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Case II Ameritrade
- 1. Cost of Capital By: Hammed Adeniyi Gabriela Nevergold Kristine Nukk Carlos Walton
- 13. Quick & Reilly Group : Rs = 6.34% + 1.87 (11.8%) = 28.4% Waterhouse Investor Services : Rs = 6.34% + 2.23 (11.8%) = 32.6% RISK FREE RATE (Rf) - 6.34% (10-Year bond) RISK PREMIUM - 11.8% (small cap – long term bond) 1950-1996 Schwab : Rs = 6.34% + 1.53 (11.8%) = 24.4%
- 14. Schwab : Debt/Value ratio = 0.08, hence B = .08 Value/Debt ratio = 0.92{1 – 0.05}, hence S = .92 Quick & Reilly Group : Debt/Value ratio = 0.0 Value/Debt ratio = 0.0 Waterhouse Investor Services : Debt/Value ratio = 0.38, hence B = .38 Value/Debt ratio = 0.62 {1 – 0.38}, hence S = .62 Tax rate : 35%
- 15. Schwab : Beta asset (I) = (.92/(.92 + .08)) * 1.53 + (.08/(.08+.92))*0 (1-.35) = 1.41 Beta asset (II) = (.92/(.92 + .08)) * 1.53 + (.08/(.08+.92))*0.25 (1-.35) = 1.42 Quick & Reilly Group : Beta asset = n/a Waterhouse Investor Services : Beta asset (I) = (.62/(.62 + .38)) * 2.23 + (.38/(.38+.62))* ))*0 (1-.35) = 1.38 Beta asset (I) = (.62/(.62 + .38)) * 2.23 + (.38/(.38+.62))* ))*0 (1-.35) = 1.44 Tax rate : 35%
- 16. Ameritrade Cost of Equity : Rs = 6.34% + 1.877 (11.8%) = 28.49% RISK FREE RATE (Rf) - 6.34% (10-Year bond – 1950-1996) MARKET RETURN (Rm) – 17.0% (Small Company Stock – 1950-1996) RISK PREMIUM - 11.8% BETA (Average of portfolio beta) Beta = (1.53 + 1.87 + 2.23)/3 = 1.877