《财务管理基础第3版》相关章节答案.pptVIP

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《财务管理基础第3版》相关章节答案.ppt

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Pi = = Chapter 5: Risk and Return b. Ticker Symbol WOOPS KBOOM JUDY UPDWN SPROUT RINGG EIEIO Amount Invested $6,000 11,000 9,000 7,000 20,000 13,000 9,000 $75,000 Proportion, 0.08 0.147 0.120 0.093 0.267 0.173 0.120 1.000 Expected Return, Ri 0.14 0.16 0.17 0.13 0.20 0.15 0.18 Weighted Return, (Pi)(Ri) 0.0112 0.0235 0.0204 0.0121 0.0534 0.0260 0.0216 0.1682 The expected return on Selena’s portfolio increases to 16.82 percent, because the additional funds are invested in the highest expected return stock. 8. Required return 0.10 + (0.15 – .10)(1.08) 0.10 + .054 = 0.154 or 15.4 percent Assuming that the perpetual dividend growth model is appropriate, we get V = D1/(ke – g) = $2/(0.154 –0.11) = $2/0.044 = $45.45 9. a. The beta of a portfolio is simply a weighted average of the betas of the individual securities that make up the portfolio. Ticker Symbol NBS YUWHO SLURP WACHO BURP SHABOOM Beta 1.40 0.80 0.60 1.80 1.05 0.90 Proportion 0.2 0.2 0.2 0.2 0.1 0.1 1.0 Weighted Beta 0.280 0.160 0.120 0.360 0.105 0.090 1.115 The portfolio beta is 1.115. b. Expected portfolio return = 0.08 + (0.14 – 0.08)(1.115) = 0.08 + .0669 = 0.1469 or 14.69% 10. a. Required return = 0.06 + (0.14 – 0.06)(1.50) = 0.06 + 0.12 = 0.18 or 18% Assuming that the constant dividend growth model is appropriate, we get V = D1/(ke – g) = $3.40/(0.18 – 0.06) = $3.40/0.12 = $28.33 46 ? Pearson Education Limited 2008 2 2 E F Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual b. Since the common stock is currently selling for $30 per share in the marketplace, while we value it at only $28.33 per share, the company’s common stock appears to be “overpriced”. Paying $30 per share for the stock would likely result in our receiving a rate of return less than that required based on the stock’s systematic risk. Solution to Appendi