV) managing project’s value, 128–129 over time, calculating, 128 overview, 120, 127–128 net profit margin (profitability metric), 83 net sales, 58–59 Newton, Isaac, 221 nominal value, 114 non-value added costs, 184 nonprofit corporations, 19 notes payable, 53 notes receivable, 49 •O• off-balance-sheet risk, 187–188 Office of the Comptroller of Currency (OCC), 28 online banking, 225 open-ended loans, 39 operating asset turnover (profitability metric), 85–86 operating assets analytics long-term debt to operating property ratio, 109 operating ratio, 107 operating revenue to operating property ratio, 108–109 overview, 107 percent earned on operating property, 108 operating cash flows per share, 97–98 operating cash flows to current maturities (liquidity metric), 82 operating cash flows to total debt, 94 operating cycle, 78 operating income calculating, 61 depreciation and amortization, 60 general and administrative (G&A) costs, 60 overview, 60–61 selling expense, 60 operating income margin (profitability metric), 85 operating ratio, 107 operating revenue to operating property ratio, 108–109 operating risk, 191 opportunity cost, 115 optimizing portfolio risk, 207–210 options call, 171 exotic financial products, 220 international finance, 297 overview, 170–171 put, 170 revenue generation, 171 risk management, 171 valuation, 172 orders (stocks) fill-or-kill, 155 limit order, 156–157 market order, 156 overview, 154–155 pegged order, 157 stop order, 156–157 time-contingent order, 157 organizational sovereignty, 276 OTC (over-the-counter) markets, 154 other assets, 51 other current assets, 48 other current liabilities, 53 other expenses, 61 other income, 61 other long-term liabilities, 53 outsourcing and international finance, 300–301 owners’ equity accumulated other comprehensive income, 56 additional paid-in capital, 55 common shares, 55 overview, 46, 54 preferred shares, 54 retained earnings, 55 treasury shares, 55 329 330 Corporate Finance For Dummies •P• P chip stocks, 160 par value, 55 pass-through certificates, 217–218 passive portfolio management, 195 Patient Protection and Affordable Care Act, 22 patterns and trends finding, 264–265 following, 308–309 payback period, 129–130 payday loan, 26 payroll, 30 pegged order, 157 penny stock, 161 people as resources, 34 percent earned on operating property, 108 percentage of earnings retained, 99–100 performance comparatives against industry, 245–247 over time, 243–245 overview, 243 personal credit institutions, 26 Peterson, Steven D (Business Plans For Dummies), 37 pharmaceutical sector, 162 pink sheets, 154 pit (trading floor), 27 political instability and international finance, 298 politics and international finance, 301–303 portfolio engineering, 221–223 portfolio management See also modern portfolio theory active, 196 debt portfolio, 194 hedge portfolio, 194 overview, 194–195 passive, 195 slush fund/petty cash portfolio, 194 strategies for, 194 portfolio manager evaluations, 254–256 positions in corporate finance adjusters, 31 analysts, 31 auditors, 31 entry-level, 30–31 executives, 31–32 managers, 31–32 traders, 32 treasurers, 32 PPE (property, plant, and equipment), 49, 68 predicting movements, 269 preexisting conditions, 22 preferred cumulative dividends, 231 preferred noncumulative dividends, 231–232 preferred shareholders, 97 preferred stock, 42, 54 premium, 21 prepaid accounts, 48 present value, 117–120 price of bonds, 148–149 price to earnings ratio (P/E), 98–99 pricing stocks, 155 transfer, 125 primary industry, 162 primary market, 41 prime rate, 26 print resources, 34 proactive about corporate finance, becoming, 15–16 probability theory, 262–264 proceeds from sale of investments, 68 proceeds from sale of PPE, 68 production reports, 258 profit/loss for discontinued operations, 61 profitability metrics DuPont equation, 87–88 fixed asset turnover, 88–89 gross profit margin, 90 net profit margin, 83 operating asset turnover, 85–86 operating income margin, 85 Index overview, 82–83 return on assets, 84 return on common equity, 87 