兹维博迪金融学第二版试题库9TB(1)

Chapter Nine

Valuation of Common Stocks

This chapter contains 47 multiple choice questions, 17 short problems, and 9 longer problems. Multiple Choice

1.In a quote listing of stocks, the ________ is defined as the annualized dollar dividend divided

by the stock’s price, and is usually expressed as a percentage.

(a)cash dividend

(b)dividend payout

(c)dividend coverage

(d)dividend yield

Answer: (d)

2.According to the discounted-dividend model, the price of a share of stock is the ________

value of all expected ________ dividends per share, discounted at the market capitalization rate.

(a)present; current

(b)present; future

(c)future; future

(d)future; current

Answer: (b)

3.The value of common stock is determined by which of the following expected cash flows?

(a)dividends and interest payments

(b)dividends and maturity value of stock

(c)dividends and net cash flows from operations of the firm

(d)interest payments and maturity value

Answer: (c)

4.The ________ is the expected rate of return that investors require in order to be willing to

invest in the stock.

(a)market capitalization rate

(b)risk-adjusted discount rate

(c)cost of debt

(d)a and b

Answer: (d)

5.The ________ of dividends is the most basic assumption underlying the discounted dividend

model.

(a)industry average

(b)non-constant growth

(c)constant growth

(d)variability

Answer: (c)

6.BHM stock is expected to pay a dividend of $2.50 a year from now, and its dividends are

expected to grow by 6% per year thereafter. What is the price of a BHM share if the market capitalization rate is 7% per year?

(a)$250.00

(b)$192.31

(c)$25.00

(d)$19.23

Answer: (c)

7.IOU stock is expected to pay a dividend of $1.67 a year from now, and its dividends are not

expected to grow in the foreseeable future. If the market capitalization rate is 7%, what is the current price of a share of IOU stock?

(a)$11.69

(b)$23.86

(c)$116.90

(d)$238.60

Answer: (b)

8.GMATS stock is currently selling for $34.50 a share. The current dividend for this stock is

$1.60 and dividends are expected to grow at a constant rate of 10% per year thereafter. What must be the market capitalization rate for a share of GMATS stock?

(a)4.90%

(b)5.36%

(c)14.64%

(d)15.10%

Answer: (d)

9.Avacor stock is expected to pay a dividend of $1.89 a year from now, and its dividends are

expected to grow at a constant rate of 5% per year thereafter. If the market capitalization rate is 14% per year, what is the current price of a share of Avacor stock?

(a)$13.50

(b)$18.90

(c)$21.00

(d)$37.80

Answer: (c)

10.GRITO stock is currently selling for $46.10 a share. If the company is expected to pay a

dividend of $5.60 a year from now and dividends are not expected to grow thereafter, what is the market capitalization rate for a share of GRITO stock?

(a)7.56%

(b)8.23%

(c)10.50%

(d)12.15%

Answer: (d)

11.In the DDM model, if D1 and k are held constant, what will happen to the price of a stock if

the constant growth rate gets higher?

(a)the price of the stock will be higher

(b)the price of the stock will hold constant

(c)the price of the stock will be lower

(d)it cannot be determined from the information given

Answer: (a)

12.The relation between earnings and dividends in any period is ________.

(a)Dividends = Earnings/Net New Investment

(b)Dividends = Earnings x Net New Investment

(c)Dividends = Earnings + Net New Investment

(d)Dividends = Earnings – Net New Investment

Answer: (d)

13.Consider a firm called Nowhere Corporation, whose earnings per share are $12. The firm

invests an amount each year that is just sufficient to replace the production capacity that is wearing out, and so the new investment is zero. The firm pays out all its earnings as

dividends. Calculate the price of a share of Nowhere Corporation stock, give that k = 14%.

(a)$168.00

(b)$166.67

(c)$85.71

(d)$82.40

Answer: (c)

14.Consider a firm called SureBet Corporation. SureBet reinvests 55% of its earnings each year

into new investments that earn a rate of return of 17% per year. Currently, SureBet

Corporation has earnings per share of $12 and pays out 45% or $5.40 as dividends. Calculate the growth rate of earnings and dividends.

(a)7.65%

(b)8.50%

(c)9.35%

(d)24.75%

Answer: (c)

15.What adds value to the current price of a share of stock is ________.

(a)growth per se

(b)tax advantages

(c)investment opportunities that earn rates of return > k

(d)all of the above

Answer: (c)

16.In order to evaluate the stock of Beltran Inc., an analyst uses the constant growth discounted

dividend model. Expected earnings of $12 per share is assumed, as are an earnings retention rate of 70% and an expected rate of return on future investments of 17% per year. If the market capitalization rate is 14% per year, calculate the price for a share of Beltran stock.

(a)$171.43

(b)$367.35

(c)$400.00

(d)$857.14

Answer: (a)

17.In order to evaluate the stock of The Rendell-Vine Corporation, an analyst uses the constant

growth discounted dividend model. Expected earnings of $12 per share is assumed, as are an earnings retention rate of 70% and an expected rate of return on future investments of 17% per year. If the market capitalization rate is 14% per year, what is the implied net present value of future investments?

