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

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

... = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (5 /12)2 (0 .0588)2 + (7 /12)2 (0 )2 + (2 )(5 /12 )(7 /12 )(0 .0588 )(0 )(0 ) = 0.00 060 0 ... σ2P = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (1 /2)2 (0 )2 + (1 /2)2 (0 .105)2 + (2 )(1 /2 )(1 /2 )(0 )(0 .105 )(0 ) = 0.0027 56 ... σ2P = (W1)2 ( 1)2 + (W2)2 ( 2)2 + (2 )(W1)(W2 )( 1 )( 2) [Correlation(R1, R2)] = (1 /2)2 (0 .0403)2 + (1 /2)2 (0 .0403)2 + (2 )(1 /2 )(1 /2 )(0 .0403 )(0 .0403 )(0 .3848)...

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

... [(RL - RL) (RJ - RJ)]. Cov (RL, RJ) = Σ [(RL - RL) × (RJ - RJ) × Prob (RL, RJ)] = (0 . 16 – 0.18) (0 . 16 – 0.20) (0 .10) + (0 . 16 – 0.18) (0 .18 – 0.20) (0 . 06) + (0 . 16 ... (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) + (0 .20 – 0.18) (0 .18 – 0.20) (0 .02) + (0 .20 ... Prob(RB)] = (0 .08) (0 .1) + (0 .08) (0 .3) + (0 .1) (0 .4) + (0 .1) (0 .2) = 0.092 Calculate the expected return on the market. RM = Σ[RM × Prob(RM)] = (0 .05) (0 .1) + (0 .1) (0 .3)...

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

... PV(C0) = -$2,100,000 PV(C1) = $725,000 / (1 . 165 5) = $62 2,051 PV(C2) = $725,000 / (1 . 165 5)2 = $533,720 PV(C3) = $725,000 / (1 . 165 5)3 = $457,932 PV(C4) = $1, 062 ,500 / (1 . 165 5)4 ... PV(C4) = $27,859 / (1 .197)4 = $13,570 PV(C5) = $28 ,63 8 / (1 .197)5 = $11 ,65 4 PV(C 6 ) = $29,432 / (1 .197) 6 = $10,0 06 PV(C7) = $30,242 / (1 .197)7 = $8,589 NPV = PV(C0) + PV(C1) ... PV(C1) = $4,100 / (1 .12) = $3 ,66 1 PV(C2) = $4,100 / (1 .12)2 = $3, 268 PV(C3) = $4,250 / (1 .12)3 = $3,025 PV(C4) = $4,350 / (1 .12)4 = $2, 765 NPV = PV(C0) + PV(C1) + PV(C2)...

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

... RT = (R1 + R2 + R3 + R4 + R5 + R 6 + R7) / (6 ) = (0 . 061 6 + 0.0547 + 0. 063 5 + 0.0837 + 0.0781 + 0.0 56) / (6 ) = 0. 066 3 The average return on U.S. Treasury bills is 6. 63 percent. ... RS (RS - RS)20.402 0.24 16 0.058370 56 0 .64 8 0.48 76 0.237753 76 -0.58 -0.7404 0.548192 16 0.328 0. 167 6 0.028089 76 0.004 -0.1 564 0.024 460 96 Total 0.8 968 6720 Because the data are historical, ... holding-period return = (1 +R1) × (1 +R2) × (1 +R3) × (1 +R4) × (1 +R5) – 1 = (1 + -0.0491) × (1 + 0.2141) × (1 + 0.2251) × (1 + 0. 062 7) × (1 + 0.32 16) – 1 = 0.9 864 The five-year...

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

... / 0.15 = $6, 666 ,66 6 .67 To calculate the price to earnings ratio, divide the total price of the firm ($ 6, 666 ,66 6 .67 ) by its current earnings ($ 800,000). P/E = $6, 666 ,66 6 .67 / $800,000 ... number of shares outstanding. PV = C1 / r = $100,000,000 / 0.15 = $66 6 ,66 6 ,66 6 .67 Share Price = $66 6 ,66 6 ,66 6 .67 / 20,000,000 = $33.33 The share price, excluding future growth opportunities, ... 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 ...

