Finanzas Corporativas Value ShareHolders Hold Stock or Sell

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1) YouFin Corporation considers undertaking a new project. The initial investment required for the project is $20 million. In one year’s time, this project will either have a value of $35 million in a weak economy or a value of $52 million in a strong economy, with probability distribution 0.35 (weak) and 0.65 (strong). The project’s cost of capital is 10% and the risk-free rate is 3%. Suppose the firm has no retained earnings available so it borrows $10 million to partly finance the project. Determine the firm’s equity cost of capital.

2)Startup Corporation had no debt up until now. Assume that its corporate tax rate is 30% and it faces a cost of debt of 3% should it decide to borrow. Investors in Startup pay a 12% tax rate on income from equity and an 18% tax rate on interest income. Suppose Startup wants to reduce its corporate tax burden by $1 million per year permanently through issuing sufficient debt.
Determine the value that would be created for shareholders. Assume that the current earnings before taxes of Startup is sufficiently high such that any interest amount can be fully deducted.

3)Boseman & Associates pays a regular dividend of $4.50 per share. Its corporate finance advisor has estimated that, typically, the stock price drops by $3.50 per share at the first moment when the dividend is paid, and that this information is shared with all investors. Suppose the capital gains tax
rate is 15% and that the tax rates on dividend is different. Determine the marginal dividend tax rate, i.e. the tax rate of an individual investor who is just indifferent between holding the stock and receiving the dividend, and avoiding the dividend receipt.