"Equity Investments Market Efficiency":stock intrinsic value

下載正保會計網校APP 訂閱最新報考消息

來源: 正保會計網校編輯：大耳朵圖圖 2020/10/14 13:57:54　字體：大小

學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

Given the following information for a company:

● Market value per share $250

● Current dividend per share $5

● Dividend growth rate 4%

● Required rate of return 6%

and using the Gordon growth model to estimate the intrinsic value, a share of the company is best described as being:

A 、fairly valued.

B、 overvalued.

C、 undervalued.

Questions 2:

Industry analysis is least useful to those who are engaged in:

A、 a top-down investment approach.

B 、indexing and passive investing strategies.

C、 portfolio performance attribution.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The intrinsic value of an equity security based on the Gordon growth model is estimated as follows:

【Answer to question 2】B

【analysis】

B is correct. Indexing and passive investing strategies would not engage in over- or underweighting of industries, industry rotation, or timing investments in industries. Therefore, industry analysis is not useful to such investors or portfolio managers.

A is incorrect. In a top-down investing approach, industry analysis is useful to identify industries with positive, neutral, or negative outlooks for profitability and growth, which will then help weighting of industries relative to the benchmark.

C is incorrect. Portfolio performance attribution, which addresses the sources of a portfolio’s returns, usually in relation to the portfolio’s benchmark, includes industry or sector selection

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。而人們經常只看到“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，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點擊了解>

上一篇："Equity Investments": Introduction to In...

下一篇："Equity Investments": Concepts and Basic...