13 14 15 16 17 18

13 13.1 13.2 13.3 13.4 13.5 13.6

13.1 (1) (2) (3)

13.2 (EMH) (1) (2)

13-113-1-30 -20 -10 0 +10 +20 +30()13-1

13.3 13.1.1 (weak-form efficiency)

13-1(13-1)(13-1)

13-3(a)AB 13-3(b)CABCa)b)13-3

13.3.2

13.3.3

13.4 13.4.1 (serial correlation)+1-113-1

13.4.2 (AR)(AR)(R)(Rm)Rm500 AR=R-Rm (AR) AR=R-( + Rm) t(ARt)t

(1) (2) (3)

13.4.3

13.5 13.5.1

13.5.2

13.5.3 (%)-n+n3.66%1.80%1.86%13-11

13.6

13-2 (1) (2) (3)(4) (1) (2) (3)(4) (1) (2) (3) (4) (1) (2) (3)

(1) (2) (3)

14 14.1 14.2 14.3 14.4 14.5 14.6

14.1 (common stock)14.1.1 14.1.2

14.1.3 (capital surplus)14.1.4 (retained earnings)(book value)14.1.5

14.1.6 (proxy)

14.1.7 (1)(2)(3)14.1.8

14.2 14.2.1 (1) (2) (3)14.2.2

14.2.3 14.2.4 14.2.5

14.2.6 (seniority)(subordinated)14.2.7 14.2.8 (1) (2)

14.3 (preferred stock)14.3.1 10014.3.2

14.3.3 70%14.3.4

14.4 (1) (2) (3) (4). (1)(NPV) (2)

14.5 ()

14.6 (1) (2) (3)

15 15.1 15.2 15.3 15.4 15.5 15.6

15.1 (pie model)V V=B+S (15-1) BS40%60%60%40%15-1

15.2 15-1

15.3 15.3.1 Trans Am15-215-315-215-315-215-3800

15-2 Tran Am() (ROA) (%) 5 15 25 $400 $1200 $2,000(ROE)(%) 5 15 25(EPS) $1.00 $3.00 $5.00 15-3 Tran Am4,000 (ROA) (%) 5 15 25(EBI) $400 $1200 $2,000 -400 -400 -400 $0 $800 $1,600(ROE)(%) 0 20 40(EPS) 0 $4.00 $8.00 (ROE)/(%)

15.3.2 15-215-3()MM(A)(B)()MM MM()

15.3.3 MM()MM

15.4:()15.4.1 15-215-3EPS15-2

15.4.2 MMMM12rWACC

rB rS rWACC B S MMrWACCrsrWACCr0(15-2) MM()(15-3)(15-2)

15-315-3rs-B/S()rs15-3 MM(%)-(B/S)rsr0rWACCrBrLuteran MotorsMMMM

15.4.3 MM-MMMMMM-(MM)

15.5 15.5.1 15-4(IRS)15-4

15.5.2 15-3Water ProductsEBITEBITTcTc EBIT(1-Tc) (15-4)EBIT-rBBTc(EBIT-rBB)EBIT-rBB-Tc(EBIT-rBB)=(EBIT-rBB)(1-Tc) EBIT(1-Tc)+TCrBB (15-5) (15-4)(15-5)TCrBB

15.5.3 TCrBB (15-6) (15-6)15.5.4 (15-5)EBIT(1-Tc)VU EBIT(1-Tc) TC r0TCrBBrB (15-7)

15.5.5 MM MM()

rS(15-8)(15-9)

15.5.6 rWACC12

rWACC

15.5.7

15.6 MM- MM

()MM

VL=VU+TCB

MM MM() MM MM()

16 16.1 16.2 16.3 16.4 16.5 16.6 -16.7 16.8 16.9

16.1 16-1KnightDayDay ()

16.2 16.2.1 Warner16.2.2 Altman20%

16.2.3 (agency costs) 1 + 0.5 $100 = $0 + $100 0.5 $200 = $100 + $100

$150 + 0.5 $50 = $0 + $50 0.5 $240 = $140 + $100

$145

2 3

16.3 16.3.1

16.3.2

16.4 (V)(B)(B*)VU=V=VL=VU+TCB=MM16-1 16-116-1B*

(CF) CF=++++MMVV(CF)VMVNVT=S+B+G+L=VM+VN VMVNVM

16.5 16-2(LBO)16.5.1 ()--16.5.2

16.6 -16.6.1 10010%1,000100 1 2 3 4 (EBIT) $100 $100 $100 $100 -$100 -$100 -$100 -$100 $ 0 $ 0 $ 0 $ 0 1,000-100%1,0001,000-100%

