1 . Other things equal,which of the following types of stock has the most risk from the investor’sperspective?
　　A)Callable preferredshare.
　　B)Putable commonshare.
　　C)Callable commonshare.
　　The correct answer wasC
　　Callable shares havemore risk than putable shares because the issuer can exercise the call option(which limits the investor’s potential gains) while the investor can exercisethe put option (which limits the investor’s potential losses, assuming the firmis able to meet its obligation). Preferred shares have less risk for theinvestor than common shares because preferred shares have a higher priorityclaim on the firm’s assets in the event of liquidation, and because preferreddividends typically must be paid before common dividends may be paid.
　　2 . Technologicalchanges are most likely to result in which of the following effects? Evolvingtechnology is likely to result in changes in:
　　A)educationalcurriculum only.
　　B)educationalcurriculum and the relative demand for various products.
　　C)the relative demandfor various products only.
　　The correct answer wasB
　　If technologicalchanges result in changes in the set of skills required of workers, this islikely to lead to changes in educational curriculum (and possibly delivery).Such changes often result in the production and demand for new or differentproducts.
　　3 . An analystgathered the following data for the Parker Corp. for the year ended December31, 2005:
　　§    EPS2005 = $1.75
　　§    Dividends2005 = $1.40
　　§    Beta Parker = 1.17
　　§    Long-term bond rate = 6.75%
　　§    Rate of return S&P500 = 12.00%
　　The firm has changedits dividend policy and now plans to pay out 60% of its earnings as dividendsin the future. If the long-term growth rate in earnings and dividends isexpected to be 5%, the appropriate price to earnings (P/E) ratio for Parkerwill be:
　　A)9.14.
　　B)7.98.
　　C)7.60.
　　The correct answer wasC
　　Required rate ofreturn on equity will be 12.89% = 6.75% + 1.17(12.00% - 6.75).
　　P/E Ratio = 0.60 /(0.1289 - 0.0500) = 7.60.
　　4 . Assuming all otherfactors remain unchanged, which of the following would most likely lead to adecrease in the market P/E ratio?
　　A)A decline in therisk-free rate.
　　B)An increase in thedividend payout ratio.
　　C)A rise in the stockrisk premium.
　　The correct answer wasC
　　P/E = (1 - RR)/(k - g)
　　To lower P/E: RRincreases, g decreases and or k increases. Both a decline in the RF rate and adecline in the rate of inflation will reduce k. An increase in the stock's riskpremium will increase k.
　　5 . According to theearnings multiplier model, a stock’s P/E ratio (P0/E1) is affected by all ofthe following EXCEPT the:
　　A)required return onequity.
　　B)expected stock pricein one year.
　　C)expected dividendpayout ratio.
　　The correct answer wasB
　　According to theearnings multiplier model, the P/E ratio is equal to P0/E1 = (D1/E1)/(ke - g).
　　Thus, the P/E ratio isdetermined by:
　　§    The expected dividend payout ratio (D1/E1).
　　§    The required rate of return on the stock(ke).
　　§    The expected growth rate of dividends (g).

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