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"Corporate Finance":Capital asset pricing model
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Questions 1:
A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm’s capital structure is closest to:
A 、79%.
B、 65%.
C 、37%.
Questions 2:
Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm’s stock and the market portfolio?
A、 Capital asset pricing model
B 、Dividend discount model
C、 Bond yield plus risk premium approach
View answer resolution
【Answer to question 1】B
【analysis】
B is correct.
A is incorrect. It is calculated by dividing 7.11 by 9.
C is incorrect. It fails to adjust debt for taxes.
【Answer to question 2】A
【analysis】
A is correct. The capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company’s stock returns against market returns.
B is incorrect. Dividend discount model estimates the equity risk premium by adding the dividend yield and the growth rate in dividends.
C is incorrect. Cost of equity under this method is the additional of cost of debt and risk premium (the additional yield on a company’s stock relative to its bonds).
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