16.6.2 1EBIT1005%EBIT5% 0 1 2 3 4 $1,000 $1,050 $1,102.50 $1,157.63 $50 $52.50 $55.13 EBIT $100 $105 $110.25 $115.76 -$100 -$105 $110.25 -$115.76 $ 0 $ 0 $ 0 $ 0

16.7 ()

TBTSTB=TS(16-1) VL=VU+TCB (16-2) (16-1)

TS

(V)(B)16-4 16-116-116-416-1

16.8 (1)- (2)- (3)-4 (1) (2) (3) (4)

16.9 16-1 (1-TC)(1-TS)=(1-TB)

--4 (1) (2) (3) (4)

17 17.1 17.2 17.3 17.4 APVFTEWACC17.5 17.6 APV 17.7 17.8

17.1 (APV)APV=NPV+NPVF(APV)(NPV) (1)15APV (2) (3) (4) $462,000(NPV)$13,000APV=NPV+TCB$29,918

17.2 (FTE)rS 17.2.1 (UCF)(LCF) UCF-LCF=(1-TC)rBB (LCF)17.2.2 rS15rS17.2.3 LCF (NPV)(LCF)

17.3 (WACC) rSrB(1-TC)rBrWACC

()(UCF)rWACC

17.4 APVFTEWACC(APV)(FTE)(WACC) (1)APVWACCAPVWACCr0 (2)APVWACCFTE -FTEWACCAPV WACCFTEAPV

17.5 17-1 (1)AW AW RM RF (2)AW AW (3)WWErS WWE (4)WWErWACCWACC WWErWACC

17.6 APV17-2 C0 C1 C2 C3 C4 C5 -$10,000,000 $680,000 $680,000 $680,000 $680,000 $680,000 $2,310,000 $2,310,000 $2,310,000 $2,310,000 $2,310,000$ 680,0000.34$2,000,000 $2,310,000=(1-0.34)$3,500,000 () 7,500,00010%1%

1% $7,500,000=(1-0.01)0.99 0 1 2 3 4 5 -$75,758 $15,152 $15,152 $15,152 $15,152 $15,152 $5,152 $5,152 $5,152 $5,152 $5,152 10% $5,152A0.105$19,530 -$75,758+$19,530=-$56,228 -$513,951-$56,228=-$570,179

0 1 2 3 4 5 $7,575,758 $757,576 $757,576 $757,576 $757,576 $757,576 $500,000 $500,000 $500,000 $500,000 $500,000 $7,575,758 NPV()-- (17-1)

NPV() APV=-+NPV() (17-2) $406,236=-$513,951-$56,228+$976,415

8%7,500,000 0 1 2 3 4 5 $7,500,000 $600,000 $600,000 $600,000 $600,000 $600,000 $396,000 $396,000 $396,000 $396,000 $396,000 $7,500,000(17-1)NPV()

APV=-+NPV() (17-2) $827,988=-$513,951-0+$1,341,939APV

17.7 12

(17-4)(17-5) (17-3)(17-4)

17.8 (APV)(FTE)(WACC)APV (1) (2) (3) (4)FTE

WACC WACCFTEAPV

APVLBOWACCFTEAPV

18 18.1 18.2 18.3 18.4 18.5 18.6 18.7 18.8 18.9 18.10

18.1 (stock dividend)

18.2 115 128 130 216 18-1

declaration date(date of record)(ex-dividend date)(date of payment)

18.3 18.3.1 rs

(18-1)

18.3.2 18-1

18.3.3 MM

18.3.4 $11$10$9 1 $8.9 $10.0 $11.1 B AC($10,$10)-11.1118-4 0 118-41 20

18.3.5

18.3.6 NPV

18.4 18.4.1

2.$30)1. 2. 3. 4.

18.4.2 NPV10018-1

18.4.3 :

18.5 18.5.1 18-1 100000 $300,000 $3 450,000 4.52,700,000 27 $450,000 $5 2,700,000 30

18.5.2 EPSEPS18.5.3

18.5.4

18.5.5

18.6 18-2 G( D(1D095.83110 $120 $100 0 0 0 $20 $100$20 $100-$95.83=$4.17 $20 $20-$4.17=$24.17 $20/$100=0.2 $24.17/$95.83=0.252 $20 $15+$4.17=$19.17 $20/$100=0.2 $19.17/$95.83=0.20

18-6

18.7

18.7.1 18.7.2

18.7.3 18.7.4

18.8 18.8.1 MMinformation-content effect)

18.8.2 70

clienteles)

18.9 18.9.1 ts Div1Div0EPS1

18.9.2 18.9.3NPV

1. 1. 2. 2. NPV 3.4.3.

18.10 NPV

NPV