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1、TEXASTECHUNIVERSITYSECONDSUMMER2012RAWLSCOLLEGEOFBUSINESSAREAOFFINANCEFIN4328–001–62167–InternationalFinanceDr.DanışoğluHomework#5DueonTuesday,August7,20121.SupposethatZimbabwehasachoiceoftwopossible$100million,five-yearEurodollarloans.ThefirstloanisofferedatLIBOR+1%witha2.5%syndicationfee,whereas
2、thesecondloanispricedatLIBOR+1.5%anda0.75%syndicationfee.AssumingthatZimbabwehasa9%costofcapital,whichloanispreferable?Hint:Viewthisasacapitalbudgetingproblem.Thedollarcashflowsassociatedwiththesetwospread-syndicatefeecombinationsareasfollows:LoanOptionFeeInterestSpread(Years1-5)Loan1(2.5%fee,1%sp
3、read)$2,500,000$1,000,000Loan2(0.75%fee,1.5%spread)$750,000$1,500,000Usinga9%discountrate,wecancomparethepresentvaluesofthesetwocombinations:5$1,000,000$2,500,000+t=$6,389,651t=1(1.09)Basedonthesecomparisons,wecanseethatata9%discountrate,thefirstloanfee-spreadcombinationistheleastexpensiveone.5$1
4、,500,000$750,000+=$6,584,477t(1.09)t=12.During1997,theKoreanStockExchange’scompositeindexfellby42%,whilethewonlosthalfitsvalueagainstthedollar.WhatwasthecombinedeffectofthesetwodeclinesonthedollarreturnassociatedwithKoreanstocksduring1997?Accordingtothesedata,thedollarreturnontheKoreanStockExchan
5、geduring1997was-71%:R=(1-0.42)(1-0.5)-1=-71%$3.Supposeoveraten-yearperiodtheannualizedpesetareturnofaSpanishbondhasbeen12.1%.Ifacomparabledollarbondhasyieldedanannualizedreturnof8.3%,whatcumulativedevaluationofthepesetaoverthisperiodwouldbenecessaryforthereturnonthedollarbondtoexceedthedollarretur
6、nontheSpanishbond?Theanswertothisquestioncanbefoundbysolvingthefollowingequation:(1.121)10(1-d)=(1.083)10Inthisequation,disthecumulativepesetadevaluationovertheten-yearperiod.Thatis,thedollarreturnoninvestingintheSpanishbondequalsthedollarreturnoninvestinginthecomparabledollar-denominatedbond.Thes
7、olutiontothisequationisd=0.2917,oracumulativepesetadevaluationof29.17%.4.ThestandarddeviationsofU.S.andMexicanreturnsovertheperiod1989-1993were12.7%and29.7%,respectively.Inaddition,thecorrelationbetweentheU.S.and
