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e" T#e $b%ecti&e o' t#e Firm" an( Corporate )o&ernance 1. C0 is the initial cash flow on an investment, and C1 is the cash flow at the end of one year. The symbol r is the discount rate. a. Is C0 usually positive or negative? b. What is the formula for the present value of the investment? c. What is the formula for the net present value? d. The symbol r is often termed the opportunity cost of capital. Why? e. If the investment is ris !free, what is the appropriate measure of r? If the present value of #1$0 paid at the end of one year is #1%0, what is the one! year discount factor? What is the discount rate? Calculate the one!year discount factor &'1 for discount rates of (a) 10 percent, (b) "0 percent, and (c) %0 percent. + merchant pays #100,000 for a load of grain and is certain that it can be resold at the end of one year for #1%",000. a. What is the return on this investment? b. If this return is lower than the rate of interest, does the investment have a positive or a negative ,-.? c. If the rate of interest is 10 percent, what is the -. of the investment? d. What is the ,-.? What is the net present value rule? What is the rate of return rule? &o the two rules give the same answer? Write down the formulas for an investment0s ,-. and rate of return. -rove that ,-. is positive only if the rate of return e1ceeds the opportunity cost of capital. + parcel of land costs #$00,000. 'or and additional #300,000 you can build a motel on the property. The land and motel should be worth #1,$00,000 ne1t year. 4uppose that common stoc s with the same ris as this investment offer a 10 -ercent e1pected return. Would you construct the motel? Why or why not?

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Calculate the ,-. and rate of return for each of the following investments. The opportunity cost of capital is "0 percent for all four investments. In&estment Initial Cas# Flow" C* Cas# Flow in +ear ," C, 1 !10,000 513,000 " !$,000 56,000 % !$,000 5$,200 * !",000 5*,000 a. Which investment is most valuable? b. 4uppose each investment would re7uire use of the same parcel of land. Therefore you can ta e only one. Which one? Hint: What is the firm0s ob8ective9 to earn a high rate of return or to increase firm value?

CHAPTER How to Calc!late Present al!es 1. ". %. *. $. +t an interest rate of 1" percent, the si1!year discount factor is .$02. :ow many dollars is #.$02 worth in si1 years if invested at 1" percent? If the -. of #1%6 is #1"$, what is the discount factor? If the eight!year discount factor is ."3$, what is the -. of #$6/ received in eight years? If the cost of capital is 6 percent, what is the -. of #%2* paid in year 6? + pro8ect produces the following cash flows9 ;ear 1 " % 'low *%" 1%2 262

If the cost of capital is 1$ percent, what is the pro8ect0s -.? /. 2. If you invest #100 at an interest rate of 1$ percent, how much will you have at the end of eight years? +n investment costs #1, $*%3 and pays #1%3 in perpetuity. If the interest rate is 6 -ercent, what is the ,-.? + common stoc will pay a cash dividend of #* ne1t year. +fter that, the dividends are e1pected to increase indefinitely at * percent per year. If the discount rate is 1* percent, what is the -. of the stream of dividend payments? ;ou win a lottery with a pri<e of #1.$ million. =nfortunately the pri<e is paid in 10 annual installments. The first payment is ne1t year. :ow much is the pri<e really worth? The discount rate is 3 percent. &o not use the +ppendi1 tables for these 7uestions. The interest rate is 10 percent. a. What is the -. of an asset that pays #1 a year in perpetuity? b. The value of an asset that appreciates at 10 percent per annum appro1imately doubles in seven years. What is the appro1imate -. of an asset that pays #1 a year in perpetuity beginning in year 3? c. What is the appro1imate -. of an asset that pays #1 a year for each of the

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ne1t seven years? d. + piece of land produces an income that grows by $ percent per annum. If the 'irst year0s flow is #10,000, what is the value of the land? 11. =se the +ppendi1 tables at the end of the boo for each of the following calculations9 a. The cost of a new automobile is #10,000. If the interest rate is $ percent, how much would you have to set aside now to provide this sum in five years? b. ;ou have to pay #1",000 a year in school fees at the end of each of the ne1t si1 years. If the interest rate is 3 percent, how much do you need to set aside today to cover these bills? c. ;ou have invested #/0,*2/ at 3 percent. +fter paying the above school fees, how much would remain at the end of the si1 years? ;ou have the opportunity to invest the >elgravian ?epublic at "$ percent interest. The inflation rate is "1 percent. What is the real rate of interest? ;ou are 7uoted an interested of / percent on an investment of #10 million. What Is the value of your investment after four years if the interest rate is compounded9 a. +nnually, b. monthly, or c. continuously? What is meant by a bond0s yield to maturity and how is it calculated? =se the discount factors shown in +ppendi1 Table 1 at the end of the boo to Calculate the -. of #100 received in9 a. ;ear 10 (at a discount rate of 1 percent). b. ;ear 10 (at a discount rate of 1% percent). c. ;ear 1$(at a discount rate of "$ percent). d. @ach of years 1 through % (at a discount rate of 1" percent).

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=se the annuity factors shown in +ppendi1 Table % to calculate the -. of #100 in each of9 a. ;ears 1 through "0 (at a discount rate of "% percent). b. ;ears 1 through $ (at a discount rate of % percent). c. ;ears % through 1" (at a discount rate of 6 percent). a. If the one!year discount factor is .33, what is the one!year interest rate? b. If the two!year interest rate is 10.$ percent, what is the two!year discount factor? c. Aiven these one and two!year discount factors, calculate the two!year annuity factor. d. If the -. of #10 a year for three years is #"*.*6, what is the three!year annuity factor? e. 'rom your answers to (c) and (d), calculate the three!year factor.

