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BDlaeringmaalkap16 - Lringsml for kapital 16 i B&D Beskriv...

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L°ringsm±l for kapital 16 i B&D Beskriv virkningen af konkurs i en verden med perfekte kapitalmarkeder Diskuter °ere direkte og indirekte omkostninger ved konkurs Illustrer hvorfor, n±r v²rdipapirerne er fair prissat, at virksomhedens oprindelige aktion²rer betaler nutidsv²rdien af konkurs og ³nancial distress omkostningerne De³ner agentomkostninger og beskriv agentomkostningerne ved ³nancial distress og agent bene³ts ved leverage Beregn v²rdien af virksomheden inklusiv ³nancial distress omkostninger og agent omkostninger Forklar virkningen af asymmetrisk information p± det optimale leverage niveau Hans Sommerfeldt Department of Business Studies Kapitel 7: Fundamentals of Capital Budgeting 1 / 9
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Beskriv implikationerne af adverse selection og lemons princippet ved egenkapital emission, beskriv de empiriske implikationer Hans Sommerfeldt Department of Business Studies Kapitel 7: Fundamentals of Capital Budgeting 2 / 9
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Opgave 16.22: Oplysninger: Inv 0 =50 mio. EBIT=20 mio. pr. ±r evigtllbende; INV t = AFS t Δ WC t = 0 for t=1,2,3, ...... G²lden risikofri r D = r f = 4 %; r WACC = 10 % E=500; D=300; Antal aktier i cirkulation=10 mio. stk. Spm. a: FCFF t = EBIT t ° ( 1 ± 0 , 35 ) + AFS t ± INV t ± Δ WC t = 20 ° ( 1 ± 0 , 35 ) = 13 NPV=-INV 0 + t = 1 FCFF t ° ( 1 + r ) ± t = ± 50 + 13 0 , 10 = 80 Egenkapitalens v²rdi pr. aktie=P 0 = 500 + 80 10 = 58 pr. aktie
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