公司理财课后习题和答案Chapter12EstimatingtheCostofCapital

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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-freerateofinte

2、restis3%andyouestimatethemarket'sexpectedreturntobe9%.1)Whichfirmhasthemosttotalrisk?A)EenieB)MeenieC)MineyD)MoeAnswer:CExplanation:C)TotalriskismeasuredusingvolatilityandMineyhasthehighestvolatility,hencethemosttotalrisk.Diff:1Section:12.1TheEquityCo

3、stofCapitalSkill:Analytical2)Whichfirmhastheleastmarketrisk?A)EenieB)MeenieC)MineyD)MoeAnswer:AExplanation:A)MarketriskismeasuredusingbetaandEeniehasthelowestbeta,hencethelowestmarketrisk.Diff:1Section:12.1TheEquityCostofCapitalSkill:AnalyticalWord完美格

4、式..3)Whichfirmhasthehighestcostofequitycapital?A)EenieB)MeenieC)MineyD)MoeAnswer:DExplanation:D)CostofcapitalismeasuredusingtheCAPMandisalinearfunctionofbeta.Thereforethefirmwiththehighestbeta(Moe)hasthehighestcostofequitycapital.Diff:1Section:12.1The

5、EquityCostofCapitalSkill:Analytical4)Theequitycostofcapitalfor"Miney"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"isc

6、losestto:A)4.50%B)7.50%C)9.30%D)9.75%Answer:BExplanation:B)rMeenie=3%+0.75(9%-3%)=7.5%Diff:1Section:12.1TheEquityCostofCapitalSkill:Analytical6)Theriskpremiumfor"Meenie"isclosestto:A)4.50%B)7.50%C)9.30%D)9.75%Answer:AWord完美格式..Explanation:A)riskpremiu

7、mMeenie=0.75(9%-3%)=4.5%Diff:2Section:12.1TheEquityCostofCapitalSkill:AnalyticalWord完美格式..12.2TheMarketPortfolioUsethefollowinginformationtoanswerthequestion(s)below.Supposeallpossibleinvestmentopportunitiesintheworldarelimitedtothefourstockslistinthe

8、tablebelow:StockPriceperShareNumberofSharesOutstanding(Millions)TaggartTranscontinental$15.6025ReardenMetal$13.0045WyattOil$29.2510NielsonMotors$26.25261)TheweightonTaggartTranscontinentalstockinthemarketportfolioisclosestto:A)15%B)20%C)25%D)3