求助！！！！LEVEL 1 ---CORPORATE的题！！！ equals, following, statements, additional, face

lingyaozhijie

Janet Adams, CFA, is reviewing Rival Company's financial statements. Rival's long-term debt
totals $35 million, while total shareholder equity equals $140 million. Rival's long-term debt has a
YTM of 9%.Rival's tax rate is 40% and its beta is 0.9. Adams gathers the following
additional facts:
Treasury bills earn 4.0%.
The equity risk premium is 4.5%.
Based on the information provided, Rival's weighted average cost of capital is closest to:

A. 4.6%.
B. 7.5%.
C. 8.2%

 

 

 

Weightdebt=35/（35+140）=0.2 Weightequity=140/（35+140）=0.8 WACC=(0.2*0.09*(1-04)+(0.8*(0.04+(0.9*0.0145)))=0.0752   这是给出的答案。哪位大侠知道0.0145是从哪里来的呢？。。。。。

bbsmyushi

 哪来的题啊  我觉得答案说的对  数据带错了  β应该是乘risk premium  4.5％＝0.045   不是0.0145

lingyaozhijie

 β就直接乘以risk premium吗？ 那risk premium和原公式里的（E (RM)-RFR) 有什么联系吗？？  谢谢~~~~

bbsmyushi

 risk premium=E (RM)-RFR

risk premium是expected return 和risk－free returen 的差值

byronhyde

 risk premium=（E (RM)-RFR)

byronhyde

 risk premium=（E (RM)-RFR)

waseda90

 Expected Market Return(E(RM))-Risk Free Rate不就是等于risk premium嘛

然后treasury bond就是risk free的，所以它的rate of return就是RFR

[此贴子已经被作者于2009-12-2 23:41:57编辑过]

lingyaozhijie

谢谢大家~~~~！！！！[em64]