Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 9 pdf

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 10 doc

... σ2P = (WF)2 ( F)2 + (WG)2 ( G)2 + (2 )(WF)(WG )( F )( G)[Correlation(RF, RG)] = (0 .30)2 (0 . 09) 2 + (0 .70)2 (0 .25)2 + (2 )(0 .30 )(0 .70 )(0 . 09 )(0 .25 )(0 .2) = 0.033244 ... σ2P = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (0 .40)2 (0 .10)2 + (0 .60)2 (0 .20)2 + (2 )(0 .40 )(0 .60 )(0 .10 )(0 .20 )(0 .5) ... σ2P = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (0 .40)2 (0 .10)2 + (0 .60)2 (0 .20)2 + (2 )(0 .40 )(0 .60 )(0 .10 )(0 .20 )(- 0.5)...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 12 ppt

... 0.20) (0 .10) + (0 .16 – 0.18) (0 .18 – 0.20) (0 .06) + (0 .16 – 0.18) (0 .22 – 0.20) (0 .04) + (0 .18 – 0.18) (0 .18 – 0.20) (0 .12) + (0 .18 – 0.18) (0 .20 – 0.20) (0 .36) + (0 .18 – 0.18) (0 .22 – 0.20) (0 .12) ... Cov (RS, RM) = Σ [(RS - RS) × (RM - RM) × Prob] = (0 .03 – 0.137) (0 .05 – 0.135) (0 .1) + (0 .08 – 0.137) (0 .1 – 0.135) (0 .3) + (0 .2 – 0.137) (0 .15 – 0.135) (0 .4) + (0 .15 – 0.137) (0 .2 ... 0.135) (0 .1) + (0 .08 – 0. 092 ) (0 .1 – 0.135) (0 .3) + (0 .1 – 0. 092 ) (0 .15 – 0.135) (0 .4) + (0 .1 – 0. 092 ) (0 .2 – 0.135) (0 .2) = 0.00038 Calculate the market variance. σ2M = Σ[(RM...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 7 doc

... PV(C0) = -$120,000 PV(C1) = $25,6 29 / (1 . 197 ) = $21,411 PV(C2) = $26,355 / (1 . 197 )2 = $18, 394 PV(C3) = $27, 098 / (1 . 197 )3 = $15,800 PV(C4) = $27,8 59 / (1 . 197 )4 = $13,570 ... $13,570 PV(C5) = $28,638 / (1 . 197 )5 = $11,654 PV(C6) = $ 29, 432 / (1 . 197 )6 = $10,006 PV(C7) = $30,242 / (1 . 197 )7 = $8,5 89 NPV = PV(C0) + PV(C1) + PV(C2) + PV(C3) + PV(C4) ... 4,745 5,1 29 5,521 5 ,92 1 6,331 6,7486. Net income [4-5] - 8,486 9, 212 9, 955 10,716 11, 495 12,2 89 13, 099 7. Cash flow from operation [1-2-5] - 25,6 29 26,355 27, 098 27,8 59 28,638 29, 432 30,2428....

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 9 pdf

... percent, or (1 .1) (0 .9) × P0. Today, each of the stocks is worth 99 % of its original value. 2 years ago 1 year ago Today General Materials P0 (1 .1) P0 (1 .1) (0 .9) P0= (0 .99 ) P0Standard ... Five-year holding-period return = (1 +R1) × (1 +R2) × (1 +R3) × (1 +R4) × (1 +R5) – 1 = (1 + -0.0 491 ) × (1 + 0.2141) × (1 + 0.2251) × (1 + 0.0627) × (1 + 0.3216) – 1 ... Materials P0 (1 .1) P0 (1 .1) (0 .9) P0= (0 .99 ) P0Standard Fixtures P0 (0 .9) P0 (0 .9) (1 .1) P0= (0 .99 ) P0 9. 8 Apply the five-year holding-period return formula to calculate the total...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 5 (V1) pptx

... McGraw-Hill. All rights reserved. = ($ 5 .99 ) / (1 .14) + ($ 6.64) / (1 .14)2 + ($ 7.17) / (1 .14)3 + ($ 7.53) / (1 .14)4 + [($ 7 .91 ) / (0 .14 – 0.05)] / (1 .14)4 = $71.70 A share of Webster ... Div1 / (1 +r) + Div2 / (1 +r)2 + Div3 / (1 +r)3 + [Div4 / (r – g)] / (1 +r)3 = $1.36 / (1 .12) + $1.60 / (1 .12)2 + $1.84 / (1 .12)3 + [$1 .95 / (0 .12 – 0.06)] / (1 .12)3 = $26 .93 The ... Div1 / (1 +r) + Div2 / (1 +r)2 + Div3 / (1 +r)3 + [Div4 / (r – g)] / (1 +r)3= $2.16 / (1 .12) + $2.33 / (1 .12)2 + $2.52 / (1 .12)3 + [$2.62 / (0 .12 – 0.04)] / (1 .12)3 = $28. 89 ...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 6 pptx

