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1.[单选题] 纠错收藏提问移除

Which of the following statements about private equity securities is incorrect?

A
They cannot be sold on secondary markets.
B
They have market-determined quoted prices.
C
They are primarily issued to institutional investors.

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2.[单选题] 纠错收藏提问移除

Which of the following is not a primary goal of raising equity capital?

A
To finance the purchase of long-lived assets.
B
To finance the company’s revenue-generating activities.
C
To ensure that the company continues as a going concern.

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3.[单选题] 纠错收藏提问移除

Calculate the book value of a company using the following information:

A
€4,500,000.
B
€ 5,200,000.00
C
€ 6,500,000.00

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4.[单选题] 纠错收藏提问移除

Calculate the 2009 return on equity (ROE) of a stable company using the following data:

A
10.0%.
B
13.3%.
C
16.7%.

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5.[单选题] 纠错收藏提问移除

Holding all other factors constant, which of the following situations will most likely lead to an increase in a company’s return on equity?

A
The market price of the company’s shares increases.
B
Net income increases at a slower rate than shareholders’ equity.
C
The company issues debt to repurchase outstanding shares of equity.

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6.[单选题] 纠错收藏提问移除

Which of the following measures is the most difficult to estimate?

A
The cost of debt.
B
The cost of equity.
C
Investors’ required rate of return on debt.

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7.[单选题] 纠错收藏提问移除

Which of the following information about a company would most likely depend on an industry analysis? The company’s:

A
dividend policy.
B
competitive environment.
C
trends in corporate expenses.

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8.[单选题] 纠错收藏提问移除

Which of the following is not a limitation of the cyclical/non-cyclical descriptive approach to classifying companies?

A
A cyclical company may have a growth component in it.
B
Business-cycle sensitivity is a discrete phenomenon rather than a continuous spectrum.
C
A global company can experience economic expansion in one part of the world while experiencing recession in another part.

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9.[单选题] 纠错收藏提问移除

With regard to forming a company’s peer group, which of the following statements is not correct?

A
Comments from the management of the company about competitors are generally not used when selecting the peer group.
B
The higher the proportion of revenue and operating profit of the peer company derived from business activities similar to the subject company, the more meaningful the comparison.
C
Comparing the company’s performance measures with those for a potential peer-group company is of limited value when the companies are exposed to different stages of the business cycle.

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10.[单选题] 纠错收藏提问移除

Which of the following companies most likely has the greatest ability to quickly increase its capacity?

A
Restaurant.
B
Steel producer.
C
Legal services provider.

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11.[单选题] 纠错收藏提问移除

Which of the following statements about company analysis is most accurate?

A
The complexity of spreadsheet modeling ensures precise forecasts of financial statements.
B
The interpretation of financial ratios should focus on comparing the company’s results over time but not with competitors.
C
The corporate profile would include a description of the company’s business, investment activities, governance, and strengths and weaknesses.

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12.[单选题] 纠错收藏提问移除

An analyst estimates the intrinsic value of a stock to be in the range of €17.85 to €21.45. The current market price of the stock is €24.35. This stock is most likely:

A
overvalued.
B
undervalued.
C
fairly valued.

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13.[单选题] 纠错收藏提问移除

An analyst determines the intrinsic value of an equity security to be equal to $55. If the current price is $47, the equity is most likely:

A
undervalued.
B
fairly valued.
C
overvalued.

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14.[单选题] 纠错收藏提问移除

In asset-based valuation models, the intrinsic value of a common share of stock is based on the:

A
estimated market value of the company’s assets.
B
estimated market value of the company’s assets plus liabilities.
C
estimated market value of the company’s assets minus liabilities.

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15.[单选题] 纠错收藏提问移除

Which of the following is most likely used in a present value model?

A
Enterprise value.
B
Price to free cash flow.
C
Free cash flow to equity.

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16.[单选题] 纠错收藏提问移除

Book value is least likely to be considered when using:

A
a multiplier model.
B
an asset-based valuation model.
C
a present value model.

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17.[单选题] 纠错收藏提问移除

An analyst is attempting to calculate the intrinsic value of a company and has gathered the following company data: EBITDA, total market value, and market value of cash and short-term investments, liabilities, and preferred shares. The analyst is least likely to use:

A
a multiplier model.
B
a discounted cash flow model.
C
an asset-based valuation model.

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18.[单选题] 纠错收藏提问移除

An analyst who bases the calculation of intrinsic value on dividend-paying capacity rather than expected dividends will most likely use the:

A
dividend discount model.
B
free cash flow to equity model.
C
cash flow from operations model.

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19.[单选题] 纠错收藏提问移除

An investor expects to purchase shares of common stock today and sell them after two years. The investor has estimated dividends for the next two years, D1 and D2, and the selling price of the stock two years from now, P2. According to the dividend discount model, the intrinsic value of the stock today is the present value of:

A
next year’s dividend, D1.
B
future expected dividends, D1 and D2.
C
future expected dividends and price—D1, D2 and P2.

