An investment has returned 12%, 4%, -8%, 2%, and 20% in each of the last five years.  If we decide to use historical returns as a proxy for expected future returns, what is the expected rate of return?

What is the expected price of a stock with a 10% required rate of return, an expected dividend next year of $1, and an expected dividend growth of 5%?

______________ is the process by which investors sell or buy an asset based upon their valuation of the asset.  

A firm comprised of all equity is not expected to have any FCF for the next 5 years.  After that, the FCF is expected to be $120 million and grow by 1% after that.  If the required return on equity is 6%, what is the terminal value of the company?

Which of the following is often associated with spectacular losses by traders?

A future is which type of financial asset?

Which of the following is not a typical action that a “dissatisfied stockholder” would take?

A firm is not expected to pay a dividend for the next three years.  If the expected share price of the firm in three years is $25 and investors require a 10% rate of return, what is the expected share price today?

A firm has declared they will pay a $0.50 quarterly dividend.  The day before the ex-dividend date the stock is $50.  On the ex-dividend date the owner of one share of stock has:

Assuming no holidays, a purchaser of stock on Monday is the holder of record on: