新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Equity Investments":The stock’s intrinsic value
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(wǎng)校每日為大家上新CFA習題供大家練習。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
The following data pertain to a company that can be appropriately valued using the Gordon growth model. The dividend is expected to grow indefinitely at the existing sustainable growth rate.
| EPS growth rate （three-year average） | 7.50% |
| Current dividend per share | $3.00 |
| Return on equity | 15% |
| Dividend payout ratio | 45% |
| Investors' required rate of return | 16% |
The stock’s intrinsic value is closest to:
A. $41.90.
B. $37.94.
C. $34.62.
Questions 2:
Which of the following statements about the forms of market efficiency is least accurate? If the form of market efficiency is:
A. semi-strong, then security prices fully reflect all past market data.
B. weak, then investment strategies based on fundamental analysis could achieve abnormal returns.
C. strong, then prices reflect only private information.
View answer resolution
【Answer to question 1】（A）
【analysis】
【Answer to question 2】（C）
【analysis】
If markets are strong-form efficient, prices reflect not only private information but also past market data and public information. If markets are weak-form efficient, investment strategies based on fundamental analysis of public information and past market data could achieve abnormal returns. The semi-strong form of market efficiency also encompasses the weak form. Therefore, security prices reflect not only publicly known and available information but also all past market data.
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(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，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
推薦閱讀
新用戶掃碼下載
京公網(wǎng)安備 11010802044457號
