Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Finance and the Financial Manager    ...
2               Topics Covered    w What Is A Corporation?    w The Role of The Financial Manager    w Who Is The Financia...
3              Corporate Structure    Sole Proprietorships                               Unlimited Liability              ...
4       Role of The Financial Manager                 (2)                                         (1)      Firms          ...
5    Who is The Financial Manager?                   Chief Financial Officer       Treasurer                     Comptroller
6       Ownership vs. Management    Difference in Information     Different Objectives    w Stock prices and          w Ma...
7          Financial Markets               Money    Primary                OTC    Markets               Markets           ...
8     Financial Institutions                   Company    Obligations                                    Funds            ...
9     Financial Institutions              Intermediaries    Obligations                                  Funds            ...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Present Value and The Opportunity    ...
11                 Topics Covered     w Present Value     w Net Present Value     w NPV Rule     w ROR Rule     w Opportun...
12                     Present Value     Present Value                     Discount Factor     Value today of             ...
13           Present Value     Present Value = PV     PV = discount factor × C1
14                      Present Value     Discount Factor = DF = PV of $1                 DF =             1              ...
15          Valuing an Office Building     Step 1: Forecast cash flows            Cost of building = C0 = 350            S...
16          Valuing an Office Building     Step 3: Discount future cash flows           PV =       C1                    (...
17          Net Present Value     NPV = PV - required investment                 C1     NPV = C0 +                1+ r
18            Risk and Present Value     w Higher risk projects require a higher rate of       return.     w Higher requir...
19          Risk and Present Value     PV of C1 = $400 at 12%            400     PV =         = 357          1 + .12      ...
20                Rate of Return Rule      w Accept investments that offer rates of return        in excess of their oppor...
21             Net Present Value Rule     w Accept investments that have positive net       present value.     Example    ...
22        Opportunity Cost of Capital     Example       You may invest $100,000 today. Depending on the       state of the...
23        Opportunity Cost of Capital     Example - continued       The stock is trading for $95.65. Depending on the     ...
24           Opportunity Cost of Capital       Example - continued         The stocks expected payoff leads to an expected...
25        Opportunity Cost of Capital     Example - continued       Discounting the expected payoff at the expected       ...
26       Investment vs. Consumption     w Some people prefer to consume now. Some       prefer to invest now and consume l...
27     Investment vs. Consumption     income in period 1         100                                 An         80        ...
28     Investment vs. Consumption           The grasshopper (G) wants to           consume now. The ant (A) wants to      ...
29           Investment vs. Consumption                                         w   The grasshopper (G) wants to consume n...
30     Managers and Shareholder Interests     w Tools to Ensure Management Responsiveness       è Subject managers to over...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   How to Calculate Present Values      ...
32                Topics Covered     w Valuing Long-Lived Assets     w PV Calculation Short Cuts     w Compound Interest  ...
33                 Present Values     Discount Factor = DF = PV of $1             DF =         1                       (1+...
34                 Present Values                          C1          PV = DF × C1 =                         1 + r1      ...
35                  Present Values                          Ct          PV = DF × Ct =                         1 + rt     ...
36                     Present Values     Example       You just bought a new computer for $3,000. The payment       terms...
37                  Present Values     w PVs can be added together to evaluate       multiple cash flows.                 ...
38                 Present Values     w Given two dollars, one received a year from       now and the other two years from...
39                       Present Values     Example       Assume that the cash flows       from the construction and sale ...
40                             Present Values      Example - continued           Assume that the cash flows from the const...
41                     Short Cuts     w Sometimes there are shortcuts that make it       very easy to calculate the presen...
42                    Short Cuts     Perpetuity - Financial concept in which a cash       flow is theoretically received f...
43                    Short Cuts     Perpetuity - Financial concept in which a cash       flow is theoretically received f...
44                    Short Cuts     Annuity - An asset that pays a fixed sum each      year for a specified number of yea...
45                  Annuity Short Cut     Example       You agree to lease a car for 4 years at $300 per month.       You ...
46                    Annuity Short Cut     Example - continued       You agree to lease a car for 4 years at $300 per    ...
47                        Compound Interest      i        ii          iii       iv                     v     Periods Inter...
48                         Compound Interest                18                16           10% Simple                14   ...
49                       Inflation     Inflation - Rate at which prices as a whole are       increasing.     Nominal Inter...
50                        Inflation                              1+ nominal interest rate     1 + real interest rate =    ...
