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--, Choice Questions: S-o f1 (kJ :tt ~ ~) }. Ifthe financial markets are efficient, then investors should expect their investments

in those markets to:

a. earn extraordinary returns on a routine basis.

b. generally have positive net present values.

c. generally have zero net present values.

d. produce arbitrage opportunities on a routine basis.

e. produce negative returns on a routine basis.

2. Which of the following tend to reinforce the argument that the financial markets are

efficient?

I. Information spreads rapidly in today's world.

II. There is tremendous competition in the financial markets.

III. Market prices continually fluctuate.

IV. Market prices react suddenly to unexpected news announcements.

a. I and III only

b. . II and IV only

c. I, II, and III only

d. II, III, and IV only

e. I, II, III, and IV

3. The optimal capital structure ofa firm __the marketed claims and __ the

nonmarketed claims against the cash flows of the firm.

a. minimizes; minimizes

b. minimizes; maximizes

c. maximizes; minimizes

d. maximizes; maximizes

e. equates; (leave blank)

4. The MM theory with taxes implies that firms should issue maximum debt. In

practice, this is not true because:

a. debt is more risky than equity.

b. bankruptcy is a disadvantage to debt.

c. firms will incur large agency costs of short term debt by issuing long term debt

d. Both A and B.

e. Both B and C.

5. Conflicts of interest between stockholders and bondholders are known as:

a. trustee costs.

b. financial distress costs.

c. dealer costs.

d. agency costs.

e. underwriting costs.

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6. The expected return on a stock that is computed using economic probabilities is:

a. guaranteed to equal the actual average return on the stock for the next five years.

b. guaranteed to be the minimal rate ofreturn on the stock over the next two years.

c. guaranteed to equal the actual return for the immediate twelve month period.

d. a mathematical expectation based on a weighted average and not an actual

anticipated outcome.

e. the actual return you will receive..

7. The risk premium for an individual security is computed by:

a. multiplying the security's beta by the market risk premium.

b. multiplying the security's beta by the risk-free rate of return.

c. adding the risk-free rate to the security's expected return.

d. dividing the market risk premium by the quantity (I - beta).

e. dividing the market risk premium by the beta of the security.

8. The firm's capital structure refers to:

a. the way a fmn invests its assets.

b. the amount of capital in the fmn.

c. the amount of dividends a firm pays.

d. the mix ofdebt and equity used to finance the firm's assets.

e. how much cash the firm holds.

9. A levered firm is a company that has:

a. Accounts Payable as the only liability on the balance sheet.

b. has some debt in the capital structure.

c. has all equity in the capital structure.

d. All of the above.

e. None of the above.

10. In an EPS-EBI graphical relationship, the slope ofthe debt ray is steeper than the

equity ray. The debt ray has a lower intercept because:

a. more shares are outstanding for the same level of EBI.

b. the break-evenpoint is higher with debt.

c. a fixed interest charge must be paid even at low earnings.

d. the amount of interest per share has only a positive effect on the intercept.

e. the higher the interest rate the greater the slope.

11. Efficient capital markets are financial markets:

a. in which current market prices reflect available information.

b. in which current market prices reflect the present value of securities.

c. in which there is no excess profit from using available information.

d. All ofthe above.

e. None of the above.

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for several months after the announcement This would be evidence of:

a. efficient markets in the weak fonn.

b. inefficient markets in the weak fonn.

c. efficient markets in the semistrong fonn.

d. inefficient markets in the semistrong fonn.

e. inefficient markets in the strong fonn.

13. The average squared difference between the actual return and the average return is

called the:

a. volatility return.

b. variance.

c. standard deviation.

d. risk premium.

e. excess return.

14. The standard deviation for a set ofstock returns can be calculated as the:

a. positive square root of the average return.

b. average squared difference between the actual return and the average return.

c. positive square root of the variance.

d.averageretum ~iv:i<i~I>},1'l n1iI!usol1~_whel! N is the number of returns.

e. variance squared.

15. A portfolio of large company stocks would contain which one of the following

types of securities?

a. stock of the finns which represent the smallest 20% of the companies listed on the

NYSE

b. U.S. Treasury bilIs

c. long-tenn corporate bonds

d. stocks of finns included in the S&P 500 index

e. long-tenn government bonds

16. Which one of the following is a correct statement concerning risk premium?

a. The greater the volatility ofreturns, the greater the risk premium.

b. The lower the volatility of returns, the greater the risk premium.

c. The lower the average rate of return, the greater the risk premium..

d.. The risk premium is not correlated to the average rate of return.

e. The risk premium is not affected by the volatility of returns.

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17. The weighted average cost of capital is determined by:

a. multiplying the weighted average after tax cost of debt by the weighted average

cost ofequity.

b. adding the weighted average before tax cost ofdebt to the weighted average cost of

equity.

c. adding the weighted average after tax cost ofdebt to the weighted average cost of

equity.

d. dividing the weighted average before tax cost ofdebt to the weighted average cost

ofequity.

e. dividing the weighted average after tax cost ofdebt to the weighted average cost of

equity.

