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Finance
Yonge Corporation must arrange financing for its working capital requirements for the coming year. Yonge can (a) borrow from its bank on a simple interest basis (interest payable at the end of the
Equinox Corporation is attempting to determine the optimal level of current assets for the coming year. Management expects sales to increase to approximately $5 million as a result of an asset
Automated Dynamics had sales of $6.5 million last year, and it earned a 4% return, after taxes, on sales. Recently, the company has fallen behind in its accounts payable. Although its terms of
Malone Feed and Supply Company buys on terms of 1/10, net 30, but it has not been taking discounts and has actually been paying in 60 rather than 30 days. Assume that the accounts payable are
Suncoast Boats Inc. estimates that because of the seasonal nature of its business, it will require an additional $2 million of cash for the month of July. Suncoast Boats has the following four
A wholesaler sells on terms of 1/15, net 45. Gross sales last year were $6,935,000, and accounts receivable averaged $665,000. Half of its customers paid on the 15th day and took discounts. What are
Vantage Systems has an inventory conversion period of 60 days, a receivables collection period of 32 days, and a payables deferral period of 37 days.a. What is the length of the firm's cash
Maxwell Corp. distributes the "Smart" brand of electronic controller systems. The company currently has a credit policy of 1/10, net 40, though on average only 20% of customers pay in 10 days and
Andria Mullins, financial manager of Webster Electronics, has been asked by the firm's CEO, Fred Weygandt, to evaluate the company's inventory control techniques and to lead a discussion of the
a. Discuss, in general, what it means for the brothers to set a credit and collections policy.b. Assume that, on average, the brothers expect annual sales of 18,000 items at an average price of $100
The current price of a stock is $50, and the annual risk-free rate is 6%. A call option with a strike price of $53 and 2 years until expiration has a current value of $8.67. What is the value of a
Use the Black-Scholes model to find the price for a call option with the following inputs: (1) current stock price is $32, (2) strike price is $35, (3) time to expiration is 6 months, (4) annualized
The current price of a stock is $100. A 1-year option on this stock has a strike price of $100.(a) Find the price of this option using the Black-Scholes model given that the risk-free rate is 5% and
a. What is a financial option? What is the single most important characteristic of an option?b. Options have a unique set of terminology. Define the following terms: (1) Call option; (2) Put option;
Rework problem 20-1 using the Black-Scholes model to estimate the value of the option (Assume the risk free rate is 8%)?
Rework problem 20-2 using the Black-Scholes model to estimate the value of the option. The risk free rate is 6% (Assume the variance of the project's rate of return is 1.11%)?
Rework Problem 20-5 using the Black-Scholes model to estimate the value of the option. The risk free rate is 6%?
a. What are some types of real options?b. What are five possible procedures for analyzing a real option?c. Tropical Sweets is considering a project that will cost $70 million and will generate
Give two reasons shareholders might be indifferent between owning the stock of a firm with volatile cash flows and that of a firm with table cash flows?
A Government of Canada bond futures contract has a settlement price of 89.25. What is implied annual yield?
What is the implied interest rate on a Government of Canada bond ($100,000) futures contract that settled at 100.50? If interest rates increased by 1%, what would be the contract's new value?
