罗斯公司理财题库全集
Chapter 14
Efficient Capital Markets and Behavioral Challenges Multiple Choice Questions
1. An efficient capital market is one in which:
A. brokerage commissions are zero.
B. taxes are irrelevant.
C. securities always offer a positive rate of return to investors.
D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.
E. security prices reflect available information.
2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:
A. Efficient Markets Hypothesis (EMH).
B. Law of One Price.
C. Open Markets Theorem.
D. Laissez-Faire Axiom.
E. Monopoly Pricing Theorem.
3. The hypothesis that market prices reflect all available information of every kind is called
_____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
6. In an efficient market, the price of a security will:
A. always rise immediately upon the release of new information with no further price adjustments related to that information.
B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.
C. rise sharply when new information is first released and then decline to a new stable level by the following day.
D. react immediately to new information with no further price adjustments related to that information.
E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.
7. If the financial markets are efficient, then investors should expect their investments in those markets to:
A. earn extraordinary returns on a routine basis.
B. generally have positive net present values.
C. generally have zero net present values.
D. produce arbitrage opportunities on a routine basis.
E. produce negative returns on a routine basis.
8. Which one of the following statements is correct concerning market efficiency?
A. Real asset markets are more efficient than financial markets.
B. If a market is efficient, arbitrage opportunities should be common.
C. In an efficient market, some market participants will have an advantage over others.
D. A firm will generally receive a fair price when it sells shares of stock.
E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.
9. According to the efficient market hypothesis, financial markets fluctuate daily because they:
A. are inefficient.
B. slowly react to new information.
C. are continually reacting to new information.
D. offer tremendous arbitrage opportunities.
E. only reflect historical information.
10. Insider trading does not offer any advantages if the financial markets are:
A. weak form efficient.
B. semiweak form efficient.
C. semistrong form efficient.
D. strong form efficient.
E. inefficient.
11. According to theory, studying historical prices in order to identify mispriced stocks will not work in markets that are _____ efficient.
I. weak form
II. semistrong form
III. strong form
A. I only
B. II only
C. I and II only
D. II and III only
E. I, II, and III
12. Which of the following tend to reinforce the argument that the financial markets are efficient?
I. Information spreads rapidly in today's world.
II. There is tremendous competition in the financial markets.
III. Market prices continually fluctuate.
IV. Market prices react suddenly to unexpected news announcements.
A. I and III only
B. II and IV only
C. I, II, and III only
D. II, III, and IV only
E. I, II, III, and IV
13. If you excel in analyzing the future outlook of firms, you would prefer that the financial markets be ____ form efficient so that you can have an advantage in the marketplace.
A. weak
B. semiweak
C. semistrong
D. strong
E. perfect
14. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in the office. You know that this information is not known to the general public. Your friend continually brags to you about the profits he earns trading Delta stock. Based on this information, you would tend to argue that the financial markets are at best _____ form efficient.
A. weak
B. semiweak
C. semistrong
D. strong
E. perfect
15. The U.S. Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based on this fact, you would tend to argue that the financial markets are at best _____ form efficient.
A. weak
B. semiweak
C. semistrong
D. strong
E. perfect
16. Individuals that continually monitor the financial markets seeking mispriced securities:
A. tend to make substantial profits on a daily basis.
B. tend to make the markets more efficient.
C. are never able to find a security that is temporarily mispriced.
D. are always quite successful using only well-known public information as their basis of evaluation.
E. are always quite successful using only historical price information as their basis of evaluation.
17. Efficient capital markets are financial markets:
A. in which current market prices reflect available information.
B. in which current market prices reflect the present value of securities.
C. in which there is no excess profit from using available information.
D. All of the above.
E. None of the above.
18. If the efficient market hypothesis holds, investors should expect:
A. to earn only a normal return.
B. to receive a fair price for their securities.
C. to always be able to pick stocks that will outperform the market averages.
D. Both A and B.
E. Both B and C.
19. Financial managers can create value through financing decisions that:
A. reduce costs or increase subsidies.
B. increase the product prices.
C. create a new security.
D. Both A and B.
E. Both A and C.
20. In an efficient market when a firm makes an announcement of a new product or product enhancement with superior technology providing positive NPV, the price of the stock will:
