Evaluating Risk and Return-995709
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Evaluating Risk and Return
Bartman Industries
Reynolds Inc.
Winslow 5000
Year
Stock Price
Dividend
Stock Price
Dividend
Includes Dividends
2020
$17.35
$1.16
$49.25
$2.80
$11,006.20
2019
$14.70
$1.07
$53.20
$2.70
$8,463.89
2018
$16.50
$1.00
$49.25
$2.55
$8,354.95
2017
$10.75
$0.95
$58.25
$2.40
$6,268.43
2016
$11.52
$0.90
$61.80
$2.25
$5,533.19
2015
$7.62
$0.85
$57.05
$2.10
$4,625.87
a.
Calculating the annual rates of return for Bartman, Reynolds, and the Winslow 5000 Index
Year
Bartman
Reynolds
Winslow
2020
25.92%
-2.16%
30.04%
2019
-4.42%
13.50%
1.30%
2018
62.79%
-11.07%
33.29%
2017
1.56%
-1.86%
13.29%
2016
62.99%
12.27%
19.61%
Calculating each entity's average return over the 5-year period
Bartman
Reynolds
Winslow
Average return
29.77%
2.14%
19.51%
b.
Calculating the standard deviations of the returns for Bartman, Reynolds, and the Wiinslow 5000
Bartman
Reynolds
Winslow
Standard deviation
32.30%
10.50%
12.95%
c.
Calculating the coefficients of variation for Bartman, Reynolds, and the Wiinslow 5000
Bartman
Reynolds
Winslow
Coefficient of variation
1.09
4.92
0.66
d.
Calculating the Sharpe ratios for Bartman, Reynolds, and the Index using their average returns
Risk-free rate
3.00%
Bartman
Reynolds
Winslow
Sharpe ratio
0.8287
-0.0824
1.2746
e.
Constructing a scatter diagram that shows Bartman's and Reynolds's returns on the vertical axis and
the Winslow 5000 Index's returns on the horizontal axis
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f.
Estimating Bartman's and Reynolds's betas by running regressions of their returns against the index's returns
A
B
C
D
E
F
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62
Bartman's Calculations
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.726648591936013
R Square
0.52801817616259
Adjusted R Square
0.37069090155012
Standard Error
0.256252960289425
Observations
5
ANOVA
df
SS
MS
F
Significance F
Regression
1
0.220385306315156
0.220385306315156
3.35617697225868
0.164343991837771
Residual
3
0.196996738971281
0.065665579657094
Total
4
0.417382045286437
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Intercept
-0.055879735399344
0.224452619983748
-0.248960049579238
0.819462935207227
-0.770188146577873
X Variable 1
1.81258110069832
0.989407095995772
1.8319871648728
0.164343991837771
-1.3361538563749
Reynolds's Calculations
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.750723356747679
R Square
0.563585558366504
Adjusted R Square
0.418114077822005
Standard Error
0.080078820732396
Observations
5
ANOVA
df
SS
MS
F
Significance F
Regression
1
0.024843760561501
0.024843760561501
3.87419964557318
0.143684802318065
Residual
3
0.019237852589674
0.006412617529891
Total
4
0.044081613151175
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Intercept
0.140061713546818
0.070141242849622
1.99685246306656
0.1397517121969
-0.08315902560797
X Variable 1
-0.608575965987938
0.309188831934347
-1.96829866777712
0.143684802318065
-1.59255282181239
Formulas
Bartman's beta
1.8126 =B81
Reynolds's beta
-0.6086 =B104
g.
Calculating the two companies' required returns
Market return
9.00%
Risk-free rate
4.50%
Bartman's required return
12.66% =B114+B109*(B113-B114)
Reynolds's required return
1.76% =B114+B110*(B113-B114)
h.
Calculating the portfolio's beta and required return
Bartman's weght
50%
Reynolds's weght
50%
Portfolio's beta
0.6020 =(B109+B110)/2
A
B
C
D
E
F
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Portfolio's required return
7.21% =(B115+B116)/2
i.
