Finance management cengage 2013 chapter 05

Finance management cengage 2013 chapter 05

Finance management cengage 2013 chapter 05
... Compound Each Cash Flow 5% 100 100 100 110.25 121.55 331.80 FV3 = $100(1 .05) 4 + $100(1 .05) 2 + $100 FV3 = $331.80 5-35 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... PV +  M   M×N 2×3  0.10  FV3S = $100 +    FV3S = $100(1 .05) 6 = $134.01 FV3Q = $100(1.025)12 = $134.49 5-32 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or ... Annually: FV3 = $100(1.10)3 = $133.10 0 1 133.10 5% 100 134.01 Semiannually: FV6 = $100(1 .05) 6 = $134.01 5-26 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or...
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Finance management cengage 2013 chapter 01

Finance management cengage 2013 chapter 01
... Finance Within the Organization 1-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... ever-improving information technology have had a profound effect on all aspects of business finance 1-9 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted ... Difficult to raise capital – Unlimited liability – Limited life Often set up through LLCs/LLPs 1-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 02

Finance management cengage 2013 chapter 02
... online sources (Yahoo !Finance, CNNMoney, or MSN MoneyCentral) Stock Quote for GlaxoSmithKline, July 11, 2011 Source: GlaxoSmithKline (GSK), finance. yahoo.com 2-13 © 2013 Cengage Learning All Rights ... institutions who need to raise funds to finance their investment opportunities These groups are willing to pay a rate of return on the capital they borrow 2-2 © 2013 Cengage Learning All Rights Reserved ... organizations wanting to borrow funds are brought together with those having a surplus of funds 2-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 03

Finance management cengage 2013 chapter 03
... 32,592 492,592 2,866,592 2011 145,600 200,000 136,000 481,600 323,432 460,000 203, 768 663,768 1,468,800 3-5 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, ... Stockholders’ Shares Amount Earnings Equity 100,000 $460,000 $ 203, 768 $663,768 (160,176) (11,000) 100,000 $460,000 $ 32,592 (171,176) $492,592 3-8 © 2013 Cengage Learning All Rights Reserved May not be scanned, ... Expansion’s Effect on Operations 2012 2011 $6 ,034 ,000 $3,432,000 AT oper inc -78,569 114,257 NOWC 913,042 842,400 Net income -160,176 87,960 Sales 3-14 © 2013 Cengage Learning All Rights Reserved May...
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Finance management cengage 2013 chapter 04

Finance management cengage 2013 chapter 04
... FA Total Assets 2013E 85,632 878,000 1,716,480 2,680,112 1,197,160 380,120 817 ,040 3,497,152 2012 7,282 632,160 1,287,360 1,926,802 1,202,950 263,160 939,790 2,866,592 4-2 © 2013 Cengage Learning ... Total L & E 2013E 436,800 300,000 408,000 1,144,800 400,000 1,721,176 231,176 1,952,352 3,497,152 2012 524,160 636,808 489,600 1,650,568 723,432 460,000 32,592 492,592 2,866,592 4-3 © 2013 Cengage ... income 2013E 7,035,600 5,875,992 550,000 609,608 116,960 492,648 70,008 422,640 169,056 253,584 2012 6,034,000 5,528,000 519,988 (13,988) 116,960 (130,948) 136,012 (266,960) (106,784) 4-4 © 2013 Cengage...
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Finance management cengage 2013 chapter 06

Finance management cengage 2013 chapter 06
... 6.5% (1 .065 )5 = (1 .062 )2 (1 + X)3 1.37009/1.12784 = (1 + X)3 6.7005% = X • The pure expectations theory says that three-year securities will yield 6.7005%, two years from now 6-20 © 2013 Cengage ... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part One-Year Forward Rate 6.0% x% 6.2% (1 .062 )2 ... inflation premium DRP = default risk premium LP = liquidity premium MRP = maturity risk premium 6-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 07

Finance management cengage 2013 chapter 07
... instances where the business is worth more “alive than dead.” – Chapter 11, Reorganization – Chapter 7, Liquidation 7-41 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... problems 7-40 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Bankruptcy • Two main chapters of ... effective yield to call can be calculated – YTC = (1.03568) – = 7.26% – Excel: =EFFECT( .071 37,2) EFF = 7.26% 7-33 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated,...
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Finance management cengage 2013 chapter 08

Finance management cengage 2013 chapter 08
... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Partial Correlation, ρ = +0.35 8-27 © 2013 ... be shown graphically Firm X Firm Y -70 15 100 Rate of Return (%) Expected Rate of Return 8-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... Bonds, Bills, and Inflation: 2011 Classic Yearbook (Chicago: Morningstar, Inc., 2011), p 32 8-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 09

