CFA历年考题以及相关资料 Quiz 13.docVIP

PAGE PAGE 72 13: Asset Valuation: Equity Investments 1.A: An Introduction to Security Valuation Question ID: 25084 In the top-down approach to valuation, industry analysis should be conducted before company analysis because: A. the goal of the top-down approach is to identify those companies in non-cyclical industries with the lowest P/E ratios. B. an industrys prospects within the global business environment are a major determinant of how well individual firms in the industry perform. C. most valuation models recommend the use of industry-wide average required returns, rather than individual returns. D. the goal of the top-down approach is to identify those companies in cyclical industries with the highest P/E ratios. B In general, an industry’s prospects within the global business environment determine how well or poorly individual firms in the industry do. Thus, industry analysis should precede company analysis. The goal is to find the best companies in the most promising industries; even the best company in a weak industry is not likely to perform well. Question ID: 16869Concerning the top-down, three-step valuation process, academic studies have shown which of the following? A. There is no relationship between aggregate stock prices and various economic series (i.e., employment and income). B. Most changes in a firms earnings can be attributed to general economic and market factors. C. Changes in an individual stocks rate of return cannot be explained by changes in the rates of return for the aggregate stock market. D. All of these are correct. B There is a relationship between aggregate stock prices and various economic series. Changes in an individual stocks rate of return are best explained by changes in the rates of return for the aggregate stock market. Question ID: 16902 Which of the following would NOT be a reason for market, industry, and corporate analysis? A. Firms within each industry perform differently. B. Single industries perform consisten