principles of marketing kotler 15th edition chapter 1

... points 1? ?29 From Table to Equation – – – Data Used (MBytes/month) 10 20 30 40 Bill ($/month) $10 .50 $11 .00 $11 .50 $12 .00 Identify independent and dependent variables Calculate slope • Slope = (11 .5 ... the curve flatter • Intercept is unchanged 1? ?28 From Table to Graph – – – Data Used (MBytes/month) 10 20 30 40 Bill ($/month) $10 .50 $11 .00 $11 .50 $12 .00 Identify variables • Independent • Dependent ... slope • Slope = (11 .5 – 10 .5) / (30 – 10 ) = 1/ 20 = 0.05 Solve for intercept, f, using any point B = f + 0.05 D 12 = f + 0.05 (40) = f + f = 12 – = 10 B = 10 + 0.05 D 1? ?30 Simultaneous Equations

Ngày tải lên: 03/02/2020, 21:27

... (1) 1? ?1 Thinking Like an Economist Chapter 1 (2 )1? ?2 Learning Objectives 1 Explain and apply the Scarcity Principle 2 Explain and apply ... less than $10 , you gain (7 )1? ?7 (8 )1? ?8 Economic Surplus • The economic surplus of an action is equal (9 )1? ?9 Opportunity Cost • Opportunity cost is the value of what must be foregone in ... of babysitting to go to the movies – Give up watching TV to walk to town • Caution: NOT the combined value of all possible activities – Opportunity cost considers only your best (10 )1? ?10

Ngày tải lên: 01/04/2021, 17:21

... possible share prices ϭ 18 .33 Ϫ 0 73.33 Ϫ 41. 25 ϭ .5 714 ? ?15 5 ϫ .5 714 2 Ϫ 23 .11 ϭ $8.32 Value of call ϭ value of .5 714 shares Ϫ $23 .11 bank loan CHAPTER 21 Valuing Options 593 4 Of course, you don’t ... 1. 537 ϫ 13 .752 3Probability of rise ϫ 04 ϩ 311 Ϫ probability of rise2 ϫ 13 .754 ϭ Ϫ 1. 4286 ϫ 552 ϩ 30. 81 ϭ $7.24 Value of put ϭϪ.4286 shares ϩ $30. 81 bank loan Brealey−Meyers: Principles of ... to $ 41. 25. Expected future value 1 ϩ interest rate ϭ 8.49 1. 02 ϭ $8.32 ϭ $8.49 ϭ 1. 463 ϫ 18 .332 ϩ 1. 537 ϫ 02 3Probability of rise ϫ 18 .334 ϩ 311 Ϫ probability of rise2 ϫ 04 Probability of rise

Ngày tải lên: 06/07/2014, 08:20

... warrant value ϭ 865 ϫ 12 Ϫ .620 ϫ 11 0 /1. 1 4 2ϭ $6 .15 N1d 2 2ϭ .620N1d 1 2ϭ .865 d 2 ϭ 1. 104 Ϫ .40 ϫ 24 ϭ .304d 1 ϭ log 312 /11 0 /1. 1 4 24 /1. 40 ϫ 242ϩ .40 ϫ 24/2 ϭ 1. 104 N1d 1 2ϭ cumulative normal ... 1 1 ϩ q ϫ value of call on alternative firm ϭ 1 1 .1 ϫ 6.64 ϭ $6.04 Current share price of alternative firm ϭ V N ϭ 12 .5 million 1 million ϭ $12 .50 ϭ 18 Ϫ 5.5 ϭ $12 .5 million Ϫ value of ... Journal of Finance 46 (September 19 91) , pp 12 73? ?12 90 18 See P Asquith, “Convertible Bonds Are Not Called Late,” Journal of Finance 50 (September 19 95), pp 12 75? ?12 89 Brealey−Meyers: Principles

