Finance question – corporate governance has become increasingly

Corporate governance has become increasingly important over the years.  The Sarbanes-Oxley (SOX) Act was enacted to improve transparency in financial accounting and to prevent fraud.  Which of the following is correct?

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fraud has not occurred since enactment of SOX


SOX has not increased auditing costs


government agencies are not required to comply withSOX


SOX requires companies to have a strong board ofdirectors


none of the above





Tactics that firms use to avoid hostile takeovers include:




shareholder rights provisions.


restricted voting rights.


poison pills.


all of the above




Both Adams and Wolfe are large public corporations with subsidiaries throughout the world.   Adams  uses a centralized approach and  makes most of the decisions for its subsidiaries.  Wolfe  uses a decentralized approach and its subsidiaries make most of their own decisions.   Which of the following is correct?


the agency problem would probably be more pronounced for Wolfe because of a higher probability that subsidiary decisions would conflict with the parent


agency costs would be the same for both companies


a decentralized approach is almost always better


a centralized approach is almost always better


none of the above





With convertible bonds, 


the company receives additional cash money when the convertibles are converted.


Investors are willing to accept a lower interest rate on a convertible than on otherwise similar straight debt


Investors require a higher interest rate than on otherwise similar straight debt


the convertibles cannot be converted for at least 10 years


none of the above




A firm’s common stock currently sells for $17.50.  Its 10% convertible bonds (issued at par $1000)  now sell for $900 and the conversion price is $20.  What is the conversion ratio?










none of theabove




Convertible bonds are:


considered equity on the balance sheet


similar in risk to the company’s common stock


riskier than the company’s common stock


less risky than the company’s common stock


none of the above











KORO Corporation’s common stock currently sells for $27.50.  Its  8% convertible bonds (issued at par $1000) now sell for $950.   The bonds can be converted into 40 shares of common stock.  What is the conversion price?










none of the above




KORO Corporation’s common stock currently sells  for $27.50.  Its  8% convertible bonds (issued at par $1000) now sell for $950.   The bonds can be converted into 40 shares of common stock.  What is the conversion value of the bond?










none of the above





Which of the following is correct?


Warrants are similar to long-term put options


The company receives additional funds when warrants are exercised


The company receives additional funds when bonds are converted


Warrants can sometimes be detached and traded separately from the debt with which they were issued, but this is unusual.


none of the above





A company will issue 20-year bonds with annual interest payments.  Each bond will include 20 warrants that give the holder to purchase one share of stock per warrant.  Each warrant is expected to have a value of $5.75.  A similar straight-debt issue would require an 8% coupon.  What coupon rate should be set on the bonds with warrants so that the package will sell for $1,000?











none of the above

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