Calculating the new portfolio's required return
Beta
Portfolio Weight
Bartman
1.813
30%
Stock A
0.730
15%
Stock B
0.981
30%
Stock C
1.435
25%
Portfolio's beta
1.3063 =(B126*C126)+(B127*C127)+(B128*C128)+(
Portfolio's required return
10.38% =B114+B131*(B113-B114)
A
B
C
D
E
F
122
123
124
125
126
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128
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132
Formulas
Bartman
Reynolds
=((B5+C5-B6)/B6)
=((D5+E5-D6)/D6)
=((B6+C6-B7)/B7)
=((D6+E6-D7)/D7)
=((B7+C7-B8)/B8)
=((D7+E7-D8)/D8)
=((B8+C8-B9)/B9)
=((D8+E8-D9)/D9)
=((B9+C9-B10)/B10)
=((D9+E9-D10)/D10)
Bartman
Reynolds
=SUM(B14:B18)/5
=SUM(C14:C18)/5
Bartman
Reynolds
=STDEV.S(B14,B15,B16
=STDEV.S(C14,C15,C16
Bartman
Reynolds
=B26/B22
=C26/C22
Bartman
Reynolds
=((B22-B33)/B26)
=((C22-B33)/C26)
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Upper 95%
Lower 95.0%
Upper 95.0%
0.658428675779185
-0.770188146577873
0.658428675779185
4.96131605777155
-1.3361538563749
4.96131605777155
Upper 95%
Lower 95.0%
Upper 95.0%
0.363282452701606
-0.08315902560797
0.363282452701606
0.37540088983651
-1.59255282181239
0.37540088983651
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Data as given are shown below:
Year
Bartman
Reynolds
Market Index
Stock Price
Dividend
Stock Price
Dividend
2020
$17.250
$1.150
$48.750
$3.000
11,663.98
2019
14.750
1.06
52.300
2.90
8,785.70
2018
16.500
1.000
48.750
2.750
8,679.98
2017
10.750
0.950
57.250
2.500
6,434.03
2016
11.375
0.900
60.000
2.250
5,602.28
2015
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0.850
55.750
2.000
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Goodman Corporation
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22.17
24.95
16.25
17.12
11.41
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1.52
1.45
1.40
1.34
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$74.73
80.04
74.73
86.98
91.48
84.61
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$4.51
4.34
4.16
3.74
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17,435.13
13,147.79
12,949.11
9,485.43
8,064.16
6,891.67
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and dividends, along with the Winslow 5000 Index, are shown here for the period 2012-
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Year
2017
2016
2015
2014
2013
2012
Bartman Industries
Stock Price
$17.25
14.75
16.50
10.75
11.37
7.62
Reynolds Inc.
Dividend Stock Price
$1.15
1.06
1.00
0.95
0.90
0.85
$48.75
52.30
48.75
57.25
60.00
55.75
Dividend
$3.00
2.90
2.75
2.50
2.25
2.00
Winslow 5000
Includes Dividends
$11,663.98
8,785.70
8,679.98
6,434.03
5,602.28
4,705.97
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380.1500
467.7500
311.4200
451.8500
19.92%
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291.4900
391.7700
279.8500
376.7800
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204.7600
305.2100
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293.9200
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188.3200
244.2100
178.6100
203.7100
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167.4075
159.7300
192.7300
150.4400
186.1200
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154.3535
159.5400
169.0400
141.2900
160.1100
-0.86%
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141.6100
168.8700
132.7100
161.5000
13.93%
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121.5830
117.8100
144.1500
110.1800
141.7500
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101.4500
125.4300
99.4500
119.0200
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105.9483
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72.4700
88.0600
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- Data as given are shown below: Year Bartman Reynolds Market Index Stock Price Dividend Stock Price Dividend 2020 $17.250 $1.150 $48.750 $3.000 11,663.98 2019 14.750 1.06 52.300 2.90 8,785.70 2018 16.500 1.000 48.750 2.750 8,679.98 2017 10.750 0.950 57.250 2.500 6,434.03 2016 11.375 0.900 60.000 2.250 5,602.28 2015 7.625 0.850 55.750 2.000 4,705.97 Use the data given to calculate annual returns for Bartman and Reynolds, and the Market Index, and then calculate average returns over the five-year period. (Hint: Remember, returns are calculated by subtracting the beginning price from the ending price to get the capital gain or loss, adding the dividend to the capital gain or loss, and dividing the result by the beginning price. Assume that dividends are already included in the…arrow_forwardYear 2021 2020 2019 2018 2017 2016 Goodman Corporation Stock Price $26.22 22.17 24.95 16.25 17.12 11.41 Dividend $1.69 1.52 1.45 1.40 1.34 1.26 Landry Incorporated Stock Price $74.73 80.04 74.73 86.98 91.48 84.61 Dividend $4.51 4.34 4.16 3.74 3.40 3.00 Market Index Includes Dividends 17,435.13 13,147.79 12,949.11 9,485.43 8,064.16 6,891.67arrow_forwardEVALUATING RISK AND RETURN Bartman Industries's and Reynolds Inc.'s stock prices and dividends, along with the Winslow 5000 Index, are shown here for the period 2012- 2017. The Winslow 5000 data are adjusted to include dividends. Year 2017 2016 2015 2014 2013 2012 Bartman Industries Stock Price $17.25 14.75 16.50 10.75 11.37 7.62 Reynolds Inc. Dividend Stock Price $1.15 1.06 1.00 0.95 0.90 0.85 $48.75 52.30 48.75 57.25 60.00 55.75 Dividend $3.00 2.90 2.75 2.50 2.25 2.00 Winslow 5000 Includes Dividends $11,663.98 8,785.70 8,679.98 6,434.03 5,602.28 4,705.97 a. Use the data to calculate annual rates of return for Bartman, Reynolds, and the Winslow 5000 Index. Then calculate each entity's average return over the 5-year peri- od. (Hint: Remember, returns are calculated by subtracting the beginning price from the ending price to get the capital gain or loss, adding the dividend to the capital gain or loss, and dividing the result by the beginning price. Assume that dividends are already…arrow_forward
