CFA一级模块练习-权益投资-试题05

CFA一级模块练习-权益投资-试题05

CFA一级模块练习-权益投资-试题05

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电话:400-600-8011网址:http://m.sodocs.net/doc/02593193b52acfc788ebc937.html 微信公众号:gaoduncfa 1 CFA 一级模块练习-权益投资-试题05

1 .Ifthe expected dividend payout ratio of a firm is expected to rise from 50percent to 55 percent, the cost of equity is expected to increase from 10percent to 11 percent, and the firm ’s growth rate remains at 5 percent, whatwill happen to the firm ’s price-to-equity (P/E) ratio? It will:

A)decline.

B)be unchanged.

C)increase.

The correct answerwas: A

Payout increases from50% to 55%, cost of equity increases from 10% to 11%, and dividend growth ratestays at 5%, the P/E will change from 10 to 9.16:

P/E = (D/E) / (k – g).

P/E0 = 0.50 / (0.10 –0.05) = 10.

P/E1 = 0.55 / (0.11 –0.05) = 9.16.

2 . When a company ’sreturn on equity (ROE) is 12% and the dividend payout ratio is 60%, what is theimplied sustainable growth rate of earnings and dividends?

A)4.0%.

B)7.8%.

C)4.8%.

The correct answer wasC

g = ROE × retentionratio = ROE × (1 – payout ratio) = 12 (0.4) = 4.8%

3 . Theconstant-growth dividend discount model would typically be most appropriate invaluing a stock of a:

A)moderate growth,"mature" company.

B)rapidly growingcompany.

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