Tài liệu Kế Toán - Kiểm Toán

Inventory turnover is below industry average. Firm might have old inventory, or its control might be poor. No improvement is currently forecasted.

51 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 581 | Lượt tải: 0

No. The ROIC of 0.5% is less than the WACC of 10%. Investors did not get the return they require. Note: High growth usually causes negative FCF (due to investment in capital), but that’s ok if ROIC > WACC. For example, Home Depot had high growth, negative FCF, but a high ROIC.

42 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 548 | Lượt tải: 0

During nonconstant growth, dividend yield and capital gains yield are not constant. If current growth is greater than g, current capital gains yield is greater than g. After t = 3, g = constant = 6%, so the t = 4 capital gains gains yield = 6%. Because rs = 13%, the t = 4 dividend yield = 13% - 6% = 7%.

51 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 514 | Lượt tải: 0

At maturity, the value of any bond must equal its par value. The value of a premium bond would decrease to $1,000. The value of a discount bond would increase to $1,000. A par bond stays at $1,000 if rd remains constant.

54 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 582 | Lượt tải: 0

Indifference curves reflect an investor’s attitude toward risk as reflected in his or her risk/return tradeoff function. They differ among investors because of differences in risk aversion. An investor’s optimal portfolio is defined by the tangency point between the efficient set and the investor’s indifference curve.

45 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 538 | Lượt tải: 0

Portfolio expected return (9.6%) is between Alta (17.4%) and Repo (1.7%) Portfolio standard deviation is much lower than: either stock (20% and 13.4%). average of Alta and Repo (16.7%). The reason is due to negative correlation (r) between Alta and Repo.

51 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 549 | Lượt tải: 0

Commission: fee paid to broker for making the transaction Spread: cost of trading with dealer Bid: price dealer will buy from you Ask: price dealer will sell to you Spread: ask - bid “Price Impact”– Large sales or purchase might cause prices to change. “Payment for Order Flow”– Exchange will pay brokers to direct orders to them.

20 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 584 | Lượt tải: 0

Similar to forwards, except: Marking-to-market Many more assets- agriculture, livestock, metals, indexes, currencies, interest rates, energy Standardized contracts that trade on exchanges, such as CBOT

8 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 545 | Lượt tải: 0

Risk hasn’t disappeared, it has been shifted to Fannie Mae. But Fannie Mae doesn’t keep the mortgages: Puts mortgages in pools, sells shares of these pools to investors Risk is shifted to investors. But investors get a rate of return close to the mortgage rate, which is higher than the rate S&Ls pay their depositor. Investors have more risk, b...

10 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 524 | Lượt tải: 0

Free cash flows are the cash flows that are available (or free) for distribution to all investors (stockholders and creditors). FCF = sales revenues - operating costs - operating taxes - required investments in operating capital.

37 trang | Chia sẻ: huyhoang44 | Ngày: 26/03/2020 | Lượt xem: 494 | Lượt tải: 0