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Foundations of Financial Management, 18th Edition SOLUTION MANUAL by Stanley Block, Geoffrey Hirt, Verified Chapters 1 - 21, Complete Newest Version $17.99
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Foundations of Financial Management, 18th Edition SOLUTION MANUAL by Stanley Block, Geoffrey Hirt, Verified Chapters 1 - 21, Complete Newest Version

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SOLUTION MANUAL For Foundations of Financial Management, 18th Edition by Stanley Block, Geoffrey Hirt, Verified Chapters 1 - 21, Complete Newest Version SOLUTION MANUAL For Foundations of Financial Management, 18th Edition by Stanley Block, Geoffrey Hirt, Verified Chapters 1 - 21, Complete Newest V...

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  • October 29, 2024
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  • 9781264097623
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  • Foundations of Financial Management, 18e
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SOLUTION MANUAL
Foundations of Financial Management, 18th Edition
by Stanley Block, Geoffrey Hirt, Chapters 1 – 21, Complete

,
, Chapter 1 j


The Goals and Functions of Financial Management
j j j j j j




DiscussionQuestions
j




1-1 Whatjeffectjdidjthejrecessionjofj2007-2009jhavejonjgovernmentjregulation?

Itjwasjgreatlyjincreased.

1-2 Whatjadvantagesjdoesjajsolejproprietorshipjoffer?jWhatjisjajmajorjdrawbackjofjthisjtypejofj o
rganization?

Ajsolejproprietorshipjoffersjthejadvantagejofjsimplicityjofjdecisionjmakingjandjlowj organizatio
naljandjoperatingjcosts.jAjmajorjdrawbackjisjthatjtherejisjunlimitedjliabilityjtojthej owner.

1-3 Whatjformjofjpartnershipjallowsjsomejofjthejinvestorsjtojlimitjtheirjliability?jExplainj briefl
y.

Ajlimitedjpartnershipjallowsjsomejofjthejpartnersjtojlimitjtheirjliability.jUnderjthisj arrangement,jo
nejorjmorejpartnersjarejdesignatedjgeneraljpartnersjandjhavejunlimitedj liabilityjforjthejdebtsjo
fjthejfirm;jotherjpartnersjarejdesignatedjlimitedjpartnersjandjarejliablej onlyjforjtheirjinitialjcontr
ibution.jThejlimitedjpartnersjarejnormallyjprohibitedjfromjbeingj activejinjthejmanagementjofjthe
jfirm.




1-4 Injajcorporation,jwhatjgroupjhasjthejultimatejresponsibilityjforjprotectingjandjmanaging
thejstockholders’jinterests?

Thejboardjofjdirectors.

1-5 Whatjdocumentjisjnecessaryjtojformjajcorporation?

Thejarticlesjofjincorporation.

1-6 Whatjissuejdoesjagencyjtheoryjexamine?jWhyjisjitjimportantjinjajpublicjcorporationj ra
therjthanjinjajprivatejcorporation?

, Agencyjtheoryjexaminesjthejrelationshipjbetweenjthejownersjofjthejfirmjandjthejmanagersj ofjth
ejfirm.jInjprivatelyjownedjfirms,jmanagementjandjthejownersjarejusuallyjthejsamej people.jMan
agementjoperatesjthejfirmjtojsatisfyjitsjownjgoals,jneeds,jfinancialjrequirementsj andjthejlike.jAsj
ajcompanyjmovesjfromjprivatejtojpublicjownership,jmanagementjnowj representsjalljowners.jTh
isjplacesjmanagementjinjthejagencyjpositionjofjmakingjdecisionsjinj thejbestjinterestjofjalljshareh
olders.

1-7 Whatjarejinstitutionaljinvestorsjimportantjinjtoday’sjbusinessjworld?
Becausejinstitutionaljinvestorsjsuchjasjpensionjfundsjandjmutualjfundsjownjajlargej percentagejofj
majorjU.S.jcompanies,jtheyjarejhavingjmorejtojsayjaboutjthejwayjpubliclyj ownedjcompaniesjarej
managed.jAsjajgroup,jtheyjhavejthejabilityjtojvotejlargejblocksjofj sharesjforjthejelectionjofjajboa
rdjofjdirectors,jwhichjisjsupposedjtojrunjthejcompanyjinjanj efficient,jcompetitivejmanner.jThejthre
atjofjbeingjablejtojreplacejpoorjperformingjboardsjofj directorsjmakesjinstitutionaljinvestorsjquit
ejinfluential.jSincejthesejinstitutions,jlikejpensionj fundsjandjmutualjfunds,jrepresentjindividualjwor
kersjandjinvestors,jtheyjhavejajresponsibilityj tojseejthatjthejfirmjisjmanagedjinjanjefficientjandjeth
icaljway.

1-8 Whyjisjprofitjmaximization,jbyjitself,janjinappropriatejgoal?jWhatjisjmeantjbyjthejgoaljofj m
aximizationjofjshareholderjwealth?

Thejproblemjwithjajprofitjmaximizationjgoaljisjthatjitjfailsjtojtakejaccountjofjrisk,jthej timingjofjth
ejbenefitsjisjnotjconsidered,jandjprofitjmeasurementjisjajveryjinexactjprocess.j Thejgoaljofjshare
holders’jwealthjmaximizationjimpliesjthatjthejfirmjwilljattemptjtojachievej thejhighestjpossiblejt
otaljvaluationjinjthejmarketplace.jItjisjthejonejoverridingjobjectivejofj thejfirmjandjshouldjinfluen
cejeveryjdecision.

1-9 Whenjdoesjinsiderjtradingjoccur?jWhatjgovernmentjagencyjisjresponsiblejforjprotectingj a
gainstjthejunethicaljpracticejofjinsiderjtrading?

Insiderjtradingjoccursjwhenjanyonejwithjnon-
publicjinformationjbuysjorjsellsjsecuritiesjtoj takejadvantagejofjthatjprivatejinformation.jThejSe
curitiesjandjExchangejCommissionjisj responsiblejforjprotectingjmarketsjagainstjinsiderjtrading.jI
njthejpast,jpeoplejhavejgonejtoj jailjforjtradingjonjnon-
publicjinformation.jThisjhasjincludedjcompanyjofficers,jinvestmentj bankers,jprintersjwhojhavejin
formationjbeforejitjisjpublished,jandjevenjtruckjdriversjwhoj deliverjbusinessjmagazinesjandjrea
djpositivejorjnegativejarticlesjaboutjajcompanyjbeforejthej magazinejisjonjthejnewsstandsjandjt
henjplacejtradesjorjhavejfriendsjplacejtradesjbasedjonj thatjinformation.jThejSECjhasjprosecute
djanyonejwhojprofitsjfromjinsidejinformation.

1-10 Injtermsjofjthejlifejofjthejsecuritiesjoffered,jwhatjisjthejdifferencejbetweenjmoneyjandj capit
aljmarkets?

Moneyjmarketsjreferjtojthosejmarketsjdealingjwithjshort-
termjsecuritiesjthatjhavejajlifejofj onejyearjorjless.jCapitaljmarketsjreferjtojsecuritiesjwithjajlife
jofjmorejthanjonejyear.




1-11 Whatjisjthejdifferencejbetweenjajprimaryjandjajsecondaryjmarket?

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