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+ factory costs #300,000. ;ou rec on that it will produce an inflow after operating costs of #120,000 a year for 10 years. If the opportunity cost of capital is 1* percent, what is the net present value of the factory? What will the factory be worth at the end of five years? :arold 'ilbert is %0 years of age and his salary ne1t will be #"0,000. :arold 'orecasts that his salary will increase at a steady rate of $ percent per annum until his retirement at age /0. a. If the discount rate is 3 percent, what is the -. of these future salary payments? b. If :arold saves $ percent of his salary each year and invests these savings at an interest rate of 3 percent, how much will he have saved by age /0? c. If :arold plans to spend these savings in even amounts over the subse7uent "0 years, how much can he spend each year? + factory costs #*00,000. ;ou rec on that it will produce an inflow after operating costs of #100,000 in year 1, #"00,000 in year ", and #%00,000 in year %. The opportunity cost of capital is 1" percent. &raw up a wor sheet li e that shown in Table %.1 and use tables to calculate the ,-.. +s winner of a brea fast cereal competition, you can choose one of the following pri<es9 a. #100,000 now b. #130,000 at the end of five years c. #11,*00 a year forever d. #16,000 for each of 10 years e. #/,$00 ne1t year and increasing thereafter by percent a year forever. If the interest rate is 1" percent, which is the most valuable pri<e?

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4iegfried >asset is /$ years of age and has a life e1pectancy of 1" more years. :e wishes to invest #"0,000 in an annuity that will ma e a level payment at the end of each year until his death. If the interest rate is 3 percent, what income can Br. >asset e1pect to receive each year? Cames and :elen Turnip are saving to buy a boat at the end of five years. If the boat costs #"0,000 and they can earn 10 percent a year on their savings, how much do they need to put aside at the end of years 1 through $? Dangaroo +utos is offering free credit on a new #10,000 car. ;ou pay #1,000 down and then #%00 a month for the ne1t %0 months. Turtle Botors ne1t door

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does not offer free credit but will give you #1,000 off the list price. If the rate of interest is 10 percent a year, which company is offering the better deal? "$. a. :ow much will an investment of #100 be worth at the end of 10 years if invested at 1$ percent a year simple interest? b. :ow much will it be worth if invested at 1$ percent a year compound interest? c. :ow long will it ta e your investment to double its value at 1$ percent compound interest? "/. Which would you prefer? a. +n investment paying interest of 1" percent compounded annually. b. +n investment paying interest of 11.2 percent compounded semiannually. c. +n investment paying 11.$ percent compounded continuously. Wor out the value of each of these investments after1, $, and "0 years. 'ill in the blan s in the following table9 ,ominal Interest ?ate (E) / ! 6 "3. Inflation ?ate (E) 1 10 ! ?eal Interest ?ate (E) ! 1" %

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+ famous 7uarterbac 8ust signed a #1$ million contract providing #% million a year for five years. + less famous receiver signed a #1* million five!year contract providing #* million now and #" million a year for five years. Who is better paid? The interest rate is 10 percent.

C#apter 4 T#e al!e o' .on(s an( Common /tock 1. Company F is e1pected to pay an end!of!year dividend of #10 a share. +fter the dividend its stoc is e1pected to sell at #110. If the mar et capitali<ation rate is 10 percent, what is the current stoc price? Company ; does not plow bac any earnings and is e1pected to produce a level dividend stream of #$ a share. If the current stoc is #*0, what is the mar et capitali<ation rate? Company G0s earnings and dividends per share are e1pected to grow indefinitely by $ percent a year. If ne1t year0s dividend is #10 and the mar et capitali<ation rate is 3 percent, what is the current stoc price? Company G!prime is li e G in all respects save one9 Its growth will stop after year *. In year $ and afterward, it will pay out all earnings as dividends. What is G! prime0s stoc price? +ssume ne1t year0s @-4 is #1$. If company G (see 7uestion $) were to distribute all its earnings, it could maintain a level dividend stream of #1$ a share. :ow much is the mar et actually paying per share for growth opportunities? In Barch "001, 'ly -aper0s stoc sold for about #2%. 4ecurity analysts were forecasting a long!term earnings growth rate of 3.$ percent. The company was paying dividends of #1./3 per share. a. +ssume dividends are e1pected to grow along with earnings at g H 3.$ percent per year in perpetuity. What rate of return r were investors e1pecting? b. 'ly -aper was e1pected to earn about 1" percent on boo e7uity and to pay out about $0 percent of earning as dividends. What do these forecasts imply for g? 'or r? =se the perpetual!growth &C' formula. ;ou believe that ne1t year the 4uperannuation Company will pay a dividend of #" on its common stoc . Thereafter you e1pect dividends to grow at a rate of * percent a year in perpetuity. If you re7uire a return of 1" percent on your investment, how much should you be prepared to pay for the stoc ? Consider the following three stoc s9 a. 4toc + is e1pected to provide a dividend of #10 a share forever. b. 4toc > is e1pected to pay a dividend of #$ ne1t year. Thereafter, dividend growth is e1pected to be * percent a year forever. c. 4toc C is e1pected to pay a divided of #$ ne1t year. Thereafter, dividend growth is e1pected to be "0 percent a year for $ years (i.e., until year /) and <ero thereafter.

