公司理财课后习题及答案Chapter12EstimatingtheCostofCapital课件.doc

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公司理财课后习题及答案Chapter12EstimatingtheCostofCapital课件.doc

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Corporate Finance, 3e(Berk/DeMarzo) Chapter 12 Estimating the Cost of Capital 12.1 The Equity Cost of Capital Use the following information to answer the question(s) below. Beta Volatility Eenie 0.45 20% Meenie 0.75 18% Miney 1.05 35% Moe 1.20 25% Assume that the risk-free rate of interest is 3% and you estimate the markets expected return to be 9%. 1) Which firm has the most total risk? A) Eenie B) Meenie C) Miney D) Moe Answer: C Explanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk. Diff: 1 Section: 12.1 The Equity Cost of Capital Skill: Analytical 2) Which firm has the least market risk? A) Eenie B) Meenie C) Miney D) Moe Answer: A Explanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk. Diff: 1 Section: 12.1 The Equity Cost of Capital Skill: Analytical 1 3) Which firm has the highest cost of equity capital? A) Eenie B) Meenie C) Miney D) Moe Answer: D Explanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital. Diff: 1 Section: 12.1 The Equity Cost of Capital Skill: Analytical 4) The equity cost of capital for Miney is closest to: A) 6.30% B) 7.50% C) 9.30% D) 9.75% Answer: C Explanation: C) rMiney = 3% + 1.05(9% - 3%) = 9.3% Diff: 1 Section: 12.1 The Equity Cost of Capital Skill: Analytical 5) The equity cost of capital for Meenie is closest to: A) 4.50% B) 7.50% C) 9.30% D) 9.75% Answer: B Explanation: B) rMeenie = 3% + 0.75(9% - 3%) = 7.5% Diff: 1 Section: 12.1 The Equity Cost of Capital Skill: Analytical 6) The risk premium for Meenie is closest to: A) 4.50% B) 7.50% C) 9.30% D) 9.75% Answer: A Explanation: A) risk premium Meenie = 0.75(9% - 3%) = 4.5% Diff: 2 Section: 12.1 The Equity Cost of Capital Skill: Analytical 2 12.2 The Market Portfolio Use the following information to answer the question(s) below. Suppose al