"Corporate finance"exercise:Measures of Leverage

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來源: 正保會計網校編輯：小鞠橘桔 2020/09/16 08:59:17　字體：大小

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Questions 1:

Which of the following is least likely to be a component of a developing country’s equity premium?

A 、Annualized standard deviation of the developing country’s equity index

B、 Sovereign yield spread

C、 Annualized standard deviation of the sovereign bond market in terms of the developing country’s currency

Questions 2:

Financial risk is least likely affected by:

A 、debentures.

B 、dividends.

C 、long-term leases

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The annualized standard deviation of the sovereign bond market in terms of the developing country’s currency is not part of the equity premium calculation.

Country equity premium = Sovereign yield spread × (Annualized standard deviation of equity index/Annualized standard deviation of the sovereign bond market in terms of the developed market currency)

A is incorrect because the annualized standard deviation on a developing country’s index is part of the country’s equity premium.

B is incorrect because the sovereign yield spread is part of the country equity premium.

【Answer to question 2】B

【analysis】

B is correct. By taking on fixed obligations, such as debt (including debentures) and longterm leases, a company increases its financial risk. Dividends will not increase financial risk.

A is incorrect because the use of debentures (one type of bond) is directly associated with financial risk.

C is incorrect because the use of long-term leases is directly related to financial risk

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