True or False questions below

The yield to maturity on a bond is different than the IRR for zero coupon bonds.

Payback is generally a better capital budgeting tool than IRR.

The depreciation tax shield is a cash flow.

If people feel more patient, bonds are more attractive and should give better returns.

Firms that are expected to have high dividend growth in the future are likely to have a high price-to-earnings ratio.

Cash flows and earning are usually interchangeable for capital budgeting purposes.

Capital gains are not real cash flows because they create a tax shield/loss.

Firms should always exercise an option to delay investment unless the NPV<0.

Standard IRR is just a special case of the modified IRR.

DCF analysis is the only way to value private firms.