CFA一级模块练习-权益投资

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1、全球最大的CFA(特许金融分析师)培训中心CFA一级模块练习-权益投资　　1.Oneadvantageofusingprice-to-bookvalue(PBV)multiplesforstockvaluationisthat:　　Amostofthetimeitisclosetothemarketvalue.　　B)itisastableandsimplebenchmarkforcomparisontothemarketprice.　　C)bookvalueofafirmcanneverbenega

2、tive.　　ThecorrectanswerwasB　　Bookvalueprovidesarelativelystablemeasureofvaluethatcanbecomparedtothemarketprice.Forinvestorswhomistrustthediscountedcashflowestimatesofvalue,itprovidesamuchsimplerbenchmarkforcomparison.Bookvaluemayormaynotbeclosertothemar

3、ketvalue.Afirmmayhavenegativebookvalueifitshowsaccountinglossesconsistently.　　2.Thethreatofsubstituteproductsismostlikelytobelowforafirmthat:　　A)producesacommodityproductinanindustrywithsignificantunusedcapacity.　　B)operatesinafragmentedmarketwithlittle

4、unusedcapacity.　　C)producesadifferentiatedproductwithhighswitchingcosts.　　ThecorrectanswerwasC16总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址：finance.gaodun.cn微信公众号：gaoduncfa全球最大的CFA(特许金融分析师)培训中心　　Thethreatofcompetitionfromsubstituteproductsislikelytobelow

5、forafirmthatproducesadifferentiatedproductwithhighswitchingcosts.Unusedcapacityandlowindustryconcentration(afragmentedmarket)tendtointensifyrivalryamongindustrycompetitorsbutarenotdirectlyrelatedtothethreatofsubstituteproducts.　　3.Giventhefollowingestim

6、atedfinancialresults,valuethestockofFishnChips,Inc.,usingtheinfiniteperioddividenddiscountmodel(DDM).　　§Salesof$1,000,000.　　§Earningsof$150,000.　　§Totalassetsof$800,000.　　§Equityof$400,000.　　§Dividendpayoutratioof60.0%.　　§Averagesharesoutstandingof75,00

7、0.　　§Realriskfreeinterestrateof4.0%.　　§Expectedinflationrateof3.0%.　　§Expectedmarketreturnof13.0%.　　§StockBetaat2.1.16总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址：finance.gaodun.cn微信公众号：gaoduncfa全球最大的CFA(特许金融分析师)培训中心　　ThepersharevalueofFishnChipsstockisap

8、proximately:(Note:Carrycalculationsouttoatleast3decimalplaces.)　　A)$26.86.　　B)Unabletocalculatestockvaluebecauseke