Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 12 ppt

... σ 2 P = (W F ) 2 ( F ) 2 + (W G ) 2 ( G ) 2 + (2 )(W F )(W G )( F )( G )[Correlation(R F , R G )] = (0 .30) 2 (0 .09) 2 + (0 .70) 2 (0 .25) 2 + (2 )(0 .30 )(0 .70 )(0 .09 )(0 .25 )(0 .2) = 0.033244 ... σ 2 P = (W A ) 2 ( A ) 2 + (W B ) ( B 2 B B ) 2 + (2 )(W A )(W B )( B A )( B B )[Correlation(R A , R B )] B = (0...

Ngày tải lên: 17/12/2013, 09:15

... 0.18) (0 .22 – 0.20) (0 .04) + (0 .18 – 0.18) (0 .18 – 0.20) (0 .12) + (0 .18 – 0.18) (0 .20 – 0.20) (0 .36) + (0 .18 – 0.18) (0 .22 – 0.20) (0 .12) + (0 .20 – 0.18) (0 .18 – 0.20) (0 .02) + (0 .20 – 0.18) (0 .20 ... Cov (R S , R M ) = Σ [(R S - R S ) × (R M - R M ) × Prob] = (0 .03 – 0.137) (0 .05 – 0.135) (0 .1) + (0 .08 – 0...

Ngày tải lên: 17/12/2013, 09:15

... PV(C 1 ) = $4,100 / (1 .12) = $3,661 PV(C 2 ) = $4,100 / (1 .12) 2 = $3,268 PV(C 3 ) = $4,250 / (1 .12) 3 = $3,025 PV(C 4 ) = $4,350 / (1 .12) 4 = $2,765 NPV = PV(C 0 ) + PV(C 1 ) + PV(C 2 ) ... $100,000 - 0.34 ($ 100,000 - $0). PV(C 0 ) = -$400,000 PV(C 1 ) = $113,200 / (1 .12) = $101,071 PV(C 2 ) = $113,200 / (1 .12) 2 = $90,242 PV(C 3 ) = $113,200...

Ngày tải lên: 17/12/2013, 09:15

... Five-year holding-period return = (1 +R 1 ) × (1 +R 2 ) × (1 +R 3 ) × (1 +R 4 ) × (1 +R 5 ) – 1 = (1 + -0.0491) × (1 + 0.2141) × (1 + 0.2251) × (1 + 0.0627) × (1 + 0.3216) – 1 ... r = [(1 + R) / (1 + π)] – 1 a. The nominal return on large-company stocks is 12. 2%. Apply the formula for the real return, r. r = [(1 + R) / (1 + π)] – 1 =...

Ngày tải lên: 17/12/2013, 09:15

... P = Div 1 / (1 +r) + Div 2 / (1 +r) 2 + Div 3 / (1 +r) 3 + [Div 4 / (r – g)] / (1 +r) 3 = $1.36 / (1 .12) + $1.60 / (1 .12) 2 + $1.84 / (1 .12) 3 + [$1.95 / (0 .12 – 0.06)] / (1 .12) 3 = $26.93 ... P = Div 1 / (1 +r) + Div 2 / (1 +r) 2 + Div 3 / (1 +r) 3 + [Div 4 / (r – g)] / (1 +r) 3 = $2.16 / (1 .12) + $2.33 / (1 .12) 2 +...

Ngày tải lên: 17/12/2013, 09:15

... (1 .12) + $130,000 / (1 .12) 2 ] / ($ 200,000) = 1.099 The profitability index for project B is 1.099. PI(C) = [C 1 / (1 +r) + C 2 / (1 +r) 2 ] / (Initial Investment) = [$75,000 / (1 .12) ... $18,303.57. NPV(B) = -$200,000 + $130,000 / (1 .12) + $130,000 / (1 .12) 2 = $19,706.63 The NPV of project B is $19,706.63. NPV(C) = -$100,000 + $75,000...

Ngày tải lên: 17/12/2013, 09:15

... EAY = [1+(r / m)] m – 1 = [1 +(0 .12 / 12) ] 12 – 1 = 0 .126 83 = 12. 683% PV(Bonus) = C A T r = $10,000 A 3 0 .126 83 = $23,739.20 PV(Contract) = PV(Salary) + PV(Bonus) = ... reserved. PV(Deferred Payments 2) = $125 ,000 A 10 0.09 / [(1 .044) (1 .09) 22 ] = $115,399.28 NPV(Contract) = PV(C 1 ) + PV(C 2 ) + PV(C 3 ) + PV(C 4 ) + PV(C 5 ) + PV(...

Ngày tải lên: 17/12/2013, 09:15

... of the second year, use the two-year spot rate. P = C 1 / (1 +r 1 ) + (C 2 +F) / (1 +r 2 ) 2 = $60 / (1 .1) + ($ 60 + $1,000) / (1 .11) 2 = $54.55 + $860.32 = $914.87 The price of the ... the cash flows equal to the price of the bond. P = C 1 / (1 +y) + (C 2 +F) / (1 +y) 2 $914.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y) 2 y = .1097 = 10....

Ngày tải lên: 17/12/2013, 09:15

... buyout will be: r wacc = {B / (B+S)} r B + {S / (B+S)}r B S = ( $300,000 / $5,800,000 )(0 .10) + ($ 5,500,000 / $5,800,000 )(0 .1527) = (3 /58 )(0 .10) + (5 5/58 )(0 .1527) = 0.15 Therefore, ... restructuring will be: r wacc = {B / (B+S)} r B + {S / (B+S)}r B S = ( $400,000 / $2,000,000 )(0 .10) + ($ 1,600,000 / $2,000,000 )(0 .20) =...

Ngày tải lên: 25/12/2013, 21:16

... V A = [(EBIT )(1 – T C )] / r S = [($ 1,000,000 )(1 – 0.35)] / 0.11 = $5,909,091 The value of Firm A is $5.91 million. 16.18 a. According to the Miller Model, in equilibrium: r B (1 – ... market value of equity in the economy is: Equity Value = (EBIT –{r B *B} )(1 – T B C ) / r S = ($ 85 million – {0 .124 6 * $325 million} )(1 – 0.35) / 0.081 = $357.1 m...

Ngày tải lên: 25/12/2013, 21:16