Fundamentals of Corporate Finance Phần 9 doc

... and Chief Executive Officer $130,000Ed Lucullus Treasurer $ 95 ,000CERTAIN TRANSACTIONSAt various times between 199 0 and 199 9 First Cookham Venture Partners invested atotal of $1.5 million in ... 3 years of trading have been less than a con-trol sample of matching firms. See J. R. Ritter, “The Long-Run Performance of Initial Public Offerings,”Journal of Finance 46 (March 199 1), pp. ... Sindelar, and Ritter of approximately 9, 000 new issues from 196 0 to 198 7 found average underpricing of 16 percent.4Sometimes new issues are dramati-cally underpriced. In November 199 8, for example,...

Fundamentals of Corporate Finance Phần 4 docx

... Banks Keep the‘Float,’ ” The Wall Street Journal, June 3, 199 9, p. B1. Reprinted withpermission of The Wall Street Journal. Copyright 199 9 Dow Jones &Company. All Rights Reserved Worldwide.1“Amoco ... inventory =250= 25 .9 days3,518/365This is a reduction of 22.8 days from the original value of 48.7 days.Days in receivables =300= 27.6 days3 ,96 8/365This is a reduction of 16.2 days from ... annual rate of 6 percent.a. What is the effective rate of interest if the loan is for 1 year and is paid off in one pay-ment at the end of the year?b. What is the effective rate of interest...

Fundamentals of Corporate Finance Phần 6 doc

... 3 PV at 6%Machine D 15 4 4 4 25. 69 Equivalentannual cost 9. 61 9. 61 9. 61 25. 69 How did we know that an annual charge of $9, 610 has a present value of $25, 690 ?The annual charge is a 3-year annuity. ... cost of buying andoperating a machine.336 SECTION THREE 9. Risk Premiums. Here are stock market and Treasury bill returns between 199 4 and 199 8:Year S&P Return T-Bill Return 199 4 1.31 3 .90 199 5 ... between 199 4 and 199 8:Year S&P Return T-Bill Return 199 4 1.31 3 .90 199 5 37.43 5.60 199 6 23.07 5.21 199 7 33.36 5.26 199 8 28.58 4.86a. What was the risk premium on the S&P 500 in each year?b....

Fundamentals of Corporate Finance Phần 8 doc

... profits will increase by .01 × (sales – variable costs) = .01 × (profits + fixedcosts). Now recall the definition of DOL:DOL =percentage change in profits=change in profits/level of profitspercentage ... profitspercentage change in sales .01= 100 ×change in profits= 100 ×.01 × (profits + fixed costs)level of profits level of profits=1 +fixed costsprofitst helps to use discounted cash-flow techniques ... effectively pass the tax disadvantage of preferred on to the consumer. A large fraction of the dollar value of new offerings of or-dinary preferred stock consists of issues by utilities.Preferred...

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Fundamentals of Corporate Finance Phần 1 potx

... started in 198 6 and was completed in 199 4 at a total cost of $15 billion. 198 8 Mergers. The 198 0s saw a wave of takeoversculminating in the $25 billion takeover of RJRNabisco. Over a period of 6 weeks ... Generate Net Benefits? 5 89 22.8 Summary 590 Related Web Links 592 Key Terms 592 Quiz 592 Practice Problems 593 Challenge Problems 594 Solutions to Self-Test Questions 595 Minicase 595 International Financial ... Stock 494 Book Value versus Market Value 496 Dividends 497 Stockholders’ Rights 497 Voting Procedures 497 Classes of Stock 498 Corporate Governance in the United States andElsewhere 498 Preferred...

Fundamentals of Corporate Finance Phần 2 ppsx

... declinedfrom $30.20 to $3, a fall of over 90 percent.YearConsumer Price Index ( 194 7 ؍ 100) 194 7 195 1 195 5 195 9 196 3 196 7 197 1 197 5 197 9 198 3 198 7 199 1 199 8 199 57006005004003002001000FIGURE ... high as 194 7 prices.4The purchasing power of money fell by a factor of 6 .99 between 194 7 and 199 8. Adollar in 199 8 would buy only 14 percent of the goods it could buy in 194 7 (1/6 .99 =.14). ... quantity of goods and services as $100 in 194 7. The inflation ratebetween 194 7 and 194 8 was therefore 3 percent. By the end of 199 8, the index was 699 ,meaning that 199 8 prices were 6 .99 times...