A. rise gradually over the next few days.
B. decline gradually over the next few days.
C. rise on the same day to the new price.
D. stay at the same price, with no net effect.
E. drop on the same day to the new price.
21. An investor discovers that for a certain group of stocks, large positive price changes are always followed by large negative price changes. This finding is a violation of the:
A. moderate form of the efficient market hypothesis.
B. semistrong form of the efficient market hypothesis.
C. strong form of the efficient market hypothesis.
D. weak form of the efficient market hypothesis.
E. None of the above.
22. Which of the following would be indicative of inefficient markets?
A. Overreaction and reversion
B. Delayed response
C. Immediate and accurate response
D. Both A and B.
E. Both A and C.
23. When the stock price follows a random walk, the price today is said to be equal to the prior period price plus the expected return for the period with any remaining difference to the actual return due to:
A. a predictable amount based on the past prices.
B. a component based on new information unrelated to past prices.
C. the security's risk.
D. the risk free rate.
E. None of the above.
24. Which form of the efficient market hypothesis implies that security prices reflect only information contained in past prices?
A. Weak form
B. Semistrong form
C. Strong form
D. Hard form
E. Past form
25. If the weak form of efficient markets holds, then:
A. technical analysis is useless.
B. stock prices reflect all information contained in past prices.
C. stock prices follow a random walk.
D. All of the above.
E. None of the above.
26. Under the concept of an efficient market, a random walk in stock prices means that:
A. there is no driving force behind price changes.
B. technical analysts can predict future price movements to earn excess returns.
C. the unexplained portion of price change in one period is unrelated to the unexplained portion of price change in any other period.
D. the unexplained portion of price change in one period that can not be explained by expected return can only be explained by the unexplained portion of price change in a prior period.
E. None of the above.
27. A semistrong form efficient market is distinct from a weak form efficient market by:
A. incorporating only random movements in the price.
B. incorporating all publicly available information in the price.
C. incorporating inside information in the price.
D. All of the above.
E. None of the above.
28. If a market is strong form efficient, it also implies that:
A. semistrong form efficiency holds.
B. weak form efficiency holds.
C. one cannot earn abnormal returns with inside information.
D. Both A and C.
E. A, B and C.
29. An investor discovers that predictions about weather patterns published years in advance and found in the Farmer's Almanac are amazingly accurate. In fact, these predictions enable the investor to predict the health of the farm economy and therefore certain security prices. This finding is a violation of the:
A. moderate form of the efficient market hypothesis.
B. semistrong form of the efficient market hypothesis.
C. strong form of the efficient market hypothesis.
D. weak form of the efficient market hypothesis.
E. None of the above.
30. A lawyer works for a firm that advises corporate firms planning to sue other corporations for antitrust damages. He finds that he can "beat the market" by short-selling the stock of the firm that will be sued. This finding is a violation of the:
A. moderate form of the efficient market hypothesis.
B. semistrong form of the efficient market hypothesis.
C. strong form of the efficient market hypothesis.
D. weak form of the efficient market hypothesis.
E. None of the above.
31. An investor discovers that stock prices change drastically as a result of certain events. This finding is a violation of the:
A. moderate form of the efficient market hypothesis.
B. semistrong form of the efficient market hypothesis.
C. strong form of the efficient market hypothesis.
D. weak form of the efficient market hypothesis.
E. None of the above.
32. The semistrong form of the efficient market hypothesis states that:
A. all information is reflected in the price of securities.
B. security prices reflect all publicly available information.
C. future prices are predictable.
D. Both A and C.
E. None of the above.
33. The market price of a stock moves or fluctuates daily. This fluctuation is:
A. inconsistent with the semistrong efficient market hypothesis because prices should be stable.
B. inconsistent with the weak form efficient market hypothesis because all past information should be priced in.
C. consistent with the semistrong form of the efficient market hypothesis because as new information arrives daily prices will adjust to it.
D. consistent with the strong form because prices are controlled by insiders.
E. None of the above.
34. An investor who picks a portfolio by throwing darts at the financial pages:
A. believes that efficient markets will protect the portfolio from harm as all information is priced.
B. believes that riskier portfolios earn the same as less risky portfolios.
C. does so because stock prices do not matter; only cash flow generated matters.
D. Both A and C.
E. Both B and C.
35. Suppose that firms with unexpectedly high earnings earn abnormally high returns for several months after the announcement. This would be evidence of:
A. efficient markets in the weak form.
B. inefficient markets in the weak form.
C. efficient markets in the semistrong form.
D. inefficient markets in the semistrong form.
E. inefficient markets in the strong form.
36. Which of the following is not true about serial correlation?
A. It measures the correlation between the current return on a security and the current return on another security.
B. It involves only one security.
C. Positive serial correlation indicates a tendency for continuation.
D. Negative serial correlation indicates a tendency toward reversal.
E. Significant positive or negative serial correlation coefficients are indicative of market inefficiency in the weak form.
