兹维博迪金融学第二版试题库9TB.docx
- 文档编号:14510053
- 上传时间:2023-06-24
- 格式:DOCX
- 页数:33
- 大小:26.17KB
兹维博迪金融学第二版试题库9TB.docx
《兹维博迪金融学第二版试题库9TB.docx》由会员分享,可在线阅读,更多相关《兹维博迪金融学第二版试题库9TB.docx(33页珍藏版)》请在冰点文库上搜索。
兹维博迪金融学第二版试题库9TB
ChapterNine
ValuationofCommonStocks
Thischaptercontains47multiplechoicequestions,17shortproblems,and9longerproblems.
MultipleChoice
1.Inaquotelistingofstocks,the________isdefinedastheannualizeddollardividenddividedbythestock’sprice,andisusuallyexpressedasapercentage.
(a)cashdividend
(b)dividendpayout
(c)dividendcoverage
(d)dividendyield
Answer:
(d)
2.Accordingtothediscounted-dividendmodel,thepriceofashareofstockisthe________valueofallexpected________dividendspershare,discountedatthemarketcapitalizationrate.
(a)present;current
(b)present;future
(c)future;future
(d)future;current
Answer:
(b)
3.Thevalueofcommonstockisdeterminedbywhichofthefollowingexpectedcashflows?
(a)dividendsandinterestpayments
(b)dividendsandmaturityvalueofstock
(c)dividendsandnetcashflowsfromoperationsofthefirm
(d)interestpaymentsandmaturityvalue
Answer:
(c)
4.
The________istheexpectedrateofreturnthatinvestorsrequireinordertobewillingtoinvestinthestock.
(a)marketcapitalizationrate
(b)risk-adjusteddiscountrate
(c)costofdebt
(d)aandb
Answer:
(d)
5.The________ofdividendsisthemostbasicassumptionunderlyingthediscounteddividendmodel.
(a)industryaverage
(b)non-constantgrowth
(c)constantgrowth
(d)variability
Answer:
(c)
6.BHMstockisexpectedtopayadividendof$2.50ayearfromnow,anditsdividendsareexpectedtogrowby6%peryearthereafter.WhatisthepriceofaBHMshareifthemarketcapitalizationrateis7%peryear?
(a)$250.00
(b)$192.31
(c)$25.00
(d)$19.23
Answer:
(c)
7.IOUstockisexpectedtopayadividendof$1.67ayearfromnow,anditsdividendsarenotexpectedtogrowintheforeseeablefuture.Ifthemarketcapitalizationrateis7%,whatisthecurrentpriceofashareofIOUstock?
(a)$11.69
(b)$23.86
(c)$116.90
(d)$238.60
Answer:
(b)
8.
GMATSstockiscurrentlysellingfor$34.50ashare.Thecurrentdividendforthisstockis$1.60anddividendsareexpectedtogrowataconstantrateof10%peryearthereafter.WhatmustbethemarketcapitalizationrateforashareofGMATSstock?
(a)4.90%
(b)5.36%
(c)14.64%
(d)15.10%
Answer:
(d)
9.Avacorstockisexpectedtopayadividendof$1.89ayearfromnow,anditsdividendsareexpectedtogrowataconstantrateof5%peryearthereafter.Ifthemarketcapitalizationrateis14%peryear,whatisthecurrentpriceofashareofAvacorstock?
(a)$13.50
(b)$18.90
(c)$21.00
(d)$37.80
Answer:
(c)
10.GRITOstockiscurrentlysellingfor$46.10ashare.Ifthecompanyisexpectedtopayadividendof$5.60ayearfromnowanddividendsarenotexpectedtogrowthereafter,whatisthemarketcapitalizationrateforashareofGRITOstock?
(a)7.56%
(b)8.23%
(c)10.50%
(d)12.15%
Answer:
(d)
11.IntheDDMmodel,ifD1andkareheldconstant,whatwillhappentothepriceofastockiftheconstantgrowthrategetshigher?
(a)thepriceofthestockwillbehigher
(b)thepriceofthestockwillholdconstant
(c)thepriceofthestockwillbelower
(d)itcannotbedeterminedfromtheinformationgiven
Answer:
(a)
12.
Therelationbetweenearningsanddividendsinanyperiodis________.
(a)Dividends=Earnings/NetNewInvestment
(b)Dividends=EarningsxNetNewInvestment
(c)Dividends=Earnings+NetNewInvestment
(d)Dividends=Earnings–NetNewInvestment
Answer:
(d)
13.ConsiderafirmcalledNowhereCorporation,whoseearningspershareare$12.Thefirminvestsanamounteachyearthatisjustsufficienttoreplacetheproductioncapacitythatiswearingout,andsothenewinvestmentiszero.Thefirmpaysoutallitsearningsasdividends.CalculatethepriceofashareofNowhereCorporationstock,givethatk=14%.
(a)$168.00
(b)$166.67
(c)$85.71
(d)$82.40
Answer:
(c)
14.ConsiderafirmcalledSureBetCorporation.SureBetreinvests55%ofitsearningseachyearintonewinvestmentsthatearnarateofreturnof17%peryear.Currently,SureBetCorporationhasearningspershareof$12andpaysout45%or$5.40asdividends.Calculatethegrowthrateofearningsanddividends.
(a)7.65%
(b)8.50%
(c)9.35%
(d)24.75%
Answer:
(c)
15.Whataddsvaluetothecurrentpriceofashareofstockis________.
(a)growthperse
(b)taxadvantages
(c)investmentopportunitiesthatearnratesofreturn>k
(d)alloftheabove
Answer:
(c)
16.
