投资解析組合补充選擇判断.docVIP

PAGE PAGE 1 投资分析与投资组合管理 补充选择判断 一、判断题： (f) By definition growth companies have growth stocks. (t) In the present value of operating free cash flow technique, the firms operating free cash flow to the firm is discounted at the firms weighted average cost of capital (WACC). (t) The best known measure of relative value for common stock is the P/E ratio. (f) Price-to-book value ratio can not be used to estimate the value of firms with negative earnings or negative cash flows. (t) The micro approach to estimating the industry multiple would entail examining specific variables such as: dividend payout ratios, required rates of return, and expected growth rates of dividends and earnings. (t) Structural changes occur when the economy undergoes a major organizational change or how it functions. (t) Downsizing of corporate America in the 1990s is an example of structural change. (t) Switching from one industry group to another over the course of a business cycle is known as a rotation strategy. 二、选择题： 1.Which of the following statements about the business cycle is false?( d ) a) Toward the end of a recession, financial stocks typically increase in value as investment and borrowing activities accelerate. b) Once the economy hits a trough and begins to recover, consumer durable stocks become attractive investments. c) Once the economy has recovered and current levels of consumption are sustainable, businesses may consider modernizing or expanding, thus stocks of capital goods industries become attractive investments. d) As the business cycle reaches a peak, inflation rates decrease. e) None of the above (that is, all are true statements) 2.A number of economic variables affect both the economy and industries. Which of the following statements is false? （ a ） a) Industries with high levels of operating and financial leverage should benefit from lower inflation rates. b) Banks generally benefit from volatile interest rates, while stable interest rates reduce