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Questions and Answers of
Corporate Finance
Given the information below, calculate the net asset value for the Altamira Bond mutual fund.Total assets................................$225,000,000Total
Given the information below, calculate the net asset value for the New Empire small cap mutual fund. Total assets..................$350,000,000 Total liabilities..................10,000,000 Total
This chapter classified mutual funds into different categories based on the nature of their investments. Using the following information, pick a mutual fund category that you consider suitable for
Over a four-year period, Matt Ewing purchased shares in the Barreau du Quebec Canadian Equity Fund. Using the information below, answer the following questions. Year
Assume that you are 35, are divorced, and have just received a $120,000 legal settlement. Prepare a two-page report on the major reasons you want to invest in mutual funds.
This chapter explored a number of different classifications of mutual funds. a. Based on your age and current financial situation, which type of mutual fund seems appropriate for your investment
Obtain specific information on either the Fidelity Disciplined Equity Class mutual fund or the Fidelity Canadian Short Term Bond-A fund. Then describe how each source of information could help you
In a one-page report, explain how the concept of dollar-cost averaging applies to the options used to purchase mutual funds.
Obtain a mutual fund prospectus to determine the options you can use to purchase and redeem shares. Then prepare a chart that illustrates which options can be used to purchase and redeem shares in
1. Often investors indicate that diversification and professional management are the two main reasons they choose mutual fund investments. How important do you consider these two factors? Why? 2.
Why is retirement planning important?
What are the four basic steps of retirement planning?
1. What did Ann Farrell learn when she attended a seminar on retirement? 2. How much money did Farrell originally commit to her company pension plan? In what funds did she invest her money? 3. What
How can you calculate your net worth now and at retirement?
How can you estimate the amount of money you'll need during retirement?
What expenses are likely to increase or decrease during retirement?
How do defined-contribution plans differ from defined-benefit plans?
What's the first step in stretching your retirement income?
Jean and Dan Sladek both work. Each earns a salary of $30,000, but only Jean is a member of a registered pension plan. Both she and her employer contribute 2% of her gross salary to a defined
Assume that your gross pay per pay period is $2,000 and that you are in the 26 percent tax bracket (ignore provincial taxes). Calculate your net pay and spendable income in the following
Your grandfather is turning 71 and he must deregister his remaining RRSP funds of $200,000 this year. Both your grandparents are in good health and they have enough income from your grandfather's
You have $50,000 in your retirement fund that is earning 5.5 percent per year, compounded quarterly. How many dollars in withdrawals per month would reduce this nest egg to zero in 20 years? How many
Read newspaper or magazine articles to determine what expenses are likely to increase and decrease during retirement. How might this information affect your retirement planning decisions?
Outline the steps you must take to live on your retirement income and balance your retirement budget.
Why is estate planning an important component of financial planning?
Why is estate planning important for single as well as for married individuals?
1. How would you rate the Mortimer's financial condition at this stage in their lives? 2. Given the fact that Pamela is 48 and Isaac is 50, what should be their major priorities as they continue
What are the legal aspects of estate planning?
How does marriage or divorce affect a will?
What are the three formats of wills?
What are the steps in writing your will?
What is a letter of last instruction?
Differentiate among the types of trusts.
What is included in an estate?
What are the two types of joint ownership?
1. How can you protect your wishes and your peace of mind with a living will? 2. Should you keep your living will in a safety deposit box? Why, or why not?
The mid-price for exchange between France and China can be calculated as follows. What happens to total production and consumption?
The Channel Tunnel or "Chunnel" passes underneath the English Channel between Great Britain and France, a land-link between the Continent and the British Isles. One side is therefore an economy of
Use the following balance of payments data for Australia from the IMF to answer Problems 1-4.1. What is Australia's balance on goods?2. What is Australia's balance on services?3. What is Australia's
Use the following balance of payments data for China (Mainland) from the IMF to answer Problems 1-4.1. Is China experiencing a net capital inflow or outflow?2. What is China's total for Groups A and
Use the following balance of payments data for Russia (Russian Federation) from the IMF to answer Problems 1-4.1. Is Russia experiencing a net capital inflow?2. What is Russia's total for Groups A
Use the following balance of payments data for the Euro Area from the IMF to answer Problems 1-4.1. Is the Euro Area experiencing a net capital inflow?2. What is the Euro Area's total for Groups A
Assume the United States has the following import/export volumes and prices. It undertakes a major "devaluation" of the dollar, say 18% on average against all major trading partner currencies. What
Use the following balance of payments data for India from the IMF to answer Problems 1-5.1. What is India's balance on goods?2. What is India's balance on services?3. What is India's balance on goods
Kingdom Enterprises is a Hong Kong-based exporter of consumer electronics and files all of its financial statements in Hong Kong dollars (HK$). The company's European sales director, Phillipp Bosse,
Kingdom Enterprises of Hong Kong borrowed Japanese yen under a long-term loan agreement several years ago. The company's new CFO believes, however, that what was originally thought to have been
The Asian financial crisis that began in July 1997 wreaked havoc throughout the currency markets of East Asia.a. Which of the following currencies had the largest depreciations or devaluations during
Bloomberg Currency Cross Rates. Use the table at the bottom of the page from Bloomberg to calculate each of the following:a. Japanese yen per U.S. dollar?b. U.S. dollars per Japanese yen?c. U.S.