Ngày tải lên: 06/07/2014, 08:20

... 19 56 19 61 1966 19 71 1976 19 81 1986 19 91 1996 -15 -10 -5 0 Year 5 10 15 20 Percent Inflation Treasury bill return FIGURE 24.2 The return on U.S. Treasury bills and the rate of inflation, 19 26–2000. ... calculation: t ϭ 1t ϭ 0 Cash Flows Bond C 0 C 1 C 2 C 3 C 4 C 5 Yield 5s of ‘08 Ϫ852 .11 ϩ50 ϩ50 ϩ50 ϩ50 ? ?1, 050 8.78% 10 s of ‘08 ? ?1, 054.29 ? ?10 0 ? ?10 0 ? ?10 0 ? ?10 0 ? ?1, 100 8.62 Brealey−Meyers: Principles of Corporate ... a loan that pays $1 at both time 1 and time 2, present value is PV ϭ 1 1 ϩ r 1 ϩ 1 11 ϩ r 2 2 2 r 1 PV ϭ 1 1 ϩ r 1 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition VII. Debt

Ngày tải lên: 06/07/2014, 08:20

... 19 89 10 6.390 19 90 10 6.035 19 91 105.680 19 92 10 5.325 19 93 10 4.970 19 94 10 4. 615 19 95 10 4.260 19 96 10 3.905 19 97 10 3.550 19 98 10 3 .19 5 19 99 10 2.840 2000 10 2.485 20 01 102 .13 0 2002 10 1.775 2003 10 1.420 ... 2004 10 1.065 2005 10 0. 710 2006 10 0.355 and thereafter at 10 0 plus accrued interest; provided, however, that prior to June 1, 19 96, the Company may not redeem the bonds from, or in anticipation of, ... nal of Business 54 (January 19 81) , pp. 33–64. 14 See F. Black and J. C. Cox, “Valuing Corporate Securities: Some Effects of Bond Indenture Provisions,” Journal of Finance 31 (May 19 76), pp. 3 51? ??367.

Ngày tải lên: 06/07/2014, 08:20

... ϭϪ$98 .15 † Break-even rent (level) 26 .18 26 .18 26 .18 26 .18 26 .18 26 .18 26 .18 Tax Ϫ9 .16 Ϫ9 .16 Ϫ9 .16 Ϫ9 .16 Ϫ9 .16 Ϫ9 .16 Ϫ9 .16 Break-even rent after tax 17 .02 17 .02 17 .02 17 .02 17 .02 17 .02 17 .02 ... McGraw−Hill Companies, 2003 26 Leasing CHAPTER 26 Leasing 7 2000 a 11 .12 2 t ϭ $11 ,10 0... Contracts,” Journal of Financial Economics, 12 :237 2 61 (August 19 83) S R Grenadier, “Valuing Lease Contracts: ... Financing Year 0 Cost of new bus Lost depreciation tax shield Lease payment Tax shield of lease payment Cash flow of lease 1 2 3 4 5 6 7 ? ?16 .9 Ϫ7.00 ? ?16 .9 ? ?11 .20 ? ?16 .9 Ϫ6.72 ? ?16 .9 Ϫ4.03... Greymare’s

Ngày tải lên: 06/07/2014, 08:20

... Amsterdam, 19 91. Gas oil Crude oil 0 0.5 1 1.5 2 2.5 3 01/ 02/85 06 /19 /85 12 /04/85 05/ 21/ 86 11 /05/86 04/22/87 10 /07/87 03/23/88 09/07/88 02/22/89 08/09/89 01/ 24/90 12 /26/90 06 /12 / 91 11/ 27/ 91 05 /13 /92 10 /28/92 ... price 1 ϩ r f Futures price 11 ϩ r f 2 t ϭ spot price ϩ PVa storage costs bϪPV a convenience yield b Spot price Ϫ PV1dividends2ϭ 1, 190 Ϫ 1, 190 1. 0082 1. 02 ϭ 1, 1 81 Futures price 11 ϩ r f 2 t ϭ 1, 205 ... 05 /13 /92 10 /28/92 04 /14 /93 09/29/93 03 /16 /94 08/ 31/ 94 02 /15 /95 08/02/95 01/ 17/96 07/03/96 12 /18 /96 06/04/97 11 /19 /97 05/06/98 10 / 21/ 98 04/07/99 09/22/99 03/08/00 08/23/00 07 /11 /90 Weekly net convenience

