财务管理双语课程作业英文题目doc.docx
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财务管理双语课程作业英文题目doc.docx
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财务管理双语课程作业英文题目doc
1:
Chapter2,P35,Q5
BookValuesversusMarketValuesUnderstandaccountingrules,itispossibleforacompany’sliabilitiestoexceeditsassets.Whenthisoccurs,theowner’sequityisnegative.Canthishappenwithmarketvalues?
Whyorwhynot?
2:
Chapter3,P71,Q1
FinancialRationAnalysisAfinancialratiobyitselftellsuslittleaboutacompanysincefinancialratiosvaryagreatdealacrossindustries.Therearetwobasicmethodsforanalyzingfinancialratiosforacompany:
timetrendanalysisandpeergroupanalysis.Whymighteachoftheseanalysismethodsbeuseful?
Whatdoeseachtellyouaboutthecompany’sfinancialhealth?
3:
Chapter4,P103,Q3
PresentValueSupposetwoathletessign10-yearcontractsfor$80million.Inonecase,we’retoldthatthe$80millionwillbepaidin10equalinstallments.Intheothercase,we’retoldthatthe$80millionwillbepaidin10installments,buttheinstallmentswillincreaseby5percentperyear.Whogotthebetterdeal?
4:
Chapter5,P135,Q17
BondPricesversusYields
a.WhatistherelationshipbetweenthepriceofabondanditsYTM?
b.Explainwhysomebondssellatapremiumoverparvaluewhileotherbondssellatadiscount.WhatdoyouknowabouttherelationshipbetweenthecouponrateandtheYTMforpremiumbonds?
Whataboutfordiscountbonds?
Forbondssellingatparvalue?
c.WhatistherelationshipbetweenthecurrentyieldandYTMforpremiumbonds?
Fordiscountbonds?
Forbondssellingatparvalue?
5:
Chapter6,P166,Q4
DividendGrowthModelUnderwhattwoassumptionscanweusethedividendgrowthmodelpresentedinthechaptertodeterminethevalueofashareofstock?
Commentonthereasonablenessoftheseassumptions.
6:
Chapter7,P193,
PaybackandInternalRateofReturnAprojecthasperpetualcashflowsofcperperiod,acostofl,andarequiredreturnofR.Pleasedefining:
a)Paybackperiod
b)Internalrateofreturn
c)Netpresentvalue
Whatistherelationshipbetweentheproject’spaybackanditsIRR?
Whatimplicationsdoesyouranswerhaveforlong-livedprojectswithrelativelyconstantcashflows?
7:
Chapter8,P214,Q2
IncrementalCashFlowsWhichofthefollowingshouldbetreatedasanincrementalcashflowwhencomputingtheNPVofaninvestment?
a.Areductionofthesalesofacompany’sotherproductscausedbytheinvestment.
b.Anexpenditureonplantandequipmentthathasnotyetbeenmadeandwillbemadeonlyiftheprojectisaccepted.
c.Costsofresearchanddevelopmentundertakeninconnectionwiththeproductduringthepastthreeyears.
d.Annualdepreciationexpensefromtheinvestment.
e.Dividendpaymentsbythefirm.
f.Theresalevalueofplantandequipmentattheendoftheproject’slife.
g.Salaryandmedicalcostsforproductionpersonnelwhowillbeemployedonlyiftheprojectisaccepted.
8:
Chapter8,
Theinformationofaprojectasfollowing(i=10%),
Year1
Year2
Year3
Year4
Sales
7,000
7,000
7,000
7,000
Costs
2,000
2,000
2,000
2,000
Depreciation
2,500
2,500
2,500
2,500
EBT
Tax
850
850
850
850
Netincome
OCF
0
Capitalspending
10,000
0
0
0
0
NetWorkingCaptial
–200
–250
–300
–200
950
Incrementalcashflow
Please:
a)Finishthetable
b)CalculatetheNPV
c)CalculatetheIRR
d)Criticallyevaluatethisproject.
9:
Chapter9,
Acompanyinvestment1,500,000($)toaprojectinthefirstyear,andtheprojectcanbeoperatedabout5years.Therevenueandthevariablecostseachyearoftheprojectasfollowing(I=13%):
Pessimistic
Expected
Optimistic
Revenue
2,783,000
3,600,000
4,387,500
Variablecosts
1,742,400
2,100,000
2,386,800
Fixedcosts
850,000
800,000
750,000
Depreciation
300,000
300,000
300,000
EBT
Tax
–43,760
160,000
380,280
Netincome
OCF
Thecompanyshouldaccepttheproject?
10:
Chapter12,P310,Q6
SMLCostofEquityEstimationWhataretheadvantagesofusingtheSMLapproachtofindingthecostofequitycapital?
Whatarethedisadvantages?
Whatarethespecificpiecesofinformationneededtousethismethod?
Areallofthesevariableobservable,ordotheyneedtobeestimated?
Whataresomeofthewaysinwhichyoucouldgettheseestimates?
11:
Chapter13,P340,Q10
EfficientMarketHypothesisForeachofthefollowingscenarios,discusswhetherprofitopportunitiesexistfromtradinginthestockofthefirmundertheconditionsthat
(1)themarketisnotweakformefficient,
(2)themarketisweakformbutnotsemistrongformefficient,(3)themarketissemistrongformbutnotstrongformefficient,and(4)themarketisstrongformefficient.
a.Thestockpricehasrisensteadilyeachdayforthepast30days.
b.Thefinancialstatementforacompanywerereleasedthreedaysago,andyoubelieveyou’veuncoveredsomeanomaliesinthecompany’sinventoryandcostcontrolreportingtechniquesthatarecausingthefirm’strueliquiditystrengthtobeunderstated.
c.Youobservethattheseniormanagementofacompanyhasbeenbuyingalotofthecompany’sstockontheopenmarketoverthepastweek.
Usethefollowinginformationforthenexttwoquestions:
Technicalanalysisisacontroversialinvestmentpractice.Technicalanalysiscoversawidearrayoftechniques,whichareallusedinanattempttopredictthedirectionofaparticularstock,orthemarket.Technicalanalystslookattwomajortypesofinformation:
historicalstockpricesandinvestorsentiment.Atechnicalanalystwouldarguethesetwoinformationsetsprovideinformationonthefuturedirectionofaparticularstock,orthemarketasawhole.
12:
Chapter15,P394,Q4
CostofdebtWhatstepscanstockholderstaketoreducethecostofdebt?
13:
Chapter17,P448,Q3
SourcesandusesFortheyearjustended,youhavegatheredthefollowinginformationontheHollyCorporation:
a.A$200dividendwaspaid.
b.Accountspayableincreasedby$500.
c.Fixedassetpurchaseswere$900.
d.Inventoriesincreasedbyv625.
e.Long-termdebtdecreasedby$1,200.
Labeleachasasourceoruseofcashanddescribeitseffectonthefirm’scashbalance.
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