(a)$314.29

(b)$281.64

(c)$171.43

(d)$85.72

Answer: (d)

18.In order to evaluate the stock of Toys’R’Me, an analyst uses the constant growth

discounted dividend model. Expected earnings of $14 per share is assumed, as are an

earnings retention rate of 60% and an expected rate of return on future investments of 17% per year. If the market capitalization rate is 15% per year, what is the implied net present value of future investments?

(a)$23.34

(b)$70.00

(c)$93.34

(d)$116.67

Answer: (a)

19.Firms with consistently high P/E multiples are interpreted to have either relatively ________

market capitalization rates or relatively ________ present value of value-added investments.

(a)low; low

(b)high; high

(c)high; low

(d)low; high

Answer: (d)

20.In a “frictionless” financial environment, the shareholders wealth is ________ the dividend

policy the firm adopts.

(a)increased by

(b)decreased by

(c)not affected by

(d)determined by

Answer: (c)

21.In a ________ the company pays cash to buy shares of its stock in the stock market, thereby

reducing the number of shares outstanding.

(a)cash dividend

(b)share repurchase

(c)stock split

(d)a and b

Answer: (b)

22.Stock splits and stock dividends ________ the number of shares of stock outstanding.

(a)decrease

(b)do not alter

(c)increase

(d)a or b

Answer: (c)

23.SureBet Corporation has total assets with a market value of $15 million: $3 million in cash

and $12 million in other assets. The market value of its debt is $3 million; of its equity $12 million. There are 1,000,000 shares of SureBet common stock outstanding, each with a

market price of $12. If SureBet distributes a cash dividend of $1.50 per share, the market value of its assets and of its equity ________ by ________.

(a)increases; $1.5 million

(b)increases; $10.5 million

(c)decreases; $1.5 million

(d)decreases; $10.5 million

Answer: (c)

24.SureBet Corporation has total assets with a market value of $15 million: $3 million in cash

and $12 million in other assets. The market value of its debt is $3 million; of its equity $12 million. There are 1,000,000 shares of SureBet common stock outstanding, each with a

market price of $12. If SureBet repurchases shares worth $2.4 million, the resulting number of shares outstanding is ________ , with a price per share of ________.

(a)200,000; $15

(b)200,000; $12

(c)800,000; $15

(d)800,000; $12

Answer: (d)

25.“Frictions” that can cause a firm’s dividend policy to have an effect on the wealth of

shareholders include:

(a)regulations

(b)taxes

(c)cost of external finance

(d)all of the above

Answer: (d)

26.Outside investors may interpret an increase in a corporation’s cash dividend as ________

sign.

(a)a positive sign

(b)a negative sign

(c)an indifferent sign

(d)b or c

Answer: (a)

27.From the perspective of a shareholder with regard to personal taxation, it is always ________

for the corporation to pay out cash by ________.

(a)better; cash dividends

(b)worse; cash dividends

(c)worse; share repurchases

(d)it varies according to the situation

Answer: (b)

28.An increase in a corporation’s cash dividend is most likely to ________.

(a)decrease the price of its stock

(b)increase the price of its stock

(c)have no impact on the price of its stock

(d)decrease trading activity of its stock

Answer: (b)

29.Raising cash by issuing new stock is ________ to the corporation than raising cash by

foregoing the payments of dividends.

(a)is less costly

(b)is more costly

(c)is no different

(d)just as costly

Answer: (b)

30.Gough Fraser is considering purchasing the stock of ASIOA Companies, which he plans to

hold indefinitely. ASIOA just paid an annual dividend of $2.50 and the price of the stock is $48 per share. The earnings and dividends of the company are expected to grow forever at a rate of 6 percent per year. What annual rate of return does Gough expect on his investment?

(a)10.58%

(b)11.21%

(c)11.52%

(d)12.46%

Answer: (c)

31.Beazley Inc. just paid a dividend of $3.00 per share. This dividend is expected to grow at a

supernormal rate of 15 percent per year for the next two years. It is then expected to grow at a rate of 6 percent per year forever. The appropriate discount rate for Beazley’s stock is 17 percent. What is the price of the stock?

(a)$17.64

(b)$27.27

(c)$33.78

(d)$46.15

Answer: (c)

32.Beazley Corporation would like to raise $100,000,000 by issuing preferred stock. The

preferred stock will have a par value of $1,000 per share and pay a dividend of $72 per year.

If the required rate of return for this stock is 16 percent, how many shares of preferred stock must Beazley issue?

(a)450

(b)16,000

(c)222,222

(d)265,332

Answer: (c)

33.If you use the constant dividend growth model to value a stock, which of the following is

certain to cause you to increase your estimate of the current value of the stock?

(a)Decreasing the required rate of return for the stock

(b)Decreasing the estimate of the amount of next year’s dividend

(c)Decreasing the expected dividend growth rate

(d)All of the above

Answer: (a)

34.The constant dividend growth model may be used to find the price of a stock in all of the

following situations except when:

(a)g < k

(b)k < g

(c)g = 0

(d)k≠ g

Answer: (b)

35.CarsonCorp just paid an annual dividend of $3.00. Dividends are expected to grow at a

constant rate forever. The price of the stock is currently $63.00. The required rate of return for this stock is 15 percent. What is the expected growth rate of CarsonCorp’s dividend?

