"Corporate Finance":Corporate governance practices
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Questions 1:
Based on good corporate governance practices, independent board members most likely:
A、 are pre-approved by management before being nominated.
B 、have a “lead” director when the board chair is not independent.
C 、hold large equity positions but have never worked at the company
Questions 2:
Given the following information about a firm:
● debt-to-equity ratio (D/E) of 50%
● tax rate of 40%
● cost of debt of 8%
● cost of equity of 13%
the firm’s weighted average cost of capital (WACC) is closest to:
A 、8.9%.
B 、7.5%.
C、 10.3%.
B is correct. Under good corporate governance practices, independent board members should have a “lead” director when the board chair is not independent.
A is incorrect. The Nomination Committee identifies qualified candidates for director positions, not management.
C is incorrect. Board members with a large stake in the company are not independent because they have a material ownership relationship with it.
C is correct. Convert D/E to the weight for debt:
A is incorrect because it uses a 50% weight for debt and equity.
B is incorrect because it uses (2/3) for the weight of debt and (1/3) for the weight of equity.
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