51                              Inflation                              1+ nominal interest rate     1 + real interest rate...
52                          Inflation     Example       If the interest rate on one year govt. bonds is 5.9%       and the...
53                           Inflation      Example        If the interest rate on one year govt. bonds is 5.9%        and...
54                           Inflation      Example        If the interest rate on one year govt. bonds is 5.9%        and...
55                      Valuing a Bond     Example       If today is October 2000, what is the value of the following     ...
56                          Valuing a Bond     Example continued       If today is October 2000, what is the value of the ...
57                   Bond Prices and Yields        1600        1400        1200Price        1000         800         600  ...
Principles of Corporate Finance             Brealey and Myers      Sixth Editionu   The Value of Common Stocks            ...
59                 Topics Covered     w How To Value Common Stock     w Capitalization Rates     w Stock Prices and EPS   ...
60           Stocks & Stock Market     Common Stock - Ownership shares in a       publicly held corporation.     Secondary...
61           Stocks & Stock Market     Book Value - Net worth of the firm according to       the balance sheet.     Liquid...
62           Valuing Common Stocks     Expected Return - The percentage yield that an       investor forecasts from a spec...
63           Valuing Common Stocks     Expected Return - The percentage yield that an       investor forecasts from a spec...
64          Valuing Common Stocks     The formula can be broken into two parts.        Dividend Yield + Capital Appreciation
65          Valuing Common Stocks     The formula can be broken into two parts.        Dividend Yield + Capital Appreciati...
66         Valuing Common Stocks     Capitalization Rate can be estimated using the     perpetuity formula, given minor al...
67          Valuing Common Stocks      Capitalization Rate can be estimated using the      perpetuity formula, given minor...
68          Valuing Common Stocks     Return Measurements                               Div1              Dividend Yield =...
69           Valuing Common Stocks     Dividend Discount Model - Computation of today’s       stock price which states tha...
70           Valuing Common Stocks     Dividend Discount Model - Computation of today’s       stock price which states tha...
71           Valuing Common Stocks     Example       Current forecasts are for XYZ Company to pay       dividends of $3, $...
72               Valuing Common Stocks      Example         Current forecasts are for XYZ Company to pay dividends of $3, ...
73         Valuing Common Stocks     If we forecast no growth, and plan to hold out stock     indefinitely, we will then v...
74         Valuing Common Stocks     If we forecast no growth, and plan to hold out stock     indefinitely, we will then v...
75           Valuing Common Stocks     Constant Growth DDM - A version of the dividend       growth model in which dividen...
76           Valuing Common Stocks     Example- continued       If the same stock is selling for $100 in the stock       m...
77           Valuing Common Stocks     w If a firm elects to pay a lower dividend, and reinvest       the funds, the stock...
78          Valuing Common Stocks      Growth can be derived from applying the      return on equity to the percentage of ...
79           Valuing Common Stocks     Example       Our company forecasts to pay a $5.00       dividend next year, which ...
80              Valuing Common Stocks     Example        Our company forecasts to pay a $5.00 dividend next year, which   ...
81              Valuing Common Stocks     Example        Our company forecasts to pay a $5.00 dividend next year, which   ...
82           Valuing Common Stocks     Example - continued       If the company did not plowback some earnings, the       ...
83          Valuing Common Stocks     Present Value of Growth Opportunities (PVGO)       - Net present value of a firm’s f...
84                   FCF and PV     w Free Cash Flows (FCF) should be the       theoretical basis for all PV calculations....
85                       FCF and PV     Valuing a Business       The value of a business is usually computed as the       ...
86                        FCF and PV     Valuing a Business           FCF1       FCF2             FCFH          PV H     P...
87                                FCF and PV     Example        Given the cash flows for Concatenator Manufacturing       ...
88                              FCF and PV      Example - continued          Given the cash flows for Concatenator Manufac...
89                              FCF and PV      Example - continued          Given the cash flows for Concatenator Manufac...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Why Net Present Value Leads to    Bet...
91                Topics Covered     w NPV and its Competitors     w The Payback Period     w The Book Rate of Return     ...
92              NPV and Cash Transfers     w Every possible method for evaluating projects       impacts the flow of cash ...
93                       Payback     w The payback period of a project is the number       of years it takes before the cu...
94                          Payback     Example       Examine the three projects and note the mistake we       would make ...
95                        Payback     Example       Examine the three projects and note the mistake we       would make if...
96              Book Rate of Return     Book Rate of Return - Average income divided by       average book value over proj...
