SOAL TEORI dan PETUNJUK JAWABAN MK

1.     Sebutkan 2 jenis cara perhitungan return rerata historis!

Arithmetic average:  Return earned in an average period over multiple periods. Answers the question:  “What was your return in an average year over a particular period?”

Geometric average:  Average compound return per period over multiple periods. Answers the question:  “What was your average compound return per year over a particular period?”

Geometric average < arithmetic average unless all the returns are equal

2.     Apa yang dimaksud dengan Risk-Free Rate dan Risk Premium?

Risk-free rate:  Rate of return on a riskless investment. Treasury Bills are considered risk-free

Risk premium:  Excess return on a risky asset over the risk-free rate. Reward for bearing risk

3.     Terdapat 3 jenis efisiensi pasar. Sebutkan dan jelaskan!

Strong-form Efficient Market: Information = Public or private. “Inside information” is of little use

Semistrong-form Efficient Market: Information = publicly available information . Fundamental analysis is of little use

Weak-form Efficient Market: Information = past prices and volume data. Technical analysis is of little use

4.     Apa yang dimaksud dengan varians dan standard deviasi? Bagaimana menghitungnya untuk aset individual dan portofolio? 

Variance = VAR(R) or σ2 . Common measure of return dispersion . Also call variability

Standard deviation  = SD(R) or σ . Square root of the variance. Sometimes called volatility. Same "units" as the average

5.     Apa yang dimaksud dengan systematic and unsystematic risk?  Apa jenis resiko yang relevan untuk menentukan return yang diharapkan?

Systematic Risk. Factors that affect a large number of assets. “Non-diversifiable risk”.“Market risk”. Examples: changes in GDP, inflation, interest rates, etc.

Unsystematic Risk = Diversifiable risk. Risk factors that affect a limited number of assets. Risk that can be eliminated by combining assets into portfolios. “Unique risk”. “Asset-specific risk”. Examples: labor strikes, part shortages, etc.

6.     Sebutkan dua pendekatan untuk menghitung biaya ekuitas (cost of equity)?  Bagaimana cara menghitung cost of debt?

Cost of Equity. The cost of equity is the return required by equity investors given the risk of the cash flows from the firm. Two major methods for determining the cost of equity :  Dividend growth model ,- SML or CAPM.

Cost of Debt. The cost of debt = the required return on a company’s debt . Method 1 = Compute the yield to maturity on existing debt. Method 2 = Use estimates of current rates based on the bond rating expected on new debt. The cost of debt is NOT the coupon rate.

7.     Apa yang dimaksud dengan WACC dan bagaimana cara menghitungnya bobotnya? Sebutkan 2 metode untuk menghitung diskon kalau WACC tidak sesuai?

Weighted Average Cost of Capital. Use the individual costs of capital to compute a weighted “average” cost of capital for the firm. This “average” = the required return on the firm’s assets, based on the market’s perception of the risk of those assets. The weights are determined by how      much of each type of financing is used.

Pure Play Approach. Find one or more companies that specialize in the product or service being considered. Compute the beta for each company. Take an average. Use that beta along with the CAPM to find the appropriate return for a project of that risk. Pure play companies can be difficult to find.

Subjective Approach.  Consider the project’s risk relative to the firm overall. If the project is riskier than the firm, use a discount rate greater than the WACC. If the project is less risky than the firm, use a discount rate less than the WACC.

8.     Apa pengaruh financial leverage effect ROE and EPS?

“Financial leverage” = the use of debt

Leverage amplifies the variation in both EPS and ROE

We will ignore the effect of taxes at this stage

What happens to EPS and ROE when we issue debt and buy back shares of stock?

9.     Apa yang dimaksud dengan biaya kebangkrutan yang langsung dan tidak langsung?

Direct costs

Legal and administrative costs

Bondholders incur additional losses

Disincentive to debt financing

Financial distress

Significant problems meeting debt obligations

Most firms that experience financial distress do not ultimately file for bankruptcy

Indirect bankruptcy costs

Larger than direct costs, but more difficult to measure and estimate

Stockholders wish to avoid a formal bankruptcy

Bondholders want to keep existing assets intact so they can at least receive that money

Assets lose value as management spends time worrying about avoiding bankruptcy instead of running the business

Lost sales, interrupted operations, and loss of valuable employees, low morale, inability to purchase goods on credit

10. Sebutkan jenis-jenis dividen dan jenis dividen tunai? 

Regular cash dividend = cash payments made directly to stockholders, usually               each quarter

Extra cash dividend = indication that the “extra” amount may not be repeated in the future

Special cash dividend = similar to extra dividend, but definitely won’t be         repeated

Liquidating dividend = some or all of the business has been sold

11. Bagaimana mekanisme pembayaran dividen?

Declaration Date – Board declares the dividend     and it becomes a liability of the firm

Ex-dividend Date

Occurs two business days before date of record

If you buy stock on or after this date, you will not receive the upcoming dividend

Stock price generally drops by approximately the amount of the dividend

Date of Record – holders of record are determined, and they will receive the dividend payment

Date of Payment – checks are mailed

12. Apa yanga dimaksud dengan clientele effect?

Investor preference:

Some investors prefer low dividend payouts

Some investors prefer high payouts

Investors will buy stock in companies that meet their dividend preferences

13. Apa yang dimaksud dengan pembelian kembali saham, mengapa investor lebih menyukainya?

Repurchase: Allows investors to decide if they want a current cash flow

Taxed only if: They choose to sell AND

They reap a capital gain on the sale

Gain may qualify as lower taxed capital gains if shares owned more than one year.

