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1、CHAPTER2:ASSETCLASSESANDFINANCIALINSTRUMENTS1.(d)2.Theequivalenttaxableyieldis:6.75%/(1-0.34)=10.23%3.(a)Writingacallentailsunlimitedpotentiallossesasthestockpricerises.4.a.Youwouldhavetopaytheaskedpriceof:94:30=94.9375%ofpar=$949.375b.Thecouponrateis3.625%implyingcouponpaymentsof$36.25annuall
2、yor,moreprecisely,$18.125semiannually.c.Currentyield=(Annualcouponincome/price)=$36.25/$949.375=0.0382=3.82%5.Preferredstockislikelong-termdebtinthatittypicallypromisesafixedpaymenteachyear.Inthisway,itisaperpetuity.Preferredstockisalsolikelong-termdebtinthatitdoesnotgivetheholdervotingrightsi
3、nthefirm.Preferredstockislikeequityinthatthefirmisundernocontractualobligationtomakethepreferredstockdividendpayments.Failuretomakepaymentsdoesnotsetoffcorporatebankruptcy.Withrespecttothepriorityofclaimstotheassetsofthefirmintheeventofcorporatebankruptcy,preferredstockhasahigherprioritythanco
4、mmonequitybutalowerprioritythanbonds.6.Moneymarketsecuritiesarecalled“cashequivalents”becauseoftheirgreatliquidity.Thepricesofmoneymarketsecuritiesareverystable,andtheycanbeconvertedtocash(i.e.,sold)onveryshortnoticeandwithverylowtransactioncosts.7.P=$10,000/1.02=$9,803.928.Thetotalbefore-taxi
5、ncomeis$4.Afterthe70%exclusionforpreferredstockdividends,thetaxableincomeis:0.30×$4=$1.20Therefore,taxesare:0.30×$1.20=$0.36After-taxincomeis:$4.00–$0.36=$3.64Rateofreturnis:$3.64/$40.00=9.10%9.a.GeneralDynamicsclosedtodayat$112.65,whichwas$1.56higherthanyesterday’sprice.Yesterday’sclosingpric
6、ewas:$111.09b.Youcouldbuy:$5,000/$112.65=44.4sharesc.Yourannualdividendincomewouldbe:44.4´$1.60=$71.04d.Theprice-to-earningsratiois16andthepriceis$112.65.Therefore:$112.65/Earningspershare=16ÞEarningspershare=$7.0410.a.Att=0,thevalueoftheindexis:(90+50+100)/3=80Att=1,thevalueoftheindexis:(95+4
7、5+110)/3=83.333Therateofreturnis:(83.333/80)-1=4.17%b.Intheabsenceofasplit,StockCwouldsellfor110,sothevalueoftheindexwouldbe:250/3=83.333Afterthesplit,StockCsellsfor55.Therefore,weneedtofindthedivisor(d)suchthat:83.333=(95+45+55)/dÞd=2.