(a)5.00%

(b)5.48%

(c)6.33%

(d)10.00%

Answer: (a)

36.The common stock of Century Inc. is expected to pay a dividend of $2.00 one year from

today. After that the dividend is expected to grow at a rate of 10 percent per year for two years and then at a rate of 5 percent per year forever. If the required rate of return for this stock is 15 percent what is the current price?

(a)$12.00

(b)$18.29

(c)$21.69

(d)$25.40

Answer: (c)

37.A firm’s common stock is trading at $80 per share. In the past the firm has paid a constant

dividend of $6 per share. However, the company has just announced new investments that the market did not know about. The market expects that with these new investments, the

dividends should grow at 4% per year forever. Assuming that the discount rate remains the same, what will be the price of the stock after the announcement?

(a)$94.50

(b)$156.00

(c)$171.43

(d)$178.29

Answer: (d)

38.If the model below is to give a reasonable valuation of a stock, which of the following

possible situations must be excluded?

P0 = D1/(r – g)

(a)There is no growth.

(b)The growth rate exceeds the required rate of return.

(c)The required rate of return is exceptionally high.

(d)Growth is constant.

Answer: (b)

39.According to the constant growth model of stock valuation, capital appreciation in common

stock is a direct result of ________.

(a)growth in future dividends

(b)a reduction in the required rate of return

(c)growth in corporate assets

(d)a growth rate that exceeds the required rate of return

Answer: (a)

Questions 40 through 43 refer to the following information:

New competition in Sophco’s market is going to have an impact on the growth in the

firm’s dividends. A current dividend of $1.00 was paid yesterday by Sophco, and this

dividend is expected to increase by 25% in the first year. After that point, the growth in

dividends is expected to “decay” to the firm’s long-run constant growth of 10%. Such

a “decay” process is one in which dividend growth declines by 5 percentage points per

year up to the point where the expected constant rate of dividend growth is reached. So,

year 2 dividend will be 20 percent higher than year 1, year 3 dividends will be 15 percent higher than year 1, and after year 3, dividends will grow by 10 percent forever. For

problems 40 – 43, assume investors in Sophco require a rate of return of 15%.

40.Calculate Sophco’s dividend in year 2.

(a)$1.13

(b)$1.25

(c)$1.5

(d)$1.73

Answer: (c)

41.Calculate the Sophco’s dividend in year 4.

(a)$1.24

(b)$1.57

(c)$1.73

(d)$1.90

Answer: (d)

42.Determine the price of Sophco’s stock at the end of year 3 (just after the dividend has been

paid).

(a)$26.12

(b)$28.34

(c)$38.00

(d)$39.73

Answer: (c)

43.Calculate the current price of Sophco’s stock.

(a)$26.12

(b)$28.34

(c)$38.00

(d)$39.73

Answer: (b)

Questions 44 through 47 refer to the following information:

New competition in Acme Unlimited’s market is going to have an impact on the growth of the firm’s dividends. A current dividend of $1.50 was paid yesterday, and this

dividend is expected to increase by 35% in the first year. After that point, the growth in

dividends is expected to “decay” to the firm’s long run constant growth of 5%. Such a “decay” process is one in which dividend growth declines by 10 percentage points per year up to the point where the expected constant rate of dividend growth is reached. So, year 2 dividend will be 25 percent higher than year 1, year 3 dividend will be 15 percent higher, and after year 3, dividends will grow by 5 percent forever. Assume that investors require a rate of return of 17 on Acme Unlimited’s stock.

44.Calculate the dividend in year 2.

(a)$2.54

(b)$2.92

(c)$3.21

(d)$3.30

Answer: (a)

45.Calculate the dividend in year 4.

(a)$2.35

(b)$2.54

(c)$3.21

(d)$3.53

Answer: (c)

46.Determine the price of Acme Unlimited’s stock at the end of year 3 (just after the dividend

has been paid).

(a)$22.13

(b)$26.75

(c)$29.67

(d)$34.24

Answer: (b)

47.Calculate the current price of Acme Unlimited’s stock.

(a)$22.13

(b)$26.75

(c)$29.67

(d)$34.24

Answer: (a)

Short Problems

1.Discuss the two ways in which a corporation can distribute cash to its shareholders.

Answer:

There are two ways a corporation can distribute cash to its shareholders: by paying a

cash dividend or by repurchasing the company’s shares in the stock market. When a

company pays a cash dividend, all shareholders receive cash in amounts proportional to the number of shares they own.

In a share repurchase, the company pays cash to buy shares of its stock in the stock

market, thereby reducing the number of shares outstanding. In this case, only

shareholders who choose to sell some of their shares will receive cash.

2.Does growth “per se” add value to the current price of a share? If not, what does add value

to a share’s current price?

Answer:

Growth per se does not add value. What adds value is the opportunity to invest in

projects that can earn rates of return in excess of the required rate, k. When a firm’s

future investment opportunities yield a rate of return equal to k, the stock’s value can be estimated using the formula P0 = E1/k.

3.In order to evaluate the stock of DippinDonuts, an analyst uses the constant growth

discounted dividend model. Expected earnings of $15 per share are assumed, as are an

earnings retention rate of 70% and an expected rate of return on future investments of 18% per year. If the market capitalization rate is 15% per year, what is the implied net present value of future investments?

