答案和详解如下： 76 Correct answer is D “Cost of Capital,” Yves Courtois, GeneC. Lai, and Pamela p. Peterson
2008 Modular Level I, Vol. 4, pp. 54-55
Study Session 11-45-h
calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield-plus risk-premium approach
According to the dividend discount model approach, the cost of common equity is equal to the dividend yield plus the growth rate. In this case, the growth rate is the earnings retention rate times the expected ROE or (1 - dividend payout rate) x expected ROE = 1 - 0.4) x 15% = 9%. The expected dividend = 2.40 x (1 + 0.09) = 2.616. The expected dividend yield = 2.616 / 32 = 8.175%. The cost of common equity = 8.175% + 9.0% ≈ 17.2%.
77 Correct answer is C “Working Capital Management,” EdgarA. Norton, Jr., Kenneth L. Parkinson, and Pamela p. Peterson
2008 Modular Level I, Vol. 4, pp. 101-102
Study Session 11-46-e
compute and interpret comparable yields on various securities, compare portfolio returns against a standard benchmark, and evaluate a company’s short-term investment policy guidelines
Money market yield = discount-basis yield x (face value / purchase price)
Purchase price = face value - [font value x discount-basis yield x (days to maturity / 360)]
= $1,000,000 - [$1,000,000 x 0.0405 x (150 / 360)] = $983,125
Money market yield = 4.05% x ($1,000,000 / $983,125) = 4.12%
78 Correct answer is B “The Corporate Governance of Listed Companies: A Manual for Investors” (CFA Institute, 2005)
2008 Modular Level I, Vol. 4, pp. 173-175
Study Session 11-48-f
state the key areas of responsibility for which board committees are typically created, and explain the criteria for assessing whether each committee is able to adequately represent shareowner interests
The compensation committee should be independent from executive management.
79 Correct answer is A “Security-Market Indexes,” Frank K. Reilly and KeithC. Brown
2008 Modular Level I, Vol. 5, pp. 42-46
Study Session 13-53-a
compare and contrast the characteristics of, and discuss the source and direction of bias exhibited by, each of the three predominant weighting schemes used in constructing stock market indexes, and compute a price-weighted, value-weighted and un-weighted index series for three stocks;
A price-weighted index, such as the Dow Jones Industrial Average, is computed by summing up the prices of individual stocks and dividing by a divisor that is adjusted for stock splits such that the index value is the same before and after the split.
80 Correct answer is C “Equity: Concepts and Techniques,” Bruno Solnik and Dennis McLeavey
2008 Modular Level I, Vol. 5, pp. 138-139
Study Session 14-58-d, e
discuss the specific advantages of both the concentration ratio and the Herfindahl index;
discuss, with respect to global industry analysis, the elements related to risk, and describe the basic forces that determine industry competition
The “equivalent” number of firms is the reciprocal of Herfindahl Index and it is 10.5 for Industry A and 5.2 for IndustryB.
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发表于 2008-11-6 14:34
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