注册金融分析师-权益证券投资：行业与公司分析(二)

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1、权益证券投资：行业与公司分析（二）单项选择题Allelseequal,whichofthefollowingwouldmostlikelycauseafirm1sprice-earningsratiotodecline?A.Thelevelofinflationisexpectedtodecline・B.Thedividendpayoutratioincreases.C.TheyieldonTreasurybillsincreases.2^Whichofthefollowingstatementsaboutst

2、ockvaluationisleastlikelycorrect?A.Ifestimatedvaluetherequiredrate,buythestock;itfsunderpriced•C•Iftheexpectedrateofreturn

3、owinginformation,calculatetheexpectedrateofreturn.indexisnowsellingat$490-marketindexmultiplierisexpectedtobe5X・indexearningsisexpectedtobe$100.dividendpaymentisexpectedtobe$40.A.10%・B・20%・C・30%・4、WhichofthefollowingisNOTanassumptionoftheconstantgrowthdivide

4、nddiscountmodel(DDM)?A.Thegrowthrateofthefirmishigherthantheoverallgrowthrateoftheeconomy.B.ROEisconstant.C.Dividendpayoutisconstant.5^Allofthefollowingfactorsaffeetsthefirm1sP/EratioEXCEPT:A.theexpectedinterestrateonthebondsofthefirm.B.growthrmtesofdividend

5、s.C.expecteddividendpayoutratio.6、BakerComputerearned$6•00persharelastyear,hasaretentionratioof55percent,andareturnonequity(ROE.of20percent.Assumingtheirrequiredrateofreturnis15percent,howmuchwouldaninvestorpayforBakeronthebasisoftheearningsmultipliermodel?A

6、.$173.90・B.Needgrowthratetocompletecalculation.C.$74.93.7^DayandAssociatesisexperiencingaperiodofabnormalgrowth.ThelastdividendpaidbyDaywas$0.75.Nextyear,theyanticipategrowthindividendsandearningsof25percentfollowedbynegative5percentgrowthinthesecondyear.The

7、companywilllevelofftoanormalgrowthrateof8percentinyearthreeandisexpectedtomaintainan8percentgrowthratefortheforeseeablefuture•Investorsrequirea12percentrateofreturnonDay•Whatistheapproximateamountthataninvestorwouldbewillingtopaytodayforthetwoyearsofabnormal

8、dividends?A.$1.55.B.$1.83.C.$1.62.8^Assumethmtafirmhasanexpecteddividendpayoutratioof20%,arequiredrateofreturnof9%,andanexpecteddividendgrowthof5%.Whatisthefirm1sestimatedprice-to-earnings(P/E.r