题目内容
（请给出正确答案）
A.$4.50
B.$5.00
C.$4.00
D.$9.00
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更多“Assume that Omicron uses the entire $50 million in excess cash to pay a special dividend. The amount…”相关的问题
A、When we relax the assumption of a constant debt-equity ratio, the FTE method is relatively straightforward to use and is therefore the preferred method with alternative leverage policies.
B、When debt levels are set according to a fixed schedule, we can discount the predetermined interest tax shields using the debt cost of capital, rD.
C、With a constant interest coverage policy, the value of the interest tax shield is proportional to the project's unlevered value.
D、When the firm keeps its interest payments to a target fraction of its FCF, we say it has a constant interest coverage ratio.
A、When a firm pays a dividend, shareholders are taxed according to the dividend tax rate. If the firm repurchases shares instead, and shareholders sell shares to create a homemade dividend, the homemade dividend will be taxed according to the capital gains tax rate.
B、When the tax rate on dividends exceeds the tax rate on capital gains, shareholders will pay lower taxes if a firm uses share repurchases for all payouts rather than dividends.
C、Firms that use dividends will have to pay a lower after-tax return to offer their investors the same pre-tax return as firms that use share repurchases.
D、The optimal dividend policy when the dividend tax rate exceeds the capital gain tax rate is to pay no dividends at all.
A、Tax rates vary by income, by jurisdiction, and by whether the stock is held in a retirement account. Because of these differences, firms may attract different groups of investors depending on their dividend policy.
B、While many investors have a tax preference for share repurchases rather than dividends, the strength of that preference depends on the difference between the dividend tax rate and the capital gains tax rate that they face.
C、Long-term investors are more heavily taxed on capital gains, so they would prefer dividend payments to share repurchases.
D、One-year investors, pension funds, and other non-taxed investors have no tax preference for share repurchases over dividends, they would prefer a payout policy that most closely matches their cash needs.
A、In perfect capital markets, buying and selling securities is a zero-NPV transaction, so it should not affect firm value.
B、Making positive-NPV investments will create value for the firm’s investors, whereas saving the cash or paying it out will not.
C、In perfect capital markets, if a firm invests excess cash flows in financial securities, the firm’s choice of payout versus retention is irrelevant and does not affect the initial share price.
D、After adjusting for investor taxes, there remains a substantial tax advantage for the firm to retain excess cash.
A、Sometimes management may believe that the securities they are issuing are priced at less than (or more than) their true value. If so, the NPV of the transaction, which is the difference between the actual money raised and the true value of the securities sold, should not be included in the value of the project.
B、An alternative method of incorporating financial distress and agency costs is to first value the project ignoring these costs, and then value the incremental cash flows associated with financial distress and agency problems separately.
C、When the debt level—and, therefore, the probability of financial distress—is high, the expected free cash flow will be reduced by the expected costs associated with financial distress and agency problems.
D、If the financing of the project involves an equity issue, and if management believes that the equity will sell at a price that is less than its true value, this mispricing is a cost of the project for the existing shareholders.
A、If firms smooth dividends, the firm’s dividend choice will contain information regarding management’s expectations of future earnings.
B、Because of the increasing popularity of repurchases, firms cut dividends much more frequently than they increase them.
C、Announcing a share repurchase today does not necessarily represent a long-term commitment to repurchase shares.
D、While cutting the dividend is costly for managers in terms of their reputation and the reaction of investors, it is by no means as costly as failing to make debt payments.
A、A firm must balance the tax costs of holding cash with the potential benefits of having to raise external funds in the future.
B、Paying out excess cash through dividends or share repurchases can boost the stock price by reducing managers’ ability and temptation to waste resources.
C、If there is a reasonable likelihood that future earnings will be insufficient to fund future positive-NPV investment opportunities, a firm may start accumulating cash to make up the difference.
D、According to the managerial entrenchment theory of payout policy, managers pay out cash only when pressured to do so by the firm’s investors.
A、$825 million
B、$688 million
C、$840 million
D、$950 million
A、$965.00 today.
B、$966.18 today.
C、$1000.00 today.
D、$1035.00 today.
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