Tài chính doanh nghiệp - Chapter 14: Swap pricingIf the fixed rate in our at-the-market swap example was 5.75% instead of 5.62% The value of the floating rate side would not change The value of the fixed rate side would be lower than the floating rate side The swap has value to the floating rate payer
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Tài chính doanh nghiệp - Chapter 14: Distributions to shareholders: dividends and share repurchasesShareholders can automatically reinvest their dividends in shares of the company’s common stock. Get more stock than cash. There are two types of plans: Open market New stock
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Tài chính doanh nghiệp - Chapter 13: Capital structure and leverageP0 is maximized ($26.89) at D/A = $500,000/$2,000,000 = 25%, so optimal D/A = 25%. EPS is maximized at 50%, but primary interest is stock price, not E(EPS). The example shows that we can push up E(EPS) by using more debt, but the risk resulting from increased leverage more than offsets the benefit of higher E(EPS).
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Tài chính doanh nghiệp - Chapter 12: Other topics in capital budgetingThe company does not have the option to delay the project. The company may abandon the project after a year, if the customer has not adopted the product. If the project is abandoned, there will be no operating costs incurred nor cash inflows received after the first year.
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Tài chính doanh nghiệp - Chapter 12: Futures contracts and portfolio managementThe higher the duration, the higher the level of interest rate risk If interest rates are expected to rise, a bond portfolio manager may choose to bear some interest rate risk (duration shifting)
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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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