Tentamen (uitwerkingen)

Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Franklin Allen and Alex Edmans (All Chapter 1 - 34) | , Complete Solution |Grade A+.

0 keer verkocht

Vak
Principles of corporate finance 14th edition

Instelling
Principles Of Corporate Finance 14th Edition

Boek
Principles of Corporate Finance

Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Franklin Allen and Alex Edmans (All Chapter 1 - 34) | , Complete Solution |Grade A+.Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Franklin Allen ...

[Meer zien]

Voorbeeld 4 van de 425 pagina's

Bekijk voorbeeld

Geupload op 12 oktober 2024
Aantal pagina's 425
Geschreven in 2024/2025
Type Tentamen (uitwerkingen)
Bevat Vragen en antwoorden

solution manual for principles of corporate financ
solution manual for principles of corporate
principles of corporate finance 14th edition
principles of corporate finance
14th edition by richard brea

Titel boek:Principles of Corporate Finance

Auteur(s):Richard A. Brealey, Stewart C. Myers

Uitgave:Onbekend
ISBN:9781265074159
Druk:Onbekend

Tentamen (uitwerkingen)
ncoi Bedrijfseconomie 2025 oefentoets met eigen uitbreiding studiegroep, casus, open en meerkeuze, oefenvragen echte toets 2025
Tentamen (uitwerkingen)
Examenvragen NCOI MBA master business administration 2024/ veel voorkomende examenvragen
Samenvatting
Praktische samenvatting Principles of Corporate Finance 14th NL Hoofdstuk 24

Instelling Principles of corporate finance 14th edition
Vak Principles of corporate finance 14th edition

Volgen

Wisdoms

Lid sinds 1 jaar 252 documenten verkocht

198

€17,65

In winkelwagen

Op verlanglijstje

100% tevredenheidsgarantie
Direct beschikbaar na je betaling
Lees online óf als PDF
Geen vaste maandelijkse kosten

, CHAPTER 1 il.

Introduction to Corporate Finance il. il. il.

The values shown in the solutions may be rounded for display purposes. However, the answers
il. il. il. il. il. il. il. il. il. il. il. il. il. il.

werederived using a spreadsheet without any intermediate rounding.
il. il. il. il. il. il. il. il. il.

Answers to Problem Sets il. il. il.

1. a. real

b. executive airplanes il.

c. brand names il.

d. financial

e. bonds

*f. investment or capital expenditure il. il. il.

*g. capital budgeting or investment il. il. il.

h. financing

*Note that f and g are interchangeable in the question.
il. il. il. il. il. il. il. il. il.

Est time: 01-05
il. il.

2. A trademark, a factory, undeveloped land, and your work force (c, d, e, and g) are all real
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

assets. Real assets are identifiable as items with intrinsic value. The others in the list are
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

financial assets,that is, these assets derive value because of a contractual claim.
il. il. il. il. il. il. il. il. il. il. il. il. il.

Est time: 01-05
il. il.

3. a. Financial assets, such as stocks or bank loans, are claims held by investors. il. il. il. il. il. il. il. il. il. il. il. il .

Corporations sell financial assets to raise the cash to invest in real assets such as
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

plantand equipment. Some real assets are intangible.
il. il. il. il. il. il. il. il.

b. Capital expenditure means investment in real assets. Financing means raising the
il. il. il. il. il. il. il. il. il. il.

cashfor this investment.
il. il. il. il.

c. The shares of public corporations are traded on stock exchanges and can be
il. il. il. il. il. il. il. il. il. il. il. il.

purchasedby a wide range of investors. The shares of closely held corporations are
il. il. il. il. il. il. il. il. il. il. il. il. il. il.

not publicly traded and are held by a small group of private investors.
il. il . il. il. il. il. il. il. il. il. il. il. il.

d. Unlimited liability: Investors are responsible for all the firm‘s debts. A sole proprietor
il. il. il. il. il. il. il. il. il. il. il. il.

hasunlimited liability. Investors in corporations have limited liability. They can lose
il. il. il. il. il. il. il. il. il. il. il. il.

their investment, but no more.
il. il. il. il. il.

Est time: 01-05
il. il.

,4. Items c and d apply to corporations. Because corporations have perpetual life, ownership can
il. il. il. il. il. il. il. il. il. il. il. il. il.

betransferred without affecting operations, and managers can be fired with no effect on
il. il. il. il. il. il. il. il. il. il. il. il. il. il.

ownership. Other forms of business may have unlimited liability and limited life.
il. il. il. il. il. il. il. il. il. il. il. il.

