Control 1 Flashcards
a) If the return on equity exceeds the cost of equity, the price will exceed the book value of equity.
b) The value to book ratio is obtained by dividing the market value of both debt and equity by the book value of capital invested in a firm.
1) Only a is true
2) Both a and b are true
3) Both a and b are false
4) Only a is false
2) Both a and b are true
a) La oferta de derechos de suscripción es un tipo de emisión pública de títulos valores que se venden a los accionistas e inversionistas interesados.
b) Una OPI es una oferta pública a inversionistas.
c) El anuncio publicitario de una nueva emisión se conoce como LAPIDA
1) Solo a es correcta
2) Solo c es correcta
3) b y c son correctas
4) Todas son falsas
1) Solo a es correcta
a) Preferred stock is a hybrid security having some characteristics of debt and some of equity.
b) The Time Efficient Markets Hypothesis (EMH) holds that stocks are not always in equilibrium.
1) Only a is true
2) Both a and b are true
3) Both a and b are false
4) Only b is true
1) Only a is true
a) Price per share can be different for different classes of shares.
b) Since the market value of equity refers only to common equity, you should not include the portion of the equity that is attributable to preferred stock in computing the book value of equity.
1) Only a is true
2) Both a and b are true
3) Only a is false
2) Both a and b are true
A fundamental property of a bond is that its price changes in the opposite direction from the change in the required yield.
1) True
2) False
1) True
Animal Spirits refers to the tendency of investors to become calm and never let their emotions affect their behavior.
1) True
2) False
2) False
Con relación a los determinantes de los rendimientos de los bonos:
1) A mayor plazo de vencimiento, la prima de riesgo de la tasa de interés se incrementa en forma creciente.
2) Bonos que presentan calificaciones crediticias más bajas ofrecen menores rendimientos.
3) La tasa de interés real ejerce un efecto mayor en la estructura de plazos.
4) Los bonos gravables ofrecen un rendimiento mayor que los no gravables.
4) Los bonos gravables ofrecen un rendimiento mayor que los no gravables.
En el caso de un bono bullet que se vende con prima, el resto de información es constante, se puede sostener:
a) La tasa cupón es igual a la rentabilidad al vencimiento (YTM)
b) El precio de mercado es menor al valor par
c) El pago de intereses es semestral
d) La rentabilidad al vencimiento (YTM) es menor a la tasa cupón
e) La tasa cupón es menor a la rentabilidad al vencimiento (YTM)
d) La rentabilidad al vencimiento (YTM) es menor a la tasa cupón
In general, revenue growth tends to be more persistent and predictable than earnings growth because:
a) Accounting choices have a far bigger effect on revenues than they do on earnings
b) The implication of this afirmation is that historical growth in revenues is a far more useful number when it comes to forecasting than historical growth in earnings
1) Only a is true
2) Only b is true
3) Both a and b are false
4) Both a and b are true
2) Only b is true
La opción del zapato verde es un costo para la empresa porque el suscriptor comprará acciones adicionales sólo cuando el precio de oferta sea inferior al precio en el mercado secundario
1) Verdadero
2) Falso
1) Verdadero
La principal tasa de rentabilidad que el inversionista evalúa en el mercado de bonos, es denominada como:
a) Tasa cupón
b) Rentabilidad al vencimiento
c) Rentabilidad corriente
d) Cupón
e) Valor facial
b) Rentabilidad al vencimiento
Price-book value ratio for a high growth firm can’t be related to fundamentals
1) True
2) False
2) False
Regarding Call Risk from investor’s perspective:
a) It’s useful to call a bond when interest rate has dropped, so the investor is exposed to reinvest risk at lower interest rates
b) The capital appreciation potential of a bond will increase because the price of a callable bond may not rise much above the price at which the issuer will call the bond
1) Only a is false
2) Both a and b are true
3) Both a and b are false
4) Only a is true
4) Only a is true
Regarding the Sales-to-Capital Ratio:
a) It’s a ratio that shows you the revenue generated by each dollar of capital that we invest
b) Using this ratio you could underestimate or overestimate your reinvestment needs
c) Lower sales to capital ratios decreases reinvestment needs
1) Only b is true
2) Only c is true
3) Both a and c are false
4) Both a and b are true
4) Both a and b are true
The case of China Fishery recently, trying to acquire Copeinca (peruvian company) is a classic case where the buyer is looking for its growth increase.
a) True
b) False
a) True