InordertoevaluatethestockofBeltranInc.,ananalystusestheconstantgrowthdiscounteddividendmodel.Expectedearningsof$12pershareisassumed,asareanearningsretentionrateof70%andanexpectedrateofreturnonfutureinvestmentsof17%peryear.Ifthemarketcapitalizationrateis14%peryear,calculatethepriceforashareofBeltranstock.
(a)$171.43
(b)$367.35
(c)$400.00
(d)$857.14
Answer:
(a)
17.InordertoevaluatethestockofTheRendell-VineCorporation,ananalystusestheconstantgrowthdiscounteddividendmodel.Expectedearningsof$12pershareisassumed,asareanearningsretentionrateof70%andanexpectedrateofreturnonfutureinvestmentsof17%peryear.Ifthemarketcapitalizationrateis14%peryear,whatistheimpliednetpresentvalueoffutureinvestments?
(a)$314.29
(b)$281.64
(c)$171.43
(d)$85.72
Answer:
(d)
18.InordertoevaluatethestockofToys’R’Me,ananalystusestheconstantgrowthdiscounteddividendmodel.Expectedearningsof$14pershareisassumed,asareanearningsretentionrateof60%andanexpectedrateofreturnonfutureinvestmentsof17%peryear.Ifthemarketcapitalizationrateis15%peryear,whatistheimpliednetpresentvalueoffutureinvestments?
(a)$23.34
(b)$70.00
(c)$93.34
(d)$116.67
Answer:
(a)
19.FirmswithconsistentlyhighP/Emultiplesareinterpretedtohaveeitherrelatively________marketcapitalizationratesorrelatively________presentvalueofvalue-addedinvestments.
(a)low;low
(b)high;high
(c)high;low
(d)low;high
Answer:
(d)
20.Ina“frictionless”financialenvironment,theshareholderswealthis________thedividendpolicythefirmadopts.
(a)increasedby
(b)decreasedby
(c)notaffectedby
(d)determinedby
Answer:
(c)
21.Ina________thecompanypayscashtobuysharesofitsstockinthestockmarket,therebyreducingthenumberofsharesoutstanding.
(a)cashdividend
(b)sharerepurchase
(c)stocksplit
(d)aandb
Answer:
(b)
22.Stocksplitsandstockdividends________thenumberofsharesofstockoutstanding.
(a)decrease
(b)donotalter
(c)increase
(d)aorb
Answer:
(c)
23.SureBetCorporationhastotalassetswithamarketvalueof$15million:
$3millionincashand$12millioninotherassets.Themarketvalueofitsdebtis$3million;ofitsequity$12million.Thereare1,000,000sharesofSureBetcommonstockoutstanding,eachwithamarketpriceof$12.IfSureBetdistributesacashdividendof$1.50pershare,themarketvalueofitsassetsandofitsequity________by________.
(a)increases;$1.5million
(b)increases;$10.5million
(c)decreases;$1.5million
(d)decreases;$10.5million
Answer:
(c)
24.
SureBetCorporationhastotalassetswithamarketvalueof$15million:
$3millionincashand$12millioninotherassets.Themarketvalueofitsdebtis$3million;ofitsequity$12million.Thereare1,000,000sharesofSureBetcommonstockoutstanding,eachwithamarketpriceof$12.IfSureBetrepurchasessharesworth$2.4million,theresultingnumberofsharesoutstandingis________,withapricepershareof________.
(a)200,000;$15
(b)200,000;$12
(c)800,000;$15
(d)800,000;$12
Answer:
(d)
25.“Frictions”thatcancauseafirm’sdividendpolicytohaveaneffectonthewealthofshareholdersinclude:
(a)regulations
(b)taxes
(c)costofexternalfinance
(d)alloftheabove
Answer:
(d)
26.Outsideinvestorsmayinterpretanincreaseinacorporation’scashdividendas________sign.
(a)apositivesign
(b)anegativesign
(c)anindifferentsign
(d)borc
Answer:
(a)
27.Fromtheperspectiveofashareholderwithregardtopersonaltaxation,itisalways________forthecorporationtopayoutcashby________.
(a)better;cashdividends
(b)worse;cashdividends
(c)worse;sharerepurchases
(d)itvariesaccordingtothesituation
Answer:
(b)
28.
Anincreaseinacorporation’scashdividendismostlikelyto________.
(a)decreasethepriceofitsstock
(b)increasethepriceofitsstock
(c)havenoimpactonthepriceofitsstock
(d)decreasetradingactivityofitsstock
Answer:
(b)
29.Raisingcashbyissuingnewstockis________tothecorporationthanraisingcashbyforegoingthepaymentsofdividends.
(a)islesscostly
(b)ismorecostly
(c)isnodifferent
(d)justascostly
Answer:
(b)
30.GoughFraserisconsideringpurchasingthestockofASIOACompanies,whichheplanstoholdindefinitely.ASIOAjustpaidanannualdividendof$2.50andthepriceofthestockis$48pershare.Theearningsanddividendsofthecompanyareexpectedtogrowforeveratarateof6percentperyear.WhatannualrateofreturndoesGoughexpectonhisinvestment?
(a)10.58%
(b)11.21%
(c)11.52%
(d)12.46%
Answer:
(c)
31.BeazleyInc.justpaidadividendof$3.00pershare.Thisdividendisexpectedtogrowatasupernormalrateof15percentperyearforthenexttwoyears.Itisthenexpectedtogrowatarateof6percentperyearforever.TheappropriatediscountrateforBeazley’sstockis17percent.Whatisthepriceofthestock?
(a)$17.64
(b)$27.27
(c)$33.78
(d)$46.15
Answer:
(c)
32.
BeazleyCorporationwouldliketoraise$100,000,000byissuingpreferredstock.Thepreferredstockwillhaveaparvalueof$1,000pershareandpayadividendof$72perye
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 兹维博迪 金融学 第二 试题库 TB