97            Internal Rate of Return     Example       You can purchase a turbo powered machine tool       gadget for $4,...
98               Internal Rate of Return     Example        You can purchase a turbo powered machine tool gadget for $4,00...
99               Internal Rate of Return     Example        You can purchase a turbo powered machine tool gadget for $4,00...
100                     Internal Rate of Return                    2500                    2000                    1500   ...
101             Internal Rate of Return      Pitfall 1 - Lending or Borrowing?      w With some cash flows (as noted below...
102                Internal Rate of Return      Pitfall 1 - Lending or Borrowing?      w With some cash flows (as noted be...
103             Internal Rate of Return      Pitfall 2 - Multiple Rates of Return      w Certain cash flows can generate N...
104                Internal Rate of Return      Pitfall 2 - Multiple Rates of Return      w Certain cash flows can generat...
105            Internal Rate of Return      Pitfall 3 - Mutually Exclusive Projects      w IRR sometimes ignores the magni...
106            Internal Rate of Return      Pitfall 4 - Term Structure Assumption      w We assume that discount rates are...
107             Internal Rate of Return      Calculating the IRR can be a laborious task. Fortunately,      financial calc...
108                 Internal Rate of Return         Calculating the IRR can be a laborious task. Fortunately,         fina...
109                Profitability Index      w When resources are limited, the profitability        index (PI) provides a t...
110              Profitability Index                                  NPV         Profitability Index =                   ...
111                 Profitability Index      Example - continued      Proj NPV              Investment   PI      A    230,...
112                 Profitability Index      Example - continued      Proj NPV              Investment   PI      A    230,...
113                Linear Programming      w Maximize Cash flows or NPV      w Minimize costs      Example      Max NPV = ...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Making Investment Decisions with    t...
115                  Topics Covered      w What To Discount      w IM&C Project      w Project Interaction        è Timing...
116         What To Discount      Only Cash Flow is Relevant
117         What To Discount      Only Cash Flow is Relevant
118                What To Discount      Points to “Watch Out For”      ÜDo not confuse average with incremental       pay...
119                        Inflation      INFLATION RULE      w Be consistent in how you handle inflation!!      w Use nom...
120                         Inflation      Example        You own a lease that will cost you $8,000 next year,        incr...
121                          Inflation       Example         You own a lease that will cost you $8,000 next year,         ...
122                          Inflation       Example - nominal figures      Year   Cash Flow           PV @ 10%           ...
123                                Inflation          Example - real figures      Year                 Cash Flow          ...
124              IM&C’s Guano Project      Revised projections ($1000s) reflecting inflation
125              IM&C’s Guano Project        w NPV using nominal cash flows                       1,630 2,381 6,205 10,685...
126              IM&C’s Guano Project      Cash flow analysis ($1000s)
127              IM&C’s Guano Project      Details of cash flow forecast in year 3 ($1000s)
128              IM&C’s Guano Project      Tax depreciation allowed under the modified accelerated cost        recovery sy...
129             IM&C’s Guano Project      Tax Payments ($1000s)
130              IM&C’s Guano Project      Revised cash flow analysis ($1000s)
131                        Timing      w Even projects with positive NPV may be        more valuable if deferred.      w T...
132                          Timing      Example        You may harvest a set of trees at anytime over the        next 5 y...
133                                  Timing      Example - continued        You may harvest a set of trees at anytime over...
134                                  Timing      Example - continued        You may harvest a set of trees at anytime over...
135            Equivalent Annual Cost      Equivalent Annual Cost - The cost per period       with the same present value ...
136            Equivalent Annual Cost      Equivalent Annual Cost - The cost per period       with the same present value ...
137             Equivalent Annual Cost      Example        Given the following costs of operating two machines        and ...
138                Equivalent Annual Cost      Example        Given the following costs of operating two machines        a...
139                Equivalent Annual Cost      Example        Given the following costs of operating two machines        a...
140              Machinery Replacement      Annual operating cost of old machine = 8               Cost of new machine    ...
141                Cost of Excess Capacity A project uses existing warehouse and requires a new one to be built in Year 5 ...
142            Fluctuating Load Factors                                        Two Old Machines      Annual output per mac...
143           Fluctuating Load Factors                                   Two New Machin esAnnual output per machine       ...
144                  Fluctuating Load Factors                                   One Old Machine                           ...
Principles of Corporate Finance               Brealey and Myers      Sixth Editionu   Introduction to Risk, Return, and th...
