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1、Chapter02-AssetClassesandFinancialInvestmentsCHAPTER2:ASSETCLASSESANDFINANCIALINVESTMENTSPROBLEMSETS1.Preferredstockislikelong-termdebtinthatittypicallypromisesafixedpaymenteachyear.Inthisway,itisaperpetuity.Preferredstockisalsolikelong-termdebtinthatitdoesnotgivetheholdervotingrightsi
2、nthefirm.Preferredstockislikeequityinthatthefirmisundernocontractualobligationtomakethepreferredstockdividendpayments.Failuretomakepaymentsdoesnotsetoffcorporatebankruptcy.Withrespecttothepriorityofclaimstotheassetsofthefirmintheeventofcorporatebankruptcy,preferredstockhasahigherpriori
3、tythancommonequitybutalowerprioritythanbonds.2.Moneymarketsecuritiesarecalled“cashequivalents”becauseoftheirgreatliquidity.Thepricesofmoneymarketsecuritiesareverystable,andtheycanbeconvertedtocash(i.e.,sold)onveryshortnoticeandwithverylowtransactioncosts.3.Thespreadwillwiden.Deteriorat
4、ionoftheeconomyincreasescreditrisk,thatis,thelikelihoodofdefault.Investorswilldemandagreaterpremiumondebtsecuritiessubjecttodefaultrisk.4.Onthedaywetriedthisexperiment,36ofthe50stocksmetthiscriterion,leadingustoconcludethatreturnsonstockinvestmentscanbequitevolatile.5.a.Youwouldhavetop
5、aytheaskedpriceof:118:31=118.96875%ofpar=$1,189.6875b.Thecouponrateis11.750%implyingcouponpaymentsof$117.50annuallyor,moreprecisely,$58.75semiannually.c.Currentyield=Annualcouponincome/price=$117.50/$1,189.6875=0.0988=9.88%6.P=$10,000/1.02=$9,803.922-5Chapter02-AssetClassesandFinancial
6、Investments7.Thetotalbefore-taxincomeis$4.Afterthe70%exclusionforpreferredstockdividends,thetaxableincomeis:0.30´$4=$1.20Therefore,taxesare:0.30´$1.20=$0.36After-taxincomeis:$4.00–$0.36=$3.64Rateofreturnis:$3.64/$40.00=9.10%8.a.GeneralDynamicsclosedtodayat$74.59,whichwas$0.17higherthan
7、yesterday’sprice.Yesterday’sclosingpricewas:$74.42b.Youcouldbuy:$5,000/$74.59=67.03sharesc.Yourannualdividendincomewouldbe:67.03´$0.92=$61.67d.Theprice-to-earningsratiois16andthepriceis$74.59.Therefore:$74.59/Earningspershare=16ÞEarningspershare=$4.669.a.Att=0,thevalueoftheindexis:(9
