金融市场与机构11.docx
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金融市场与机构11.docx
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金融市场与机构11
1Chapter11
TheStockMarket
1 MultipleChoiceQuestions
1.(I)Ashareofcommonstockinafirmrepresentsanownershipinterestinthatfirm.(II)Ashareofpreferredstockisasmuchlikeabondasitislikecommonstock.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
2.Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsof
(a)bothcommonstockholdersandbondholders.
(b)neithercommonstockholdersnorbondholders.
(c)commonstockholders,butafterthatofbondholders.
(d)bondholders,butafterthatofcommonstockholders.
Answer:
C
3.(I)Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders,butafterthatofbondholders.(II)Firmsissuepreferredstockinfargreateramountsthancommonstock.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
4.(I)Preferredstockholdersholdaclaimonassetsthathaspriorityovertheclaimsofcommonstockholders.(II)Bondholdersholdaclaimonassetsthathaspriorityovertheclaimsofpreferredstockholders.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
5.(I)Firmsissuecommonstockinfargreateramountsthanpreferredstock.(II)Thetotalvolumeofstockissuedismuchlessthanthevolumeofbondsissued.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
6.Theriskiestcapitalmarketsecurityis
(a)preferredstock.
(b)commonstock.
(c)corporatebonds.
(d)Treasurybonds.
Answer:
B
7.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstocksharestraded.
(a)30
(b)45
(c)60
(d)70
Answer:
D
8.Organizedexchangesaccountforabout_________percentofthetotaldollarvolumeofdomesticstockstraded.
(a)60
(b)70
(c)80
(d)90
Answer:
B
9.(I)ThelargestoftheorganizedstockexchangesintheUnitedStatesistheNewYorkStockExchange.(II)TobelistedontheNYSE,afirmmusthaveaminimumof$100milliondollarsinmarketvalueor$10millioninrevenues.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
10.TolistontheNYSE,afirmmust
(a)haveearningsofatleast$100millionforeachofthelastthreeyears.
(b)haveatleast$500millionofmarketvalueand$100millionofrevenue.
(c)haveatotalof$100millioninmarketvalueofpubliclytradedshares.
(d)meetalloftheaboverequirements.
(e)meet(a)and(b)oftheaboverequirements.
Answer:
E
11.Securitiesnotlistedononeoftheexchangestradeintheover-the-countermarket.Inthisexchange,dealers“makeamarket”by
(a)buyingstocksforinventorywheninvestorswanttosell.
(b)sellingstocksfrominventorywheninvestorswanttobuy.
(c)doingbothoftheabove.
(d)doingneitheroftheabove.
Answer:
C
12.Themostactivestockexchangeintheworldisthe
(a)NikkeiStockExchange.
(b)LondonStockExchange.
(c)ShanghaiStockExchange.
(d)NewYorkStockExchange.
Answer:
A
13.Whichofthefollowingstatementsabouttradingoperationsinanorganizedexchangearecorrect?
(a)Floortradersalldealinawidevarietyofstocks.
(b)Inmosttrades,specialistsmatchbuyandsellorders.
(c)Inmosttrades,specialistsbuyfororsellfromtheirowninventories.
(d)TheSuperDOTsystemisusedtoexpeditelargetradesofover100,000shares.
Answer:
B
14.WhichofthefollowingisnotanadvantageofElectronicCommunicationsNetworks(ECNs)?
(a)AllunfilledordersareavailableforreviewbyECNtraders.
(b)TransactionscostsarelowerforECNtrades.
(c)Tradesaremadeandconfirmedfaster.
(d)ECNsworkwellforthinlytradedstocks.
Answer:
D
15.WhichofthefollowingstatementsisfalseregardingElectronicCommunicationsNetworks(ECNs)?
(a)ArchipelagoandInstinetaretwoexamplesofECNs.
(b)CompetitionfromECNshasforcedNASDAQtocutitsfees.
(c)Tradersbenefitfromlowertradingcostsandfasterservice.
(d)ECNsallowinstitutionalinvestors,butnotindividuals,totradeafterhours.
Answer:
D
16.Abasicprincipleoffinanceisthatthevalueofanyinvestmentis
(a)thepresentvalueofallfuturenetcashflowsgeneratedbytheinvestment.
(b)theundiscountedsumofallfuturenetcashflowsgeneratedbytheinvestment.
(c)unrelatedtothefuturenetcashflowsgeneratedbytheinvestment.
(d)unrelatedtothedegreeofriskassociatedwiththefuturenetcashflowsgeneratedbytheinvestment.
Answer:
A
17.Astockcurrentlysellsfor$25pershareandpays$0.24peryearindividends.Whatisaninvestor’svaluationofthisstockifsheexpectsittobesellingfor$30inoneyearandrequires15percentreturnonequityinvestments?
(a)$30.24
(b)$26.30
(c)$26.09
(d)$27.74
Answer:
B
18.Astockcurrentlysellsfor$30pershareandpays$1.00peryearindividends.Whatisaninvestor’svaluationofthisstockifheexpectsittobesellingfor$37inoneyearandrequires12percentreturnonequityinvestments?
