NO.PZ2024022701000222
问题如下:
The Gordon growth model is most appropriate for valuing the equity of a dividend-paying:选项:
A.electric utility firm. B.technology company. C.automobile manufacturer.解释:
Solution-
Correct because
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Incorrect because a technology firm is a cyclical company whose earnings are sensitive to the business cycle. Examples of cyclical industries are autos, housing, basic materials, industrials, and technology. Because of its assumption of a constant growth rate, the Gordon growth model is particularly appropriate for valuing the equity of dividend-paying companies that are relatively insensitive to the business cycle and in a mature growth phase.
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Incorrect because an automobile manufacturer is a cyclical company whose earnings are sensitive to the business cycle. Examples of cyclical industries are autos, housing, basic materials, industrials, and technology. Because of its assumption of a constant growth rate, the Gordon growth model is particularly appropriate for valuing the equity of dividend-paying companies that are relatively insensitive to the business cycle and in a mature growth phase.
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老师好 -
请问CFA 到底认为 technology 是cyclical indsutry 还是defensive industry 谢谢
在第五章里似乎说是defensive, 但是在这道题里说cyclical