Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 1 potx

... the last of the leading investment-bank part- nerships, issued shares and became a public corporation in 19 98. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value 1. Finance ... invest- ments. We discuss international corporate finance at many different points in the chapters that follow. Brealey−Meyers: Principles of Corporate Finance, Seven...

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... x 2 1 ␴ 2 1 ϩ x 2 2 ␴ 2 2 ϩ 21x 1 x 2 ␳ 12 ␴ 1 ␴ 2 2 17 0 PART II Risk Stock 1 Stock 1 Stock 2 Stock 2 x 1 1 σ 22 x 2 2 σ 22 x 1 x 2 12 = σ x 1 x 2 12 1 2 σσρ x 1 x 2 12 = σ x 1 x 2 12 1 2 σσρ FIGURE ... alone. 21, 006 .1 ϭ 31. 7 ϩ 21. 65 ϫ .35 ϫ .2 ϫ 31. 5 ϫ 58.52ϭ 1, 006 .1 Portfolio variance ϭ 31. 652 2 ϫ 13 1.52 2 4ϩ 31. 352 2 ϫ 15 8.52 2...

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... ϩ .63. 814 102ϩ . 211 8024 ϩ .43. 412 202ϩ . 611 0024 11 .10 2 2 NPV ϭϪ250 ϩ . 611 002ϩ . 415 02 1. 10 ϭϪ550 ϩ 10 2 1. 10 ϩ 670 11 .10 2 2 ϭϩ96, or $96,000 ϩ .63. 819 602ϩ . 212 2024 ϩ .43. 419 302ϩ . 611 4024 11 .10 2 2 ... ϩ . 611 502ϩ . 413 02 1. 10 NPV ϭϪ250 ϩ . 615 502ϩ . 411 852 1. 10 ϭ 11 7, or $11 7,000 276 PART III Practical Problems in Capital Budgeting Brealey−Meyers:...

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... .84 19 92 1. 56 .46 0.58 .84 19 93 1. 44 .52 1. 17 .84 19 94 1. 19 .57 1. 73 .84 19 95 1. 32 .62 4.50 .92 19 96 1. 56 . 71 1.04 1. 00 19 97 1. 87 .85 Ϫ.20 1. 00 19 98 2 .15 .95 .60 1. 00 19 99 2.45 1. 10 .48 1. 00 2000 ... Dividend 19 83 .17 .08 1. 16 .6 19 84 .19 .09 .47 .6 19 85 . 21 .09 .54 .6 19 86 .27 .11 1. 45 .6 19 87 .37 .14 1. 84 . 61 1988 . 51 .22 3....

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... 95,650 Ϫ 10 0,000 ϭϪ$4,350 PV ϭ 11 0,000 1. 15 ϭ $95,650 Expected return ϭ expected profit investment ϭ 11 0 Ϫ 95.65 95.65 ϭ .15 , or 15 % Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. ... Z: Current Price Payoff at Year 1 per Share Slump Normal Boom X 95.65 80 11 0 14 0 Y40 40 4448 Z 10 8 12 16 EXCEL Brealey−Meyers: Principles of Corpor...

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... 12 1 3 12 0 ϩ 10 ϭ 13 0 12 1 ϩ 12 .1 ϭ 13 3 .1 4 13 0 ϩ 10 ϭ 14 0 13 3 .1 ϩ 13 .3 ϭ 14 6.4 10 19 0 ϩ 10 ϭ 200 236 ϩ 24 ϭ 259 20 290 ϩ 10 ϭ 300 612 ϩ 61 ϭ 673 50 590 ϩ 10 ϭ 600 10 ,672 ϩ 1, 067 ϭ 11 ,739 10 0 1, 090 ... ϭ 70 1. 10 ϩ 70 11 .10 2 2 ϩ 70 11 .10 2 3 ϩ 70 11 .10 2 4 ϩ 10 70 11 .10 2 5 ϭ $886.28 PV ϭ 70 1. 02 ϩ 70 11 .022 2 ϩ 70 11 .022 3 ϩ 70 11...

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... P 2 11 ϩ r2 2 ϭ 5.00 1. 15 ϩ 5.50 ϩ 12 1 11 .15 2 2 ϭ $10 0 P 0 ϭ DIV 1 ϩ P 1 1 ϩ r ϭ 5.00 ϩ 11 0 1. 15 ϭ $10 0 P 1 ϭ 5.50 ϩ 12 1 1. 15 ϭ $11 0 P 0 ϭ 1 1 ϩ r 1DIV 1 ϩ P 1 2ϭ 1 1 ϩ r aDIV 1 ϩ DIV 2 ϩ P 2 1 ... for ma- ture manufacturing companies whose scale, risk, and growth prospects today ϭϪ3.6 PV1cash flows2ϭϪ .80 1. 1 Ϫ .96 11 .12 2 Ϫ 1. 15 11 .12 3 Ϫ 1....

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... ϩ 800 1. 152 ϩ 15 0 11 .15 22 2 ϩ 15 0 11 .15 22 3 ϩ 15 0 11 .15 22 4 ϩ 15 0 11 .15 22 5 NPV ϭ 1, 000 ϩ 800 .50 ϩ 15 0 1. 502 2 ϩ 15 0 1. 502 3 ϩ 15 0 1. 502 4 ϩ 15 0 1. 502 5 Ϫ 15 0 1. 502 6 ϭ 0 4 By Descartes’s “rule of signs” ... ϩ 1, 800 1. 10 ϩ 500 1. 10 2 ϭϩ$50 NPV1B2ϭϪ2,000 ϩ 500 1. 10 ϩ 1, 800 1. 10 2 ϭϪ$58 NPV1A2ϭϪ2,000 ϩ 500 1. 10 ϩ 500 1. 10 2 ϩ 5,000...

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... 27.0 51. 3 89 .1 81. 0 62 .1 37.8 29.7 7. Cost of goods sold 9.2 17 .4 30.3 27.5 21. 1 12 .9 10 .1 8. Other costs 15 .5 15 .5 5.2 5.2 5.2 5.2 5.2 9. Depreciation 11 .9 11 .9 11 .9 11 .9 11 .9 11 .9 11 .9 10 . Pretax ... 12 ,887 32, 610 48,9 01 35,834 19 , 717 7. Cost of goods sold † 837 7,729 19 ,552 29,345 21, 492 11 ,830 8. Other costs ‡ 4,000 2,200 1, 210 1, 3 3...

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... sales. 210 06 .1 ϭ 31. 7 percent. ϭ 10 06 .1 ϭ 31. 652 2 ϫ 13 1.52 2 4ϩ 31. 352 2 ϫ 15 8.52 2 4 ϩ 21. 65 ϫ .35 ϫ .2 ϫ 31. 5 ϫ 58.52 Variance ϭ x 1 2 ␴ 1 2 ϩ x 2 2 ␴ 2 2 ϩ 2x 1 x 2 ␳ 12 ␴ 1 ␴ 2 Brealey−Meyers: ... 444–455. 19 32 19 37 19 42 19 47 19 52 19 57 19 62 19 67 19 72 19 77 19 82 19 87 19 92 19 97 Year 0 .1 1 10 10 0 Dollars (log scale) High minus l...

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