Fundamentals of Corporate Finance Phần 8 doc

... Pretax profit (1 – 2 – 3 – 4) 550,000 –2,000 6. Taxes (40%) 220,000 80 0 7. Profit after tax 330,000 –1,200 8. Cash flow from operations (4 + 7) 780 ,000 4 48, 800 Present value of cash flows 5 ,87 8,000 ... profits will increase by .01 × (sales – variable costs) = .01 × (profits + fixed costs). Now recall the definition of DOL: DOL = percentage change in profits = change in profits/leve...

Ngày tải lên: 05/08/2014, 13:20

... days 3,5 18/ 365 This is a reduction of 22 .8 days from the original value of 48. 7 days. Days in receivables = 300 = 27.6 days 3,9 68/ 365 This is a reduction of 16.2 days from the original value of 43 .8 ... payables 0 10 .8 0 0 7. Securities sold 5 0 0 0 8. Total cash raised 45 15 .8 0 0 Repayments 9. Of stretched payables 0 0 10 .8 0 10. Of bank loan 0 0 13 .8 31.2 Incr...

Ngày tải lên: 05/08/2014, 13:20

... standard deviation of monthly returns, percent ’26 ’30 ’34 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 ’ 38 ’42 ’46 ’50 ’54 ’ 58 Year ’62 ’66 ’70 ’74 ’ 78 82 86 ’90 ’94 ’ 98 DIVERSIFICATION Strategy ... the sum of the income from the bond, $80 , plus the capital gain, $30, or $110. The rate of return is Income plus capital gain = 80 + 30 = .1 08, or 10 .8% Original price 1,020...

Ngày tải lên: 05/08/2014, 13:20

... (January–February 1 986 ), pp. 91–1 18; W. H. Mikkelson and M. M. Partch, “Valuation Effects of Security Offerings and the Issuance Process,” Journal of Financial Economics 15 (January–February 1 986 ), pp. ... Investors Do Not Have,” Journal of Financial Economics 13 (1 984 ), pp. 187 –222. PRIVATE PLACEMENT Sale of securities to a limited number of investors without a public offer...

Ngày tải lên: 05/08/2014, 13:20

... Financing 185 Bank Loans 185 Commercial Paper 186 Secured Loans 186 The Cost of Bank Loans 187 Simple Interest 187 Discount Interest 188 Interest with Compensating Balances 189 Summary 190 Related ... Budgeting 481 Decision Trees 481 The Option to Expand 482 Abandonment Options 483 Flexible Production Facilities 484 Investment Timing Options 484 Summary 485 Related Web Links...

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... 2.100 3 3.153 3. 184 3.215 3.246 3.2 78 3.310 4 4.310 4.375 4.440 4.506 4.573 4.641 5 5.526 5.637 5.751 5 .86 7 5. 985 6.105 10 12.5 78 13. 181 13 .81 6 14. 487 15.193 15.937 20 33.066 36. 786 40.995 45.762 ... 1.061364 6.1364 Monthly 12 .5 1.005 12 = 1.0616 78 6.16 78 Weekly 52 .115 38 1.00115 38 52 = 1.06 180 0 6. 180 0 Daily 365 .01644 1.0001644 365 = 1.06 183 1 6. 183 1 ... limited...

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... millions of dollars) End of Year Start of Year Assets Cash and marketable securities 89 1 58 Receivables 2, 382 2,490 Inventories 187 2 38 Other current assets 86 7 932 Total current assets 3,525 3 ,81 8 Net ... 15 25,750–62,450 43,050–104,050 28 62,450–130,250 104,050–1 58, 550 31 130,250– 283 ,150 1 58, 550– 283 ,150 36 Over 283 ,150 Over 283 ,150 39.6 MARGINAL TAX RATE Additiona...

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... 45 20 98 352 681 5 488 11097 394 297 359 98 45 68 76 3050 1637 58 146 4250 219 99 9 286 6 320 32566 49 68 129 12 1 /2 36 9 /16 26 15 /16 29 1 /4 5 15 /16 18 7 /16 5 1 /16 3 9 /16 34 3 /8 69 7 /8 4 13 /16 27 7 1 /8 14 1 /16 32 1 /16 16 3 /4 11 /16 47 1 /8 33 5 /16 4 5 /16 48 7 /8 51 9 /16 20 3 /16 12 7 /16 34 1 /16 26 1 /2 28 1 /8 5 1 /2 17 4 3 /4 3 5 /16 33 3 /16 6...

Ngày tải lên: 05/08/2014, 13:20

... Then the beta of your portfo- lio will be a mixture of the beta of the market (β market = 1.0) and the beta of the T-bills (β T-bills = 0): Beta of portfolio = ( proportion × beta of ) + ( proportion × beta ... 4,445 1,556 1,240 3 1, 481 5 18 369 4 741 259 165 Totals 10,000 3,500 2 ,81 6 The present value increases to 2 ,81 6, or $2 ,81 6,000. arlier we began to come to grips wit...

Ngày tải lên: 05/08/2014, 13:20

... 5.3 68 5.446 5.524 5.604 5. 684 5.766 5 .84 8 5.931 6.016 6.101 6. 187 5 6 .87 7 7.014 7.154 7.297 7.442 7. 589 7.740 7 .89 3 8. 0 48 8.207 8. 3 68 8.533 8. 700 8. 870 9.043 6 8. 977 9.207 9.442 9. 683 9.930 10. 183 ... 217.712 244.033 273.556 306.6 58 343.7 58 385 .323 431 .87 0 483 .973 20 115. 380 130.033 146.6 28 165.4 18 186 . 688 210.7 58 237. 989 2 68. 785 303.601 342.945...

Ngày tải lên: 05/08/2014, 13:20