博迪投资学答案chap009-7thed.docVIP

9XXX CHAPTER 9: THE CAPITAL ASSET PRICING MODEL 1. c. 2. d. From CAPM, the fair expected return = 8 + 1.25(15 ? 8) = 16.75% Actually expected return = 17% ? = 17 ? 16.75 = 0.25% 3. Since the stock’s beta is equal to 1.2, its expected rate of return is: 6 + [1.2 ? (16 – 6)] = 18% 4. The series of $1,000 payments is a perpetuity. If beta is 0.5, the cash flow should be discounted at the rate: 6 + [0.5 ? (16 – 6)] = 11% PV = $1,000/0.11 = $9,090.91 If, however, beta is equal to 1, then the investment should yield 16%, and the price paid for the firm should be: PV = $1,000/0.16 = $6,250 The diffe