(b) Explain the meaning of the term ‘Efficient Market Hypothesis’ and discuss the implications for a company ifthe stock market on which it is listed has been found to be semi-strong form. efficient. (9 marks)
(b) Explain the meaning of the term ‘Efficient Market Hypothesis’ and discuss the implications for a company if
the stock market on which it is listed has been found to be semi-strong form. efficient. (9 marks)
相关考题：
Which of the following statements about a money market is NOT true according to this passage?A．Money market does not exist in planned economies.B．Money market has been established in some socialist countries.C．Money market encourages open competition among bulk suppliers of funds.D．Money market relies upon market processes to distribute funds to final users.
In face of the current stock market, most stock-holders_____.［A］ stop injecting more money into the stock market［B］ react angrily to the devaluing stock［C］ switch their money around in the market［D］ turn a deaf ear to the warning
(c) Define ‘market risk’ for Mr Allejandra and explain why Gluck and Goodman’s market risk exposure isincreased by failing to have an effective audit committee. (5 marks)
2 (a) Explain the term ‘backflush accounting’ and the circumstances in which its use would be appropriate.(6 marks)
(ii) Explain how the existing product range and the actions per Note (3) would feature in Ansoff’sproduct-market matrix. (7 marks)
(c) Explain the term ‘target costing’ and how it may be applied by GWCC. Briefly discuss any potentiallimitations in its application. (8 marks)
JOL Co was the market leader with a share of 30% three years ago. The managing director of JOL Co stated at arecent meeting of the board of directors that: ‘our loss of market share during the last three years might lead to theend of JOL Co as an organisation and therefore we must address this issue immediately’.Required:(b) Discuss the statement of the managing director of JOL Co and discuss six performance indicators, other thandecreasing market share, which might indicate that JOL Co might fail as a corporate entity. (10 marks)
(c) (i) Explain the capital gains tax (CGT) implications of a takeover where the consideration is in the form. ofshares (a ‘paper for paper’ transaction) stating any conditions that need to be satisfied. (4 marks)
(b) Draft a report as at today’s date advising Cutlass Inc on its proposed activities. The report should cover thefollowing issues:(i) The rate at which the profits of Cutlass Inc will be taxed. This section of the report should explain:– the company’s residency position and what Ben and Amy would have to do in order for the companyto be regarded as resident in the UK under the double tax treaty;– the meaning of the term ‘permanent establishment’ and the implications of Cutlass Inc having apermanent establishment in Sharpenia;– the rate at which the profits of Cutlass Inc will be taxed on the assumption that it is resident in theUK under the double tax treaty and either does or does not have a permanent establishment inSharpenia. (9 marks)
DThe American newspaper has been around for about three hundred years. In 1721, the printer James Franklin. Benjamin's older brother, started the New England Courant, and that was what we might recognize today as a real newspaper. He filled his paper with stories of adventure, articles on art, on famous people, and on all sorts of political subjects.Three centuries after the appearance of Franklin's Courant. few believe that newspapers in their present printed form. will remain alive for long Newspaper complies are losing advertisers （广告商）, readers, market value. and. in some cases, their sense of purpose at a speed that would not have been imaginable just several years ago The chief editor （主编） of the times said recently, "At places where they gather, editors ask one another, 'How are you?', as if they have just come out of the hospital or a lost law came. “An article about the newspaper appeared on the website of the Guardian, under the headline “NOT DEAD YET.”perhaps not, but the rise of the Internet which has made the daily newspaper look slow and out of step with the world, has brought about a real sense of death. Some American newspapers have lost 42% of their market value in the past thee years The New York Times Company has seen its stock （股票） drop by 54% since the end of 2004, with much of the loss coming in the past year A manager at Deutsche Bank suggested that stock-holders sell off their Times stock The Washington Post Comply has prevented the trouble only by changing part of its business to education its testing and test-preparation service now brings in at least half the company's income.53. What can we learn about the New England Curran?A. It is mainly about the stock market.B. It marks the beginning of the American newspaper.C. It remains a successful newspaper in America.D. It comes articles by political leaders.
根据下面 ，回答 53 ~56 题：DThe American newspaper has been around for about three hundred years. In 1721, the printer James Franklin. Benjamin's older brother, started the New England Courant, and that was what we might recognize today as a real newspaper. He filled his paper with stories of adventure, articles on art, on famous people, and on all sorts of political subjects.Three centuries after the appearance of Franklin's Courant. few believe that newspapers in their present printed form. will remain alive for long Newspaper complies are losing advertisers （广告商）, readers, market value. and in some cases, their sense of purpose at a speed that would not have been imaginable just several years ago The chief editor （主编） of the times said recently, "At places where they gather, editors ask one another, 'How are you?', as if they have just come out of the hospital or a lost law came. “An article about the newspaper appeared on the website of the Guardian, under the headline “NOT DEAD YET.”Perhaps not, but the rise of the Internet which has made the daily newspaper look slow and out of step with the world, has brought about a real sense of death. Some American newspapers have lost 42% of their market value in the past thee years The New York Times Company has seen its stock （股票） drop by 54% since the end of 2004, with much of the loss coming in the past year A manager at Deutsche Bank suggested that stock-holders sell off their Times stock The Washington Post Comply has prevented the trouble only by changing part of its business to education its testing and test-preparation service now brings in at least half the company's income.第13题：What can we learn about the New England Curran?A．It is mainly about the stock market.B．It marks the beginning of the American newspaper.C．It remains a successful newspaper in America.D．It comes articles by political leaders.