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CHAPTER 0 1#2 Net Present al!e 3ea(s to .etter In&estment 4ecisions T#an $t#er Criteria 1. ". What is the opportunity cost of capital supposed to represent? Aive a concise definition. a. What is the paybac period on each of the following pro8ects? C0 !$,000 !1,000 !$,000 Cash 'lows (#) C1 C" 51,000 51,000 0 51,000 51,000 51,000 C% 5%,000 5",000 5%,000 C* 0 5%,000 5$,000

-ro8ect + > C

b. Aiven that you wish to use the paybac rule with a cutoff period of two years, which pro8ects would you accept? c. If you use a cutoff period of three years, which pro8ects would you accept? d. If the opportunity cost of capital is 10 percent, which pro8ects have positive ,-.s? e. I-aybac gives too much weight to cash flows that occur after the cutoff date.J True of false? f. IIf a firm uses a single cutoff period for all pro8ects, it is li ely to accept too many short!lived pro8ects.J True or false? g. If the firm uses the discounted!paybac rule, will it accept any negative!,-. pro8ects? Will it turn down positive!,-. pro8ects? @1plain. %. *. $. What is the boo rate of return? Why is it not an accurate measure of the value of a capital investment pro8ect? Write down the e7uation defining a pro8ect0s internal rate of return (I??). In practice how is I?? calculated? a. Calculate the net present value of the following pro8ect for discount rates of 0, $0 and 100 percent9 C0 !/,2$0 Cash 'lows (#) C1 5*,$00 C" 513,000

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;ou have the chance to participate in a pro8ect that produces the following cash flows9 C0 5$,000 Cash 'lows (#) C1 5*,000 C" !11,000

a. What is the internal rate of return? b. If the opportunity cost of capital is 10E, would you accept the offer? 2. 4uppose you have the following investment opportunities, but only #60,000 available for investment. Which pro8ects should you ta e? -ro8ect 1 " % * $ / ,-. $,000 $,000 10,000 1$,000 1$,000 %,000 Investment 10,000 $,000 60,000 /0,000 2$,000 1$,000

3. What is the difference between hard and soft capital rationing? &oes soft rationing mean the manager should stop trying to ma1imi<e ,-.? :ow about hard rationing? 6. Consider the following pro8ects9 -ro8ect + > C 10. C0 !1,000 !",000 !%,000 C1 51,000 51,000 51,000 Cash flows (#) C" C% 0 0 51,000 5*,000 51,000 0 C* 0 51,000 51,000 C$ 0 51,000 51,000

?espond to the following comments9 a. II li e the I?? rule. I can use it to ran pro8ects without having to specify a discount rate.J b. II li e the paybac rule. +s long as the minimum paybac period is short, the rule ma es sure that the company ta es no borderline pro8ects. That reduces ris .J

CHAPTER 6

5akin6 In&estment 4ecisions wit# t#e Net Present al!e R!le 1. Which of the following should be treated as incremental cash flows when deciding whether to invest in a new manufacturing plant? The site is already owned by the company, but e1isting buildings would need to be demolished. a. The mar et value of the site and e1isting buildings. b. &emolition costs and site clearance. c. The cost of a new access road put in the last year. d. Kost earnings on other products due to e1ecutive time spent on the new facility. e. + proportion of the cost of leasing the president0s 8et airplane. f. 'uture depreciation of the new plant. g. The reduction in the corporation0s ta1 bill resulting from ta1 depreciation of the new plant. h. The initial investment in inventories of raw materials. i. Boney already spent on engineering design of the new plant. B. Koup Aarou will be paid 100,000 euros one year hence. This is the nominal flow, which he discounts at an 3 percent nominal discount rate9 -.H100,000H L6",$6% 1.03 The inflation rate is * percent. Calculate the -. of B. Aarou0s payment using the e7uivalent real cash flow and real discount rate. ;ou should get e1actly the same answer as he did. :ow does -. of depreciation ta1 shields vary across the recovery!period classes shown in the table /.*? Aive the general answerM then chec it by calculating the -.s of depreciation ta1 shields in the five year and seven year classes. The ta1 rate is %$ percent. =se any reasonable discount rate. The following table trac s the main components of wor ing capital over life of a four year pro8ect. +ccounts receivable Inventory +ccount payable 2**, 0 2$,000 "$,000 2**2 1$0,000 1%0,000 $0,000 2**""$,000 1%0,000 $0,000 2**4 160,000 6$,000 %$,000

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Calculate net wor ing capital and the cash inflows and outflows due to investment in wor ing capital. $. When appraising mutually e1clusive investments in plant and e7uipment, many companies calculate the investments0 e7uivalent annual costs and ran the investments on this basis. Why is this necessary? Why not 8ust compare the investments0 ,-.s? @1plain briefly. +ir conditioning for a college dormitory will cost 1.$ million to install and #"00,000 per year to operate. The system should last "$ years. The real cost of

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the capital is $ percent, and the college pays no ta1es. What is the e7uivalent annual cost? 2. Bachines + and > are mutually e1clusive and are e1pected to produce the following cash flows9 Bachine + > C0 !100 !1"0 Cash flows (# thousands) C1 C" 5110 51"1 5110 51"1 C% 51%%

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The real opportunity cost of capital is 10 percent. a. Calculate the ,-. of each machine. b. Calculate the e7uivalent annual cash flow from each machine. c. Which machine should you buy? ?estate the net cash flows in Table /./ in real terms. &iscount the restated cash flows at a real discount rate. +ssume a "0 percent nominal rate 10 percent e1pected inflation. ,-. should be unchanged at 5%,30", or #%,30",000. @ach of the following statements is true. @1plain why they are consistent. a. When a company introduces new product, or e1pands production of an e1isting product, investment in the net wor ing capital is usually an important cash outflow. b. 'orecasting changes in the net wor ing capital is not necessary if the timing of all cash inflows and outflows is carefully specified. + widget manufacturer currently produces "00,000 units a year. It buys widget lids from an outside supplier at a price of #" a lid. The plant manager believes that it would be cheaper to ma e these lids rather than buy them. &irect production costs are estimated to be only #1.$0 a lid. The necessary machinery would cost #1$0,000. This investment could be written off for ta1 purposes using the seven year ta1 depreciation schedule. The plant manager estimates that the operation would re7uire additional wor ing capital #%0,000 but argues that this sum can be ignored since it is recoverable at the end of the 10 years. If the company pays ta1 at a rate of %$ percent and the opportunity cost of capital is 1$ percent, would you support the plant manager0s proposal? 4tate clearly any additional assumptions that you need to ma e. :ayden Inc. has a number of copiers that were bought four years ago for #"0,000. Currently maintenance costs #",000, a year, but the maintenance agreement e1pires at the end of the two years and thereafter the annual maintenance charge will rise to #3,000. The machines have a current resale value of #3,000, but at the end of year " their value will have fallen to #%,$00. >y the end of year / the machines will be valueless and would be scrapped.

