答案和详解如下： 1.An analyst is valuing a company with a dividend payout ratio of 0.55, a beta of 0.92, and an expected earnings growth rate of 0.07. A regression on comparable companies produces the following equation: Predicted price to earnings (P/E) = 7.65 + (3.75 × dividend payout) + (15.35 × growth) – (0.70 × beta) What is the predicted P/E using the above regression? A) 7.65. B) 10.14. C) 9.85. D) 11.43. The correct answer was B) Predicted P/E = 7.65 + (3.75 × 0.55) + (15.35 × 0.07) – (0.70 × 0.92) = 10.14. 2.An analyst is valuing a company with a dividend payout ratio of 0.35, a beta of 1.45, and an expected earnings growth rate of 0.08. A regression on comparable companies produces the following equation: Predicted price to earnings (P/E) = 7.65 + (3.75 × dividend payout) + (15.35 × growth) – (0.70 × beta) What is the predicted P/E using the above regression? A) 7.65. B) 9.85. C) 9.18. D) 11.21. The correct answer was C) Predicted P/E = 7.65 + (3.75 × 0.35) + (15.35 × 0.08) – (0.70 × 1.45) = 9.1755. 3.An analyst is valuing a company with a dividend payout ratio of 0.65, a beta of 0.72, and an expected earnings growth rate of 0.05. A regression on comparable companies produces the following equation: Predicted price to earnings (P/E) = 7.65 + (3.75 × dividend payout) + (15.35 × growth) – (0.70 × beta) What is the predicted P/E using the above regression? A) 7.65. B) 9.85. C) 10.35. D) 11.39. The correct answer was C) Predicted P/E = 7.65 + (3.75 × 0.65) + (15.35 × 0.05) – (0.70 × 0.72) = 10.35. | 
发表于 2008-5-20 18:21
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