题目内容
（请给出正确答案）
A.so
B.so does
C.and it does
D.so does it
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The chief executive officer (CEO) of Faoilean Co has just returned from a discussion at a leading university on the ‘application of options to investment decisions and corporate value’. She wants to understand how some of the ideas which were discussed can be applied to decisions made at Faoilean Co. She is still a little unclear about some of the discussion on options and their application, and wants further clarification on the following:
(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.
(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.
(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.
Required:
(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)
(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)
(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)
Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.
The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.
Required:
(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)
(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)
(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)
(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)
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［A］ Thus a joke is laughed at for its own sake, even though there is an independent value in laughter, which lightens our lives by taking us momentarily outside ourselves. Why should not something similar be said of works of art, many of which aspire to be amusing in just the way that good jokes are？
［B］ All discussion of the value of art tends, therefore, to turn from the outset in the direction of criticism: Can there be genuine critical evaluation of art, a genuine distinction between that which deserves our attention and that which does not？ (And, once again, the question may be extended to objects of natural beauty.)
［C］ Art is held to be a form. of education, perhaps an education of the emotions. In this case, it becomes an open question whether there might not be some more effective means to the same result. Alternatively, one may attribute a negative value to art, as Plato did in his Republic, arguing that art has a corrupting or diseducative effect on those exposed to it.
［D］ Artistic appreciation, a purely personal matter, calls for appropriate means of expression. Yet, it is before anything a process of “cultivation”, during which a certain part of one’s “inner self” is “dug out” and some knowledeg of the outside world becomes its match.
［E］ If I am amused it is for a reason, and this reason lies in the object of my amusement. We thus begin to think in terms of a distinction between good and bad reasons for laughter. Amusement at the wrong things may seem to us to show corruption of mind, cruelty, or bad taste; and when it does so, we speak of the object as not truly amusing, and feel that we have reason on our side.
［F］ Such thinkers and writers believe that art is not only an end in itself but also a sufficient justification of itself. They also hold that in order to understand art as it should be understood, it is necessary to put aside all interests other than an interest in the work itself.
Davidson’s article is one of a number of pieces that have recently appeared making the point that the reason we have such stubbornly high unemployment and declining middle-class incomes today is largely because of the big drop in demand because of the Great Recession, but it is also because of the advances in both globalization and the information technology revolution, which are more rapidly than ever replacing labor with machine or foreign workers.
In the past, workers with average skills, doing an average job, could earn an average lifestyle. But, today, average is officially over. Being average is just won’t earn you what it used to. It can’t when so many more employers have so much more access to so much more above average cheap foreign labor cheap robotics, cheap software, cheap automation and cheap genins. Therefore, everyone needs to find their extra – their unique value contribution that makes them stand out in whatever is their field of employment.
Yes, new technology has been eating jobs forever, and always will. But there’s been an acceleration. As Davidson notes, “ In the 10 years ending in 2009, factories shed workers so fast that they erased almost all the gains of the previous 70 years; roughly one out of every three manufacturing jobs – about 6 millions in total – disappeared.”
There will always be change – new jobs, new products, new services. But the one thing we know for sure is that with each advance in globalization and the I.T. revolution , the beat jobs will require workers to have more and better education to make themselves above average.
In a world where average is officially over, there are many things we need to do to buttress employment, but nothing would be more important than passing some kind of G.I. Bill for the 21st century that ensures that every American has access to post-high school education.
The joke in Paragraph 1 is used to illustrate
A.the impact of technological advances
B.the alleviation of jobs pressure
C.the shrinkages of textile mills
D.the decline of middle-class incomes
Until recently, the observation-intensive approach needed for accurate, very short range forecasts, or "nowcasts" , was impracticable. The cost of equipping and operating many thousands of conventional weather stations was extremely high, and the difficulties involved in rapidly collecting and processing the raw weather data from such a network were beyond overcoming. Fortunately, scientific and technological advance have overcome most of these problems. Radar systems, automated weather instruments , and satellites are all capable of making detailed, nearly continuous observations over large regions at a relatively low cost. Communication satellites can transmit data around the world cheaply and immediately, and modern computers can quickly compile and analyze this large volume of weather information. Meteorologists (气象学家) and computer scientists now work together to design computer programs and video equipment capable of transforming raw weather data into words, symbols, and vivid graphic displays that forecasters can interpret easily and quickly. As meteorologists have begun using these new technologies in weather forecasting offices, nowcasting is becoming a reality.
