▪ P0 = D / R• Suppose a stock is expected to pay a $0.50 dividend every quarter and the required return is 10% with quar
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future
CH5 11，13，18，19，20 11.To find the PV of a lump sum, we use: PV = FV / (1 + r)t PV = $1,000,000 / (1.10)80 = $488.19 13.T
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11-15Using Accounting BreakEven• Accounting break-even is often used as an early stage screening number • If a project c
Does Dividend Policy Matter?• Dividends matter – the value of the stock is based on the present value of expected future
• Which one of the following is a source of cash? A. increase in accounts receivable B. decrease in notes payable C. dec
59,73099,730159,50440.9%11-7Sensitivity Analysis• What happens to NPV when we change one variable at a time • This is a
CHAPTER OUTLINE• Introduction to Behavioral Finance • Biases • Framing Effects • Heuristics • Behavioral Finance and Mar
• Start with the dividend growth model formula and rearrange to solve for REP0D1 RE gRED1 P0g14-7Dividend Growth Model
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161718CHAPTER 10Making capital investment decisions1初步评估210.1 Project cash flows: a first
THE MILLER-ORR MODEL: MATH• Given L, which is set by the firm, the Miller-Orr model solves
• Formula:1 1 (1.01) 48 PV 632 23,999.54 .01 6F-18Buying a House• You are ready to buy a house, and you hav
债券价值与收益率（利率风险）票面利率（Coupon interest rate）指债券利息与债券面值的比率。是指发行债券时规定应付的 并直接印刷在债券票面上的利率。市场利率（Mar
– Year Dividend Percent Change– 2005 1.23-– 2006 1.30 (1.30 – 1.23) / 1.23 = 5.7%– 2007 1.36 – 2008 1.43 – 2009 1.50(1.3
21-6Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior writt
