财务管理 CHAPTER 8Word文档下载推荐.docx
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c.decreaseovertime.
d.increasewhenthemarketrateofreturnincreases.
e.decreasewhenthemarketrateofreturnincreases.
DIVIDENDYIELDVS.CAPITALGAINSYIELD
c28.TheKosterCo.currentlypaysanannualdividendof$andplansonincreasingthatamountby5percenteachyear.TheKeyserCo.currentlypaysanannualdividendof$andplansonincreasingtheirdividendby3percentannually.Giventhis,itcanbestatedwithcertaintythatthe_____oftheKosterCo.stockisgreaterthanthe_____oftheKeyserCo.stock.
a.marketprice;
marketprice
b.dividendyield;
dividendyield
c.rateofcapitalgain;
rateofcapitalgain
d.totalreturn;
totalreturn
e.capitalgains;
DIVIDENDGROWTHMODEL
d29.Thedividendgrowthmodel:
I.assumesthatdividendsincreaseataconstantrateforever.
II.canbeusedtocomputeastockpriceatanypointoftime.
III.statesthatthemarketpriceofastockisonlyaffectedbytheamountofthedividend.
IV.considerscapitalgainsbutignoresthedividendyield.
a.Ionly
b.IIonly
c.IIIandIVonly
d.IandIIonly
e.I,II,andIIIonly
b30.Theunderlyingassumptionofthedividendgrowthmodelisthatastockisworth:
a.thesameamounttoeveryinvestorregardlessoftheirdesiredrateofreturn.
b.thepresentvalueofthefutureincomewhichthestockgenerates.
c.anamountcomputedasthenextannualdividenddividedbythemarketrateofreturn.
d.thesameamountasanyotherstockthatpaysthesamecurrentdividendandhasthesamerequiredrateofreturn.
e.anamountcomputedasthenextannualdividenddividedbytherequiredrateofreturn.
c31.Assumethatyouareusingthedividendgrowthmodeltovaluestocks.Ifyouexpectthemarketrateofreturntoincreaseacrosstheboardonallequitysecurities,thenyoushouldalsoexpectthe:
a.marketvaluesofallstockstoincrease,allelseconstant.
b.marketvaluesofallstockstoremainconstantasthedividendgrowthwilloffsetthe
increaseinthemarketrate.
c.marketvaluesofallstockstodecrease,allelseconstant.
d.stocksthatdonotpaydividendstodecreaseinpricewhilethedividend-payingstocksmaintainaconstantprice.
e.dividendgrowthratestoincreasetooffsetthischange.
NONCONSTANTGROWTH
c32.Latcher’sInc.isarelativelynewfirmthatisstillinaperiodofrapiddevelopment.The
companyplansonretainingallofitsearningsforthenextsixyears.Sevenyearsfrom
now,thecompanyprojectspayinganannualdividendof$.25ashareandthen
increasingthatamountby3percentannuallythereafter.Tovaluethisstockasoftoday,youwouldmostlikelydeterminethevalueofthestock_____yearsfromtodaybeforedeterminingtoday’svalue.
a.4
b.5
c.6
d.7
e.8
d33.TheRobertPhillipsCo.currentlypaysnodividend.Thecompanyisanticipating
dividendsof$0,$0,$0,$.10,$.20,and$.30overthenext6years,respectively.After
that,thecompanyanticipatesincreasingthedividendby4percentannually.Thefirst
stepincomputingthevalueofthisstocktoday,istocomputethevalueofthestockin
year:
a.3.
b.4.
c.5.
d.6.
e.7.
SUPERNORMALGROWTH
b34.Supernormalgrowthreferstoafirmthatincreasesitsdividendby:
a.threeormorepercentperyear.
b.aratewhichismostlikelynotsustainableoveranextendedperiodoftime.
c.aconstantrateof2ormorepercentperyear.
d.$.10ormoreperyear.
e.anamountinexcessof$.10ayear.
DIVIDENDYIELDANDCAPITALGAINS
e35.Thetotalrateofreturnearnedonastockiscomprisedofwhichtwoofthefollowing
I.currentyield
II.yieldtomaturity
III.dividendyield
IV.capitalgainsyield
a.IandIIonly
b.IandIVonly
c.IIandIIIonly
d.IIandIVonly
e.IIIandIVonly
DIVIDENDYIELD
c36.Thetotalrateofreturnonastockcanbepositiveevenwhenthepriceofthestockdepreciatesbecauseofthe:
a.capitalappreciation.
b.interestyield.
c.dividendyield.
d.supernormalgrowth.
e.realrateofreturn.
c37.FredFlintlockwantstoearnatotalof10percentonhisinvestments.HerecentlypurchasedsharesofABCstockatapriceof$20ashare.Thestockpaysa$1ayeardividend.ThepriceofABCstockneedsto_____ifFredistoachievehis10percentrateofreturn.
a.remainconstant
b.decreaseby5percent
c.increaseby5percent
d.increaseby10percent
e.increaseby15percent
d38.Whichoneofthefollowingcorrectlydefinesthedividendgrowthmodel
a.P0=D0（R-g）
b.D=P0（R-g）
c.R=（P0D0）+g
d.R=（D1P0）+g
e.P0=（D1R）+g
SHAREHOLDERRIGHTS
a39.Shareholdersgenerallyhavetherightto:
I.electthecorporatedirectors.
