Firms with valuable intangible assets are more likely to show a(n):
A. excess of book value over market value of equity.
B. high going-concern value.
C. low liquidation value.
D. low P/E ratio.
68. Which of the following is inconsistent with a firm that sells for very near book value?
A. Low current earning power
B. No intangible assets
C. High future earning power
D. Low, unstable dividend payment
69. The main purpose of a market-value balance sheet is to:
A. show an inflated value of the firm.
B. avoid the recording of certain liabilities.
C. value assets and liabilities without GAAP restrictions.
D. improve the credit rating of the firm.
70. A stock paying $5 in annual dividends sells now for $80 and has an expected return of 14%. What might investors expect to pay for the stock 1 year from now?
71. Which of the following statements is correct about a stock currently selling for $50 per share that has a 16% expected return and a 10% expected capital appreciation?
A. Its expected dividend exceeds the actual dividend.
B. Its expected return will exceed the actual return.
C. It is expected to pay $3 in annual dividends.
D. It is expected to pay $8 in annual dividends.
72. The expected return on a common stock is composed of:
A. dividend yield.
B. capital appreciation.
C. both dividend yield and capital appreciation.
D. capital appreciation minus the dividend yield.
73. Firms having a higher expected return have a higher:
A. level of expected risk.
B. dividend yield.
C. market value of equity.
D. degree of certainty concerning their returns.
74. What is the expected dividend to be paid in 3 years if yesterday's dividend was $6.00, dividends are expected to grow at a constant 6% annual rate, and the firm has a 10% expected return?
75. Dividing a stock's earnings per share by the expected rate of return will value the share correctly if no new shares are issued and the dividend yield:
A. exceeds the required return.
B. equals the required return.
C. is zero.
D. is constant.
76. What rate of return is expected from a stock that sells for $30 per share, pays $1.50 annually in dividends, and is expected to sell for $33 per share in one year?
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