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The >orstal Company has to choose between two machines that do the same 8ob but have different lives. The two machines have the following costs9 +ear 0 1 " % * 5ac#ine A #*0,000 10,000 10,000 10,000 5 replace 5ac#ine . #$0,000 3,000 3,000 3,000 3,000 5 replace

These costs are e1pressed in real terms. a. 4uppose you are >orstal0s financial manager. If you had to buy one or the other machine and rent it to the production manager for that machine0s economic life, what annual rental payment would you have to charge? +ssume a / percent real discount rate and ignore ta1es. b. Which machine should >orstal buy? c. =sually rental payments you derived in part (a) are 8ust hypothetical Na way of calculating and interpreting e7uivalent annual cost. 4uppose you actually do buy one of the machines and rent it to the production manager. :ow much would you actually have to charge in each future year if there is steady 3 percent per year inflation? (,ote9 The rental payments calculated in part (a) are real cash flows. ;ou would have to mar up those payments to cover inflation.)

CHAPTER 7 Intro(!ction to Risk" Ret!rn" an( t#e $pport!nit2 Cost o' Capital 1. a. What was the average annual return on =nited 4tates common stoc s from 16"/ to "000 (appro1imately)? b. What was the average difference between this return and the return on the Treasury bills? c. What was the average return on Treasury bills in real terms? d. What was the standard deviation of returns on the mar et inde1? e. Was this standard deviation more or less than most individual stoc s? + game of chance offers the following odds and payoffs. @ach play of the game costs #100, so the net profit per play is the payoff less #100. Probabilit2 .10 .$0 .*0 Pa2o'' #$00 100 0 Net Pro'it #*00 0 !100

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What are the e1pected cash payoff and e1pected rate of return? Calculate the variance and standard deviation of this rate of return. %. The following table shows the nominal returns on the Be1ican stoc mar et and the Be1ican rate of inflation. a. What was the standard deviation of the mar et returns? b. Calculate the average real return. +ear 166$ 166/ 1662 1663 1666 Nominal Ret!rn 1/.$ "1.6 $%.* !"0.3 3*.% In'lation 89: $".0 "2.2 1$.2 13./ 1".%

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'ill in the missing words9 ?is is usually measured by the variance of returns or theOOOOOOOOOOOO, which is simply the s7uare root of the variance. +s long as the stoc price changes are not perfectlyOOOOOOOOOOO, the ris of a diversified portfolio is OOOOOOOOOOthan the average ris of the individual stoc s. The ris that can be eliminated by diversification if nown as OOOOOOOOOOOris . >ut diversification cannot remove all ris M the ris that it cannot eliminate is nown as OOOOOOOOOris .

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Kawrence Interchange, ace mutual fund manager, produced the following percentage rates of return from 166/ to "000. ?ates of return on the 4P - $00 are given for comparison. Br. Interchange 4 P - $000 ,;;6 51/.1 5"%.1 ,;;7 5"3.* 5%%.* ,;;8 5"$.1 5"3./ ,;;; 51*.% 5"1.0 2*** !/.0 !6.1

Calculate the average return and standard deviation of Br. Interchange0s mutual fund. &id he do better or worse than the 4 P - by these measures? /. True or 'alse? a. Investors prefer diversified companies because they are less ris y. b. If stoc s were perfectly positively correlated, diversification would not reduce ris . c. The contribution of a stoc to the ris of a well diversified portfolio depends on its mar et ris . d. + well diversified portfolio with a beta of ".0 is twice as ris y as the mar et portfolio. e. +n undiversified portfolio with a beta ".0 is less than twice as ris y as the mar et portfolio. In which of the following situations would you get the largest reduction in ris by spreading your investment across two stoc s? a. The two shares are perfectly correlated. b. There is no correlation. c. There is modest negative correlation. d. There is perfect negative correlation. To calculate the variance of a three!stoc portfolio, you need to add nine bo1es.

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=se the same symbols that we used in this chapterM for e1ample, F1H proportion invested in stoc 1 and 1" H covariance between stoc s 1 and ". ,ow complete the nine bo1es.

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4uppose the standard deviation of the mar et return in "0 percent. a. What is the standard deviation of returns on a well diversified portfolio with a beta of 1.%? b. What id the standard deviation of returns on a well diversified portfolio with a beta of 0? c. + well!diversified portfolio has a standard deviation of 1$ percent. What is its beta? d. + poorly diversified portfolio has a standard deviation of "0 percent. What can you say about its beta? + portfolio contains e7ual investment in 10 stoc s. 'ive have a beta of 1."M the remainder have a beta of 1.*. What is the portfolio beta? a. 1.%. b. Areater than 1.% because the portfolio is not completely diversified. c. Kess than 1.% because diversification reduces beta. What is the beta of each of the stoc s shown in Table 2.2? Table 7<7 E=pecte( /tock Ret!rn i' 5arket Ret!rn is: ?,*9 5"0 5"0 0 51$ !10

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True or 'alse? Why? I&iversification reduces ris . Therefore corporations ought to favor capital investments with low correlations with their e1isting lines of business.J :ere are inflation rates and stoc mar et and Treasury bill returns between 166/ and "000. +ear 166/ 1662 1663 1666 "000 In'lation %.% 1.2 1./ ".2 %.* / @ P 0** Ret!rn "%.1 %%.* "3./ "1.0 !6.1 T>.ill Ret!rn $." $.% *.6 *.2 $.6

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What was the real return on the 4 P - $00 in each year? What was the average real return? What was the ris premium in each year? What the average ris premium? What was the standard deviation of the ris premium?

