Solucionario Gestion de Inversiones 2

[pic 1][pic 2]

PERÍODO ACADÉMICO: 2022-2

DOCENTE RESPONSABLE: PAUL ZEVALLOS OLIVOS

GESTIÓN DE INVERSIONES II

Solucionario EXAMEN ESCRITO Nº 05

1. C is correct. Growth Rate = (ROE)(1 - Payout Ratio) = (0.23)(0.55) = 12.65%

1. A is correct. An enterprise value multiple is typically calculated as the ratio of enterprise value to EBITDA or some other measure of operating income. Net income is not typically used because it reflects a firm's current capital structure and non-cash charges, and because the ratio becomes meaningless when net income is negative.

1. A is correct. According to the earnings multiplier model, the P/E ratio is equal to P /E = (D /E)/(k −

g). As k increases, P /E will decrease, all else equal.

1. A is correct. The market price is less than the estimated intrinsic, or fundamental, value.

1. B is correct. The FCFE model assumes that dividend-paying capacity is reflected in FCFE.

1. B is correct. The expected annual dividend is 4.80% × $25 = $1.20. The value of a preferred share is $1.20/0.0449 = $26.73.

1. A is correct. The current price of $22.56 is less than the intrinsic value of $24.65; therefore, the stock appears to be currently undervalued. According to the two-stage dividend discount model:

𝐷0 = 1.60

𝐷1 = 1.60 × (1.09)1 = 1.74

𝐷2 = 1.60 × (1.09)2 = 1.90

𝐷3 = 1.60 × (1.09)3 = 2.07

𝐷4 = 1.60 × (1.09)4 = 2.26

𝐷5 = 1.60 × (1.09)4 × (1.04)1 = 2.35

    𝐷5                2.35

𝑃 =        =

= 29.38

[pic 3]

4        𝑟 − 𝑔𝐿𝑇        0.12 − 0.04

         𝐷1                         𝐷2                         𝐷3                𝐷4 + 𝑃4

𝑃 =        +        +        +

0        (1 + 𝑟)1        (1 + 𝑟)2        (1 + 𝑟)3        (1 + 𝑟)4

1.74        1.90        2.07

= (1.12)1 + (1.12)2 + (1.12)3 +[pic 4][pic 5][pic 6]

2.26 + 29.38

[pic 7]

(1.12)4

1. B is correct. The Gordon growth model (also known as the constant growth model) can be used to value dividend-paying companies in a mature phase of growth. A stable dividend growth rate is often a plausible assumption for such companies.

1. A is correct. Semi-strong EMH states that publicly available information cannot be used to consistently beat the market performance.

1. B is correct. The strong-form EMH assumes that stock prices fully reflect all information from public and private sources. In addition, no group of investors has monopolistic access to information relevant to the formation of prices.

1. B is correct. The weak-form EMH assumes the price of a security reflects all historical price and volume information. The other statements are true. The semi-strong form EMH assumes market prices reflect all public information. The strong-form EMH states that stock prices reflect all types of information: market, non-public market, and private.

1. C is correct. Behavioral finance proposes that investors are loss averse. Loss aversion means investors dislike losses more than they like gains of the same amount.

1. C is correct. Common stock is more risky than preferred stock and is expected to provide higher average returns. Preferred stock promises fixed periodic dividends. Common stock can be dividend-paying or non-dividend paying and the dividends are at management's discretion.

1. C is correct. In an unsponsored DR, the depository bank retains the voting rights of the equity shares of the foreign firm. In a sponsored DR, the investor in the DR has the voting rights. For an American depository receipt, an American depository share is the underlying security that trades in the issuing firm's domestic market. A global registered share is an equity security that trades in the local currencies on stock exchanges around the world.

1. B is correct. Cumulative preference shares (cumulative preferred stock) must receive any dividends in arrears before the firm may pay any dividends to common shareholders. Not all preference shares are cumulative. Participating preference shares may receive extra dividends if the firm's profits are greater than a predetermined level.

1. C is correct. Private equity firms are not held to the same financial reporting requirements as publicly traded firms. Less public scrutiny and limited financial disclosure may lead to weaker corporate governance. However, with less pressure from public shareholders, a private equity firm is typically more able to focus on long-term performance.

1. B is correct. Standard. A surety bond is a warranty of payment supported by a third party and it’s

a type of external enhancement.

[pic 8]

...