接着上一帖的题 Doyle and Rodriguez then provide the employees a discussion regarding the correct method of valuing a market. They use the following data for an aggregate stock market in order to estimate the return on a stock market using the earnings multiplier approach. Current index price
| $ | 80.00 | Equity Risk Premium
| | 9.0% | Estimated dividend next period
| $ | 1.20 | Estimated earnings next period
| $ | 8.00 | Financial Leverage
| | 0.80 | Government bond rate
| | 6.8% | Net Profit Margin
| | 12.0% | Total Asset Turnover
| | 1.80 |
The next day, talking amongst themselves, Doyle and Rodriguez discuss the currency risk in more detail. Doyle states that, in developed country stock markets, the currency value and the stock value often fall together because, when investors lose confidence in the currency, they also typically lose confidence in the stock market. Rodriguez states that if an investor wishes to add a manager with expertise in currencies to his or her existing investment policy, then the investor would use a balanced mandate approach. With respect to the statements regarding the per capita income and inflation in BRIC countries: | A) | Doyle is correct; Rodriguez is incorrect. |
| B) | Doyle is incorrect; Rodriguez is incorrect. |
| | C) | Doyle is incorrect; Rodriguez is correct. |
| | D) | Doyle is correct; Rodriguez is correct. |
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Answer and Explanation
Doyle is incorrect. Although she is correct that forecasted growth for the BRIC countries is quite impressive especially when there are stable economic environments, she is incorrect in her statement regarding per capita income. By 2050, the per capita income in the majority of BRIC countries (except in Russia) is projected to be below that in G6 countries. Rodriguez is incorrect. The ability to sustain growth in a country is influenced by its macroeconomic stability which is characterized by stable inflation, responsible fiscal policies, stable currency values, and accommodating governmental policies. High inflation hampers growth because it discourages investment in the economy by households and businesses. As such, governmental fiscal and monetary policies should focus on controlling inflation.
Doyle is incorrect. Although she is correct that forecasted growth for the BRIC countries is quite impressive especially when there are stable economic environments, she is incorrect in her statement regarding per capita income. By 2050, the per capita income in the majority of BRIC countries (except in Russia) is projected to be below that in G6 countries. Rodriguez is incorrect. The ability to sustain growth in a country is influenced by its macroeconomic stability which is characterized by stable inflation, responsible fiscal policies, stable currency values, and accommodating governmental policies. High inflation hampers growth because it discourages investment in the economy by households and businesses. As such, governmental fiscal and monetary policies should focus on controlling inflation. | 
发表于 2008-9-18 13:51
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