Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 15 pdf

... 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

... $13,570 PV(C 5 ) = $28,638 / (1 .197) 5 = $11,654 PV(C 6 ) = $29,432 / (1 .197) 6 = $10,006 PV(C 7 ) = $30,242 / (1 .197) 7 = $8,589 NPV = PV(C 0 ) + PV(C 1 ) + PV(C 2 ) + PV(C 3 ) + PV(C 4 ) ... 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 =...

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 ... -0.005) / (5 ) = 0 .154 2 The average return on small-company stocks is 15. 42 percent. R M = (R 1 + R 2 + R 3 + R 4 + R 5 ) / (5 ) = (0 .402 + 0.648 + -0....

Ngày tải lên: 17/12/2013, 09:15

... PV(Dividends) = (1 – T) Div 1 / (1 +r) + (1 – T) Div 2 / (1 +r) 2 = (0 .72) $2 / (1 .15) + (0 .72) $4 / (1 .15) 2 = $3.43 At the end of year 3, you will sell the stock at $50. PV(Cap. ... year’s cash flows. PV(Revenues) = C / (r – g) = ($ 3,000,000 × 1.05) / (0 .15 – 0.05) = $31,500,000 PV (Costs) = C / (r – g) = ($ 1,500,000 × 1.05...

Ngày tải lên: 17/12/2013, 09:15

... Project A = -$7,500 + $4,000 / (1 .15) + $3,500 / (1 .15) 2 + $1,500 / (1 .15) 3 = -$388.96 Project B = -$5,000 + $2,500 / (1 .15) + $1,200 / (1 .15) 2 + $3,000 / (1 .15) 3 = $53.83 The firm ... project. NPV(Project A) = -$5,000 + $3,500 / (1 .15) + $3,500 / (1 .15) 2 = $689.98 The NPV of project A is $689.98. NPV(Project B) = -$100,000 + $65,...

Ngày tải lên: 17/12/2013, 09:15

... 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(C 6 ) + PV(Deferred ... $650,000 / [(1 .09) (1 .044)] = $571,197.58 PV(C 3 ) = $800,000 / [(1 .09) 2 (1 .044)] = $644,965.51 PV(C 4 ) = $1,000,000 / [(1 .09) 3 (1 .044)] = $739,639.35 PV(C 5...

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

... be 16.25% [= ($ 15, 000 - $2,000) / $80,000]. ity capital (r S ), set up the following equation: +S) }(1 – T C ) r B + {S / (B+S)}r S 0 .15 = (0 .7143 )(1 – 0.35 )(0 .10) + (0 .2857)(r S ) r S ... average cost of capital af wacc = ( $20 m = {B / (B+S)} r B B illion / $300 million )(0 .08) + ($ 280 million / $300 million )(0 .1014) = (1 /15 )(0...

Ngày tải lên: 25/12/2013, 21:16

... million (= $200 million + $500 million). The value of equity in the economy can be computed using the following expression: Equity Value = (EBIT – r B B )(1 – T B C ) / r S Equity Value = ($ 150 ... 10% tax on interest income is 15. 23% {= 0.1692 * (1 - 0.10)}. Since the after-personal tax interest rate (1 5.23%) is greater than the required return on equity (1 1%),...

Ngày tải lên: 25/12/2013, 21:16