Théorie Financiere

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Théorie Financière Valeur Actuelle – Evaluation D’obligations
théorie financière valeur actuelle – evaluation d’obligations
• • • W e a a y g s ee cas ows, t s po ta t captu e t e cu e t When analyzing risk-free cash flows, it is important to capture the current term structure of interest rates: discount rates should vary with maturity. When dealing with risky cash flows, the term structure is often ignored. Present value are calculated using a single discount rate r, the same for all maturities. • Remember: this discount rate represents the expected return. p p • = Risk-free interest rate + Risk premium This simplifying .

Language: english
PDF pages: 42, PDF size: 0.27 MB
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Théorie Financière Structure Financière Coût Capital
théorie financière structure financière coût capital
• • • • • • • • • • • • Firm = collection of assets co ect o o Example: A company has two divisions Value($ mio) β Electrical 100 0.50 Chemical 500 0.90 V 600 βfirm = (100/600) * (0.50) + (500/600) * 0.90 = 0.83 Assume: rf = 5% rM - rf = 6% Expected return on stocks: r = 5% + 6% × 0.83 = 9.98 % An adequate hurdle rate for capital budgeting decisions ? No The firm should use required rate of returns based on project risks: Electricity : 5 + 6 × 0 50 = 8% Chemical : 5 + 6 × 0 90 = 10 4% 0.50 0.90 10.4%

Language: english
PDF pages: 35, PDF size: 0.35 MB
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Théorie Financière Structure Financière Coût Capital
théorie financière structure financière coût capital
• • • • • • • • • • • • Firm = collection of assets co ect o o Example: A company has two divisions Value($ mio) β Electrical 100 0.50 Chemical 500 0.90 V 600 βfirm = (100/600) * (0.50) + (500/600) * 0.90 = 0.83 Assume: rf = 5% rM - rf = 6% Expected return on stocks: r = 5% + 6% × 0.83 = 9.98 % An adequate hurdle rate for capital budgeting decisions ? No The firm should use required rate of returns based on project risks: Electricity : 5 + 6 × 0 50 = 8% Chemical : 5 + 6 × 0 90 = 10 4% 0.50 0.90 10.4%

Language: english
PDF pages: 35, PDF size: 0.35 MB
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Théorie Financière Analyse Projets D'Investissement
théorie financière analyse projets d'investissement
• Suppose t at the project might be delayed for one year. that t e p oject g t de ayed o o e yea . • One year later: • Cost is unchanged (I = 100) • Present value of future cash flow = 160 • NPV1 = 160 - 100 = 60 in year 1 • To decide: compare present values at time 0 t ti• Invest now : NPV = 50 y ( • Invest one year later: NPV0 = PV(NPV1) = 60/1.10 = 54.5 • Conclusion: you should delay the investment + Benefit from increase in present value of future cash flows (+10) + Save cost of financing of investment.

Language: english
PDF pages: 34, PDF size: 0.13 MB
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Theory Reference For The Mechanical Apdl And Mechanical Applications
theory reference for the mechanical apdl and mechanical applications
THIS ANSYS SOFTWARE PRODUCT AND PROGRAM DOCUMENTATION INCLUDE TRADE SECRETS AND ARE CONFIDENTIAL AND PROPRIETARY PRODUCTS OF ANSYS, INC., ITS SUBSIDIARIES, OR LICENSORS. The software products and documentation are furnished by ANSYS, Inc., its subsidiaries, or affiliates under a software license agreement that contains provisions concerning non-disclosure, copying, length and nature of use, compliance with exporting laws, warranties, disclaimers, limitations of liability, and remedies, and other .

Language: english
PDF pages: 1228, PDF size: 10.23 MB
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