Ch_21_Dynamic_Capital_Structures_and_Corporate_Valuation

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1、Ch21DynamicCapitalStructuresandCorporateValuation1. Thepresentvalueofthefreecashflowsdiscountedattheunleveredcostofequityisthevalueofthefirm'soperationsifithadnodebt. a. True b. FalseANSWER:  TruePOINTS:  1DIFFICULTY:  Difficulty:ChallengingQUESTION T

2、YPE:  True/FalseHAS VARIABLES:  FalseLEARNING OBJECTIVES:  FMTP.EHRH.17.21.01-LO:21-1NATIONAL STANDARDS:  UnitedStates-BUSPROG:ReflectiveThinkingSTATE STANDARDS:  UnitedStates-ak-DISC:CapitalstructureLOCAL STANDARDS:  UnitedStates-OH-DefaultCity-TBATO

3、PICS:  Capitalstructure:UnleveredvalueKEYWORDS:  Bloom’s:ComprehensionDATE CREATED:  8/26/201510:47AMDATE MODIFIED:  8/31/201511:46AMQUESTION ID:  JFND-GO4G-EO4R-NC3IQUESTION GLOBAL ID:  GCID-E7BW-1TBP-CE5D-RQBZ-GOHG-RCTO-GWA1-4CTO-8RHN-4P5R-CE4N-4ATI

4、-GP1N-4PMG-8RAD-YC5N-CPDI-GWN8-EPRW-EMMG-GITD-GP3O-CW5S-CQBO-GWSU-GQBI-CESS-R3T1-GOSU-YQDB-8RSS-NAJ3-GC5G-ECDG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE2. Inaworldwithnotaxes,MMshowthatafirm'scapitalstructuredoesnotaffectthefirm'svalue.However,whentaxesareconsi

5、dered,MMshowapositiverelationshipbetweendebtandvalue,i.e.,itsvaluerisesasitsdebtisincreased. a. True b. FalseANSWER:  TruePOINTS:  1DIFFICULTY:  Difficulty:EasyQUESTION TYPE:  True/FalseHAS VARIABLES:  FalseLEARNING OBJECTIVES:  FMTP.EHRH.17.21.02-LO:

6、21-2NATIONAL STANDARDS:  UnitedStates-BUSPROG:ReflectiveThinkingSTATE STANDARDS:  UnitedStates-ak-DISC:CapitalstructureLOCAL STANDARDS:  UnitedStates-OH-DefaultCity-TBATOPICS:  TaxesandcapitalstructureKEYWORDS:  Bloom’s:KnowledgeDATE CREATED:  8/26/20

7、1510:47AMDATE MODIFIED:  8/26/201510:47AMQUESTION ID:  JFND-GO4G-EO4R-NCTUQUESTION GLOBAL ID:  GCID-E7BW-1TBP-CE5D-RQBZ-GOHG-RCTO-GWA1-4CTO-8RHN-4P5R-CE4N-4ATI-GP1N-4PMG-8RAD-YC5N-CPDI-GWN8-EPRW-EMMD-COHG-GATI-CC3U-EQJ3-GOSU-GPMB-CRSU-QCT1-GOSS-NPMN-G

8、ASS-E3TW-GW4S-K3TO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEECengageLearningTesting,PoweredbyCogneroPage 17Ch21DynamicCapitalStructuresandCorporateValuation3. AccordingtoMM,inaworldwithouttaxestheoptimalcapitalstructureforafirmisapproximately100%debtfina