CFA一级模块练习_权益投资08.docxVIP

全球最大的CFA(特许金融分析师)培训中心  PAGE \* MERGEFORMAT 5 总部地址：上海市虹口区花园路171号A3幢高顿教育 电话：400-600-8011 网址：HYPERLINK /  微信公众号：gaoduncfa CFA一级模块练习-权益投资08 　　1 . Assume that theexpected dividend growth rate (g) for a firm decreased from 5% to zero.Further, assume that the firms cost of equity (k) and dividend payout ratiowill maintain their historic levels. The firms P/E ratio will most likely: 　　A)become undefined. 　　B)decrease. 　　C)increase. 　　The correct answer wasB 　　The P/E ratio may bedefined as: Payout ratio / (k - g), so if k is constant and g goes to zero, theP/E will decrease. 　　2 . A firm is mostlikely to have pricing power if: 　　A)costs to exit theindustry are high. 　　B)its product isdifferentiated. 　　C)its market share ishigh. 　　The correct answer wasB 　　Firms offeringproducts that are differentiated in terms of quality and features are morelikely to have pricing power than firms that produce undifferentiated(commodity-like) products. High market share does not necessarily imply pricingpower; for example, if four firms each have 25% market share, none of them arelikely to have significant pricing power. High exit costs can createovercapacity in an industry and result in a high degree of price competition asfirms try to maintain production volume during a period of reduced demand. 　　3 . A preferredstock’s dividend is $5 and the firm’s bonds currently yield 6.25%. Thepreferred shares are priced to yield 75 basis points below the bond yield. Theprice of the preferred is closest to: 　　A)$90.91. 　　B)$5.00. 　　C)$80.00. 　　The correct answerwas: A 　　Preferred stock yield(Kp) = bond yield – 0.75% = 6.25% ? 0.75% = 5.5% 　　Value = dividend / Kp= $5 / 0.055 = $90.91. 　　4 . An analystgathered the following data for the Parker Corp. for the year ended December31, 2005: 　　§ EPS2005 = $1.75 　　§ Dividends2005 = $1.40 　　§ Beta Parker = 1.17 　　§ Long-term bond rate = 6.75% 　　§ Rate of return SP 500 = 12.0