"Equity Investments":Equity Valuation

下载正保会计网校APP 订阅最新报考消息

来源: 正保会计网校编辑：小鞠橘桔 2020/11/02 09:16:29　字体：大小

学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！

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=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>

上一篇："Equity Investments":Understanding Incom...

下一篇："Equity Investments":Overview of Equity ...