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The document provides links for downloading various editions of financial management textbooks authored by Eugene F. Brigham and Michael C. Ehrhardt. It includes resources for both students and educators, along with a list of frequently used financial symbols. The content is primarily focused on financial management theory and practice, with multiple editions available for access.

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FREQUENTLY USED SYMBOLS 资料共享群：441038417
口语一般，专业英语OK，毕业于清华
ACP Average collection period
ADR American Depository Receipt
APR Annual percentage rate
AR Accounts receivable
b Beta coefficient, a measure of an asset’s market risk
bL Levered beta
bU Unlevered beta
BEP Basic earning power
BVPS Book value per share
CAPM Capital Asset Pricing Model
CCC Cash conversion cycle
CF Cash flow; CFt is the cash flow in Period t
CFPS Cash flow per share
CR Conversion ratio
CV Coefficient of variation
Difference or change (uppercase delta)
Dps Dividend of preferred stock
Dt Dividend in Period t
DCF Discounted cash flow
D/E Debt-to-equity ratio
DPS Dividends per share
DRIP Dividend reinvestment plan
DRP Default risk premium
DSO Days sales outstanding
EAR Effective annual rate, EFF%
EBIT Earnings before interest and taxes; net operating income
EBITDA Earnings before interest, taxes, depreciation, and amortization
EPS Earnings per share
EVA Economic Value Added
F (1) Fixed operating costs
(2) Flotation cost
FCF Free cash flow
FVN Future value for Year N
FVAN Future value of an annuity for N years
g Growth rate in earnings, dividends, and stock prices
I Interest rate; also denoted by r
I/YR Interest rate key on some calculators
INT Interest payment in dollars
IP Inflation premium
IPO Initial public offering
IRR Internal rate of return
LP Liquidity premium
M (1) Maturity value of a bond
(2) Margin (profit margin)
M/B Market-to-book ratio
MIRR Modified Internal Rate of Return
MRP Maturity risk premium
MVA Market Value Added
n Number of shares outstanding
N Calculator key denoting number of periods
N(di) Area under a standard normal distribution function
NOPAT Net operating profit after taxes
NOWC Net operating working capital
NPV Net present value
P (1) Price of a share of stock in Period t; P0 = price of the stock today
(2) Sales price per unit of product sold
Pc Conversion price
Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Pf Price of good in foreign country
Ph Price of good in home country
PN A stock’s horizon, or terminal, value
P/E Price/earnings ratio
PM Profit margin
PMT Payment of an annuity
PPP Purchasing power parity
PV Present value
PVAN Present value of an annuity for N years
Q Quantity produced or sold
QBE Breakeven quantity
r (1) A percentage discount rate, or cost of capital; also denoted by i
(2) Nominal risk-adjusted required rate of return
−r “r bar,” historic, or realized, rate of return
^r “r hat,” an expected rate of return
r* Real risk-free rate of return
rd Before-tax cost of debt
re Cost of new common stock (outside equity)
rf Interest rate in foreign country
rh Interest rate in home country
ri Required return for an individual firm or security
rM Return for “the market” or for an “average” stock
rNOM Nominal rate of interest; also denoted by iNOM
rps (1) Cost of preferred stock
(2) Portfolio’s return
rPER Periodic rate of return
rRF Rate of return on a risk-free security
rs (1) Required return on common stock
(2) Cost of current outstanding common stock
r Correlation coefficient (lowercase rho); also denoted by R when using historical data
ROA Return on assets
ROE Return on equity
RP Risk premium
RPM Market risk premium
RR Retention rate
S (1) Sales
(2) Estimated standard deviation for sample data
(3) Intrinsic value of stock (i.e., all common equity)
SML Security Market Line
∑ Summation sign (uppercase sigma)
s Standard deviation (lowercase sigma)
s2 Variance
t Time period
T Marginal income tax rate
TVN A stock’s horizon, or terminal, value
TIE Times interest earned
V Variable cost per unit
VB Bond value
VL Total market value of a levered firm
Vop Value of operations
Vps Value of preferred stock
VU Total market value of an unlevered firm
VC Total variable costs
w Proportion or weight
wd Weight of debt
wps Weight of preferred stock
ws Weight of common equity raised internally by retaining earnings
WACC Weighted average cost of capital
X Exercise price of option
YTC Yield to call
YTM Yield to maturity

E U G E N E F. B R I G H A M
University of Florida

MICHAEL C. EHRHARDT
University of Tennessee

面向中国留学生、考研学生提供金融学科辅导
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Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States

Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Financial Management: Theory and ª 2014, 2011 South-Western, Cengage Learning
Practice, Fourteenth Edition
ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may
Eugene F. Brigham and Michael C. Ehrhardt
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1 2 3 4 5 6 7 16 15 14 13 12

Preface xviii Web Extensions 6A: Continuous Probability

Distributions
PART 1 The Company and 6B: Estimating Beta with a
Its Environment 1 Financial Calculator
CHAPTER 1 An Overview of Financial CHAPTER 7 Valuation of Stocks and
Management and the Financial Corporations 289
Environment 3 Web Extensions 7A: Derivation of Valuation
Web Extensions 1A: An Overview of Derivatives Equations
1B: A Closer Look at the Stock CHAPTER 8 Financial Options and Applications
Markets in Corporate Finance 325
CHAPTER 2 Financial Statements, Cash Flow,
and Taxes 51 PART 4 Projects and Their
Web Extensions 2A: The Federal Income Tax Valuation 355
System for Individuals
CHAPTER 9 The Cost of Capital 357
CHAPTER 3 Analysis of Financial Statements 95
Web Extensions 9A: The Required Return Assuming
PART 2 Fixed Income Securities 131 Nonconstant Dividends and Stock
Repurchases
CHAPTER 4 Time Value of Money 133 CHAPTER 10 The Basics of Capital Budgeting:
Web Extensions 4A: The Tabular Approach Evaluating Cash Flows 397
4B: Derivation of Annuity Web Extensions 10A: The Accounting Rate of
Formulas Return (ARR)
4C: Continuous Compounding CHAPTER 11 Cash Flow Estimation and Risk
Analysis 437
CHAPTER 5 Bond, Bond Valuation, and
Interest Rates 187 Web Extensions 11A: Certainty Equivalents and
Risk-Adjusted Discount Rates
Web Extensions 5A: A Closer Look at Zero Coupon
Bonds
5B: A Closer Look at TIPS: PART 5 Corporate Valuation and
Treasury Inflation-Protected Governance 485
Securities
CHAPTER 12 Corporate Valuation and Financial
5C: A Closer Look at Bond Risk:
Planning 487
Duration
CHAPTER 13 Agency Conflicts and Corporate
5D: The Pure Expectations Theory
Governance 523
and Estimation of Forward Rates

PART 6 Cash Distributions and

PART 3 Stocks and Options 233 Capital Structure 545
CHAPTER 6 Risk and Return 235 CHAPTER 14 Distributions to Shareholders:
Dividends and Repurchases 547

CHAPTER 15 Capital Structure Decisions 589 CHAPTER 24 Bankruptcy, Reorganization, and

Web Extensions 15A: Degree of Leverage Liquidation 943
Web Extensions 24A: Multiple Discriminant
Analysis
PART 7 Managing Global
Operations 629 PART 10 Special Topics 975
CHAPTER 16 Supply Chains and Working CHAPTER 25 Portfolio Theory and Asset Pricing
Capital Management 631 Models 977
Web Extensions 16A: Secured Short-Term CHAPTER 26 Real Options 1011
Financing
Web Extensions 26A: The Abandonment Real
CHAPTER 17 Multinational Financial Option
Management 681 26B: Risk-Neutral Valuation
____________________________________
PART 8 Tactical Financial Appendixes
Decisions 727 APPENDIX A Solutions to Self-Test
Problems 1035
CHAPTER 18 Public and Private Financing: Initial
Offerings, Seasoned Offerings, and APPENDIX B Answers to End-of-Chapter
Investment Banks 729 Problems 1067
Web Extensions 18A: Rights Offerings APPENDIX C Selected Equations 1077
CHAPTER 19 Lease Financing 771 APPENDIX D Values of the Areas under the
Standard Normal Distribution
Web Extensions 19A: Leasing Feedback
Function 1091
19B: Percentage Cost Analysis
____________________________________
19C: Leveraged Leases Glossary 1093
CHAPTER 20 Hybrid Financing: Preferred Stock,
Warrants, and Convertibles 799
____________________________________
Name Index 1121
Web Extensions 20A: Calling Convertible Issues
____________________________________
Subject Index 1127
PART 9 Strategic Finance in ____________________________________
a Dynamic Web Chapters:
Environment 827
CHAPTER 27 Providing and Obtaining Credit
CHAPTER 21 Dynamic Capital Structures 829 CHAPTER 28 Advanced Issues in Cash
CHAPTER 22 Mergers and Corporate Management and Inventory
Control 867 Control
Web Extensions 22A: Projecting Consistent Debt CHAPTER 29 Pension Plan Management
and Interest Expenses CHAPTER 30 Financial Management in Not-for-
CHAPTER 23 Enterprise Risk Management 909 Profit Businesses

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xviii

PART 1 The Company and Its Environment 1

CHAPTER 1
An Overview of Financial Management and the Financial Environment 3
Box: The Global Economic Crisis 4
The Five-Minute MBA 4
The Corporate Life Cycle 5
Box: Columbus Was Wrong—the World Is Flat! And Hot! And Crowded! 6
The Primary Objective of the Corporation: Value Maximization 9
Box: Ethics for Individuals and Businesses 10
Box: Corporate Scandals and Maximizing Stock Price 12
An Overview of the Capital Allocation Process 13
Financial Securities 14
The Cost of Money 18
Financial Institutions 23
Financial Markets 27
Trading Procedures in Financial Markets 29
Box: Life in the Fast Lane: High-Frequency Trading! 30
Types of Stock Market Transactions 30
The Secondary Stock Markets 31
Box: Measuring the Market 33
Stock Market Returns 34
The Global Economic Crisis 36
Box: Anatomy of a Toxic Asset 43
The Big Picture 45
e-Resources 46
Summary 46
Web Extensions
1A: An Overview of Derivatives
1B: A Closer Look at the Stock Markets

