Lecture multinational financial management chapter 7 ngo thi ngoc huyen

... 7- 3 9 Bankruptcy Two main chapters of the Federal Bankruptcy Act: Chapter 11, Reorganization Chapter 7, Liquidation Typically, a company wants Chapter 11, while creditors may prefer Chapter 7- 4 0 ... which pay 7. 1 37% Could replace bonds paying $100 per year with bonds paying only $71 . 37 per year Investors should expect a call, and to earn the YTC of 7. 1 37% , rather than...

Ngày tải lên: 04/07/2014, 20:21

Ngày tải lên: 26/01/2015, 11:10

... – 0.0456258 27 0.0456258 27 – 0.091251653 0.091251653 – 0.136 877 480 0.136 877 480 – 0.1825033 07 0.1825033 07 – 0.228129134 0.228129134 – 0. 273 754960 0. 273 754960 – 0.31938 078 7 0.31938 078 7 – 0.365006614 ... No 4, CICAO, Louvain-la-Neuve, 2001 17 Lambin, E J., Geist, H J., and Lepers, E Dynamics and land- use and land- cover change in tropical regions Annual Review of E...

Ngày tải lên: 18/06/2014, 16:20

... poisoning, vector-borne and water-borne diseases, disasters caused by gales and coastal 2 37 © 2009 by Taylor & Francis Group, LLC Global Warming, Natural Hazards, and Emergency Management flooding, ... http://www.greenlivingtips.com/blogs/ 179 /Global- climatechange-video.html 255 © 2009 by Taylor & Francis Group, LLC Global Warming, Natural Hazards, and Emergenc...

Ngày tải lên: 18/06/2014, 22:20

... & Co 35.5 51. 7 McDonald’s 63 .1 61. 7 Merck 18 .3 58 .1 3M 52.9 47.0 Sears, Roebuck 10 .5 7.8 1- 6 Alternative Forms of Business Organization Sole proprietorship Partnership Corporation 1- 7 Sole proprietorships ... price 1- 1 4 Factors that affect stock price Projected cash flows to shareholders Timing of the cash flow stream Riskiness of the cash flows 1- 1 5 Basic Valuation Model...

Ngày tải lên: 04/07/2014, 20:21

... time 2- 2 Balance Sheet: Assets Cash A/R Inventories Total CA Gross FA Less: Dep Net FA Total Assets 20 02 7 ,28 2 6 32, 160 1 ,28 7,360 1, 926 ,8 02 1 ,20 2,950 26 3,160 939,790 2, 866,5 92 2001 57,600 351 ,20 0 ... 20 02 100,000 -$ 1.6 02 $0.11 $2. 25 $40,000 20 01 100,000 $0.88 $0 .22 $8.50 $40,000 2- 6 Statement of Retained Earnings (20 02) Balance of retained $20 3,768 ear...

Ngày tải lên: 04/07/2014, 20:21

... Net FA Total Assets 2003E 85, 632 878,000 1,716,480 2,680,112 1,197,160 38 0,120 817,040 3, 497,152 2002 7,282 632 ,160 1,287 ,36 0 1,926,802 1,202,950 2 63, 160 939 ,790 2,866,592 3- 2 Balance sheet: Liabilities ... $2 53. 6 / $3, 497 = 7 .3% ROE = Net income / Total common equity = $2 53. 6 / $1,952 = 13. 0% 3- 2 1 Appraising profitability with the return on assets and return on equity...

Ngày tải lên: 04/07/2014, 20:21

... x%) / 12 .4% = 6.0% + x% 6 .4% = x% PEH says that one-year securities will yield 6 .4% , one year from now 4- 2 4 Three-year security, two years from now 6.5% = [2(6.2%) + 3(x%) / 32.5% = 12 .4% + 3(x%) ... decreases 4- 1 9 Illustrating the relationship between corporate and Treasury yield curves Interest Rate (%) 15 BB-Rated 10 AAA-Rated Treasury 6.0% Yield Curve 5.9% 5.2% Years to Matur...

