财务报表分析与证券定价（第二版）答案(英文版)

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1、CHAPTERONEIntroductiontoInvestingandValuationConceptQuestionsC1.1.Yes.Stockswouldbeefficientlypricedattheagreedfundamentalvalueandthemarketpricewouldimpoundalltheinformationthatinvestorsareusing.Stockpriceswouldchangeasnewinformationarrivedthatrevisedthefundamentalvalue.Butthatn

2、ewinformationwouldbeunpredictablebeforehand.Sochangesinpriceswouldalsobeunpredictable:stockpriceswouldfollowa“randomwalk.”C1.2.Indexinvestorsbuyamarketindex--theS&P500,say--atitscurrentprice.Withnoonedoingfundamentalanalysis,noonewouldhaveanyideaoftherealworthofstocks.Priceswoul

3、dwanderaimlessly,likea“randomwalk.”Alonefundamentalinvestormighthavedifficultymakingmoney.Hemightdiscoverthatstocksaremispriced,butcouldnotbesurethatthepricewillultimatelyreturnto“fundamentalvalue.”C1.3.Fundamentalriskarisesfromtheinherentriskinthebusiness–fromsalesrevenuefallin

4、gorexpensesrisingunexpectedly,forexample.Priceriskistheriskofpricesdeviatingfromfundamentalvalue.Pricesaresubjecttofundamentalrisk,butcanmoveawayfromfundamentalvalue,irrespectiveofoutcomesinthefundamentals.Whenaninvestorbuysastock,hetakesonfundamentalrisk–thestockpricecoulddropb

5、ecausethefirm’soperationsdon’tmeetexpectations–buthealsorunsthe(price)riskofbuyingastockthatisoverpricedorsellingastockthatisunderpriced.SeeBox1.1.Chapter18elaborates.IntroductiontoInvestingandValuation–Chapter1p.1C1.4.Abetatechnologymeasurestheriskofaninvestmentandtherequiredre

6、turnthattheriskrequires.Thecapitalassetpricingmodel(CAPM)isabetatechnology;ismeasuresrisk(beta)andtherequiredreturnforthebeta.Analphatechnologyinvolvestechniquesthatidentifymispricedstocksthancanearnareturninexcessoftherequiredreturn(analphareturn).SeeBox1.1.TheappendixtoChapter

7、3elaboratesofbetatechnologies.C1.5.Thisstatementisbasedonastatisticalaveragefromthehistoricaldata:ThereturnonstocksintheU.S.andmanyothercountriesduringthetwentiethcenturywashigherthanthatforbonds,eventhoughtherewereperiodswhenbondsperformedbetterthanstocks.So,theargumentgoes,ifo

8、neholdsstockslongenough,oneearnsthehigherreturn