CHAPTER 2
Financial Statements, Cash Flow, and Taxes 51
Box: Intrinsic Value, Free Cash Flow, and Financial Statements 52
Financial Statements and Reports 52
The Balance Sheet 53
Box: The Global Economic Crisis 56

The Income Statement 56

Statement of Stockholders’ Equity 58
Statement of Cash Flows 59
Box: Financial Analysis on the Web 60
Box: Filling in the GAAP 63
Net Cash Flow 64
Free Cash Flow: The Cash Flow Available for Distribution to Investors 65
Box: Sarbanes-Oxley and Financial Fraud 70
Performance Evaluation 72
The Federal Income Tax System 76
Box: When It Comes to Taxes, History Repeats and Repeals Itself! 79
Summary 82
Web Extensions
2A: The Federal Income Tax System for Individuals

CHAPTER 3
Analysis of Financial Statements 95
Box: Intrinsic Value and Analysis of Financial Statements 96
Financial Analysis 96
Liquidity Ratios 97
Asset Management Ratios 100
Box: The Global Economic Crisis 103
Debt Management Ratios 103
Profitability Ratios 107
Box: The World Might Be Flat, but Global Accounting Is Bumpy!
The Case of IFRS versus FASB 108
Market Value Ratios 110
Trend Analysis, Common Size Analysis, and Percentage Change Analysis 113
Tying the Ratios Together: The DuPont Equation 115
Comparative Ratios and Benchmarking 117
Uses and Limitations of Ratio Analysis 118
Box: Ratio Analysis on the Web 119
Looking Beyond the Numbers 119
Summary 120

PART 2 Fixed Income Securities 131

CHAPTER 4
Time Value of Money 133
Box: Corporate Valuation and the Time Value of Money 134
Time Lines 135
Future Values 135
Box: Hints on Using Financial Calculators 139
Present Values 143
Box: It’s a Matter of Trust 144
Finding the Interest Rate, I 147
Finding the Number of Years, N 148
Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Contents vii

Perpetuities 149
Annuities 150
Future Value of an Ordinary Annuity 151
Box: The Power of Compound Interest 153
Future Value of an Annuity Due 154
Present Value of Ordinary Annuities and Annuities Due 154
Box: Variable Annuities: Good or Bad? 157
Finding Annuity Payments, Periods, and Interest Rates 158
Box: Using the Internet for Personal Financial Planning 160
Uneven, or Irregular, Cash Flows 160
Future Value of an Uneven Cash Flow Stream 163
Solving for I with Irregular Cash Flows 164
Semiannual and Other Compounding Periods 165
Box: Truth in Lending: What Loans Really Cost 168
Fractional Time Periods 169
Amortized Loans 170
Box: What You Know Is What You Get: Not in Payday Lending 171
Box: The Global Economic Crisis An Accident Waiting to Happen: Option Reset Adjustable
Rate Mortgages 174
Summary 176
Web Extensions
4A: The Tabular Approach
4B: Derivation of Annuity Formulas
4C: Continuous Compounding

CHAPTER 5
Bond, Bond Valuation, and Interest Rates 187
Box: Intrinsic Value and the Cost of Debt 188
Who Issues Bonds? 188
Box: The Global Economic Crisis 190
Key Characteristics of Bonds 190
Bond Valuation 194
Changes in Bond Values Over Time 199
Box: Drinking Your Coupons 202
Bonds with Semiannual Coupons 202
Bond Yields 203
The Pre-Tax Cost of Debt: Determinants of Market Interest Rates 206
The Real Risk-Free Rate of Interest, r* 207
The Inflation Premium (IP) 208
The Nominal, or Quoted, Risk-Free Rate of Interest, rRF 210
The Default Risk Premium (DRP) 211
Box: The Global Economic Crisis 212
Box: The Global Economic Crisis 215

The Liquidity Premium (LP) 216

Box: The Few, the Proud, the… AAA-Rated Companies! 217
The Maturity Risk Premium (MRP) 217
Box: The Global Economic Crisis 218
The Term Structure of Interest Rates 221
Financing with Junk Bonds 222
Bankruptcy and Reorganization 223
Summary 224
Web Extensions
5A: A Closer Look at Zero Coupon Bonds
5B: A Closer Look at TIPS: Treasury Inflation-Protected Securities
5C: A Closer Look at Bond Risk: Duration
5D: The Pure Expectations Theory and Estimation of Forward Rates

PART 3 Stocks and Options 233

CHAPTER 6
Risk and Return 235
Box: Intrinsic Value, Risk, and Return 236
Investment Returns and Risk 236
Measuring Risk for Discrete Distributions 238
Risk in a Continuous Distribution 241
Using Historical Data to Estimate Risk 242
Box: What Does Risk Really Mean? 243
Box: The Historic Trade-off between Risk and Return 246
Risk in a Portfolio Context 246
The Relevant Risk of a Stock: The Capital Asset Pricing Model (CAPM) 250
Box: The Benefits of Diversifying Overseas 256
The Relationship between Risk and Return in the Capital Asset Pricing Model 257
Box: Another Kind of Risk: The Bernie Madoff Story 265
The Efficient Markets Hypothesis 265
The Fama-French Three-Factor Model 270
Behavioral Finance 274
The CAPM and Market Efficiency: Implications for Corporate Managers and Investors 276
Summary 277
Web Extensions
6A: Continuous Probability Distributions
6B: Estimating Beta with a Financial Calculator

CHAPTER 7
Valuation of Stocks and Corporations 289
Box: Corporate Valuation and Stock Prices 290
Legal Rights and Privileges of Common Stockholders 290
Types of Common Stock 291

Stock Market Reporting 292

Valuing Common Stocks 293
Valuing a Constant Growth Stock 296
Valuing Nonconstant Growth Stocks 301
The Free Cash Flow Valuation Model 304
Market Multiple Analysis 311
Preferred Stock 312
Summary 313
Web Extensions
7A: Derivation of Valuation Equations

CHAPTER 8
Financial Options and Applications in Corporate Finance 325
Box: The Intrinsic Value of Stock Options 326
Overview of Financial Options 326
Box: Financial Reporting for Employee Stock Options 330
The Single-Period Binomial Option Pricing Approach 330
The Single-Period Binomial Option Pricing Formula 335
The Multi-Period Binomial Option Pricing Model 337
The Black-Scholes Option Pricing Model (OPM) 340
Box: Taxes and Stock Options 345
The Valuation of Put Options 346
Applications of Option Pricing in Corporate Finance 348
Summary 350

PART 4 Projects and Their Valuation 355

CHAPTER 9
The Cost of Capital 357
Box: Corporate Valuation and the Cost of Capital 358
The Weighted Average Cost of Capital 359
Choosing Weights for the Weighted Average Cost of Capital 360
After-Tax Cost of Debt: rd(1 − T) and rstd(1 − T) 361
Box: How Effective Is the Effective Corporate Tax Rate? 364
Cost of Preferred Stock, rps 366
Cost of Common Stock: The Market Risk Premium, RPM 367
Using the CAPM to Estimate the Cost of Common Stock, rs 370
Dividend-Yield-Plus-Growth-Rate, or Discounted Cash Flow (DCF), Approach 372
The Weighted Average Cost of Capital (WACC) 375
Box: Global Variations in the Cost of Capital 377
Adjusting the Cost of Equity for Flotation Costs 377
Privately Owned Firms and Small Businesses 379

Managerial Issues and the Cost of Capital 381

Four Mistakes to Avoid 385
Summary 386
Web Extensions
9A: The Required Return Assuming Nonconstant Dividends and Stock Repurchases

CHAPTER 10
The Basics of Capital Budgeting: Evaluating Cash Flows 397
Box: Corporate Valuation and Capital Budgeting 398
An Overview of Capital Budgeting 398
The First Step in Project Analysis 400
Net Present Value (NPV) 401
Internal Rate of Return (IRR) 403
Modified Internal Rate of Return (MIRR) 410
Profitability Index (PI) 413
Payback Period 414
How to Use the Different Capital Budgeting Methods 416
Other Issues in Capital Budgeting 419
Summary 425
Web Extensions
10A: The Accounting Rate of Return (ARR)

CHAPTER 11
Cash Flow Estimation and Risk Analysis 437
Box: Project Valuation, Cash Flows, and Risk Analysis 438
Identifying Relevant Cash Flows 438
Analysis of an Expansion Project 443
Risk Analysis in Capital Budgeting 450
Measuring Stand-Alone Risk 451
Sensitivity Analysis 451
Scenario Analysis 455
Monte Carlo Simulation 457
Project Risk Conclusions 460
Replacement Analysis 461
Real Options 463
Phased Decisions and Decision Trees 465
Summary 468
Appendix 11A Tax Depreciation 481
Web Extensions
11A: Certainty Equivalents and Risk-Adjusted Discount Rates

PART 5 Corporate Valuation and Governance 485

CHAPTER 12
Corporate Valuation and Financial Planning 487
Box: Corporate Valuation and Financial Planning 488
Overview of Financial Planning 489
Financial Planning at MicroDrive, Inc. 490
Forecasting Operations 491
Projecting MicroDrive’s Financial Statements 496
Analysis and Revision of the Preliminary Plan 500
Additional Funds Needed (AFN) Equation Method 504
Forecasting When the Ratios Change 507
Summary 511

CHAPTER 13
Agency Conflicts and Corporate Governance 523
Box: Corporate Governance and Corporate Valuation 524
Agency Conflicts 524
Corporate Governance 528
Box: The Global Economic Crisis 532
Box: The Dodd-Frank Act and “Say on Pay” 534
Box: The Sarbanes-Oxley Act of 2002 and Corporate Governance 535
Box: International Corporate Governance 538
Employee Stock Ownership Plans (ESOPs) 539
Summary 542

