$1-1$ What is a firm$$s intrinsic value? Its current stock price? Is the stock$$s $$true$$ long$-$run value more closely related to its intrinsic value or to its current price?

$1-2$ When is a stock said to be in equilibrium? Why might a stock at any point in time not be in equilibrium?

$1-4$ Is it better for a firm$$s actual stock price in the market to be under, over, or equal to its intrinsic value? Would your answer be the same from the standpoints of stockholders in general and a CEO who is about to exercise a million dollars in options and then retire? Explain.

$1-6$ What are the various forms of business organization? What are the advantages and disadvantages of each?

$1-7$ Should stockholder wealth maximization be thought of as a long$-$term or a short$-$term goal? For example, if one action increases a firm$$s stock price from a current level of $$20$ to $$25$ in $6$ months and then to $$30$ in $5$ years, but another action keeps the stock at $$20$ for several years but then increases it to $$40$ in $5$ years, which action would be better? Think of some specific corporate actions that have these general tendencies.