... / (1 .12) + $130,000 / (1 .12)2] / ($ 200,000) = 1. 099 The profitability index for project B is 1. 099 . PI(C) = [C1 / (1 +r) + C2 / (1 +r)2] / (Initial Investment) = [$75,000 / (1 .12) ... project. NPV(Project A) = -$5,000 + $3,500 / (1 .15) + $3,500 / (1 .15)2 = $6 89. 98 The NPV of project A is $6 89. 98. NPV(Project B) = -$100,000 + $65,000 / (1 .15) + $65,000 / (1 .15)2 = ... NPV(B) = -$200,000 + $130,000 / (1 .12) + $130,000 / (1 .12)2 = $ 19, 706.63 The NPV of project B is $ 19, 706.63. NPV(C) = -$100,000 + $75,000 / (1 .12) + $60,000 / (1 .12)2 = $14, 795 .92 ...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 4 pdf

... $650,000 / [(1 . 09) (1 .044)] = $571, 197 .58 PV(C3) = $800,000 / [(1 . 09) 2 (1 .044)] = $644 ,96 5.51 PV(C4) = $1,000,000 / [(1 . 09) 3 (1 .044)] = $7 39, 6 39. 35 PV(C5) = $1,000,000 / [(1 . 09) 4 (1 .044)] ... reserved. PV(Deferred Payments 2) = $125,000 A100. 09 / [(1 .044) (1 . 09) 22] = $115, 399 .28 NPV(Contract) = PV(C1) + PV(C2) + PV(C3) + PV(C4) + PV(C5) + PV(C6) + PV(Deferred ... percent. PV(Maintenance) = -$10,000 - $10,000 / (1 . 09) - $10,000 / (1 . 09) 2 - $10,000 / (1 . 09) 3 – $10,000 / (1 . 09) 4 = -$42, 397 .20 NPV = PV(Investment) + PV(Cash Flows) + PV(Maintenance)...

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Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 5 pptx

... price of the bond. P = C1 / (1 +y) + (C2+F) / (1 +y)2 $91 4.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y)2 y = .1 097 = 10 .97 % The yield to maturity is 10 .97 %. 5A.2 The present value ... spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $50 / (1 .10) + ($ 50 + $1,000) / (1 .08)2 = $45.45 + $90 0.21 = $94 5.66 The price of the bond is $94 5.66. 5A.3 Apply the ... over the second year. (1 +r1) × (1 +f2) = (1 +r2)2 (1 .05) × (1 +f2) = (1 .07)2 f2 = . 090 4 = 9. 04% The one-year forward rate over the second year is 9. 04%. b. Apply the forward...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 15 pdf

... buyout will be: rwacc = {B / (B+S)} rB + {S / (B+S)}rBS = ( $300,000 / $5,800,000 )(0 .10) + ($ 5,500,000 / $5,800,000 )(0 .1527) = (3 /58 )(0 .10) + (5 5/58 )(0 .1527) = 0.15 Therefore, ... restructuring will be: rwacc = {B / (B+S)} rB + {S / (B+S)}rBS = ( $400,000 / $2,000,000 )(0 .10) + ($ 1,600,000 / $2,000,000 )(0 .20) = (1 /5 )(0 .10) + (4 /5 )(0 .20) = 0.18 Consistent with ... problem: r0 = 0. 09 (see part a) rB = 0.06 B T= 0.40 S = $8,800,000 he ring is: /S)(r0 – rB )(1 – TC) + ($ 2,000,000 / $8,800,000 )(0 . 09 – 0.06 )(1 – 0.40) = 0 .94 1 Therefore,...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 16 ppt

... VA = [(EBIT )(1 – TC)] / rS = [($ 1,000,000 )(1 – 0.35)] / 0.11 = $5 ,90 9, 091 The value of Firm A is $5 .91 million. 16.18 a. According to the Miller Model, in equilibrium: rB (1 – ... there to be equilibrium: rB (1 – TBC) = rS rB (1 – 0.35) = 0.11 B rB = 0.11 / (1 – 0.35) B = 0.1 692 The equilibrium interest rate is 16 .92 %. b. In order to determine ... rate for investors in Group L is 4. 29% {= 0.0857 * (1 - 0.50)}. Since the after-personal tax interest rate (4 . 29% ) is less than the required return on equity (6 %), Group L will buy equity. Group...

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