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Enunciado Quiz 1 (08.10.2019) Aquila

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GESTÃO FINANCEIRA II

Lic. - Undergraduate Degree

QUIZ (08.10.2019)

Name: ……………………………………………………………………………………………. Number: ………………………..

Answer each question by drawing a circle around the letter that, in your opinion, corresponds to the correct solution.

1-

Costs

associated with the conflicts of interest between the bondholders and the shareholders of a corporation are called a) legal costs. b) bankruptcy costs. c) administrative costs.

d) agency costs.

2- A small business received a five-year $1,000,000 loan at a subsidized rate of 3 percent per year. The firm will pay 3 percent annual interest payment each year and the principal at the end of five years. If market interest rates on similar loans are 6 percent per year, what is the NPV of the loan? (Ignore taxes.)

a) +$126,371

b) +$348,369 c) -$501,595 d) -$137,391

30 000

𝑁𝑃𝑉 = +1 000 000 −

1.06

= +126 371

30 000

1.06

2

30 000

1.06

3

30 000

1.06

4

(1

000 000 + 30 000)

1.06

5

3- Which of the following observations would provide evidence against the strong form of efficient market theory? a) Mutual fund managers do not on average make superior returns. b) In any year, approximately 50 percent of all pension funds outperform the market.

c) Managers who trade in their own firm's stocks make superior returns.

d) Mutual fund managers do not on average make superior returns and, in any year, approximately 50 percent of all pension funds outperform the market.

GESTÃO FINANCEIRA II

Lic. - Undergraduate Degree

4- Strong-form efficiency implies that mutual fund managers should

a) buy the index that maximizes diversification and minimizes the cost of managing portfolios.

b) actively seek underperforming stocks and buy them. c) generally earn superior returns each year. d) attempt to earn superior returns by using technical analysis.

5- Suppose that there are no taxes, transactions costs, or other market imperfections. Which of the following actions is most likely to make shareholders better off? a) Increase dividends. b) Reduce share repurchases. c) Announce that dividends will not change for at least three years.

d) Eliminate negative-NPV projects.

6- If investors do not like dividends because of the additional taxes that they have to pay, how would you expect stock prices to behave on the ex-dividend date? a) Fall by more than the amount of the dividend. b) Fall exactly by the amount of the dividend.

c) Fall by less than the amount of the dividend.

d) The result cannot be predicted.

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