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CFA一级Equity Investments 经典习题

编辑:finance365/时间:2017-01-12/浏览:525 views
【题1】 An investor buys a stock on margin. Assume that the interest on the loan and the dividend are both paid at the end of the holding period. The data related to the transaction are as follows:20170104101650001.png

The investor’s total return on this investment over the margin holding period is closest to:

A. 15.6%

B. 16.7%

C. 21.4%

 

【题2】An investor gathers the following data. To estimate the stock’s justified forward P/E, the investor prefers to use:

  •  the earnings growth rate rather than the dividends growth rate and
  •  the average of the payout ratios over the relevant period, in this case 2006-2009, rather the most recent payout ratio.

20170104101717002.png

The yield on 10-year T-notes is 3 percent and the current equity risk premium is 6.5 percent. If beta is 1.3, then the stock’s justified forward P/E is closest to: Justified PE RATIO

A. 12

B. 16

C. 21

【题3】

20170104101734003.png

The analyst expects the information above to accurately reflect the future.  If the company wants toachieve a growth rate of 15% without changing its capital structure or issuing new equity, the company’smaximum dividend payout ratio (in %) is closest to:

A. 25

B. 40

C. 60

【题4】According to the industry life-cycle model, an industry in the shakeout stage is best characterized as experiencing:

A. Increasing demand but falling prices.

B. Slowing growth and intense competition.

C. Little or no growth and industry consolidation.

【题5】Capital markets are efficient and a portfolio manager lacks access to superior analysts, her most important function(s) should be to: 

A. Diversify completely on a global basis and eliminate all unsystematic risk.

B. Concentrate efforts in mid-cap and small-cap stocks having adequate liquidity.

C. Pay particular attention to the BV/MV ratio of stocks and to the monetary policy environment.

【题6】An investor wants to determine the intrinsic value of the common stock for a company with the following characteristics:

  • The firm maintains a constant dividend payout ratio
  • Goodwill and patents account for 40% of the firm’s assets
  • The firm’s revenues and earnings are highly correlated with the business cycle

Further, the investor focuses on the firm’s capacity to pay dividends rather than expected dividends. Considering the above, the investor will most likely use which of the following valuation models?

A. Asset-based valuation model.

B. Free-cash-flow-to-equity model.

C. Gordon dividend growth model.

【题7】An investor considering the enterprise value approach to valuation gathers the following data:

20170104101755004.png

The value per share of the company’s common stock is closest to:

A. $13.43

B. $22.35

C. $22.90

【题8】A financial analyst utilizing his analytical expertise and up-to-date information buys a company’s stock. His close friends, who lack information or expertise, imitate the financial analyst’s action and buy the stock. Which of the following statements concerning this behavioral bias is most accurate?

A. It improves market efficiency.

B. It is identical to representativeness.

C. It is inconsistent with rational behavior.

【题9】Industry analysis is least useful to those who are engaged in:

A. A top-down investment approach.

B. Portfolio performance attribution.

C. Indexing and passive investing strategies.

【题10】An analyst gathers the following data about a company with a double-digit growth rate that is expected to continue for three more years:

20170104101817005.png

The best estimate of the company’s value per share is closest to:

A. €48.63

B. €50.68

C. €85.93

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