37. Which of the following is true?
A. A random walk for stock price changes is inconsistent with observed patterns in price changes.
B. If the stock market follows a random walk, price changes should be highly correlated.
C. If the stock market is weak form efficient, then stock prices follow a random walk.
D. All of the above.
E. Both B and C.
38. Event studies attempt to measure:
A. the influence of information released to the market on returns in days surrounding its announcement.
B. if the market is at least semistrong form efficient.
C. whether there is a significant reaction to public announcements.
D. All of the above.
E. None of the above.
39. The abnormal return in an event study is described as:
A. the return earned on the day of announcement for the stock.
B. the excess return earned on the day of announcement for the stock.
C. the total return earned for the investment holding period.
D. All of the above.
E. None of the above.
40. Evidence on stock prices finds that the sudden death of a chief executive officer causes stock prices to fall and the sudden death of an active founding chief executive officer causes stock price to rise. This contrary evidence happens because:
A. markets are inefficient and unsure of the real value of the events.
B. death is inevitable and market prices are random.
C. things simply happen.
D. the value of the founding executive was a negative to the firm.
E. None of the above.
41. Studies of the performance of professionally managed mutual funds find that these funds:
A. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.
B. do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.
C. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semistrong form of the efficient market hypothesis.
D. outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semistrong form of the efficient market hypothesis.
E. Both C and D.
42. Which of the following statements is true?
A. In efficient markets, a stock's price should change with the arrival of new information.
B. Average stock returns are higher in January than other months.
C. Studies by Fama and French and others find that returns of high book to market stocks are much higher than low book to market value stocks to be consistent with the efficient market hypothesis.
D. All of the above.
E. None of the above.
43. Which of the following is true?
A. Most empirical evidence is consistent with strong form efficiency.
B. Most empirical evidence is inconsistent with weak form efficiency.
C. Strong form market efficiency is not supported by the empirical evidence.
D. Both A and C.
E. Both B and C.
44. In examining the issue of whether the choice of accounting methods affects stock prices, studies have found that:
A. accounting depreciation methods can significantly affect stock prices.
B. switching depreciation methods can significantly affect stock prices.
C. accounting changes that increase accounting earnings also increases stock prices.
D. accounting changes can affect stock prices if the company were either to withhold information or provide incorrect information.
E. All of the above.
45. Market efficiency says:
A. prices may not reflect underlying value.
B. a good financial manager can time stock sales.
C. managers may profitablly speculate in foreign currency.
D. managers cannot boost stock prices through creative accounting.
E. None of the above.
46. The abnormal returns for initial public offerings over longer time periods seem to call market efficiency into question because:
A. the average returns at announcement are large and positive while the long-term results are much lower than the returns for seasoned equity offerings.
B. the average returns at announcement are small and negative while the long-term results are much lower than the returns for seasoned equity offerings.
C. the average returns at announcement are zero while the long-term results are much higher than the returns for seasoned equity offerings.
D. the average returns at announcement are large and positive while the long-term results are much higher than the returns for seasoned equity offerings.
E. the average returns at announcement are insignificant while the long-term results are much lower than the returns for seasoned equity offerings.
47. An example of financially irrational behavior is:
A. gambling in Las Vegas.
B. when a firm announces an increase in earnings and the stock price enjoys three days of large abnormal returns.
C. when a firm announces an increase in earnings and the stock price enjoys an immediate surge in value which is captured in one day.
D. Both A and B.
E. Both A and C.
48. Ritter's study of Initial Public Offerings (IPOs) showed that the post offering stock performance was:
A. less than the control group by about 2% in the five years following the IPO.
B. incorrectly priced at issuance because over the next five years the abnormal returns were greater than zero on average.
C. immaterial to the pricing of the IPO because future market performance is unknown at issuance.
D. equal across IPOs, irrespective of risk or which year they were issued.
E. All of the above.
49. If the securities market is efficient, an investor need only throw darts at the stock pages to pick securities and be just as well off.
