2025年CFA《权益投资》真题解析卷
考试时间：______分钟总分：______分姓名：______
第一部分
1.Acompanyisexpectedtopayadividendof$2persharenextyear.Thedividendisexpectedtogrowataconstantrateof5%peryearindefinitely.Iftherequiredrateofreturnonthestockis12%,whatistheintrinsicvalueofthestockusingtheconstantgrowthdividenddiscountmodel(DDM)?
2.Whichofthefollowingmethodsofequityvaluationismostsuitableforvaluingacompanythathasnegativeearningsbutstronggrowthprospectsinthenearfuture?
3.Astockhasanexpectedreturnof15%andastandarddeviationof30%.Therisk-freerateis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatisthemarketriskpremiumifthestocksbetais1.2?
4.DefinetheEfficientMarketHypothesis(EMH)inyourownwords.Explainthethreeformsofmarketefficiency.
5.CompareandcontrasttheDividendDiscountModel(DDM)andtheComparableCompaniesAnalysismethodforvaluingstocks.Whatarethemainadvantagesanddisadvantagesofeachmethod?
6.Explaintheconceptofamarketportfolio.WhyisitconsideredefficientaccordingtotheCapitalAssetPricingModel(CAPM)?
7.Acompanysstockhasabetaof0.8.Ifthemarketreturnisexpectedtobe10%andtherisk-freerateis3%,whatistheexpectedreturnonthecompanysstockaccordingtotheCAPM?
8.Whatisthedifferencebetweensystematicriskandunsystematicrisk?Howcananinvestorminimizeunsystematicrisk?
9.DescribetheFama-Frenchthree-factormodel.Whatarethethreefactors,andhowdotheyexplainstockreturnsbeyondthemarketriskpremium?
10.Acompanysstockiscurrentlytradingat$50pershare.Thecompanyisexpectedtopayadividendof$2persharenextyear,andthedividendisexpectedtogrowataconstantrateof6%peryearindefinitely.Iftherequiredrateofreturnonthestockis11%,whatistheprice-earnings(P/E)ratioofthestock?
第二部分
11.Explaintheconceptofoverconfiden