· The firm maintains a constant dividend payout ratio.
· Goodwill and patents account for a high proportion of the firm’s assets.
· The firm’s revenues and earnings are highly correlated with the business cycl
A.Furthermore, the investor focuses on the firm’s capacity to pay dividends rather than expected dividends. Considering the characteristics, the investor will most likely use which of the following valuation models?
B.Gordon dividend growth model
C.Asset-based valuation model
D.Free cash flow to equity model
第1题
least accurate?
A.The weak-form. EMH states that stock prices reflect current public market information and expectations.
B.The semi-strong form. EMH addresses market and non-market public information.
C.The strong-form. EMH assumes perfect markets.
第2题
Given the following estimated financial results, value the stock of FishnChips, In
A., using the infinite period dividend discount model (DDM).
· Sales of $1,000,000.
· Earnings of $150,000.
· Total assets of $800,000.
· Equity of $400,000.
· Dividend payout ratio of 60.0%.
· Average shares outstanding of 75,000.
· Real risk free interest rate of 4.0%.
· Expected inflation rate of 3.0%.
· Expected market return of 13.0%.
· Stock Beta at 2.1.
The per share value of FishnChips stock is approximately: (Note: Carry calculations out to at least 3 decimal places.)
B.Unable to calculate stock value because ke
D.$17.91.
E.$26.86.
第3题
A company has issued non-callable, non-convertible preferred stock with the following features:
· Par value per share: $10
· Annual dividend per share: $2
· Maturity: 15 years
An investor’s required rate of return is 8%, and the current market price per share of the preferred stock is $25. By comparing the estimated intrinsic value with the market price of the preferred stock, the most likely conclusion is that the preferred stock is:
A.fairly valued at $25.00.
B.undervalued by $15.00.
C.overvalued by $4.73.
第4题
the following weighting schemes will see a bias due to the impact of stock splits?
A.Unweighted price series.
B.Price-weighted series.
C.Market value-weighted series
第5题
l and maintenance margins are 50% and 25%.
A.39.55%
B.53.75%
C.15.75%
第6题
specifies:
A.validity and execution instructions.
B.clearing and validity instructions.
C.clearing and validity instructions.
第7题
rising prices he would place a:
A.limit order to buy.
B.stop order to sell.
C.stop order to buy.
第8题
t likely a(n):
A.quote-driven market
B.order-driven market
C.brokered market
第9题
货币政策的政策手段主要包括
a,改变税收
b,法定存款准备政策
c,再贴现政策
d,公开市场业务操作
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