Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 17 doc

... b. Covariance(R 1 , R 2 ) = (0 .10 )(0 .25 – 0 .175 )(0 .25 – 0 .175 ) + (0 .40 )(0 .20 – 0 .175 )(0 .15 – 0 .175 ) + + (0 .40 )(0 .15 – 0 .175 )(0 .20 – 0 .175 ) + (0 .10 )(0 .10 – 0 .175 )(0 .10 – 0 .175 ) = 0.000625 ... 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 = (...

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 ... Prob(R B )] = (0 .08) (0 .1) + (0 .08) (0 .3) + (0 .1) (0 .4) + (0 .1) (0 .2) = 0.092 Calculate...

Ngày tải lên: 17/12/2013, 09:15

... Year 1 = (1 -0.40 )($ 17, 500,000) = $10,500,000 Year 2 = (1 -0.40 )($ 17, 500,000 )(1 .12) = $11,760,000 Year 3 = (1 -0.40 )($ 17, 500,000 )(1 .12) 2 = $13 ,171 ,200 Year 4 = (1 -0.40 )($ 17, 500,000 )(1 .12) 3 ... PV(C 0 ) = -$50,000 PV(C 1 ) = $10,000 / (1 .15) = $8,696 PV(C 2 ) = $20,000/ (1 .15) 2 = $15,123 PV(C 3 ) = $40,000 / (1 .15) 3...

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 = 0.9864 The ... Total 0 .177 1 Because the data are historical, the appropriate denominator in the calculation of the variance is six (= T – 1). σ 2 CB = [Σ(R CB - R...

Ngày tải lên: 17/12/2013, 09:15

... McGraw-Hill. All rights reserved. = ($ 5.99) / (1 .14) + ($ 6.64) / (1 .14) 2 + ($ 7 .17) / (1 .14) 3 + ($ 7.53) / (1 .14) 4 + [($ 7.91) / (0 .14 – 0.05)] / (1 .14) 4 = $71.70 A share of Webster ... payments. Solve for Div. P = Div / (1 +r) + Div / (1 +r) 2 + [(1 +g) Div / (r – g)] / (1 +r) 2 $30 = Div / (1 .12) + Div / (1 ....

Ngày tải lên: 17/12/2013, 09:15

... the initial investment. PI(A) = [C 1 / (1 +r) + C 2 / (1 +r) 2 + C 3 / (1 +r) 3 ] / (Initial Investment) = [$300 / (1 .1) + $700 / (1 .1) 2 + $600 / (1 .1) 3 ] / ($ 500) = 2.6 The profitability ... for project A is 2.6. PI(B) = [C 1 / (1 +r) + C 2 / (1 +r) 2 + C 3 / (1 +r) 3 ] / (Initial Investment) = [$300 / (1 .1) + $1,800 / (1 .1)...

Ngày tải lên: 17/12/2013, 09:15

... $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 ) = $1,000,000 / [(1 .09) 4 (1 .044)] ... 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(...

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

... 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) = (1 /5 )(0 .10) + (4 /5 )(0 .20) = 0.18 Consistent with ... 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) =...

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 – {0.1246 * $325 million} )(1 – 0.35) / 0.081 = $357.1 mil...

Ngày tải lên: 25/12/2013, 21:16