# Capital Structure in a Perfect Market

## Questions

These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam.

Chapter 14: Capital Structure in a Perfect Market 14-5. Suppose Alpha Industries and Omega Technologies have identical assets that generate identical cash flows. Alpha Industries is an all-equity firm, with 10 million shares outstanding that trade for a price of\$22 per share. Omega Technologies has 20 million shares outstanding as well as debt of \$60 million. 14-5-a.

According to MM Proposition I, what is the stock price for Omega Technologies? V(alpha) = 10 x 22 = 220m = V(omega) = D + E E = 220 – 60 = 160m p = \$8 per share. 14-5-b. Suppose Omega Technologies stock currently trades for \$11 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit this opportunity? Omega is overpriced. Sell 20 Omega, Buy 10 alpha and borrow 60. Initial = 220 – 220 + 60 = 60. Assumes we can trade shares at current prices & Assumes we can borrow at same terms as Omega (or own Omega debt and can sell at same price). 4-6. Cisoft is a highly profitable technology firm that currently has \$5 billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all equity firm with 5 billion shares outstanding. These shares currently trade for \$12 per share. Cisoft has issued no other securities except for stock options to its employees. The current market value of these options is \$8 billion. 14-6-a. What is the value of Cisoft’s non-cash assets?

Assets = cash + non-cash, Liabilities = equity + options. non-cash assets = equity + options – cash = 12 ? 5 + 8 – 5 = 63 billion 14-6-b. With perfect capital markets, what is the market value of Cisoft’s equity after share repurchase? What is the value per share? Equity = 60 – 5 = 55. Repurchase 5b / 12 = 0. 417b shares = 55 / 4. 583 = \$12 4. 583 b shares remain Per share value MBA 509

These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 4-8. Explain what is wrong with the following argument: “If a firm issues debt that is risk free, because there is no possibility of default, the risk of the firm’s equity does not change. Therefore, risk-free debt allows the firm to get the benefit of a low cost of capital of debt without raising its cost of capital of equity. ” Any leverage raises the equity cost of capital. In fact, risk-free leverage raises it the most (because it does not share any of the risk). 14-12. Hubbard Industries is an all-equity firm whose shares have an expected return of 10%.

Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt=equity ratio is 0. 60. Due to the increased risk, shareholders now expect a return of 13%. Assuming there are no taxes and Hubbard’s debt is risk free, what is the interest rate on the debt? wacc = ru = 10% = 1 0. 6 x ? 1. 6(10) ? 13 = 3 = 0. 6 x ? x = 5% 13% + 1. 6 1. 6 14-17. Zelnor, Inc. , is an all-equity firm with 100 million shares outstanding currently trading for \$8. 50 per share. Suppose Zelnor decides to grant a total of 10 million new shares to employees as part of a new compensation plan.

The firm argues that this new compensation plan will motivate employees and is a better strategy that giving salary bonuses because it will not cost the firm anything. a. If the new compensation plan has no effect on the value of Zelnor’s assets, what will the share price of the new stock be once this plan is implemented? Assets = 850m. New shares = 110 ? price = 850 = \$7. 73 110 b. What is the cost of the plan for Zelnor’s investors? Why is issuing equity costly in this case? Cost = 100(8. 50 ? 7. 73) = 77m = 10(7. 73) Issuing equity at below market price is costly. MBA 509 Recommended Chapter Questions

These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam.

Chapter 15: Debt and Taxes 15-1. Pelamed Pharmaceuticals has EBIT of \$325 million in 2006. In addition, Pelamed has interest expenses of \$125 million and a corporate tax rate of 40%. a. What is Pelamed’s 2006 net income? Net Income = EBIT – Interest – Taxes = (325 – 125) x (1-0. 40) – \$120 million b. What is the total of Pelamed’s 2006 net income and interest payment? Net Income + Interest = 120 = 125 = \$245 million c.

If Pelamed had no interest expenses, what would its 2006 net income be? How does it compare to your answer in part (b)? NetIncome = EBIT ? Taxes = 325 ? (1 ? 0. 40) = \$195 million This is 245 ? 195 = \$50 million lower than part (b). d. What is the amount of Pelamed’sinterest tax shield in 2006? Interest tax shield = 125 ? 40% = \$50 million MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 15-3. Suppose the corporate tax rate is 40%.

