16 . A critical corporate governance issue is ensuring that the board and its members have the requisite experience needed to properly govern the firm for the shareholders’ benefit. When considering board member qualifications, investors and shareholders should consider whether board members can act with care and competence as a result of their experience with all of the following EXCEPT:
　　A)   legal issues.
　　B)    the competitive landscape the firm faces.
　　C)    technologies, products, services which the firm offers.
　　17 . Shareholder-sponsored resolutions are something investors can consider in order to be “heard”. These resolutions do have implications for investors. Which of the following statements regarding shareholder-sponsored resolutions is least accurate?
　　A)   The ability shareholders have to propose needed changes in a firm can serve to erode shareholder value.
　　B)    The right to propose initiatives for consideration at the firm’s annual meeting is one way for shareholders to send a message that they are dissatisfied with the way the board is handling one or more firm matters.
　　C)    The right to propose initiatives for consideration at the firm’s annual meeting is one way for shareholders to send a message that they are dissatisfied with the way management is handling one or more firm matters.
　　18 . There are a lot of issues to consider in determining board independence. What would be the best definition of true “independence”? Independence, as it relates to board members, refers to:
　　A)   the degree to which these persons are not biased or otherwise controlled by firm management or the outside audit group.
　　B)    avoidance of material conflicts of interest.
　　C)    the degree to which these persons are not biased or otherwise controlled by firm management or other groups which may have some degree of control over management.
　　19 . A 30-day bank certificate of deposit has a holding period yield of 1%. What is the annual yield of this CD on a bond-equivalent basis?
　　A)   11.83%.
　　B)    12.17%.
　　C)    12.00%
　　20 . In order to more accurately estimate the cost of equity for a company situated in a developing market, an analyst should:
　　A)   use the yield on the sovereign debt of the developing country instead of the risk free rate when using the capital asset pricing model (CAPM).
　　B)    add a country risk premium to the risk-free rate when using the capital asset pricing model (CAPM).
　　C)    add a country risk premium to the market risk premium when using the capital asset pricing model (CAPM).
　　
　　　　
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