投资学第7版Test Bank答案18

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1、Chapter18EquityValuationModelsMultipleChoiceQuestions1.________isequaltothetotalmarketvalueofthefirm'scommonstockdividedby(thereplacementcostofthefirm'sassetslessliabilities).A)BookvaluepershareB)LiquidationvaluepershareC)MarketvaluepershareD)Tobin'sQE)Noneoftheabove.An

2、swer:DDifficulty:EasyRationale:Bookvaluepershareisassetsminusliabilitiesdividedbynumberofshares.Liquidationvaluepershareistheamountashareholderwouldreceiveintheeventofbankruptcy.Marketvaluepershareisthemarketpriceofthestock.2.HighP/Eratiostendtoindicatethatacompanywill_

3、______,ceterisparibus.A)growquicklyB)growatthesamespeedastheaveragecompanyC)growslowlyD)notgrowE)noneoftheaboveAnswer:ADifficulty:EasyRationale:Investorspayforgrowth;hencethehighP/Eratioforgrowthfirms;however,theinvestorshouldbesurethatheorsheispayingforexpected,nothist

4、oric,growth.3._________isequalto(commonshareholders'equity/commonsharesoutstanding).A)BookvaluepershareB)LiquidationvaluepershareC)MarketvaluepershareD)Tobin'sQE)noneoftheaboveAnswer:ADifficulty:EasyRationale:Seerationalefortestbankquestion18.1461Chapter18EquityValuatio

5、nModels4.________areanalystswhouseinformationconcerningcurrentandprospectiveprofitabilityofafirmstoassessthefirm'sfairmarketvalue.A)CreditanalystsB)FundamentalanalystsC)SystemsanalystsD)TechnicalanalystsE)SpecialistsAnswer:BDifficulty:EasyRationale:Fundamentalistsuseall

6、publicinformationinanattempttovaluestock(whilehopingtoidentifyundervaluedsecurities).5.The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.A)dividendpayoutratioB)intrinsicvalueC)marketcapitalizationrateD)plowbackratioE)noneoftheaboveAnswer:BDiff

7、iculty:EasyRationale:Thecashflowsfromthestockdiscountedattheappropriaterate,basedontheperceivedriskinessofthestock,themarketriskpremiumandtheriskfreerate,determinetheintrinsicvalueofthestock.6._______istheamountofmoneypercommonsharethatcouldberealizedbybreakingupthefirm

8、,sellingtheassets,repayingthedebt,anddistributingtheremaindertoshareholders.A)BookvaluepershareB)Liquidationva