PART 6 Cash Distributions and Capital Structure 545

CHAPTER 14
Distributions to Shareholders: Dividends and Repurchases 547
Box: Uses of Free Cash Flow: Distributions to Shareholders 548
An Overview of Cash Distributions 548
Procedures for Cash Distributions 550
Cash Distributions and Firm Value 553
Clientele Effect 556
Information Content, or Signaling, Hypothesis 557
Implications for Dividend Stability 558
Box: The Global Economic Crisis: Will Dividends Ever Be the Same? 559
Setting the Target Distribution Level: The Residual Distribution Model 559
The Residual Distribution Model in Practice 561
A Tale of Two Cash Distributions: Dividends versus Stock Repurchases 562
The Pros and Cons of Dividends and Repurchases 571
Box: Dividend Yields around the World 573
Other Factors Influencing Distributions 573

Summarizing the Distribution Policy Decision 574

Stock Splits and Stock Dividends 576
Box: The Global Economic Crisis: Talk about a Split Personality! 577
Dividend Reinvestment Plans 579
Summary 580

CHAPTER 15
Capital Structure Decisions 589
Box: Corporate Valuation and Capital Structure 590
An Overview of Capital Structure 590
Business Risk and Financial Risk 592
Capital Structure Theory 596
Box: Yogi Berra on the MM Proposition 598
Capital Structure Evidence and Implications 604
Estimating the Optimal Capital Structure 608
Anatomy of a Recapitalization 614
Box: The Global Economic Crisis: Deleveraging 618
Summary 619
Web Extensions
15A: Degree of Leverage

PART 7 Managing Global Operations 629

CHAPTER 16
Supply Chains and Working Capital Management 631
Box: Corporate Valuation and Working Capital Management 632
Overview of Working Capital Management 633
Using and Financing Operating Current Assets 634
The Cash Conversion Cycle 638
Box: Some Firms Operate with Negative Working Capital! 644
The Cash Budget 644
Cash Management and the Target Cash Balance 648
Cash Management Techniques 649
Box: Your Check Isn’t in the Mail 651
Inventory Management 652
Box: Supply Chain Management 653
Receivables Management 654
Box: Supply Chain Finance 656
Accruals and Accounts Payable (Trade Credit) 658
Box: A Wag of the Finger or Tip of the Hat? The Colbert Report and Small Business Payment
Terms 659
Managing Short-Term Investments 662
Short-Term Financing 663
Short-Term Bank Loans 664

Commercial Paper 668

Use of Security in Short-Term Financing 668
Summary 669
Web Extensions
16A: Secured Short-Term Financing

CHAPTER 17
Multinational Financial Management 681
Box: Corporate Valuation in a Global Context 682
Multinational, or Global, Corporations 682
Multinational versus Domestic Financial Management 683
Exchange Rates 685
Exchange Rates and International Trade 690
The International Monetary System and Exchange Rate Policies 691
Trading in Foreign Exchange 697
Interest Rate Parity 698
Purchasing Power Parity 700
Inflation, Interest Rates, and Exchange Rates 701
Box: Hungry for a Big Mac? Go To Ukraine! 702
Box: Greasing the Wheels of International Business 703
International Money and Capital Markets 703
Box: Stock Market Indices Around the World 708
Multinational Capital Budgeting 708
Box: Consumer Finance in China 709
Box: Double Irish with a Dutch Twist 712
International Capital Structures 714
Multinational Working Capital Management 715
Summary 718

PART 8 Tactical Financial Decisions 727

CHAPTER 18
Public and Private Financing: Initial Offerings, Seasoned Offerings,
and Investment Banks 729
The Financial Life Cycle of a Start-Up Company 730
The Decision to Go Public 731
The Process of Going Public: An Initial Public Offering 733
Equity Carve-Outs: A Special Type of IPO 743
Other Ways to Raise Funds in the Capital Markets 744
Box: Where There’s Smoke There’s Fire 748
Investment Banking Activities and Their Role in the Global Economic Crisis 749
Box: The Global Economic Crisis: What Was the Role of Investment Banks? 751
The Decision to Go Private 752
Managing the Maturity Structure of Debt 754

Refunding Operations 756

Box: TVA Ratchets Down Its Interest Expenses 760
Managing the Risk Structure of Debt with Project Financing 763
Summary 764
Web Extensions
18A: Rights Offerings

CHAPTER 19
Lease Financing 771
Types of Leases 772
Tax Effects 775
Financial Statement Effects 776
Evaluation by the Lessee 778
Box: Off–Balance Sheet Financing: Is It Going to Disappear? 779
Evaluation by the Lessor 784
Other Issues in Lease Analysis 786
Box: What You Don’t Know Can Hurt You! 787
Box: Lease Securitization 789
Other Reasons for Leasing 790
Summary 792
Web Extensions
19A: Leasing Feedback
19B: Percentage Cost Analysis
19C: Leveraged Leases

CHAPTER 20
Hybrid Financing: Preferred Stock, Warrants, and Convertibles 799
Preferred Stock 800
Box: The Romance Had No Chemistry, But It Had a Lot of Preferred Stock! 801
Box: Hybrids Aren’t Only for Corporations 803
Warrants 805
Convertible Securities 810
A Final Comparison of Warrants and Convertibles 817
Reporting Earnings When Warrants or Convertibles Are Outstanding 818
Summary 819
Web Extensions
20A: Calling Convertible Issues

PART 9 Strategic Finance in a Dynamic Environment 827

CHAPTER 21
Dynamic Capital Structures 829
Box: Corporate Valuation and Capital Structure Decisions 830
The Impact of Growth and Tax Shields on Value 830

The Modigliani and Miller Models and the Compressed Adjusted Present Value (APV)
Model 833
Dynamic Capital Structures and the Adjusted Present Value (APV) Model 840
Risky Debt and Equity as an Option 844
Introducing Personal Taxes: The Miller Model 848
Capital Structure Theory: Arbitrage Proofs of the Modigliani-Miller Theorems 852
Summary 858

CHAPTER 22
Mergers and Corporate Control 867
Rationale for Mergers 868
Types of Mergers 871
Level of Merger Activity 871
Hostile versus Friendly Takeovers 872
Merger Regulation 874
Overview of Merger Analysis 875
The Free Cash Flow to Equity (FCFE) Approach 876
Illustration of the Three Valuation Approaches for a Constant Capital Structure 878
Setting the Bid Price 884
Analysis When There Is a Permanent Change in Capital Structure 886
Taxes and the Structure of the Takeover Bid 888
Box: Tempest in a Teapot? 889
Financial Reporting for Mergers 892
Analysis for a “True Consolidation” 894
The Role of Investment Bankers 895
Who Wins: The Empirical Evidence 896
Box: Merger Mistakes 897
Corporate Alliances 898
Divestitures 898
Holding Companies 899
Summary 901
Web Extensions
22A: Projecting Consistent Debt and Interest Expenses

CHAPTER 23
Enterprise Risk Management 909
Box: Corporate Valuation and Risk Management 910
Reasons to Manage Risk 910
An Overview of Enterprise Risk Management 913
A Framework for Enterprise Risk Management 915
Categories of Risk Events 918
Foreign Exchange (FX) Risk 920
Commodity Price Risk 921

Interest Rate Risk 925

Box: The Game of Truth or LIBOR 930
Project Selection Risks 933
Managing Credit Risks 936
Risk and Human Safety 938
Summary 939

CHAPTER 24
Bankruptcy, Reorganization, and Liquidation 943
Financial Distress and Its Consequences 944
Issues Facing a Firm in Financial Distress 946
Settlements without Going through Formal Bankruptcy 946
Federal Bankruptcy Law 949
Reorganization in Bankruptcy 950
Liquidation in Bankruptcy 959
Box: A Nation of Defaulters? 963
Anatomy of a Bankruptcy: Transforming the GM Corporation into the GM Company 963
Other Motivations for Bankruptcy 965
Some Criticisms of Bankruptcy Laws 966
Summary 967
Web Extensions
24A: Multiple Discriminant Analysis

PART 10 Special Topics 975

CHAPTER 25
Portfolio Theory and Asset Pricing Models 977
Box: Intrinsic Value, Risk, and Return 978
Efficient Portfolios 978
Choosing the Optimal Portfolio 983
The Basic Assumptions of the Capital Asset Pricing Model 986
The Capital Market Line and the Security Market Line 987
Calculating Beta Coefficients 991
Box: Skill or Luck? 992
Empirical Tests of the CAPM 999
Arbitrage Pricing Theory 1002
Summary 1005

CHAPTER 26
Real Options 1011
Valuing Real Options 1012
The Investment Timing Option: An Illustration 1013
The Growth Option: An Illustration 1023
Concluding Thoughts on Real Options 1028
Summary 1030

Web Extensions
26A: The Abandonment Real Option
26B: Risk-Neutral Valuation

Appendix A Solutions to Self-Test Problems . . . . . . . . . . . . . . . . . . . . . . . . . . .

