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QUOTE:

以下是引用youzizhang在2009-3-9 16:59:00的发言：
 

LOS f: Discuss the fundamental factors that influence each price multiple and dividend yield.

Q1. An increase in which of the following variables will least likley result in a corresponding increase in the price-to-book valuePBV ratio for a high-growth firm?

A)   Payout ratios.

B)   Required rate of return.

C)   Growth rates in earnings.

 

Q2. An increase in growth will cause a price-to-earnings (P/E) multiple to:

A)   increase.

B)   there is insufficient information to tell.

C)   decrease.

 

Q3. An increase in financial leverage will cause a price-to-earnings (P/E) multiple to:

A)   decrease.

B)   increase.

C)   there is insufficient information to tell.

 

Q4. An increase in financial leverage, assuming no change in the growth rate, will generally cause a price to cash flow (P/CF) ratio to:

A)   decrease.

B)   there is insufficient information to tell.

C)   increase.

 

Q5. An increase in return on equity (ROE) will cause a price-to-book (P/B) multiple to:

A)   increase.

B)   decrease.

C)   there is insufficient information to tell.

 

Q6. All other variables held constant, the price-to-book value (PBV) ratio will decrease with a decrease in:

A)   expected growth rate.

B)   retention ratio.

C)   required rate of return.

 

Q7. A decrease in the earnings retention rate will cause a price-to-sales (P/S) multiple to:

A)   decrease.

B)   remain the same.

C)   increase.

 

Q8. An increase in growth will cause a price to cash flow multiple to:

A)   decrease.

B)   there is insufficient information to tell.

C)   increase.

 

Q9. The net impact of an increase in payout ratio on price-to-book value (PBV) ratio cannot be determined because it might also:

A)   decrease the market value of the firm.

B)   decrease required rate of return.

C)   decrease expected growth.

 

Q10. The price-to-book value (PBV) ratio for a high-growth firm will:

A)   increase as the growth rate in either the high-growth or stable-growth period increases.

B)   increase as the growth rate in either the high-growth or stable-growth period decreases.

C)   increase as the growth rate in the high-growth period increases and decrease as the growth rate in the stable-growth period increases.

 

Q11. An increase in return on equity (ROE) will cause a price-to-earnings (P/E) multiple to:

A)   increase.

B)   there is insufficient information to tell.

C)   decrease.

 

Q12. An increase in profit margin will cause a price-to-sales (P/S) multiple to increase if:

A)   the required rate of return increases.

B)   the growth rate in sales does not decrease proportionately.

C)   there is insufficient information to tell.