What is the best title of the passage？
A．Severe Thunderstorms and Damages
B．Weather Forecasting and Life-threatening
C．Science Advances and Nowcasts
D．Available Data and Nowcasts
根据以下内容回答题：
Traditionally．universities have carried out two main activities：research and teaching．Many expels would argue that both these activities play a critical role in serving the communi-ty．The fundamental question，however，is how does the community want or need to be served？
In recent years universities have been coming under increasing pressure from both the govemments and the public to ensure that they do not remain…ivory towers”(象牙之塔)of study separated from the realities of everyday life．University teachers have been encouraged，and in some cases compelled，to provide more courses which produce graduates with the techni-cal skills required for the commercial use．If Aristotle wanted to work in university in the uk today，he would have a good chance of teaching computer science but would not be so rea．Dily employable as a philosopher．
A post．industrial society requires large numbers of computer programmers，engineers，managers and technicians to maintain and develop its economic growth but“man”，as the Bible says，“does not live by bread alone．”Apart from requiring medical and social services，which do not directly contribute to economic growth，the society should also value and enjoy litera-ture．music and the arts．In these cost-conscious times，it has even been pointed out in justifi-cation for the funding of the arts that they can be useful money earners．A successful musical play，for instance，can contribute as much to the Gross National Product through tourist dollars as any other things．
We can know from the first paragraph that the author__________ ． 查看材料
A.believes traditional’universities have done a good job serving the community
B.believes it remains to be discussed how universities should meet the needs of society
C.thinks some experts require too much of universities
D.thinks universities should do more than just research and teaching
Section B – TWO questions ONLY to be attempted
Lockfine, a public limited company, operates in the fishing industry and has recently made the transition to International Financial Reporting Standards (IFRS). Lockfine’s reporting date is 30 April 2011.
(a) In the IFRS opening statement of financial position at 1 May 2009, Lockfine elected to measure its fishing fleet at fair value and use that fair value as deemed cost in accordance with IFRS 1 First Time Adoption of International Financial Reporting Standards. The fair value was an estimate based on valuations provided by two independent selling agents, both of whom provided a range of values within which the valuation might be considered acceptable. Lockfine calculated fair value at the average of the highest amounts in the two ranges provided. One of the agents’ valuations was not supported by any description of the method adopted or the assumptions underlying the calculation. Valuations were principally based on discussions with various potential buyers. Lockfine wished to know the principles behind the use of deemed cost and whether agents’ estimates were a reliable form. of evidence on which to base the fair value calculation of tangible assets to be then adopted as deemed cost. (6 marks)
(b) Lockfine was unsure as to whether it could elect to apply IFRS 3 Business Combinations retrospectively to past business combinations on a selective basis, because there was no purchase price allocation available for certain business combinations in its opening IFRS statement of financial position.
As a result of a major business combination, fishing rights of that combination were included as part of goodwill. The rights could not be recognised as a separately identifiable intangible asset at acquisition under the local GAAP because a reliable value was unobtainable for the rights. The fishing rights operated for a specified period of time.
On transition from local GAAP to IFRS, the fishing rights were included in goodwill and not separately identified because they did not meet the qualifying criteria set out in IFRS 1, even though it was known that the fishing rights had a finite life and would be fully impaired or amortised over the period specified by the rights. Lockfine wished to amortise the fishing rights over their useful life and calculate any impairment of goodwill as two separate calculations. (6 marks)
(c) Lockfine has internally developed intangible assets comprising the capitalised expenses of the acquisition and production of electronic map data which indicates the main fishing grounds in the world. The intangible assets generate revenue for the company in their use by the fishing fleet and are a material asset in the statement of financial position. Lockfine had constructed a database of the electronic maps. The costs incurred in bringing the information about a certain region of the world to a higher standard of performance are capitalised. The costs related to maintaining the information about a certain region at that same standard of performance are expensed. Lockfine’s accounting policy states that intangible assets are valued at historical cost. The company considers the database to have an indefinite useful life which is reconsidered annually when it is tested for impairment. The reasons supporting the assessment of an indefinite useful life were not disclosed in the financial statements and neither did the company disclose how it satisfied the criteria for recognising an intangible asset arising from development.