return on investment (ROI), 89–90 return on operating assets, 86 return on total equity, 86–87 total asset turnover, 83–84 Project Express, 224 Project Finance, 34 project management, 133 projections, 37 property, plant, and equipment (PPE), 49, 68 property-casualty insurance companies, 22 proposals, 37 prospect theory, 311–312 Public Finance, 34 public, selling stock to, 40–41 publisher websites as resource, 33 purchase of treasury shares, 69 purchase price, determining, 284–287 purchases of investments, 68 purchasing power and international finance, 293–294 purchasing power parity and international finance, 293–294 purple chip stocks, 160 put options, 170 puttable bonds, 143–144 •Q• quality of earnings accounting methods, 247–249 financial performance assessment, 247–249 quick ratio, 80 quotas and international finance, 302 •R• raising capital by acquiring debt, 36–40 by selling equity, 40–42 overview, 35–36 range, 260–261 rate of return ARR, calculating, 124–125 costs, 123 IRR, 126 MIRR, 125–127 overview, 122–123 revenue, calculating, 124 rate-of-change cross comparisons, 241–242 rational decisions, limited ability to make, 306 raw materials, 132 real value, 114 receivables, 74 reconciliation of net earnings and assets to cash by operating activities, 70 red chip stocks, 160 reference class forecasting, 270 registered bonds, 144 regression, looking at, 265–267 regulatory bodies American Institute of Certified Public Accountants (AICPA), 28 Chartered Financial Analyst Institute (CFAI), 28 Commodity Futures Trading Commission (CFTC), 28 Federal Deposit Insurance Corporation (FDIC), 28 Financial Accounting Foundation (FAF), 28 Financial Accounting Standards Advisory Board (FASAB), 28 Financial Accounting Standards Board (FASB), 28 Financial Industry Regulatory Authority (FINRA), 27–28 Government Accounting Standards Board (GASB), 28 Internal Revenue Service (IRS), 27 National Credit Union Administration (NCUA), 28 Office of the Comptroller of Currency (OCC), 28 331 332 Corporate Finance For Dummies regulatory bodies (continued) overview, 27–28 Securities and Exchange Commission (SEC), 27 repatriation risk, 190 resources Internet, 33 people as, 34 print, 34 retained earnings, 55, 232 return on assets (profitability metric), 84 return on common equity (profitability metric), 87 return on investment (ROI) (profitability metric), 89–90 return on operating assets (profitability metric), 86 return on total equity (profitability metric), 86–87 revenue bonds, 140 revenue generation forwards, 174 futures, 176 options, 171 swaps, 178–179 risk adjusted return on capital, 254 risk aversion, 200–203 risk management credit risk, 186–187 foreign exchange risk, 188–190 forwards, 173–174 futures, 175–176 inflationary risk, 185 interest rate risk, 184–185 international finance, 297–298 liquidity risk, 192 market risk, 185–186 modern portfolio theory, 197–209 off-balance-sheet risk, 187–188 operating risk, 191 options, 171 overview, 183–184 swaps, 177–178 types of risk, 184 role of money in the world, 10–11 •S• S chip stocks, 160 sale of securities, 69 sales, 25–26 sales to working capital (liquidity metric), 81 Samuelson, Paul (economist), 269 satisficing, 310–311, 315 savings institutions, 20 schedule metrics overview, 133 SP (schedule performance), 134 SV (schedule variation), 133–134 schedule performance (SP), 134 secondary market, 41 sector rotation, 166 sectors, stock, 162 secured loans, 39 securities asset-backed, 141–142 mortgage-backed, 142 Securities and Exchange Commission (SEC), 27, 40 securities firms broker-dealers, 23 investment banks, 23 overview, 22–23 types of, 23 securities underwriters, 24 securitization MBS (mortgage-backed security), 213–214 overview, 212–214 tranches, dividing securities into, 214 self-serving bias affecting decisions, 313 selling short, stocks, 159 sentiment indices, stock valuation affected by, 168 Separate Trading of Registered Interest and Principal Securities (STRIPS), 140 Series EE bonds, 139 Series I bonds, 139 Shareholder Wealth Maximization model, 19 