公司财务课件(北大光华管理学院 张翼).pptVIP

* * * * * * * * * * * * * * * * * The firm borrows $8,000 and buys back 160 shares at $50 per share. * * * * * * There’s a formula for this in the book, but if you know how to do capital budgeting “forwards” you should also know how to do it “backwards” as in this example. * * * * NPV0 = NPVt / (1.10)t * * * * Well, maybe you could get a “C” without studying. * * * * * * * * That’s pretty much the only equation. * * * * Is Florida really a part of the U.S.? * Imagine that there are six people running for the board; three are pro-Smith, three are pro-Wesson. If Wesson spends all 1,200 votes on one of her candidates, Smith cannot defeat that candidate—but he does get to elect the other 2. * * * * * * * * * * * * * * * * * * The cash flows in years 2,3, and 4 are easily verified. * * * * * * To find ArT, just make PMT = $1 in your financial calculator, set T and r, and solve for PV * The often-cited investor who wants to keep his affairs private is described as “a Belgian Dentist”. * * * * * * * * Well, maybe you could get a “C” without studying. * * * If you don’t invest, the NPV = 0 even if you test first, because the cost of testing becomes a sunk cost. If you are so unwise as to invest in the face of a failed test, you incur lots of additional costs, but not much in the way of revenue, so you have a negative NPV as of date 1 of -$3,611. I didn’t think adding the calculations aided the pedagogy, so I left it off. * * * * * Note the irony of scenario 1: our workers are too sick to make the medicine. * To find 3.16987, use your financial calculator to find the PV of an annuity that pays $1 per period for 4 periods when the discount rate is 10%. * * * * * * The cross-over rate is the IRR of project A-B * * * * * * * * * * * * * * * * * * When I was an undergrad at the University of Missouri-Rolla, a good friend of mine abandoned college three credit hours shy of graduation. Really. Entreaties from his friends and parents regarding how far he had come and how hard he h