Question

一道关于公司金融的题目，求大神解答

Gladstone Corporation is about to launch a new product. Depending on the success of the new product, Gladstone may have one of four values next year: $150 million, $135 million, $95 million, or $80 million. These outcomes are all equally likely, and this risk is diversifiable. Gladstone will not make any payouts to investors during the year. Suppose the risk-free interest rate is 5% and assume perfect capital markets.
a. What is the initial value of Gladstone’s equity without leverage?
Now suppose Gladstone has zero-coupon debt with a $100 million face value due next year.
b. What is the initial value of Gladstone’s debt?
c. What is the yield-to-maturity of the debt? What is its expected return?
d. What is the initial value of Gladstone’s equity? What is Gladstone’s total value with leverage?

Answer 1

a)0.25*[(15000+13500+9500+80)/(1+5%)]=10952万美元
b)0.25*(10000*2+9500+9800)/(1+5%)=8928万美元

c) 到期收益率=(100/89.29-1)*100%=12% 预期回报率为5%
d.) p0=0.25*（5000+3500）/(1+5%)=2024
杠杆总价值=8928+2024=10952万美元