"Equity Investments":Equity Valuation

下載正保會計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來源: 正保會計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/02 09:16:29　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

學(xué)習(xí)是一個不斷積累的過程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

Which date in the chronology of a dividend payment is most likely determined by a security exchange?

A、 Holder-of-record date

B、 Declaration date

C、 Ex-dividend date

Questions 2:

A company’s non-callable, non-convertible preferred stock that pays an annual dividend of $3.75 is currently selling at its par value of $50 per share. If the required rate of return increases by 75 bps, the preferred stock’s new price is closest to:

A、 $45.45.

B、 $49.50.

C、 $55.56.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The ex-dividend date is normally determined by the security exchange on which the shares are listed. The corporation determines the holder-of-record date and declaration date.

A is incorrect because the holder-of-record date is determined by the company.

B is incorrect because the declaration date is determined by the company

【Answer to question 2】A

【analysis】

A is correct. Investors’ current required return = $3.75/$50 = 7.50% New required return = 7.50% + 0.75% = 8.25% New market price = $3.75/0.0825 = $45.45

B is incorrect. Mistake in computing new return. Investors’ current required return = $3.75/$50 = 7.50% New required return = 7.50% + 0.075 = 7.575% New market price = $3.75/0.07575 = $49.50

C is incorrect. It mistakenly subtracts the increase in the required return. New required return = 7.50% – 0.75% = 6.75% New market price = $3.75/0.0675 = $55.56

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點(diǎn)擊了解>