Consider a firm that earns\$1000 before interest and taxes each year with no risk. The firm’s capital expenditures equals its deprecation expenses each year, and it will have no change to its net working capital. The risk-free interest rate is 5%. a. Suppose the firm has no debt and pays out its net income as a dividend each year. What is the value of the firm’s equity? NetIncome = 1000 ? (1 ? 40%) = \$600. Thus, equity holders receive dividends of \$600 per year with no risk. 600 E= = \$12, 000 5% b. Suppose instead the firm makes interest payments of \$500 per year. What is the value of equity?

What is the value of debt? 300 = \$6000 5% Debt holders receive interest of \$500 per year ? D – \$10,000 NetIncome ? (1000 ? 500) ? (1 ? 0. 40) = \$300 ? E c. What is the difference between the total value of the firm with leverage and without leverage? With Leverage = 6,000 + 10,000 = \$16,000 Without Levergae = \$12,000 Difference = 16,000 – 12,000 = \$4000 d. The difference in part © is equal to what percentage of the value of the debt? 4, 000 = 40% = corporate tax rate 10, 000 MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam.

Understand the answers to these questions and should not be surprised by anything on the exam. 15-6. Arnell Industries has \$10 million in debt outstanding. The firm will pay interest only on this debt. Arnell’s marginal tax rate is expected to be 35% for the foreseeable future. a. Suppose Arnell pays interest of 6% per year on its debt. What is the annual interest tax shield? Interest tax sheild = \$10 ? 6% ? 35% = \$0. 21 million b. What is the present value of the interest tax shield, assuming its risk is the same as the loan? PV(Interest tax sheild) = \$0. 21 = \$3. 5 million 0. 06.

Suppose instead that the interest rate on the debt is 5%. What is the present value of the interest tax shield in this case? Interest tax sheild = \$10 ? 5% ? 35% = \$0. 175 million \$0. 175 = \$3. 5 million PV = 0. 05 15-8. Rumolt Motors has 30 million shares outstanding with a price of \$15 per share. In addition, Rumolt has issued bonds with a total current market value of 4150 MILLION. Suppose Rumolt’s equity cost of capital is 10%, and its debt cost of capital is 5%. a. What is Rumolt’s pretax weighted cost of capital? E = \$15 ? 30 = \$450m D = \$150m Pretax WACC = 450 150 10% + 5% = 8. 75% 600 600.

If Rumolt’s corporate rate is 35%, what is its after-tax weighted cost of capital? WACC = 450 150 10% = 5%(1 ? 35%) = 8. 3125% 600 600 MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 15-12. Milton Industries expects free cash flow of \$5 million each year. Milton’s corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of \$19. 05 million, and it expects to maintain this level of debt permanently.

What is the value of Milton Industries without leverage? VU = 5 = \$33. 33 million 0. 15 b. What is the value of Milton Industries with leverage? V L = V U + ? c D = 33. 33 + 0. 35 ? 19. 50 = \$40 million 15-13. Kurz Manufacturing is currently an all-equity firm with 20 million shares outstanding and a stock price of \$7. 50 per share. Although investors currently expect Kurz to remain an all-equity firm, Kurz plans to announce that it will borrow \$50 million and use the funds to repurchase shares. Kurz will pay interest only on this debt, and it has no further plans to increase or decrease the amount of debt.

Kurz is subject to a 40% corporate tax rate. a. What is the market value of Kurz’s existing assets before the announcement? Assets = Equity = \$7. 50 ? 20 = \$150 million b. What is the market value of Kurz’s assets (including the tax shield) just after the debt is issued, but before the shares are repurchased? Assests = 150 (existing) + 50 (cash) + 40% ? 50 (tax sheild) = \$220 million c. What is Kurz’s share price just before the share repurchase? How many Shres will Kurz repurchase? E = Assets ? Debt = 220 ? 50 = \$170 million \$170m = \$8. 50 Share Price = 20 50 = 5. 882 million shares Kurz will repurchase 8. 50 d.

What are Kurz’s market value balance sheet and share price after the share repurchase? Assets ? 150(existing ) + 40% ? 50(taxsheild ) = \$170 million Debt = \$50 million E = A ? D = 170 ? 50 ? \$120 million \$120 = \$8. 50 / share Share price = 20 ? 5. 882 MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 15-15. Suppose the corporate tax rate is 40%, and investors pay a tax rate of 15% on income from dividends or capital gains and a tax rate of 33. 3% on interest income.

