"Corporate finance"exercise:Measures of Leverage
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Questions 1:
Which of the following is least likely to be a component of a developing country’s equity premium?
A 、Annualized standard deviation of the developing country’s equity index
B、 Sovereign yield spread
C、 Annualized standard deviation of the sovereign bond market in terms of the developing country’s currency
Questions 2:
Financial risk is least likely affected by:
A 、debentures.
B 、dividends.
C 、long-term leases
C is correct. The annualized standard deviation of the sovereign bond market in terms of the developing country’s currency is not part of the equity premium calculation.
Country equity premium = Sovereign yield spread × (Annualized standard deviation of equity index/Annualized standard deviation of the sovereign bond market in terms of the developed market currency)
A is incorrect because the annualized standard deviation on a developing country’s index is part of the country’s equity premium.
B is incorrect because the sovereign yield spread is part of the country equity premium.
B is correct. By taking on fixed obligations, such as debt (including debentures) and longterm leases, a company increases its financial risk. Dividends will not increase financial risk.
A is incorrect because the use of debentures (one type of bond) is directly associated with financial risk.
C is incorrect because the use of long-term leases is directly related to financial risk
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