(d) The Lockfine board has agreed two restructuring projects during the year to 30 April 2011:
Plan A involves selling 50% of its off-shore fleet in one year’s time. Additionally, the plan is to make 40% of its seamen redundant. Lockfine will carry out further analysis before deciding which of its fleets and related employees will be affected. In previous announcements to the public, Lockfine has suggested that it may restructure the off-shore fleet in the future.
Plan B involves the reorganisation of the headquarters in 18 months time, and includes the redundancy of 20% of the headquarters’ workforce. The company has made announcements before the year end but there was a three month consultation period which ended just after the year end, whereby Lockfine was negotiating with employee representatives. Thus individual employees had not been notified by the year end. Lockfine proposes recognising a provision in respect of Plan A but not Plan B. (5 marks)
Professional marks will be awarded in question 2 for clarity and quality of discussion. (2 marks)
Required:
Discuss the principles and practices to be used by Lockfine in accounting for the above valuation and recognition issues.
Several massive leakages of customer and employee data this year- fromorganizations as diverse as Time Warner， the American defense contractor ScienceApplications International Corp and even the University of California.Berkeley-have left managers hurriedly peering into their intricate 11 systemsand business processes in search of potential vulnerabilities.
“Data is becoming an asset which needs no be guarded as much as any otherasset.” says I am Mendelson of Stanford University's business school “Theability guard customer data is the key to market value， which the board isresponsible for on behalf of shareholders” Indeed， just as there is the conceptof Generally Accepted Accounting Principles （GAAP）. perhaps it is time for GASP.Generally Accepted Security Practices， suggested Eli Noam of New York's ColumbiaBusiness School. “Setting the proper investment level for security， redundancy，and recovery is a management issue， not a technical one.” he says.
The mystery is that this should come as a surprise to any boss. Surely itshould be obvious to the dimmest exccutive that trust， that most valuable ofeconomic assets， is easily destroyed and hugely expensive to restore-and thatfew things are more likely to destroy trust than a company letting sensitivepersonal data get into the wrong hands.
The current state of affairs may have been encouraged-though notjustified-by the lack of legal penalty （in America， but not Europe） for dataleakage. Until California recently passed a law. American firms did not have totell anyone， even the victim， when data went astray， I hat may change fast lotsof proposed data-security legislation now doing the rounds in Washington. D．C．Meanwhile. the theft of information about some 40 million credit-card accountsin America， disclosed on June 17th. overshadowed a hugely important decision aday earlier by America's Federal Trade Commission （FTC） that puts corporateAmerica on notice that regulators will act if firms fail to provide adequatedata security.
第36题：The statement： “It never rainsbut it pours” is used to introduce
A．the fierce businesscompetition.
B．the feeble boss-board relations
C．the threat fromnews reports.
D．the severity of data leakage.
Davidson’s article is one of a number of pieces that have recently appeared making the point that the reason we have such stubbornly high unemployment and declining middle-class incomes today is also because of the advances in both globalization and the information technology revolution, which are more rapidly than ever replacing labor with machines or foreign worker.
In the past, workers with average skills, doing an average job，could earn an average lifestyle. ,But ,today ,average is officially over. Being average just won’t earn you what it used to. It can’t when so many more employers have so much more access to so much more above average cheap foreign labor, cheap robotics, cheap software, cheap automation and cheap genius. Therefore, everyone needs to find their extra-their unique value contribution that makes them stand out in whatever is their field of employment.
Yes, new technology has been eating jobs forever, and always will. But there’s been an acceleration. As Davidson notes,” In the 10 years ending in 2009, [U.S.] factories shed workers so fast that they erased almost all the gains of the previous 70 years; roughly one out of every three manufacturing jobs-about 6 million in total -disappeared.
There will always be changed-new jobs, new products, new services. But the one thing we know for sure is that with each advance in globalization and the I.T. revolution, the best jobs will require workers to have more and better education to make themselves above average.