Heidi Høi Jensen is now evaluating the arbitrage profit potential in the same market after interest rates change. (Note that any time the difference in interest rates does not exactly equal the
Heidi Høi Jensen is again evaluating the arbitrage profit potential in the same market after another change in interest rates. (Remember that any time the difference in interest rates does not
Casper Landsten is a foreign exchange trader for a bank in New York. He has $1 million (or its Swiss franc equivalent) for a short term money market investment and wonders whether he should invest in
Casper Landsten, using the same values and assumptions as in Problem 12, decides to seek the full 4.800% return available in U.S. dollars by not covering his forward dollar receipts- an uncovered
One month after the events described in Problems 12 and 13, Casper Landsten once again has $1 million (or its Swiss franc equivalent) to invest for three months. He now faces the following rates.
Statoil, the national oil company of Norway, is a large, sophisticated, and active participant in both the currency and petrochemical markets. Although it is a Norwegian company, because it operates
Separated by more than 3,000 nautical miles and five time zones, money and foreign exchange markets in both London and New York are very efficient. The following information has been collected from
You are planning a ski vacation to Mt. Blanc in Chamonix, France, one year from now. You are negotiating the rental of a chateau. The chateau's owner wishes to preserve his real income against both
In 1999, The Economist reported the creation of an index, or standard, for the evaluation of African currency values using the local prices of beer. Beer, instead of Big Macs, was chosen as the
Heidi Høi Jensen, a foreign exchange trader at JPMorgan Chase, can invest $5 million, or the foreign currency equivalent of the bank's short-term funds, in a covered interest arbitrage with Denmark.
Calandra Panagakos works for CIBC Currency Funds in Toronto. Calandra is something of a contrarian-as opposed to most of the forecasts, she believes the Canadian dollar (C$) will appreciate versus
Schifano Motors of Italy recently took out a 4-year €5 million loan on a floating rate basis. It is now worried, however, about rising interest costs. Although it had initially believed interest
Trident Corporation entered into a 3-year cross-currency interest rate swap to receive U.S. dollars and pay Swiss francs. Trident, however, decided to unwind the swap after one year-thereby having
The table above indicates that a 1-year call option on euros at a strike rate of $1.25/€ will cost the buyer $0.0632/€, or 4.99%. But that assumed a volatility of 12.000% when the spot rate was
What would be the premium expense, in home currency, for a Japanese firm to purchase an option to sell 750,000 U.S. dollars, assuming the initial values listed in the FX Option Pricing workbook?
A French firm is expecting to receive JPY 10.4 million in 90 days as a result of an export sale to a Japanese semiconductor firm. What will it cost, in total, to purchase an option to sell the yen at
Assuming the same initial values for the dollar/pound cross rate in the FX Option Pricing workbook, how much more would a call option on pounds be if the maturity was doubled from 90 to 180 days?
How would the call option premium change on the right to buy pounds with euros if the euro interest rate changed to 4.000% from the initial values listed in the FX Option Pricing workbook?
Jamie Rodriguez, a currency trader for Chicago-based Ventosa Investments, uses the following futures quotes on the British pound (£) to speculate on the value of the pound.a. If Jamie buys 5 June
Sallie Schnudel trades currencies for Keystone Funds in Jakarta. She focuses nearly all of her time and attention on the U.S. dollar/Singapore dollar ($/S$) cross-rate. The current spot rate is
Christoph Hoffeman trades currency for Blade Capital of Geneva. Christoph has $10 million to begin with, and he must state all profits at the end of any speculation in U.S. dollars. The spot rate on
Christoph Hoffeman of Blade Capital now believes the Swiss franc will appreciate versus the U.S. dollar in the coming 3-month period. He has $100,000 to invest. The current spot rate is $0.5820/SF,
Smith Company and Jones Company enter into an interest rate swap, with Smith paying fixed interest to Jones, and Jones paying floating interest to Smith. Smith now goes bankrupt and so defaults on
The Russian ruble (RUB) traded at RUB29.00/USD on January 2, 2009. On December 11, 2010, its value had fallen to RUB31.45/USD. What was the percentage change in its value?
