MICHELLE R. CLAYMAN, CFA, is Founder, Managing Partner, and Chief Investment Officer of New Amsterdam Partners LLC, an institutional money management firm in New York City. She has been published in the Financial Analysts Journal and the Journal of Investing, and is a frequent commentator for CNBC, Bloomberg, and other financial media outlets. MARTIN S. FRIDSON, CFA, is the CEO of FridsonVision LLC in New York City and is known for his innovative work in credit analysis and investment strategy. He is the author of several highly acclaimed books on financial statement analysis, high-yield debt, and financial history and is the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. GEORGE H. TROUGHTON, CFA, is Professor Emeritus of Finance at California State University, Chico. He is a recipient of the C. Stewart Sheppard Award for the advancement of education in the investment profession as well as the Donald L. Tuttle Award for CFA Grading Excellence.
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PART I Learning Outcomes, Summary Overview, and Problems 1 CHAPTER 1 Corporate Governance 3 Learning Outcomes 3 Summary Overview 3 Problems 5 CHAPTER 2 Capital Budgeting 11 Learning Outcomes 11 Summary Overview 12 Problems 15 CHAPTER 3 Cost of Capital 29 Learning Outcomes 29 Summary Overview 29 Problems 31 CHAPTER 4 Measures of Leverage 39 Learning Outcomes 39 Summary Overview 39 Problems 40 CHAPTER 5 Capital Structure 45 Learning Outcomes 45 Summary Overview 45 Problems 46 CHAPTER 6 Dividends and Share Repurchases: Basics 51 Learning Outcomes 51 Summary Overview 51 Problems 52 CHAPTER 7 Dividends and Share Repurchases: Analysis 57 Learning Outcomes 57 Summary Overview 57 Problems 59 CHAPTER 8 Working Capital Management 63 Learning Outcomes 63 Summary Overview 63 Problems 64 CHAPTER 9 Financial Statement Analysis 67 Learning Outcomes 67 Summary Overview 67 Problems 68 CHAPTER 10 Mergers and Acquisitions 73 Learning Outcomes 73 Summary Overview 74 Problems 75 PART II Solutions 83 CHAPTER 1 Corporate Governance 85 Solutions 85 CHAPTER 2 Capital Budgeting 87 Solutions 87 CHAPTER 3 Cost of Capital 99 Solutions 99 CHAPTER 4 Measures of Leverage 103 Solutions 103 CHAPTER 5 Capital Structure 107 Solutions 107 CHAPTER 6 Dividends and Share Repurchases: Basics 111 Solutions 111 CHAPTER 7 Dividends and Share Repurchases: Analysis 113 Solutions 113 CHAPTER 8 Working Capital Management 115 Solutions 115 CHAPTER 9 Financial Statement Analysis 119 Solutions 119 CHAPTER 10 Mergers and Acquisitions 125 Solutions 125 About the CFA Program 131