In a world where average is officially over, there are many things we need to do to support employment, but nothing would be more important than passing some kind of G.I.Bill for the 21st century that ensures that every American has access to poet-high school education.
The joke in Paragraph 1 is used to illustrate_______ .
A.the impact of technological advances
B.the alleviation of job pressure
C.the shrinkage of textile mills
D.the decline of middle-class incomes
The quotation in Paragraph 4 explains that ______ .A.gains of technology have been erased
B.job opportunities are disappearing at a high speed
C.factories are making much less money than before
D.new jobs and services have been offered
According to the author, to reduce unemployment, the most important is_____ .A.to accelerate the I.T. revolution
B.to ensure more education for people
C.ro advance economic globalization
D.to pass more bills in the 21st century
Which of the following would be the most appropriate title for the text？A.New Law Takes Effect
B.Technology Goes Cheap
C.Average Is Over
D.Recession Is Bad
According to Paragraph 3, to be a successful employee, one has to______ .A.work on cheap software
B.ask for a moderate salary
C.adopt an average lifestyle
D.contribute something unique
But college has never been able to work its magic for everyone. And now that close to half our high school graduates are attending, those who don't fit the pattern are becoming more numerous, and more obvious. College graduates are selling shoes and driving taxis; college students interfere with each other's experiments and write false letters of recommendation in the intense competition for admission to graduate school. Others find no stimulation in their studies, and drop out—often encouraged by college administrators.
Some observers say the fault is with the young people themselves—they are spoiled and they are expecting too much. But that's a c6ndemnation of the students as a whole, and doesn't explain all campus unhappiness. Others blame the state of the world, and they are partly right. We've been, told that young people have to go to college because our economy can't absorb an army of untrained eighteen-year-olds either.
Some adventuresome educators and campus watchers have openly begun to suggest that college may not be the best, the proper, the only place for every young person after the completion of high school. We may have been looking at all those surveys and statistics upside down, it seems, and through the rosy glow of our own remembered college experiences. Perhaps college doesn't make people intelligent, ambitious, happy, liberal, or quick to learn things—maybe it's just the other way around', and intelligent, ambitious, happy, liberal, quick-learning people are merely the ones who have been attracted to college in the first place. And perhaps all those successful college graduates would have been successful whether they had gone to college or not. This is heresy to those of us who have been brought up to believe that if a little schooling is good, more has to be much better. But contrary evidence is beginning to mount up.
What does the author believe according to the passage？______
A．People used to question the value of college education
B．People used to have full confidence in higher education
C．All high school graduates went to college
D．Very few high school graduates chose to go to college
His purpose is settled and decided. He knows what he wants and he just finds it and buys it, but cares little about the price. All men simply walk into a shop and ask the assistant for what they want. If the shop has it, the salesman quickly takes it out, and the business of trying it on follows at once. If all is well, the deal(买卖) can be and is often completed in less than five minutes, with hard any chat and to everyone's satisfaction.
For a man, small problems may begin when the shop does not have what he wants, or does not have exactly what he wants. In that case the salesman tries to sell the customer something else—he offers the nearest he can to the thing asked for. He would say, "I know this jacket is not the style. you want, Sir, but would you like to try it on for size？ It happens to be the color you mentioned." Few men have patience (耐心 ) with this treatment, and the usual answer is, "This is the right color and may be the right size, but I should be wasting my time and yours by trying it on."
Now how docs a woman go about buying clothes？ In almost every respect (方面) she does so quite differently. Her shopping is not often based on need. She has never fully made up her mind about what she wants, and she is only "having a look around". She is always open to what the salesman tells her, even to what her friends tell her. She will try on any number of things. What is most important in her mind is the thought of finding something that everyone thinks suits her. Besides, most women have an excellent sense of value when they boy clothes. The), are always ready for the unexpected bargain (便宜货). Faced with a roomful of dresses, a woman may easily spend an hour going from one counter to another before selecting the dresses she wants to try on. It takes time, but surely it is enjoyable to women shoppers. Most dress shops provide chairs for the waiting husbands.
When a man is buying clothes, ______.
A．he buys cheap things and does not care about the quality
B．he chooses things that others recommend
C．he does not mind how much he has to pay for the right things
D．he buys good quality things, so long as they are not too expensive
