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魏丽aa · 2018年12月21日
问题如下图:
选项:
A. 不太明白题目在考啥?
B.
C.
解释:
Shimin_CPA税法主讲、CFA教研 · 2018年12月26日
考点在基础班讲义141页,周期性与非周期性行业在经济变化时的特征。
不论经济怎么变化,周期性行业的公司都更加敏感,比如经济复苏时,周期性行业也会随之增长;经济变差,周期性行业比较低迷。敏感度强,意味着波动率大,风险也更大,所以需要更高的风险补偿,也就是higher equity risk premium
NO.PZ2015121810000041问题如下When assessing investment opportunities in equities, investors shoulA.assign higher equity risk premiums to non-cycliccompanies, relative to cycliccompanies.B.forecast lower volatility in the growth rate of earnings for cycliccompanies, relative to non-cycliccompanies.C.forecast higher growth rates in earnings for cycliccompanies coming out of a recession, relative to non-cycliccompanies.C is correct.ring recessions, cycliccompanies are likely to experiensharp clines in earnings, more so thnon-cycliccompanies. In contrast, while coming out of a recession, cycliccompanies are likely to generate higher earnings growth relative to non-cycliccompanies. 考点equity risk premium解析A,与非周期性行业比,周期性行业对经济周期更敏感,因此面临的风险更大,equity risk premium越高,A的说法错误;B,周期性行业的收益增长率波动性比非周期性行业更大,B错。C,当走出经济衰退时,周期性行业收益的增长率更大,因为周期性行业对经济周期更敏感,C正确。题干没说经济走出衰退,而且,如果是非周期股票,如还在高速成长的公司,或许波动更大?