18. The most valuable investment given up if an alternative investment is chosen is

a(n):

a. salvage value expense.

b. net working capital expense.

c. sunk cost.

d. opportunity cost.

e. erosion cost.

19. An investment is acceptable if the profitability index (PI) of the investment is:

a. greater than one.

b. less than one.

c. greater than the internal rate of return (lRR).

d. less than the net present value (NPV).

e. greater than a pre-specified rate of return.

20. The stock valuation model that determines the current stock price by dividing the

next annual dividend amount by the excess of the discount rate less the dividend

growth rate is called the __model.

a. zero growth

b. dividend growth

c. capital pricing

d. earnings capitalization

e. differential growth

21. Discounting cash flows involves:

a. discounting only those cash flows that occur at least 10 years in the future.

b. estimating only the cash flows that occur in the first 4 years ofa project.

c. multiplying expected future cash flows by the cost ofcapital.

d. discounting all expected future cash flows to reflect the time value of money.

e. taking the cash discount offered on trade merchandise.

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22. In the equation R = R+ D, the three symbols stand for:

a. average return, expected return, and unexpected return.

b. required return, expected return, and unbiased return.

c. actual total return, expected return, and unexpected return.

d. required return, expected return, and unbiased risk.

e. risk, expected return, and unsystematic risk.

23. If the CAPM is used to estimate the cost ofequity capital, the expected excess

market return is equal to the:

a. return on the stock minus the risk-free rate.

b. difference between the return on the market and the risk-free rate.

c. beta times the market risk premium.

d. beta times the risk-free rate.

e. market rate of return.

24. Capital surplus usually refers to:

a. the stock's par value.

b. last year's retained earnings.

c. book value per share.

d. the amount ofdirectly contributed equity capital in excess of par value.

e. treasury stocK. . - -.--- --_.. --._-_. ~-- ._~--- .

25. Financial distress can be best described by which ofthe following situations in

which the firm is forced to take corrective action.

a. Cash payments are delayed to creditors.

b. The market value of the stock declines by 1()o1o.

c. The firm's operating cash flow are insufficient to pay current obligations.

d. Cash distributions are eliminated because the board ofdirectors considers the

surplus account to be low.

e. None of the above.

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~f EJ : Ml!tfJ.l ...=.., Callison Airlines is deciding whether topursue a restricted or relaxed current asset investment policy. Callison's annual sales are expected to total $3.6 million, its fixed assets turnover ratio equals 4.0, and its debt and common equity are each 50 percent of total assets. EBIT is $150,000, the interest rate on the firm's debt is 10 percent, and the firm's tax rate is 40 percent. If the company follows a restricted policy, its total assets turnover will be 2.5. Under a relaxed policy, its total assets turnover will be 2.2. Please answer the following questions: (20%) 1-1. If the finn adopts a restricted policy, how much will it save in interest expense

(relative to what it would be ifCallison were to adopt a relaxed policy)? 1-2. What is the difference in the projected ROEs between the restricted and relaxed

policies?

- A 2-year, zero coupon Treasury bond with a maturity value of $1 ,000 has a price. of $873.4387. A I-year, zero coupon Treasury bond with a maturity value of $1,000 has a price of $938.9671. If the pure expectations theory is correct, for what price should I-year, zero coupon Treasury bonds sell one year from now?· (/'0%)

I!Y, A commercial bank estimates that its net income suffers whenever interest rates increase. The bank is looking to use derivatives to reduce its interest rate risk. Which ofthe following strategies best protects the bank against rising interest rates? ([0%); please choose the correct answer(s), and shortly explain the reason)

a Buying inverse floaters. b. Entering into an interest rate swap where the bank receives a fixed payment

stream, and in return agrees to make payments that float with market interest rates.

c. Purchase principal only (PO) strips that decline in value whenever interest rates rise.

d. Enter into a short hedge in which the bank agrees to sell interest rate futures. e. Sell some of the banks floating rate loans and use the proceeds to make fixed

rate loans.

3i, A financial analyst following Fast Start Inc., a new high-growth company, estimates that the current risk-free rate is 6.25%, the market risk premium is 5%, and that Fast Start's beta is 1.75. The current earnings per share (EPSO) are $2.50, and the company's payout ratio is 40%. The company's dividend is expected to grow at a rate of 25% this year, 20% next year, and 15% the following year. After three years the dividend is expected to grow at a constant rate of 7% a year. The company is expected to maintain its current payout ratio. What is the current stock price? (10%) .