1035
Appendix B Answers to End-of-Chapter Problems . . . . . . . . . . . . . . . . . . . . . . 1067
Appendix C Selected Equations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1077
Appendix D Values of the Areas under the Standard Normal
Distribution Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1091
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1093
Name Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1121
Subject Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1127

Web Chapters
CHAPTER 27 Providing and Obtaining Credit
CHAPTER 28 Advanced Issues in Cash Management and Inventory Control
CHAPTER 29 Pension Plan Management
CHAPTER 30 Financial Management in Not-for-Profit Businesses

resource When we wrote the first edition of Financial Management: Theory and Practice, we had
Students: Access the four goals: (1) to create a text that would help students make better financial decisions; (2)
Financial Management: to provide a book that could be used in the introductory MBA course, but one that was
Theory and Practice
(14th Edition) companion complete enough for use as a reference text in follow-on case courses and after graduation;
site and online student (3) to motivate students by demonstrating that finance is both interesting and relevant;
resources by visiting and (4) to make the book clear enough so that students could go through the material
www.cengagebrain.
com, searching for ISBN without wasting either their time or their professors’ time trying to figure out what we
9781111972202, and clicking were saying.
“Access Now” under The collapse of the sub-prime mortgage market, the financial crisis, and the global
“Study Tools” to go to the
student companion site. economic crisis make it more important than ever for students and managers to under-
stand the role that finance plays in a global economy, in their own companies, and in their
Instructors: Access the own lives. So in addition to the four goals listed above, this edition has a fifth goal, to
Financial Management:
Theory and Practice prepare students for a changed world.
(14th Edition) companion
site and instructor
resources by going to
login.cengage.com, INTRINSIC VALUATION AS A UNIFYING THEME
logging in with your faculty
account username and
Our emphasis throughout the book is on the actions that a manager can and should take
password, and using to increase the intrinsic value of the firm. Structuring the book around intrinsic valuation
ISBN 9781111972202 to enhances continuity and helps students see how various topics are related to one another.
reach the site through
your account.
As its title indicates, this book combines theory and practical applications. An under-
standing of finance theory is essential for anyone developing and/or implementing
effective financial strategies. But theory alone isn’t sufficient, so we provide numerous
examples in the book and the accompanying Excel spreadsheets to illustrate how theory is
applied in practice. Indeed, we believe that the ability to analyze financial problems using
Excel also is essential for a student’s successful job search and subsequent career. There-
fore, many exhibits in the book come directly from the accompanying Excel spreadsheets.
Many of the spreadsheets also provide brief “tutorials” by way of detailed comments on
Excel features that we have found to be especially useful, such as Goal Seek, Tables, and
many financial functions.
The book begins with fundamental concepts, including background on the economic
and financial environment, financial statements (with an emphasis on cash flows), the
time value of money, bond valuation, risk analysis, and stock valuation. With this back-
ground, we go on to discuss how specific techniques and decision rules can be used to help
maximize the value of the firm. This organization provides four important advantages:
1. Managers should try to maximize the intrinsic value of a firm, which is determined
by cash flows as revealed in financial statements. Our early coverage of financial
statements helps students see how particular financial decisions affect the various
parts of the firm and the resulting cash flow. Also, financial statement analysis
provides an excellent vehicle for illustrating the usefulness of spreadsheets.
2. Covering time value of money early helps students see how and why expected future
cash flows determine the value of the firm. Also, it takes time for students to digest
TVM concepts and to learn how to do the required calculations, so it is good to
cover TVM concepts early and often.

xviii Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Preface xix

3. Most students—even those who do not plan to major in finance—are interested in

investments. The ability to learn is a function of individual interest and motivation,
so Financial Management’s early coverage of securities and security markets is
pedagogically sound.
4. Once basic concepts have been established, it is easier for students to understand
both how and why corporations make specific decisions in the areas of capital
budgeting, raising capital, working capital management, mergers, and the like.

INTENDED MARKET AND USE

Financial Management is designed primarily for use in the introductory MBA finance
course and as a reference text in follow-on case courses and after graduation. There is
enough material for two terms, especially if the book is supplemented with cases and/or
selected readings. The book can also be used as an undergraduate introductory text for
exceptionally good students, or where the introductory course is taught over two terms.

IMPROVEMENTS IN THE 14TH EDITION

As in every revision, we updated and clarified materials throughout the text, reviewing the
entire book for completeness, ease of exposition, and currency. We made hundreds of
small changes to keep the text up to date, with particular emphasis on updating the real-
world examples and including the latest changes in the financial environment and
financial theory. In addition, we made a number of larger changes. Some affect all
chapters, some involve reorganizing sections among chapters, and some modify material
covered within specific chapters.

Changes That Affect All Chapters

Following are some of the changes that affect all chapters.

THE GLOBAL ECONOMIC CRISIS. In every chapter we use real-world examples to show
how the chapter’s topics are related to some aspect of the global economic crisis. In
addition, many chapters have “Global Economic Crisis” boxes that focus on important
issues related to the crisis. Last edition we began using the global economic crisis to
illustrate important learning points, and we have continued that in this edition.

ADDITIONAL INTEGRATION WITH EXCEL. We have continued to integrate the textbook and
the accompanying Excel Tool Kit spreadsheet models for each chapter. Many figures in the
textbook show the appropriate area from the chapter’s Excel Tool Kit model. This makes the
analysis more transparent to the students and better enables them to follow the analysis in
the Excel model. In addition, we have added the Mini Case data to a worksheet in the Excel
Tool Kits in selected chapters, saving time for those students who do the Mini Cases.

IMPROVEMENTS IN MICRODRIVE. As in previous editions, we use a hypothetical

company, MicroDrive, as a running example to provide continuity and help students
move up the learning curve more efficiently. However, we have made several changes to
MicroDrive’s financial statements for this edition. First, the values are now all integers and
in most cases end with zero, which simplifies many calculations. This seemingly minor
change helps students learn the finance topics without being distracted by complicated
calculations. Second, we have broken operating costs into costs of goods sold (excluding

depreciation), other operating costs, and depreciation. This allows more flexibility in
defining ratios and in forecasting financial statements. Third, we have modified the
values in the financial statements so that MicroDrive can be used as the illustrative
company in more chapters and more topics than in the previous editions, especially in
measuring systematic risk and estimating intrinsic value with the free cash flow model.

Notable Changes within Selected Chapters

We made too many small improvements within each chapter to mention them all, but
some of the more notable ones are discussed below.

CHAPTER 1: AN OVERVIEW OF FINANCIAL MANAGEMENT AND THE FINANCIAL ENVIRON-

MENT. We added a box on high-frequency trading, “Life in the Fast Lane: High-Frequency
Trading!,” and a box on mortgage-backed securities, “Anatomy of a Toxic Asset.” We also
increased our coverage of the global economic crisis to reflect changes in the past three years,
including a section on the Dodd-Frank Act.

CHAPTER 2: FINANCIAL STATEMENTS, CASH FLOW, AND TAXES. We reorganized and

better integrated the sections on the statement of cash flows, operating cash flow, and free
cash flow. We now have a single section focusing on the use of free cash flow and its
components as performance measures. We added two new boxes. “Filling in the GAAP”
describes the planned convergence of GAAP and IFRS; “When It Comes to Taxes, History
Repeats and Repeals Itself!” discusses the actual taxes (or lack thereof) paid by many
corporations. MicroDrive is the company used as a running example throughout the book.
We changed its financial statements so that MicroDrive would provide additional learning
points when we cover valuation and forecasting in Chapter 12.

CHAPTER 3: ANALYSIS OF FINANCIAL STATEMENTS. We updated and revised the opening

vignette to describe Macy’s earnings announcement and its stock price reaction. In
previous editions, we defined the inventory turnover ratio using sales instead of COGS
because some compilers of financial ratio statistics, such as Dun & Bradstreet, use the ratio
of sales to inventories. However, most sources now report the turnover ratio using COGS,
so we have changed our definition to conform to the majority of reporting organizations
and now define the inventory turnover ratio as COGS/Inventories. Also, to be more
consistent with many Web-based reporting organizations, we now define the debt ratio
as total debt divided by total assets, the market debt ratio as total debt divided by total
debt plus the market value of equity, and the debt-to-equity ratio as total debt divided by
total common equity. MicroDrive is the company used as a running example throughout
the book, and we changed its financial statements (which change its ratios) so that
MicroDrive would offer additional learning points when we cover valuation and
forecasting in Chapter 12.

CHAPTER 4: TIME VALUE OF MONEY. We added a new box, “It’s a Matter of Trust,” that
describes the future value of several multi-century trusts. Another new box, “What You
Know Is What You Get: Not in Payday Lending,” which describes the effects of better
disclosure on consumer borrowing decisions. We moved the section on perpetuities so
that it now comes before the section on annuities, because perpetuities are simpler than
annuities and because perpetuities are the “building blocks” of annuities. We also
modified the example of consols to be denominated in pounds instead of dollars as part
of our effort to add more international examples to each chapter. We added a discussion

of mortgage payments in Section 4.17, comparing the total interest paid on a 30-year
mortgage to a 15-year mortgage.

CHAPTER 5: BONDS, BOND VALUATION, AND INTEREST RATES. We refocused the

opening vignette on the amount of debt held by corporations, noncorporate businesses,
and households. We updated the box “Betting with or against the U.S. Government: The
Case of Treasury Bond Credit Default Swaps” to reflect the debt-ceiling crisis of July 2011.
We added another new box describing the handful of AAA rated companies, “The Few,
the Proud, the… AAA-Rated Companies!” We revised another box, “Fear and
Rationality,” to include the TED spread as well as the Hi-Yield bond spread. We also
added a brief discussion of duration and its use as a measure of risk. MicroDrive is the
company used as a running example throughout the book. We changed its example bond
offering to be consistent with MicroDrive’s revised financial statements.

CHAPTER 6: RISK AND RETURN. As a part of our effort to integrate the illustrative
company MicroDrive throughout the book, we made significant changes in this
chapter. We begin with a discussion of discrete probability distributions involving
different market scenarios and then segue into continuous distributions and estimating
means and standard deviations using historical data for MicroDrive. We discuss 2-stock
portfolios and the impact of diversification by using data for MicroDrive and another
company. This sets the stage for a discussion of market risk versus diversifiable risk and
the appropriate measure of market risk, beta. We then describe the risk-return
relationship defined by the CAPM and the basic concept of market equilibrium. This
provides a natural transition into the efficient market hypothesis (previously in Chapter 7,
the stock valuation chapter). We also added optional sections covering the Fama-French
3-factor model and behavioral finance. These optional sections can be omitted without
loss of continuity, or they can be covered to provide more depth on the topic of market
efficiency and asset pricing. This new organization consolidates our treatment of risk and
return and also illustrates these concepts with MicroDrive, providing a more effective
learning experience for students.

CHAPTER 7: VALUATION OF STOCKS AND CORPORATIONS. We moved coverage of

efficient markets into Chapter 6, where it is a natural extension of risk and return. This
change permits Chapter 7 to focus on stock valuation. In addition to the dividend growth
model, we moved coverage of the free cash flow valuation model from later in the book
into Chapter 7; this chapter now provides comprehensive coverage of stock valuation via
the dividend growth model and the free cash flow corporate valuation model.