1. Current Spot Rates. What are the current spot exchange rates for the following cross rates?a. Japanese yen/U.S. dollar exchange rateb. Japanese yen/Australian dollar exchange ratec. Australian
1. Using the spot rates and 3-month interest rates, calculate the 90-day forward rates for:a. Japanese yen/U.S. dollar exchange rateb. Japanese yen/Australian dollar exchange ratec. Australian
The Canadian dollar's value against the U.S. dollar has seen some significant changes over recent history. Use the following graph of the C$/US$ exchange rate for the 30-year period between 1980 and
The Japanese yen-euro cross rate is one of the more significant currency values for global trade and commerce. The graph below shows this cross rate from when the euro was launched in January 1999
Procter and Gamble's affiliate in India, P&G India, procures much of its toiletries product line from a Japanese company. Because of the shortage of working capital in India, payment terms by
The acquisition price is 7 million Taiwan dollars (T$7,000,000) payable in cash in three months. Thomas Carson, Pupule Travel's owner, believes the Taiwan dollar will either remain stable or decline
Lucky 13 Jeans of San Antonio, Texas, is completing a new assembly plant near Guatemala City. A final construction payment of Q8,400,000 is due in six months. ("Q" is the symbol for Guatemalan
Jason Stedman is the director of finance for Burton Manufacturing, a U.S.-based manufacturer of handheld computer systems for inventory management. Burton's system combines a low cost active tag that
Micca Metals, Inc. is a specialty materials and metals company located in Detroit, Michigan. The company specializes in specific precious metals and materials that are used in a variety of pigment
Trident-the U.S.-based company discussed in this chapter-has concluded another large sale of telecommunications equipment to Regency (U.K.). Total payment of £3,000,000 is due in 90 days. Maria
Brent Bush, CFO of a medical device distributor, BioTron Medical, Inc., was approached by a Japanese customer, Numata, with a proposal to pay cash (in yen) for its typical orders of ¥12,500,000
Vizor Pharmaceuticals, a U.S.-based multinational pharmaceutical company, is evaluating an export sale of its cholesterol-reduction drug with a prospective Indonesian distributor. The purchase would
Aquatech is a U.S.-based company that manufactures, sells, and installs water purification equipment. On April 11, the company sold a system to the City of Nagasaki, Japan, for installation in
Compass Rose, Ltd., a Canadian manufacturer of raincoats, does not selectively hedge its transaction exposure. Instead, if the date of the transaction is known with certainty, all foreign currency
Using facts in the chapter for Trident Europe, assume the exchange rate on January 2, 2006, in Exhibit 10.4 dropped in value from $1.2000/€ to $0.9000/€ (rather than to $1.0000/€). Recalculate
Cairo Ingot, Ltd., is the Egyptian subsidiary of Trans-Mediterranean Aluminum, a British multinational that fashions automobile engine blocks from aluminum. Trans-Mediterranean’s home reporting
Using facts in the chapter for Trident Europe, assume as in Problem 1 that the exchange rate on January 2, 2006, in Exhibit 10.4 dropped in value from $1.2000/€ to $0.9000/€ (rather than to
Using facts in the chapter for Trident Europe, assume the exchange rate on January 2, 2006, in Exhibit 10.4 appreciated from $1.2000/€ to $1.500/€. Calculate Trident Europe's translated balance
Using facts in the chapter for Trident Europe, assume as in Problem 3 that the exchange rate on January 2, 2006, in Exhibit 10.4 appreciated from $1.2000/€ to $1.5000/€. Calculate Trident
Tristan Narvaja, S.A., is the Uruguayan subsidiary of a U.S. manufacturing company. Its balance sheet for January 1 follows. The January 1 exchange rate between the U.S. dollar and the peso Uruguayo
Using the same balance sheet as in Problem 5, calculate Tristan Narvaja's contribution to its parent's translation loss if the exchange rate on December 31 is $U22/$. Assume all peso accounts remain
Bangkok Instruments, Ltd., the Thai subsidiary of a U.S. corporation, is a seismic instrument manufacturer. Bangkok Instruments manufactures the instruments primarily for the oil and gas industry
Assume the same facts as in Problem 9. HP also believes that if it maintains the same price in Brazilian reais as a permanent policy, volume will increase at 10% per annum for six years, costs will
Murray Exports (U.S.) exports heavy crane equipment to several Chinese dock facilities. Sales are currently 10,000 units per year at the yuan equivalent of $24,000 each. The Chinese yuan (renminbi)
Using the Trident Germany analysis in Exhibit 11.5 and 11.6 where the euro depreciates, how would prices, costs, and volumes change if Trident Germany was operating in a nearly purely domestic mature
Trident Germany is now competing in a number of international (export) markets, growth markets, in which most of its competitors are foreign. Now how would you expect Trident Germany's operating
Harley-Davidson (U.S.) reportedly uses risk-sharing agreements with its foreign subsidiaries and with independent foreign distributors. Because these foreign units typically sell to their local
Hurte-Paroxysm Products, Inc. (HP) of the United States, exports computer printers to Brazil, whose currency, the reais (R$) has been trading at R$3.40/US$. Exports to Brazil are currently 50,000
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