A. This is true because there are no differences in risk and return.
B. This is true because in an efficient stock market prices do not fluctuate.
C. This is false because professional portfolio managers prefer to generate commissions by active trading.
D. This is false because investors may not hold a desirable risk-return combination in their portfolio.
E. This is false because the markets are controlled by the institutional investors.
50. Financial managers must be cognizant of market efficiency because:
A. manipulating earnings by accounting changes does not fool the market.
B. timing security sales is futile because without private information the current price reflects all known information.
C. there is limited price pressure from any large sale of stock depressing prices only momentarily before recovering to prior levels.
D. All of the above.
E. None of the above.
51. Event studies have been used to examine:
A. IPOs, SEOs, and other equity issuances.
B. changes in earnings.
C. mergers and acquisitions.
D. most financial events.
E. All of the above.
52. If the market is weak form efficient:
A. semistrong form efficiency holds.
B. strong form efficiency must hold.
C. semistrong form efficiency may hold.
D. markets are not weak form efficient.
E. None of the above.
53. In order to create value from capital budgeting decisions, the firm is likely to:
A. locate an unsatisfied demand for a particular product or service.
B. create a barrier to make it more difficult for other firms to compete.
C. produce products or services at a lower cost than the competition.
D. A and C.
E. A, B, and C.
54. Valuable financing opportunities can be created by:
A. fooling investors.
B. reducing costs or increasing subsidies.
C. the creation of a new security.
D. A and B.
E. A, B, and C.
55. The following time period(s) is/are consistent with the bubble theory:
A. the stock market crash of 1929.
B. the stock market crash of 1972.
C. the stock market crash of 1987.
D. A and C.
E. A, B, and C.
56. In the five years after the offering, ___ underperform matched control groups.
A. initial public offerings
B. seasoned equity offerings
C. bond offerings
D. A and B
E. A, B, and C
57. In the three years prior to a forced departure of management, stock prices, adjusted for market performance, on average will:
A. decline about 20%.
B. decline about 40%.
C. decline about 60%.
D. remain stable.
E. increase about 20%.
Essay Questions
58. Define the three forms of market efficiency.
59. Explain why it is that in an efficient market, investments have an expected NPV of zero.
60. Do you think the lessons from capital market history will hold for each year in the future? That is, as an example, if you buy small stocks will your investment always outperform
U.S. Treasury bonds?
61. Suppose your cousin invests in the stock market and doubles her money in a single year while the market, on average, earned a return of only about 15%. Is your cousin's performance a violation of market efficiency?
62. Why should a financial decision maker such as a corporate treasurer or CFO be concerned with market efficiency?
Chapter 14 Efficient Capital Markets and Behavioral Challenges Answer Key
Multiple Choice Questions
1. An efficient capital market is one in which:
A. brokerage commissions are zero.
B. taxes are irrelevant.
C. securities always offer a positive rate of return to investors.
D. security prices are guaranteed by the U.S. Securities and Exchange Commission to be fair.
E. security prices reflect available information.
Difficulty level: Easy
Topic: EFFICIENT CAPITAL MARKET
Type: DEFINITIONS
2. The notion that actual capital markets, such as the NYSE, are fairly priced is called the:
A. Efficient Markets Hypothesis (EMH).
B. Law of One Price.
C. Open Markets Theorem.
D. Laissez-Faire Axiom.
E. Monopoly Pricing Theorem.
Difficulty level: Easy
Topic: EFFICIENT MARKETS HYPOTHESIS
Type: DEFINITIONS
3. The hypothesis that market prices reflect all available information of every kind is called _____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
Difficulty level: Easy
Topic: STRONG FORM EFFICIENCY
Type: DEFINITIONS
4. The hypothesis that market prices reflect all publicly available information is called _____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
Difficulty level: Easy
Topic: SEMI STRONG FORM EFFICIENCY
Type: DEFINITIONS
5. The hypothesis that market prices reflect all historical information is called _____ form efficiency.
A. open
B. strong
C. semistrong
D. weak
E. stable
Difficulty level: Easy
Topic: WEAK FORM EFFICIENCY
Type: DEFINITIONS
6. In an efficient market, the price of a security will:
A. always rise immediately upon the release of new information with no further price adjustments related to that information.
B. react to new information over a two-day period after which time no further price adjustments related to that information will occur.
