答案和详解如下： 6.The top-down approach of security analysis includes: A) industry analysis. B) All of these choices are correct. C) economic analysis. D) company analysis. The correct answer was B) Economic, industrial, and company analysis, in that order, must all be accomplished in the top-down approach.
7.The top-down, three-step process for analyzing the value of stock is comprised of:
A) industry, company, and competitive analysis. B) economic, fundamental ratio, and technical analysis. C) macro-economic, industry, and company analysis. D) fundamental, competitive advantage, and technical analysis. The correct answer was C) The top-down decision process is characterized by first examining the macro-economic environment, industry environment, and then individual companies.
8.Which of the following statements concerning security valuation is FALSE?
A) If the current price of the security is $15 and the analyst using the dividend discount model determines a value of $10, the analyst should issue a sell recommendation. B) The dividend discount model (DDM) assumes that the growth rate of the firm's dividend is less than the required rate of return. C) Firms with abnormally high return on equity (ROE) will probably retain a large portion of their earnings. D) In the investment process, the most important decision is selecting the proper valuation method. The correct answer was D) In the investment process, the most important decision is asset allocation.
9.Which of the following would be assessed first in a top-down valuation approach?
A) Fiscal policy. B) Industry return on equity (ROE). C) Company return on equity (ROE). D) Industry risks. The correct answer was A) In the top-down valuation approach, the investor should analyze macroeconomic influences first, then industry influences, and then company influences. Fiscal policy, as part of the macroeconomic landscape, should be analyzed first.
10.Which of the following statements concerning security valuation is FALSE?
A) Determining the value of a company with supernormal growth requires finding the present value of the dividends during the supernormal growth and adding that to the present value of the stock computed for the period of normal growth. B) A firm with an expected dividend payout ratio of 40%, a required rate of return of 12%, and a dividend growth rate of 5% has an estimated price to earnings (P/E) ratio of 5.7. C) A firm with a 20% return on equity (ROE) and a dividend payout ratio of 30% will have a sustainable growth rate of 14%. D) The top-down valuation approach requires an assessment of industry influences on the company's value first, then stock-specific influences. The correct answer was D) The top-down valuation approach requires an assessment of general economic conditions first, then industry influences on the company’s value, and then stock-specific influences. | 
发表于 2008-4-10 09:45
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