@ach of the following statements is dangerous or misleading. @1plain why. a. + long!term =nited 4tates government bond is always absolutely safe. b. +ll investors should prefer stoc s to bonds because stoc s offer higher long! run rates of return. c. The best practical forecast of future rates of return on the stoc mar et is a $! or 10!year average of historical returns. Konesome Aulch Bines has a standard deviation of *" percent per year and a beta of 5.10. +malgamated Copper has a standard deviation of %1 percent a year and a beta of 5.//. @1plain why Konesome Aulch is the safer investment for a diversified investor. Kambeth Wal invests /0 percent of his funds in stoc I and the balance in stoc C. The standard deviation of returns on I is 10 percent, and on C it is "0 percent. Calculate the variance of portfolio returns, assuming a. The correlation between the returns is 1.0. b. The correlation is .$. c. The correlation is 0. There are few, real companies with negative betas. >ut suppose you found one with Q H !."$. a. :ow would you e1pect this stoc 0s rate of return to change if the overall mar et rose by an e1tra $ percent? What if the mar et by an e1tra $ percent? b. ;ou have #1 million invested in a well!diversified portfolio of stoc s. ,ow you receive an additional #"0,000 be7uest. Which of the following actions will yield the safest overall portfolio return? i. Invest #"0,000 in Treasury bills (which have Q H 0). ii. Invest #"0,000 in stoc s with Q H !."$. iii. Invest #"0,000 in the stoc with Q H !."$. @1plain your answer.

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CHAPTER 8 Risk an( Ret!rn 1. :ere are returns and standard deviations for four investments. Treasury >ills 4toc 4toc R 4toc ? Ret!rn /E 10 1*.$ "1.0 /tan(ar( 4e&iation 0E 1* "3 "/

Calculate the standard deviations of the following portfolios. a. $0 percent in Treasury bills, $0 percent in stoc -. b. $0 percent each in R and ?, assuming the shares have -erfect positive correlation -erfect negative correlation ,o correlation c. -lot the figure li e 'igure 3.* for R and ?, assuming a correlation coefficient of .$. d. 4toc R has a lower return than ? but a higher standard deviation. &oes that mean that R0s price is too high or that ?0s price is too low? ". 'or each the following pairs of investments, state which would always be preferred by a rational investor (assuming that these are the only investments available to the investor)9 a. -ortfolio + r H 13 percent = "0 percent -ortfolio > r H 1* percent = "0 percent b. -ortfolio C r H 1$ percent = 13 percent -ortfolio & r H 1% percent = 3 percent c. -ortfolio @ r H 1* percent = 1/ percent -ortfolio ' r H 1* percent H 10 percent 'igures 3.1%a and 3.1%b purport to show the range of attainable combinations of e1pected return and standard deviation. a. Which diagram is incorrectly drawn and why? b. Which is the efficient set of portfolios? c. If rf is the rate of interest, mar with an F the optimal stoc portfolio. a. -lot the following ris y portfolios on a graph9 -ortfolio A . C 10 1".$ 1$ "% "1 "$ 4 1/ "6 E 12 "6 F 13 %" ) 13 %$ H "0 *$

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b. 'ive of these portfolios are efficient, and three are not. Which are inefficient ones? c. 4uppose you can also borrow and lend an interest rate of 1" percent. Which of the above portfolios is best? d. 4uppose you are prepared to tolerate a standard deviation of "$ percent. What is the ma1imum e1pected return that you can achieve if you cannot borrow or lend? e. What your optimal strategy if you can borrow or lend at 1" percent and are prepared to tolerate a standard deviation of "$ percent? What is the ma1imum e1pected return that you can achieve? $. :ow could an investor identity the best of a set of efficient portfolios of common stoc s? What does IbestJ mean? +ssume the investor can borrow or lend at the ris !free interest rate. 4uppose that the Treasury bill rate is * percent and the e1pected return on the mar et is 10 percent. =se the betas in the following Table9 4toc +ma<on.Com >oeing Coca!Cola &ell Computer @11on Bobil Aeneral @lectric Aeneral Botors Bc&onalds -fi<er ?eebo a. b. c. d. >eta %."$ .$/ .2* "."1 .*0 1.13 .61 ./3 .21 ./6

/.

Calculate the e1pected return from Bc&onald0s. 'ind the highest e1pected return that is offered by one of these stoc s. 'ind the lowest e1pected return that is offered by one these stoc s. Would &ell offer higher or lower e1pected return of the interest rate was / rather than * percent? +ssume that the e1pected mar et return stays at 10 percent. e. Would @11on Bobil offer a higher or lower e1pected return if the interest rate was / percent? 2. True or 'alse? a. The C+B- implies that if you could find an investment with a negative beta, its e1pected return would be less than the interest rate. b. The e1pected return on an investment with a beta of ".0 is twice as high as the e1pected return on the mar et. c. If a stoc lies below the security mar et line, it is undervalued.

3.

