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杂谈

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Two Other Real Options

其他两种实物期权

These are not the only real options. For example, companies with positive-NPV projects are not obliged to undertake them right away. If the outlook is uncertain, you may be able to avoid a costly mistake by waiting a bit. Such options to postpone investment are called timing options.

 

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杂谈

分类: 个人兴趣

12. True or false?

a. Stocks of small companies have done better than predicted by the CAPM.

b.

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杂谈

分类: 个人兴趣

6. Suppose the guano project were undertaken in France by a French company. What inputs and assumptions would have to change? Make a checklist.

The checklist would include: forecasting cash flows in euros (taking account of French inflation); recognizing French corporate tax rules and rates; and discounting at a euro cost of capital.

6.假设海鸟粪项目由

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杂谈

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QUIZ

问答

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 existing buildings would need to be demolished.

 

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杂谈

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QUIZ

问答

1. What is the opportunity cost of capital supposed to represent? Give a concise definition.

The opportunity cost of capital is the expected rate of return investors could earn in financial markets at the same level of risk as the asset to be valued.

 

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杂谈

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QUIZ

问答

1. At an interest rate of 12 percent, the six-year discount factor is .507. How many dollars is $.507 worth in six years if invested at 12 percent?

$1.00.

 

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杂谈

分类: 个人兴趣

PRACTICE QUESTIONS

习题

1. Write down the formulas for an investments NPV and rate of return. Prove that NPV is positive only if the rate of return exceeds the opportunity cost of capital.

 

  

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