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- \ (50%) Single or multiple choice questions:

(5%)1. If one is making a two-tailed test and the value of the z test statistic is -11.12, a correct conclusion from this is

a. do not reject the alternative hypothesis b. a type II error has been made c. reject the null hypothesis d. reject the null hypothesis at the 0.05 level but not at the 0.01

level (5%)2. If the Fvalue for treatments in a randomized block design was

2004.02 and the Fvalue for blocking was 0.29, you could tell from merely looking at those two values that

a. the difference between treatment means was significant b. both the blocking effects and the treatment effects were

significant c. blocking in this case was not effective

d. an error must have been made in the calculations; it is

impossible for the two F values to differ by such a large

amount (5%)3. If the average value of the range, based on 50 samples of size

n=10, is 2.41, and the average value ofx is 4.75, then the upper control limit for an Xchart is

a.5.49 . b.l1.98

c.0.74

d.6.55

(5%)4. If your regression analysis produced the predictive equation

y=0.40-0.008x, it would be obvious from the equation that a. the intercept is negative

b. the relationship is not statistically significant

c. the intercept has a much greater effect on y than does the slope

d. there is an inverse relationship between x and y, as one increases the other decreases

(5%)5. If the coefficient of determination for the original data turned out to be 0.80, which of the following is the incorrect statement?

. a. the correlation coefficient is 0.64

b. 20% of the variation in the dependent variable is not accounted for by the regression model

c. 80% of the time, the regression model correct

d. the coefficient of determination could have exceeded one if the regression equation fit the data much better

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(5%)6. When multicollinearity exists, a. it is indicated by a pattern in the residuals b. the explanation of the causal effects of individual variables

on y should be undertaken with great caution c. confidence interval estimates of the regression coefficients

are unaffected d. the independent variables in the model must be dependent

from one another (5%)7. It is well to remember that the Dow-Jones industrial average

a. accurately reflects all price changes occurring on the New York Stock Exchange

b. shows the average price for which the 30 stocks are currently selling on the New York Stock Exchange

c. has always contained the same set of 30 stocks in its calculations

d. gives every stock used in its calculation the same weight, regardless of how many shares are traded

(5%)8. The Wilcoxon signed-rank test

a. makes use ofthe sign and magnitude ofthe rank ofthe differences between pairs of measurements

b. is concerned with the analysis of a single population c. can cope with ordinal data d. makes use of the sign but does not consider the magnitude

of the differences between pairs of measurements

(5%)9. In a study to determine the difference in preference rates for a particular tee shirt logo between two metropolitan cities, random samples of potential customers were surveyed. In City A, 60 out of 100 preferredthe particular logo, while in city B, 80 out of 200 preferred the logo. Find a 95% confidence interval estimate for the difference in proportions for the two cities. a. 0.20+0.08 b. 0.20+0.12 c. 0.20+0.16 d. 0.20+0.20

(5%)10. The distribution of the times it takes a man to get to work is normal with a mean of 15 minutes and a variance of 4. Suppose you observed the man one day and found that it took him 23 minutes to get to work. What could you infer or conclude? a. the information given is correct because 23 would not be

unusual·

b. that you have witnessed a rare event c. there is not enough information given to make any

conclusion d. that the information about the distribution of the times it

takes the man to get to work is incorrect

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.::::< (15%) According to a report deal ing wi th the percentage of sets ever repaired for 15 brands of 25-27-inch TV sets. the top three brands were A. B. and C. For each of these brands. about 5% of the TV sets required repairs. Suppose a random sample of n=500 owners of a 25-27-inch TV set of brand A is selected and the proportion of owners whose sets required repairs is recorded.

4% (a) What are the mean and standard deviation of the proportion of sets requiring repairs?

4% (b) Is the interval p±3~pqln contained within the range of tP. Will the

Central Limit Theorem apply to the distribution of tP. 7% (c) What is the probability that p will differ from p by more than 0.01

-::: (15%) Service and support have become a very important issue to PC users as the-prices of personal computers have become more and more al ike. As reported. 82% of customers who have had problems with their desktop computer would be will ing to purchase another PC from the same company. Suppose a random

sample of 200 customers who have had problems with their desktop computer is interviewed.

8% (a) What is the probabi lity of observing as few as 160 customers who would

be wi 11 ing to buy another PC? 7% (b) Within whatlimits-wouldyou expect the-numoer-of customers- wilflng to-­

buy another PC to 1ie?

ug, 1l0%) A particular industrial product is shipped in lots of 20. A sampling plan

designed to minimize the number of defecti ves shipped to customers call s for

sampling five items from each,lot and rejecting the lot if more than one defective is observed. If rejected. each item in the lot is tested. If a lot contains four defectives. what is the probabil i ty that it wi 11 be rejected?

3i. (10%) 'Consider a population consisting of the numbers of professors employed in the business departments at large four-year universi ties. Suppose that the number of business professors per college has an average of 25 and a standard deviation of 5. Make a statement about the percentage of colleges that employ more than 36 business professors? Does your statement need any assumptions? Why? '

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