True or 'alse? @1plain or 7ualify as necessary. a. Investors demand higher e1pected rates of return on stoc s with more variable rates of return. b. The C+-B predicts that a security with a beta of 0 will offer a <ero e1pected return. c. +n investor who puts #10,000 in Treasury bills and #"0,000 in the mar et portfolio will have a beta of ".0. d. Investors demand higher e1pected rates of return from stoc s with returns that are highly e1posed to macroeconomic changes. e. Investors demand higher e1pected rates of return from stoc s with returns that are sensitive to fluctuations in the stoc mar et. Bar :arrywit< proposes to invest in two shares, F and ;. :e e1pects a return of 1" percent from F and ; and 3 percent from ;. The standard deviation of returns is 3 percent for F and $ percent from ;. The correlation coefficient between the returns is .". a. Compute the e1pected return and standard deviation of the following portfolios9 Port'olio 1 " % Percenta6e in A $0 "$ 2$ Percenta6e in + $0 2$ "$

6.

b. 4 etch the set of portfolios composed of F and ;. c. 4uppose that Br. :arrywit< can also borrow or lend at an interest rate of $ percent. 4how on your s etch how this alters his opportunities. Aiven that he can borrow or lend, what proportions of the common stoc portfolios should be invested in F and ;? 10. B.Arandet has invested /0 percent of his money in share + and the remainder in share >. :e assesses their prospects as follows9 A @1pected return (E) 4tandard &eviation Correlation between the returns 1$ "0 .$ . "0 ""

a. What are the e1pected return and standard deviation of returns on his portfolio? b. :ow could your answer change if the correlation coefficient was 0 or !.$?

c. Is B.Arandet0s portfolio better or worse than one invested entirely in share +, or is it not possible to say? 11. The Treasury bill rate is * percent, and the e1pected return on the mar et portfolio is 1" percent. Sn the basis of the capital asset pricing model9 a. &raw a graph similar to figure 3.2 showing how the e1pected return varies with beta. b. What is the ris premium on the mar et? c. What is the re7uired return on an investment with a beta of 1.$? d. If an investment with a beta of .3 offers an e1pected return of 6.3 percent, does it have a positive ,-.? e. If the mar et e1pects a return of 11." percent from stoc F, what is its beta? -ercival :ygiene has #10 million invested in long!term corporate bonds. This bon portfolio0s e1pected annual rate of return is 6 percent, and the annual standard deviation is 10 percent. +manda ?ec onwith, -ercival0s financial adviser, recommends that -ercival consider investing in an inde1 fund which closely trac s the 4tandard and -oor0s $00 inde1. The inde1 has an e1pected return of 1* percent, and its standard deviation is 1/ percent. a. 4uppose -ercival puts all money in a combination of the inde1 fund and Treasury bills. Can he thereby improve his e1pected rate of return without changing the ris of his portfolio? The Treasury bill yield is / percent. b. Could -ercival do even better by investing e7ual amounts in the corporate bond portfolio and the inde1 fund? The correlation between the bond portfolio and the inde1 fund is 51.

1".

CHAPTER ; Capital .!(6etin6 an( Risk 1. ". %. 4uppose a firm uses its company cost of capital to evaluate all pro8ects. Will it underestimated or overestimate the value of high!ris pro8ects? + company is financed *0 percent by ris !free debt. The interest rate is 10 percent, the e1pected mar et return is 13 percent, and the stoc 0s beta is .$. What is the company cost of capital? The total mar et value of the common stoc of the S enfeno ee ?eal @state Company is #/ million, and the total value of its debt is #* million. The treasurer estimates that the beta of the stoc is currently 1.$ and that the e1pected ris premium on the mar et is 6 percent. The Treasury bill rate is 3 percent. +ssume for simplicity that S enfeno ee debt is ris !free. a. What is the re7uired return on S enfeno ee stoc ? b. What is the beta of the company0s e1isting portfolio of assets? c. @stimate the company cost of capital. d. @stimate the discount rate for an e1pansion of the company0s present business. e. 4uppose the company wants to diversify into the manufacture of rose!colored spectacles. The beta of unleveraged optical manufacturers is 1.". @stimate the re7uired return on S enfeno ee0s new venture. ,ero .iolins has the following capital structureJ /ec!rit2 .eta &ebt -referred stoc Common stoc 0 ."0 1."0 Total 5arket al!e" Bmillions 100 *0 "00

*.

a. What is the firm0s asset beta (i.e., the beta of a portfolio of all the firm0s securities)? b. :ow would the asset beta change if ,ero issued an additional #1*0 million of common stoc and used the cash to repurchase all the debt and preferred stoc ? c. +ssume that e1pand the scale of its operations without changing its asset beta? +ssume a ris !free interest rate of $ percent and a mar et ris premium of / percent. $. Which of these companies is li ely to have the higher cost of capital? a. +0s sales force is paid a fi1ed annual rateM >0s is paid on a commission basis. b. C produces machine toolsM & produces brea fast cereal. IThe cost of capital always depends on the ris of the pro8ect being evaluated. Therefore the company cost of capital is useless.J &o you agree?

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2.

+malgamated -roducts has three operating divisions9 4i&ision 'ood @lectronics Chemicals Percenta6e o' Firm al!e $0 %0 "0

To estimate the cost of capital for each division, +malgamated has identified the following three principal competitors. @stimated @7uity >eta .3 1./ 1." &ebtT (&ebt 5 @7uity) .% ." .*

+ssume these betas are accurate estimates and that he C+-B is correct. a. +ssuming that the debt of these firms is ris !free, estimate the asset beta for each of the +malgamated0s divisions. b. +malgamated0s ratio of debt to debt plus e7uity is .*. If your estimates of divisional betas are right, what is +malgamated0s e7uity beta? c. +ssume that the ris !free interest rate is 2 percent and that the e1pected return on the mar et inde1 is 1$ percent. @stimate the cost of capital for each of +malgamated0s divisions. d. :ow much would your estimates of each divisions cost of capital change if you assumed that debt has a beta of ."?

