NO.PZ202303150300001001
问题如下:
Which of Valentine’s conclusions regarding valuation approaches and security selection is least accurate? Conclusion:选项:
A.2 B.1 C.3解释:
SolutionA is correct. The conclusion about the impact of financial leverage on FCFF and FCFE is inaccurate. Changes in financial leverage (the amount of debt financing in the company’s capital structure) affects FCFE but not FCFF.
B is incorrect. The statement is correct as written: a company’s sustainable growth rate assumes growth through internally generated funds and approximates the average rate at which dividends can grow over a long horizon.
C is incorrect: The statement is correct as written: for an active security selection to be consistently successful and achieve positive alphas, the analyst must combine accurate forecasts with an appropriate valuation model. Further, the analyst’s expectations must differ from consensus expectations.
特别是这句Further, the analyst’s expectations must differ from consensus expectations.