Your firm decides to add debt so it will pay an additional \$15 million in interest each year. It will pay this interest expense by cutting its dividend. a. How much will debt holders receive after paying taxes on the interest they earn? \$15 ? (1 ? 0. 333) = \$10 million each year b. By how much will the firm need to cut its dividend each year to pay this interest expense? Given a corporate tax rate of 40%, an interest expense of \$15 million per year reduces net income by 15(1-0. 4)=\$9 million after corporate taxes. c. By how much will this cut in the dividend reduce equity holders’ annual after-tax income? \$9 million dividend cut ? 9 ? (1 ? 0,15) ? \$7. 65 million per year d. How much less will the government receive in total tax revenues each year? Interest atxes = 0. 333 ? 15 = \$5 million Less corporate taxes = 0. 40 ? 15 = \$6 million Less dividend taxes = 0. 15 ? 9 = \$1. 35 million [note: this equals (a) – (c)] e. What is the effective tax advantage of debt ? * ? (1 ? 0. 40)(1 ? 0. 15) ? * = 1? = 23. 5% 1 ? 0. 333 15-16. Markum Enterprises is considering permanently adding \$100 million of debt to its capital structure. Markum’s corporate tax rate is 35%. a. Absent personal taxes, what is the value of the interest tax shield from the new debt?

PV = ? c D = 35% ? 100 = \$35 million b. If investors pay a tax rate of 40% on interest income, and a tax rate of 20% on income from dividends and capital gains, what is the value of the interest tax shield from new debt? ? * = 1? (1 ? 0. 35)(1 ? 0. 20) = 13. 33% 1 ? 0. 40 PV = ? C D = 13. 33% ? 100 = \$13. 33 million MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 15-19. With its current leverage, Impi Corporation will have net income next year of \$4. million. If Impi’s corporate tax rate is 35% and it pays 8% interest on its debt, how much additional debt can Impi issue this year and still receive the benefit of the interest tax shield next year? Net income of \$4. 5 million ? 4. 5 = \$6. 923 million in taxable income. Therefore, Arundel can increase its interest expense by \$6. 923 million, which corresponds to debt of: 6. 923 = \$86. 5 million 0. 08 MBA 509

Chapter 16: Financial Distress, Managerial Incentives and Information 16-2. Baruk Industries has no cash and a debt obligation of \$36 millionthat is now due. The market value of Baruk’s assets is \$81 million, and the firm has no liabilities. Assume a perfect capital market. a. Suppose Baruk has 10 million shares outstanding. What is Baruk’s current share price? 81 ? 36 = \$4. 5 / share 10 b. How many new shares must Baruk issue to raise the capital needed to pay its debt obligation? 36 = 8 million shares 4. 5 c. After repaying the debt, what will Baruk’s share price be? 81 = \$4. 5 / share 18 16-3.

When a firm defaults on its debt, debt holders often receive less than 50% of the amount they are owed. Is the difference between the amount debt holders are owed and the amount they receive a cost of bankruptcy? No. Some of these losses are due to declines in the value of the assets that would have occurred whether or not the firm defaulted. Only the incremental losses that arise from the bankruptcy process are bankruptcy costs. 16-4. Which type of firm is more likely to experience a loss of customers in the event of financial distress: a. Campbell Soup Company or Intuit, Inc.? Intuit Inc. its customers will care about their ability to receive upgrades to their software. b. Allstate Corporation or Reebok International? Allstate Corporation – its customers rely on the firm being able to pay future claims. These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 16-5. Which type of assets is more likely to be liquidated for close to its full market value in the event of financial distress? a. An office building or a brand name?

Office building—there are many alternate users who would be likely to value the property similarly. b. Product inventory or raw materials? Raw materials—they are easier to reuse. c. Patent right of engineering “know-how”? Patent rights—they would be easier to sell to another firm. 16-9. Marpor Industries has no debt and expects to generate free cash flows of \$16 million each year. Marpor believes that if it permanently increases its level of debt to \$40 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers.

As a result, Marpor’s free cash flows with debt will be only \$15 million per year. Suppose Marpor’s tax rate is 35%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor’s free cash flows is 1. 1. (with or without leverage). a. Estimate Marpor’s value without leverage r = 5% + 1. 1? (15% ? 5%) = 16% 16 V= = \$100 million 0. 16 b. Estimate Marpor’s value with the new leverage. r = 5% + 1. 1? (15% ? 5%) = 16% 15 V= + 0. 35 ? 40 = \$107. 75 million 0. 16 MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam.

