42．Is the price to book value multiple most likely to be a meaningful indicator of value for companies that:
| report negative earnings? | are expected to discontinue operations? | A | No | No | B | No | Yes | C | Yes | No | D | Yes | Yes |
Select exactly 1 answers from the following: A. B. C. D.
答案和详解如下！
Feedback: Correct answer: D 2006 CFA Level I Program Readings, 揑ntroduction to Price Multiples,?John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey (AIMR, 2003), pp. 365 2006 Modular Level I, Vol. III, pp. 647 Study Session 13-61-a, b discuss the rationales for the use of price to earnings (P/E), price to book value (P/BV), price to sales (P/S), and price to cash flow (P/CF) in equity valuation and discuss the possible drawbacks to the use of each price multiple calculate and interpret P/E, P/BV, P/S, and P/CF
Price to book value multiples are particularly useful when a company has negative earnings and are also used in valuation of companies that are not expected to continue as a going concern. Book value is more stable than earnings and is less likely to be negative.
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发表于 2006-11-22 11:05
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