Bài tập môn Corporate Finance?

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ABC is a all-equity financed company with 40 million shares on issue. The company has an annual net operating income of $12 million and pays no tax.

1. Using Modidlani & Miller approach, if the overall cost of capital of the firm is 12%, what is firm's value, cost of equity? EPS?

2. If the company issues $20 mil in debentures at 8% and $20 mil in preference share at 10% dividend rate per annum, what is new firm's value? cost of equity? EPS?

3. Assume ABC now faces a tax rate of 40% and the after tax cost of capital for the firm (if it were all equity finances) is 12%, what are the value of the firm, EPS? cost of equity and wacc?

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