C. rise sharply when new information is first released and then decline to a new stable level by the following day.
D. react immediately to new information with no further price adjustments related to that information.
E. be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.
Difficulty level: Medium
Topic: MARKET EFFICIENCY
Type: CONCEPTS
7. If the financial markets are efficient, then investors should expect their investments in those markets to:
A. earn extraordinary returns on a routine basis.
B. generally have positive net present values.
C. generally have zero net present values.
D. produce arbitrage opportunities on a routine basis.
E. produce negative returns on a routine basis.
Difficulty level: Medium
Topic: MARKET EFFICIENCY
Type: CONCEPTS
8. Which one of the following statements is correct concerning market efficiency?
A. Real asset markets are more efficient than financial markets.
B. If a market is efficient, arbitrage opportunities should be common.
C. In an efficient market, some market participants will have an advantage over others.
D. A firm will generally receive a fair price when it sells shares of stock.
E. New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.
Difficulty level: Medium
Topic: MARKET EFFICIENCY
Type: CONCEPTS
罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才
罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：
其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
(完整版)公司理财-罗斯课后习题答案
第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。 （3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是
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Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
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Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
公司理财罗斯课后习题答案
公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]
第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
英文版罗斯公司理财习题答案Chap013
CHAPTER 13 CORPORATE FINANCING DECISIONS AND EFFICIENT CAPITAL MARKETS Answers to Concepts Review and Critical Thinking Questions 1.To create value, firms should accept financing proposals with positive net present values. Firms can create valuable financing opportunities in three ways: 1) Fool investors. A firm can issue a complex security to receive more than the fair market value. Financial managers attempt to package securities to receive the greatest value. 2) Reduce costs or increase subsidies. A firm can package securities to reduce taxes. Such a security will increase the value of the firm. In addition, financing techniques involve many costs, such as accountants, lawyers, and investment bankers. Packaging securities in a way to reduce these costs will also increase the value of the firm. 3) Create a new security. A previously unsatisfied investor may pay extra for a specialized security catering to his or her needs. Corporations gain from developing unique securities by issuing these securities at premium prices. 2.The three forms of the efficient markets hypothesis are: 1) Weak form. Market prices reflect information contained in historical prices. Investors are unable to earn abnormal returns using historical prices to predict future price movements. 2) Semi-strong form. In addition to historical data, market prices reflect all publicly-available information. Investors with insider, or private information, are able to earn abnormal returns. 3) Strong form. Market prices reflect all information, public or private. Investors are unable to earn abnormal returns using insider information or historical prices to predict future price movements. 3. a.False. Market efficiency implies that prices reflect all available information, but it does not imply certain knowledge. Many pieces of information that are available and reflected in prices are fairly uncertain. Efficiency of markets does not eliminate that uncertainty and therefore does not imply perfect forecasting ability. b.True. Market efficiency exists when prices reflect all available information. To be efficient in the weak form, the market must incorporate all historical data into prices. Under the semi- strong form of the hypothesis, the market incorporates all publicly-available information in addition to the historical data. In strong form efficient markets, prices reflect all publicly and privately available information. c.False. Market efficiency implies that market participants are rational. Rational people will immediately act upon new information and will bid prices up or down to reflect that information. d. Fals e. In efficient markets, prices reflect all available information. Thus, prices will fluctuate whenever new information becomes available. e.True. Competition among investors results in the rapid transmission of new market information. In efficient markets, prices immediately reflect new information as investors bid the stock price up or down.
英文版罗斯公司理财习题答案Chap020
CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.
罗斯公司理财题库全
Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.
4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above
罗斯公司理财答案第六版(英文)
Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000
英文版罗斯公司理财习题答案
CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net
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Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.