14. Apa yang dimaksud dengan modal ventura? Perusahaan apa yang menerima modal tersebut?

Private financing for new, high risk businesses in exchange for stock. Individual investors. Venture capital firms

Usually involves active participation by VC.

Ultimate goal: take company public; the VC will benefit from the capital raised in the IPO

Hard to find. Expensive

15. Apa yang dimaksud dengan IPO underpricing?

IPO pricing = very difficult. No current market price available. Dutch Auctions designed to eliminate first day IPO price “pop”. Underpricing causes the issuer to “leave money on the table”. Degree of underpricing varies over time

IPO Underpricing Reasons. Underwriters want offerings to sell out. Reputation for successful IPOs is critical

Underpricing = insurance for underwriters. Oversubscription & allotment . “Winner’s Curse”. Smaller, riskier IPOs underprice to attract investors.

16. Sebutkan biaya-biaya yang terkait dengan penerbitan surat berharga di pasar modal?

17. Apa yang dimaksud dengan private placement debt dan shelf registration?

Private placements : Similar to term loans with longer maturity.

SEC Rule 415. Permits firm to register a large issue with the SEC and sell it in small portions. Reduces flotation costs . Allows company more flexibility to raise money quickly.

Requirements : Company must be rated investment grade, Cannot have defaulted on debt within last three years, Market value of stock must be greater than $150 million, No violations of the Securities Act of 1934 in the preceding three years.

18. Apa perbedaan antara kebijakan keuangan jangka pendek yang fleksibel dan kaku (restriktif)?

Flexible Policy : Large amounts of cash and marketable securities. Large amounts of inventory. Liberal credit policies (large accounts receivable). Relatively low levels of short-term liabilities. High liquidity

Restrictive Policy : Low cash and marketable security balances. Low inventory levels. Little or no credit sales (low accounts receivable). Relatively high levels of short-term liabilities. Low liquidity

19. Faktor apa yang perlu dipertimbangkan untuk memilih suatu kebijakan keuangan?

Primary tool in short-run financial planning . Identify short-term needs and opportunities. Identify when short-term financing may be required. How it works. Identify sales and cash collections. Identify various cash outflows. Subtract outflows from inflows and determine investing and financing needs

20. Faktor-faktor apa yang perlu dipertimbangkan untuk membuat anggaran kas?

Carrying costs. Opportunity cost of owning current assets versus long-term assets that pay higher returns

Cost of storing larger amounts of inventory

Shortage costs. Order costs – the cost of ordering additional inventory or transferring cash. Stock-out costs – the cost of lost sales due to lack of inventory, including lost customers

21. Apa yang dimaksud dengan disbursement float and collection float?

Float = difference between cash balance recorded in the cash account and the cash balance recorded at the bank.

Disbursement float : Generated when a firm writes checks. Available balance at bank – book balance > 0

Collection float : Checks received increase book balance before the bank credits the account

Available balance at bank – book balance < 0

Net float = disbursement float + collection float

Disbursement float = desirable. Slowing down payments can increase disbursement float . Mail checks from

distant bank or post office. May not be ethical or optimal. Controlling disbursements : Zero-balance account. Controlled disbursement account

22. Apa yang dimaksud dengan credit analysis dan mengapa diperlukan?

Process of deciding which customers receive credit

Credit information : Financial statements, Credit reports/past payment history, Banks, Payment history with the firm

Determining creditworthiness : 5 Cs of Credit, Credit Scoring

23. Sebutkan 2 kategori biaya persediaan yang utama dan jelaskan?

-        Carrying costs = 20–40% of inventory value per year. Storage and tracking; Insurance and taxes; Losses due to obsolescence, deterioration, or theft; Opportunity cost of capital

-        Shortage costs (Restocking costs) : Lost sales or lost customers

24. Komponen apa saja yang diperlukan untuk menentukan economic order quantity?

Total Cost = Total carrying cost + Total restocking cost = = (Q/2)(CC) + F(T/Q)

25. Apa yang dimaksud dengan purchasing power parity, relative purchasing power parity dan interest rate parity?

Absolute Purchasing Power Parity : Price of an item is the same regardless of the currency used to purchase it or where it is selling. Requirements for Absolute PPP to hold  : No transaction costs, No barriers to trade (no taxes, tariffs, etc.), No difference in the commodity between locations. Absolute PPP rarely holds in practice . Usually only for uniform, traded goods

Relative Purchasing Power Parity : Quantifies inflation-exchange rate relationship. Provides information about what causes changes in exchange rates. Exchange rates depend on relative inflation between countries.  E(St ) = S0[1 + (hFC – hUS)]t.

Interest rate parity -> investors should expect to earn the same return on similar-risk securities in all countries