1. CHƯƠNG 13
Example:
A US investor takes 500.000$ in Germany securities. Current spot rate is 1.3$/euro,
Averange price is 60 euro. At the end 1 year, investor sell stocks at spot rate =
1.35$/euro, averange price = 57 euro. What is the rate of return before and after
convertiing in $?
𝑹$
= [(𝟏 + 𝒓
$
𝒆𝒖𝒓𝒐) (𝟏 + 𝒓𝒔𝒉𝒂𝒓𝒆𝒔,𝒆𝒖𝒓𝒐)] − 𝟏
Solution 1 Solution 2
 At spot rate = 1.3$/euro
500.000$ = 384615.4 euro
=> 384615.4/60 = 6410 shares
 Sell
6410 x 57 = 365370 euro
 At spot rate 1.35$/euro: 365370
euro = 493249.5$
𝑅𝑏𝑒𝑓𝑜𝑟𝑒 =
365370 − 384615.4
384615.4
= −5%
𝑅𝑎𝑓𝑡𝑒𝑟 =
493249.5 − 500.000
500.000
= −1.35%
R($/euro) = (1.35 – 1.3)/1.3 = 3.85%
R(stock/euro) = (57 – 60)/60 = -5%
 R($) = (1 – 5%)(1+3.85%) – 1 = -
1.35%
Exercise about CAPM:
What is Electrolux’s weighted averange cost of capital?
Solution:
𝑘𝑒 = 𝑘𝑟𝑓 + 𝛽(𝑘𝑚 − 𝑘𝑟𝑓) = 4.3% + 1.3(4% − 4.3%) = 3.91%

2. 𝑘𝑑(1 − 𝑡) = (𝑘𝑟𝑓 + 𝑘𝑐𝑟𝑒𝑑𝑖𝑡 𝑟𝑖𝑠𝑘 𝑝𝑟𝑒𝑚𝑖𝑢𝑚)(1 − 𝑡) = (4.3% + 1.2%)(1 − 26%) = 4.07%
E = 286130000 x 182 = 5.207566x1010
 V = 5.207566x1010
+ 11.532.000.000 = 6.360766x1010
 𝑘𝑊𝐴𝐶𝐶 = 𝑘𝑒
𝐸
𝑉
+ 𝑘𝑑(1 − 𝑡)
𝐷
𝑉
= 3.91% ×
5.207566x1010
6.360766x1010
+ 4.07% ×
11.532.000.000
6.360766x1010
=
3.94%
CHƯƠNG 14
[(10447587.5-10130000)/10130000] -1
Tính tương tự như ở trên