shareholders, 96 shares, 25 Index sharia law, 20 Sharpe ratio, 255 short-selling stocks, 159 simple interest, 116–117 simple interest loans, 39–40 single asset hybrids, 216 single-step, 58 slush fund/petty cash portfolio, 194 small cap stocks, 161 Smith, Adam (economist), 10 software packages, financial, 225–226 SP (schedule performance), 134 specific risk, 200 speculating, 179 spot analysis, 243 spot rate, 296 spread, 102, 147, 155 Standard & Poor’s (S&P) bond credit ratings, 147–148 standard deviation, 261–262 standard preferred shares, 54 standard T-bonds, 139 start-up, 14 statement of cash flows financing activities cash flows, 68–69 investing activities cash flows, 67–68 net change in cash, combining the three types of operations to get, 70 operating activities cash flows, 66–67 overview, 65–66 reconciliation of net earnings and assets to cash by operating activities, 70 using, 70–71 statistical bias affecting decisions, 313 statistics and probability, using, 268–270 status quo bias affecting decisions, 313 Sterling ratio, 255 stochastic calculus, 221 stock exchanges, 154 stock index, 163–164 stock split, 42 stocks bear market, 162–163 bull market, 162–163 buying long, 158 buying on margin, 158 caps, 161 chips, 160 common, 41–42, 55 dividend payments, 42 exchanging, 154 IPOs, 41 margin accounts, 157 orders, 154–157 overview, 40 par value, 55 preferred, 42, 54 pricing, 155 primary market, 41 public, selling stock to, 40–41 secondary market, 41 sectors, 162 selling short, 159 short-selling, 159 treasury, 42, 55 types of, 41–42 valuation, 164–168 stop order, 156–157 straddle, 172 straight-line depreciation, 49–50 Strategic Finance, 34 strike price, 170 STRIPS (Separate Trading of Registered Interest and Principal Securities), 140 subprime lenders, 26–27 sum of years depreciation, 50 Sunk Cost Fallacy, 307 supplemental notes in balance sheet, 56 in income statement, 63 SV (schedule variation), 133–134 swap broker, 177 swaps bid-ask spread, 177 exotic financial products, 220 international finance, 297 overview, 177 revenue generation, 178–179 risk management, 177–178 valuation, 179 333 334 Corporate Finance For Dummies synergistic sperations as motive for M&A (mergers and acquisitions), 283–284 systematic risk, 200–201 •T• tariffs, 302 tax returns, 48 TCP (to-complete performance), 136 teaser rates, 39, 215 tech sector, 162 telecom sector, 162 temporary transactions and financial performance assessment, 250 term life insurance, 22 Tiffany, Paul (Business Plans For Dummies), 37 time-contingent order, 157 time-distribution cross comparisons, 242–243 time-weighted rate of returns, 253 TIPS (Treasury Inflation-Protected Securities), 140, 146 total asset turnover (profitability metric), 83–84 total assets, 103 Toys “R” Us, 277 Tracy, John A (Accounting For Dummies), trade imbalance, lack of, 291–292 trade-off between risk and return, 198–199 traders, 32 trading, computerized, 224 tranches, dividing securities into, 214 transaction risk, 188–189 transfer pricing, 125, 300 translation risk, 189–190 treasurers, 32 Treasury See U.S Treasury treasury bills (T-bills), 139–140, 201 treasury bonds (T-bonds) mature bonds, 139 overview, 139 Series EE bonds, 139 Series I bonds, 139 standard T-bonds, 139 STRIPS (Separate Trading of Registered Interest and Principal Securities), 140 TIPS (Treasury Inflation-Protected Securities), 140, 146 treasury bills (T-bills), 139–140, 201 treasury notes (T-notes), 139 treasury stock, 42, 55 trends and patterns finding, 264–265 following, 308–309 turnover, 75, 77 Tutor2U, 33 •U• U.S Treasury, 28, 30 unbundling, 218–219 underwriters banking, 24 overview, 23–24 securities, 24 unearned income, 52 uniqueness of corporate finance, 12 unit-of-production depreciation, 50 university websites as resource, 33 unsecured loans, 39 •V• V2 ratio, 256 valuation bonds, 150–151 forwards, 174–175 futures, 176 options, 172 stocks absolute models, 164–165 corporate analysis, 165 extrinsic (relative) models, 165 hybrid models, 165 industry performance, 166 uploaded by [stormrg] Index