"Corporate Finance":An Introduction
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Questions 1:
A project has the following annual cash flows:
With a discount rate of 8%, the discounted payback period (in years) is closestto:
A、 3.0.
B 、3.2.
C、 2.8.
Questions 2:
In an acquisition, the interests of minority shareholders are best protected through the use of:
A、 sell-out rights.
B、 clawback provisions.
C 、covenants within indentures.
B is correct.
The first three cash flows recover $70,000 (in present value terms) of the cost, making only $5,000 of the $30,000 in Year 4 necessary to completely recover the cost. Therefore, the discounted payback is three years plus 5000/30,000, or 3.2 years.
C is incorrect because it is the payback period.
A is incorrect because it is the payback period without interpolation.
A is correct. Sell-out rights protect minority shareholders in acquisition situations by forcing acquirers to buy out minority shareholders at a fair price, even if those shareholders initially voted against the acquirer’s offer.
B is incorrect. Clawback provisions allow companies to recover executive remuneration under certain circumstances, to the benefit of all shareholders.
C is incorrect. Covenants are the terms and conditions of lending agreements, enabling creditors to specify the actions an issuer is obligated to perform or is prohibited from performing. They are put in place to protect creditors.
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