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NEW QUESTION: 1
Travis Smith, CFA, is chief economic strategist and market analyst for Nashville Capital Management. He is developing a forecast of the S&P 500 stock market index utilizing different approaches.
Using microeconomic analysis, Smith wants to value the S&P using a dividend discount model (DDM) valuation approach. The trailing recent 52-week dividend for the S&P 500 equaled $60. Used as a proxy for the nominal risk-free rate, Treasury rates are as follows:
* 3-month T-bill rate: 3.5%
* 30-year T-bond rate: 5.0%
Smith uses an equity market premium equal to 6%. His estimate for the long-term outlook for ROE is 11%, and the long-run earnings retention rate is estimated at 40%.
Smith also is forecasting the market trends using varied macroeconomic techniques. He believes that security prices reflect expectations about the general economy. During his monitoring and forecasting of the overall economy, Smith is evaluating cyclical indicators and the business cycle. Smith has focused his analysis on three indicators:
1. Index of industrial production.
2. Interest rate spread between 10-year T-bonds and the fed funds rate.
3. Stock prices.
Smith is particularly interested in using stock market trends to predict economic turning points.
In conducting his research, Smith has found that the business cycle appears to be in the slowdown phase.
In his capital markets forecasting activities, Smith looks at government policy, and attempts to predict business and consumer activity, along with foreign trade. Smith has determined that government policy has a significant influence on the business cycle, and he is trying to predict changes in government policy.
Smith predicts that the government fiscal policy will loosen and that the Federal Reserve monetary policy will tighten. Smith estimates the following variables:
* Short-term neutral interest rate: 3.5%
* Nominal GDP long-term growth rate trend: 4.25%
* Federal Reserve inflation target: 2.25%
Smith forecasts that inflation will increase to 3.0%, and nominal GDP will grow at a 1.5% rate.
Smith's supervisor, Rasheed Gupta, requests a valuation of the S&P500 using a free cash flow to equity (FCFE) model. Gupta makes the following statement:
"A valuation model that replaces dividends with free cash flow to equity is a good alternative to the DDM If
1 remember correctly, free cash flow to equity equals net income plus depreciation." Of the three indexes used by Smith to derive capital market expectations, which one is a coincident index according to the National Bureau of Economic Research's (NBER) analysis of economic indicators?
A. Index of industrial production.
B. Stock prices.
C. Interest rate spread.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
The Index of industrial production is a coincident index. The interest rate spread between 10-ycarT-bonds and the fed funds rate is a leading index, as are stock, prices. (Study Session 7, LOS 24.a)
NEW QUESTION: 2
Sie stellen DirectAccess auf einem Server mit dem Namen DA1 bereit. Da1 befindet sich hinter einer Firewall und verfügt über einen einzelnen Netzwerkadapter. Das zwischengeschaltete Netzwerk ist IPv4.
Sie müssen die Firewall konfigurieren, um DirectAccess zu unterstützen.
Welche Firewall-Regeln sollten Sie für jeden Verkehrstyp erstellen? Ziehen Sie zum Beantworten die entsprechenden Ports und Protokolle auf die richtigen Datenverkehrstypen. Jeder Port und jedes Protokoll kann einmal, mehrmals oder überhaupt nicht verwendet werden.
Möglicherweise müssen Sie die geteilte Leiste zwischen den Fenstern ziehen oder einen Bildlauf durchführen, um den Inhalt anzuzeigen
Answer:
Explanation:
Erläuterung
NEW QUESTION: 3
A developer has been asked to create code that will meet the following requirements: Receives input of:
Map<Id, Project__c>, List<Account> Performs a potentially long-running callout to an outside web service Provides a way to confirm that the process executed successfully Which asynchronous feature should be used?
A. @future (callout=true)
B. Database.AllowsCallouts interface
C. Queueable interface
D. Schedulable interface
Answer: C
NEW QUESTION: 4
Refer to the exhibit.
Which four rows exhibit the correct WCCP service to protocol assignments? (Choose four.)
A. Row 6
B. Row 3
C. Row 5
D. Row 2
E. Row 7
F. Row 4
G. Row 8
H. Row 1
Answer: A,D,F,G