intrinsic (absolute) models, 164–165 macroeconomics affecting, 167–168 market fluctuations, 166 models, 164–165 overview, 164 relative models, 165 swaps, 179 value investors, 205 value of money future value, 116–117 inflation affecting, 114–115 interest rate affecting, 115 measuring, 114 nominal value, 114 overview, 114 present value, 117–120 real value, 114 variable rate loans, 39 variance strike, 220 vertical common-size comparisons, 239–240 vertical integration as motive for M&A (mergers and acquisitions), 281–282 volatile income sources, 250–251 volume, bonds, 149 •W• WACC (weighted average cost of capital), 228–229 Wall Street (film), 271 Walter’s Model, 233 weighted average, 260 whole life insurance, 22 work-in-process products, 132 working capital, 78–79 •Y• yield, 149 yield change, 149 yield to maturity (YTM), 150 •Z• zero-coupon bonds, 141 335 Notes Apple & Mac Job Searching with Social Media For Dummies 978-0-470-93072-4 iPad For Dummies, 3rd Edition 978-1-118-17679-5 QuickBooks 2012 For Dummies 978-1-118-09120-3 iPhone 4S For Dummies, 5th Edition 978-1-118-03671-6 Resumes For Dummies, 6th Edition 978-0-470-87361-8 iPod touch For Dummies, 3rd Edition 978-1-118-12960-9 Starting an Etsy Business For Dummies 978-0-470-93067-0 Mac OS X Lion For Dummies 978-1-118-02205-4 Cooking & Entertaining Cooking Basics For Dummies, 4th Edition 978-0-470-91388-8 Blogging & Social Media CityVille For Dummies 978-1-118-08337-6 Mom Blogging For Dummies 978-1-118-03843-7 WordPress For Dummies, 4th Edition 978-1-118-07342-1 Cash Flow For Dummies 978-1-118-01850-7 Investing For Dummies, 6th Edition 978-0-470-90545-6 Making Everything Easier ! ™ Investing Learn to: Develop and manage a portfolio Invest in stocks, bonds, mutual, funds, and real estate Open a small business Vegetable Gardening For Dummies, 2nd Edition 978-0-470-49870-5 Kettlebells For Dummies 978-0-470-59929-7 Nutrition For Dummies, 5th Edition 978-0-470-93231-5 Health Digital Photography Digital SLR Cameras & Photography For Dummies, 4th Edition 978-1-118-14489-3 Living Gluten-Free For Dummies, 2nd Edition 978-0-470-58589-4 ™ 6th Edition Making Everything Windows đ Learn to: Personalize your Windows desktop with your own photos • Speed up Windows with built-in shortcuts • Customize Windows warnings to only give the notices you want Easier ! ™ Drawing Learn to: • Draw animals, people, still life, and more • Master shading, blending, composition, and perspective • Create your drawings from simple geometric shapes to finished artwork • Move your files from your old PC to a Windows computer Eric Tyson Bestselling author of Personal Finance For Dummies and Mutual Funds For Dummies Jamie Combs Andy Rathbone Author of all previous editions of Windows For Dummies Professor at the Herron School of Art & Design Brenda Hoddinott Award-winning artist and art educator Beekeeping For Dummies, 2nd Edition 978-0-470-43065-1 Chess For Dummies, 3rd Edition 978-1-118-01695-4 eBay For Dummies, 7th Edition 978-1-118-09806-6 Knitting For Dummies, 2nd Edition 978-0-470-28747-7 Language & Foreign Language English Grammar For Dummies, 2nd Edition 978-0-470-54664-2 Diabetes For Dummies, 3rd Edition 978-0-470-27086-8 Food Allergies For Dummies 978-0-470-09584-3 Hobbies Drawing For Dummies, 2nd Edition 978-0-470-61842-4 Gardening Basics For Dummies 978-0-470-03749-2 Green Cleaning For Dummies 978-0-470-39106-8 Restaurant Calorie Counter For Dummies, 2nd Edition 978-0-470-64405-8 Business Gardening Raising Chickens For Dummies 978-0-470-46544-8 Diet & Nutrition Twitter For Dummies, 2nd Edition 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Edward C Baig Bob “Dr Mac” LeVitus Available wherever books are sold For more information or to order direct: U.S customers visit www.dummies.com or call 1-877-762-2974 U.K customers visit www.wileyeurope.com or call (0) 1243 843291 Canadian customers visit www.wiley.ca or call 1-800-567-4797 Connect with us online at www.facebook.com/fordummies or @fordummies Math & Science Seniors Test Prep Crosswords For Seniors