(a)$38
(b)$33.50
(c)$34.50
(d)$33.93
Answer:
D
19.Intheone-periodvaluationmodel,astock’svaluewillbehigher
(a)thehigherisitsexpectedfutureprice.
(b)thelowerisitsdividend.
(c)thehigheristherequiredreturnoninvestmentsinequity.
(d)alloftheabove.
Answer:
A
20.Intheone-periodvaluationmodel,astock’svaluefallsifthe_________rises.
(a)dividend
(b)expectedfutureprice
(c)requiredreturnonequity
(d)currentprice
Answer:
C
21.Inthegeneralizeddividendvaluationmodelastock’svaluedependonlyon
(a)itsfuturedividendpaymentsanditsfutureprice.
(b)itsfuturedividendpaymentsandtherequiredreturnonequity.
(c)itsfuturepriceandtherequiredreturnoninvestmentsonequity.
(d)itsfuturedividendpayments.
Answer:
B
22.WhichofthefollowingisnotanelementoftheGordongrowthmodelofstockvaluation?
(a)thestock’smostrecentdividendpaid.
(b)theexpectedconstantgrowthrateofdividends.
(c)therequiredreturnoninvestmentsinequity.
(d)thestock’sexpectedfutureprice.
Answer:
D
23.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$1.00peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis11percent?
(a)$110
(b)$100
(c)$11
(d)$10
(e)$5.24
Answer:
A
24.AccordingtotheGordongrowthmodel,whatisaninvestor’svaluationofastockwhosecurrentdividendis$1.00peryearifdividendsareexpectedtogrowataconstantrateof10percentoveralongperiodoftimeandtheinvestor’srequiredreturnis15percent?
(a)$20
(b)$11
(c)$22
(d)$7.33
(e)$4.40
Answer:
C
25.Holdingotherthingsconstant,astock’svaluewillbehighestifitsdividendgrowthrateis
(a)15percent
(b)10percent
(c)5percent
(d)2percent
Answer:
A
26.Holdingotherthingsconstant,astock’svaluewillbehighestifitsmostrecentdividendis
(a)$2.00
(b)$5.00
(c)$0.50
(d)$1.00
Answer:
B
27.Holdingotherthingsconstant,astock’svaluewillbehighestiftheinvestor’srequiredreturnoninvestmentsinequityis
(a)20percent
(b)15percent
(c)10percent
(d)5percent
Answer:
D
28.SupposetheaverageindustryPEratioforautopartsretailersis20.WhatisthecurrentpriceofAutoZonestockiftheretailer’searningspershareareprojectedtobe$1.85?
(a)$21.85
(b)$37
(c)$10.81
(d)$9.25
Answer:
B
29.WhichofthefollowingistrueregardingtheGordongrowthmodel?
(a)Dividendsareassumedtogrowataconstantrateforever.
(b)Thedividendgrowthrateisassumedtobegreaterthantherequiredreturnonequity.
(c)Both(a)and(b).
(d)Neither(a)nor(b).
Answer:
A
30.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
(a)privatelyheldfirms.
(b)firmsthatdon’tpaydividends.
(c)both(a)and(b).
(d)neither(a)nor(b).
Answer:
C
31.ThePEratioapproachtovaluingstockisespeciallyusefulforvaluing
(a)publiclyheldcorporations.
(b)firmsthatregularlypaydividends.
(c)both(a)and(b).
(d)neither(a)nor(b).
Answer:
D
32.AweaknessofthePEapproachtovaluingstockisthatitis
(a)difficulttoestimatetheconstantgrowthrateofafirm’sdividends.
(b)difficulttoestimatetherequiredreturnonequity.
(c)difficulttopredicthowmuchafirmwillpayindividends.
(d)basedonindustryaveragesratherthanfirm-specificfactors.
Answer:
D
33.Afirmisexpectedtopayadividendof$1.00nextyearandthedividendisexpectedtogrowataconstantrateof4percentovertime.Someinvestorshaverequiredreturnsoninvestmentsinequityof12percent,some10percent,andsome8percent.Themarketpriceofthisfirm’sstockwillbeslightlyabove
(a)$25
(b)$18
(c)$16.67
(d)$12.50
Answer:
C
34.(I)Themarketpriceofasecurityatagiventimeisthehighestvalueanyinvestorputsonthesecurity.(II)Superiorinformationaboutasecurityincreasesitsvaluebyreducingitsrisk.
(a)(I)istrue,(II)isfalse.
(b)(I)isfalse,(II)istrue.
(c)Botharetrue.
(d)Botharefalse.
Answer:
B
35.Themaincauseoffluctuationsinstockpricesischangesin
(a)taxlaws.
(b)errorsintechnicalstockanalysis.
(c)dailytradingvolumeinstockmarkets.
(d)informationavailabletoinvestors.
(e)totalhouseholdwealthintheeconomy.
Answer:
D
36.Stockvaluescomputedbyvaluationmodelsmaydifferfromactualmarketpricesbecauseitisdifficultto
(a)estimatefuturedividend
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