Answer:

g = 0.7 x 0.18

= 12.6%

Use the constant growth formula to solve for P0:

P0 = D1/(k – g)

= 4.50/(0.15-0.126)

= $187.50

Next find P0 with the formula P0 = E1/k:

= 15/0.15

= $100

The NPV of future investments is the difference between these two values: $187.50 –

$100 = $87.50

4.In order to evaluate the stock of EasyStreet Corporation, an analyst uses the constant growth

discounted dividend model. Expected earnings of $16 per share are assumed, as are an

earnings retention rate of 60% and expected rate of return on future investments of 17% per year. If the market capitalization rate is 14% per year, what is the implied net present value of future investments?

Answer:

g = 0.6 X 0.17

= 10.2%

Use the constant growth formula to solve for P0:

P0 = D1/(k – g)

= $6.40/(0.14 – 0.102)

= $168.42

Next find P0 with the formula P0 = E1/k:

= 16/0.14

= $114.29

The NPV of future investments is the difference between the two values: $168.42 –

$114.29 = $54.13.

https://www.wendangku.net/doc/f511641847.html,anic Earth stock is expected to pay a dividend of $2.70 per share a year from now, and its

dividends are expected to grow by 7% per year thereafter. If its price is now $30 per share, what must be the market capitalization rate?

Answer:

Use the constant growth formula to solve for k:

P0 = D1/(k – g)

30 = 2.70/(k – 0.07)

k = 16%

6.Walch stock currently sells for $2

7.62 a share, and is expected to pay a dividend of D1 a year

from now. If its dividends are expected to grow by 4.5% per year thereafter and the

capitalization rate is 15% per year, what is the value of D1?

Answer:

Use the constant growth formula to solve for D1:

P0 = D1/(k – g)

D1 = P0(k – g)

= $27.62(0.15 – 0.045)

= $2.90

7.Discuss how outside investors may interpret an increase in a corporation’s cash dividend as

opposed to a decrease.

Answer:

Investors may interpret an increase in a corporation’s cash dividend as a positive sign since it would suggest that management is confident the earnings can be sustained in the future.

The result is most likely to be an increase in stock price. A decrease could be viewed as a bad signal that will most likely cause a decline in stock price.

8.Consider the balance sheet of SureThing Corporation:

Assets Liabilities and Shareholders’ Equity

Cash: $3 million Debt: $3 million

Other Assets: $11 million Equity: $11 million

Total: $14 million Total: $14 million

Number of shares outstanding = 440,000

Price per share = $25

If SureThing pays a cash dividend of $2.50 per share, what will the balance sheet look like afterward?

Answer:

Balance sheet after payment of cash dividend:

Assets Liabilities and Shareholders’ Equity

Cash: $1.9 million Debt: $3 million

Other assets: $11 million Equity: $9.9 million

Total: $12.9 million Total: $12.9 million

Number of shares outstanding = 440,000

Price per share = $22.50

9.Consider the balance sheet of SureThing Corporation:

Assets Liabilities and Shareholders’ Equity

Cash: $3 million Debt: $3 million

Other assets: $11 million Equity: $11 million

Total: $14 million Total: $14 million

Number of shares outstanding = 440,000

Price per share = $25

If SureThing Corporation repurchases shares worth $2.5 million, what will the new balance sheet for SureThing Corporation look like?

Answer:

Balance sheet after share repurchase:

Assets Liabilities and Shareholders’ Equity

Cash: $0.5 million Debt: $3 million

Other assets: $11 million Equity: $8.5 million

Total: $11.5 million Total: $11.5 million Number of shares outstanding = 340,000

Price per share = $25

10.Consider the balance sheet of SureThing Corporation:

Assets Liabilities and Shareholders’ Equity Cash: $3 million Debt: $3 million Other assets: $11 million Equity: $11 million Total: $14 million Total: $14 million Number of shares outstanding = 440,000

Price per share = $25

If SureThing is paying a 20% stock dividend, what will the number of shares outstanding be?

What will be the price per share?

What would be the effect of a two-for-one stock split?

Answer:

After paying a 20% stock dividend:

Number of shares outstanding = 528,000

Price per share = $20.83

After a two-for-one stock split:

Number of shares outstanding = 880,000

Price per share = $12.50

11.Gough Fraser is considering purchasing the stock of ASIOA Companies, which he plans to

hold indefinitely. ASIOA just paid an annual dividend of $3.00 and the price of the stock is $48 per share. The earnings and dividends of the company are expected to grow forever at a rate of 6 percent per year. What annual rate of return does Gough expect on his investment?

Answer:

D1 is 3.00. Given 6% annual growth, D1 = 3.00 x 1.06 = 4.80.

Use the constant growth formula to solve for k:

P0 = D1/(k – g)

48 = 4.80/(k – 0.06)

48k – 2.88 = 4.80

48k = 7.68

k = 16%

12.Halpert Corporation would like to raise $100,000,000 by issuing preferred stock. The

preferred stock will have a par value of $1,000 per share and pay a dividend of $48 per year.

If the required rate of return for this stock is 15 percent, how many shares of preferred stock must Halpert issue?

