公司理财 课后习题及答案Chapter 12 Estimating the Cost of Capital.doc

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1、CorporateFinance,3e(Berk/DeMarzo)Chapter12EstimatingtheCostofCapital12.1TheEquityCostofCapitalUsethefollowinginformationtoanswerthequestion(s)below.BetaVolatility"Eenie"0.4520%"Meenie"0.7518%"Miney"1.0535%"Moe"1.2025%Assumethattherisk-freerateofinterestis3%andyoues

2、timatethemarket'sexpectedreturntobe9%.1)Whichfirmhasthemosttotalrisk?A)EenieB)MeenieC)MineyD)MoeAnswer:CExplanation:C)TotalriskismeasuredusingvolatilityandMineyhasthehighestvolatility,hencethemosttotalrisk.Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical2)W

3、hichfirmhastheleastmarketrisk?A)EenieB)MeenieC)MineyD)MoeAnswer:AExplanation:A)MarketriskismeasuredusingbetaandEeniehasthelowestbeta,hencethelowestmarketrisk.Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical3)Whichfirmhasthehighestcostofequitycapital?A)Eenie

4、B)MeenieC)MineyD)MoeAnswer:DExplanation:D)CostofcapitalismeasuredusingtheCAPMandisalinearfunctionofbeta.Thereforethefirmwiththehighestbeta(Moe)hasthehighestcostofequitycapital.Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical4)Theequitycostofcapitalfor"Miney

5、"isclosestto:A)6.30%B)7.50%C)9.30%D)9.75%Answer:CExplanation:C)rMiney=3%+1.05(9%-3%)=9.3%Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical5)Theequitycostofcapitalfor"Meenie"isclosestto:A)4.50%B)7.50%C)9.30%D)9.75%Answer:BExplanation:B)rMeenie=3%+0.75(9%-3%)=

6、7.5%Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical6)Theriskpremiumfor"Meenie"isclosestto:A)4.50%B)7.50%C)9.30%D)9.75%Answer:AExplanation:A)riskpremiumMeenie=0.75(9%-3%)=4.5%Diff:2Section:12.1TheEquityCostofCapitalSkill:Analytical12.2TheMarketPortfolioUset

7、hefollowinginformationtoanswerthequestion(s)below.Supposeallpossibleinvestmentopportunitiesintheworldarelimitedtothefourstockslistinthetablebelow:StockPriceperShareNumberofSharesOutstanding(Millions)TaggartTranscontinental$15.6025ReardenMetal$13.0045WyattOil$29.251

8、0NielsonMotors$26.25261)TheweightonTaggartTranscontinentalstockinthemarketportfolioisclosestto:A)15%B)20%C)25%D)30%Answer:BExplanation:B)Calculat