146                  Topics Covered      w 72 Years of Capital Market History      w Measuring Risk      w Portfolio Risk ...
147         The Value of an Investment of $1 in 1926                                                                      ...
148         The Value of an Investment of $1 in 1926                      S&P                Real returns                 ...
149                              Rates of Return 1926-1997                            60Percentage Return                 ...
150                   Measuring Risk      Variance - Average value of squared deviations from       mean. A measure of vol...
151                      Measuring Risk      Coin Toss Game-calculating variance and standard deviation                (1)...
152                                                      Measuring Risk                               Histogram of Annual ...
153                   Measuring Risk      Diversification - Strategy designed to reduce risk by        spreading the portf...
154                      Measuring Risk      Portfolio rate      of return      (                     =                   ...
155                                         Measuring Risk      Portfolio standard deviation                              ...
156                                             Measuring Risk      Portfolio standard deviation                          ...
157                      Portfolio Risk      The variance of a two stock portfolio is the sum of these      four boxes:   ...
158                   Portfolio Risk      Example      Suppose you invest $55 in Bristol-Myers and $45      in McDonald’s....
159                            Portfolio Risk          Example          Suppose you invest $55 in Bristol-Myers and $45 in...
160                          Portfolio Risk        Example        Suppose you invest $55 in Bristol-Myers and $45 in McDon...
161                    Portfolio Risk      Expected Portfolio Return = (x 1 r1 ) + ( x 2 r2 ) Portfolio Variance = x ó + x...
162                        Portfolio Risk      The shaded boxes contain variance terms; the remainder      contain covaria...
163                            Beta and Unique Risk       1. Total risk =                   Expected       diversifiable r...
164              Beta and Unique Risk      Market Portfolio - Portfolio of all assets in the       economy. In practice a ...
165      Beta and Unique Risk             σ im         Bi = 2             σm
166            Beta and Unique Risk          σ im      Bi = 2          σm                           Covariance with the   ...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Risk and Return                      ...
168                  Topics Covered      w Markowitz Portfolio Theory      w Risk and Return Relationship      w Testing t...
169         Markowitz Portfolio Theory      w Combining stocks into portfolios can reduce        standard deviation below ...
170              Markowitz Portfolio Theory                          Price changes vs. Normal distribution                ...
171              Markowitz Portfolio Theory                          Price changes vs. Normal distribution                ...
172                      Markowitz Portfolio Theory                            Standard Deviation VS. Expected Return     ...
173                      Markowitz Portfolio Theory                            Standard Deviation VS. Expected Return     ...
174               Markowitz Portfolio Theory                 u Expected Returns and Standard Deviations vary given        ...
175                            Efficient Frontier         •Each half egg shell represents the possible weighted combinatio...
176                                 Efficient Frontier         •Lending or Borrowing at the risk free rate (rf) allows us ...
177                 Efficient Frontier      Example               Correlation Coefficient = .4      Stocks       σ      % ...
178                  Efficient Frontier      Example                Correlation Coefficient = .4      Stocks        σ     ...
179                  Efficient Frontier      Example               Correlation Coefficient = .3      Stocks       σ      %...
180                  Efficient Frontier      Example               Correlation Coefficient = .3      Stocks       σ      %...
181                  Efficient Frontier      Example               Correlation Coefficient = .3      Stocks       σ      %...
182                  Efficient Frontier      Example               Correlation Coefficient = .3      Stocks       σ      %...
183          Efficient Frontier      Return                         B                   A                               Ri...
184          Efficient Frontier      Return                         B                   AB                    A           ...
185          Efficient Frontier      Return                            B                        N                   AB    ...
186          Efficient Frontier      Return                            B               ABN AB   N                    A    ...
187          Efficient Frontier                                Goal is to move      Return                    up and left....
188          Efficient Frontier      Return         Low Risk         High Return                               Risk
189          Efficient Frontier      Return         Low Risk      High Risk         High Return   High Return             ...
190          Efficient Frontier      Return         Low Risk      High Risk         High Return   High Return         Low ...
191          Efficient Frontier      Return         Low Risk      High Risk         High Return   High Return         Low ...
192          Efficient Frontier      Return         Low Risk      High Risk         High Return   High Return         Low ...
193          Efficient Frontier      Return                            B               ABN AB   N                    A    ...
194               Security Market Line                    Return                             .                            ...
195               Security Market Line                    ReturnMarket Return = rm           .                            ...