Est time: 01-05
il. il.

5. Separation of ownership facilitates the key attributes of a corporation, including limited liability
il. il. il. il. il. il. il. il. il. il. il. il.

forinvestors, transferability of ownership, a separate legal personality of the corporation, and
il. il. il. il. il. il. il. il. il. il. il. il. il.

delegated centralized management. These four attributes provide substantial benefit for
il. il. il. il. il. il. il. il. il. il.

investors, including the ability to diversify their investment among many uncorrelated
il. il . il. il . il. il. il. il. i l. il. il.

returns—a very valuable tool explored in later chapters. Also, these attributes allow investors to
il. il. il. il. il. il. il. il. il. il. il. il. il. il.

quickly exit,enter, or short sell an investment, thereby generating an active liquid market for
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

corporations.
il.

However, these positive aspects also introduce substantial negative externalities as well. The
il. il. il. il. il. il. il. il. il. il. i l .

separation of ownership from management typically leads to agency problems, where
il. il. il. il. il. il. il. il. il. il. il.

managersprefer to consume private perks or make other decisions for their private benefit—
il. il. il. il. il. il. il. il. il. il. il. il. il. il .

rather than maximize shareholder wealth. Shareholders tend to exercise less oversight of each
il. il. il. il. il. il. il. il. il. il. il. il.

individual investment as their diversification increases. Finally, the corporation‘s separate legal
il. il. il. il. il. il. il. il. il. il. il.

personalitymakes it difficult to enforce accountability if they externalize costs onto society.
il. il. il. il. il. il. il. il. il. il. il. il. il.

Est time: 01-05
il. il.

6. Shareholders will only vote to maximize shareholder wealth. Shareholders can modify their il. il. il. il. il. il. il. il. il. il. il.

pattern of consumption through borrowing and lending, match risk preferences, and
il. il. il. il. il. il. il. il. il. il. il.

hopefullybalance their own checkbooks (or hire a qualified professional to help them with
il. il. il. il. il. il. il. il. il. il. il. il. il. il.

these tasks).
il. il.

Est time: 01-05
il. il.

7. If the investment increases the firm‘s wealth, it increases the firm‘s share value. Ms.
il. il. il. il. il. il. il. il. il. il. il. il. il.

Espinozacould then sell some or all these more valuable shares to provide for her retirement
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

income.
il.

Est time: 01-05
il. il.

8. a. Assuming that the encabulator market is risky, an 8% expected return il. il. il. il. il. il. il. il. il. il.

onthe F&H encabulator investments may be inferior to a 4% return on
il. il. il. il. il. il. il. il. il. il. il. il. il.

U.S.
il.

government securities, depending on the relative risk between the two assets. il. il. il. il. il. il. il. il. il. il.

b. Unless the financial assets are as safe as U.S. government securities, their cost of
il. il. il. il. il. il. il. il. il. il. il. il. il.

capitalwould be higher. The CFO could consider expected returns on assets with
il. il. il. il. il. il. il. il. il. il. il. il. il.

similar risk.
il. il.

Est time: 06-10
il. il.

9. Managers would act in shareholders‘ interests because they have a legal duty to act in their
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

interests. Managers may also receive compensation— bonuses, stock, and option payouts
il. il. il . il. il. il. il . il. il. il . il.

with value tied (roughly) to firm performance. Managers may fear personal reputational damage
il. il. il. il. il. il. il. il. il. il. il. il. il.

from not acting in shareholders‘ interests. And managers can be fired by the board of directors
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

(electedby shareholders). If managers still fail to act in shareholders‘ interests, shareholders
il. il. il. i l . il. il. il. il. il. il. il. il. il.

may sell their shares, lowering the stock price and potentially creating the possibility of a
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

, takeover, which can again lead to changes in the board of directors and senior management.
il. il. il. il. il. il. il. il. il. il. il. il. il. il. il.

Est time: 01-05
il. il.

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Wisdoms. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €17,65. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 69052 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis

Laatst bekeken door jou

Tentamen (uitwerkingen) ·

(0)

Tentamen (uitwerkingen)

Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Franklin Allen and Alex Edmans (All Chapter 1 - 34) | , Complete Solution |Grade A+.

Document informatie

Onderwerpen

Gekoppeld boek

Meer samenvattingen voor studieboek

Geschreven voor

Verkoper

Ontvangen beoordelingen

Voorbeeld van de inhoud