罗斯《公司理财》英文习题答案chap009

公司理财习题答案第九章AnswerstoEnd-of-ChapterProblemsB-95Chapter9:CapitalMarketTheory:AnOverview9.1a.Capitalgains=$38-$37=$1pershareb.Totaldollarreturns=Dividends+CapitalGains=$1,000+($1*500)=$1,500Onapersharebasis,thiscalculationis$2+$1=$3persharec.Onapersharebasis,$3/$37=0.0811=8.11%Onatotaldollarbasis,$1,500/(500*$37)=0.0811=8.11%d.No,youdonotneedtosellthesharestoincludethecapitalgainsinthecomputationofthereturns.Thecapitalgainisincludedwhetherornotyourealizethegain.Sinceyoucouldrealizethegainifyouchoose,youshouldincludeit.9.2PurchasePrice=$10,400/200=$52.00a.Totaldollarreturn=$600+200($54.25-$52)=$1,050b.Capitalgain=200($54.25-52)=$450c.PercentageReturn=$1050/$10400=10.10%d.DividendYield=$600/(200*52)=5.77%9.32.40$31$42/42$8.60/$420.204820.48%9.4Theexpectedholdingperiodreturnis:$5.50$54.75$52/$520.1586515.865%9.5Youcanfindthenominalreturns,I,oneachofthesecuritiesinthetext.Theinflationrate,,fortheperiodisalsointhetext.Itis3.2%.Therealreturn,r,is(1+I)/(1+)-1.Anapproximationfortherealrateisr=i-.Noticethattheapproximationisgoodwhenthenominalinterestrateisclosetotheinflationrate.NominalRealApproximationa.CommonStocks12.2%8.7%9.2%b.L/TCorp.Bonds5.7%2.4%2.5%c.L/TGovt.Bonds5.2%1.9%2.0%d.U.S.T-Bills3.7%0.5%0.5%9.6E(R)=T-Billrate+AverageExcessReturn=6.2%+(12.4%-3.9%)=14.7%9.7Supposethetwocompanies’stockprice2yearsagowereP02yearsago1yearagoTodayKokeP01.1P01.1*0.9*P0=0.99P0PepseeP00.9P00.9*1.1*P0=0.99P0Bothstockshavethesameprices,buttheirpricesarelowerthan2yearsago.AnswerstoEnd-of-ChapterProblemsB-969.8Five-yearHoldingPeriodReturn=(1-0.0491)(1+0.2141)(1+0.2251)(1+0.0627)(1+0.3216)-1=98.64%9.9RiskPremium=6.1-3.8=2.3%ExpectedReturnonthemarketlongtermcorporatebonds=4.36%+2.3%=6.96%9.10159.07199.0301.0164.0047.0438.001.0026.0R.ab.RRR()RR2-0.026-0.1850.03423-0.010-0.1690.028560.4380.2790.077840.047-0.1120.012540.1640.0050.000030.3010.1420.020160.1990.0400.00160Total0.1749620.17496/710.029160.029160.170817.08%Note,becausethedataarehistoricaldata,theappropriatedenominatorinthecalculationofthevarianceisN-1.9.11a.CommonTreasuryRealizedStocksBillsRiskPremium-732.4%11.2%21.2%-6-4.914.7-19.6-521.410.510.9-422.58.813.7-36.39.9-3.6-232.27.724.5Last18.56.212.3b.Theaverageriskpremiumis8.49%.49.873.125.246.37.139.106.192.21c.Yes,itispossiblefortheobservedriskpremiumtobenegative.Thiscanhappeninanysingleyear.Theaverageriskpremiumovermanyyearsshouldbepositive.公司理财习题答案第九章AnswerstoEnd-of-ChapterProblemsB-979.12a.EconomicStateProb.(P)ReturnifStateOccursPReturnRecession0.20.050.010ModerateGrowth0.60.080.048RapidExpansion0.20.150.030ExpectedReturn=0.088b.ReturnifStateOccursRR()RR2P()RR20.05-0.0380.0014440.00028880.08-0.0080.0000640.00003840.150.0620.0038440.0007688Variance=0.0010960Standarddeviation=03311.0001096.09.13a.EconomicStateProb.(P)ReturnifStateoccursPReturnRecession0.30.020.006ModerateGrowth0.40.050.020RapidExpansion0.30.100.030ExpectedReturn=0.056b.ReturnifStateoccursRR()RR2P()RR20.02-0.0360.0012960.00038880.05-0.0060.0000360.00001440.100.0440.0019360.0005808Variance=0.0009840Standarddeviation=0000984.=0.03137=3.137%9.14a.R0.120.230.400.180.250.150.150.090.080.030.153=15.3%mb.R0.120.120.400.090.250.050.150.010.080.020.0628=6.28%TAnswerstoEnd-of-ChapterProblemsB-989.15a.R0.040.060.090.04/40.0575R0.050.070.100.14/40.09pQb.RRpp()RRpp2-0.01750.00031-0.00250.00001+0.03250.00106-0.01750.000310.00169VarianceofRp0001694000042./.StandardDeviationof02049.000042.0RpRRRRQQQQ2-0.040.0016-0.020.00040.010.00010.050.00250.0046VarianceofRQ000464000115./.StandardDeviationofRQ000115003391..9.16SR=AverageReturnontheSmallCompanyStocks.mR=AverageReturnontheMarketIndex.2SS=VarianceintheReturnsoftheSmallCompanyStocks.SS=StandardDeviationintheReturnsoftheSmallCompanyStocks.2mS=VarianceintheReturnsoftheMarketIndex.mS=StandardDeviationintheReturnsoftheMarketIndex.a.SR=1542.05005.0350.0339.0477.0mR=1604.05004.0328.0580.0648.0402.0公司理财习题答案第九章AnswerstoEnd-of-ChapterProblemsB-99b.SmallCompanyStocksMarketIndexRRssRRss2RRmmRRmm20.32280.104199840.24160.058370560.18480.034151040.48760.23775376-0.50420.25421764-0.74040.548192160.15580.024273640.16760.02808976-0.15920.02534464-0.15640.02446096Total=0.896867200.473520.2242168ms0.332490.1105467ss0.2242168/40.896867202ms0.1105467/40.442186802ssNote,becausethedataarehistoricalreturns,theappropriatedenominatorinthecalculationofthevarianceisN-1.9.17LetRcs=TheReturnsonCommonStocks(in%)LetRss=TheReturnsonSmallStocks(in%)LetRcb=TheReturnsonLong-termCorporateBonds(in%)LetRgb=TheReturnsonLong-termGovernmentBonds(in%)LetRtb=TheReturnsonTreasuryBills(in%)Let–overavariabledenoteitsaveragevalueYearRcsRssRch-0.1405RgbRtb19800.32420.3988-0.0262-0.03950.11241981-0.04910.1388-0.00960.01850.147119820.21410.28010.43790.40350.105419830.22510.39670.04700.00680.088019840.0627-0.06670.16390.15430.098519850.32160.24660.30900.30970.077219860.18470.06850.19850.24440.0616Total1.28331.46281.12051.09770.6902Average