Answer:

P0 = D1

P0 = $48

0.15

= $320

Number of shares = $100,000,000/$320

= 312,500 shares

13.Aslan Inc. just paid a dividend of $5.00 per share. This dividend is expected to grow at a

supernormal rate of 20 percent per year for the next two years. It is then expected to grow at a rate of 5 percent per year forever. The appropriate discount rate for Aslan’s stock is 17

percent. What is the price of the stock?

Answer:

D0 = $5

D1 = $5(1.2)

= $6.00

D2 = $6.00(1.2)

= $7.20

D3 = $7.20(1.05) = $7.56

P2 = D3/(k – g)

= $7.56/(0.17 – 0.05)

= $63.00

P0 = $6.00/(1.17) + ($7.20 + $63.00)/(1.17)2

= $56.41

14.Druids Corp. just paid an annual dividend of $2.50. Dividends are expected to grow at a

constant rate forever. The price of the stock is currently $38.40. The required rate of return for this stock is 15 percent. What is the expected growth rate of Druids dividend?

Answer:

D0 = $2.50

D1 = $2.50(1 + g)

P0 = $38.40

k = 15%

Use the constant growth formula to solve for g:

P0 = D1/(k – g)

38.40 = 2.50(1 + g)/(0.15 – g)

5.76 – 38.4g = 2.5 + 2.5g

3.26 = 40.9g

0.0797 = g

15.The common stock of Century Inc. is expected to pay a dividend of $1.80 one year from

today. After that the dividend is expected to grow at a rate of 15 percent per year for two years and then at a rate of 5 percent per year forever. If the required rate of return for this stock is 15 percent, what is the current price?

Answer:

D1 = $1.80

D2 = $2.07

D3 = $2.38

D4 = $2.50

P3 = $2.50/(0.15 – 0.05)

= $25.00

P0 = 1.80/(1.15) + 2.07/ (1.15)2 + (2.38 + 25.00)/(1.15)3

= $21.14

16.A firm’s common stock is trading at $54 per share. In the past the firm has paid a constant

dividend of $4 per share. However, the company has just announced new investments that the market did not know about. The market expects that with these new investments, the

dividends should grow at 4% per year forever. Assuming that the discount rate remains the same, what will be the price of the stock after the announcement?

Answer:

P0 = $54

Dividends have been constant, so:

P0 = D1

k = $4/$54

= 7.4%

Now g = 4% and k stays same:

P0 = 4(1.04)/(0.074 – 0.04)

= $122.35

17.Consider a stock that just paid a $3.00 dividend. You expect dividends on this stock to grow

at 25 percent per year for the next 3 years and 10 percent per year thereafter. If you require an

18 percent return, how much are you willing to pay for this stock?

Answer:

D0 = $3

D1 = $3(1.25)

= $3.75

D2 = 3.75(1.25)

= $4.69

D3 = 4.69(1.25)

= $5.86

D4 = $5.86(1.10)

= $6.45

P3 = $6.45/(0.18 – 0.10)

= $80.63

P0 = 3.75/(1.18) + $4.69/(1.18)2 + $86.63/(1.18)3

= $59.19

兹维博迪金融学第二版试题库6TB(1)

Chapter Six The Analysis of Investment Projects This chapter contains 41 multiple choice problems, 20 short problems and 8 longer problems. Multiple Choice 1.The objective of a firm's management is to only undertake the projects that ________ the market value of shareholders' equity. a)decrease b)do not decrease c)change d)do not change Answer: (b) 2.The decision rule that management uses with the net present value is to undertake only those projects with ________ NPV. a) a discounted b) a contingent c) a positive d)negative Answer: (c) 3.If a firm decides to invest in automated machines that will allow the firm to reduce labor costs, this is an example of a ________ capital expenditures project. a)new products b)replacement of existing assets c)cost reduction d)advertising Answer: (c) 4.The NPV of a project represents the amount by which it is expected to increase ________. a)the break-even point b)capital budgeting c)capital expenditures d)shareholder wealth Answer: (d)

兹维博迪金融学第二版试题库9TB

Chapter Nine Valuation of Common Stocks This chapter contains 47 multiple choice questions, 17 short problems, and 9 longer problems. Multiple Choice 1.In a quote listing of stocks, the ________ is defined as the annualized dollar dividend divided by the stock’s price, and is usually expressed as a percentage. (a)cash dividend (b)dividend payout (c)dividend coverage (d)dividend yield Answer: (d) 2.According to the discounted-dividend model, the price of a share of stock is the ________ value of all expected ________ dividends per share, discounted at the market capitalization rate. (a)present; current (b)present; future (c)future; future (d)future; current Answer: (b) 3.The value of common stock is determined by which of the following expected cash flows? (a)dividends and interest payments (b)dividends and maturity value of stock (c)dividends and net cash flows from operations of the firm (d)interest payments and maturity value Answer: (c)

2021年兹维博迪金融学第二版试题库TB

Chapter Seven Principles of Market Valuation This chapter contains 30 multiple choice questions，10 short problems and 5 longer problems. Multiple Choice 1.In regard to an asset，the ________ is defined as the process well-informed investors must pay for it in a free and competitive market. (a)analyst value (b)technical value (c)competitive value (d)fundamental value Answer：(d) 2.In corporate finance decision making，an extremely important rule is to choose the investment that ________ current shareholders’ wealth. (a)minimizes (b)maximizes (c)provides zero change in (d)jeopardizes Answer：(b) 3.In asset valuation，the method used to accomplish the estimation depends on the ________. (a)number of participants (b)quality of calculating instruments

