答案和详解如下： 1.An analyst gathered the following information about an industry. The industry beta is 0.9. The industry profit margin is 8%, the total asset turnover ratio is 1.5, and the leverage multiplier is 2. The dividend payout ratio of the industry is 50%. The risk-free rate is 7% and the expected market return is 15%. The industry P/E is closest to: A) 12.00. B) 14.20. C) 24.00. D) 22.73. The correct answer was D) Using the CAPM: ki = 7% + 0.9(0.15 - 0.07) = 14.2%. Using the DuPont equation: ROE = 8% * 1.5 * 2 = 24%. g = retention ratio * ROE = 0.50 * 24% = 12%. P/E = 0.5/(0.142 - 0.12) = 22.73.
2.If the payout ratio increases, the P/E multiple will:
A) increase, if we assume that the growth rate remains constant. B) always increase. C) always decrease. D) decrease, if we assume that the growth rate remains constant. The correct answer was A) When payout ratio increases, the P/E multiple increases only if we assume that the growth rate will not change as a result.
3.The earnings multiplier model, derived from the dividend discount model, expresses a stock’s P/E ratio (P0/E1) as the:
A) expected dividend in one year divided by the difference between the required return on equity and the expected dividend growth rate. B) expected dividend payout ratio divided by the sum of the expected dividend growth rate and the required return on equity. C) expected dividend payout ratio divided by the difference between the required return on equity and the expected dividend growth rate. D) dividend yield plus the expected dividend growth rate. The correct answer was C) Starting with the dividend discount model P0 = D1/(ke - g), and dividing both sides by E1 yields: P0/E1 = (D1/E1)/(ke - g) Thus, the P/E ratio is determined by: The expected dividend payout ratio (D1/E1). The required rate of return on the stock (ke). The expected growth rate of dividends (g).
4.cording to the earnings multiplier model, a stock’s P/E ratio (P0/E1) is affected by all of the following EXCEPT the:
A) expected dividend payout ratio. B) expected stock price in one year. C) required return on equity. D) expected dividend growth rate. The correct answer was B) According to the earnings multiplier model, the P/E ratio is equal to P0/E1 = (D1/E1)/(ke - g). Thus, the P/E ratio is determined by: The expected dividend payout ratio (D1/E1). The required rate of return on the stock (ke). The expected growth rate of dividends (g).
5.cording to the earnings multiplier model, all else equal, as the required rate of return on a stock increases, the:
A) P/E ratio will increase. B) P/E ratio will decrease. C) earnings per share will increase. D) earnings per share will decrease. The correct answer was B) According to the earnings multiplier model, the P/E ratio is equal to P0/E1 = (D1/E1)/(ke - g). As ke increases, P0/E1 will decrease, all else equal.
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发表于 2008-4-10 17:28
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