文档介绍：CFA一级模考题
1 . Two investors, Craig Tower and Erin Gray, own 100 shares each of the pany. Tower
receives a quarterly dividend while Gray does not. This is most likely because Tower:
A)mon shares while Gray owns preferred shares.
B)purchased his shares after Gray purchased her shares.
C)owns a different class of stock than Gray.
The correct answer was C
Different classes mon stocks can have different features with respect to dividends, stock splits,
voting power and seniority if the firm’s assets are liquidated. If Gray owns preferred shares, she would
be more likely to receive a dividend than Tower’mon shares. If Gray had purchased shares
before an ex-dividend date and Tower purchased the same class of shares after that ex-dividend date,
Gray would receive a dividend that Tower did not.
2 . A firm is expected to have four years of growth with a retention ratio of 100%. Afterwards the
firm’s dividends are expected to grow 4% annually, and the dividend payout ratio will be set at 50%.
If earnings per share (EPS) = $ in year 5 and the required return on equity is 10%, what is the
stock’s value today?
A)$.
B)$.
C)$.
The correct answer was: A
Dividend in year 5 = (EPS)(payout ratio) = × =
P4 = / ( − ) = / = $20
P0 = PV (P4) = $20 / ()4 = $
3 . A firm has an expected d