Andre fag
Corporate Finance
Hej alle
Sidder med en opgave i Corporate Finance and Incentives på polit-studiet, som volder mig lidt problemer. Håber der er nogen der kan give en forklaring/et hint.
Opgavebeskrivelsen lyder således:
A firm lives today and in a future “tomorrow.” Today, the firm invests 10. Tomorrow, it receives 15 in a good state, and 5 in a bad state (think of million Kroner).
Risk-neutral pricing uses probability 60% of the good state, with safe interest rate rf = 2%. Risk-averse investors believe the actual probability of the good state is 70%.
The firm is financed by equity and debt. Debt promises P in both states next year.
We will compare two settings. In one setting, no taxes are paid. In the other setting, the corporate tax rate is τc = 5%, but investors still pay no personal taxes. The present debt value is D. Explain the following expression:
D= (dG+dB)P if0≤P≤5
dGP+dB5 if5<P≤15
Med venlig hilsen
Pablo
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