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1、CorporateFinance93e(BerkZDeMarzo)Chapter12EstimatingtheCostofCapita1.12.1TheEquityCostofCapita1.Usethefo1.1.owinginformationtoanswerthequestion(三)be1.ow.BetaVo1.ati1.itya*r,./rEenieO.4520%“Meenie”O.7518%Miney”1.0535%Moe1.2025%Assumethattherisk-freerateofinterestis3%andyouestimatethemarketsexpectedre
2、turntobe9%.1) Whichfirmhasthemosttota1.risk?A) EenieB) MeenieC) MincyD) MoeAnswer:CExp1.anation:C)Tota1.riskismeasuredusingvo1.ati1.ityandMineyhasthehighestvo1.ati1ity,hencethemosttota1.risk.Diff:1Section:12.1TheEquityCostofCapita1.Ski11:Ana1.ytica1.2) Whichfirmhasthe1.eastmarketrisk?A) EcnicB) Meen
3、ieC) MineyD) MoeAnswer:Exp1.anation:A)MarketriskismeasuredusingbetaandEeniehasthe1.owestbeta,hencethe1.owestmarketrisk.Diff:1Section:12.1TheEquityCostofCapita1.Ski1.1.:Ana1.ytica1.3) Whichfirmhasthehighestcostofequitycapitai?A) EenieB) MeenieC) MincyD) MoeAnswer:I)Exp1.anation:D)Costofcapita1.ismeas
4、uredusingtheCAPMandisa1.inearfunctionofbeta.Thereforethefirmwiththehighestbeta(Moe)hasthehighestcostofequitycapita1.Diff:1Section:12.1TheEquityCostofCapita1.Ski1.1.:Ana1.ytica1.4) Theequitycostofcapita1.forVineyisc1.osestto:A) 6.30%B) 7.50%C) 9.30%D) 9.75%Answer:CExp1.anation:C)rMiney=3%+1.05(9%-3%)
5、=9.3%Diff:1Section:12.1TheEquityCostofCapita1.Ski1.1.:Ana1.ytica1.5) Theequitycostofcapita1.forMeenieisc1.osestto:A) 4.50%B) 7.50%C) 9.30%D) 9.75%Answer:BExp1.anation:B)iMeenie=3%+0.75(9%-3%)=7.5%Diff:1Section:12.1TheEquityCostofCapita1.Ski11:AnaIy1.iCa1.6) Theriskpremiumfor“Vccnicisc1.osestto:)4.50
6、%B) 7.50%C) 9.30%D) 9.75%Answer:AExp1.anation:)riskPremiUmMeenie=0.75(9%-3%)=4.5%Diff:2Section:12.1TheEquityCostofCapita1.Ski11:.Ana1.ytica1.12.2TheMarketPortfo1.ioUSethefo1.1.owinginformationtoanswerthequestionbe1.ow.Supposea1.1.possib1.einvestmentopportunitiesinthewor1.dare1.imitedtothefourstocks1
7、.istinthetabicbe1.ow:StockPriceperShareNunberofSharesOutstanding(Mi1.1.ions)TaggartTranscontinenta1.$15.6025ReardenMeta1.$13.OO45WyattOi1.$29.2510Nie1.sonMotors$26.25261) TheweightonTaggartTranscontinenta1.stockinthemarketportfo1.ioisc1.osestto:5%0%5%0%1223JJZ)/1BCDAnswer:BExp1.anation:B)Ca1.cu1.ati
8、onsBXCD/1950StockPriceperShareNumberofSharesOutstanding(Mi1.1.ions)MarketCapWeightTaggartTranscontinenta1.$15.6025$390.000.2ReardenMeta1.S13.0045$585.000.3Wyat1.Oi1.S29.2510S292.500.15Nie1.sonMotors$26.2526$682.500.35Tota1.$1950.00Diff:1Section:12.2TheMarketPortfo1.ioSki1.1.:Ana1.ytica1.2) Theweight
9、onWyattOi1stockinthemarketportfo1.ioisc1.osestto：A) 15%B) 20%C) 25%D) 30%Answer:AExp1.anation:A)Ca1.cu1.ationsBC1)/1950StockPriceperShareNumberofSharesOutstanding0ii1.1.ims)MarketCapWeightTaggartTianscontinenta1.S15.6025$390.000.2ReardenMeta1.S13.0045S585.000.3Wya1.tOi1.$29.2510$292.500.15Nie1.sonMo
10、tors$26.2526S682.500.35Tota1.$1950.00Diff:1Section:12.2TheMarketPortfo1.ioSki11:Ana1.ytica1.3) Supposethatyouareho1.dingamarketportfo1.ioandyouhaveinvested$9,000inReardenMeta1.TheamountthatyouhaveinvestedinNie1.sonMotorsisc1.osestto:A) $6,000B) $7,715C) $9,000D) $10,500Answer:DExp1.anation:D)Ca1.cu1
11、.ationsBC1)/1950StockPriceperShareNumberofSharesOutstanding(Mi1.1.ions)MarketWeightTaggartTranscontinenta1.S15.6025$390.000.2ReardenMeta1.S13.0045$585.000.3WyattOi1.$29.2510$292.500.15Nic1.sonMotors$26.2526$682.500.35Tota1.$1950.00.WeightNidsonAmountNie1.son=WCightRea11fenAinountRearden=奇X$9,000=S10
12、,500Diff:2Section:12.2TheMarketPortfo1.ioSki1.1.:Ana1.ytica1.4) Supposethatyouareho1.dingamarketportfo1.ioandyouhaveinves1.ed$9,000inReardenMeta1.TheamountthatyouhaveinvestedinTaggartTranscontinenta1.isc1.osestto:A) $4,500B) $6,000C) $7,715D) $9,000Answer:BExp1.anation:B)Ca1.cu1.ationsBXCD/1950Stock
13、PriceperShareNumberofSharesOutstanding(Mi1.1.ions)MarketCapWeightTaggartTranscontinenta1.$15.6025S390.000.2ReardenMeta1.$13.0045S585.000.3WyattOi1.$29.2510$292.500.15Nie1.sonMotors$26.2526S682.500.35Tota1.$1950.00VVdghtTT9()AmountNie1.son=WCightReardenXAmountRearden=MXS9,000=S6,000Diff:2Section:12.2
14、TheMarketPortfo1.ioSki11:Ana1.y1.iCa1.5) Supposethatyouhaveinvested$30,000investedinthemarketportfo1.io.ThentheamountthatyouhaveinvestedinWyattOi1isc1.osestto:A) $4,500B) $6,000C) $7,715D) $9,000Answer:AExp1.anation:)Ca1.cu1.ationsBXCD/1950StockPriceperShareNumberofSharesOutstanding(Mi1.1.ions)MarketCapWeightTaggariTranscontinenta1.$15.6025S390.000.2ReardenMeta1.$13.0045$585.000.3WyattOi1.$29.2510$292.500.15Nie1.sonMot