Finance management cengage 2013 chapter 09
... Ownership implies control Stockholders elect directors Directors elect management Management’s goal: Maximize the stock price 9-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... Their PVs D0 = $2 and g is a constant 6% g = 6% 1.8761 1.7599 2.12 2.247 2.382 rs = 13% 1.6 509 9-11 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted ... “Perceived” Risk Stock’s Market Price Market Equilibrium: Intrinsic Value = Stock Price 9-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 010

Finance management cengage 2013 chapter 010
... © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part Divisional Cost of Capital 9-30 © 2013 Cengage ... refer to the firm’s capital structure weights •The r’s refer to the cost of each component 10-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... costs of capital in WACC Only rd needs adjustment, because interest is tax deductible 10-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 011

Finance management cengage 2013 chapter 011
... (1 + MIRRL)3 MIRRL = 16.5% TV inflows Excel: =MIRR(CF0:CFn ,Finance_ rate,Reinvest_rate) We assume that both rates = WACC 11-22 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, ... the appropriate cost of capital Find NPV and/or IRR Accept if NPV > and/or IRR > WACC 11-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... projects: if the cash flows of one can be adversely impacted by the acceptance of the other 11-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 012

Finance management cengage 2013 chapter 012
... on operations – New sales: 100,000 units/year @ $2/unit – Variable cost: 60% of sales 12-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... life: years – Depreciable life: MACRS 3-year class – Salvage value: $25,000 WACC: 10% 12-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... return of NOWC Initial Costs OCF1 OCF2 OCF3 FCF0 FCF1 FCF2 FCF3 OCF4 + Terminal CFs FCF4 12-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 013

Finance management cengage 2013 chapter 013
... from managers’ responses to changing circumstances that can influence a project’s outcome 13-2 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... Growth/expansion options Abandonment/shutdown options Investment timing options Flexibility options 13-3 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to ... information about market conditions and the impact on the project’s expected cash flows 13-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 014

Finance management cengage 2013 chapter 014
... debt-financed assets, so leverage will depress income • As debt increases, TIE decreases because EBIT is unaffected by debt, but interest expense increases (Int Exp = rdD) 14-15 © 2013 Cengage ... personal tax rate? Increase in bankruptcy costs? Management spending lots of money on lavish perks? Financial flexibility? Firm’s growth rate? 14-38 © 2013 Cengage Learning All Rights Reserved May not ... fixed, hence not decline when demand falls, then the firm has high operating leverage 14-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Finance management cengage 2013 chapter 015

Finance management cengage 2013 chapter 015
... generally occur when management is confident, so are interpreted as positive signals • On average, stocks tend to outperform the market in the year following a split 15-21 © 2013 Cengage Learning ... Stockholders may take as a positive signal; management thinks stock is undervalued Helps avoid setting a high dividend that cannot be maintained 15-23 © 2013 Cengage Learning All Rights Reserved May ... would value high-payout firms more highly, i.e., a high payout would result in a high P 15-4 © 2013 Cengage Learning All Rights Reserved May not be scanned, copied, or duplicated, or posted to...
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Từ khóa: trắc nghiệm hàm số, logarit có đáp ánôn thi tiếng anh 12Đề thi tiếng nhật JTEST AD 96Đề thi tiếng nhật JTEST AD 91Phương pháp đo độ phẳngGiáo án dạy bồi dưỡng ngữ văn 7Chính sách công nghệ xử lý xung đột môi trường giữa bệnh viện và cộng đồng dân cư sống xung quanh (Nghiên cứu trường hợp Bệnh viện Bạch Mai)giáo án bồi dưỡng học sinh giỏi sinh học 11Giáo án bồi dưỡng HSG vật lý 7Chủ đề cuộc sống hưởng lạc trong sáng tác của Nguyễn Tuân trước Cách mạng tháng Tám năm 1945Đặc điểm thể chân dung văn học của Hồ Anh TháiHỗ trợ hoàn thiện chương trình giáo dục giới tính nhằm khắc phục tình trạng quan hệ tình dục trước hôn nhân trong học sinh Trung học phổ thông hiện nayHoàn thiện pháp luật về bồi thường, hỗ trợ tái định cư khi nhà nước thu hồi đấtHoàn thiện pháp luật về quản lý quỹ đất phục vụ phát triển kinh tế - xã hộiHợp tác phát triển du lịch bền vững tiểu vùng sông Mekong giai đoạn 1990-2020.Mạch lạc trong văn bản hợp đồng kinh tế So sánh đối chiếu tiếng Anh với tiếng Việt.Nâng cao hiệu quả công tác phục vụ người dùng tin tại Thư viện Trường Đại học Hải DươngNghiên cứu về giải pháp tích hợp MANET với Internet sử dụng giao thức MOBILE IPNgôn ngữ văn học Việt Nam nửa đầu thế kỷ XX Ngôn ngữ văn xuôi mới qua một số tác phẩm văn học chữ quốc ngữPhát triển đội ngũ cán bộ quản lí trường trung học cơ sở huyện Duy Tiên, tỉnh Hà Nam đáp ứng yêu cầu đổi mới giáo dục
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