Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 5 docx

... ϩ8001. 152 ϩ 150 11. 152 22ϩ 150 11. 152 23ϩ 150 11. 152 24ϩ 150 11. 152 2 5 NPV ϭϪ1,000 ϩ800 .50 ϩ 150 1 .50 22ϩ 150 1 .50 23ϩ 150 1 .50 24ϩ 150 1 .50 2 5 Ϫ 150 1 .50 26ϭ 04By Descartes’s “rule of signs” ... 400 /5 =80, or $80,000 per year.†Capital investment is$400,000 in year 0.Year12 3 456 71. Revenue 140 140 140 140 140 140 1402. Operating costs 55 55 55 55 55 55 55 3. Depreciation* 57 57 57 ... Investment1 5, 000 10,0002 5, 000 5, 0003 10,000 90,0004 15, 000 60,000 5 15, 000 75, 0006 3,000 15, 000 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value 5. Why Net Prsnt...

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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 11 docx

... value of Marvin’s growth opportunities (PVGO). The market valued Mar- 252 ϩ 299 ϭ $55 1 million ϭ $ 252 millionPV ϭ 24 million ϫ ca 5 tϭ16.00 Ϫ 3 .50 11.202tϩ 5. 00 Ϫ 3 .50 .20 ϫ 11.202 5 d ... how far it is depreci-ated, it is more profitable to sell the equipment for $2 .50 per unit than to operate itand lose $1. 25 per unit. ϭϪ2 .50 ϩ 5. 75 Ϫ 5. 50.20ϭϪ$1. 25 per unit NPV ϭϪinvestment ... 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?...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 15 docx

... Pricing of Ini-tial Public Offerings,” Journal of Applied Corporate Finance, 7:66–74 (Spring 1994).T. Loughran and J. R. Ritter: “The New Issues Puzzle,” Journal of Finance, 50 :23 51 (March 19 95) . ... Executive Officer since that date. He is a past president of the Institute of Brealey−Meyers: Principles of Corporate Finance, Seventh Edition IV. Financial Decisions and Market Efficiency 15. How ... bids. Par-ticular classes of investors, such as existing shareholders or those who submitted CHAPTER 15 How Corporations Issue Securities 4 15 Brealey−Meyers: Principles of Corporate Finance,...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 18 docx

... “The Investment-Financing Nexus: Some Empirical Evidence,” Midland Corpo-rate Finance Journal 3 (Fall 19 85) , pp. 53 59 . Brealey−Meyers: Principles of Corporate Finance, Seventh Edition V. Dividend ... 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,...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 20 docx

... 12 .50 70 .52 17.10January 2002 $ 45 $12.00 $ 2.90 50 8. 45 4. 35 55 5. 75 6 .55 60 3. 75 9 .55 65 2. 25 13.2070 1. 45 17 .50 January 2003* $ 50 $13.30 $ 7.3060 8.80 12.4070 5. 90 19.4080 3. 85 27.80100 ... Ϫ $55 ϭ $ 45 566 PART VIOptionsExercise Price of Price of Put Option Maturity Price Call Option OptionOctober 2001 $ 45 $10 .50 $ 1.97 50 6. 75 3. 15 55 3. 85 5. 25 60 2.10 8 .50 65 1.07 12 .50 70 ... be-cause you have to zero in on payoffs at exercise to understand options and to valuethem properly. $55 Ϫ 6 .55 ϭ $48. 45 $55 ϩ 5. 75 ϭ $60. 75 CHAPTER 20Understanding Options 56 9 $55 (a) $55 (b) $55 (c) $55 $55 $55 000SharepriceSharepriceSharepriceValue...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 21 docx

... Month 6 Stock Buy 1.0 shares $55 $82.67Borrow PV (55 ) 55 55 Total payoff $ 0 $27.67Price ϭ $82.67Price ϭ $55 $55 .00(?)Now$82.67($27.67)$36.62($0) $55 .00($0)Month 6Month 3$67.43(?)$44.88(?)FIGURE ... continuously compounded rate. 55 ϫ eϪ .5 .0392ϭ $53 .93e.0392ϭ 1.04PV1EX2 ϭ 55 /11.042 .5 ϭ $53 .93 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VI. Options 21. Valuing ... for $55 will be worthless. Ifthe price falls to $41. 25, the put option will be worth . Thusthe payoffs to the put are $55 Ϫ 41. 25 ϭ $13. 75 CHAPTER 21Valuing Options 59 51 put option $13. 75 $0Stock...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 27 docx

... duration of the 1-year debt is 1 year, and the duration of the 6-year debt is 4.6 years. The dura-tion of the package of 1- and 6-year debt is a weighted average of the durations of the individual ... so on. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VIII. Risk Management 27. Managing Risk© The McGraw−Hill Companies, 2003 CHAPTER TWENTY-SEVEN 754 MANAGING RISK Brealey−Meyers: ... Model of Rational Commodity Pricing,” Economic Journal 103 (May 1993),pp. 51 1 53 0. We thank Professor Pindyck for updating the data. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VIII....

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

... Sachs, the last of the leading investment-bank part-nerships, issued shares and became a public corporation in 1998. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value ... overseas invest-ments. We discuss international corporate finance at many different points in thechapters that follow. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value ... Educational Version of Market Insight. In total there are now over a thou-sand end -of- chapter questions. All the questions re-fer to material in the same order as it occurs in the chapter. Answers...

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Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 2 pps

... investment:NPV ϭ 95, 650 Ϫ 100,000 ϭϪ$4, 350 PV ϭ110,0001. 15 ϭ $ 95, 650 Expected return ϭexpected profitinvestmentϭ110 Ϫ 95. 65 95. 65 ϭ . 15, or 15% Brealey−Meyers: Principles of Corporate Finance, ... $106 .54 of immediate consumption. Because of theinvestment, G has $114 next year to pay off the loan. The investment’s NPV is 106 .54 Ϫ 100 ϭϩ6 .54 . Brealey−Meyers: Principles of Corporate Finance, ... and Ethics: The Case of Salomon Broth-ers,” Journal of Applied Corporate Finance 5 (Summer 1992), pp. 23–28. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value 2. Present...

Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 3 doc

... 18,990 ,52 7,646226 2, 350 ϩ 10 ϭ 2,360 2 05, 756 ,782, 755 ϩ 20 ,57 5,678,2 75 ϭ 226,332,461,030TABLE 3.2Value of $100 invested at 10 percent simple and compound interest. Brealey−Meyers: Principles of Corporate ... showsthat $38 .55 must be invested nowto obtain $100 after 10 periods.Conversely, the present value of $100 to be received after 10 yearsis $38 .55 . Brealey−Meyers: Principles of Corporate Finance, ... Ϫ 150 ,000 Ϫ 150 ,0001 Ϫ100,000 Ϫ93 ,50 02 ϩ300,000 ϩ261,900Total ϭ NPV ϭ $18,400111.0722ϭ .87311.07ϭ .9 35 TABLE 3.1Present value worksheet. Brealey−Meyers: Principles of Corporate Finance,...

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