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skywood · 2020年06月07日

问一道题:NO.PZ201810160100000106 第6小题 [ CFA II ]

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问题如下:

The implementation of Proposal #4 would most likely signal to Ladan and other investors that future earnings growth can be expected to:

选项:

A.

decrease.

B.

remain unchanged.

C.

increase.

解释:

C is correct. Dividend initiations convey positive information and are associated with future earnings growth, whereas dividend omissions or reductions convey negative information and are associated with future earnings problems.

A is incorrect because dividend initiations convey positive information and are associated with an expected increase (not a decrease) in future earnings growth. Dividend omissions or reductions convey negative information and are associated with future earnings problems.

B is incorrect because dividend initiations convey positive information and are associated with an expectation that future earnings growth will increase (not remain unchanged). In contrast, dividend omissions or reductions convey negative information and are associated with future earnings problems.

如果是regular,对于未来的预期应该是不变的吧?
1 个答案

王琛_品职助教 · 2020年06月08日

同学你好, 公司本来不分红, 现在开始发“regular”股利,说明公司开始赚钱了

通常 “regular” 股利和特殊股利不同,一开始发放就是持续发放,说明公司未来盈利可持续.

从大量实证检验结果看 dividend initiations 往往显示未来公司未来利润会增长,这个结论来自原版书 P141 建议你当做结论记忆就好.