罗斯《公司理财》英文习题答案docchap012

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1、公司理财习题答案第十二章Chapter12:Risk,Return,andCapitalBudgeting12.1CostofequityRS=5+0.95(9)=13.55%NPVoftheproject=-$1.2million+=-$20,016.52Donotundertaketheproject.12.2a.=(-0.05+0.05+0.08+0.15+0.10)/5=0.066=(-0.12+0.01+0.06+0.10+0.05)/5=0.02b.--(-)2(-)(-)-0.116-0.140.01960.01

2、624-0.016-0.010.00010.000160.0140.040.00160.000560.0840.080.00640.006720.0340.030.00090.001020.02860.02470BetaofDouglas=0.02470/0.0286=0.86412.3RS=6%+1.15´10%=17.5%RB=6%+0.3´10%=9%a.Costofequity=RS=17.5%b.B/S=0.25B/(B+S)=0.2S/(B+S)=0.8WACC=0.8´17.5%+0.2´9%(1-0.35)=1

3、5.17%12.4==0.065==0.0383Betaofceramicscraftsman=/2=/=(0.675)(0.065)/0.0383=1.14612.5a.TocomputethebetaofMercantileManufacturing’sstock,youneedtheproductofthedeviationsofMercantile’sreturnsfromtheirmeanandthedeviationsofthemarket’sreturnsfromtheirmean.Youalsoneedthes

4、quaresofthedeviationsofthemarket’sreturnsfromtheirmean.B-129AnswerstoEnd-of-ChapterProblems公司理财习题答案第十二章Themechanicsofcomputingthemeansandthedeviationswerepresentedinanearlierchapter.=0.196/12=0.016333=0.236/12=0.019667E(-)(-)=0.038711E(-)2=0.038588b=0.038711/0.03858

5、8=1.0032b.Thebetaoftheaveragestockis1.Mercantile’sbetaiscloseto1,indicatingthatitsstockhasaveragerisk.12.6a.RMcanhavethreevalues,0.16,0.18or0.20.Theprobabilitythattakesoneofthesevaluesisthesumofthejointprobabilitiesofthereturnpairthatincludetheparticularvalueof.Fore

6、xample,ifis0.16,RJwillbe0.16,0.18or0.22.Theprobabilitythatis0.16andRJis0.16is0.10.TheprobabilitythatRMis0.16andRJis0.18is0.06.Theprobabilitythatis0.16andRJis0.22is0.04.Theprobabilitythatis0.16is,therefore,0.10+0.06+0.04=0.20.Thesameprocedureisusedtocalculatetheproba

7、bilitythatis0.18andtheprobabilitythatis0.20.Remember,thesumoftheprobabilitymustbeone.Probability0.160.200.180.600.200.20b.i.=0.16(0.20)+0.18(0.60)+0.20(0.20)=0.18ii.=(0.16-0.18)2(0.20)+(0.18-0.18)2(0.60)+(0.20-0.18)2(0.20)=0.00016iii.==0.01265c.RJProbability.16.10.1

8、8.20.20.40.22.20.24.10d.i.=.16(.10)+.18(.20)+.20(.40)+.22(.20)+.24(.10)=.20ii.sj2=(.16-.20)2(.10)+(.18-.20)2(.20)+(.20-.20)2(.40)+(.22-.20