Tài liệu Tài Chính Thuế

The offer could range from $9 to $16.39 per share. At $9 all the merger benefits would go to the acquirer’s shareholders. At $16.39, all value added would go to the target’s shareholders. Acquiring and target firms must decide how much wealth they are willing to forego.

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20-year, 10% annual coupon, callable convertible bond will sell at its $1,000 par value; straight debt issue would require a 12% coupon. Call the bonds when conversion value > $1,200. P0 = $10; D0 = $0.74; g = 8%. Conversion ratio = CR = 80 shares.

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Suppose one yen buys $0.0095 in the 30-day forward exchange market and kNOM for a 30-day risk-free security in Japan and in the U.S. is 4%. ft = 0.0095 kh = 4% / 12 = 0.333% kf = 4% / 12 = 0.333%

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Speculative risks – offer the chance of a gain as well as a loss. Pure risks – offer only the prospect of a loss. Demand risks – risks associated with the demand for a firm’s products or services. Input risks – risks associated with a firm’s input costs. Financial risks – result from financial transactions.

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LTCM’s bailout A consortium of Wall Street banks, facilitated by the New York Fed, arranged a bailout If LTCM had failed, it would have had catastrophic consequences on markets across the globe John Maynard Keynes: “Markets can remain irrational longer than you can remain solvent”

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Additional sales could be supported with the existing level of assets. The maximum amount of sales that can be supported by the current level of assets is: Capacity sales = Actual sales / % of capacity = $2,000 / 0.75 = $2,667 Since this is less than 2003 forecasted sales, no additional assets are needed.

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“Simple interest” means no discount or add-on. Interest = 0.08($100,000) = $8,000 kNOM = EAR = $8,000 / $100,000 = 8.0% For a 1-year simple interest loan, kNOM = EAR

24 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 416 | Lượt tải: 0

Many modern portfolio managers actively practice some form of delta management Delta management refers to any investment practice that monitors position delta and seeks to maintain it within a certain range Delta is a direct measure of the “degree of bullishness” represented in a particular security position or portfolio

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Float is the difference between cash as shown on the firm’s books and on its bank’s books. If SKI collects checks in 2 days but those to whom SKI writes checks don’t process them for 6 days, then SKI will have 4 days of net float. If a firm with 4 days of net float writes and receives $1 million of checks per day, it would be able to operate with...

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Like other puts and calls, futures options have both intrinsic value and time value Expiration The option month refers to the futures contract delivery month Depending on the commodity, the option may expire on a specific date in the preceding month The actual expiration date varies by commodity Some futures options have a serial expiration fe...

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