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In discussing the Abacus CDO case, Alan Murray, deputy managing editor of the Wall Street Journal, observed: "Markets don't work if you don't have good information and you don't have transparency. And this [CDO] is terribly lacking in transparency."
a. What is "transparency" in this instance?
b. Why won't financial markets work without good information and transparency?
c. What information was lacking and who lacked it in the Abacus CDO case?
Both Bond Sam and Bond Dave have 6 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has five years to maturity, whereas Bond Dave has 18 years to maturity. If interest rates suddenly rise by 2 percent, what is the perc..
Earth’s Best Company has sales of $200,000, Cost of Goods Sold of 100,000, a net income of $15,000, and the following balance sheet: Calculate the firm’s Quick Ratio?
Favored stock will pay a dividend this year of $2.88 per share. Its dividend yield is 8%. At what price is the stock selling? (Do not round intermediate calculations.)
Woidtke Manufacturing's stock currently sells for $30 a share. The stock just paid a dividend of $2.00 a share (i.e., D0 = $2.00), and the dividend is expected to grow forever at a constant rate of 7% a year. What stock price is expected 1 year from ..
To calculate the number of years until maturity, What price would you expect to pay for the Kenny Corp. bond?
You are trying to decide whether to invest some idle cash in undeveloped land. You intend to hold the investment for five years before selling out and sailing the Caribbean. You have made the following estimates of the value of the land five years fr..
The lease is noncancelable with no renewal option. The lease term is 10 years (the same as the estimated economic life).
A nine-year annuity that makes 36 quarterly payments of $6,700 will begin 6 years from now with the first payment coming 6.25 years from now. If the discount rate is 4.5 percent compounded quarterly, what is the present value of the annuity?
Seattle Health Plans currently use zero debt financing. Its operating profit is $ 1 million, and it pays taxes at a 40% rate. It has $5 million in assets and because it is all equity financed, $ 5 million in equity. What impact would the new capital ..
Inventory financing Raymond Manufacturing faces a liquidity crisis: It needs a loan of $100,000 for 1 month. Having no source of additional unsecured borrowing, the firm must find a secured short-term lender. The firm’s accounts receivable are quite ..
A firm has earnings available to common stock holders of $2 million and has 500,000 shares of common outstanding. The stock sells for $62/share. The firm is contemplating the payment of $2/share in cash dividends to its 500,000 stockholders.
A(n) ____ will increase the market value of a call option.
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