Principles of Corporate Finance_ 12th Edition
72 Part One Value bre44380_ch03_046-075.indd 72 09/30/15 12:47 PM Spot interest rates and yields Look again at Table 3.5. Suppo ...
Chapter 3 Valuing Bonds 73 bre44380_ch03_046-075.indd 73 09/30/15 12:47 PM Real interest rates The two-year interest rate is 10 ...
74 Part One Value bre44380_ch03_046-075.indd 74 09/30/15 12:47 PM Duration The formula for the duration of a perpetual bond tha ...
Chapter 3 Valuing Bonds 75 bre44380_ch03_046-075.indd 75 09/30/15 12:47 PM Duration The duration of a bond that makes an equal ...
● ● ● 76 bre44380_ch04_076-104.indd 76 09/30/15 12:46 PM Part 1 Value CHAPTER 4 The Value of Common Stocks W e should warn you t ...
Chapter 4 The Value of Common Stocks 77 bre44380_ch04_076-104.indd 77 09/30/15 12:46 PM If GE wishes to raise new capital, it ca ...
78 Part One Value bre44380_ch04_076-104.indd 78 09/30/15 12:46 PM GE’s earnings per share (EPS) over the previous 12 months were ...
Chapter 4 The Value of Common Stocks 79 bre44380_ch04_076-104.indd 79 09/30/15 12:46 PM difference between the value of the asse ...
80 Part One Value bre44380_ch04_076-104.indd 80 09/30/15 12:46 PM You would get a fairly good guide to the value of Johnson & ...
Chapter 4 The Value of Common Stocks 81 bre44380_ch04_076-104.indd 81 09/30/15 12:46 PM Of course investors did not need valuati ...
82 Part One Value bre44380_ch04_076-104.indd 82 09/30/15 12:46 PM For Fledgling Electronics DIV 1 = 5 and P 1 = 110. If r, the ...
Chapter 4 The Value of Common Stocks 83 bre44380_ch04_076-104.indd 83 09/30/15 12:46 PM surprised to learn that we could go on t ...
84 Part One Value bre44380_ch04_076-104.indd 84 09/30/15 12:46 PM where ∞ indicates infinity. This formula is the DCF or dividen ...
Chapter 4 The Value of Common Stocks 85 bre44380_ch04_076-104.indd 85 09/30/15 12:46 PM The dividend discount model is still log ...
86 Part One Value bre44380_ch04_076-104.indd 86 09/30/15 12:46 PM Using the DCF Model to Set Gas and Electricity Prices In the U ...
Chapter 4 The Value of Common Stocks 87 bre44380_ch04_076-104.indd 87 09/30/15 12:46 PM If Northwest earns 11% of book equity an ...
88 Part One Value bre44380_ch04_076-104.indd 88 09/30/15 12:46 PM Dangers Lurk in Constant-Growth Formulas The simple constant-g ...
Chapter 4 The Value of Common Stocks 89 bre44380_ch04_076-104.indd 89 09/30/15 12:46 PM Investors in year 3 will view Growth-Tec ...
90 Part One Value bre44380_ch04_076-104.indd 90 09/30/15 12:46 PM You could go on to valuation models with three or more stages. ...
Chapter 4 The Value of Common Stocks 91 bre44380_ch04_076-104.indd 91 09/30/15 12:46 PM Expected return = dividend yield = earni ...
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