196               Security Market Line                    ReturnMarket Return = rm           .                            ...
197               Security Market Line                    ReturnMarket Return = rm           .                            ...
198               Security Market Line                    ReturnMarket Return = rm                                   Secur...
199           Security Market Line      Return                         SML      rf                                  BETA  ...
200      Capital Asset Pricing Model        R = rf + B ( rm - rf )               CAPM
201                 Testing the CAPM                Beta vs. Average Risk Premium      Avg Risk Premium      1931-65      ...
202                 Testing the CAPM                Beta vs. Average Risk Premium      Avg Risk Premium      1966-91      ...
203                         Testing the CAPM                     Company Size vs. Average Return      Average Return (%)  ...
204                         Testing the CAPM                      Book-Market vs. Average Return      Average Return (%)  ...
205      Consumption Betas vs Market Betas              Stocks      (and other risky assets)         Wealth = market      ...
206      Consumption Betas vs Market Betas              Stocks      (and other risky assets)          Market risk         ...
207      Consumption Betas vs Market Betas              Stocks      (and other risky assets)          Market risk         ...
208      Consumption Betas vs Market Betas              Stocks                                Stocks      (and other risky...
209      Consumption Betas vs Market Betas              Stocks                                  Stocks      (and other ris...
210      Consumption Betas vs Market Betas              Stocks                                  Stocks      (and other ris...
211              Arbitrage Pricing Theory      Alternative to CAPM      Expected Risk           Premium = r   - rf        ...
212              Arbitrage Pricing Theory      Alternative to CAPM      Expected Risk           Premium = r     - rf      ...
213           Arbitrage Pricing Theory      Estimated risk premiums for taking on risk factors                        (197...
Principles of Corporate Finance              Brealey and Myers      Sixth Editionu   Capital Budgeting and Risk           ...
215                   Topics Covered      w Measuring Betas      w Capital Structure and COC      w Discount Rates for Int...
216           Company Cost of Capital      w A firm’s value can be stated as the sum of the        value of its various as...
217             Company Cost of Capital      w A company’s cost of capital can be compared        to the CAPM required ret...
218                 Measuring Betas      w The SML shows the relationship between        return and risk.      w CAPM uses...
219                           Measuring Betas           Hewlett Packard Beta                                              ...
220                           Measuring Betas           Hewlett Packard Beta                                              ...
221                           Measuring Betas           Hewlett Packard Beta                                              ...
222                           Measuring Betas           Hewlett Packard Beta                                              ...
223                           Measuring Betas           A T & T Beta       Price data - Jan 78 - Dec 82                   ...
224                           Measuring Betas           A T & T Beta       Price data - Jan 83 - Dec 87                   ...
225                           Measuring Betas           A T & T Beta       Price data - Jan 88 - Dec 92                   ...
226                           Measuring Betas           AT&T         Beta       Price data - Jan 93 - Dec 97              ...
227                   Beta Stability                           % IN SAME         % WITHIN ONE      RISK                 CL...
228       Capital Budgeting & Risk      Modify CAPM      (account for proper risk)      • Use COC unique to project,      ...
229           Company Cost of Capital                     simple approach      w Company Cost of Capital (COC) is based on...
230             Company Cost of Capital                          simple approach      Company Cost of Capital (COC) is bas...
231                    Capital Structure      Capital Structure - the mix of debt & equity within a company      Expand CA...
232          Capital Structure & COC      COC = rportfolio = rassets
233          Capital Structure & COC      COC = rportfolio = rassets      rassets = WACC = rdebt (D) + requity (E)        ...
234          Capital Structure & COC      COC = rportfolio = rassets      rassets = WACC = rdebt (D) + requity (E)        ...
235           Capital Structure & COC      COC = rportfolio = rassets      rassets = WACC = rdebt (D) + requity (E)       ...
236           Capital Structure & COC      COC = rportfolio = rassets      rassets = WACC = rdebt (D) + requity (E)       ...
237                Capital Structure & COC         Expected Returns and Betas prior to refinancing Expected             20...
238            Pinnacle West Corp.      Requity = rf + B ( rm - rf )             = .045 + .51(.08) = .0858 or 8.6%      Rd...
239           Pinnacle West Corp.                                 Beta Standard. Error      Boston Electric           .60 ...
240          Pinnacle West Corp.                       D       E      COC = rassets   = rdebt + requity                   ...
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
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Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
Brealey and myers   principles of corporate finance  (6th edition)
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