TitmanFinMan12e_Chapter 1_Study Question Solutions

TitmanFinMan12e_Chapter 1_Study Question Solutions

ID:42816418

大小:42.29 KB

页数:3页

时间:2019-09-21

TitmanFinMan12e_Chapter 1_Study Question Solutions_第1页
TitmanFinMan12e_Chapter 1_Study Question Solutions_第2页
TitmanFinMan12e_Chapter 1_Study Question Solutions_第3页
资源描述:

《TitmanFinMan12e_Chapter 1_Study Question Solutions》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库

1、1-3Titman/Keown/Martin•FinancialManagement,TwelfthEditionChapter1SolutionstoStudyQuestions1-1.Thesolutiontothisproblemisdependentuponthestudent’sexperiences.1-2.Therearethreebasictypesofissuesthatareaddressedbythestudyoffinance:a.Whatlong-terminvestmentsshoul

2、dthefirmundertake?Thisareaoffinanceisgenerallyreferredtoascapitalbudgeting.b.Howshouldthefirmraisemoneytofundtheseinvestments?Thefirm’sfundingchoicesaregenerallyreferredtoascapitalstructuredecisions.c.Howcanthefirmbestmanageitscashflowsastheyariseinitsday-to-

3、dayoperations?Thisareaoffinanceisgenerallyreferredtoasworkingcapitalmanagement.1-3.First,investorsdemandaminimumreturnfordelayingconsumptionthatmustbegreaterthantheanticipatedrateofinflation.Iftheydidn’treceiveenoughtocompensateforanticipatedinflation,investo

4、rswouldpurchasewhatevergoodstheydesiredaheadoftime.Thereisn’tmuchincentivetopostponeconsumptionifyoursavingsaregoingtodeclineintermsofpurchasingpower.Investmentalternativeshavedifferentamountsofriskandexpectedreturns.Investorssometimeschoosetoputtheirmoneyinr

5、iskyinvestmentsbecausetheseinvestmentsofferhigherexpectedreturns.Themoreriskaninvestmenthas,thehigherwillbeitsexpectedreturn–that’sbecauseriskinvestorsdon’tlikerisk,inparticular,theydon’tlikethechancethattheymightlosetheirmoney.Thatmakesriskyinvestmentslessat

6、tractive,whichmeansthattoattractinvestors,riskierinvestmentsmustbepricedtoofferinvestorsahigherexpectedrateofreturn.ThisrelationshipbetweenriskandexpectedreturnisshowninFigure1.3.Noticethatwekeepreferringtoexpectedreturnratherthanactualreturn.Wemayhaveexpecta

7、tionsofwhatthereturnsforinvestingwillbe,butwecan’tpeerintothefutureandseewhatthosereturnsareactuallygoingtobe.Untilafterthefact,youareneversurewhatthereturnonaninvestmentwillbe.ThatiswhyGeneralMotorsbondspaymoreinterestthanU.S.Treasurybondsofthesamematurity.T

8、headditionalinterestinducessomeinvestorstotakeontheaddedriskofpurchasingaGeneralMotorsbond.1-4.Whenevaluatinganinvestmentopportunityitisthecashflows,notaccountingprofits,thatdetermineitsv

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。