II.selecttheseniormanagementofthefirm.
III.electthechiefexecutiveofficer（CEO）.
IV.electthechiefoperatingofficer（COO）.
b.IandIIIonly
c.IIonly
CUMULATIVEVOTING
c40.Jackowns35sharesofstockinBeta,Inc.andwantstoexerciseasmuchcontrolaspossibleoverthecompany.Beta,Inc.hasatotalof100sharesofstockoutstanding.Eachsharereceivesonevote.Presently,thecompanyisvotingtoelecttwonewdirectors.Whichoneofthefollowingstatementsmustbetruegiventhisinformation
a.Ifstraightvotingapplies,Jackisassuredoneseatontheboard.
b.Ifstraightvotingapplies,Jackcancontrolbothopenseats.
c.Ifcumulativevotingapplies,Jackisassuredoneseatontheboard.
d.Ifcumulativevotingapplies,Jackcancontrolbothopenseats.
e.Regardlessofthetypeofvotingemployed,Jackdoesnotownenoughsharestocontrolanyoftheseats.
STRAIGHTVOTING
a41.ABCCo.isownedbyagroupofshareholderswhoallvoteindependentlyandwhoallwantpersonalcontroloverthefirm.Ifstraightvotingisutilized,ashareholder:
a.musteitherownenoughsharestototallycontroltheelectionsorelsehe/shehasnocontrolwhatsoever.
b.willbeabletoelectatleastonedirectoraslongasthereareatleastthreeopenpositionsandtheshareholderownsatleast25percentplusoneoftheoutstandingshares.
c.mustownatleasttwo-thirdsoftheshares,plusone,toexercisecontrolovertheelections.
d.isonlypermittedtoelectonedirector,regardlessofthenumberofsharesowned.
e.whoownsmoresharesthananyoneelse,regardlessofthenumberofsharesowned,willcontroltheelections.
PROXYVOTING
e42.TheZiloCorp.has1,000shareholdersandispreparingtoelectthreenewboardmembers.Youdonotownenoughsharestocontroltheelectionsbutaredeterminedtooustthecurrentleadership.Themostlikelyresultofthissituationisa:
a.negotiatedsettlementwhereyouaregrantedcontroloveroneofthethreeopenpositions.
b.legalbattleforcontrolofthefirmbasedonyourdiscontentasanindividualshareholder.
c.arbitratedsettlementwherebyyouaregrantedcontroloveroneofthethreeopenpositions.
d.totallossofpowerforyousinceyouareaminorityshareholder.
e.proxyfightforcontrolofthefirm.
e43.Commonstockshareholdersaregenerallygrantedrightswhichincludetherightto:
I.shareincompanyprofits.
II.voteforcompanydirectors.
III.voteonproposedmergers.
IV.residualassetsinaliquidation.
b.IIandIIIonly
c.IandIVonly
d.I,II,andIVonly
e.I,II,III,andIV
DIVIDENDS
e44.TheScottCo.hasageneraldividendpolicywherebytheypayaconstantannualdividendof$1pershareofcommonstock.Thefirmhas1,000sharesofstockoutstanding.Thecompany:
a.mustalwaysshowacurrentliabilityof$1,000fordividendspayable.
b.isobligatedtocontinuepaying$1pershareperyear.
c.willbedeclaredindefaultandcanfacebankruptcyiftheydonotpay$1peryeartoeachshareholderonatimelybasis.
d.hasaliabilitywhichmustbepaidatalaterdateshouldthecompanymisspayinganannualdividendpayment.
e.muststilldeclareeachdividendbeforeitbecomesanactualcompanyliability.
b45.Thedividendspaidbyacorporation:
I.toanindividualbecometaxableincomeofthatindividual.
II.reducethetaxableincomeofthecorporation.
III.aredeclaredbythechieffinancialofficerofthecorporation.
IV.toanothercorporationmayormaynotrepresenttaxableincometotherecipient.
e.I,III,andIVonly
PREFERREDSTOCK
a46.Theownerofpreferredstock:
a.isentitledtoadistributionofincomepriortothecommonshareholders.
b.hastherighttovetotheoutcomeofanelectionheldbythecommonshareholders.
c.hastherighttodeclarethecompanybankruptwhenevert
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