CHAPTER 9: THE COST OF CAPITAL. We have a new opening vignette focusing on the
importance of the cost of capital to companies making equipment purchases. A new box,
“How Effective Is the Effective Corporate Tax Rate?,” shows the differences between the
statutory rate and the effective rate over time; it also compares the U.S. statutory and
effective rate with those of other developed economies. For better integration, we now use
the company in our running example, MicroDrive, to illustrate cost of capital estimation.
We streamlined the chapter’s coverage of the forward-looking risk premium by moving
the discussion of the relatively complex multistage model to a Web Extension. This allows
the text’s coverage of the forward-looking premium focus on the concepts all MBA
students need to understand, while at the same time letting the Web Extension address
additional issues in more detail, such as the application of multistage models and the

impact of stock repurchases. We now cover the over-own-bond-yield-plus-judgmental-

risk-premium approach in the section on privately held companies, because this approach
is used more often for such companies.

CHAPTER 10: THE BASICS OF CAPITAL BUDGETING: EVALUATING CASH FLOWS. The new
opening vignette describes John Deere’s expansion plans and its commitment to disciplined
capital budgeting. We improved the integration with Chapter 11 by revising the numerical
example in Chapter 10 so that the cash flows for Project L are now the cash flows that we
estimate in Chapter 11. We put all the material related to IRR (such as the possibility of
multiple IRRs) in a single section to make our coverage of IRR more cohesive.

CHAPTER 11: CASH FLOW ESTIMATION AND RISK ANALYSIS. A new opening vignette
describes how several companies use risk analysis when making capital budgeting
decisions. We revised the numerical example so that the cash flows we estimate in this
chapter are the same cash flows we use in Chapter 10 for Project L.

CHAPTER 12: CORPORATE VALUATION AND FINANCIAL PLANNING. We divided the

financial planning process into two activities. First, we show how to forecast the
operating portion of a financial plan, including free cash flows and estimates of intrinsic
value. Second, we show how to take the operating forecast and combine it with a
preliminary financial policy to forecast the complete financial statements. This structure
makes it easier for students to grasp and gives instructors a choice of covering just the
operating forecast or covering the complete projection of financial statements.

CHAPTER 13: AGENCY CONFLICTS AND CORPORATE GOVERNANCE. We moved the

valuation material from the previous edition to the stock valuation chapter (Chapter 7)
and to the financial forecasting chapter (Chapter 13). In addition to better integrating the
topics in those chapters, the move allows us to focus on agency conflicts and corporate
governance in this chapter. We added a new opening vignette describing the shareholder
rejection of Citigroup’s proposed compensation plan at the 2012 annual meetings.

CHAPTER 14: DISTRIBUTIONS TO SHAREHOLDERS: DIVIDENDS AND REPURCHASES. We

added a new opening vignette describing Apple’s dividend initiation. We added a new
Self-Test Problem addressing the impact of dividends versus repurchases.

CHAPTER 15: CAPITAL STRUCTURE DECISIONS. While updating Section 15-4 to include
results from the latest empirical tests, we also reorganized the material and added subheadings
to make it easier to for students to synthesize. We moved the current valuation of Strausburg,
the illustrative company, so that it immediately precedes Strausburg’s recapitalization, which
provides a better segue into the valuation effects of recapitalizations.

CHAPTER 16: SUPPLY CHAINS AND WORKING CAPITAL MANAGEMENT. We added two
new boxes, “Your Check Isn’t in the Mail,” and “A Wag of the Finger or Tip of the Hat?
The Colbert Report and Small Business Payment Terms.” We rewrote the first section in
the chapter to better distinguish between cash (including cash equivalents and marketable
securities) used to support current operations and short-term investments (including
marketable securities) held for possible future uses. We continued this distinction
throughout the chapter in our discussions of cash management and managing short-
term investments. Recall that in Chapter 3 we updated our definition of inventory
turnover ratio to COGS/Inventories to be consistent with the majority of reporting, so
we followed through with that definition in Chapter 16.

CHAPTER 17: MULTINATIONAL FINANCIAL MANAGEMENT. A new opening vignette

describes the interconnectedness of global financial markets and begins a discussion of
the Eurozone crisis that we continue throughout the chapter. We added a section on
foreign exchange notation to ensure that all readers will better understand the relative
values of currencies as reported by the financial press. We added a new figure showing the
growth in employment by U.S. multinational corporations, including the mix of domestic
and international employment. We added a new figure showing the value of the dollar
index relative to major currencies to show how demand for the dollar and its relative value
has changed over time. We added a new section on sovereign debt, including a brief
discussion of the current Greek debt crisis.

CHAPTER 18: PUBLIC AND PRIVATE FINANCING: INITIAL OFFERINGS, SEASONED

OFFERINGS, AND INVESTMENT BANKS. The new opening vignette describes Facebook’s
IPO and the events of the month that followed. We added a section describing how the
offer price is set in an IPO.

19: LEASE FINANCING. We changed the definition of the net advantage of leasing (NAL)
to: NAL = Present value of leasing – Present value of owning. Both present values are
negative, so a positive NAL means that leasing should be preferred. The results from using
this definition of NAL are unchanged from previous editions, but our students find this
definition more intuitive.

CHAPTER 20: HYBRID FINANCING: PREFERRED STOCK, WARRANTS, AND CONVERTIBLES.

We added a new box describing the deductibility of preferred dividends by Section 521
cooperatives entitled “Hybrids Aren’t Only for Corporations.”

CHAPTER 21: DYNAMIC CAPITAL STRUCTURES. We added a new opening vignette

describing changes in Hewlett-Packard’s capital structure. We rewrote the chapter and
organized it around the fundamental concept that a levered firm’s value is equal to its
unlevered value plus any side effects due to leverage. From this general concept, we
examine special cases, including the MM models and the compressed adjusted present
value (APV) model. In addition to the static case of a constant capital structure and
constant growth, we apply the APV model to situations with dynamic capital structures
that vary from year to year before becoming constant. We retained the MM proofs and
put them in a separate section, which provides flexibility to instructors in selecting topics
to cover.

CHAPTER 23: ENTERPRISE RISK MANAGEMENT. We rewrote much of the chapter,

changing it from a chapter about derivatives with applications in risk management to
a chapter about enterprise risk management with applications of derivatives as one of
several tools in managing risk. We adapted the general enterprise risk management
framework of the Treadway Commission’s Committee of Sponsoring Organizations
(COSO) because it satisfies the requirements of the Sarbanes-Oxley Act and the
Foreign Corrupt Practices Act (FCPA). We now include the use of Monte Carlo
simulation as a technique for identifying risk. We use the results of a simulation
example to illustrate VaR and the expected shortfall (ES) measures that is
recommended by Basel III.

CHAPTER 24: BANKRUPTCY, REORGANIZATION, AND LIQUIDATION. We added a new

section describing the events leading to GM’s government bailout, bankruptcy, and IPO.

LEARNING TOOLS AVAILABLE TO STUDENTS

AND INSTRUCTORS
Financial Management includes a broad range of ancillary materials designed to enhance
students’ learning and to make it easier for instructors to prepare for and conduct classes.
All resources available to students are also available to instructors; in addition, instructors
have access to the course management tools.
In addition to these resources and the items noted previously, many other resources are
available on the Web at Financial Management’s Web site. These ancillaries include the
following:

Excel Tool Kits

Proficiency with spreadsheets is an absolute necessity for all MBA students. With that in
mind, for each chapter we created Excel spreadsheets, called Tool Kits, to show how the
calculations used in the chapter were done. The Tool Kit models include explanations
that show students how to use many of the features and functions of Excel, enabling the
Tool Kits to serve as self-taught tutorials.

Web Extensions
Many chapters have Adobe PDF “appendices” that provide more detailed coverage of
topics that were addressed in the chapter

End-of-Chapter Spreadsheet Problems

Each chapter has a Build a Model problem, where students start with a spreadsheet that
contains financial data plus general instructions about solving a specific problem. The
model is partially completed, with headings but no formulas, so the student must literally
build a model. This structure guides the student through the problem, minimizes unne-
cessary typing and data entry, and also makes it easy to grade the work, because all
students’ answers are in the same locations on the spreadsheet. The partial spreadsheets
for the Build a Model problems are available to students on the book’s Web site; the
completed models are in files on the Instructor’s portion of the Web site.

THOMSON ONE—BUSINESS SCHOOL EDITION

Thomson ONE–Business School Edition (TO:BSE) is an online database that draws from
the world-acclaimed Thomson Reuters data sources. This product includes Thomson
ONE Investment Banking assets which deliver world class content and powerful analytical
tools via a web interface. TO:BSE enables students to gain insight into the financial
markets by accessing data and analysis used by the deal-making community globally,
such as investment bankers and consultancies. This product provides access to market
news and comprehensive reference data to monitor changing market conditions and to
gain insight into a company, industry or event. It consists of a foundation solution for
market awareness and company insight. TO:BSE provides one-click download of finan-
cial statements to Excel, data from domestic and international companies, one-click Peer
Set analysis, as well as other valuable tools useful in learning finance.
Many chapters contain problems based on the data that is available in TO:BSE. Some
of the key information that is available in the database includes:

I/B/E/S Consensus Estimates

Find consensus estimates–averages, means, and medians; analyst-by-analyst earnings
coverage; analysts’ forecasts based on 15 industry standard measures; current and historic
coverage for the selected 500 companies. Current coverage is five years forward plus
historic data from 1976 for U.S. companies and from 1987 for international companies,
with current data updated daily and historic data updated monthly.

Financials
View current and historical financial information covering 99% of global market capita-
lization. You can access financial statements, key ratios and summary financial informa-
tion for more than 70,000 active and inactive companies and click through to the under-
lying source. View financials in the format you prefer with both standardized and
as-reported formats available.

Company and Financial Information

Find data for over one million private companies globally plus private company profiles
including business descriptions, private equity investors and fund names, key executives
and investment round details.

Streaming Reuters News and Quotes

Constantly monitor changing market conditions and breaking news in real time with
Reuters News and other third-party news services.
Reuters News includes market moving stories and comprehensive analysis on compa-
nies, industries, market trends, and more. It is the leading source of breaking news with
the broadest coverage across sectors, geographies and markets from 2,700 journalists
across 200 bureaus worldwide.