CHAPTER 2; Financial Anal2sis an( Plannin6 1. There are no universally accepted definitions of financial ratios, but five of the following ratios to ma e no sense at all. 4ubstitute the correct definitions. a. &ebtUe7uality ratio H (long!term debt 5 value of leases) T long!term debt 5 value of leases 5 e7uity) b. ?eturn on e7uity H (@>IT N ta1) T average e7uity c. -ayout ratio H dividend T stoc price d. -rofit margin H (@>IT N ta1) Tsales e. Inventory turnover H sales T average inventory f. Current ratio H current liabilities T current assets g. 4ales!to!net!wor ing!capital H average sales T average net wor ing capital h. +verage collection period H sales T average receivables V %/$) i. Ruic ratio H (current assets N inventories ) T current liabilities True or 'alse? a. + company0s debtUe7uity ratio is always less than 1. b. The 7uic ratio is always less than the current ratio. c. The return on e7uity is always less than the return on assets. d. If a pro8ect is slow to reach full profitability, straight!line depreciation is li ely to produce an overstatement of profits in the early years. e. + substantial new advertising campaign by a cosmetics company will tend to depress earnings and cause the stoc to sell at a low priceUearnings multiple. In each of the following cases, e1plain briefly which of the two companies is li ely to be characteri<ed by the higher ratio9 a. &ebt!e7uity ratio9 a shipping company or computer software company. b. -ayout ratio9 =nited 'oods Inc. or Computer Araphics Inc. c. 4ales!to!assets ratio9 an integrated pulp and paper manufacturer or a paper mill. d. +verage collection period9 a supermar et chain or a mail!order company. e. -rice!earnings multiple9 >asic 4ludge Company or 'ledging @lectronics. Bagic 'lutes has total receivables of #%,000, which represent "0 days sales. +verage total assets are #2$,000. The firm0s profit margin is $ percent. 'ind the firm0s return on assets and sales!to!assets ratio. Consider this simplified balance sheet for Aeomorph Trading9 Current +ssets Kong!term assets 100 $00 /00 /0 "30 20 160 /00 Current liabilities Kong!term debt Sther liabilities @7uity

".

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a. Calculate the ratio of debt to e7uity. b. What are Aeomorph0s net wor ing capital and total long term capital? Calculate the ratio of debt to total long term capital. /. 2. 3. 6. +irlu1 +ntartica has current liabilities of #"00 million and crashUsorryUcash ratio of .0$. :ow much cash and mar etable securities does it hold? Sn average, it ta es Bicrolimp0s customers /0 days to pay their bills. If Bicrolimp has annual sales of #$00 million, what is the average value of unpaid bills? @1ecutive -aper0s return on e7uity is higher than its return on assets. Is this always the case? @1plain. True or 'alse? a. 'inancial planning should attempt to minimi<e ris . b. The primary aim of financial planning is to obtain better forecasts of future cash flows and earnings. c. 'inancial planning is necessary because financing and investment decisions interact and should not be made independently. d. 'irm0s planning hori<ons rarely e1ceed three years. e. 'inancial planning re7uires accurate forecasting. f. 'inancial planning models should include as much detail as possible. 10. +bbreviated financial statements for +rchimedes Kevers are shown in "6.11. If sales increase by 10 percent in "00" and all other items, including debt, increase correspondingly, what must be balancing item? What will be its value?

CHAPTER ,Corporate Financin6 an( t#e /i= 3essons o' 5arket E''icienc2 1. ". Which (if any) of these statements are true? 4toc prices appear to behave as though successive values (a) are random numbers, (b) follow regular cycles, (c) differ by a random number. 4upply the missing words9 IThere are three forms of efficient!mar et hypothesis. Tests of randomness in stoc returns provide evidence for the OOOOOOOOOOO form of the hypothesis. Tests of stoc price reaction to well!publici<ed news provide evidence for the OOOOOOOOOOO form. Bar et efficiency results from competition between investors. Bany investors search for new information about the company0s business that would help them to value the stoc more accurately. 4uch research helps to ensure that prices reflect all available informationM in other words, it helps to eep the mar et efficient in the OOOOOOOOOOOOOOOOOO form. Sther investors study past stoc prices for recurrent patterns that would allow them to ma e superior profits. 4uch research helps to ensure that prices reflect all the information contained in past stoc pricesM in other words, it helps to eep the mar et efficient in the OOOOOOOOOO form.J True or 'alse? The efficient!mar et hypothesis assumes that a. There are no ta1es. b. There is perfect foresight. c. 4uccessive price changes are independent. d. Investors are irrational. e. There are no transaction costs. f. 'orecasts are unbiased. The stoc of =nited >oot is priced at #*00 and offers a dividend yield of " percent. The company has a "!for!1 stoc split. a. Sther things e7ual, what would you e1pect to happen to the stoc price? b. In practice would you e1pect to happen to the stoc price? c. 4uppose that a few months later =nited >oot announces a rise in dividends that is e1actly in line with that of other companies. Would you e1pect the announcements to lead to a sight abnormal rise in the stoc price, a slight abnormal fall, or change? :ow would you respond to the following comments? a. I@fficient mar et, my eyeW I now lots of investors who do cra<y things.J b. I@fficient mar et? >alderdashW I now at least a do<en people who have made a bundle in the stoc mar et.J c. IThe trouble with the efficient!mar et theory is that it ignores investors0 psychology.J d. I&espite all the limitations, the best guide to a company0s value is its written! down boo value. It is much more stable than mar et value, which depends on temporary fashions.J

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Which of the following observations appear to indicate mar et inefficiency? @1plain whether the observation appears to contradict the wea , semistrong, or strong form of the inefficient!mar et hypothesis. a. Ta1 e1empt municipal bonds to offer preta1 returns than ta1able government bonds. b. Banagers ma e superior returns on their purchases of their company0s stoc . c. There is a positive relationship between the return on the mar et in one 7uarter and the change in aggregate profits in the ne1t 7uarter. d. There is disputed evidence that stoc s which have appreciated unusually in the recent past continue to do so in the future. e. The stoc of an ac7uired firm tends to appreciate in the period before the merger announcement. f. 4toc s of companies with une1pectedly high earnings appear to offer high returns for several months after the earnings announcement. g. .ery ris y stoc s on average give higher returns than safe stoc s. 4toc splits are important because they convey information. Can you suggest some other financial decisions that do so? :ere are alphas and betas for Intel and Conagra for the /0 months ending Sctober "001. +lpha is e1pressed as a percent per month. Intel Conagra Alp#a .22 .12 .eta 1./1 .*2

2. 3.

