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o In the fifth line from the bottom of p. 358, insert notin the parenthetical statement: (so

long as inflation did notexceed 2 percent).

o In the first line below Exhibit 9 (p. 373), change developing to developedeconomies.

o On p. 388, in the eighth line from the bottom of the page, make the following edit:

act as automatic stabilizers that would reduce the growing budget surplus increasing

budget surplus or reducing budget deficit.

Volume 3

Reading 23: In Exhibit 2 (p. 45), Minority Interest should be listed in the Owners Equitysection instead of the Liabilities section.

Reading 25: In the Solution to 20 (p. 209), the number of options exercises should be10,000(instead of 100,000).

Reading 29: In the question stem of Practice Problem #19 (p. 419), insert purchasedbefore finished goods.

Reading 32: In the last line of the second paragraph of Solution to 2 (p. 519), the premium at

issuance should be 44,518(instead of 44,158). In the calculation of Ericssons Debt-to-

capital for 2008 (p. 553), change 21,320 to 24,939 in the denominator.

Volume 4

Reading 40: In Solution 7 (p. 188) the second line of the calculation for commercial papercost should show multiplication by 12instead of 1/12.

Reading 44: In the paragraph below Exhibit 9 (p. 377), change which indicates that Y Zhas done a better job of generating excess return

Volume 5

Reading 49: Candidates should disregard footnote#11 on page 161.

Reading 54: In Example 5, part B (p. 412), the calculation of the Flat price should show

99.988918. Reading 55: There are a number of edits to this reading:

o In the second line on p. 473, delete above: if a bond is sold at a price abovebelowits constant-yield

o In Equation 1 (p. 478), the denominator of the first term should show (1 + r)instead of

1r(plus instead of minus).

o In the Solution to Example 14 (p. 505), change approximate modified convexity to

approximate convexity (i.e., delete modified) in two places in the solution text.

Reading 56: In the seventh line of text below Exhibit 4 (p. 540), bonds rated BB+or lower

(instead of BB) by S&P and Fitch have speculative credit characteristics. At the top of p.

572, the calculation of Return impact should equal 0.048825 or 4.8825 percent.