NO.PZ2024021802000059
问题如下：
In contrast to applying corporate governance as a risk assessment tool, incorporating corporate governance into a valuation model results in adjusting the:选项：
A.discount rate applied.
B.level of confidence in the valuation range.
C.level of confidence about the multiple on which future earnings are placed in the valuation.
解释：
A is correct because if the analysis of corporategovernance is specifically built into valuation models, this analysis is mosttypically done by recognizing negative governance characteristics by way ofadding a risk premium to the cost of capital or raising the discount rateapplied.
B is incorrect because as a risk assessment tool,corporate governance may represent the level of confidence about futureearnings or the multiple on which those earnings are placed in a valuation—orit may be reflected less in full financial models and more in a simple level ofconfidence in the valuation range or investment thesis. Therefore, the level ofconfidence in the valuation range is adjusted when corporate governance isapplied as a risk assessment tool, not when it is incorporated into a valuationmodel.
C is incorrect because as a risk assessment tool,corporate governance may represent the level of confidence about futureearnings or the multiple on which those earnings are placed in a valuation.Therefore, the level of confidence about the multiple on which future earningsare placed in the valuation is adjusted when corporate governance is applied asa risk assessment tool, not when it is incorporated into a valuation model.
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