Branger Ltd. has the choice of issuing floating-rate debt at LIBOR + 1% or fixed-rate debt at Swaps 6%. Likewise, Creeson Plastics can issue floating-rate debt at LIBOR + 2.5% or fixed-rate debt at
DeWalden Resources Inc. plans to issue $30,000,000 of 10-year debt in September, and the chief financial officer is concerned that interest rates will rise over the next six months until the debt is
The following are data on August 2011 god futures contracts:A mining company wishes to hedge against a decline in gold prices between now and August. The company has 2,500 oz. of gold to hedge (each
a. Why might shareholders be indifferent whether or not a firm reduces the volatility of its cash flows?b. What are six reasons risk management might increase the value of a corporation?c. What is
Anderson Australian Imports has agreed to purchase 15,000 cases of Australian wine for 4 million Australian dollars at today's spot rate. The firm's financial manager, Hinda Wilson, has noted the
After all foreign and Canadian taxes, a Canadian corporation expects to receive 3 pounds of dividends per share from a British subsidiary this year. The exchange rate at the end of the year is
A Canadian company is exporting lumber to Japan. The sales agreement calls for a payment of 8,000,000 yen to the Canadian company in 90 days. The current spot rate is 86 yen per dollar. a. Is the
a. What is a multinational corporation? Why do firms expand into other countries?b. What are the six major factors that distinguish multinational financial management from financial management as
The balance sheet of Northstar Drilling is shown below. If the December 31, 2012 value of operations is $530 million, what is the December 31, 2012 value of equity?Balance Sheet, December 31, 2012
Brownstone Development has never paid a dividend. Its current free cash flow is $575,000 and is expected to grow at a constant rate of 6%. The weighted average cost of capital is 11%. Calculate
You are given the following forecast information for the year 2015: Sales = $300,000,000; Operating profitability (OP) = 6%; Capital requirements (CR) = 43%; Growth (g) = 5%; and the weighted average
Selected data are given on two businesses below.a. Which business has the highest value of operations?b. Explain why one business has a smaller value of operations.c. What must B's operating
Use the financial statements from Garnet Inc. in problem 1. The 2012 financials are actuals, while 2013 shows projected financials. Garnet's WACC is 10%, and the company's free cash flows are
a. List the two types of assets that companies own.b. What are assets-in-place? How can their value be estimated?c. What are nonoperating assets? How can their value be estimated?d. What is the
Company A has purchased Company T. Both companies' balance sheets (at book value) and income statements are shown below. Company A has identified the fair value of T's current assets to be $20 and
Greenback Sporting, a retailer of outdoor wear and sporting equipment, is investigating an opportunity to purchase Active Lifestyle Inc. An acquisition is expected to lower overhead costs, improve
Mistral Software is considering a merger with Amsted Technologies. Mistral has 1.2 million shares outstanding with a value of $22, while Amsted has 800,000 shares outstanding with a $23 value. The
AG Mechanical is planning to acquire Foster Metal works. Foster's cost of equity is 12%; it is financed 80% by common equity and the remainder by debt at 7%. Foster's tax rate is 30%. Below is a
Calculate Dearborn's: a. Yearly free cash flowsb. WACCc. Horizon value using the corporate valuation methodd. Value of operations, value of equity, and maximum share price that Brock would be willing
Calculate Dearborn's:a. Yearly free cash flows to equityb. Cost of equityc. Horizon value using the free cash flow to equity modeld. Value of equity and the maximum share price that Brock would
What is the market value of Dearborn's equity as a stand-alone company? What are the synergies valued at, assuming that Brock acquires Dearborn? If Brock has 10 million shares out- standing at a
a. Several reasons have been proposed to justify mergers. Among the more prominent are (1) tax considerations, (2) risk reduction, (3) control, (4) purchase of assets at below-replacement cost, (5)
In a multiprogramming and time-sharing environment, several users share the system simultaneously. This situation can result in various security problems. a. What are two such problems? b. Can we
What is the purpose of interrupts? What are the differences between a trap and an interrupt? Can traps be generated intentionally by a user program? If so, for what purpose?
Direct memory access is used for high-speed I/O devices in order to avoid increasing the CPU´s execution load. a. How does the CPU interface with the device to coordinate the transfer? b. How does
Some computer systems do not provide a privileged mode of operation in hardware. Is it possible to construct a secure operating system for these computer systems? Give arguments both that it is and
Give two reasons why caches are useful. What problems do they solve? What problems do they cause? If a cache can be made as large as the device for which it is caching (for instance, a cache as large
Discuss, with examples, how the problem of maintaining coherence of cached data manifests itself in the following processing environments: a. Single-processor systems b. Multiprocessor systems c.
Describe a mechanism for enforcing memory protection in order to prevent a program from modifying the memory associated with other programs.
What network configuration would best suit the following environments? a. A dormitory floor b. A university campus c. A state d. A nation
Define the essential properties of the following types of operating systems:a. Batchb. Interactivec. Time sharingd. Real timee. Networkf. Parallelg. Distributedh. Clusteredi. Handheld
What are the tradeoffs inherent in handheld computers?
The issue of resource utilization shows up in different forms in different types of operating systems. List what resources must be managed carefully in the following settings: a. Mainframe or
Under what circumstances would a user be better off using a timesharing system rather than a PC or single-user workstation?
Which of the functionalities listed below need to be supported by the operating system for the following two settings: (a) handheld devices and (b) real-time systems. a. Batch programming b. Virtual
Describe the differences between symmetric and asymmetric multiprocessing. What are three advantages and one disadvantage of multiprocessor systems?
How do clustered systems differ from multiprocessor systems? What is required for two machines belonging to a cluster to cooperate to provide a highly available service?