For Dummies 978-0-470-49157-7 ACT For Dummies, 5th Edition 978-1-118-01259-8 iPad For Seniors For Dummies, 3rd Edition 978-1-118-17678-8 ASVAB For Dummies, 3rd Edition 978-0-470-63760-9 Cats For Dummies, 2nd Edition 978-0-7645-5275-5 Laptops & Tablets For Seniors For Dummies, 2nd Edition 978-1-118-09596-6 The GRE Test For Dummies, 7th Edition 978-0-470-00919-2 Dogs All-in One For Dummies 978-0470-52978-2 Smartphones & Tablets Police Officer Exam For Dummies 978-0-470-88724-0 BlackBerry For Dummies, 5th Edition 978-1-118-10035-6 Series Exam For Dummies 978-0-470-09932-2 Droid X2 For Dummies 978-1-118-14864-8 Web Development Clarinet For Dummies 978-0-470-58477-4 Algebra I For Dummies, 2nd Edition 978-0-470-55964-2 iPod & iTunes For Dummies, 9th Edition 978-1-118-13060-5 Biology For Dummies, 2nd Edition 978-0-470-59875-7 Pets Chemistry For Dummies, 2nd Edition 978-1-1180-0730-3 Geometry For Dummies, 2nd Edition 978-0-470-08946-0 Pre-Algebra Essentials For Dummies 978-0-470-61838-7 Saltwater Aquariums For Dummies 978-0-470-06805-2 Microsoft Office Religion & Inspiration Excel 2010 For Dummies 978-0-470-48953-6 The Bible For Dummies 978-0-7645-5296-0 HTC ThunderBolt For Dummies 978-1-118-07601-9 Office 2010 All-in-One For Dummies 978-0-470-49748-7 Catholicism For Dummies, 2nd Edition 978-1-118-07778-8 MOTOROLA XOOM For Dummies 978-1-118-08835-7 Office 2011 for Mac For Dummies 978-0-470-87869-9 Spirituality For Dummies, 2nd Edition 978-0-470-19142-2 Sports Word 2010 For Dummies 978-0-470-48772-3 Self-Help & Relationships Happiness For Dummies 978-0-470-28171-0 Music Overcoming Anxiety For Dummies, 2nd Edition 978-0-470-57441-6 Guitar For Dummies, 2nd Edition 978-0-7645-9904-0 Making Everything Easier ! ™ Golf Learn to: • Master your grip, stance, and swing • Improve your game with tips from the pros • Overcome the game’s mental challenges with tricks and exercises 4th Edition Making Everything Easier ! ™ Job Searchingia with Social Med Learn to: Harness the power of Twitter, Facebook, LinkedIn, and more to research and identify job opportunities Create a winning strategy for securing a position Build your personal brand online CBS golf analyst and Champions Tour winner Joshua Waldman, MBA Consultant and entrepreneur Drupal For Dummies, 2nd Edition 978-1-118-08348-2 Windows Basketball For Dummies, 3rd Edition 978-1-118-07374-2 Windows For Dummies 978-0-470-49743-2 Football For Dummies, 2nd Edition 978-1-118-01261-1 Windows For Dummies, Book + DVD Bundle 978-0-470-52398-8 Golf For Dummies, 4th Edition 978-0-470-88279-5 Windows All-in-One For Dummies 978-0-470-48763-1 Making Everything Easier ! ™ 4th Edition Facebook Learn to: Making Everything Easier ! ™ Learn to: Use all the features of your new Canon®, Nikon®, Sony®, Pentax®, or Olympus® dDSLR Set your security so only certain people see your profile and posts Shift out of your camera’s automatic mode for better pictures Upload high definition photos and tag your friends Fine-tune your photos with Adobe® Photoshop® Carolyn Abram Leah Pearlman Coauthors of all previous editions of Facebook For Dummies 4th Edition as Digital SLR Camer & Photography Create your profile and find new and old friends Stay connected on the go with Facebook mobile Gary McCord HTML, CSS, & XHTML For Dummies, 7th Edition 978-0-470-91659-9 IN FULL COLOR! 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For more information, go to Dummies.comđ and search the store by category Connect with us online at www.facebook.com/fordummies or @fordummies ... Corporate Finance FOR DUMmIES ‰ Corporate Finance FOR DUMmIES ‰ by Michael Taillard, PhD, MBA Corporate Finance For Dummies Published by John Wiley & Sons,... about Corporate Finance Chapter 1: Introducing Corporate Finance Corporate Finance and the Role of Money in the World 10 Identifying What Makes Corporate Finance. .. This book is all about Corporate Finance For Dummies making the subject of corporate finance accessible to everyone, while also trying to keep it from being too dry Corporate finance books can be