Ngày tải lên: 06/07/2014, 08:20

... ¥/$ s ¥/$ 1 ϩ r ¥ 1 ϩ r $ 12 0,772,420 /11 6.535 ϭ $ˇ 1, 036,400 ¥ ? ?11 6.535/$ 12 0,700,000 ϫ 1. 0006 ϭ ? ?12 0,772,420 1, 000,000 ϫ 12 0.700 ϭ ¥ ? ?12 0,700,000 ¥? ?12 0.700/$ 1, 000,000 ϫ 1. 0365 ϭ $ ˇ 1, 036,500 ... return to sell forward currency. In r $ 1real2ϭ 1 ϩ r $ E 11 ϩ i $ 2 Ϫ 1 ϭ 1. 0365 1. 026 Ϫ 1 ϭ . 010 2 r ¥ 1real2ϭ 1 ϩ r ¥ E 11 ϩ i ¥ 2 Ϫ 1 ϭ 1. 0006 .99 Ϫ 1 ϭ . 010 7 CHAPTER 28 Managing International Risks ... 8.9594 9 .18 89 Sweden (krona) 10 . 315 9 10 .32 21 10.3389 10 .4034 Switzerland (franc) 1. 6680 1. 6677 1. 6667 1. 6563 United Kingdom (pound) 1. 4483 1. 4468 1. 4432 1. 4289 Americas: Canada (dollar) 1. 5397 1. 5403

Ngày tải lên: 06/07/2014, 08:20

... Value’ System,” Graduate School of Business, Uni- versity of Chicago. 2 LaPorta et al., “Law and Finance,” Journal of Political Economy 10 6 (December 19 98), pp. 11 13? ?11 55. Country Legal Tradition ... 29 .1 Country ratings on quality of accounting standards (a high figure indicates high quality). Source: LaPorta et al., “Law and Finance,” Journal of Political Economy 10 6 (December 19 98), 11 13? ?11 55. ... ? ?17 .2 Total assets 1, 380.8 1, 450 ϩ69.2 Liabilities and Shareholders’ Equity Dec 19 98 Dec 19 99 Change Current liabilities: Debt due within 1 year 96.6 10 0 ϩ3.4 Payables 349.9 360 ? ?10 .1 Total current

Ngày tải lên: 06/07/2014, 08:20

... electron- ics firm apply its average cost of capital to its inventory of gold? (See Section 11 .1. ) Brealey−Meyers: Principles of Corporate Finance, Seventh Edition IX. Financial Planning and Short−Term ... purposes: 1. It paid a $1 million dividend. (Note: The $11 million increase in Dynamic’s equity is due to retained earnings: $12 million of equity income, less the $1 million dividend.) CHAPTER ... millions) 87.5 78.5 11 6 13 1 [...]... Service for underpayment of taxes in previous years 4 Table 30. 12 shows Dynamic Mattress’s year-end 19 99 balance sheet, and Table 30. 13 shows its income

Ngày tải lên: 06/07/2014, 08:20

... prices and returns (13 ) Managers vs stockholders (2, 12 , 33, 34) Issues of shares and other securities (15 , 18 , 23) Top management vs operating management (12 ) Dividends (16 ) Stockholders vs ... Educational Version of Other examples of expanded coverage include be- Market Insight In total there are now over a thou- havioral finance (Chapter 13 ) and new international sand end -of- chapter questions ... list of useful websites has term decisions before the chapters on valuation and been added to each part of the book capital investment Brealey−Meyers: Principles of Corporate Finance, Seventh Edition...

Ngày tải lên: 06/07/2014, 08:20

... Because of the investment, G has $11 4 next year to pay off the loan The investment’s NPV is 10 6.54 Ϫ 10 0 ϭ ϩ6.54 11 4 10 7 A invests $10 0 in office building and consumes $11 4 next year 10 0 10 6.54 ... is $11 0,000 For example, suppose the slump, normal, and boom probabilities are all 1/ 3 Then the expected payoff C1 ϭ (80,000 ϩ 11 0,000 ϩ 14 0,000)/3 ϭ $11 0.000 17 Brealey−Meyers: Principles of ... 2 .1 shows the payoff to investing $10 0 in a share of your office project The rate of return is 14 percent, so $10 0 today transmutes to $11 4 next year The sloping line on the right in Figure 2.1...

