Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 6 ppt

... 7.70 6. 18 5 11.52 8.93 9.22 6. 93 5.71 6 5. 76 8.93 7.37 6. 23 5.28 7 8.93 6. 55 5.90 4.89 8 4.45 6. 55 5.90 4.52 9 6. 55 5.90 4. 46 10 6. 55 5.90 4. 46 11 3.29 5.90 4. 46 12 5.90 4. 46 13 5.90 4. 46 14 ... flow (5 ϩ 6 ϩ 7) Ϫ12 ,60 0 Ϫ1 ,63 0 2,381 6, 205 10 ,68 5 10,1 36 6,110 3,444 9. Present value at 20% Ϫ12 ,60 0 Ϫ1,358 1 ,65 4 3,591 5,153 4,074 2,0 46 961 Net prese...

Ngày tải lên: 06/07/2014, 08:20

... value of dollar relative to basket of currencies Real GNP Change in forecasts of real GNP Inflation Change in forecasts of inflation Brealey−Meyers: Principles of Corporate Finance, Seventh Edition II. ... 2001. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition II. Risk 8. Risk and Return © The McGraw−Hill Companies, 2003 CHAPTER EIGHT 1 86 R...

Ngày tải lên: 06/07/2014, 08:20

... account and purchase 1 percent of the stock of the unlevered firm. In this case, your borrowing .01D L Brealey−Meyers: Principles of Corporate Finance, Seventh Edition V. Dividend Policy and ... Conference on Research in Business Finance, National Bureau of Economic Research, New York, 1952. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition V. Di...

Ngày tải lên: 06/07/2014, 08:20

... Financial Economics 3 (January–March 19 76) , especially pp. 66 69 . Brealey−Meyers: Principles of Corporate Finance, Seventh Edition X. Mergers, Corporate Control, and Governance 33. Mergers © The ... Clark, “Software Firm Fights to Remake Business after Ill-Fated Merger,” The Wall Street Journal, Jan- uary 12, 19 96, p. A1. Brealey−Meyers: Principles of Corporate Fi...

Ngày tải lên: 06/07/2014, 08:20

... Survey of Empirical Studies on Privati- zation,” Journal of Economic Literature 39 (June 2001), p. 381. Brealey−Meyers: Principles of Corporate Finance, Seventh Edition X. Mergers, Corporate ... and com- 9 76 PART X Mergers, Corporate Control, and Governance 33 Cited in Lamont, op. cit., pp. 89–90. Brealey−Meyers: Principles of Corporate Finance, Seventh Editio...

Ngày tải lên: 06/07/2014, 08:20

... 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 the chapters that follow. Brealey−Meyers: Principles of Corporate Finance, Sev...

Ngày tải lên: 06/07/2014, 08:20

... 95 ,65 0 Ϫ 100,000 ϭϪ$4,350 PV ϭ 110,000 1.15 ϭ $95 ,65 0 Expected return ϭ expected profit investment ϭ 110 Ϫ 95 .65 95 .65 ϭ .15, or 15% Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. ... $1 06. 54 of immediate consumption. Because of the investment, G has $114 next year to pay off the loan. The investment’s NPV is 1 06. 54 Ϫ 100 ϭ 6. 54. Brealey−M...

Ngày tải lên: 06/07/2014, 08:20

... 1,378, 061 200 2,090 ϩ 10 ϭ 2,100 17, 264 ,1 16, 042 ϩ 1,7 26, 411 ,60 4 ϭ 18,990,527 ,64 6 2 26 2,350 ϩ 10 ϭ 2, 360 205,7 56, 782,755 ϩ 20,575 ,67 8,275 ϭ 2 26, 332, 461 ,030 TABLE 3.2 Value of $100 invested at 10 percent ... percent, your fu- ture nominal payoff would be 1,000 ϫ 1.1 20 ϭ $6, 727.50, but with an inflation rate of 6 percent a year, the real value of that payoff woul...

Ngày tải lên: 06/07/2014, 08:20

... 2003 Cash flow 5.84 6. 40 7.41 8.74 9.39 Depreciation 1.45 1 .60 1.75 1.97 2.22 Pretax profits 4.38 4.80 5 .66 6. 77 7.17 Tax 1.53 1 .68 1.98 2.37 2.51 Aftertax profits 2.85 3.12 3 .68 4.40 4 .66 TABLE 4.8 Summary ... ϭ 16. 1 percent of the shares in exchange for an investment of $3 .6 million. The NPV of this investment is NPV to new stockholders ϭϪ3 .6 ϩ . 161 ϫ PV(horizon value)...

Ngày tải lên: 06/07/2014, 08:20

... satisfactory way of defining the true rate of re- turn of a long-lived asset. The best available concept is the so-called discounted- cash-flow (DCF) rate of return or internal rate of return (IRR). ... 28 5. Start -of- year book value † 400 343 2 86 229 171 114 57 6. Book rate of return (4 Ϭ 5) 7% 8.2% 9.8% 12.2% 16. 4% 24 .6% 49.1% TABLE 5.2 Income statement and book rates...

Ngày tải lên: 06/07/2014, 08:20