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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Tài chính doanh nghiệp - Chapter 6: The black - Scholes option pricing modelThe valuation equation has two parts One gives a “pseudo-probability” weighted expected stock price (an inflow) One gives the time-value of money adjusted expected payment at exercise (an outflow)
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Tài chính doanh nghiệp - Chapter 6: Time value of moneyFuture value Present value Annuities Rates of return Amortization
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Tài chính doanh nghiệp - Chapter 5: Option pricingPriced analogously to calls You can combine puts with stock so that the future value of the portfolio is known Assume a value of $100
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Tài chính doanh nghiệp - Chapter 5: Risk and rates of returnIf an investor chooses to hold a one-stock portfolio (exposed to more risk than a diversified investor), would the investor be compensated for the risk they bear? NO! Stand-alone risk is not important to a well-diversified investor. Rational, risk-averse investors are concerned with σp, which is based upon market risk. There can be only one pri...
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Tài chính doanh nghiệp - Chapter 4: Option combinations and spreadsA diagonal spread involves options from different expiration months and with different striking prices They are chosen diagonally from the option listing in the financial pages Diagonal spreads can be bullish or bearish
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