羅同學(xué)
2021-10-26 01:41Equity case 5，這兩題百題沒(méi)提供答案，答案是什么呢？
所屬：CFA Level II > Equity Valuation 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
開開助教
2021-10-26 13:13
該回答已被題主采納
同學(xué)你好，抱歉xian。這兩題的答案分別是：
4.Solution: B.
B is correct. Jatin is correct with respect to Statement 1 only. The H-model is a variant of the two-stage model in which growth begins at a high rate and declines linearly throughout the supernormal growth period until it reaches a normal growth rate at the end. A smoother transition to the mature phase growth rate would be more realistic than the erratic growth rate in dividends displayed by the data.
A is incorrect. With an increase in leverage, FCFE will increase in the year debt is issued, not decrease.
C is incorrect. The FCFE model explicitly recognizes the company’s investment and financing policies as well as its dividend policy.
5.Solution: C.
C is correct. Lederman is correct with respect to Statement 2 only. The Pastor–Stambaugh model adds a liquidity premium as a fourth factor to the Fama–French model and thus helps make an adjustment for the liquidity concerns surrounding the stock.
A is incorrect. The accounting data used in residual
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追答
目前網(wǎng)校上的答案已更正，同學(xué)可以去下載查看，謝謝。
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追問(wèn)
老師第五題solution剩下部分可以繼續(xù)粘貼嗎？the accounting data used in residual.....
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追答
Solution: C.
C is correct. Lederman is correct with respect to Statement 2 only. The Pastor–Stambaugh model adds a liquidity premium as a fourth factor to the Fama–French model and thus helps make an adjustment for the liquidity concerns surrounding the stock.
A is incorrect. The accounting data used in residual income models may require significant adjustments.
B is incorrect. CRN is a high-beta stock, and with Blume adjustment the adjusted beta will be smaller than its unadjusted counterpart; thus, the required return on the stock will decrease, not increase.
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