Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 4 doc
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 4 doc
... flow 5. 84 6 .40 7 .41 8. 74 9.39Depreciation 1 .45 1.60 1.75 1.97 2.22Pretax profits 4. 38 4. 80 5.66 6.77 7.17Tax 1.53 1.68 1.98 2.37 2.51Aftertax profits 2.85 3.12 3.68 4. 40 4. 66TABLE 4. 8Summary ... 10.7%TABLE 4. 2DCF cost -of- equity estimates for electric utilities in 2001.Source: The Brattle Group, Inc. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value 4. The Value of ... IValueYear1 2 345 678910Asset value 10.00 12.00 14. 40 17.28 20. 74 23 .43 26 .47 28.05 29.73 31.51Earnings 1.20 1 .44 1.73 2.07 2 .49 2.81 3.18 3.36 3.57 3.78Investment 2.00 2 .40 2.88 3 .46 2.69 3. 04 1.59...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 3 doc
... five-year annuity factor2ϩ PV1bond2ϭ PV1coupon payments2ϩ PV1final payment2PV ϭ701. 048 ϩ7011. 048 22ϩ7011. 048 23ϩ7011. 048 2 4 ϩ107011. 048 25ϭ 1,095.78 Brealey−Meyers: Principles of ... $18 ,40 0—not a substantial decrease from the $23,800 calcu-lated in Chapter 2. Since the net present value is positive, you should still go ahead. 4 Brealey−Meyers: Principles of Corporate Finance, ... is $ 24. 49, what is the three-year annuityfactor?e. From your answers to (c) and (d), calculate the three-year discount factor.Visit us at www.mhhe.com/bm7e Brealey−Meyers: Principles of Corporate...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 5 docx
... 57 57 57 57 57 57 4. Net income 28 28 28 28 28 28 285. Start -of- year book value† 40 0 343 286 229 171 1 14 576. Book rate of return (4 Ϭ 5) 7% 8.2% 9.8% 12.2% 16 .4% 24. 6% 49 .1%TABLE 5.2Income ... depreciationover five years is 40 0/5 =80, or $80,000 per year.†Capital investment is $40 0,000 in year 0.Year12 345 671. Revenue 140 140 140 140 140 140 140 2. Operating costs 55 55 55 55 ... satisfactory way of defining the true rate of re-turn of a long-lived asset. The best available concept is the so-called discounted-cash-flow (DCF) rate of return or internal rate of return (IRR)....
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 11 docx
... value is 40 percent of the difference between salvage value and depreciated investment. 4. The cost of capital is 20 percent. a. What is the value of a one-year-old plant? Of a two-year-old plant? ... effect of Marvin’s announcement on the value of its commonstock. Marvin has 24 million units of second-generation capacity. In the absence of anyTotal NPV ϭ NPV of new plant ϩ change in PV of existing ... Journal of Finance 52 (July 1997), pp. 923–973; and A. J. Neu-berger, “Hedging Long-Term Exposures with Multiple Short-Term Contracts,” Review of Financial Stud-ies 12 (1999), pp. 42 9 45 9.11.2...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 12 doc
... AND EVA 14 In practice, investment would be measured as the average of beginning- and end -of- year assets. See Chapter 29. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition III. ... follows:Year after Opening 12 345 Profit 0 40 80 120 170 Depreciation 40 40 40 40 40 Profit afterdepreciation 40 0 40 80 130 Book value at start of year 200 160 120 80 40 Return on investment ... The Accountant’s Rate of Profit and the Internal Rate of Return,”Oxford Economic Papers 28 (1976), pp. 44 7 46 0. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition III. Practical...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 15 docx
... Use of ProceedsThe net proceeds of this offering are expected to be $36, 744 ,44 5. Of the net proceeds,approximately $27.0 million will be used to finance expansion of the Company’s prin-cipal ... with the Pricing of Ini-tial Public Offerings,” Journal of Applied Corporate Finance, 7:66– 74 (Spring 19 94) .T. Loughran and J. R. Ritter: “The New Issues Puzzle,” Journal of Finance, 50:23–51 ... Examination of Voluntary versus Involuntary Issuances byCommercial Banks,” Journal of Financial Economics 35 (19 94) , pp. 99–122. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition IV....
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 18 docx
... 1963),pp. 43 3 44 3. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition V. Dividend Policy and Capital Structure18. How Much Should A Firm Borrow© The McGraw−Hill Companies, 2003 CHAPTER ... what causes them.Value of firmϭvalue ifall-equity-financedϩ PV1tax shield2ϪPV 1costs of financial 1distress2 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition V. Dividend Policy ... stream of cash flows of $28 per year. The risk of theseflows is likely to be less than the risk of the operating assets of L. The tax shields Brealey−Meyers: Principles of Corporate Finance,...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 20 docx
... relationship isValue of callϩ present value of exercise price ϭ value of putϩ share price Ϫ present value of dividend. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI. Options ... Corp. 3 40 50 7 18 640 5051765050810TABLE 20 .4 Prices of options oncommon stocks (indollars). See PracticeQuestion 20. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI. ... use an up-to-daterisk-free interest rate. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI. Options 20. Understanding Options© The McGraw−Hill Companies, 2003 CHAPTER 20...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 21 docx
... changes–33 0 +50275023–77 – 74 –71 –68 – 64 –59 –55 49 43 –36 –29 –20 –11 4 12 25 40 57 76 97 120 147 176 209 246 287 3 34 0–20–11 4 2512 40 57 76 97 120 147 16281210 14 46Probability %Percent ... 13.7523Probability of rise ϫ 04 ϩ 311 Ϫ probability of rise2 ϫ 13.7 54 ϭ Ϫ 1 .42 86 ϫ 552 ϩ 30.81 ϭ $7. 24 Value of put ϭϪ .42 86 shares ϩ $30.81 bank loan Brealey−Meyers: Principles of Corporate Finance, ... 70.1 4. 0 1993 5.0 38.7 3.219 84 11.0 4. 8 5.1 19 94 5.7 Ϫ6.8 4. 11985 15.3 46 .5 4. 6 1995 7.6 17.3 3.91986 15 .4 47.7 3.9 1996 7.0 10 .4 3.61987 12.8 1.6 4. 8 1997 5.3 10.3 3.61988 12.1 16.8 5 .4 1998...
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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 23 doc
... value ϭ 865 ϫ 12 Ϫ .620 ϫ 110/1.1 4 2ϭ $6.15N1d22ϭ .620N1d12ϭ .865d2ϭ 1.1 04 Ϫ .40 ϫ 24 ϭ .304d1ϭ log 312/110/1.1 4 24/ 1 .40 ϫ 242 ϩ .40 ϫ 24/ 2 ϭ 1.1 04 N1d12ϭ cumulative normal probability ... the Design of ConvertibleDebt,” Journal of Applied Corporate Finance, 11 :45 –53 (Spring 1998).Visit us at www.mhhe.com/bm7e Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI. ... a coupon of 5 percent, matured in 10 years,and offered a yield of 12 percent (the risk-free interest rate was 6 percent). Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI....
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