证券和组合课后习题：tb14

1、CHAPTER 14INDUSTRY ANALYSISTRUE/FALSE QUESTIONS(t)1Complete consistency over time for different industries would indicate that industry analysis is not necessary after market analysis.(f)2Studies of industries indicate that their past performance can be useful in predicting future performance.(f)3Wh

2、ile there is substantial dispersion in industry risk over periods of time, there is consistency in the industry risk during a period of time.(f)4The fact that all firms in an industry do not move together negates the value of industry analysis.(t)5The micro approach to estimating the industry multip

3、le would entail examining specific variables such as: dividend payout ratios, required rates of return, and expected growth rates of dividends and earnings.(t)6Structural changes occur when the economy undergoes a major organizational change or how it functions.(t)7Downsizing of corporate America in

4、 the 1990s is an example of structural change.(t)8Switching from one industry group to another over the course of a business cycle is known as a rotation strategy.(f)9Assuming the U.S. dollar is strong relative to the German DM, it will be easier for the U.S. paper industry to export to Germany.(t)1

5、0When considering inputs, you would evaluate an industrys prospects based on those of its raw material suppliers, labor force, etc.(f)11The relationship between an economic series such as disposable personal income and industry sales is usually stronger in an industry that is more specialized.(t)12I

6、nput-output analysis would be useful to indicate the long run relationship between industries.(t)13In the rapid accelerating growth stage, profit margin are typical very high.(t)14The industry life cycle can be rejuvenated at any stage by product innovations that attract new customers or convince ex

7、isting customers to buy the new product.(f)15The relationship between an economic series such as disposable personal income and retail sales is usually stronger in an industry that has become more specialized.(t)16Global industry analysis must evaluate the effects not only of world supply, demand an

8、d cost components for an industry, but also different valuation levels due to accounting conventions and the impact of exchange rates.MULTIPLE CHOICE QUESTIONS(e)1In analyzing risk levels among industries, studies have found that risk levels varied among different industries.a)risk levels vary among

9、 different industries.b)risk levels remained fairly constant across industries.c)risk levels for the same industry varied over time.d)risk levels for the same industry remain fairly constant over time.e)Choices a and d(d)2Which of the following statements about the business cycle is false?a)Toward t

10、he end of a recession, financial stocks typically increase in value as investment and borrowing activities accelerate.b)Once the economy hits a trough and begins to recover, consumer durable stocks become attractive investments. c)Once the economy has recovered and current levels of consumption are

11、sustainable, businesses may consider modernizing or expanding, thus stocks of capital goods industries become attractive investments.d)As the business cycle reaches a peak, inflation rates decrease.e)None of the above (that is, all are true statements)(a)3A number of economic variables affect both t

12、he economy and industries. Which of the following statements is false?a)Industries with high levels of operating and financial leverage should benefit from lower inflation rates.b)Banks generally benefit from volatile interest rates, while stable interest rates reduce margins.c)Consumers who are opt

13、imistic about the economy will spend money on high-priced items, such as autos and houses.d)The abundance or scarcity of input components can affect the perceived attractiveness of an industry.e)None of the above (that is, all are true statements)(c)4Which of the following is not considered a struct

14、ural influence on the economy and industry?a)Demographicsb)Life-stylesc)International economicsd)Social valuese).Technology(e)5What might cause an industrys sales to decline?a)Changes in consumer tastesb)Product obsolescencec)Growth of substitute productsd)Sluggish economic growthe)All of the above(

15、e)6All of the following are industries with a strong, consistent industry component excepta)Gold.b)Steel.c)Railroads.d)Tobacco.e) Paper.(c)7Which of the following is not a stage in the industrial life cycle?a)Early pioneering developmentb)Rapid accelerating growthc)Acquisition and consolidationd)Mat

16、ure growthe) Stabilization and market maturity(d)8In which industrial life cycle stage does sales correlate highly with an economic series or the economy in general?a)Pioneering developmentb)Rapidly accelerating growthc)Mature growthd)Stabilization and market maturitye)Deceleration of growth and dec

17、line(b)9During which stage of the industrial life cycle is the product or service recognized as viable and the demand substantial?a)Early pioneering developmentb)Rapid accelerating growthc)Acquisition and consolidationd)Mature growthe)Stabilization and market maturity(d)10At what stage in the indust

18、rial life cycle is there an influx of competition?a)Early pioneering developmentb)Rapid accelerating growthc)Acquisition and consolidationd)Mature growthe)Stabilization and market maturity(d)11Which of the following is not a competitive force suggested by Porter?a)Rivalry among existing competitorsb

19、)Threat of new entrantsc)Threat of substitute productsd)Government and regulatory influencese)None of the above (that is, all are competitive forces)(d)12Which of the following statements concerning the competitive environment is true?a)High fixed costs encourage firms to produce at a low level of c

