题目内容
（请给出正确答案）
A、cannibalization.
B、a sunk cost.
C、an overhead expense.
D、irrelevant to the investment decision.
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（由简答题聘请的专业题库老师提供的解答）
更多“A decrease in the sales of a current project because of the launching of a new project is:”相关的问题
A、40.0%
B、72.1%
C、65.8%
D、51.7%
A、With no debt, the WACC is equal to the unlevered equity cost of capital.
B、With perfect capital markets, a firm's WACC is dependent of its capital structure and is equal to its equity cost of capital only the firm it is unlevered.
C、As the firm borrows at the low cost of capital for debt, its equity cost of capital rises, but the net effect is that the firm's WACC is unchanged.
D、Although debt has a lower cost of capital than equity, leverage does not lower a firm's WACC.
A、The unlevered beta measures the market risk of the firm’s business activities, ignoring any additional risk due to leverage.
B、If a firm holds $1 in cash and has $1 of risk-free debt, then the interest earned on the cash will equal the interest paid on the debt. The cash flows from each source cancel each other, just as if the firm held no cash and no debt.
C、The unlevered beta measures the market risk of the firm without leverage, which is equivalent to the beta of the firm's assets.
D、When a firm changes its capital structure without changing its investments, its levered beta will remain unaltered, however, its asset beta will change to reflect the effect of the capital structure change on its risk.
A、8.0%
B、9.2%
C、10.0%
D、11.0%
A、While debt itself may be cheap, it increases the risk and therefore the cost of capital of the firm's equity.
B、Although debt does not have a lower cost of capital than equity, we can consider this cost in isolation.
C、We can use Modigliani and Miller's first proposition to derive an explicit relationship between leverage and the equity cost of capital.
D、The total market value of the firm's securities is equal to the market value of its assets, whether the firm is unlevered or levered.
A、The firm pays out all earnings as dividends.
B、The project has average risk.
C、Corporate taxes are the only market imperfection.
D、The firm’s debt-equity ratio is constant.
A、Compute the value of the investment, including the tax benefit of leverage, by discounting the free cash flow of the investment using the WACC.
B、Compute the weighted average cost of capital.
C、Determine the free cash flow of the investment.
D、Adjust the WACC for the firm's current debt/equity ratio.
A、Determine the equity cost of capital, rE.
B、Compute the equity value, E, by discounting the free cash flow to equity using the equity cost of capital.
C、Determine the free cash flow to equity of the investment.
D、Determine the before-tax cost of capital, rU.
A、8.0%
B、8.5%
C、9.0%
D、6.4%
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