答案和详解如下： Question 76 The correct answer was A) The firm’s corporate tax rate. The corporate tax rate is not a relevant factor when calculating the cost of preferred stock. The cost of preferred stock, kps is expressed as: kps = Dps / P where: Dps = divided per share = dividend rate × stated par value P = market price This question tested from Session 11, Reading 45, LOS g Question 77 The correct answer was C) “If sales are forecast accurately, there is no need to reconcile the pro-forma income statement and balance sheet.” A normal part of constructing pro forma statements is to reconcile the income statement and balance sheet. After the first iteration, there is typically a discrepancy between the total assets account and the total liabilities plus total equity accounts on the firm’s balance sheet. This discrepancy must be resolved through subsequent iterations in the pro forma statement based on assumptions about how a deficit is funded or how a surplus is used. This question tested from Session 11, Reading 47, LOS b Question 78 The correct answer was B) Firms with dual classes of equity can have a negative effect on shareholder value as the shareholder may have inferior voting rights. Takeover measures such as poison pills, golden parachutes, and greenmail typically have a negative effect on shareholder value. Annual elections are preferred for board members as it increases accountability. Executive board members regularly attending the meetings can potentially prevent free discussion among the independent members. This question tested from Session 11, Reading 48, LOS g Question 79 The correct answer was A) 6%. E(R) = (0.50 × 10%) + (0.15 × -40%) + (0.35 × 20%) = 6%. This question tested from Session 12, Reading 50, LOS c, (Part 1) Question 80 The correct answer was B) Remember that the SML graph plots systematic, or beta, risk versus expected return. Thus, the numbers on the x-axis represent beta. Using the Capital Asset Pricing Model (CAPM) equation, the required return for portfolio X = Rf + (ERM – Rf) × Beta = 5.0% + 0.7(7.5%) = 10.25%. Portfolio Y lies below the SML and is thus overvalued and the expected return must be less than the required return. Using the CAPM, required return for portfolio Y = Rf + (ERM – Rf) × Beta = 5.0% + 1.0(7.5%) = 12.50%. (On the exam, you can quickly determine the required return for a portfolio or asset with a beta of 1.0 by adding the risk-free rate and the market premium.) Since the expected return on portfolio Y must be less than the required return, the expected return must be less than 12.50% and cannot be 15%. Since Portfolio Z is on the SML, it is fairly valued and its expected return equals its required return. Since Portfolio X lies above the SML, it is undervalued. This question tested from Session 12, Reading 51, LOS e | 
发表于 2008-11-14 05:49
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