Ngày tải lên: 06/07/2014, 08:20

... Interest 10 0 ϩ 10 11 0 ϩ 11 12 1 ϩ 12 .1 133 .1 ϩ 13 .3 236 ϩ 24 612 ϩ 61 10,672 ϩ 1, 067 1, 252,783 ϩ 12 5,278 17 ,264 ,11 6,042 ϩ 1, 726, 411 ,604 205,756,782,755 ϩ 20,575,678,275 ϭ Balance ϭ 11 0 ϭ 12 1 ϭ 13 3 .1 ... Interest ϭ Balance 10 0 11 0 12 0 13 0 19 0 290 590 1, 090 2,090 2,350 ϩ ϩ ϩ ϩ ϩ ϩ ϩ ϩ ϩ ϩ 10 10 10 10 10 10 10 10 10 10 ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ ϭ 11 0 12 0 13 0 14 0 200 300 600 1, 100 2 ,10 0 2,360 Starting Balance ... ϩ ϩ ϭ $1, 235.67 1. 02 11 .022 11 .022 11 .022 11 .022 If yields jumped to 10 percent, the price would fall to PV ϭ 70 70 70 10 70 70 ϩ ϩ ϩ ϩ ϭ $886.28 1. 10 11 .10 2 11 .10 2 11 .10 2 11 .10 2 Not surprisingly,...

Ngày tải lên: 06/07/2014, 08:20

... 10 0 11 0 12 1 13 3 .10 14 6. 41 — 4.35 8. 51 12.48 16 .29 — 95.65 91. 49 87.52 83. 71 100 10 0 10 0 10 0 10 0 11 .79 30.58 533.59 62,639 .15 10 20 50 10 0 259.37 672.75 11 ,739.09 1, 378,0 61. 23 35.89 58.89 89 .17 ... is 10 percent Therefore, PV1horizon value ϭ 1. 59 a b ϭ 22.4 10 Ϫ 06 11 .12 The present value of the near-term free cash flows is 80 96 1. 15 1. 39 20 23 Ϫ Ϫ Ϫ Ϫ Ϫ 1. 1 11 .12 11 .12 11 .12 11 .12 11 .12 ... 08 DIV3 DIV1 DIV2 DIV4 P0 ϭ ϩ ϩ ϩ 3 1 r 11 ϩ r2 11 ϩ r2 11 ϩ r2 r Ϫ 08 50 60 1. 15 1. 24 ϭ ϩ ϩ ϩ 1 r 11 ϩ r2 11 ϩ r2 11 ϩ r2 r Ϫ 08 P3 ϭ We have to use trial and error to find the value of r that...

Ngày tải lên: 06/07/2014, 08:20

... holds: NPV ϭ 1, 000 ϩ 800 15 0 15 0 15 0 15 0 15 0 ϩ ϩ ϩ Ϫ ϭ0 ϩ 50 1. 502 1. 502 1. 502 1. 502 1. 502 and NPV ϭ 1, 000 ϩ Ϫ 800 15 0 15 0 15 0 15 0 ϩ ϩ ϩ ϩ 1. 152 11 .15 22 11 .15 22 11 .15 22 11 .15 22 15 0 ϭ0 11 .15 22 In ... sign of the cash flows, the revised series has a unique rate of return, which is 15 percent: NPV ϭ 1, 000 ϩ 800 15 0 15 0 15 0 13 .64 ϩ ϩ ϩ ϩ ϭ0 1. 15 1. 152 1. 153 1. 155 1. 154 Since the modified IRR of ... 10 0 10 0 350 400 66 –4 43 14 63 48 EXCEL IRR (%) 11 5 17 .2 10 .7 16 .6 12 .1 11. 8 18 .0 13 .5 14 Consider the following capital rationing problem: W X Y Z Financing available C0 C1 C2 NPV 10 ,000 10 ,000...

