[厚酬] Account & Finance 問題 (厚酬$1000好友元) [復制鏈接]

有一題數唔識計... 各位讀business既好友幫幫手

有以下既資料:
(i) Yield of ten-year government bonds in the US is 5%.
(ii) Current market value of CompanyA 's equity is 200 million with a Beta of 1.2.
(iii) Total debt outstanding in book value is 60 million.
(iv) Cash available on hand is 10 million.
(v) Cost of debt for CompanyA to issue corporate bonds is 6%, whose beta is 0.2.
(vi) The tax rate is assumed to be 30%.

要搵:
CompanyA 's Average Cost of Capital (WACC)

(iii) o個度個cost of debt係book value... 唔識點轉返做market value

引用第1樓Chelsea於2011-11-18 17:25發表的“Re: [厚酬] Account & Finance 問題 (厚酬$1000好友元)”:
(iii) o個度個cost of debt係book value... 唔識點轉返做market value [表情]

how many yrs to maturity?
stated rate is 6% and market rate is 5%, wt i can say is this is a discount bond only.

(not sure. maybe this information is not necessary)

我都讀緊FM

(i) Yield of ten-year government bonds in the US is 5%. ---> 呢個係咪risk-free rate?

引用第3樓g3rMan於2011-11-18 20:13發表的“”:
我都讀緊FM [表情] [表情]
(i) Yield of ten-year government bonds in the US is 5%. ---> 呢個係咪risk-free rate? [表情] [表情]

risk free rate should be applicable to treasury bills only (bond due within one year)

引用第4樓kewell於2011-11-18 20:27發表的“”:
risk free rate should be applicable to treasury bills only (bond due within one year)

當然一般黎講t-bill rate先可以用黎做risk-free rate,但係其實risk-free rate都係自己揀o既姐
,你個project長o的好似用個long term o的o既risk-free rate都無乜問題?
我覺得呢題入面佢係當呢個係risk-free rate




另外佢都無資料俾你計market value,咁咪照用book value 做estimate,debt o既book value同market value好似唔差得幾遠

引用第5樓hohoho2於2011-11-18 20:31發表的“”:
當然一般黎講t-bill rate先可以用黎做risk-free rate,但係其實risk-free rate都係自己揀o既姐
,你個project長o的好似用個long term o的o既risk-free rate都無乜問題?
我覺得呢題入面佢係當呢個係risk-free rate [表情]
.......

即係就咁上面既資料計唔返個market value ?

引用第6樓Chelsea於2011-11-18 22:50發表的“”:
即係就咁上面既資料計唔返個market value ?

無 year to maturity 應該計唔到

引用第7樓hohoho2於2011-11-18 22:51發表的“”:
無 year to maturity 應該計唔到 [表情]

咁其實 book value --> market value 條formula係咩?

引用第8樓Chelsea於2011-11-19 00:07發表的“”:
咁其實 book value --> market value 條formula係咩? [表情]

我唔知,亂估:
將個debt當做coupon bond,interest payment=coupon
book value=bond face value
咁discount番晒o的 cash flow就計到bond price
balance sheet個debt好似係入個principal架ma,咁當face value應該o岩掛

你問上面o的專業人士la

Suppose an economy has only two risky assets and one riskfree asset. The information about these assets is as follows:

                          Asset H         Asset K
Expected return       10%           15%
Standard deviation    15%           20%
Covariance/correlation       75/0.25
Riskfree rate                     6%

Find the market portfolio, its expected return, variance, standard deviation and the reward-to-variability ratio (the Sharpe ratio).

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