Understand the answers to these questions and should not be surprised by anything on the exam. 16-10. Real Estate Purchases are often financed with at least 80% debt. Most corporations, however, have less that 50% debt financing. Provide an explanation for this difference using the trade-off theory. According to tradeoff theory, tax shield adds value while financial distress costs reduce a firm’s value. The financial distress costs for a real estate investment are likely to be low, because the property can generally be easily resold for its full market value.

In contrast, corporations generally face much higher costs of financial distress. As a result, corporations choose to have lower leverage. 16-11. Dynron Corporation’s primary business is natural gas transportation using its vast gas pipeline network. Dynron’s assets currently have a market value of \$150 million. The firm is exploring the possibility of raising \$50 million by selling part of its pipeline network and investing the \$50 million in a fiber-optic network to generate revenues by selling high-speed network bandwidth.

While this new investment is expected to increase profits, it will also substantially increase Dynron’s risk. If Dynron is levered, would this investment be more or less attractive to equity holders than if Dynron had no debt? If Dynron has no debt or if in all scenarios Dynron can pay the debt in full, equity holders will only consider the project’s NPV in making the decision. If Dynron is heavily leveraged, equity holders will also gain from the increased risk of the new investment. 16-18. Which of the following industries have low optimal debt levels according to the tradeoff theory? Which have high optimal levels of debt? a.

Tobacco firms high optimal debt level—high free cash flow, low growth opportunities Accounting firms low optimal debt level—high distress costs Mature restaurant chains high optimal debt level—stable cash flows, low growth, low distress costs Lumber companies high optimal debt level—stable cash flows, low growth, low distress costs Cell phone manufacturers low optimal debt level—high growth opportunities, high distress costs b. c. d. e. MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. 6-19. According to the managerial entrenchment theory, managers choose capital structures so as to preserve their control of the firm. On the one hand, debt is costly for managers because they risk losing control in the event of default. On the other hand, if they do not take advantage of the tax shield provided by debt, they risk losing control through a hostile takeover. Suppose a firm expects to generate free cash flows of \$90 million per year, and the discount rate for these cash flows is 10%. The firm pays a tax rate of 40%. A raider is poised to take over the firm and finance it with \$750 Million in permanent debt.

The raider will generate the same free cash flows, and the takeover attempt will be successful if the raider can offer a premium of 20% over the current value of the firm. What level of permanent debt will the firm choose, according to the managerial entrenchment hypothesis? 90 = \$900 0. 10 Levered Value w/ Raider = 900 + 40%(750) = \$1. 2 billion To prevent successful raid,l current managment must have a levered value of at least \$1. 2 billion = \$1 billion 1. 20 Thus, the minimum tax sheild is \$1 billion – 900 million = \$100 million, 100 which requires = \$250 million in debt 0. 40 Unlevered Value = MBA 509 Recommended Chapter Questions

These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. Chapter 17: Payout Policy 17-6. The HNH Corporation will pay a constant dividend of \$2 per share, per year, in perpetuity. Assume all investors pay a 20% tax on dividends and that there is no capital gains tax. The cost of capital for investing in HNH stock is 12%. a. What is the price of a share of HNH stock? P=\$1. 60/0. 12=\$13. 33 b. Assume that management make a surprise announcement that HNH will no longer pay dividends but will use the cash to repurchase stocks instead.

What is the price of a share of HNH stock now? P=\$2/0. 12=\$16. 67 17-7. What was the effective dividend tax rate for a U. S. investor in the highest tax bracket who planned to hold a stock for one year in 1981? How did the effective dividend tax rate change in 1982 when the Reagan tax cuts took effect? (Ignore State taxes. ) 58. 33% in 1981 and 37. 5% in 1982. 17-10. At current tax rates, which investors are most likely to hold a stock that has a high dividend yield? a. Individual Investors b. Pension Funds c. Mutual Funds d. Corporations 17-11. A stock that you know is held by long-term individual investors paid a large one-time dividend.

You notice that the price dropped on the ex-dividend date is about the size of the dividend payment. You find this relationship puzzling given the tax disadvantage of dividends. Explain how the dividends-capture theory might account for this behavior. Dividend capture theory states that investors with high effective dividend tax rates sell to investors with low effective dividend tax rates just before the dividend payment. The price drop therefore reflects the tax rate of the low effective dividend tax rate individuals. MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam.