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

... d. NPV(Deepwater Fishing) = - $60 0,000 + $270,000 / (1 .15) + $350,000 / (1 .15)2 + $300,000 / (1 .15)3= $ 96, 687. 76 The NPV of the deepwater fishing project is $ 96, 687. 76. NPV(Submarine ... / (1 .15) + $3,500 / (1 .15)2 = $68 9.98 The NPV of project A is $68 9.98. NPV(Project B) = -$100,000 + $65 ,000 / (1 .15) + $65 ,000 / (1 .15)2 = $5 ,67 1.08 The NPV of project B is $5 ,67 1.08. ... PV(B) = [C2 / (r)] / (1 +r) = [- $6, 000 / (0 .12)] / (1 .12) = -$44 ,64 2. 86 The PV of stream B is -$44 ,64 2. 86. b. Streams A and B are combined to form project C. Project A = [C3 / (r...

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

... / (1 .1)5 = $62 0.92 PV(C 6 ) = $1,000 / (1 .1) 6 = $ 564 .47 PV(C7) = $1,250 / (1 .1)7 = $64 1.45 PV(C8) = $1,375 / (1 .1)8 = $64 1.45 NPV = -$5,000 + $63 6. 36 + $743.80 + $751.32 + $68 3.01 ... NPV(Engineer) = PV(Undergraduate) + PV(Experience) + PV(Master) +PV(Earnings) = -$12,000 A40. 06 + $20,000 / (1 . 06) 5 + $25,000 / (1 . 06) 6 – $15,000 / (1 . 06) 7 – $15,000 / (1 . 06) 8 ... investment. PV(C0) = -$5,000 PV(C1) = $700 / (1 .1) = $63 6. 36 PV(C2) = $900 / (1 .1)2 = $743.80 PV(C3) = $1,000 / (1 .1)3 = $751.32 PV(C4) = $1,000 / (1 .1)4 = $68 3.01 PV(C5) =...

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

... spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $50 / (1 .10) + ($ 50 + $1,000) / (1 .08)2 = $45.45 + $900.21 = $945 .66 The price of the bond is $945 .66 . 5A.3 Apply the forward ... year, use the two-year spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $60 / (1 .1) + ($ 60 + $1,000) / (1 .11)2 = $54.55 + $ 860 .32 = $914.87 The price of the bond is $914.87. ... the cash flows equal to the price of the bond. P = C1 / (1 +y) + (C2+F) / (1 +y)2 $914.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y)2 y = .1097 = 10.97% The yield to maturity is 10.97%....

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

... the firm now has 263 ,63 6. 363 6 (= 250,000 + 13 ,63 6. 363 6) shares outstanding, where each is worth $22, the market value of the firm’s equity increases to $5,800,000 (= 263 ,63 6. 363 6 shares * $22 per ... Therefore, Strom will need to issue 13 ,63 6. 363 6 shares (= $300,000 / $22 per share) in order to fund the buyout. iv. Strom will receive $300,000 (= 13 ,63 6. 363 6 shares * $22 per share) in cash ... 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,...

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

... rate for investors in Group N is 6. 86% {= 0.0857 * (1 - 0.20)}. Since the after-personal tax interest rate (6 . 86% ) is greater than the required return on equity (6 %), Group N will buy debt. Group ... interest rate for investors in Group M is 6% {= 0.10 * (1 - 0.40)}. Since the after-personal tax interest rate (6 %) equals the required return on equity (6 %), Group M is indifferent between holding ... VA = [(EBIT )(1 – TC)] / rS = [($ 1,000,000 )(1 – 0.35)] / 0.11 = $5,909,091 The value of Firm A is $5.91 million. 16. 18 a. According to the Miller Model, in equilibrium: rB (1 –...

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