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LaPorta, Lakonishok, Shleifer, and Vishny (“Good News for Value Stocks,” Journal of Finance, June 1997) study the returns on stocks on the few days surrounding their quarterly earnings announcements (relative to various expected return benchmarks). They find that on average, high-B/M stocks earn 0.9% around an earnings announcement. In contrast, low-B/M stocks earn an average of -0.1% around an earnings announcement. The difference is statistically significant. Discuss whether this result is more consistent with the irrational expectations (behavioural) view, or the risk factor (efficient markets) view of the book-to market effect, and explain your logic.
Grenoble Enterprises had sales of $50,500 in March and $60,000 in April. Forecast sales for May, June, and July are $69,600, $79,800, and $99,800, respectively. The firm receives other income of $2,100 per month. The firm’s actual or expected purchas..
Mammoth Mutual Fund of New York has $10 million to invest in certificates of deposit (CDs) for the next 6 months (180 days). It can buy either a Pittsburgh National Bank (PNB) CD with an annual yield of 11 percent, or a Swiss bank CD with a yield of ..
What do you think interest rates and inflation will do in the U.S. over the next 2 years? How will this impact the value of the dollar, Explain?
an fi must make a single payment of 500000 swiss francs in six months at the maturity of a cd. the fis in-house analyst
Find the interest rate (or rates of return) for each of the following situations. Find the present value of the following ordinary annuities. The real risk-free rate of interest is 3%. Inflation is expected to be 1% this year and 6% during the next 2..
Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €30 million which is payable in one year. The current spot exchange rate is $1.05/€ and the annual inter- bank interest rate is 6.0% in the U.S. and ..
A 13-year annuity pays $2,800 per month, and payments are made at the end of each month. The interest rate is 12 percent compounded monthly for the first seven years, and 10 percent compounded monthly thereafter. What is the present value of the annu..
Discuss the concept of value. Define it, give examples. What is return? Are there competing definitions of return? What are they? Which is the best? What is risk in Finance? What determines the coe? How does coe affect value if at all? Why? Does retu..
Sun Bank USA has purchased a 16 million one-year Australian dollar loan that pays 12 percent interest annually. The spot rate of U.S. dollars for Australian dollars is $0.6250/A$1. What is the net interest income earned in dollars on this one-year tr..
You purchased 3,800 shares in the New Pacific Growth Fund on January 2, 2010, at an offering price of $42.00 per share. The front-end load for this fund is 5 percent, and the back-end load for redemptions within one year is 2 percent. what is your to..
Net working capital is $12,700, current assets are $38,200, equity is $53,400, and long-term debt is $11,600. How is the net fixed asset calculated from the information provided?
What are the major categories of depository institution assets and their approximate percentage contribution to total resources? What are the major categories of depository institution liabilities? What are the fundamental differences between them?
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