《公司理财罗斯习题集.pptVIP

课堂练习1 Consider two securities that pay risk-free cash flows over the next two years and that have the current market prices shown here: a. What is the no-arbitrage price of a security that pays cash flows of $100 in one year and $100 in two years? b. What is the no-arbitrage price of a security that pays cash flows of $100 in one year and $500 in two years? c. Suppose a security with cash flows of $50 in one year and $100 in two years is trading for a price of $130. What arbitrage opportunity is available? 课堂练习2 某公司如果不从事任何新的项目，则其每年预期盈利为1亿美元。该公司面临这样一个投资机会：在今天立即投资1500万美元并在一年后投资500万美元，两年后，这一新