A convertible bond has par value of $1,000 and is currently priced at $1,090. The underlying share price is $36 and the conversion ratio is 30:1. The conversion condition for the bond is:

A shareholder of QSX Co is concerned about the recent performance of the company and has collected the following fi nancial information.

One of the items discussed at a recent board meeting of QSX Co was the dividend payment for 2010. The fi nance director proposed that, in order to conserve cash within the company, no dividend would be paid in 2010, 2011 and 2012. It was expected that improved economic conditions at the end of this three-year period would make it possible to pay a dividend of 70c per share in 2013. The fi nance director expects that an annual dividend increase of 3% per year in subsequent years could be maintained.

The current cost of equity of QSX Co is 10% per year.

Assume that dividends are paid at the end of each year.

Required:

(a) Calculate the dividend yield, capital gain and total shareholder return for 2008 and 2009, and briefl y discuss your fi ndings with respect to:

(i) the returns predicted by the capital asset pricing model (CAPM);

(ii) the other fi nancial information provided. (10 marks)

(b) Calculate and comment on the share price of QSX Co using the dividend growth model in the following circumstances:

(i) based on the historical information provided;

(ii) if the proposed change in dividend policy is implemented. (7 marks)

(c) Discuss the relationship between investment decisions, dividend decisions and fi nancing decisions in the context of fi nancial management, illustrating your discussion with examples where appropriate. (8 marks)

Man: The coat you tried on was really nice and reasonably priced. Woman: I'd have bought it right away if they had had it in my size. Question: What can be inferred about the woman?

A．She didn't buy the coat.

B．She was glad the coat fitted her so well.

C．She thought the coat was overpriced. It cost a leg and an arm.

D．She bought the coat on sale.

Man: The coat you tried on was really nice and reasonably priced.Woman: I'd have bought it right away if they had had it in my size.Question: What can be inferred about the woman?

A．She didn't buy the coat.

B．She was glad the coat fitted her so well.

C．She thought the coat was overpriced. It cost a leg and an arm.

D．She bought the coat on sale.

听力原文：M: The coat you tried on was really nice and reasonably priced.

W: I'd have bought it right away if they'd had it in my size.

Q: What can be inferred about the woman?

(15)

A．She didn't buy the coat.

B．She thought the coat was too expensive.

C．She bought the coat with satisfaction.

D．The coat fit her quite well.

In my early childhood I received no formal religious education. I did, of course, received that ethical and moral training that moral and conscientious parents give their children. When I was about ten years old, my parents decided that it would be good for me to receive some formal religious instruction and to study the Bible, if for no other reason than that a knowledge of both is essential to the understanding of literature and culture.

As lapsed Catholics, they sought a group which had as little doctrine and dogma as possible, but what they considered having good moral and ethical values. After some searching, they joined the local Meeting of the Religious Society of Friends. Although my parents did not attend Meetings for worship very often, I went to first Day School there regularly, eventually completing the course and receiving an inscribed Bible.

At the Quake School, I learnt about the concept of the "inner light" and it has stayed with me. I was, however, unable to accept the idea of Jesus Christ being any more divine than, say, Buddha. As a result, I be- came estrange from the Quakers, who, though believing in substantially the same moral and ethical values as I do, and even the same religious concept of the inner light, had arrived at these conclusions from a premise which I could not accept. I admit that my religion is the poorer for having not revealed word and no supreme prophet, but my inherited aversion to dogmatism limits my faith to a Supreme Being and the goodness of man.

Later, at another Meeting of Worship, I found that some Quakers had similar though not so strong reservations about the Christian aspects of their belief. I made some attempt to rejoin a Meeting for Worship, but found that, though they remained far closer to me than any other organized religious group, I did not wish to become one again. I do attend Meeting for Worship on occasion, but it is for the help on deep contemplation which it brings rather than any lingering desire to rejoin the fold.

I do believe in a "Supreme Being" (or ground of our being, as Tillich would call it). This being is ineffable and not to be fully understood by humans. He is not cut off from the world and we can know him somewhat through the knowledge which we are limited tea-the world. He is interested and concerned for humankind, but on man himself falls the burden of his own life. To me the message of the great prophets, especially Jesus, is that good is its own reward, and indeed the only possible rewards that are intrinsic in the actions themselves. The relationship between each human and the Supreme Being is an entire personal one.

It is my faith that each person has this unique relationship with the Supreme Being. To me that is the meaning of the inner light. The purpose of life, insofar as a human can grasp it, is to understand and increase this lifeline to the Supreme Being, this piece of divinity that every human has. Thus, the taking of any life by choice is the closing of some connection to God, and unconscionable. Killing anyone not only denies them their purpose, but corrupts the purpose of all men. (553)

If offered a reward for doing a good deed, the author would ______.

A．spurn the reward indignantly

B．accept it only as a token of the other person's feelings of gratitude

C．neither take nor refuse the reward

D．explain to the offerer that rewards are blasphemous

David: Good morning.l'd like to make an appointment to see Mr Bond this morning , please.

Nursc: l' m sorry.I don' t have any appointments this morning.

David: Oh , dear.I'm feeling really ill.

Nurse: What's the matter?

David: I feel terrible.I' ve got a headache , backache and a sore throat.

Nurse: Have you got a temperature?

David: I think so was hot and cold a1l night and I was sick this morning.

Nursc: You feel awful.don't you? Do you think you've got flu?

David: Yes, probably.Or an infection in my throat.

Nursc: OK.I call give you an emergency appointment.Can you come at the end of th morning? Come at eleven thirty and wait until a doctor is free.

David: OK.Thank you.

26.David has got a headache , earache and backache.

A.Right

B.Wrong

27.David felt hot and cold during the night.

A.Right

B.Wrong

28.The nurse thinks David has an infection in his throat.

A.Right

B.Wrong

29.Mr Bond is free at 11: 30.

A.Right

B.Wrong

30.David gets an appointment finally.

A.Right

B.Wrong