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A fund has $848 million dollars of assets, $29 million of liabilities, and 10 million shares outstanding. During the year the fund made qualified dividend distributions of $2.8 per share, long term capital gains distributions of $1.2, and short-term capital gains distributions of $1.8. What is the after-tax distribution yield, if your marginal income tax rate is 35%, and your long term capital gains tax rate (which also applies to qualified dividends) is 15%? Enter answer in percents, accurate to two decimal places.
Extra: How does that compare with pre-tax yield? What are the criteria for dividends to be "qualified" under current tax laws?
Importers/Exporters Inc. wants to underwrite a stock issue for the purchase of $21 million of new equipment. Management estimates the issue will cost the firm $320,000 for accounting, legal, and other costs. The underwriting spread is 7.5% and the is..
You are given the following information for Calvani Pizza Co.: sales = $45,000; costs = $21,500; addition to retained earnings = $8,750; dividends paid = $1,000; interest expense = $5,500; tax rate = 35 percent. Calculate the depreciation expense.
Should corporations issue bonds in countries where they face the lowest credit spreads? Be very specific about the concept of credit spread you use.
Describe total risk, diversifiable risk, and non-diversifiable risk. Which risk is most significant to the financial manager, why? Explain the security market line, SML. What is measured on the X and Y axis? What is the beta coefficient and its signi..
Kari is a partner in Lizard Partnership. This year, Kari's share of partnership ordinary income is $20,000 and she received a cash distribution of $30,000. Kari's tax basis in her partnership interest at the beginning of the year was $50,000. Her mar..
Consider an investment in which a developer plans to begin construction of a building one year if, at that point, rent levels make construction feasible and the building will cost $1 million to construct. Using the traditional approach, similar to th..
Berta Industries stock has a beta of 1.30. The company just paid a dividend of $0.30, and the dividends are expected to grow at 4 percent. The expected return on the market is 13 percent, and Treasury bills are yielding 6.0 percent. The most recen..
What is the purchase price, and what are the total discount and rate of return expressed in interest and discount terms?
Should an administrative agency be locked into its first interpretation of statute? In the ruling that the Supreme Court reviewed in the case FCC vs. Fox television, did the us court of appeals for the second court reject the face reasons for its act..
Your firm has outstanding bonds with a 0.13 coupon and 0.10 yield to maturity. Your CFO believes that you can issue new bonds that would provide a similar yield to maturity. If your marginal tax rate ir 0.40, what is your firm's after-tax cost of deb..
Your neighbor has gotten into some serious credit card debt, and currently owes $18,742 with an interest rate of 19% APR. Making the minimum payment of $413 per month, how long will it take to pay off this loan? Enter answer in months, to two decimal..
The “beta” coefficient for ABC is 1.25 based on the past information. The 30-day T-bill rate is 1.5%, The 5-year average market return of (say, S&P 500 index) in the same period is 11%. Suppose that ABC's current dividend is $1.24 per share with poss..
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