Annie-pier
7524 mots
31 pages
Gestion financière internationaleGSF — 2104 hiver 2010
Pour l’examen final
Liste d’exercices suggérés dans Madura
Ces exercices s’ajoutent aux exercices de la liste pour l’intra
L’examen final sera CUMMULATIF
EXERCISES DANS LE LIVRE DE MADURA DIXIÈME ÉDITION
CHAPITRE 3: QUESTIONS AND APPLICATIONS: 25.
CHAPITRE 5: SELF TEST: 1, 2, 4ab, 5ab
QUESTIONS AND APPLICATIONS: 2, 3, 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 18, 23, 25, 29, 33, 39, 41.
CHAPITRE 6 : QUESTIONS AND APPLICATIONS: 1, 2, 3, 4, 6, 11, 12, 19, 23.
CHAPITRE 11: SELF TEST: 1, 2, 3
QUESTIONS AND APPLICATIONS: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 16, 17, 18, 21, 22, 24, 33, 35, 40, 50.
Madura – SOLUTIONS
Exercices sélectionnés
Answers to End of Chapter Questions
CHAPTER 3
25. Pricing ADRs. Today, the stock price of Genevo Company (based in Switzerland) is priced at
SF80 per share. The spot rate of the Swiss franc (SF) is $.70. During the next year, you expect that the stock price of Genevo Company will decline by 3%. You also expect that the Swiss franc will depreciate against the U.S. dollar by 8% during the next year. You own American depository receipts (ADRs) that represent Genevo stock. Each share that you own represents one share of the stock traded on the Swiss stock exchange. What is the estimated value of the ADR per share in one year?
ANSWER: Expected value of Swiss stock in 1 year = SF80 x (1 - .03) = SF77.6.
Expected value of Swiss franc in 1 year = $.70 (1 - .08) = $.644
Expected value of ADR in 1 year = SF77.6 x ($.644 per franc) = $49.97.
CHAPTER 5 2. Using Currency Futures. a. How can currency futures be used by corporations? ANSWER: U.S. corporations that desire to lock in a price at which they can sell a foreign currency would sell currency futures. U.S. corporations that desire to lock in a price at which they can purchase a foreign currency would purchase currency futures. b. How can currency futures be used by