Esame 29 Maggio 2017, domande PDF

Title Esame 29 Maggio 2017, domande
Course Finanza aziendale
Institution Università degli Studi di Roma Tor Vergata
Pages 8
File Size 266.1 KB
File Type PDF
Total Downloads 439
Total Views 712

Summary

Nome ………………………………. Finanza Aziendale GIANLUCA MATTAROCCI Data: 29-05-17 COMPITO D Cognome ………………………………. Matricola ……………………………….. REGOLAMENTO DELLA PROVA D’ESAME Scriva il suo nome, cognome e matricola sul foglio e lasci il suo libretto o il documento di identità sul banco. Durante l’esame il docente...


Description

Nome%%%%%%%%%%%%%%……………………………….%

Cognome%%%%%%%……………………………….%

Matricola%%%%%%………………………………..%

Foglio!extra& ………………………………………………………………………………………………………………………………………………………………& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………&

Domanda!1!–!L’indice!di!redditività!(max&6&punti)! ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………

Domanda!2!–!Frontiera!efficiente!e!modello!di!Markwitz!(max&6&punti)& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………&

Esercizio!1&(max&4&punti)! Soleil&SA,&sta&valutando&se&investire&in&una&nuova&tecnologia&per&la&produzione&di&energia&solare.&I&flussi& di&cassa&attesi&sono:& & F0& F1& F2& F3& F4& F5& -4.5&mln& 2,54&mln& 2,54&mln& 2,54&mln& 2,54&mln& 4,85&mln& & Valutate&l’investimento&utilizzando&il&tempo&di&recupero&semplice&e&attualizzato,&sapendo&che&il&tasso&di& rendimento&atteso&di&Soleil&SA&è&del&11%&e&che,&in&passato,&la&soglia&imposta&dall’impresa&era&di&2.5&anni.&& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………&

Esercizio!2&(max&4&punti)! & Considerate&un&bond&emesso&a&maggio&2014&e&valore&nominale&di&€1000&che&paga&cedole&annuali&al& tasso&dello&5%.&Il&valore&nominale&viene&rimborsato&a&maggio&2016.& 1)&Se&i&tassi&spot&sono&r1=3,22%&e&r2&4,26%,&quale&è&il&prezzo&del&titolo&sul&mercato?& 2)&Se&dopo&il&primo&anno,&il&tasso&spot&ad&un&anno&si&modifica&e&diviene&pari&a&4,50%,&quale&è&il&risultato& massimo&conseguibile&dall’investitore?& ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………&

Test!a!scelta!multipla&(0&punti&risposta&errata&e&1&punto&per&risposta&esatta)! In& condizioni& di& mercato& crescente,& se& un& titolo& ha& un& beta& negativo:& A)&il&titolo&ha&sempre&un&rendimento&positivo& B) & & C)& il& titolo& ha& un& rendimento& atteso& inferiore& al& rendimento& di& mercato& D)& il& titolo& ha& un& rendimento& atteso& uguale& al& portafoglio& di& mercato Il& mercato& ha& un& rendimento& atteso& di& 9.8%.& Il& titolo& di& stato& a& lungo& termine& dovrebbe& fruttare& il& 4.5%& e& i& buoni& del& Tesoro& dovrebbero&rendere&il&3.4%.&Il&tasso&di&inflazione&è&il&3.1%.&Qual&è& il&premio&per&il&rischio&del&mercato?& A)&2.2%& B)&3.3%& C)&5.3%& &

&Il&vostro&portafoglio&ha&un&beta&di&1.18.&Il&portafoglio&è&composto& da&buoni&del&Tesoro&per&il&15%,&da&azioni&A&per&il&30%&e&da&azioni& B&per&il&55%.&L'azione&A&ha&un&livello&di&rischio&equivalente&a&quello& del&mercato&complessivo.&Qual&è&il&beta&dell'azione&B?& A)&0.55& B)&1.10& & D)&2.50 Priscilla& possiede& 500& titoli& della& Delta.& Oggi& è& il& primo& gennaio& 2006,&l'azienda&ha&recentemente&rilasciato&una&dichiarazione&che& pagherà&un÷ndo&di&€&1.00&per&azione&il&31&dicembre&2006&e& un& dividendo& di& €& 0.50& il& 31& dicembre& 2007.Priscilla& non& vuole& alcun÷ndo&quest'anno,&ma&vuole&ricavare&quanto&più&reddito& da& dividendi& è& possibile& il& prossimo& anno.& Il& suo& rendimento& richiesto& sul& capitale& è&12%.& Ignorando& le& imposte,& quale&sarà& il& dividendo&per&azione&costruito&in&proprio&da&Priscilla&nel&2007?& A)&€&0& B)&€&0.50& C)&€&1.50& & Il&valore&di&un'impresa&è&massimizzato&quando:& A)&è&massimizzato&il&costo&dell'equity& B)&l'aliquota&d'imposta&è&zero& C)&è&massimizzato&il&costo&levered&del&capitale& &

Quale&tra&le&seguenti&attività&è&generalmente&la&più&liquida?& A)&Le&scorte& B)&Il&patrimonio&immobiliare& C)&Le&attrezzature& D)&I&brevetti&

! &

Un& progetto& ha& un& costo& iniziale& di& €& 1900.& I& flussi& di& cassa& in& entrata& sono& rispettivamente& €& 0,& €& 500,& €& 900& e& €& 700& per& i& prossimi&quattro&anni.&Qual&è&il&tempo&di&recupero&attualizzato?& A)&2.71&anni& B)&2.98&anni& C)&3.11&anni&

& Quale&tra&le&seguenti&sono&incluse&nelle&attività&a&breve&termine?& I.&Attrezzature& II.&Scorte;&magazzino;&rimanenze& III.&Debiti&commerciali& IV.&Cassa& & A & B)&Solo&I&e&III& C)&Solo&I,&II,&e&IV& D)&Solo&III&e&IV& &Se&una&società&emette&debito&ma&sottoscrive&contratti&di&prestito& che& includono& clausole& di& salvaguardia& e& restrizione,& allora& il& debito& dell'impresa& potrebbe& essere& emesso& ad& un& tasso& di& interesse&_____&a&quello&di&altri&debiti&simili.& A)&sostanzialmente&superiore& B)&leggermente&superiore& C)&uguale& & Quale&delle&seguenti&affermazioni&è/sono&vere?& A)&S & & B)& L'APT& e& il& CAPM& sono& gli& unici& approcci& che& misurano& i& rendimenti&attesi&di&attività&rischiose& C)&Sia&il&CAPM&che&l'APT&sono&modelli&basati&coerenti&con&la&teoria& proposta&da&Markowitz& D)&Sono&vere&le&risposte&A&e&B&

Per&un&portafoglio&diversificato&composto&da& un&gran&numero&di& titoli:& A)&la&media&ponderata&del&rendimento&atteso&tende&a&zero& & C)&la&media&ponderata&del&rischio&non&sistematico&tende&a&zero& D)&il&rendimento&del&portafoglio&tende&a&zero Quale&delle&seguenti&affermazioni&è&vera?& A)& In& un& portafoglio& ben& diversificato& il& rischio& sistematico& è& trascurabile& B) & & C)&Un&titolo&singolo&ha&un&rischio&sistematico&trascurabile& D)&Un&titolo&singolo&ha&un&rischio&non&sistematico&trascurabile&

Foglio!Extra! ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………………&...


Similar Free PDFs