我们高顿网校小编们含辛茹苦为您整理了2014年7月北美精算师SOA真题November2004Course8F（最后一部分），世间最宝贵，赶紧背起来了。
　　13.(11points)YouaretheCFOforMontagueDebtManagement.Montague’sbalance
　　sheetcurrentlyconsistsof$700millioninassetsfinancedinpartby$650millionof
　　equity.Theafter-taxreturnonassetsisnormallydistributedwithameanof13%and
　　standarddeviationof7%.Assumethecorporatetaxrateis30%.
　　Debtfinancingiscurrentlyprovidedbyasinglesource,theBankofVerona(BOV),ata
　　pretaxrateof10%.BOVrequiresapositivereturnonequity(ROE)withaprobabilityof
　　atleast95%.
　　Montagueisconsideringrestructuringitscapitalbyincreasingthedebtfinancingfrom
　　BOV.R&JCapital,aregionalinvestmentbank,recentlysuggestedtoMontague’s
　　seniormanagementthatpreferredstockorpublicdebtissuancemaybemoreattractive
　　optionsthanadditionalbankdebt.
　　YouaregiventhefollowingstatisticswithrespecttotheStandardNormalDistribution:
　　(PrX≤z)z
　　0.500.000
　　0.670.431
　　0.750.674
　　0.800.842
　　0.901.282
　　0.951.645
　　0.992.326
　　(a)(3points)DeterminethemaximumleverageforMontaguethatsatisfiesBOV’s
　　constraints.Showallwork.
　　(b)(1point)IdentifythefactorsthatimpactthedebtcapacitydecisionforMontague
　　andforBOVastheycontemplatethedebtfinancingdecision.
　　(c)(2points)Montague’sBoardhasaskedyoutodifferentiatepublicdebtand
　　preferredstockinrelationtothefollowingpoints:
　　?Priorityofclaim
　　?Controlrights
　　?Corporatetaxshields
　　?Taxliabilityforindividualandcorporateclaimholders
　　Outlineyourreply.
　　COURSE8:Fall2004-15-STOP
　　FinanceSegment
　　AfternoonSession
 
　　13.Continued
　　(d)(3points)AssumeMontaguehasdecidednottoraiseadditionaldebtatthistime.
　　R&JCapitalhasperformedananalysisofMontague’sequityusingtheEquity
　　CashflowValuationmethodandhasdeterminedthatMontague’sequityis
　　currentlyovervalued.Asaresult,R&JCapitalhasrecommendedapublicequity
　　offering.
　　IdentifyhowR&JCapital’schosenvaluationmethodmaybiastheirconclusion.
　　(e)(2points)Assumetherisk-freerateis4%atallmaturitiesandthecurrentmarket
　　priceofthedebtis90%.CalculatetheamountbywhichR&JCapitalhas
　　misestimatedth*ueofMontague’sequity.
 
　　14.(4points)YouaretheCFOforthesmalllifeinsurancesubsidiaryofalarge,publiclytraded
　　diversifiedfinancialservicesorganization.Thesubsidiaryisfairlynewandis
　　growingrapidlybyexpandingintonewerproductsandmarkets.TheCEOofthelife
　　subsidiaryhasjusttoldyoutheparentcompanyhasbeenacquiredbyacompetitor.
　　Whiletheacquisitionwasfriendly,theacquirerdoesnotintendtocontinueoperatingthe
　　lifesubsidiary.
　　(a)Assumethatthelifesubsidiarybecomesastand-aloneorganization.Recommend
　　anappropriatecapitalstructureforthelifesubsidiary.Supportyouranswer.
　　(b)TheCEOinvitesyoutojoinapartnershipofseniorexecutivesconsideringa
　　leveragedbuyout(LBO)ofthelifesubsidiary.StatethewaysinwhichanLBO
　　structuremightimprovethewaythelifesubsidiaryisrun.
　　(c)IndicatewhetheranLBOisappropriateforthissituation.Supportyouranswer.
　　**ENDOFEXAMINATION**
　　AFTERNOONSESSION
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