Market Awareness
Summary pages provide quick access to world indices, currencies and key exchange
metrics like new highs and new lows, LIBOR, Benchmark bond yields and Treasury rates.
View the latest key indicators through Thomson Reuters Datastream economics and a
comprehensive calendar of upcoming indicators so you are always on top of the factors
affecting market sentiment.

Filings
Access the largest database of international filings with 19 million documents that 60,000
companies filed with stock exchanges and regulatory agencies such as the LSE and the
SEC, dating back to the late 1960s.

COURSE MANAGEMENT TOOLS AVAILABLE

ONLY TO INSTRUCTORS
Instructors have access to all of the materials listed above in addition to course manage-
ment tools. These tools are available at Financial Management’s Instructor companion
Web site and on the Instructor’s Resource CD. These materials include the following
resources.

VERLIOKA. THERE was once upon a time an old man and

an old woman, and they had two orphan grandchildren so lovely,
gentle, and good, that the old man and the old woman could not
love them enough. The old man once took it into his head to go out
into the fields with his grandchildren to look at the peas, and they
saw that their peas were growing splendidly. The old man rejoiced at
the sight with his grand children, and said : " Well, now, you won't
find peas like that in the whole world ! By and by we'll make kisel l
out of it, and bake us some pea-cakes." And next morning the
grandfather sent the eldest grand child, and said : " Go and drive
away the sparrows from the peas ! " The grandchild sat down beside
the peas, shook a dry branch, and kept on saying, " Whish ! whish !
sparrows, ye have pecked at grand father's peas till you're quite full !
" And all at once 1 A sourish meat-pottage.
The text on this page is estimated to be only 27.44%
accurate

112 RUSSIAN FAIRY TALES. she heard a rumbling and a

roaring in the wood, and Verlioka came, huge of stature, with one
eye, a hooked nose, ragged stubbly hair, moustaches half an ell
long, swine's bristles on his head, hobbling on ooe leg, in a wooden
boot, leaning on a crutch, grinding all his teeth, and smiling. He
went up to the pretty little grandchild, seized her and dragged her
away with him behind the lake. The grandfather waited and waited,
but there was no grandchild, and he sent his young grandson after
her. Verlioka walked off with him also. The grandfather waited and
waited, and said to his wife: "How very late our grandchildren are ! I
suppose they are running about there and idling their time away, or
catchiug starlings with some lads or other, and meanwhile the
sparrows are looting our peas ! Go along, old woman, and teach
them sense ! " The old woman rose from the stove, took her stick
from the corner, gave the pasties another turn, went away — and
never came back. As soon as Verlioka saw her in the field, he cried :
" What dost thou want here, old hag ? Hast thou come hither to
shell peas ? Then I'll make thee stand here among the peas for ever
and ever ! " Then he set to work belabouring her with his crutch, till
little by little her very soul oozed out of her, and she lay upon the
field more dead than alive. The grandfather waited in vain for his
grand
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VERLIOKA. 113 children and his old wife, and began to

scold at them : " Where on earth have they got to ! " said he ; " 'tis
a true saying that a man must expect no good from his ribs." Then
the old man himself made his way to the peas, and saw the old
woman lying on the ground in such a battered condition that he
scarcely knew her, and of his grandchildren there was no trace. The
grandfather cried aloud, picked up the old woman, dragged' her
home by degrees, gradually brought her to with a little cold water,
and she opened her eyes at last and told the grandfather who it was
that had beaten her so, and dragged her grandchildren away from
the field. The grandfather was very wroth with Verlioka, and said : "
This is too much of a joke ! Wait a bit, friend, we also have arms of
our own ! Look to thyself, Verlioka, and take care that I don't twist
thy moustaches for thee 1 Thou hast done this thing with thy hand,
thou shalt pay for it with thy head ! " And as the old grandmother
did not hold him back, the grand father seized his iron crutch and
went off to seek Verlioka. He went on and on till he came to a little
pond, and in the pond was swimming a bob-tailed drake. He saw the
grandfather and cried : " Tak, tak, tak ! l Live for a hundred years,
old grandad ! I have been 1 So, so, so.
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114 RUSSIAN FAIRY TALES. waiting here for tliee a long

time ! " — " Hail to thee also, drake ! Why hast thou been awaiting
me ? " — " Well I know that thou art in quest of thy grand children,
and art going to Verlioka to settle accounts with him ! " — " And
how dost thou come to know of this monster ? " — " Tak, tak, tak ! "
screeched the drake, "I have good cause to know him, 'twas he who
docked my tail ! " — " Then canst thou show me his dwelling?"—
"Tak, tak, tak!" screeched the drake ; " here am I but a little tiny
bird, but I'll have my tail's worth out of him, I know!" — "Wilt thou
go on before and show me the way ? I see thou hast a good noddle
of thy own, though thou art bobtailed ! " Then the drake came out
of the water and climbed up on the bank, waddling from side to
side. They went on and on, and they came upon a little bit of cord
lying in the road, and it said, " Hail, little grandad wise-pate ! "— "
Hail, little cord ! "— " Where dost thou dwell, and whither dost thou
wander ? " " I live in such and such a place ; I am going to pay off
Yerlioka ; he has beaten my old woman and carried off niy two
grandchildren, and such splendid grandchildren too ! " — " Take me
that I may help ! " The grandfather thought : "I may as well take it,
it will do to hang Verlioka with." Then he said to the little cord : "
Come along with us, if thou dost
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VERLIOKA. 115 know the way." And the little cord wriggled
after them just as if it were a little tapering snake. They went on and
on, and they saw lying in the road a little water-mill, and it said to
them : " Hail, little grandad wise-pate ! " — " Hail, little water-mill ! "
— " Where dost thou dwell, and whither dost thou wander ? " — " I
live in such and such a place, and I am going to settle accounts with
Verlioka. Just fancy ! he has beaten my old woman and carried off
my grandchildren, and such splendid grand children too ! " — " Take
me with thee that I may help ! " And the grandfather thought : "
The watermill may be of use too." Then the water-mill raised itself
up, pressed against the ground with its handle, and went along after
the grandfather. Again they went on and on, and in the road lay an
acorn, and it said to them in a little squeaky voice : " Hail, grandad
long-nose ! " — " Hail, oakey acorn ! '; — " Whither art thou striding
away like that ? " — " I am going to beat Verlioka ; dost know him ?
" — " I should think I did ; take me with thee to help ! " — " But
how canst thou help ? "• — " Don't spit in the well or thou wilt have
to drink up the water thyself ! " The grandfather thought to himself :
"I may as well let him go ! " So he said to the acorn : " Roll on
behind then ! " But that was a strange rolling, for the acorn leaped
to its feet and frisked along in front of them all.
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116 RUSSIAN FAIRY TALES. And they came into a thick

forest, a forest most drear and dreadful, and in the forest stood a
lonely little hut — oh ! so lonely. There was no fire burning in the
stove, and there stood there a furmenty -pottage for six. The acorn,
who knew what he was about, immediately leaped into the pottage,
the little cord stretched itself out on the threshold, the grandfather
placed the little water-mill on the bench, the drake sat upon the
stove, and the grandfather himself stood in the corner. Suddenly he
heard a crashing and a trembling in the wood, and Verlioka came
along on one leg, in a wooden boot, leaning on his crutch and
smiling from ear to ear. Yerlioka came up to the hut, threw down
some fire -wood on the fioor, and began to light the fire in the stove.
But the acorn who was sitting in the pottage fell a-singing — " Pee,
pee, pee ! To beat Verlioka come we ! " Verlioka flew into a rage and
seized the pot by the handle, but the handle broke, and all the
pottage was scattered over the floor, and the acorn leaped out of the
pot and flipped Verlioka in his one eye so that it was put out entirely.
Verlioka fell a-shrieking, fought about the air with his arms, and
would have made for the door ; but where was the door ? he could
not see it ! Then the little cord wound itself about his legs and he fell
on the threshold, and the little
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VERLIOKA. 117 water-mill on the top of him off the bench.

Then the grandfather rushed out of the corner and pitched into him
with his iron crutch, and the drake on the top of the stove screeched
with all its might : " Tak, tak, tak ! Pitch into him ! pitch into him ! "
Neither liis wrath nor his strength was of any good to Verlioka. The
grandfather beat him to death with his iron crutch, and after that,
destroyed his hut and laid bare the dungeon beneath it, and out of
the dungeon he drew his grandchildren, and dragged all Verlioka's
riches home to his old woman. And so he lived and prospered with
his old woman and his grandchildren, and plucked and ate his peas
in peace and quietness. So there's a skazka1 for you — and I
deserve a cake or two also. 1 Fairy-tale.
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THE FROG-TSAREVNA. IN a certain kingdom, in a certain

Empire, there lived a Tsar with his Tsaritsa, and he had three sons,
all of them young, valiant, and un wedded, the like of whom is not
to be told in tales nor written by pens, and the youngest of them
was called the Tsarevich Ivan. And the Tsar spoke these words to
them : " My clear children, take unto you your darts, gird on your
well-spanned bows, and go hence in different directions, and in
whatsoever courts your arrows fall, there choose ye your brides ! "
The elder brother discharged his arrow and it fell into a boyar's l
court, right in front of the terem2 of the maidens. The second
brother discharged his arrow, and it flew into the court of a
merchant and remained sticking in a beautiful balcony, and on this
balcony was standing a lovely young maiden soul, the merchant's
daughter. The youngest brother discharged his arrow, and the 1
Nobleman. 2 The women's apartments.
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THE FROG-TSAREVNA. 119 arrow fell in a muddy swamp,

and a quacking-frog seized hold of it. The Tsarevich Ivan said to his
father : " How can I ever take this quacker to wife ? A quacker is not
my equal ! "— " Take her ! " replied his father, " 'tis thy fate to have
her ! " So the Tsareviches all got mar ried — the eldest to the
boyar's daughter, the second to the merchant's daughter, and the
youngest to the quacking-frog. And the Tsar called them to him and
said : " Let your wives, to-morrow morning, bake me soft white
bread." The Tsarevich Ivan returned home, and he was not happy,
and his impe tuous head hung down lower than his shoulders. "
Qua, qua ! Ivan the Tsarevich ! wherefore art thou so sad ? " asked
the Frog. " Or hast thou heard unpleasant words from thy* father
the Tsar?" — " Why should I not be sad ? my father and sovereign
lord hath commanded thee to bake soft white bread to-morrow." —
" Do not afflict thyself, 0 Tsarevich ! lie down and rest, the morning
is wiser than the evening." She made the Tsarevich lie down and
rest, cast her frog-skin, and turned into - a maiden soul, Vasilisa
Premudraya,1 went out upon her beautiful balcony, and cried with a
piercing voice : " Nurseys — nurseys ! assemble, set to work and
make me soft white bread such as I myself used to eat at my dear 1
Super-sapient cross-gentian.
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120 RUSSIAN FAIRY TALES. father's ! " In the morning the