《金融学(第二版)》讲义大纲及课后习题答案详解 十二章

CHAPTER 12 CHOOSING AN INVESTMENT PORTFOLIO Objectives ?To understand the process of personal investing in theory and in practice. ?To build a quantitative model of the tradeoff between risk and reward. Outline 12.1 The Process of Personal Portfolio Selection 12.2 The Trade-off between Expected Return and Risk 12.3 Efficient Diversification with Many Risky Assets Summary ?There is no single portfolio selection strategy that is best for all people. ?Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities. ?Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon. ?In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk. ?One can sometimes reduce risk without lowering expected return by diversifying more completely either within a given asset class or across asset classes. ?The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited. ?Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers these intermediaries make use of the latest advances in financial technology.

兹维博迪金融学第二版试题库5TB(1)

Chapter Five Household Savings and Investment Decisions This chapter contains 28 multiple choice questions, 10 short problems, and 9 longer problems. Multiple Choice 1.Getting a professional degree can be evaluated as ________. a) a social security decision b)an investment in human capital c)an investment in a consumer durable d) a tax exempt decision Answer: (b) 2.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and invest $10,000 to a tax deferred retirement plan. If you choose to withdraw the total accumulated amount at retirement, what will you be left with after paying taxes? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (c) 3.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and have $10,000 to invest. If you invest this in an ordinary savings plan instead of a tax deferred retirement plan, what amount will you have accumulated at retirement? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (a)

兹维博迪金融学第二版试题库4TB(1)

Chapter Four Allocating Resources Over Time This chapter contains 46 multiple-choice questions, 18 short problems and 9 longer problems. Multiple Choice 1.________ is the process of going from present value to future value, whereas ________ is finding the present value of some future amount. (a)Discounting; compounding (b)Compounding; annualizing (c)Compounding; discounting (d)Discounting; leasing Answer: (c) 2.________ refers to the interest rate at which money received before the end of the planning horizon can be reinvested. (a)Internal rate (b)Reinvestment rate (c)Cost of equity (d)Compound interest Answer: (b) 3.The difference between an immediate annuity and an ordinary annuity is ________. (a)the number of periods (b)the amount of the payments (c)the interest rate (d)the timing of the payments Answer: (d)

金融学兹维博迪第二版-第一章答案

CHAPTER 1 – Financial Economics End-of-Chapter Problems Defining Finance 1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face? SAMPLE ANSWER: ? ? ? ? ? ? ? Finish school Get good paying job which I like Get married and have children Own my own home Provide for family Pay for children’s education Retire How Finance Plays a Role: SAMPLE ANSWER: ? Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not. ? ? Higher education should enhance my earning power and ability to obtain a job I like. Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health. ? Finance helps me determine whether the home I want to buy is a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home. Finance helps me determine how much money I will have to save in order to pay for my children’s ? education as well as my own retirement. Major Tradeoffs: SAMPLE ANSWER ? Spend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education. Consume now and have less money saved for future expenditures such as for a house and/or car or save ? more money now but consume less than some of my friends Financial Decisions of Households 2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?

兹维博迪金融学第二版试题库2TB

Chapter Two Financial Markets and Institutions This chapter contains 49 multiple-choice questions, 20 short problems and 10 longer problems. Multiple Choice 1. A market that has no one specific location is termed a(n) ________ market. (a)over-the-counter (b)geographic location (c)intermediary (d)conceptual Answer: (a) 2. ________ problems arise because parties to contracts often cannot easily monitor or control one another. (a)Payment (b)Counter (c)Incentive (d)Exchange Answer: (c) 3. Incentive problems take a variety of forms and include: (a)moral hazard (b)adverse selection (c)principal-agent (d)all of the above Answer: (d) 4. The ________ problem exists when having insurance against some risk causes the insured party to take greater risk or to take less care in preventing the event that gives rise to the loss. (a)moral hazard (b)adverse selection (c)principal-agent (d)all of the above Answer: (a)

兹维博迪金融学第二版试题库08TB

Chapter Eight Valuation of Known Cash Flows: Bonds This chapter contains 50 multiple choice questions, 18 short problems and 9 longer problems. Multiple Choice 1. A ________ is a quantitative method used to infer an asset's value from market information about the prices of other assets and market interest rates. (a)fixed model (b)perpetual valuation model (c)valuation model (d)variable model Answer: (c) 2.________ are examples of fixed-income securities. (a)Common stock and pension funds (b)Mortgages and pension annuities (c)Mutual funds and common stock (d)Preferred stock and common stock Answer: (b) 3.Consider a fixed-income security that promises to pay $150 each year for the next five years. How much is this five-year annuity worth if the appropriate discount rate is 7% per year? (a)$534.74 (b)$615.03 (c)$802.50 (d)$867.96 Answer: (b) 8-1

