Corporate Finance 2 questions

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

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home / study / business / corporate �nance / corporate �nance solutions manuals / principles of corporate �nance / 9th edition / chapter 17 / problem 26cq

Principles of Corporate Finance (9th Edition)

Problem

Suppose that there are just three types of investors with the following tax rates:

Individuals Corporations Institutions

Dividends 50% 5% 0%

Capital gains 15 35 0

Individuals invest a total of $80 billion in stock and corporations invest $10 billion. The remaining stock is held by the institutions. All three groups simply seek to maximize their after-tax income.

These investors can choose from three types of stock offering the following pretax payouts:

Low Payout Medium Payout High Payout

Dividends $ 5 $5 $30

Capital gains 15 50 0

These payoffs are expected to persist in perpetuity. The low-payout stocks have a total market value of $100 billion, the medium-payout stocks have a value of $50 billion, and the high-payout stocks have a value of $120 billion.

a. Who are the marginal investors that determine the prices of the stocks?

b. Suppose that this marginal group of investors requires a 12% after-tax return. What are the prices of the low-, medium-, and high-payout stocks?

c. Calculate the after-tax returns of the three types of stock for each investor group.

d. What are the dollar amounts of the three types of stock held by each investor group?

Step-by-step solution

Dividends are payments in cash, as shares of stock or other property made to shareholders from the company’s earnings decided by board of directors.

Step 1 of 18

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

https://www.chegg.com/homework-help/suppose-three-types-investors-following-tax-rates-individual-chapter-17-problem-26cq-solution-978007340510… 2/7

Comment

Following are three types of investors with the tax rates:

Particulars Individuals Corporations Institutions

Dividends 50% 5% 0%

Capital gains 15 35 0

Individuals invest $80 billion in stock and corporations invest $10 billion in stocks. Remaining stock is held by the institutions.

Comment

Following are three types of stock offering with the pretax payouts till perpetuity:

Particulars Low Payout Medium Payout High Payout

Dividends $5 $5 $30

Capital gains 15 5 0

Market value $100 billion $50 billion $120 billion

Comment

(a)

Marginal investors are the one who will decide the prices of the stocks. The marginal investors are the institutions that determine the prices of stocks.

Comment

(b)

Marginal investors require 12% after tax returns.

Calculate the stock prices of low, medium and high-payout stocks.

Price of low-payout stock:

Step 2 of 18

Step 3 of 18

Step 4 of 18

Step 5 of 18

1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

https://www.chegg.com/homework-help/suppose-three-types-investors-following-tax-rates-individual-chapter-17-problem-26cq-solution-978007340510… 3/7

Comment

Therefore, price of low-payout stock is $166.67 .

Comment

Price of medium-payout stock:

Comment

Therefore, price of medium-payout stock is $83.33 .

Comment

Price of high-payout stock:

Therefore, price of high-payout stock is $250.

Comment

(c)

Calculate after-tax returns of the three types of stock for each investor group.

For institutions, after-tax return is 12% for each type of stock.

For individuals, after-tax returns are calculated as follows:

Return for low-payout stock:

Step 6 of 18

Step 7 of 18

Step 8 of 18

Step 9 of 18

Step 10 of 18

1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

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Step 11 of 18

Step 12 of 18

Step 13 of 18

1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

https://www.chegg.com/homework-help/suppose-three-types-investors-following-tax-rates-individual-chapter-17-problem-26cq-solution-978007340510… 5/7

Therefore, the after-tax return for individuals for low-payout stock is 9.15% , medium payout stock is 8.10% and high payout stock is 6% .

Comment

For corporations, after-tax returns are calculated as follows:

Return for low-payout stock:

Comment

Return for medium-payout stock:

Comment

Return for high-payout stock:

Step 14 of 18

Step 15 of 18

Step 16 of 18

1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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11/16/21, 11:25 AM Solved: Suppose that there are just three types of investors wi... | Chegg.com

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Therefore, the after-tax return for corporations for low-payout stock is 8.70% , medium payout stock is 9.60% and high payout stock is 11.4% .

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(d)

Dollar amounts of the three types of stock held by each investor group is as follows:

Particulars Low

Payout

Medium

Payout

High

Payout

Individuals (given) $80 billion

Corporations (given)

$10 billion

Institutions

Total market value (given)

$100 billion $50 billion $120 billion

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Step 17 of 18

Step 18 of 18

6 1

Chapter 17, Problem 3Q

a. Wotan owns 1,000 shares of a firm that has just announced an increase in its dividend from $2.00 to $2.50 a share. The share...

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Chapter 17, Problem 5Q

House of Haddock has 5,000 shares outstanding and the stock price is $140. The company is expected to pay a dividend of $20 per...

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1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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1 Bookmark Show all steps:Chapter 17, Problem 26CQ ON

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