Tsarevich Ivan awoke, the frog had got the bread ready long ago,
and it was so splendid that the like of it is neither to be imagined nor
guessed at, but is only to be told of in tales. The loaves were
adorned with various cunning devices, royal cities were modelled on
the sides thereof, with moats and ditches. The Tsar praised the
Tsarevich Ivan greatly because of his bread, and gave this com
mand to his three sons : " Let your wives weave me a carpet in a
single night." The Tsarevich Ivan returned home, and he was sad,
and his impetuous head hung lower than his shoulders. " Qua ! qua !
Tsarevich Ivan ! wherefore art thou so sad '( Or hast thou heard
cruel, unfriendly words from thy father the Tsar ? " — " Have I not
cause to grieve ? My father and sovereign lord commands thee to
weave him a silk carpet in a single night ! " — " Fret not, Tsarevich !
come, lay thee down and sleep, the morning is wiser than the
evening ! " Then she made him lie down to sleep, threw off her frog-
skin, and turned into the lovely maiden soul, Vasilisa Premudraya,
went forth upon her beautiful balcony, and cried with a pierc ing
voice : " Nurseys — nurseys ! assemble, set to work and weave me
a silk carpet such as I was wont to sit upon at mv dear father's ! "
No sooner said than 4. •/ done. In the morning the Tsarevich Ivan
awoke, and the frog had had the carpet ready long ago, and
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THE FROG-TSAREVNA. 121 it was such a wondrous carpet

that the like of it can only be told of in tales, but may neither be
imagined nor guessed at. The carpet was adorned with gold and
silver and with divers bright embroiderings. The Tsar greatly praised
the Tsarevich Ivan for his carpet, and there and then gave the new
command that all three Tsarevich es were to appear before him on
the morrow to be inspected together with their wives. Again the
Tsarevich Ivan returned home and he was not happy, and his impe
tuous head hung lower than his shoulders. " Qua ! qua ! Tsarevich
Ivan ! wherefore art tliou grieved ? Or hast thou heard words unkind
from thy father the Tsar ? " — " Have I not cause to be sad ? My
father and sovereign lord has commanded me to appealbefore him
with thee to-morrow ! How can I show thee to people ? " — " Fret
not, Tsarevich ! Go alone to the Tsar and pay thy visit, and I will
come after thee. The moment you hear a rumbling and a knocking,
say : ' Hither comes my dear little Froggy in her little basket ! ' ' And
behold the elder brothers appeared, to be inspected with their richly-
attired and splendidlyadorned consorts. There they stood and
laughed at the Tsarevich Ivan and said : " Why, brother ! why hast
thou come hither without thy wife ? Why thou mightest have
brought her with thee in a kitchen clout. And where didst thou pick
up such
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122 RUSSIAN FAIRY TALES. a beauty ? I suppose thou

didst search through all the swamps fairly ? " Suddenly there was a
great rumbling and knocking, the whole palace shook. The guests
were all terribly frightened and rushed from their places, and knew
not what to do with them selves, but the Tsarevich Ivan said : " Fear
not, gentlemen ! 'tis only my little Froggy coming in her little basket
! " And then a golden coach drawn by six horses flew up to the steps
of the Tsar's balcony, and out of it stepped Vasilisa Premudraya ;
such a beauty as is only to be told of in tales, but can neither be
imagined nor guessed at. The Tsarevich Ivan took her by the hand
and led her behind the oaken table, behind the embroidered table-
cloth. The guests began to eat and drink and make merry. Yasilisa
Premudraya drank wine, but the dregs of her cup she poured behind
her left sleeve ; she ate also of the roast swan, but the bones
thereof she concealed behind her right sleeve. The wives of the
elder brothers watched these devices, and took care to do the same.
Afterwards when Vasilisa Premudraya began dancing with the
Tsarevich Ivan, she waved her left hand and a lake appeared ; she
waved her right hand and white swans were swimming in the water
; the Tsar and his guests were astonished. And now the elder brides
began dancing. They waved their left hands and all the guests were
squirted with water; they waved their
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THE FROG-TSAREVNA. 123 right hands and the bones flew

right into the Tsar's eyes. The Tsar was wroth, and drove them from
court with dishonour. Now one day the Tsarevich Ivan waited his
oppor tunity, ran off home, found the frog-skin, and threw it into a
great fire. Vasilisa Premudraya duly arrived, missed her frog-skin,
was sore troubled, fell a- weeping, and said to the Tsarevich : " Alas
! Tsarevich Ivan ! what hast thou done ? If thou hadst but waited for
a little, I should have been thine for ever more, but now farewell !
Seek for me beyond lands thrice -nine, in the Empire of Thrice-ten,
at the house of Koshchei Bezsmertny." l Then she turned into a
white swan and Hew out of the window. The Tsarevich Ivan wept
bitterly, turned to all four points of the compass and prayed to God,
and went straight before his eyes. He went on and on, whether it
was near or far, or long or short, matters not, when there met him
an old, old man. " Hail, good youth ! " said he, " what dost thou
seek, and whither art thou going ? " The Tsarevich told him all his
misfortune. " Alas ! Tsarevich Ivan, why didst thou burn that frog-
skin ? Thou didst not make, nor shouldst thou therefore have done
away with it. Vasilisa Premudraya was born wiser and more cunning
than her father ; he was therefore 1 The deathless skeleton.
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124 RUSSIAN FAIRY TALES. angry with her, and bade her
be a frog for three years. Here is a little ball for thee, follow it
whither soever it rolls." Ivan the Tsarevich thanked the old man, and
followed after the ball. He went along the open plain, and there. met
him a bear. " Come now ! " thought the Tsarevich Ivan, <( I will slay
this beast/' But the bear implored him : " Slay me not, Tsarevich
Ivan, I may perchance be of service to thee somehow." He went on
further, and lo ! behind them came waddling a duck. The Tsarevich
bent his bow ; he would have shot the bird, when suddenly she
greeted him with a human voice : " Slay me not, Ivan Tsarevich ! I
also may befriend thee ! " He had compassion on her, and went on
further, and a hare darted across their path. The Tsarevich again laid
an arrow on his bow and took aim, but the hare greeted him with a
human voice : " Slay me not, Tsarevich Ivan ! I also will befriend
thee ! " Ivan the Tsarevich had pity upon him, and went on further
to the blue sea, and behold ! on the beach Jay gasping a pike. " Alas
! Tsarevich Ivan ! " sighed the pike, " have pity on me and cast me
into the sea." And he cast it into the sea, and went on along the
shore. The ball rolled a short way, and it rolled a long way, and at
last it came to a miserable hut ; the hut was standing on hen's legs
and turning round and round. The Tsarevich Ivan said to it : " Little
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THE FROG-TSAREVNA. 125 hut, little hut ! stand the old

way as thy mother placed thee, with thy front to me, and thy back
to the sea ! " And the little hut turned round with its front to him,
and its back to the sea. The Tsarevich entered in, and saw the bony-
legged BabaYao-a lyino- on the stove, on nine bricks, and grinding
«D J O ' O O her teeth. — " Hillo ! good youth, why dost thou visit
me ? " asked the Baba-Yaga. — " Fie, thou old hag ! thou call'st me
a good youth, but thou shouldst first feed and give me to drink, and
prepare me a bath, then only shouldst thou ask me questions." The
Baba-Yaga fed him and gave him to drink, and made ready a bath
for him, and the Tsarevich told her he was seeking his wife, Yasilisa
Premuclraya. " I know," said the Baba-Yaga, " she is now with
Koshchei Bezsmertny. 'Tis hard to get thither, and it is not easy to
settle accounts with Koshchei. His death depends upon the point of
a needle, that needle is in a hare, that hare is in a coffer, that coffer
is on the top of a high oak, and Koshchei guards that tree as the
apple of his eye." The Baba-Yaga then showed him in what place
that oak grew ; the Tsarevich Ivan went thither, but did not know
what to do to get at the coffer. Suddenly, how who can tell, the bear
rushed at the tree and tore it up by the roots, the coffer fell and was
smashed to pieces, the hare leaped out, and with one bound had
taken cover. But look !
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126 RUSSIAN FAIRY TALES. the other hare bounded off in

pursuit, hunted him down and tore him to bits ; out of the hare flew
a duck and rose high, high in the air, but the other duck dashed
after her, and struck her down, whereupon the duck laid an egg, and
the egg fell into the sea. The Tsarevich Ivan, seeing the irreparable
loss of the egg, burst into tears, when suddenly the pike came
swimming ashore holding the egg between its teeth. He took the
egg, broke it, drew out the needle and broke off its little point. Then
he attacked Koshchei, who struggled hard, but wriggle about as he
might he had to die at last. Then the Tsarevich Ivan went into the
house of Koshchei, took out Vasilisa Premudraya, and returned
home. After that they lived together for a long, long time, and were
very, very happy.
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THE TWO SONS OF IVAN THE SOLDIER. THERE once dwelt

in a certain kingdom a peasant. The time came when they enlisted
him as a soldier; he had to quit his wife, and as he bade her good-
bye, he said to her, " Hearken, wife ! live honestly ; flout not good
people ; do not let our little hut fall to pieces, but keep house wisely,
and await my return. If God permit it, I will come back and leave the
service. Here are fifty rubles ! — whether a little son or a little
daughter be born to thee matters not ; keep the money till the child
grows up. If it be a daughter, wed her to the bridegroom whom God
may provide ; but if God give thee a son, and he arrive at years of
discretion, this money will be of no little help to him." Then he took
leave of his wife, and went to the wars whither he was bidden.
Three months passed, and the wife gave birth to twin sons, and she
called them the sons of Ivan the soldier. The youngsters grew up
betimes ; like wheaten dough
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128 RUSSIAN FAIRY TALES. mixed with yeast they shot up

