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1、Chapter01GoalsGovernanceoftheFirm11CHAPTER1GoalsGovernanceoftheFirmAnswerstoProblemSets1.a.realb.executiveairplanesc.brnamesd.financiale.bondsf.investmentg.capitalbudgetingh.financing2.cdegarerealassets.Othersarefinancia

2、l.3.a.Financialassetssuchasstocksbankloansareclaimsheldbyinvests.Cpationssellfinancialassetstoraisethecashtoinvestinrealassetssuchasplantequipment.Somerealassetsareintangible.b.Capitalbudgetingmeansinvestmentinrealassets

3、.Financingmeansraisingthecashfthisinvestment.c.Thesharesofpubliccpationsaretradedonstockexchangescanbepurchasedbyawiderangeofinvests.Thesharesofcloselyheldcpationsarenottradedarenotgenerallyavailabletoinvests.d.Unlimited

4、liability:investsareresponsiblefallthefirm’sdebts.Asolepropriethasunlimitedliability.Investsincpationshavelimitedliability.Theycanlosetheirinvestmentbutnome.e.Acpationisaseparatelegal“person”withunlimitedlife.Itsownersho

5、ldsharesinthebusiness.Apartnershipisalimitedlifeagreementtoestablishrunabusiness.Chapter01GoalsGovernanceoftheFirm13pricepotentiallycreatingthepossibilityofatakeoverwhichcanagainleadtochangesintheboardofdirectssenimanage

6、ment.12.Managersthatareinsulatedfromtakeoversmaybemepronetoagencyproblemstherefemelikelytoactintheirowninterestsratherthaninshareholders’.Ifafirminstitutedanewtakeoverdefensewemightexpecttoseethevalueofitssharesdeclineas

7、agencyproblemsincreaselessshareholdervaluemaximizationoccurs.Thecounterargumentisthatdefensivemeasuresallowmanagerstonegotiatefahigherpurchasepriceinthefaceofatakeoverbid–tothebenefitofshareholdervalue.AppendixQuestions:

8、1.Bothwouldstillinvestintheirfriend’sbusiness.Ainvestsreceives$121000fhisinvestmentattheendoftheyear(whichisgreaterthanthe$120000itwouldreceivefromlendingat20%).Galsoinvestsbutbrowsagainstthe$121000paymentthusreceives$10

9、0833today.2.a.Hecouldconsumeupto$200000now(fegoingallfutureconsumption)upto$216000nextyear(2000001.08fegoingallconsumptionthisyear).Tochoosethesameconsumption(C)inbothyearsC=(200000–C)x1.08C=$103846.203704200000220000216

10、000DollarsNextYearDollarsNowb.Heshouldinvestallofhiswealthtoearn$220000nextyear.Ifheconsumesallthisyearhecannowhaveatotalof$203703.7(200000x1.101.08)thisyear$220000nextyear.IfheconsumesCthisyeartheamountavailablefnextyea

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