Financial Strategy for Corporations, Term D 2020 Final Exam
财务Online exam代考 4)Please read each question carefully and answer it completely: the easiest way to get a low scoreis to fail to answer the question!
1)The exam is open book and lecture notes, but you cannot use other sources (such as the internet) or talk to anyone elseabout the exam. 财务Online exam代考
2)Pointtotals for each question are specified in parentheses, and in the table below.
3)Provideenough information in your answer to clearly convey your understanding.
4)Please read each question carefully and answer it completely: the easiest way to get a low scoreis to fail to answer the question! Statements in your answers which are true, but do not answer the question, will not raise your score.
5)Please write your answers on a separate document. You must upload the exam by Wednesday, May 13 at 9pm EST. Please also send the exam in pdf format to[email protected]. Please label the file you submit as follows: CLASS_CODE_NAME_SURNAME.pdf.
6)As always, Iexpect you to abide by the honor code. I trust that no one will give or receive assistance which gives them an unfair advantage over other students. Please copythe following paragraph on your exam and initial it, consistent with the Smith School Honor Code:
“I pledge on my honor that I have not given or received any unauthorized assistance on this exam.”
Initials:
1)Whydoes Apple hold so much cash? Should Apple distribute this cash to shareholders? If so, how much and how? (20) 财务Online exam代考
2)Quantitativelyand qualitatively compare the results of a share repurchase, dividends, and iPref issuance. Assume that Apple will use all excess cash for share repurchases, dividends, and in the case of iPref, will issue five per share. For the iPref analysis, assume a constant P/E ratio of 10x as Einhorn How does this assumption impact the analysis? In your evaluation, please include the effect of each one of the alternatives on number of shares, earnings per share, stock price, and P/E ratio. (40)
3)Wehave seen that many of the assumptions in the Modigliani and Miller theorem do not hold in In answering 2), which ones affected your decision and how? (20)
4)What should Cook and Oppenheimer do? Why?(20)
5)Supposethat the US government passes a one-time repatriation tax holiday, allowing firms to repatriate capital without incurring any repatriation taxes. Would your answer to 4) change? Why or why not? (20)
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