博迪《金融学》(第2版)笔记和课后习题详解修订版答案

博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习?>无偿试用20％资料 全国547所院校视频及题库全收集 考研全套>视频资料>课后答案>往年真题>职称考试 第1部分金融和金融体系 第1章金融学 1.1复习笔记 1.2课后习题详解 第2章金融市场和金融机构 2.1复习笔记 2.2课后习题详解 第3章管理财务健康状况和业绩 3.1复习笔记 3.2课后习题详解 第2部分时间与资源配置 第4章跨期配置资源 4.1复习笔记 4.2课后习题详解 第5章居民户的储蓄和投资决策 5.1复习笔记 5.2课后习题详解 第6章投资项目分析 6.1复习笔记 6.2课后习题详解 第3部分价值评估模型 第7章市场估值原理 7.1复习笔记 7.2课后习题详解 第8章已知现金流的价值评估：债券 8.1复习笔记 8.2课后习题详解 第9章普通股的价值评估 9.1复习笔记 9.2课后习题详解 第4部分风险管理与资产组合理论 第10章风险管理的原理 10.1复习笔记 10.2课后习题详解

第11章对冲、投保和分散化 11.1复习笔记 11.2课后习题详解 第12章资产组合机会和选择 12.1复习笔记 12.2课后习题详解 第5部分资产定价 第13章资本市场均衡 13.1复习笔记 13.2课后习题详解 第14章远期市场与期货市场 14.1复习笔记 14.2课后习题详解 第15章期权市场与或有索取权市场 15.1复习笔记 15.2课后习题详解 第6部分公司金融 第16章企业的财务结构 16.1复习笔记 16.2课后习题详解 第17章实物期权 17.1复习笔记 17.2课后习题详解

兹维博迪金融学第二版试题库10TB

Chapter Ten Principles of Risk Management This chapter contains 30 multiple choice questions, 10 short problems, and 5 longer problems. Multiple Choice 1.________ that “matters” because if affects people's welfare. ________ exists whenever one does not know for sure what will occur in the future. (a)Uncertainty is risk; Uncertainty (b)Risk is uncertainty; Uncertainty (c)Risk is uncertainty; Risk (d)Uncertainty is risk; Risk Answer: (b) 2.________ is a measure of willingness to pay to reduce one's exposure to risk. (a)Risk aversion (b)Risk avariciousness (c)Risk predilection (d)Risk inflation Answer: (a) 3.When choosing among investment alternatives with the same expected rate of return, a risk averse individual chooses the one with the ________ risk. (a)surest (b)most uncertain (c)lowest (d)highest Answer: (c) 10-1

博迪《金融学》第2版课后习题及详解(金融学)【圣才出品】

博迪《金融学》第2版课后习题及详解 第1章金融学 一、概念题 1．金融学（finance） 答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。其主要研究货币领域的理论及货币资本资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。 2．金融体系（financial system） 答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。研究金融体系如何发展演变是金融学科的重要方面。 3．资产（assets） 答：资产是指个人、公司或者组织拥有的具有商业或交换价值的任何物品，它能在未来产生经济利益，资产有三个非常重要的特征：①能在未来产生经济利益；②由实体控制；③由过去发生的事项或交易产生。

在国民账户体系中，资产是指经济资产，即所有者能对其行使所有权，并在持有或使用期间可以从中获得经济利益的资源或实体。资产可分为金融资产和非金融资产两大类。金融资产是指以价值形态或以金融工具形式存在的资产，它包括金融债权以及货币黄金和特别提款权。非金融资产是指非金融性的资产，它包括生产资产和非生产资产。 在企业财务会计中，资产是指由过去的交易和事项所形成的，并由企业拥有或控制，预期会给企业带来经济利益的资源。按流动性可分为流动资产和非流动资产两大类。流动资产是指企业可以在一年或超过一年的一个营业周期内变现或者耗用的资产。非流动资产是指不能在一年或者超过一年的一个营业周期内变现或耗用的资产。 4．资产配置（asset allocation） 答：资产分配是指将投资在各种资产（如股票、债券、不动产和现金等）中进行分配的过程。根据某人或者某机构特定情况和目标进行资产分配，可使投资的风险—收益组合最优化。资产配置是财务规划和资金管理中的一个重要概念。 5．负债（liability） 答：负债是指一个经济主体对另一个经济主体应尽的偿还义务，即应偿付的债务。常用的负债概念有金融负债和企业负债。金融负债指金融交易中的负债，它与金融债权相对应。金融债权和金融债务产生于一个经济主体向另一个经济主体提供资金时所缔结的契约关系，是同时对应存在的。企业负债指过去的交易、事项形成的现时义务，履行该义务预期会导致经济利益流出企业。企业负债按流动性分为流动负债和长期负债。流动负债指应在一年或者在超过一年的一个营业周期内偿还的债务；长期负债指偿还期在一年以上或者在超过一年的一个营业周期以上的负债。

博迪莫顿版金融学(第二版)课后习题答案

博迪莫顿版金融学(第二版)课后习题答案

金融学（第二版）答案 博迪默顿 第一章课后习题答案 一 . 我的生活目标： ●完成学业 ●找到一份自己喜欢且收入不菲的工作 ●结婚和生养子女 ●拥有我自己的房子 ●供养我的家庭生活 ●供养孩子上学 ●退休 在我实现目标的过程中，金融所扮演的角色： 答案样例：1，金融现在可以为我提供大学本科及研究生教育的学费并帮我完成学业，帮我决定投资于上学是否是一个好的投资决定 2，高等教育可以帮助提高我赚钱的能力以及获得一个我喜欢的工作的能力 3，当我结婚并且有了孩子以后，我就有了额外的金融责任（以具体情况