Understand the answers to these questions and should not be surprised by anything on the exam. 17-16. Explain under which conditions an increase in the dividend payment can be interpreted as a signal of: a. Good news By increasing dividends managers signal that they believe that future earnings will be high enough to maintain the new dividend payment. b. Bad news Raising dividends signals that the firm does not have any positive NPV investment opportunities, which is bad news. 17-17. Why is an announcement of a share repurchase considered a positive signal?

By choosing to do a share repurchase management credibly signals that they believe the stock is undervalued. 17-20. Explain why most companies choose to pay stock dividends (split their stock). Companies use stock splits to keep their stock prices in a range that reduces investor transaction costs 17-21. When might it be advantageous to undertake a reverse stock split? To avoid being delisted from an exchange because the price of the stock has fallen below the minimum required to stay listed. 17-22. After the market close on May 11, 2001, Adaptec, Inc. , distributed a dividend of shares of he stock of its software division, Roxio, Inc. Each, Adaptec shareholder received 0. 1646 share of Roxio stock per share of Adaptec stock owned. At the time Adaptec stock was trading at a price of \$10. 55 per share (cum-dividend), and Roxie’s share price was \$14. 25 per share. In a perfect market, what would Adaptec’s ex-dividend share price be after this transaction? The value of the dividend paid per Adaptec share was (0. 1646 shares of Roxio) ? (\$14. 23 per share of Roxio) = \$2. 34 per share. Therefore, ignoring tax effects or other news that might come out, we would expect Adaptec’s stock price to fall to \$10. 5 – 2. 34 = \$8. 21 per share once it goes ex-dividend. (Note: In fact, Adaptec stock opened on Monday May 14, 2001 – the next trading day – at a price of \$8. 45 per share. ) MBA 509 Recommended Chapter Questions These questions are the focus of what I am covering on the final exam. Understand the answers to these questions and should not be surprised by anything on the exam. Explain the long-term (3 to 5 years) relative stock performance of companies that have i) issued a seasoned equity offering ii) split their stocks Why would a stock split be a signal for good news?

What is meant by “leaving money on the table,” when issuing an IPO? Why might issuing management be content to leave a lot of money on the table? Can you spot the period of a stock market bubble in the table below? (Hint: look for an oval! ) In retrospect, do you think it is a good long-term investment to purchase stocks where there has been huge amounts of money left on the table? Table 1 Summary Statistics for 6,312 IPOs with Offer Price ? \$5. 00 Mean First-day Return 7% 15% 65% 12% 19% Average, 2001 Dollars Money Left on the Table Gross Proceeds \$2. million \$10 million \$82 million \$29 million \$17 million \$42 million \$72 million \$161 million \$397 million \$81 million Period 1980-1989 1990-1998 1999-2000 2001-2002 1980-2002 Describe how investment banks allocate IPO shares using the “bookbuilding” method. Are IPOs, as a group and over time, good long-term investments in terms of average annual returns? Describe how IPOs are like Lotto tickets. (Low expected returns, but with relatively low probability of extremely large gains—buying into Microsoft, Intel, etc) Hint: this is the answer.

According to MM Proposition I, with perfect capital markets the value of a firm is  independent of its capital structure. a. With perfect capital markets, homemade leverage is a perfect substitute for firm  leverage. If otherwise identical firms with different capital structures have different values,  the Law of One Price would be violated and an arbitrage opportunity would  exist. 5. The market value balance sheet shows that the total market value of a firm’s assets  equals the total market value of the firm’s liabilities, including all securi ties issued to  investors.

Changing the capital structure therefore alters how the value of the assets is  divided across securities, but not the firm’s total value. A firm can change its capital structure at any time by issuing new securities and using  the funds to pay its existing investors. An example is a leveraged recapitalization in  which the firm borrows money (issues debt) and repurchases shares (or pays a  dividend). MM Proposition I implies that such transactions will not change the share  price. 7. According to MM Proposition II, the cost of capital for levered equity is    8. Debt is less risky than equity, so it has a lower cost of capital.

Leverage increases the risk  of equity, however, raising the equity cost of capital. The benefit of debt’s lower cost of  capital is offset by the higher equity cost of capital, leaving a firm’s weighted average  cost of capital (WACC) unchanged with perfect capital markets:

The market risk of a firm’s assets can be estimated by its unlevered beta: 10. Leverage increases the beta of a firm’s equity: 11. A firm’s net debt is equal to its debt less its holdings of cash and other risk? free  securities. We can compute the cost of capital and the beta of the firm’s bus

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