- XYZ's stock price and dividend history are as follows: Year Beginning-of-Year Price Dividend Paid at Year-End 2019 2020 2021 2022 $ 120 150 110 120 An investor buys three shares of XYZ at the beginning of 2019, buys another two shares at the beginning of 2020, sells one share at the beginning of 2021, and sells all four remaining shares at the beginning of 2022. Arithmetic average rate of return Geometric average rate of return $5 Required: a. What are the arithmetic and geometric average time-weighted rates of return for the investor? (Round your year-by-year rates of return and final answers to 2 decimal places. Do not round other calculations.) 5 5 5 % % Dollar-weighted rate of return b. What is the dollar-weighted rate of return? (Hint Carefully prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2019, to January 1, 2022. If your calculator cannot calculate IRR, you will have to use trial and error or a spreadsheet program.) (Round…arrow_forwardThe following table shows the expected dividend payments and required rate of return of Globex Corp. Clearly explain the assumptions, if any, you are using to solve below question(s). Year 2021 2022 2023 2024 2025 2026 2027 ke Dividend $ 0.40 $ 0.44 $ 0.48 $ 0.53 $ 0.59 $ 0.61 $0.63 12% 1,Calculate value of Globex Corp share in 2021. 2.The market price of Globex Corp share is $8.50. Based on your answer in (i), is Globex Corp share overvalued, undervalued or fairly priced? Explain clearly.arrow_forwardThe following table shows the expected dividend payments and required rate of return of Globex Corp. Clearly explain the assumptions, if any, you are using to solve below question(s). 2021 2023 20244 2022 $4 Yeara 2025 20264 20274 ket Dividend $ 0.40 0.44 0.48 $ 0.53 $ 0.59 $ 0.61 $ 0.63 12%e i. Calculate value of Globex Corp share in 2021. ww mmarrow_forward
- Faux Corp Stock Over the Last 10 years - Beta = 1.1 - Market Risk premium = 10% - Current risk-free rate 3% - Last dividend $5 - Current Stock Price $30 Dividend History 2016 - $4.20 2017 - $4.40 2018 - $4.55 2019 - $4.75 2020 - $5.00 1. Calculate the cost of equity using SMLarrow_forwardA stock ended 2019 at $28.80 per share and paid a $1.75 dividend per share in 2021. What is the holding period return if the stock ended 2021 at $38.80? 40.80% 34.72% -28.65% -30.28%arrow_forwardes XYZ stock price and dividend history are as follows: Beginning-of-Year Dividend Paid at Year-End Price $100 110 $ 4 4 90 95 Year 2018 2019 2020 2021 An investor buys three shares of XYZ at the beginning of 2018, buys another two shares at the beginning of 2019, sells one share at the beginning of 2020, and sells all four remaining shares at the beginning of 2021. Required: a. What are the arithmetic and geometric average time-weighted rates of return for the investor? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Arithmetic time-weighted average returns Geometric time-weighted average returns 2018 2019 2020 2021 b-1. Prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2018, to January 1, 2021. (Negative amounts should be indicated by a minus sign.) Date 4 4 Cash Flow $ Rate of return (300) (208) 110 396 3.15 % 2.33 % b-2. What is the dollar-weighted rate of return? (Hint: If your calculator cannot…arrow_forward
- Integrative—Risk and Valuation Given the following information for the stock of Foster Company, calculate the risk premium on its common stock. Current price per share of common stock $33.82 Expected dividend per share next year $1.12 Constant annual dividen growth rate 8.8% Risk-free rate of return 4.3%arrow_forwardXYZ stock price and dividend history are as follows: Dividend Paid at Year-End 5.5 Year 2010 2019 2020 2021 Beginning-of- Year Price An investor buys six shares of XYZ at the beginning of 2018, buys another three shares at the beginning of 2019, sells one share at the beginning of 2020, and sells all eight remaining shares at the beginning of 2021. $130 144 120 125 Required: a. What are the arithmetic and geometric average time-weighted rates of return for the investor? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Arithmetic Sime-weighted average retums Geometric time-weighted average returns Date 01/01/2018 01/01/2019 01/01/2020 01/01/2021 b-1. Prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2018, to January 1, 2021. (Negative amounts should be indicated by a minus sign.) Fale of retur % % Cash Flow b-2. What is the dollar-weighted rate of return? (Hint: If your calculator cannot calculate…arrow_forwardManshukharrow_forward
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