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20.[单选题] 纠错收藏提问移除

In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:

A
the present value of future expected FCFE.
B
the present value of future expected FCFE plus net borrowing.
C
the present value of future expected FCFE minus fixed capital investment.

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21.[单选题] 纠错收藏提问移除

Which of the following best describes the majority of the evidence regarding anomalies in stock returns?

A
Weak-form market efficiency holds, but semi-strong form efficiency does not.
B
Neither weak-form nor semi-strong form market efficiency holds.
C
Reported anomalies are not violations of market efficiency but are the result of research methodologies.

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22.[单选题] 纠错收藏提问移除

The advantage of participating preferred shares versus non-participating preferred shares is that participating preferred shares can:

A
obtain voting rights.
B
receive extra dividends.
C
be converted into common stock.

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23.[单选题] 纠错收藏提问移除

Which of the following best describes the benefit of cumulative share voting?

A
It provides significant minority shareholders with proportion a representation on the board.
B
It prevents minority shareholders from exercising excessive control.
C
If cumulative dividends are not paid, preferred shareholders are givenvoting rights.

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24.[单选题] 纠错收藏提问移除

Which of the following types of preferred shares has the most risk for investors?

A
Putable shares.
B
Callable shares.
C
Non-putable, non-callable shares.

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25.[单选题] 纠错收藏提问移除

Which of the following best describes the book value of equity?

A
Management should attempt to maximize book value of equity.
B
Book value of equity decreases when retained earnings increase.
C
Book value of equity reflects investors’ perceptions of the firm’s future.

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26.[单选题] 纠错收藏提问移除

What would an investor be willing to pay for a share of preferred stock that pays an annual $7 dividend if the required return is 7.75%?

A
$77.50.
B
$87.50.
C
$90.32.

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27.[单选题] 纠错收藏提问移除

Assume that a stock is expected to pay dividends at the end of Year 1 and Year 2of $1.25 and $1.56, respectively. Dividends are expected to grow at a 5% ratethereafter. Assuming that ke is 11%, the value of the stock is closest to:

A
$22.30.
B
$23.42.
C
$24.55.

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28.[单选题] 纠错收藏提问移除

Which of the following is least likely a rationale for using price multiples?

A
Price multiples are easily calculated.
B
The fundamental P/E ratio is insensitive to its inputs.
C
The use of forward values in the divisor provides an incorporation of theFuture.

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答题卡

Which of the following statements about private equity securities is incorrect?

Which of the following is not a primary goal of raising equity capital?

Calculate the book value of a company using the following information:

Calculate the 2009 return on equity (ROE) of a stable company using the following data:

Holding all other factors constant, which of the following situations will most likely lead to an increase in a company’s return on equity?

Which of the following measures is the most difficult to estimate?

Which of the following information about a company would most likely depend on an industry analysis? The company’s:

Which of the following is not a limitation of the cyclical/non-cyclical descriptive approach to classifying companies?

With regard to forming a company’s peer group, which of the following statements is not correct?

Which of the following companies most likely has the greatest ability to quickly increase its capacity?

Which of the following statements about company analysis is most accurate?

An analyst estimates the intrinsic value of a stock to be in the range of €17.85 to €21.45. The current market price of the stock is €24.35. This stock is most likely:

An analyst determines the intrinsic value of an equity security to be equal to $55. If the current price is $47, the equity is most likely:

In asset-based valuation models, the intrinsic value of a common share of stock is based on the:

Which of the following is most likely used in a present value model?

Book value is least likely to be considered when using:

An analyst is attempting to calculate the intrinsic value of a company and has gathered the following company data: EBITDA, total market value, and market value of cash and short-term investments, liabilities, and preferred shares. The analyst is least likely to use:

An analyst who bases the calculation of intrinsic value on dividend-paying capacity rather than expected dividends will most likely use the:

In the free cash flow to equity (FCFE) model, the intrinsic value of a share of stock is calculated as:

Which of the following best describes the majority of the evidence regarding anomalies in stock returns?

The advantage of participating preferred shares versus non-participating preferred shares is that participating preferred shares can:

Which of the following best describes the benefit of cumulative share voting?

Which of the following types of preferred shares has the most risk for investors?

Which of the following best describes the book value of equity?

What would an investor be willing to pay for a share of preferred stock that pays an annual $7 dividend if the required return is 7.75%?

Assume that a stock is expected to pay dividends at the end of Year 1 and Year 2of $1.25 and $1.56, respectively. Dividends are expected to grow at a 5% ratethereafter. Assuming that ke is 11%, the value of the stock is closest to:

Which of the following is least likely a rationale for using price multiples?

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