答案和详解如下： 1.Assume that the expected dividend growth rate (g) for a firm decreased from 5% to zero. Further, assume that the firm's cost of equity (k) and dividend payout ratio will maintain their historic levels. The firm's P/E ratio will most likely:
A) become undefined. B) increase. C) decrease. D) remain constant. The correct answer was C) The P/E ratio may be defined as: Payout ratio / (k - g), so if k is constant and g goes to zero, the P/E will decrease.
2.Company B paid a $1.00 dividend per share last year and is expected to continue to pay out 40% of its earnings as dividends for the foreseeable future. If the firm is expected to earn a 10% return on equity in the future, and if an investor requires a 12% return on the stock, the stock’s value is closest to:
A) $12.50. B) $16.67. C) $17.67. D) $13.00. The correct answer was C) P0 = Value of the stock = D1 / (k - g) g = (RR)(ROE) RR = 1 - dividend payout = 1 - 0.4 = 0.6 ROE = 0.1 g = (0.6)(0.1) = 0.06 D1 = (D0)(1 + g) = (1)(1 +0.06) = $1.06 P0 = 1.06 / (0.12 - 0.06) = 1.06/0.06 = $17.67
3.Assume that at the end of the next year, Company A will pay a $2.00 dividend per share, an increase from the current dividend of $1.50 per share. After that, the dividend is expected to increase at a constant rate of 5%. If an investor requires a 12% return on the stock, what is the value of the stock?
A) $30.00. B) $28.79. C) $31.78. D) $28.57. The correct answer was D) P0 = D1 / k - g
D1 = $2
g = 0.05
k = 0.12
P0 = 2 / 0.12 - 0.05 = 2 / 0.07 = $28.57
4.Baker Computer earned $6.00 per share last year, has a retention ratio of 55 percent, and a return on equity (ROE) of 20 percent. Assuming their required rate of return is 15 percent, how much would an investor pay for Baker on the basis of the earnings multiplier model?
A) $173.90. B) Need growth rate to complete calculation. C) $74.93. D) $40.00. The correct answer was C) g = Retention × ROE = (0.55) × (0.2) = 0.11 P/E = 0.45/ (0.15 - 0.11) = 11.25X Next year's earnings E1= E0 × (1 + g) = (6.00) × (1.11) = $6.66 Next years dividend (D1) = E1 × Payout ratio = $6.66 × 0.45 = $3.00 P = D1 / (k-g) = $3.00 / (0.15 – 0.11) = $74.93
5.Billie Blake is interested in a stock that has an expected dividend one year from today of $1.50, i.e., D1 = $1.50, D2 = $1.75 and D3 = 2.05. She expects to sell the stock for $47.50 at the end of year 3. What is Billie willing to pay one year from today if investors require a 12 percent return on the stock.
A) $38.01. B) $33.45. C) $52.30. D) $41.06. The correct answer was D) Find the present values of the cash flows and add them together. N = 1; I/Y = 12; FV = 1.75; compute PV = 1.56. N = 2; I/Y = 12; FV = 2.05; compute PV = 1.63. N = 2; I/Y = 12; FV = 47.50; compute PV = 37.87. Stock Price = $1.56 + $1.63 + $37.87 = $41.06. | 
发表于 2008-4-10 16:48
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