罗斯公司理财第六章投资决策课后习题答案
1.阐述一下机会成本的定义 答：某项资产用于某个新项目，则会丧失了其他方式所能带来的潜在收入，这些丧失被认作机会成本 2.在计算投资项目的NPV时，下边哪个可以被看成是增量现金流？ （1）新的产品所带来的公司的其他产品的销售的下滑 （2）只有新的项目被接受，才会开始投入建造的机器和厂房 （3）过去的3年发生的和新项目相关的研发费用 （4）新项目每年的折旧费用 （5）公司发放的股利 （6）新项目结束时，销售厂房和机器设备的收入 （7）如果新项目被接受，那么需要支付的新雇佣员工的薪水和医疗保险费用 答：这里的增量的现金流量可以为负数，而且查看一个项目的增量现金流量主要应该看这些现金流量是否专属于这个项目但也有例外如侵蚀效应、沉没成本和折旧 （1）是副效应中的侵蚀效应当算入增量现金流只不过它是负数而已；（2）固定资产的投资当然应担算入增量现金流它也为负数；（3）过去三年的新项目相关的研发费用属于沉没不能算作当前评估项目的增量现金流；（4）折旧费用本来不会直接的带来项目的增量现金流，但是它抵减了税款，间接的提供了增量现金流故应当算作项目的增量现金流； （5）公司的发放的股利应为不属于这个项目的专属现金流量，故不能算作项目的增量现金流量；（6）应当算作项目的增量现金流量，因为它专属于这个项目（7）项目的员工的工资因为专属于这个项目故应当算作该项目的增量现金流量 3.你的公司现在生产和销售钢制的高尔夫球杆。公司董事会建议你考虑生产钛合金和石墨 制的高尔夫球杆，下列哪一项不会产生增量现金流。（1）自有土地可以被用来建设新厂房，但是新项目如果不被接受，该土地将以市场价700000美元出售；（2）如果钛合金和石墨制的高尔夫球杆被接受，则钢制的高尔夫球杆的销售额可能会下降300000美元； （3）去年用在石墨高尔夫球杆上的研发费用为200000 答：对于（1）属于机会成本应当算入项目的增量现金流（2）属于副效应中的侵蚀效应应当算入项目的增量现金流；（3）属于沉没成本，不应当算入项目的增量现金流 4.如果可以选择，你更愿意接受直线折旧法还是改进的加速成本折旧法？为什么 答：应该更加偏向于加速成本折旧法，因为它在前期产生了更多的折旧额，抵减了更多的税款（从货币的时间价值上来说） 5.我们在前面套路资本预算的时候，我们假设投资项目的营运资本都能够回收。这是一个 在实践中可以接受的假设吗？如果不可以将会出现什么情况 答：这只是一个理想化的假设，在实践中不能被接受，在生产规模不变的情况下总会有不能回收的应收账款或者应收票据，存货总有没有售完的，在此两种的情况下营运资本都不能完成回收，但是如果流动负债的额度大于应收账款和应收票据和存货占用资金的总额的话，又可以完成回收营运资本（这种情况比较少见） 6.说实话这道题翻译得很不好，参考了一下英文原版的答案，我发现这道题应该是这样的 “我们把项目看成一个mini的小公司，我们做资本预算时只会看这个公司的盈利能力如何也就是现金流入和现金流出怎么样，而不会去管它的资本结构是怎样的” 答：这个经理的说法在公司层面上是可以接受的，不管的项目的资金来源是权益融资还是债务融资，它应经客观存在了属于沉没成本（我是这么理解的），根据独立性原则，一个项目的评价是和资本费用无关的 7.当两个项目或多个项目是互斥项目且具有不同的生命周期时使用EAC，因为两个项目具 有不同生命周期，单纯的使用NPV方法可能会存在误导性，比如书上124页关于体育设
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Chapter 19 Dividends and Other Payouts Answer Key Multiple Choice Questions 1. Payments made out of a firm's earnings to its owners in the form of cash or stock are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DIVIDENDS Type: DEFINITIONS 2. Payments made by a firm to its owners from sources other than current or accumulated earnings are called: A. dividends. B. distributions. C. share repurchases. D. payments-in-kind. E. stock splits. Difficulty level: Easy Topic: DISTRIBUTIONS Type: DEFINITIONS
3. A cash payment made by a firm to its owners in the normal course of business is called a: A. share repurchase. B. liquidating dividend. C. regular cash dividend. D. special dividend. E. extra cash dividend. Difficulty level: Easy Topic: REGULAR CASH DIVIDENDS Type: DEFINITIONS 4. A cash payment made by a firm to its owners when some of the firm's assets are sold off is called a: A. liquidating dividend. B. regular cash dividend. C. special dividend. D. extra cash dividend. E. share repurchase. Difficulty level: Easy Topic: LIQUIDATING DIVIDENDS Type: DEFINITIONS 5. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _____ date. A. ex-rights B. ex-dividend C. record D. payment E. declaration Difficulty level: Easy Topic: DECLARATION DATE