CHAPTER ,7 4oes 4ebt Polic2 5atter 1. +ssume a perfectly competitive mar et with no corporate or personal ta1es. Companies + and > each earn gross profits of - and differ only in their capital structureU+ is wholly e7uity!financed and > has debt outstanding on which it pays a certain #100 of interest each year. Investor F purchases 10 percent of the e7uity of +. a. What profit does F obtain? b. What alternative strategy would provide the same result? c. 4uppose investor ; purchases 10 percent of the e7uity of >. What profits does ; obtain? d. What alternative strategy would provide the same result? Bs. Draft owns $0,000 shares of the common stoc of Copperhead Corporation with a mar et value of #" per share, or #100,000 overall. The company is currently financed as follows9 Common stoc (3 million shares) 4hort!term loans .ook al!e #" million #" million

".

Copperhead now announces that it is replacing #1 million of short!term debt with an issue of common stoc . What action can Bs. Draft ta e to ensure that she entitled to e1actly the same proportion of profits as before? (Ignore ta1es.) %. The common stoc and debt of ,orthern 4ludge are valued at #$0 million and #%0 million and an 3 percent return on the debt. If ,orthern 4ludge issues an additional #10 million of common stoc and uses this money to retire debt, what happens to the e1pected return on the stoc ? +ssume that the change in capital structure does not affect the ris of the debt and there are no ta1es. If the ris of the debit did increase, would your answer underestimate or overestimate the e1pected return on the stoc ? True or 'alse? @1plain briefly. a. 4toc holders always benefit from an increase in company value. b. BB0s proposition I assumes that actions which ma1imi<e firm value also ma1imi<e shareholder wealth. c. The reason that borrowing increases e7uity ris is because it increases the probability of ban ruptcy. d. If firms did not have limited liability, the ris of their assets would be increased. e. If firms did not have limited liability, the ris of their e7uity would be increased.

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f. >orrowing does not affect the return on e7uity if the return on the firm0s assets is e7ual to the interest rate. g. +s long as the firm is certain that the return on assets will be higher than the interest rate, an issue of debt ma es the shareholders better off. h. BB0s proposition I implies that an issue of debt increases e1pected earnings per share and leads to an offsetting fall in the priceUearnings ratio. i. BB0s proposition II assumes increase borrowing does not affect the interest rate on the firm0s debt. 8. >orrowing increase firm value if there is a clientele of investors with a reason to prefer debt. $. IBB totally ignore the fact that as you borrow more, you have to pay higher rates of interest.J @1plain carefully whether that is valid ob8ection. Indicate what0s wrong with the following arguments9 a. I+s the firm borrows more and debt becomes ris y, both stoc holders and bondholders demand higher rates of return. Thus by reducing the debt ratio we can reduce both the cost of debt and the cost of e7uity, ma ing everybody better off.J b. IBoderate borrowing doesn0t significantly affect the probability of financial distress or ban ruptcy. Conse7uently moderate borrowing won0t increase the e1pected rate of return demanded by stoc holders.J It has been suggested that one disadvantage of common stoc financing is that share prices tend to decline in recessions, there by increasing the cost of capital and deterring investment. &iscuss this view. Is it an argument for greater use of debt financing?

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2.

CHAPTER ,6 T#e 4i&i(en( Contro&ers2 1. In the 1st 7uarter of "001 Berc paid a regular 7uarterly dividend of #.%* a share. a. Batch each of the following sets of dates9 (+1) "2 'ebruary "001 (+") / Barch "001 (+%) 2 Barch "001 (+*) 6 Barch "001 (+$) " +pril "001 (>1) ?ecord date (>") -ayment date (>%) @1!dividend date (>*) Kast with!dividend date (>$) &eclaration date

b. Sne of these dates of the stoc price is li ely to fall by about the value of the dividend. Which date? Why? c. Berc 0s stoc price at the end of 'ebruary was #30."0. What was the dividend yield? d. If earnings per share for "001 are #%."0, what is the percentage payout rate? e. 4uppose that in "001 the company paid a 10 percent stoc dividend. What would be the e1pected fall in price? ". :ere are several IfactsJ about typical corporate dividend policies. Which are true and which false? a. Companies decide each year0s dividend by loo ing at their capital e1penditure re7uirements and then distributing whatever crash is left over. b. Bost companies have the same notion of a target payout ratio. c. They set each year0s dividend e7ual to the target payout ratio times that year0s earnings. d. Banagers and investors seem more concerned with dividend changes than with dividend levels. e. Banagers often increase dividends temporarily when earnings are une1pectedly high for a year or two. f. Companies underta ing substantial share repurchases usually finance them wit an offsetting reduction in cash dividends. a. The Kondon Batch Company has 1 million shares outstanding, on which it currently pays an annual dividend of X$.00 a share. The chairman has proposed that the dividend should be increased to X2.00 a share. If investment policy and capital structure are not be affected, what must the company do to offset the dividend increase? b. -atriot Aames has $ million shares outstanding. The president has proposed that, given the firm0s large cash holdings, the annual dividend should be increased from #/.00 a share to #3.00. If you agree with the president0s plans for investment and capital structure, what else must the company do as a conse7uence of the dividend increase?

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I?is y companies tend to have lower target payout ratios and more gradual ad8ustment rate.J @1plain what is meant by this statement. Why do you thin it is so? +n article on stoc repurchase in Los Angeles Times noted9 I+n increasing number of companies are finding that the best investment they can ma e the days in themselves.J &iscuss this view. :ow is the desirability of repurchase affected by company prospects and the price of its stoc ?

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