20、apacity, in order to minimize fixed cost per unit produced.b)Low current prices relative to costs in an industry indicate low barriers to entry.c)Substantial economies of scale do not give a current industry member an advantage over a new firm.d)The ability to substitute another product limits the i

21、ndustrys profit potential.e)Buyers and suppliers do not influence the profitability of an industry. (b)13The financial risk for the retail store industry is difficult to judge because ofa)Convertible debt.b)Numerous building leases.c)Warrants.d)Variable operating profits.e)Extensive use of preferred

22、 stock.(c)14When compared to the overall market P/E, the retail store P/E was estimated to be and near the of the range.a)More volatile, low endb)More volatile, high endc)Less volatile, low endd)Less volatile, high ende)Equally volatile, middle(d)15When forecasting industry sales it can be useful to

23、a)Utilize the industry life cycle.b)Use input-output analysis.c)Use the relationship between an industry and the aggregate economy.d)All of the above.e)None of the above.(d)16The of an industry is a function of retention rate and return on equity.a)Expected returnb)Expected business riskc)Expected f

24、inancial riskd)Expected growth ratee)Expected sales volatility(a) 17Toward the end of a recession, a) Financial stock rise on expectations of increases in loan demand, housing constructions and security offerings.b) Consumer durable stocks rise on expectations of rising consumer confidence and perso

25、nal income.c) Capital goods stocks rise on expectation of increases in business capital spending.d) Basic materials stocks rise on expectation of rising profit margins.e) Consumer staple stocks rise on expectations that consumers will continue to spend on necessities.(b) 18At the initial stage of an

26、 economic recovery, a) Financial stock rise on expectations of increases in loan demand, housing constructions and security offerings.b) Consumer durable stocks rise on expectations of rising consumer confidence and personal income.c) Capital goods stocks rise on expectation of increases in business

27、 capital spending.d) Basic materials stocks rise on expectation of rising profit margins.e) Consumer staple stocks rise on expectations that consumers will continue to spend on necessities.(c) 19Once it becomes clear the economy is recovering, a) Financial stock rise on expectations of increases in

28、loan demand, housing constructions and security offerings.b) Consumer durable stocks rise on expectations of rising consumer confidence and personal income.c) Capital goods stocks rise on expectation of increases in business capital spending.d) Basic materials stocks rise on expectation of rising pr

29、ofit margins.e) Consumer staple stocks rise on expectations that consumers will continue to spend on necessities.(d) 20Toward the business cycle peaka) Financial stock rise on expectations of increases in loan demand, housing constructions and security offerings.b) Consumer durable stocks rise on ex

30、pectations of rising consumer confidence and personal income.c) Capital goods stocks rise on expectation of increases in business capital spending.d) Basic materials stocks rise on expectation of rising profit margins.e) Consumer staple stocks rise on expectations that consumers will continue to spe

31、nd on necessities.(e) 21During a recession, a) Financial stock rise on expectations of increases in loan demand, housing constructions and security offerings.b) Consumer durable stocks rise on expectations of rising consumer confidence and personal income.c) Capital goods stocks rise on expectation

32、of increases in business capital spending.d) Basic materials stocks rise on expectation of rising profit margins.e) Consumer staple stocks rise on expectations that consumers will continue to spend on necessities.MULTIPLE CHOICE PROBLEMSUSE THE FOLLOWING INFORMATION FOR THE NEXT 11 PROBLEMSAssume th

33、at you are an analyst for the U.S. autoparts industry. Consider the following information that you propose to use to obtain an estimate of year 2002 EPS for the U.S. Autoparts IndustryYear 2001EstimatedYear 2002Personal consumption expenditures$6,800 billionPersonal consumption expenditures growth1.

34、5%Industry Sales per share $525Industry Operating profit margin15%Industry Depreciation/Fixed Assets8.25%Industry Fixed asset turnover3Interest rate6%Industry Total asset turnover1.2Industry Debt/Total assets45%Industry Tax rate36%In addition a regression analysis indicates the following relationshi

35、p between growth in industry sales per share and personal consumption expenditures (PCE) growth is% Sales per share = 0.02 + 1.5(% PCE)(c) 1Calculate personal consumption expenditures for the year 2002a) $7,500 billionb) $7,000 billionc) $7140 billiond) $7,550.5 billione) $6,825.75 billion(d) 2Estim

36、ate the industry growth rate in sales per sharea) 10.5%b) 11%c) 12.16%d) 9.5%e) 8.73%(a) 3Estimate the industry sales per share for the year 2002a) $574.9b) $600.0c) $585.03d) $625e) $550(e) 4Calculate the industry year 2002 EBITDA per sharea) $95.05b) $89.15c) $92.56d) $94.73e) $86.23(a) 5Obtain an estimate of the per share depreciation charge for the year 2002a) $15.81b) $12.35c) $23.68d) $25.93e) $35(b) 6Calculate the p