公司理财 课后习题及答案Chapter 12 Estimating the Cost of Capital

1、corporate finance，3e (berk/demarzo)chapter 12 estimating the cost of capital12.1 the equity cost of capitaluse the following information to answer the question(s)below。贝塔(消歧义)volatility eenie 0.4520% meenie 0.7518%“迷你”1.0535% moe 1.2025%assume that the risk-free rate of interest is 3% and you estima

2、te the markets expected return to be 9%。1) which firm has the most total risk？a) eenieb) meeniec)迷你d) moeanswer: cexplanation : c)total risk is measured using volatility and miney has the highest volatility，hence the most total risk。diff: 1第：节12.1 the equity cost of capitalskill: analytical2)which f

3、irm has the least market risk？a) eenieb) meeniec)迷你d) moeanswer: aexplanation : a)market risk is measured using beta and eenie has the lowest beta，hence the lowest market risk。diff: 1第：节12.1 the equity cost of capitalskill: analytical3)which firm has the highest cost of equity capital？a) eenieb) mee

4、niec)迷你d) moeanswer 3360dexplanation :d)cost of capital is measured using the capm and is a linear function of beta . there fore the firm with the highest beta(diff: 1第：节12.1 the equity cost of capitalskill: analytical4)the equity cost of capital for miney is closest to :a) 6.30%b) 7.50%c) 9.30%d) 9

5、.75%answer: c扩展： c)rminey=3% 1.05(9%-3%)=9.3%diff: 1第：节12.1 the equity cost of capitalskill: analytical5)the equity cost of capital for me enie is closest to :a) 4.50%b) 7.50%c) 9.30%d) 9.75%answer: bexplanation : b)rm eenie=3% 0.75(9%-3%)=7.5%diff: 1第：节12.1 the equity cost of capitalskill: analytic

6、al6)the risk premium for me enie is closest to :a) 4.50%b) 7.50%c) 9.30%d) 9.75%answer: aexplanation : a)risk premium meenie=0.75(9%-3%)=4.5%diff: 2第：节12.1 the equity cost of capitalskill: analytical12.2 the market portfoliouse the following information to answer the question(s)below。suppose all pos

7、sible investment opportunities in the world are limited to the four stocks list in the table below 3360斯塔克price persharenumber of sharesoutstanding(推拉)taggart transcontinental$15.6025rearden metal$13.0045wyatt oil29.25美元10尼尔斯onmotors26.25美元261)the weight on taggart trans continental stock in the mar

8、ket port folio is closest to 3360a) 15%b) 20%c) 25%d) 30%answer: bexplanation: b)calculationsb cd/1950斯塔克price persharenumber of sharesoutstanding(推)是市场cap重量taggart transcontinental$15.6025$390.000.2rearden metal$13.0045585.00美元0.3wyatt oil29.25美元10292.50美元0.15尼尔斯onmotors26.25美元26682.50美元0.35全站仪$195

9、0.00diff: 1第：节12.2 the market portfolioskill: analytical2)wyatt oil stock in the market port folio is closest to 3360a) 15%b) 20%c) 25%d) 30%answer: aexplanation: a)calculationsb cd/1950斯塔克price persharenumber of sharesoutstanding(推)是市场cap重量taggart transcontinental$15.6025$390.000.2rearden metal$13.

10、0045585.00美元0.3wyatt oil29.25美元10292.50美元0.15尼尔斯onmotors26.25美元26682.50美元0.35全站仪$1950.00diff: 1第：节12.2 the market portfolioskill: analytical3)suppose that you are holding a market port folio and you have invested $ 9，000 in rearden metal . the amount that you have invested ida) $6，000b) $7，715c) $9，

11、000d) $10，500answer 3360dexplanation: d)calculationsb cd/1950斯塔克price persharenumber of sharesoutstanding(推)是市场cap重量taggart transcontinental$15.6025$390.000.2rearden metal$13.0045585.00美元0.3wyatt oil29.25美元10292.50美元0.15尼尔斯onmotors26.25美元26682.50美元0.35全站仪$1950.00amountnielson=amountrearden=$9，000=$1

12、0，500diff: 2第：节12.2 the market portfolioskill: analytical4)suppose that you are holding a market port folio and you have invested $ 9，000 in rearden metal . the amount that you have invested ida) $4，500b) $6，000c) $7，715d) $9，000answer: bexplanation: b)calculationsb cd/1950斯塔克price persharenumber of

13、 sharesoutstanding(推)是市场cap重量taggart transcontinental$15.6025$390.000.2rearden metal$13.0045585.00美元0.3wyatt oil29.25美元10292.50美元0.15尼尔斯onmotors26.25美元26682.50美元0.35全站仪$1950.00amountnielson=amountrearden=$9，000=$6，000diff: 2第：节12.2 the market portfolioskill: analytical5)suppose that you have investe

14、d $ 30，000 invested in the market port folio . then the amount that you have invested in wyatt oil is clisa) $4，500b) $6，000c) $7，715d) $9，000answer: aexplanation: a)calculationsb cd/1950斯塔克price persharenumber of sharesoutstanding(推)是市场cap重量taggart transcontinental$15.6025$390.000.2rearden metal$13

15、.0045585.00美元0.3wyatt oil29.25美元10292.50美元0.15尼尔斯onmotors26.25美元26682.50美元0.35全站仪$1950.00amount wo=weight wo amount market=. 15 $ 30，000=$4，500diff: 2第：节12.2 the market portfolioskill: analytical6)suppose that you have invested $ 30，000 in the market port folio . then the number of shares of rearden metal that you