broad and high. When they reached their tenth year their mother
gave them instruction, and they quickly learned their letters, and the
children of the boyara and the children of the merchants could not
hold a candle to them ; no one could read aloud, or write, or answer
questions so well as they. The two sons of Ivan the soldier thus grew
up, and they asked their mother, " Mother, dear ! did not our father
leave us some money ? If there be any, let us have it, and we'll take
it to the fair and buy us a good horse apiece." Their mother gave
them the fifty rubles, twenty-five to each brother, and said to them,
" Hearken, children, as ye go to the town, give a bow to every one
you come across."-—'' Good, dear mother." So the brothers hied
them off to the town, and went to the horse-market. There were
many horses there, but they chose none of them, for they were not
good enough mounts for the good brothers. So one of the brothers
said to the other : " Let us go to the other end of the square ; look
how the people are all running together there. There is something
strange going on." Thither they went and joined the crowd ; and
there stood two mares tied to stout oaken posts with iron clamps ;
one with six clamps, and the other with twelve clamps. The horses
were tugging at their chains, gnawing their bits, and
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THE TWO SONS OF IVAN THE SOLDIER. 129 digging up

the ground with their hoofs. No one was able to go near them. "
What is the price of thy mares ? " asked Ivan, the soldier's son, of
the owner. " Don't thrust thy nose in here, friend ! — such mares are
not for the like of thee. Ask no more about them ! " — " How dost
thou know what I am ? Maybe I'll buy them, but I must first look at
their teeth." The horse-dealer smiled : " Look out for your heads,
that's all ! " One of the brothers then drew near to the mare that
was fastened by six clamps, and the other brother to the mare that
was fastened by twelve. They tried to look at the horses' teeth, but
how was it to be done ? The mares rose on their hind legs and
pawed the air. Then the brothers struck them in the breast with their
knees ; the chains which held the horses burst, and the mares flew
up into the air five fathoms high, and fell down with their legs
uppermost. " Well ! " cried the brothers, " that's not much to boast
of. We would not take such horses at a gift." The crowd cried " Oh !
" and was amazed. "What strong and stalwart heroes are these ? "
The horse-dealer was almost in tears. The mares galloped all over
the town, and made off over the wide steppe ; nobody dared
approach them, and nobody knew how to catch them. The sons of
Ivan the soldier were sorry for the horse-dealer. They went out into
the open steppe, cried with a piercing
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130 RUSSIAN FAIRY TALES. voice and whistled lustily, and

the mares came running back and stood in their proper place as if
they had been nailed there. Then the good youths put the iron
chains upon them again, and tied them to the oaken posts, and
bound them, tightly. This they did, and then they went homewards.
As they were going along there met them an old graybeard. They
forgot what their mother had told them, and passed him by without
greeting him. Suddenly one of them recollected himself and cried : "
Oh, brother ! what have we done ? We never gave that old man a
bow ; let us run after him and bow to him ! " They ran after the old
man, took off their little caps, bowed to the very girdle, and said, "
Forgive us, dear little father, for passing tliee by without a greeting.
Our mother straitly charged us to pay honour to every one we met
in the way." — " Thanks, good youths! whither is God leading you'?3'
— " We have been to the town fair ; we wanted to buy us a good
horse apiece, but there are none there which please us." — " Why,
how's that ? Suppose no\v that I were to give you a little nag apiece
? " — " Ah ! little father, we would then always pray to God for thee !
"• tl Well, come with me." — The old man led them to a huge
mountain, opened two cast-iron doors, and brought out t\vo horses
of heroic breed. " Here, take your horses and depart in God's name,
good
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THE TWO SONS OF IVAN THE SOLDIER. 131 youths, and

may ye prosper with them ! " They thanked him, mounted and
galloped home ; reached the courtyard, bound their horses to a
post, and entered the hut. Their mother then began, and asked
them: "Well, my dear children, have you bought yourselves a little
nag apiece?" — "We have not bought them with money, but got
them as a gift." • — "Where have you left them?" — "We put them
beside the hut/' — " Alas ! my children, look if any one has taken
them away." — " Nay, dear mother, such horses are not taken away.
No one could lead them, and there's no getting near them ! " The
mother went out, looked at the horses, and burst into tears. " Well,
my dear sons, ye are surely never those whom I have nourished."
The next day the sons begged their mother to let them go into the
town to buy them a sword apiece. " Go, my children ! " Then they
got them ready, went to the smith's, entered the master's house,
and said : "Make us a couple of swords !" — "Why should I make
them when they are ready made ? Take whichever you like best." —
"No, friend, we want swords which weigh ten puds l each/' — " What
are you thinking of? Who would be able to wield a machine like that
? You'll find such swords nowhere." So there was nothing for the
good youths to do but 1 Four hundred pounds.
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132 RUSSIAN FAIRY TALES. return homewards with

hanging heads. As they were on their way the same old man met
them again. "Hail, young men!" — "Hail, dear little father ! " — "
Whence do you come ? " — " From town, from the smith's. We
wanted to bay two Damascus blades, and there were none that
suited our hands." — " How stupid ! Suppose now I were to give you
a sword apiece ? " — " Ah, dear little father, in that case we would
pray to God for thee for evermore." The old man led them to the
huge mountain, opened the cast-iron door, and drew out two heroic
swords. The brothers took them, thanked the old man, and their
hearts were merry and joyful. They came home, arid their mother
asked them : " Well, my children, have you bought yourselves a
sword apiece ? " — " We have not bought them for money, but got
them as a gift." — " And what have you done with them ? " — " We
have placed them beside the hut." — " Take care lest some one take
them away." — " Nay, dear mother, nobody will take them away, for
it is impossible to even carry them." The mother went out into the
courtyard and looked ; the two heavy, heroic swords were leaning
against the wall, the hut was scarce able to bear the weight of them.
The old woman burst into tears and said : " Well, my dear sons, ye
are surely never those whom I have nourished."
The text on this page is estimated to be only 27.57%
accurate

THE TWO SONS OF IVAN THE SOLDIER. 133 The next

morning the sons of Ivan the soldier sad dled their good horses,
took their heroic blades, went into the hut, prayed to God, and took
leave of the mother who bore them. " Bless us, dear little mother, for
a long journey is before us." — " My irremovable, motherly blessing
be upon you. Go, in God's name. Show yourselves, and see the
world. Offend none without cause, and follow not evil ways." — " Be
not afraid, dear mother ; our motto is, ' When I eat I don't whistle,
and when I bite I don't let go." Then the good youths mounted their
horses and rode off. Whither they went, near or far, long or short,
the tale is soon told, but the deed is not soon done ; anyhow, they
came to a cross- way where stood two pillars. On one pillar was
written, " Who goes to the right will become a Tsar," and on the
other pillar was written, " Who goes to the left will become a
corpse." The brothers stood still, read the inscriptions, and fell a-
thinking. " Whichever way shall we go ? If we both go to the right,
there will not be honour and glory enough for the heroic strength
and youthful prowess of us both ; but nobody wants to go to the left
and die." And one brother said to the other : " Look now, dear
brother, I am stronger than thou ; let me go a little on the left to see
how death can get hold of me. But thou go to the right, and
perchance God will
The text on this page is estimated to be only 28.40%
accurate

134 RUSSIAN FAIRY TALES. make thee a Tsar." Then they

took leave of each other, and each gave to the other a little piece of
cloth, and they made this compact — each was to go his own way
and place posts along the road, and write on these posts everything
concerning himself as a mark and guide ; every morning each of
them was to wipe his face with his brother's cloth, and if blood
appeared on the cloth it would mean that death had befallen his
brother, and in such a calamity he was to hasten back to seek his
dead. So the good youths parted in different directions. He who
turned his horse to the right came to a splendid kingdom. In this
kingdom dwelt a Tsar and his Tsaritsa, and they had a daughter
called the thricebeautiful Tsarevna Nastasia. The Tsar beheld the son
of the soldier Ivan, loved him for his knightly valour, and without
beating about the bush, gave him his daughter as a consort, called
him the Tsarevich Ivan, and bade him rule over the whole kingdom.
The Tsarevich Ivan lived right merrily, loved his wife dearly, gave
good laws to his kingdom, and diverted himself with the pleasures of
the chase. But his brother, Ivan the soldier's son, who had taken the
road to the left, went on day and night without rest. A month, and a
second month, and a third passed by, and he found himself in an un
known empire, in the midst of the capital. In this
The text on this page is estimated to be only 27.34%
accurate

THE TWO SONS OF IVAN THE SOLDIER. 135 empire there

was great mourning, the houses were covered with black cloth, and
the people crept about as if they wrere dreaming. He hired him a
lodging J O O O at a poor old woman's, and began to ask her, " Tell
me, old mother, why are all the people in this empire of thine so full
of woe, and all the houses covered with black cloth ? " — " Alas,
good youth ! a great grief weighs upon us ; every day there comes
out of the blue sea, from beyond the gray rock, a twelve-headed
serpent and eats up a man every time, and now it has come to the
turn of the Tsar's own house. He has three most lovely Tsarevnas ;
at this very time they are escorting the youngest of them to the sea
shore to be devoured by the monster." Ivan the soldier's son
mounted his horse and rode off to the blue sea, to the gray rock ; on
the shore stood the thrice- lovely Tsarevna, tied to an iron chain.
She saw the hero and said to him, " Depart hence, good youth. The
twelve-headed serpent will soon be here ; I shall perish, nor wilt
thou escape death ; the cruel serpent will devour thee also." "Fear
not, lovely maiden. Perhaps it may be overcome." And Ivan the
soldier's son went up to her, burst the chain with his heroic hand,
and broke it into little bits as if it were rotten rope ; then he lit a
large fire all round the rock and nourished it with the trunks of
uprooted oaks and pines, piled them up into a huge pyre, and
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