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Financial Resources Formulary (Quelltext anzeigen)
Version vom 4. Dezember 2011, 00:06 Uhr
, 4. Dezember 2011keine Bearbeitungszusammenfassung
Keine Bearbeitungszusammenfassung |
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== Valuing bonds == | == Valuing bonds == | ||
'''Price of a bond:''' [[Datei:Form_PV_Bond.png]] | '''Price of a bond:''' [[Datei:Form_PV_Bond.png]]<br/> | ||
with<br/> | with<br/> | ||
: C<sub>t</sub> annual coupon interest payment<br/> | : C<sub>t</sub> annual coupon interest payment<br/> | ||
| Zeile 107: | Zeile 105: | ||
'''[[Kapitalwert|Discounted cash flow]] (DCF):''' value of the free cash flows that are available to investors plus company value at the planning horizon, all discounted to present: [[Datei:Form_DCF.png]] | '''[[Kapitalwert|Discounted cash flow]] (DCF):''' value of the free cash flows that are available to investors plus company value at the planning horizon, all discounted to present: [[Datei:Form_DCF.png]] | ||
== Risk and return == | == Risk and return == | ||
'''Risk premium of an asset:''' asset return – return of risk-free asset | '''Risk premium of an asset:''' asset return – return of risk-free asset. | ||
'''Variance:''' expected value of squared deviations of observations from their expected value (mean): | '''Variance:''' expected value of squared deviations of observations from their expected value (mean): [[Datei:Form_Var.png]] (based on j observations) | ||
'''Standard deviation:''' a measure of volatility of expected stock returns: [[Datei:Form_Standard_Dev.png]] | |||
'''Expected portfolio return''' (with two assets): [[Datei:Form_EV_zwei.png]] | |||
'''Expected portfolio return''' (with two assets): | |||
'''Expected portfolio return''' (with j = 1, …, n assets): | '''Expected portfolio return''' (with j = 1, …, n assets): [[Datei:Form_EV_n.png]] | ||
:x<sub>j</sub> weight of asset j in the portfolio<br/> | :x<sub>j</sub> weight of asset j in the portfolio<br/> | ||
| Zeile 128: | Zeile 123: | ||
:r<sub>j</sub> (expected) return of asset j<br/> | :r<sub>j</sub> (expected) return of asset j<br/> | ||
'''Variance of portfolio return (portfolio variance)''' in the case of two assets: | '''Variance of portfolio return (portfolio variance)''' in the case of two assets: [[Datei:Form_Port_Var_zwei.png]] | ||
'''Covariance''' between asset i and j with | '''Covariance''' between asset i and j with [[Datei:Form_Covariance_Formel.png]] | ||
'''Correlation coefficient''' between asset i and j: | '''Correlation coefficient''' between asset i and j: [[Datei:Form_Corr_Coeff_Formel.png]] | ||
'''Variance of portfolio return (portfolio variance)''' in the case of n assets: | '''Variance of portfolio return (portfolio variance)''' in the case of n assets: [[Datei:Form_Port_Var_n.png]] | ||
'''Beta''' of the return of asset j to the market return (return of market portfolio m): | '''Beta''' of the return of asset j to the market return (return of market portfolio m): [[Datei:Form_Beta.png]] | ||
'''Expected return following the security market line''' equation (SML): | '''Expected return following the security market line''' equation (SML): [[Datei:Form_Expected_Return.png]] | ||
Expected return of a stock in '''event studies''': | Expected return of a stock in '''event studies''': [[Datei:Form_Normal_Return.png]] | ||
'''Abnormal return''' = actual return – expected return = | '''Abnormal return''' = actual return – expected return = [[Datei:Form_Abnormal.png]] | ||
| Zeile 150: | Zeile 145: | ||
== Capital Structure and Return == | == Capital Structure and Return == | ||
'''[[Rentabilität|Rates of return]]:''' | '''[[Rentabilität|Rates of return]]:'''<br/> | ||
[[Datei:Form_RoI.png]]<br/> | |||
[[Datei:Form_RoA.png]]<br/> | |||
[[Datei:Form_RoC.png]] | |||
'''Weighted average cost of capital (WACC):''' | '''Weighted average cost of capital (WACC):''' [[Datei:Form_WACC_after_Tax.png]] | ||
:r<sub>D</sub> interest rate on debt resp. debt cost of capital | :r<sub>D</sub> interest rate on debt resp. debt cost of capital | ||
| Zeile 163: | Zeile 158: | ||
:T<sub>c</sub> corporate tax rate | :T<sub>c</sub> corporate tax rate | ||
'''Weighted average cost of capital (WACC)''' with a zero-tax rate: | '''Weighted average cost of capital (WACC)''' with a zero-tax rate: [[Datei:Form_WACC.png]] | ||
'''Leverage-formula''' for return on equity: return on equity increases with debt/equity-ratio | '''Leverage-formula''' for return on equity: return on equity increases with debt/equity-ratio: [[Datei:Form_Leverage.png]] | ||
'''Leverage-formula''' for equity beta: risk increases with debt/equity-ratio: | '''Leverage-formula''' for equity beta: risk increases with debt/equity-ratio: [[Datei:Form_Leverage_Beta.png]] | ||