Ngày tải lên: 04/07/2014, 20:21

... for the security 5- 3 4 Illustrating the calculation of beta _ ki 20 15 10 Year kM 15% -5 12 ki 18% -1 0 16 -5 -5 -1 0 10 15 20 Regression line: ^ _ kM ^ ki = -2 .59 + 1.44 kM 5- 3 5 Comments on beta ... = -1 .0) Stock W Stock M Portfolio WM 25 25 25 15 15 15 0 -1 0 -1 0 -1 0 5- 2 6 Returns distribution for two perfectly positively correlated stocks (ρ...

Ngày tải lên: 04/07/2014, 20:21

... $1,000 - $302.11 = $69 7.89 6- 3 9 Constructing an amortization table: Repeat steps – until end of loan Year BEG BAL PMT INT PRIN END BAL $302 $69 8 $1,000 $402 $100 69 8 402 70 332 366 366 402 37 366 ... 10 N INPUTS I/YR 100 PV PMT FV -2 73.55 6- 1 6 What is the PV of this uneven cash flow stream? 100 300 300 -5 0 10% 90.91 247.93 225.39 -3 4.15 530.08 = PV 6- 1 7 Solving...

Ngày tải lên: 04/07/2014, 20:21

... ks - g ks - g ^ $2.00 (0.94) $1 .88 = = = $9 .89 0.13 - (-0 .06) 0.19 8- 2 1 Find expected annual dividend and capital gains yields Capital gains yield = g = -6 .00% Dividend yield = 13.00% - (-6 .00%) ... (12% - 7%)1.2 = 13% 8- 1 0 If D0 = $2 and g is a constant 6%, find the expected dividend stream for the next years, and their PVs g = 6% D0 = 2.00 2.12 2.247 2....

Ngày tải lên: 04/07/2014, 20:21

... = kp – kp (1 – 0.7)(T) = 9% - 9% (0.3)(0.4) A-T kd = 10% - 10% (0.4) = 7 .92 % = 6.00% A-T Risk Premium on Preferred = 1 .92 % 9- 1 5 Component cost of equity WACC = wdkd(1-T) + wpkp + wcks ks is the ... = 14.2% 9- 1 9 If D0 = $4. 19, P0 = $50, and g = 5%, what’s the cost of common equity based upon the DCF approach? D1 = D0 (1+g) D1 = $4. 19 (1 + 05) D1 = $4. 399 5 ks = D1 / P...

Ngày tải lên: 04/07/2014, 20:21

... positive 1 0-6 Calculating payback Project L CFt Cumulative PaybackL Project S CFt Cumulative PaybackS -1 00 -1 00 = = 2.4 60 -3 0 100 80 50 30 / 80 + 1.6 -1 00 -1 00 = = 10 -9 0 70 -3 0 + = 2.375 years 100 ... reinvested at the WACC 1 0-2 4 Calculating MIRR 10% -1 00.0 10. 0 60.0 80.0 66.0 12.1 10% 10% MIRR = 16.5% -1 00.0 PV outflows $100 = $158.1 (1 +...

Ngày tải lên: 04/07/2014, 20:21

... Income (AT) + Deprn Expense Operating CF 200 -1 20 -7 9 1 79 80 200 200 200 -1 20 -1 20 -1 20 -1 08 -3 6 -1 7 -2 8 44 63 -1 1 18 25 -1 7 26 38 108 36 17 91 62 55 1 1-7 Terminal net cash flow Recovery of NOWC ... Operating CF 210 220 232 243 -1 26 -1 32 -1 39 -1 46 -7 9 -1 08 -3 6 -1 7 -2 0 57 80 -8 23 32 -1 2 34 48 79 108 36...

Ngày tải lên: 04/07/2014, 20:21

... A-T net CFs of $150,000, and a 40% chance it will produce annual A-T net CFs of -$ 25,000 1 2-1 3 Abandonment decision tree 150,000 60% prob -$ 200,000 40% prob 150,000 150,000 -2 5,000 -2 5,000 -2 5,000 ... 10% discount rate, what is Project Y’s NPV? k = 10% -$ 200,000 80,000 80,000 80,000 NPV = -$ 1,051.84 1 2-1 2 Abandonment option Project Y’s A-T net cash flows de...

Ngày tải lên: 04/07/2014, 20:21