Tài chính doanh nghiệp - Chapter 11: Cash flow estimation and risk analysis1 2 3 4 Revenues 210 220 232 243 Op. Costs (60%) -126 -132 -139 -146 - Deprn Expense -79 -108 -36 -17 - Oper. Income (BT) 5 -20 57 80 - Tax (40%) 2 -8 23 32 Oper. Income (AT) 3 -12 34 48 + Deprn Expense 79 108 36 17 Operating CF 82 96 70 65
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Tài chính doanh nghiệp - Chapter 11: Fundamentals of interest rate futuresTreasury bill futures contracts call for the delivery of $1 million par value of 91-day T-bills on the delivery date of the futures contract On the day the Treasury bills are delivered, they mature in 91 days
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Tài chính doanh nghiệp - Chapter 10: The basics of capital budgetingFind cash flow differences between the projects for each year. Enter these differences in CFLO register, then press IRR. Crossover rate = 8.68%, rounded to 8.7%. Can subtract S from L or vice versa, but better to have first CF negative. If profiles don’t cross, one project dominates the other.
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Tài chính doanh nghiệp - Chapter 10: Foreign exchange futuresThe risk premium is the component of interest rates that is most difficult to measure Risk-averse investors expect to be compensated for risks they take The price of a risky security must reflect a risk premium to entice someone to buy it The magnitude of the risk premium depends on how much risk the security carries The higher the risk premium...
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Tài chính doanh nghiệp - Chapter 9: Stock index futuresThe S&P 500 index is capitalization-weighted Each of the 500 share prices in the index is multiplied by the number of outstanding shares in that particular firm Standard and Poor’s calculates the index by adding these figures and dividing by the index divisor
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Tài chính doanh nghiệp - Chapter 9: The cost of capitalCorporations own most preferred stock, because 70% of preferred dividends are nontaxable to corporations. Therefore, preferred stock often has a lower B-T yield than the B-T yield on debt. The A-T yield to an investor, and the A-T cost to the issuer, are higher on preferred stock than on debt. Consistent with higher risk of preferred stock.
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Tài chính doanh nghiệp - Chapter 8: Stocks and their valuationCapital gains yield = g = -6.00% Dividend yield = 13.00% - (-6.00%) = 19.00% Since the stock is experiencing constant growth, dividend yield and capital gains yield are constant. Dividend yield is sufficiently large (19%) to offset a negative capital gains.
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Tài chính doanh nghiệp - Chapter 8: Fundamentals of the futures marketScalping With Treasury Bond Futures Trader Hennebry just sold 5 T-bond futures to ZZZ for 77 31/32. Now, a sell order for 5 T-bond futures reaches the pit and Hennebry buys them for 77 30/32. Thus, Hennebry just made 1/32 on each of the 5 contracts, for a dollar profit of 1/32% x $100,000/contract x 5 contracts = $156.25
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Tài chính doanh nghiệp - Chapter 7: Option greeksA Strangle Example A stock currently trades at $44. The annual volatility of the stock is estimated to be 15%. T-bills yield 6%. An options trader decides to write six-month strangles using $40 puts and $50 calls. The two options will have different deltas, so the trader will not write an equal number of puts and calls. How many puts and cal...
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Tài chính doanh nghiệp - Chapter 7: Bonds and their valuationYou may invest in either a 10-year bond or a series of ten 1-year bonds. Both 10-year and 1-year bonds currently yield 10%. If you choose the 1-year bond strategy: After Year 1, you receive $50,000 in income and have $500,000 to reinvest. But, if 1-year rates fall to 3%, your annual income would fall to $15,000. If you choose the 10-year bond st...
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