答案和详解如下： Q1. When calculating the risk premium for an equity market, which of the following is most accurate? The use of a moving average of historical returns during bear markets will result in: A) low risk premiums, which is opposite to most investors’ expectations. B) high risk premiums, in accordance with most investors’ expectations. C) high risk premiums, which is opposite to most investors’ expectations. Correct answer is A) During bear markets, recent stock returns will be low which will result in low calculated risk premiums. During bear markets, investors’ risk premiums are higher due to higher expected stock returns in the future. Q2. Which of the following would NOT result in higher dividend growth rates? A) Higher retention ratios. B) Lower asset use compared to sales. C) Lower financial leverage. Correct answer is C) The growth rate in dividends is calculated as the retention ratio times the return on equity. DuPont analysis states that the return on equity is the net profit margin times the total asset turnover ratio times the financial leverage ratio. A higher retention ratio, higher net profit margin, and higher total asset turnover (lower asset use compared to sales) all result in higher growth rates. Q3. When calculating the risk premium for an equity market using historical returns, which of the following is most accurate? A) Geometric mean returns should be used because they are more applicable to multi-period time horizons. B) Geometric mean returns should be used because they are more applicable to single time horizons. C) Arithmetic mean returns should be used because they are more applicable to single time horizons. Correct answer is A)
Geometric mean returns should be used because they are more applicable to multi-period time horizons, which corresponds to the time horizon of most investors. Arithmetic mean returns provide the most likely returns in a single period but are not usually used to calculate equity risk premiums. | 
发表于 2009-1-7 10:16
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