NO.PZ2022090805000003
问题如下:
The following information is available for a firm:
选项:
A.0.75. B.1.20. C.1.05.解释:
SolutionA is correct. Find the comparable firm’s beta: (10.4% – 2.0%)/7.0% = 1.20.
Unlever the comparable firm’s beta: βL,comparable/[1 + (1 – Tax rate) × Debt-to-equity ratio]
1.20/[1 + (1 – 40%) × 1.0] = 0.75.
B is incorrect because it is the comparable firm’s beta.
C is incorrect because the comparable firm’s beta is computed as 1.68 = (10.4% – 2.0%)/(7.0% – 2.0%) and then proceeds to the next calculation.
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