负债包括：学生贷款 信用卡结余的差额 各种租用金的协定（不包括转租） 应付车款 在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值 三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。另外，他不需要在家庭成员之间分配收入这件事上做任何决定。单身汉是很灵活自由的，可以选择住在几乎任何地方。他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。 有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者

因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘故,这个家庭会想离所谓好的学校近一点,同时良好的教育会对孩子将来的生活和财政状况有所裨益.因此一家之主的资源配置会更加的复杂:要有更多的钱于目前的消费（这也是他或她需要来抚养成员的）,但是同时又需要更多的钱储蓄起来以支付未来的费用,诸如教育和房屋购置,还有风险投资,比如生活和残障保险. 四．在双收入家庭中,家庭失去全部经济收入的风险比单收入家庭要小,同时,单收入家庭比双收入家庭更愿意购买残疾保险,人身保险.然而,如果单收入家庭需要有人照顾放学后回家的孩子,他们还要再支付照看小孩的额外费用. 五．学生们结合他们具体的经历和看法会给出不同的答案。很多的人很可能会说应该是在完成学业，并获得一份可观收入的工作之后实现经济上的独立。

兹维博迪金融学第二版试题库13TB(1)

Chapter Thirteen Capital Market Equilibrium This chapter contains 43 multiple choice questions, 19 short problems, and 9 longer problems. Multiple Choice 1.If one holds a diversified portfolio in which securities are held in the same relative proportions as in a broad market index, this is referred to as ________. (a)eliminating (b)discounting risk (c)indexing (d)capitalizing Answer: (c) 2.The CAPM provides a way of estimating ________ for use in a variety of financial applications. (a)actual rates of return (b)expected rates of return (c)expected standard deviation (d)actual standard deviation Answer: (b) 3.The CAPM may be used to provide ________. (a)inputs to DCF valuation model for stocks (b)inputs to DCF valuation model for bonds (c)estimation of a “fair” rate of return on invested capital (d)both (a) and (c) Answer: (d) 13-1

《金融学(第二版)》讲义大纲及课后习题答案详解 第十章

CHAPTER 10 AN OVERVIEW OF RISK MANAGEMENT Objectives ?To explore how risk affects financial decision-making. ?To provide a conceptual framework for the management of risk. ?To explain how the financial system facilitates the efficient allocation of risk-bearing. Outline 10.1 What Is Risk? 10.2 Risk and Economic Decisions 10.3 The Risk Management Process 10.4 The Three Dimensions of Risk Transfer 10.5 Risk Transfer and Economic Efficiency 10.6 Institutions for Risk Management 10.7 Portfolio Theory: Quantitative Analysis for Optimal Risk Management 10.8 Probability Distributions of Returns Summary ?Risk is defined as uncertainty that matters to people. Risk management is the process of formulating the benefit-cost trade-offs of risk-reduction and deciding on a course of action to take. Portfolio theory is the quantitative analysis of those trade-offs to find an optimal course of action. ?All risks are ultimately borne by people in their capacity as consumers, stakeholders of firms and other economic organizations, or taxpayers. ?The riskiness of an asset or a transaction cannot be assessed in isolation or in the abstract; it depends on the specific frame of reference. In one context, the purchase or sale of a particular asset may add to one’s risk exposure; in another, the same transaction may be risk-reducing. ?Speculators are investors who take positions that increase their exposure to certain risks in the hope of increasing their wealth. In contrast, hedgers take positions to reduce their exposures. The same person can be a speculator on some exposures and a hedger on others. ?Many resource-allocation decisions, such as saving, investment, and financing decisions, are significantly influenced by the presence of risk and therefore are partly risk-management decisions. ?We distinguish among five major categories of risk exposures for households: sickness, disability, and death; job loss; consumer-durable asset risk; liability risk; and financial asset risk. ?Firms face several categories of risks: production risk, price risk of outputs, and price risk of inputs. ?There are five steps in the risk-management process: risk identification, risk assessment, selection of risk-management techniques, implementation, review. ?There are four techniques of risk management: r isk avoidance, loss prevention and control, risk retention, risk transfer. ?There are three dimensions of risk transfer: hedging, insuring, and diversifying. ?Diversification improves welfare by spreading risks among many people, so that the existing uncertainty matters less. ?From society’s perspective risk-management institutions contribute to economic efficiency in two important ways. First, they shift risk away from those who are least willing or able to bear it to those who are most willing to bear it. Second, they cause a reallocation of resources to production and consumption in accordance with the new distribution of risk-bearing. By allowing people to reduce their exposure to the risk of undertaking certain business ventures, they may encourage entrepreneurial behavior that can have a benefit to society. ?Over the centuries, various economic organizations and contractual arrangements have evolved to facilitate a more efficient allocation of risk-bearing by expanding the scope of diversification and the types of risk that are shifted. ?Among the factors limiting the efficient allocation of risks are transactions costs and problems of adverse selection and moral hazard.