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Full download Solution Manual for Physics 8th Edition by Cutnell file pdf all chapter on 2024
Full download Solution Manual for Physics 8th Edition by Cutnell file pdf all chapter on 2024
by Cutnell
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Solutions
CHAPTER 1
1-1 The value of a firm can be measured by the market value of its stock. Thus, the firm maximizes
value/wealth by maximizing the value of it stock.
1-2 Value is measured as the present value of the cash flows that an investment is expected to
generate during its life. The three factors that determine value are: (1) the amount of the future
cash flows, (2) the timing of the future cash flows, and (3) investors’ required rate of return. If the
amount of the cash flows increases, the cash flows are received sooner, investors’ required rate
of return decreases, or any combination of these events occur, the value of an investment will
increase.
1-3 Stockholder wealth maximization is a long-run goal. Companies, and consequently the
stockholders, prosper by management making decisions that will produce long-term increases in
earnings and thus wealth. Actions that are continually short-sighted often “catch up” with a firm
and, as a result, it might find itself unable to compete effectively against its competitors. There
has been much criticism in recent years that U.S. firms are too short-run profit oriented. A prime
example was when the U.S. auto industry was accused of building large “gas guzzler” auto-
mobiles in the 1980s because they had higher profit margins rather than retooling for smaller,
more fuel-efficient models.
1-4 Profit maximization abstracts from (1) the timing of profits and (2) the riskiness of different
operating plans. However, both of these factors are reflected in stock price maximization. Thus,
profit maximization would not necessarily lead to stock price maximization.
1-5 Such factors as a compensation system that is based on management performance (bonuses
tied to profits or stock option plans) as well as the possibility of being removed from office (voted
out of office or an unfriendly tender offer by another firm) serve to keep management's focus on
stockholders’ interests.
1-6 a. Corporate philanthropy is always a sticky issue, but it can be justified in terms of helping to
create a more attractive community that will make it easier to hire a productive work force.
Corporate philanthropy, however, might be negatively perceived by stockholders who do not
live in the company’s headquarters city (San Francisco in this case), because they do not see
any direct benefits. Stockholders are interested in actions that maximize share price, and if
competing firms are not making similar contributions, the “cost” of this philanthropy has to be
borne by someone—the stockholders. Thus, stock price could decrease.
b. Provided that the rate of return on assets exceeds the interest rate on debt, greater use of
debt will raise the expected rate of return on stockholders' equity. Also, the interest on debt is
tax deductible, which provides a further advantage. However, (1) greater use of debt will
have a negative impact on the stockholders if the Company's return on assets falls below the
cost of debt, and (2) increased use of debt increases the chances of going bankrupt. The
effects of the use of debt, called "financial leverage," are spelled out in detail in Chapter 17.
1
Solutions
c. The company will be retaining more earnings, so its growth rate should go up, which should
increase its stock price. The decline in dividends, however, will pull the stock price down. It is
unclear whether the net effect on its stock will be an increase or a decrease in its price; the
change will depend on whether stockholders prefer dividends or increased growth.
1-7 Taking into account differential labor costs abroad, transportation, tax advantages, and so forth,
U.S. corporations can maximize long-run profits. There are also nonprofit behavioral and strategic
considerations, such as maximizing market share and enhancing the prestige of corporate
officers.
1-8 Factors that make financial decision making more complicated for firms that operate in foreign
countries include differences in: currency, language, culture, governmental relations, political risk,
legal structure, and economy. The general techniques and concepts applied by purely domestic
firms are valid for multinational firms. These factors, however, increase the risks that multinational
firms face when making financial decisions.
2
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