cfa一级assetvaluation∶equityinvestments(编辑修改稿)

cfa一级assetvaluation∶equityinvestments(编辑修改稿)内容摘要：

el P0 = D1/(ke g), and dividing both sides by E1 yields: P0/E1 = (D1/E1)/(ke g) Thus, the P/E ratio is determined by:  The expected dividend payout ratio (D1/E1).  The required rate of return on the stock (ke).  The expected growth rate of dividends (g). Question ID: 16956 All else remaining equal, if there is a decrease in a firm’s retention rate, a stock’s value as estimated by the constant growth dividend discount model (DDM) is: A. no change. B. increase. C. not enough information given. D. decrease. B Question ID: 16949 Assume that a firm has an expected dividend payout ratio of 20 percent, a required rate of return of 9 percent, and an expected dividend growth of 5 percent. What is the firm39。 s estimated pricetoearnings (P/E) ratio? A. . B. . 13 C. . D. . C The pricetoearnings (P/E) ratio is equal to (D1/E1)/(k – g) = (.09 – ) = . Question ID: 25174 According to the earnings multiplier model, all else equal, as the dividend payout ratio on the stock increases, the: A. required return on the stock will decrease. B. required return on the stock will increase. C. P/E ratio will increase. D. P/E ratio will decrease. C According to the earnings multiplier model, the P/E ratio is equal to P0/E1 = (D1/E1)/(ke g). As D1/E1 increases, P0/E1 will increase, all else equal. Question ID: 16954 All else remaining equal, if there is an increase in a firm’s dividend payout ratio, a stock’s value as estimated by the constant growth dividend discount model (DDM) is: A. not enough information given. B. no change. C. decrease. D. increase. D 14 Question ID: 16958 All else remaining equal, an increase in g will cause a stock’s P/E ration to: A. no change. B. decrease. C. cannot be determined from the information given. D. increase. D Question ID: 16955 All else remaining equal, if there is an increase in a firm’s return on equity (ROE), a stock’s value as estimated by the constant growth dividend discount model (DDM) is: A. decrease. B. no change. C. not enough information given. D. increase. D Question ID: 16959 Baker Computer Company, currently retains 55 percents of its earnings, which this past year totaled $ per share. The pany earns a return of equity (ROE) of approximately 20 percent. Assuming a required rate of return is 15 percent, how much would an investor pay the Baker Computer on the basis of the earnings multiplier model? A. Need growth rate to plete calculation. B. $ C. $ 15 D. $ D g = (.55)(.2) = 11% P/E = .45/.15 .11 = Next year39。 s earnings E1= ()() = $ (P/E)(E1 = P ()() = $ Question ID: 25172 According to the earnings multiplier model, a stock’s P/E ratio (P0/E1) is affected by all of the following EXCEPT the: A. required return on equity. B. expected dividend payout ratio. C. expected dividend growth rate. D. expected stock price in one year. D According to the earnings multiplier model, the P/E ratio is equal to P0/E1 = (D1/E1)/(ke g). Thus, the P/E ratio is determined by:  The expected dividend payout ratio (D1/E1).  The required rate of return on the stock (ke).  The expected growth rate of dividends (g). Question ID: 25176 16 The nominal riskfree rate is a function of the real riskfree rate and: A. expected bond yields. B. the nominal expected market risk premium. C. the real expected market risk premium. D. expected inflation. D The nominal riskfree rate is a function of the real riskfree rate and expected inflation: nominal risk free rate = (1 + real riskfree rate)(1 + expected inflation) – 1 Question ID: 16961 If the real riskfree rate is 5 percent, and the expected rate of inflation is 1 percent, what is the estimated nominal riskfree rate? A. %. B. %. C. %. D. %. B The nominal risk free rate = (1 + Real riskfree rate)(1+ Expected Inflation) – 1, () x ()1 = %. Question ID: 25178 If expected inflation increases, all else equal, the: A. nominal riskfree rate will increase. B. nominal riskfree rate will decrease. C. real market risk premium will decrease. 17 D. real market risk premium will increase. A The nominal risk free rate is a function of the real riskfree rate and expected inflation: Nominal risk free rate = (1 + real riskfree rate)(1 + expected inflation) – 1 If expected inflation increases, but the real riskfree rate stays the same, the nominal riskfree rate will increase. Question ID: 25175 The nominal riskfree rate is equal to: A. the real riskfree rate plus expected inflation, minus one. B. one plus the real riskfree rate times one plus expected inflation. C. the real riskfree rate minus expected inflation. D. one plus the real riskfree rate times one plus expected inflation, minus one. D The nominal riskfree rate is a function of the real riskfree rate and expected inflation: nominal risk free rate = (1 + real riskfree rate)(1 + expected inflation) – 1 Note that the nominal rate is frequently estimated by summing the real rate and the rate of expected inflation. Question ID: 25177 The real riskfree rate is approximately equal to: A. the ratio of the nominal riskfree rate to the real expected market risk premium. B. the nominal riskfree rate plus expected inflation. C. expected inflation. D. the nominal riskfree rate minus expected inflation. 18 D The nominal risk free rate is a function of the real riskfree rate and expected inflation: nominal risk free rate = (1 + real riskfree rate)(1 + expected inflation) – 1  real riskfree rate + expected inflation Therefore the real riskfree rate is approximately equal to: nominal riskfree rate – expected inflat。