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TFIN 603 Corporate Finance

Date Due: 25/5/2020 in Turnitin and before class
Total Marks: 20 marks of the Unit
1. State and justify all your assumptions
2. This Group Assignment contains two parts:
• Part 1 (50%) is the work contained in the instructions below.
• Part 2 (50%) is the final report, follow the “Example Business Report Structure” found in Moodle. It should contain a report of the main points found in Part 1, and not the details already reported in Part
• Part 1 work should be separated from Part 2 and include no more than 12 A4 pages.
• Part 2 should be no more than 4 A4 pages, or maximum of 1,200 words.
• Both Part 1 and 2 should be typed in Times New Roman, font 12, 1.5 spacing.
• Part 1 should only contain the table from Step 7, the regression summary (no data please), the graphs and the correlation matrix from step 8 to 12.
3. A copy of Part 1 (DO NOT INCLUDE EXCEL) and 2 should be submitted in Turnitin before 9am on 25 May 2020.

4. A soft copy (one copy per Group) of all WORD and EXCEL files should be emailed to siang.chang@top.edu.au before the beginning of the class, complete with cover sheet found in Moodle. Failure to submit on time will receive a 10% deduction in marks

5. Email your “Group Assignment Peer and Self-Assessment” with the document stated in point 4. You can find this form in Moodle.
6. Any form of cheating will attract a mark of ZERO.
Relationship between Beta and Financial Ratio of a company assigned to your group

Part 1 Instructions
Step 1 Collect 10 years of closing price data from https://au.finance.yahoo.com
Step 2 Collect 10 years of All Ordinaries Index (^AORD) from the same site.
Step 3 For a one-year data series for year 2010:

3a) Calculate weekly security return Ri. Ri = ln Price at t + 1/ ln Price at t
3b) Calculate weekly market return Rm. Rm = ln AORD at t + 1/ ln AORD at t
3c) Use Regression Analysis in Excel, regress Ri vs Rm (Refer to example in Moodle)
3d) Record the value of 1-year beta from the regression
Step 4 Repeat Step 3 for each year from 2010 to 2019, a total of 10 regressions, including 2010 (if your company data does not go as far back as 2010, start from the earliest year where you can find the data)

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Step 5 Go to the website of your assigned company, and find the balance sheet and profit and loss statements from 2010 to 2019.
Step 6 Calculate the following ratios for each of the years from 2010 to 2019:

1. PE = Price per shareEarnings per share 2. DebtEquity = Total DebtTotal Equity 3. Times Interest Earned = EBITInterest
4. Market Value/Book Value = Market Value per shareBook Value per share

Step 7 Regress Beta against P/E, where Beta is the y variable, and P/E the x variable.
Step 8 Draw a time series graph, where Beta and P/E are the y values, and year the x values.
Step 9 Repeat Step 8 and 9 for D/E, Times Interest Earned and MV/BV, one ratio at a time.
Step 10 a) Repeat Step 8 and 9, but with Beta against all the four ratios.

This multiple linear regression is expressed as: y = a + b1 x1+ b2 x2 + b3 x3 + b4 x4
where y = Beta, x1 = P/E, x2 = D/E, x3 = Times interest earned, x4 = MV/BV
a = y intercept, bi = slope for each of the ratios (where i = 1, 2, 3 4)
b) You should plot a time series graph containing all five variables, where y-axis represents the five variables, and x-axis the “year”.
(5% per regression and graph, a total of 25%)

Step 12 Find “Correlation” under Data/Data Analysis in Excel, and compute the correlation matrix of beta and the four ratios.

Part 2 (50%)
In a Business Report format, include the summary results (do not include data-series) from Part 1 and answer the following questions
1. What is the meaning of beta? (5%)
2. What type of beta have you found in Part 1-asset beta, equity beta or debt beta? Explain. (5%)
3. Explain briefly the meaning of the financial ratios you are studying in this assignment. (5%)
4. Explain the meaning of R-Square of the regression. Refer to the Excel example in Moodle. (5%)
5. From each of the regressions in step 8 and 10, comment on the R-Square and the p-value for the slope. Similarly for step 11, comment on R-Square and p-values of the 4 slopes. (10%)
Show your results as follows:
Beta vs P/E
Beta vs D/E
Beta vs TIE
Beta vs MV/BV
Beta vs all 4 ratios
show all 4 p-values
Note that p-value is compared to the level of significance α.
a) if α > p, the regression model in step 8 and 10 are significant and can be used at a confidence level of (1-α). Test at α = 5%
b) if α < p, the regression model in step 8 and 10 are insignificant and cannot be used at a confidence level of (1-α). Test at α = 5%
c) For step 11, some or all of the slopes may be significant. The model is significant when only the significant x-variables are included. Test at α = 5%.
6. Comment on the correlations in the correlation matrix found in step 12, include the correlation matrix here. (10%)

7. Report and comment on your observation of the graphs-how does Beta move with respect to each of the ratios over time, and why? Include your observation of
R-Square, p-value and correlation in your comments. (10%)
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