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| Section | Weight | Objectives |
|---|---|---|
| Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Cost of capital components - Bond valuation, yield to maturity, risk characteristics |
| Financial Statement Analysis | 20% | - Income statement, balance sheet, cash flow statement - Ratio analysis: liquidity, profitability, solvency, efficiency - Common-size and trend analysis |
| Financial Markets and Corporate Objectives | 15% | - Role of financial institutions - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization |
| Risk and Return | 12% | - Systematic vs unsystematic risk - Portfolio risk and diversification - Beta and Capital Asset Pricing Model |
| Capital Structure and Financing | 10% | - Dividend policy and payout decisions - Leverage and cost of capital |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
| Time Value of Money | 18% | - Discounted cash flow valuation - Present value, future value, annuities, perpetuities - Effective vs nominal interest rates |
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37. Frage
To answer this question, refer to the cash flow worksheet and the internal rate of return (IRR) calculations.
The hospital is only interested in accepting projects with an IRR that exceeds 11%. Assuming the hospital has sufficient capital for both projects and is willing to invest for up to 10 years, which project(s) would the hospital accept?
Antwort: D
Begründung:
The internal rate of return (IRR) represents the discount rate at which a project's net present value (NPV) equals zero. Financial management theory states that a project should be accepted if its IRR exceeds the firm' s required rate of return (or hurdle rate), assuming conventional cash flows and no capital rationing.
In this scenario, the hospital has a minimum required return of 11% and sufficient capital to undertake all acceptable projects. Based on the provided IRR calculations, both Project A and Project B have IRRs exceeding 11%, making them financially acceptable under the IRR decision rule. Because there is no capital constraint and the investment horizon is sufficient, the hospital should accept both projects.
Financial management texts caution that IRR can sometimes produce misleading rankings when projects differ significantly in scale or timing. However, when evaluating independent projects with acceptable IRRs, the correct decision is to accept all projects that meet or exceed the required return. Option B correctly reflects this principle.
38. Frage
What is the dividend yield of a stock that pays annual dividends of $4 per share and has a current market price of $80?
Antwort: C
Begründung:
Dividend yield measures the cash return an investor receives relative to the stock's current market price. It is calculated as Annual Dividend ÷ Market Price per Share. In this case, the dividend yield is
$4 ÷ $80 = 0.05, or 5%. Dividend yield is a key valuation metric, particularly for income-oriented investors, as it indicates the immediate cash return from holding the stock, excluding capital gains.
Financial managers monitor dividend yield to understand how dividend policy affects investor appeal and market valuation. Option B correctly reflects this calculation and interpretation.
39. Frage
Why might a firm use a combination of methods to calculate the cost of common equity?
Antwort: C
Begründung:
No single model perfectly estimates the cost of common equity under all conditions. CAPM focuses on systematic risk, the Gordon growth model emphasizes dividends and growth, and other approaches may rely on market comparables. Each method has strengths and weaknesses depending on firm characteristics and market conditions. Financial management best practice therefore recommends using multiple approaches and comparing results to arrive at a more reliable estimate. This triangulation reduces model-specific bias and highlights potential inconsistencies in assumptions.
Managers then apply judgment to select a reasonable cost of equity that reflects risk, growth prospects, and investor expectations. Option A correctly reflects this practical, widely accepted approach.
40. Frage
What costs are considered part of an asset's initial investment?
Antwort: A
Begründung:
The initial investment for a capital project includes all costs required to acquire and prepare an asset for use. These costs typically include purchase price, delivery, installation, testing, and any necessary setup expenses. Financial management texts clearly distinguish these capitalized costs from expenses such as depreciation, which is an accounting allocation over time, and salvage value, which is considered at the end of a project's life. Market research is usually treated as a separate operating or planning expense unless directly attributable to asset acquisition. Option B correctly identifies delivery and installation as part of the initial investment.
41. Frage
Which factor should be considered when valuing preferred stock?
Antwort: A
Begründung:
Preferred stock is generally valued based on its fixed dividend payment rather than on expected growth in dividends or significant capital appreciation. In most cases, preferred shares promise a stated dividend amount or a dividend based on a fixed rate applied to par value. Because these dividends are usually constant and do not grow like common stock dividends may, preferred stock is often valued using the perpetuity concept:
Value = Annual Preferred Dividend ÷ Required Rate of Return. This makes the fixed dividend rate the key factor in valuation. Choice B is incorrect because past price alone does not determine intrinsic value. Choice C is incorrect because preferred stock usually offers limited capital appreciation compared with common stock. Choice D is also incorrect because preferred dividends typically do not grow at a variable rate. From a financial management perspective, preferred stock is often viewed as a hybrid security, combining features of both debt and equity. Its valuation depends primarily on the stability and amount of the dividend stream and the return required by investors. Therefore, A is the correct answer because the fixed dividend rate is central to determining preferred stock value.
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42. Frage
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