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Tài chính doanh nghiệp ( Bài tập)_ Chapter 9

Tài liệu bài tập thưc hành môn Tài chính doanh nghiệp_ Chapter 9 | Chapter 9 Capital Market Theory An Overview 9.1 a. The capital gain is the appreciation of the stock price. Because the stock price increased from 37 per share to 38 per share you earned a capital gain of 1 per share 38 - 37 . Capital Gain Pt 1 - Pt Number of Shares 38 - 37 500 500 You earned 500 in capital gains. b. The total dollar return is equal to the dividend income plus the capital gain. You received 1 000 in dividend income as stated in the problem and received 500 in capital gains as found in part a . Total Dollar Gain Dividend income Capital gain 1 000 500 1 500 Your total dollar gain is 1 500. c. The percentage return is the total dollar gain on the investment as of the end of year 1 divided by the 18 500 initial investment 37 x 500 . Rt 1 Divt 1 pt 1 - Pt Pt 1 000 500 18 500 0.0811 The percentage return on the investment is 8.11 . d. No. You do not need to sell the shares to include the capital gains in the computation of your return. Since you could realize the gain if you choose you should include it in your analysis. 9.2 a. The capital gain is the appreciation of the stock price. Find the amount that Seth paid for the stock one year ago by dividing his total investment by the number of shares he purchased 52.00 10 400 200 . Because the price of the stock increased from 52.00 per share to 54.25 per share he earned a capital gain of 2.25 per share 54.25 - 52.00 . Capital Gain Pt 1 - Pt Number of Shares 54.25 - 52.00 200 450 Seth s capital gain is 450. b. The total dollar return is equal to the dividend income plus the capital gain. He received 600 in dividend income as stated in the problem and received 450 in capital gains as found in part a . Total Dollar Gain Dividend income Capital gain 600 450 1 050 Seth s total dollar return is 1 050. c. The percentage return is the total dollar gain on the investment as of the end of year 1 divided by the initial investment of 10 400. Rt i Divt i Pt i - Pt Pt 600 450 10 400 0.1010 The percentage return is 10.10