Ngày tải lên: 06/07/2014, 08:20

... Opportunity Cost of Capital Period Market Standard Deviation (␴m) 19 26 19 30 19 31 19 40 19 41 19 50 19 51 19 60 19 61 19 70 19 71 19 80 19 81 19 90 19 91 2000 16 5 21. 7 37.8 14 .0 12 .1 13.0 15 .8 16 .5 13 .4 These figures ... Reebok x ␴2 1 ϭ 1. 652 ϫ 13 1.52 Reebok x1x2 12 1 2 ϭ 65 ϫ 35 ϫ ϫ 31. 5 ϫ 58.5 x1x2 12 1 2 ϭ 1. 652 ϫ 1. 352 ϫ ϫ 13 1.52 ϫ 15 8.52 x2␴2 ϭ 1. 352 ϫ 15 8.52 2 The variance of your portfolio is the sum of these ... 12 ϭ expected value of 1r1 Ϫ r1 ϫ 1r2 Ϫ r2 Note that any security’s covariance with itself is just its variance: ˜ ˜ 11 ϭ expected value of r1 Ϫ r1 ϫ r1 Ϫ r1 ˜ ϭ expected value of 1r1 Ϫ r1...

Ngày tải lên: 06/07/2014, 08:20

... Return CHAPTER Risk and Return Dollars (log scale) 10 0 High minus low book-to-market 10 Small minus large 0 .1 1932 19 37 19 42 19 47 19 52 19 57 19 62 19 67 19 72 19 77 19 82 19 87 19 92 19 97 Year FIGURE 8 .11 ... 2x1x2 12 1 2 1 2 ϭ 1. 652 ϫ 13 1.52 ϩ 1. 35 2 ϫ 15 8.5 2 ϩ 21. 65 ϫ 35 ϫ ϫ 31. 5 ϫ 58.5 ϭ 10 06 .1 The portfolio standard deviation is 210 06 .1 ϭ 31. 7 percent The portfolio with the minimum risk has 21. 4 ... (Fall 19 93), pp 8 18 Average risk premium, 19 31 19 65, percent 30 Market line 25 20 15 Investor 10 78 M Investor 10 Market portfolio 1. 0 1. 2 1. 4 Portfolio beta 1. 6 Average risk premium, 19 66 19 91, ...

Ngày tải lên: 06/07/2014, 08:20

... 12 66 21 1273 17 8 2269 3740 Number of shares, millions Share price (£ ) Dividend yield (%) P/E ratio Estimated ␤ of stock 15 20 8.00 2.0 31. 1 1. 03 76 9 .1 1.9 14 .5 80 14 2 25.4 1. 4 27.6 1. 15 TA B ... = 1. 62 (.52) 30 R = 11 R = 27 20 20 10 10 Market return, % -30 -20 -10 β = 2.02 (.38) 30 10 20 30 Market return, % -10 -30 -20 -10 -10 -20 -20 August 19 88– January 19 95 -30 10 20 30 February 19 95– ... 2003 Capital Budgeting and Risk CHAPTER Capital Budgeting and Risk Construction Food Products Pharmaceuticals 47 792 839 18 14 15 373 5 61 934 917 14 9 16 8 10 83 12 51 12 71 227 Net working capital Fixed...

Ngày tải lên: 06/07/2014, 08:20

... discount: 611 502 ϩ 413 02 1. 10 3. 819 602 ϩ 212 202 ϩ 43. 419 302 ϩ 611 402 NPV ϭ Ϫ550 ϩ ϩ 11 .10 2 ϭ Ϫ550 ϩ 10 2 670 ϭ ϩ96, or $96,000 ϩ 1. 10 11 .10 2 Thus the investment in the piston-engine plane has an NPV of ... case the NPV of the piston-engine plane would drop from $11 7,000 to $52,000: 611 002 ϩ 415 02 1. 10 3. 814 102 ϩ 211 80 ϩ 3. 412 202 ϩ 611 00 NPV ϭ Ϫ250 ϩ ϩ 11 .10 2 ϭ ϩ52, or $52,000 The value of the option ... Capital Budgeting The net present value of the investment in the piston-engine plane is therefore $11 7,000: NPV ϭ Ϫ250 ϩ 615 502 ϩ 411 852 ϭ 11 7, or $11 7,000 1. 10 If Magna buys the turboprop, there...

Ngày tải lên: 06/07/2014, 08:20