以下是引用wzaina在2009-3-6 11:40:00的发言：
LOS b: Demonstrate the various steps involved in global industry analysis, including country analysis.
Q1. Which combination of business cycle stage and related attractive investment is least appropriate?
Stage of the business cycle Investment
A) Recovery Interest-sensitive stocks
B) Economy slows Bonds
C) Late upswing Bonds
Q2. Which description of analysts’ attempts to forecast economic growth is most accurate?
A) Expected real economic growth is the most important variable to analyze in a country because it is the one that can be predicted most accurately.
B) Analysts who can identify the various stages of the business cycle better than others have the opportunity to earn excess risk-adjusted returns.
C) Long-run forecasts focus on predicting turning points in the business cycle.
Q3. Which combination of business cycle stage and related attractive investment is least appropriate?
Stage of the business cycle Investment
A) Recovery Commodities
B) Economy slows Interest-sensitive stocks
C) Late cycle recession Bonds
Q4. Steven Adams, assistant investment director for the U.S.-based Orange Group, is charged with selecting investments in a number of foreign countries. At the moment, he is buying interest-sensitive stocks in Jackland and commodities in Jundland. Jackland and Jundland are most likely in what stages stage of the business cycle?
Jackland Jundland
A) early upswing recession
B) late upswing early upswing
C) slowing economy recovery
Q5. While having lunch with a group of friends, Francine Lenser, CFA, was overheard saying the following: “The recent boom in technological advances should keep the economy growing. Whenever the economy slows, someone will come along with a bold new idea that kick-starts it.”
Lenser’s statement most accurately reflects the:
A) exogenous growth theory.
B) new growth theory.
C) neoclassical growth theory.
Q6. The Hartfactor Corporation is a producer of specialized medical devices, and has historically earned excess returns on a risk-adjusted basis. Which of the following is least likely to be characteristic of Hartfactor Corp. and its industry?
A) A large number of suppliers.
B) A Herfindahl index of 0.05.
C) High cooperation.
Q7. Ginormous Technologies, Ltd. has a return on equity (ROE) of 14% and a required rate of return of 9%. Which statement is least likely to be characteristic of Ginormous and its industry?
A) It is a full flow-through firm.
B) It has a positive franchise factor.
C) The Herfindahl index is 0.02.
Q8. Which statement about industry risk is least accurate?
A) Vertical integration may mitigate some risk of value chain competition.
B) Higher product standardization increases investment risk.
C) As the number of suppliers increases, the value of the producer decreases.
Q9. The plastic shoe industry is comprised of six firms. Two have 30% market share each and the other four each have 10% market share. Which description of the Herfindahl index and market concentration in the plastic shoe industry is most accurate?
Herfindahl index Market concentration
A) 0.17 Moderate
B) 0.22 Moderate
C) 0.22 High
Q10. Which of the following is most important to country analysis?
A) Competitive advantage.
B) Value chain.
C) Expected GDP in the home country.
Q11. Which combination of type of analysis and related approach is the least appropriate?
Type of analysis Approach
A) Country analysis GDP forecast
B) Industry analysis Value chain analysis
C) Country analysis Herfindahl index
Q12. Which statement best applies to the relationship between country and industry analysis?
A) Global demand analysis is a key component of country analysis.
B) Co-opetition can become problematic in country analysis during periods of strong economic growth.
C) Economic growth in the home country can have less impact on a multinational firm than global industry conditions.
Q13. Jessica Riendeau follows both Globalanacing Ltd. and Lowprofitious Corp. She has determined that Globalancing consistently has a higher valuation than Lowprofitious. Which of the following is least likely to be characteristic of the relationship between Globalancing and Lowprofitious and their respective home countries and industries?
Globalancing Lowprofitious
A) No vertical integration Vertically integrated
B) Full flow-through firm Passes along 70% of its country's inflation
C) Low inflation rate country High inflation rate country
发表于 2009-11-1 16:41
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