L2 09年mock两题 请高手指教 而且, afternoon, specific, morning, active

arabdopsis

 morning 59 题：

课本上说active risk squared = active factor risk+ active specific risk; 而且课本上有几乎一模一样的例题 V6 P447； total factor risk 加上 active specific risk是等于active risk squared的； 但这里的portoflio T 不对

afternoon 41 题：

American fast food 的intrinsic P/E高不是更好吗？ 答案貌似说intrinsic P/E低好； 可是这个是intrinsic （justified） P/E， 不是越高越好吗？

多谢多谢！！

arabdopsis

 第一个可以说解释为not real life case;

但第二个问题还是不太明白； 在inflation pass through 的题的解释中，课本V4 213页第13题， the higher the the inflation flow through rate, the higher the P/E ratio. In other words, the less a firm is able to pas inflation through its earnings, the more it is penalized. 貌似说的是justified P/E越高越好啊

另外课本V4 P483提到 the stock's justified P/E based on forecasted fundamentals (that is, the P/E justified by fundamentals). All else being equal, the higher the expected dividend growth rate or the lower the stock's required rate of return, the higher the stock's intrinsic value and the higher its justified P/E



多谢解释

[此贴子已经被作者于2010-6-3 20:08:21编辑过]