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Which of the following types of investment clients most likely have the lowest liquidity needs?

A.Endowments and foundations

B.Insurance companies

C.Banks

【答案】A

【解析】A基金的投資期限長,投資目標(biāo)是在獲得資本增值的同時,得到復(fù)核機構(gòu)目標(biāo)的收入,流動性需求較保險公司及銀行來說較小。因為保險公司要應(yīng)對賠付,銀行要應(yīng)對客戶取款。

Faye Harlan, CFA, is estimating the cost of common equity for Cyrene Corporation.She prepares the following data for Cyrene:

·Price per share = $50.

·Expected dividend per share = $3. ·Expected retention ratio = 30%.

·Expected return>·Beta = 0.89.

·Yield to maturity>·The expected market rate of return is 12% and the risk-free rate is 3%.

Based on these data, Harlan determines that Cyrene's cost of common equity is 14%. Harlan most likely arrived at this estimate by using the:

A. dividend discount model approach.

B. capital asset pricing model approach.

C. bond yield plus risk premium approach.

【答案】C

【解析】運用CAPM:estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.

運用DDM:growth rate = (0.3)(0.2)=6%,estimated cost of common equity = $3 / $50 + 6% = 12%.

因此如果計算出的股權(quán)融資成本為14%, Harlan運用的方法應(yīng)該是bond yield + risk premium。

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