Distinguish between the client-server and peer-to-peer models of distributed systems.
Consider a computing cluster consisting of twonodes running adatabase. Describe two ways in which the cluster software can manage access to the data on the disk. Discuss the benefits and
How are network computers different from traditional personal computers? Describe some usage scenarios in which it is advantageous to use network computers.
Assume that General Motors loses money in three scenarios: (a) A depreciation in the value of the euro exchange rate. (b) The cost of recalling and repairing defective automobiles. (c) Missing out on
How do we interpret a $2.5 million daily VAR with 95 percent confidence level? Consider what could happen over the next 100 days.
Does risk management need as much precision as derivatives pricing, and why?
Explain directional and non directional market risks.
Explain how settlement risk is a particular category of credit risk.
Why are VAR limits more advisable than limits based on notional amount, on sensitivity, and on leverage?
"Financial markets create a lot of risk due to speculation. They can be compared to the Las Vegas casinos." Comment.
What is a derivative contract? Give an example. How are derivatives related to risk management?
List some derivatives traded on organized exchanges and on OTC markets.
"The fact that the total of derivatives notional amounts is much greater than cash markets should be a major reason for concern. This could cause systemic risk." Discuss this argument. Are notional
What is VAR?
The services and functions provided by an operating system can be divided into two main categories. Briefly describe the two categories and discuss how they differ.
Why does Java provide the ability to call from a Java program native methods that are written in, say, C or C++? Provide an example of a situation in which a native method is useful.
It is sometimes difficult to achieve a layered approach if two components of the operating system are dependent on each other. Identify a scenario in which it is unclear how to layer two system
What is the main advantage of the microkernel approach to system design? How do user programs and system services interact in amicrokernel architecture? What are the disadvantages of using the
In what ways is the modular kernel approach similar to the layered approach? In what ways does it differ from the layered approach?
What is the main advantage for an operating-system designer of using a virtual-machine architecture? What is the main advantage for a user?
Why is a just-in-time compiler useful for executing Java programs?
What is the relationship between a guest operating system and a host operating system in a system like VMware? What factors need to be considered in choosing the host operating system?
The experimental Synthesis operating system has an assembler incorporatedwithin the kernel. To optimize system-call performance, the kernel assembles routineswithin kernel space to minimize the path
List five services provided by an operating system that are designed to make it more convenient for users to use the computer system. In what cases it would be impossible for user-level programs to
Describe three general methods for passing parameters to the operating system.
Describe how you could obtain a statistical profile of the amount of time spent by a program executing different sections of its code. Discuss the importance of obtaining such a statistical profile.
What are the five major activities of an operating system in regard to file management?
What are the advantages and disadvantages of using the same systemcall interface for manipulating both files and devices?
What is the purpose of the command interpreter? Why is it usually separate from the kernel? Would it be possible for the user to develop a new command interpreter using the system-call interface
Why is the separation of mechanism and policy desirable?
Discuss the main reasons for the losses of the U.S. savings and loans industry in the 1980s.
In January 1997, the SEC issued a ruling that requires companies to disclose quantitative information about the risk of derivatives and other financial instruments in financial reports filed with
By 1999, derivatives losses had reached $30 billion. Discuss whether this proves that derivatives are dangerous and whether this market requires regulatory reform.
Explaining the "rolling hedge" strategy in the Metallgesellschaft case. How did "basis risk" lead to the loss at MGRM?
Describe the differences among short-term, medium-term, and longterm scheduling.
Describe the actions taken by a kernel to context-switch between processes.
Consider the RPC mechanism. Describe the undesirable circumstances that could arise from not enforcing either the "at most once" or "exactly once" semantics. Describe possible uses for a mechanism
What are the benefits and detriments of each of the following? Consider both the systems and the programmers' levels.a. Symmetric and asymmetric communicationb. Automatic and explicit bufferingc.
Airlines routinely go out of business without needing government assistance or intervention. This is in large part because they do not have minimum capital requirements, unlike commercial banks. What
Assume that a commercial bank has $100 million in loans to corporations with a credit rating of A and $100 million in U.S. government debt. Under Basel I, what is the minimum amount of tier 1 capital
Repeat the previous question under the Basel II regime. Previous question Assume that a commercial bank has $100 million in loans to corporations with a credit rating of A and $100 million in U.S.
What are the quantitative inputs of VAR specified by the Basel Accord?
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