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You invested $1,250,000 with a market-neutral hedge fund manager. The fee structure is 2/20, and the fund has a high-water-mark provision. Suppose the first year the fund manager loses 7 percent, and the second year she gains 21 percent. Assume management fees are paid at the beginning of each year and performance fees are taken at the end of each year. What are the management and performance fees paid each year?
The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,405,000, $141,000 in the common stock account and $2,660,000 in the additional paid-in surplus account. What was the firm’s operating cash flow during 2014?
Which one of the following is an underwriting of securities where the offer price is determined by investor bids?
Simtek currently pays a $2.50 dividend (D0) per share. Next year’s dividend is expected to be $3 per share. After next year, dividends are expected to increase at a 9 percent annual rate for 3 years and a 6 percent annual rate thereafter. What is the..
Before entering a formal agreement, investment banks carefully investigate the companies whose securities they underwrite; this is especially true of the issues of firms going public for the first time.
Suppose the following equation best describes the evolution of B over time: Bt=.30+.70Bt-1 If a stock had a B of 0.82 last year, what would you forecast the B to be in the coming year?
The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.375 million, $135,000 in the common stock account and $2.6 million in the additional paid-in surplus account. The firm’s net capital spending for 2010 was $910,000, and..
What influence would negative interest rates have on bank depositors? Is there a Christian Worldview for such a monetary policy whereby depositors are paid a minuscule savings rate, or even charged a fee on their saving account?
Hinkle Inc. expects the first three years of a proposed project would have cash flows of $320,000 a year. If Hinkle uses a discount rate of 13%, about what is the present value of the expected yearly cash flows?
Suppose a firm has a book balance of $2 million. At the automatic teller machine (ATM), the cash manager finds out that the bank balance is $2.5 million. What is the situation here? If this is an ongoing situation, what ethical dilemma arises?
Suppose interest rates have been at historically high levels the past two years and you therefore expect they will soon go down. A reasonable strategy for bond investors during this time period would be to:
Deployment Specialists pays a current (annual) dividend of $1 and is expected to grow at 20% for two years and then at 3% thereafter. If the required return for Deployment Specialists is 10.0%, what is the intrinsic value of Deployment Specialists st..
A company's 8% coupon rate, semi-annual payment, $1,000 par value bond that matures in 20 years sells at a price of $593.17. The company's federal-plus-state tax rate is 30%. What is the firm's after-tax component cost of debt for purposes of calcula..
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