Fundamentals of Corporate Finance Phần 3 pot

... March 312000 199 9 199 8 199 7 199 6 199 5Net sales 3,351 3,314 2,845 2, 796 2, 493 2,160EBIT 9 312 256 243 212 156Interest 37 63 65 58 48 46Taxes 3 60 46 43 39 34Net profit – 49 1 89 145 142 125 ... Data Balance Sheet DataYear Ending, First End of First Quarter End of First QuarterQuarter 199 9 199 8 199 9Sales $3 ,96 8 Inventory $470 $468Cost of goods sold 3,518 Accounts receivable 471 481Accounts ... year-end of 199 9 and 2000, while the income statementitems correspond to revenues or expenses during the year ending in either 199 9 or 2000. Allvalues are in thousands of dollars. 199 9 2000Revenue...

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Fundamentals of Corporate Finance Phần 5 ppt

... berepaid.20141812104168620 195 4 195 8 196 2 196 6 197 0 197 4 197 8 198 2 199 4 199 0 198 6 199 8YearYield to maturity (%)Junk bondsBaa-ratedAaa-ratedTreasury bondsFIGURE 3 .9 Yields on long-term bonds.Bonds ... 1.6 .9 10.4 6 .9 .61.1 2.14.18.1 1551101223 dd2556 39 7 ccdd 40dd31dd 452 098 352681548811 097 394 297 3 599 8456876305016375814642502 19 99 9286632032566 496 81 29 121/236 9 /162615/16 29 1/4515/16187/1651/163 9 /16343/8 69 7/8413/162771/8141/16321/16163/411/16471/8335/1645/16487/851 9 /16203/16127/16341/16261/2281/851/21743/435/16333/16641/241/2253/465/8137/8313/4161/45/8451/232 9 /1641/16473/16485/16 19 15/16151/8 49 7/16 29 5/8 39 15/16215/8251/4111/1661/16411/2841/261/8437/16131/2173/8367/8243/823/16511/45011/256811/16663/87325 9 /16nsnࡔࡔ111/4 29 7/8125/8281/251/2151/241/233/16301/8251/233/4155/16415/16103/8281/4111/1613/32233035/8423/44511/16 19 3/4Hi52 ... yields on comparable U.S. Treasury issues.16101461284201/ 29/ 82 1/ 29/ 88 1/ 29/ 941/ 29/ 85 1/ 29/ 91 1/ 29/ 97Real YieldNominal YieldDateYield to maturity (%)FIGURE 3.8Real and nominal...

Fundamentals of Corporate Finance Phần 7 pot

... Then the beta of your portfo-lio will be a mixture of the beta of the market (βmarket= 1.0) and the beta of the T-bills(βT-bills= 0):Beta of portfolio =(proportion×beta of )+(proportion×beta ... Income (5 – 6) 650.00 566.00 478.64 387. 79 293 .308. Tax at 35% 227.50 198 .10 167.52 135.72 102.65 9. Net income (7 – 8) $422.50 $367 .90 $311.12 $252.06 $ 190 .64Notes:1. Yards sold and price per ... beta.In mid- 199 9, the interest rate on Treasury bills was about 4.8 percent. Assume that themarket risk premium is about 9 percent. Finally, look back to Table 4 .9, where we gaveyou betas of several...

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Fundamentals of Corporate Finance Phần 10 potx

... YearNumber of Years 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%1 .99 0 .98 0 .97 1 .96 2 .95 2 .94 3 .93 5 .92 6 .91 7 .90 9 .90 1 . 893 .885 .877 .8702 .98 0 .96 1 .94 3 .92 5 .90 7 . 890 .873 .857 ... 69. 780 74.32713 36.786 39. 404 42.2 19 45.244 48. 497 51 .99 1 55.746 59. 7 79 64.110 68.760 73.751 79. 107 84.853 91 .016 97 .62514 43.672 47.103 50.818 54.841 59. 196 63 .90 9 69. 010 74.528 80. 496 86 .94 9 ... 86 .94 9 93 .92 6 101.465 1 09. 612 118.411 127 .91 315 51.660 56.110 60 .96 5 66.261 72.035 78.330 85. 192 92 .6 69 100.815 1 09. 687 1 19. 347 1 29. 861 141.303 153.750 167.28616 60 .92 5 66.6 49 72 .93 9 79. 850...

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