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Suppose you have accumulated a sizable investment (100,000 common shares) in Alpine Land and Development Company. You are dissatisfied with the performance of the current management and are considering running for the board of directors. The company has a nine-member board and a total of 1.5 million common shares outstanding. Assume that all shares will be voted in the upcoming election and that four of the nine board members are up for reelection. a. If the voting procedure is cumulative, what number of shares is necessary to ensure your election to the board? Is it possible for you to be elected with fewer votes? Explain. b. Suppose a close friend of yours also owns a good deal of Alpine and shares your feelings about the current management. If the voting procedure is cumulative, how many shares are necessary to elect both you and your friend to the board? c. If the voting procedure is majority, how many votes are necessary for election in parts a and b of this problem? Explain your answer.
Which tool(s) should we use when faced with nonconventional cash flow? Also, NPV is conceptually the best tool for capital budgeting. Why do you think firms continue to practice the others?
Currency effects on cash flows. How should appreciation of a firm's home currency generally affect its cash inflows? How should depreciation of a firm's home currency generally affect its cash outflows?
The statement of cash flows is the last of the four financial statements we discussed. Explain why this statement is important to investors and how it complements the income statement and balance sheet. You should be able to answer this question in s..
What impact would this change have on the equity value of the business? What if the growth rate were only 2 percent?
iPo underpricing. The Watson co. And the McElroy co. Have both announced iPos at $40 per share. One of these is undervalued by $8, and the other is overvalued by $4.75, but you have no way of knowing which is which. If you could get 1,000 shares in W..
The stock price for Ewing Corp. today is $30 and at date 1 will either go up by 5% or go down by 2%. When the one-period interest rate is 2%, calculate the price for the call option (underlying asset: Ewing Corp. stocks) matures at date 1 and has exe..
Upper Crust Bakers just paid an annual dividend of $2.80 a share on its common stock and is expected to increase that dividend by 4 percent per year for the foreseeable future. If the discount rate on Upper Crust is 11.50 percent, what is the current..
In its 2009 annual report, The Coca-Cola Company reported sales of $30.99 billion for fiscal year 2009 and $31.94 billion for fiscal year 2008. The company also reported operating income (roughly equivalent to EBIT) of $8.23 billion in 2009 and $8.45..
Discuss bond issues and prices in your country. Some specific items to discuss include: Research a specific bond (company or treasury that issues a bond) to determine the mechanism used for an initial offering. Where are bonds traded privately? What ..
Last year Urbana Corp. had $197,500 of assets, $307,500 of sales, $19,575 of net income, and a debt-to-total-assets ratio of 37.5%. The new CFO believes a new computer program will enable it to reduce costs and thus raise net income to $33,000. Asset..
Integrated Potato Chips paid a $1.30 per share dividend yesterday. You expect the dividend to grow steadily at a rate of 4% per year. What is the expected dividend in each of the next 3 years? If you buy the stock and plan to hold it for 3 years, wha..
Alabaster Incorporated has an equity cost of capital of 14%. The debt to value ratio is .6, the tax rate is 35%, and the cost of debt is 8%. What is the cost of equity if Alabaster was unlevered?
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