The marketplace where short-term debt securities are traded is referred to as ______.A．a mortgage marketB．a stock marketC．a bond marketD．a money market
ALIBABA SEEKS TO RAISE BILLIONS IN IPO Investors in the United States are preparing for the first public sale of stock in the Chinese company Alibaba. The company sells goods________ linking buyers and sellers in the huge Chinese online market. Alibaba is expected to ________ its initial public offering, called an IPO, in September on the New York Stock Exchange. The total value of the company, based in Hangzhou, has been estimated at about $200 billion. Reports from Bloomberg News say Alibaba is offering investors a 12 percent ________ of the company. That would mean the company could raise ________ $20 billion dollars in the public stock sale. After the IPO, Alibaba could become one of the most ________ technology companies in the world. Apple, for example, has a market value of about $600 billion. Google is valued at about $390 billion and Microsoft is worth about $370 billion.
听力原文：The foreign exchange market operates much like other financial markets, but isn't located in a specific place like a stock exchange.(9)A．The foreign exchange market operates like other financial markets in every respect.B．The foreign exchange market has a specific place like a stock exchange.C．There's no physical market place such as stock exchanges for the foreign exchange transactions.D．The foreign exchange market operates quite differently since the former has no physical market place.
Jewel Co is setting up an online business importing and selling jewellery headphones. The cost of each set of headphones varies depending on the number purchased, although they can only be purchased in batches of 1,000 units. It also has to pay import taxes which vary according to the quantity purchased.Jewel Co has already carried out some market research and identified that sales quantities are expected to vary depending on the price charged. Consequently, the following data has been established for the first month:Required:(a) Calculate how many batches Jewel Co should import and sell. (6 marks)(b) Explain why Jewel Co could not use the algebraic method to establish the optimum price for its product.(4 marks)
KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.Required:(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)(b) Calculate the total value of the target company, NGN, using the following valuation methods:(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and(ii) Dividend growth model. (6 marks)(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment onthe suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
共用题干第一篇What's NASDAQ?NASDAQ is a familiar but strange name for people.We often learn its news via different kinds of media,though quite a lot of people can not tell what exactly it means.NASDAQ,short for the National Association of Securities Dealers Automated Quotations system,is one of the largest market in the world for stocks trading. The number of companies in NASDAQ is more than that of the other stock exchange in America,including the New York Stock Exchange(NYSE)and the American Stock Exchange(AMEX).Most of the companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become recognized as the home of new technology companies,especially computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock.Different from other stock exchange,NASDAQ has no central location where trading takes place.Instead,its market makers can be found all over the country and make trades by telephone and via the Internet. Since brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.Since its foundation in 1971,the NASDAQ Stock Market has been the innovator. As the world's first electronic stock market,NASDAQ long ago set a precedent for technological trading innovation that is unrivaled.Now poised to become the world's first truly global market,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership.What does the passage mainly tell us?A:The history of NASDAQ.B:The difference between NASDAQ and other stock exchanges.C:How NASDAQ is managed.D:The general information about NASDAQ.
共用题干第一篇What's NASDAQ?NASDAQ is a familiar but strange name for people.We often learn its news via different kinds of media,though quite a lot of people can not tell what exactly it means.NASDAQ,short for the National Association of Securities Dealers Automated Quotations system,is one of the largest market in the world for stocks trading. The number of companies in NASDAQ is more than that of the other stock exchange in America,including the New York Stock Exchange(NYSE)and the American Stock Exchange(AMEX).Most of the companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become recognized as the home of new technology companies,especially computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock.Different from other stock exchange,NASDAQ has no central location where trading takes place.Instead,its market makers can be found all over the country and make trades by telephone and via the Internet. Since brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.Since its foundation in 1971,the NASDAQ Stock Market has been the innovator. As the world's first electronic stock market,NASDAQ long ago set a precedent for technological trading innovation that is unrivaled.Now poised to become the world's first truly global market,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership.Who started NASDAQ?A:By stock brokers acting representing their clients.B:By market makers who concentrate on trading specific stocks to reach a price for the stock.C:By business industry leaders worldwide.D:By companies listed on NASDAQ.
共用题干第一篇What's NASDAQ?NASDAQ is a familiar but strange name for people.We often learn its news via different kinds of media,though quite a lot of people can not tell what exactly it means.NASDAQ,short for the National Association of Securities Dealers Automated Quotations system,is one of the largest market in the world for stocks trading. The number of companies in NASDAQ is more than that of the other stock exchange in America,including the New York Stock Exchange(NYSE)and the American Stock Exchange(AMEX).Most of the companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become recognized as the home of new technology companies,especially computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock.Different from other stock exchange,NASDAQ has no central location where trading takes place.Instead,its market makers can be found all over the country and make trades by telephone and via the Internet. Since brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.Since its foundation in 1971,the NASDAQ Stock Market has been the innovator. As the world's first electronic stock market,NASDAQ long ago set a precedent for technological trading innovation that is unrivaled.Now poised to become the world's first truly global market,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership.What can be inferred from the passage?A:NASDAQ is the headquarters of new technology companies.B:Companies in NASDAQ are smaller than most of those on the NYSE and AMEX.C:NASDAQ has innovated a lot in stock market.D:Hundreds of companies achieve their desired growth every year.
共用题干第一篇What's NASDAQ?NASDAQ is a familiar but strange name for people.We often learn its news via different kinds of media,though quite a lot of people can not tell what exactly it means.NASDAQ,short for the National Association of Securities Dealers Automated Quotations system,is one of the largest market in the world for stocks trading. The number of companies in NASDAQ is more than that of the other stock exchange in America,including the New York Stock Exchange(NYSE)and the American Stock Exchange(AMEX).Most of the companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become recognized as the home of new technology companies,especially computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock.Different from other stock exchange,NASDAQ has no central location where trading takes place.Instead,its market makers can be found all over the country and make trades by telephone and via the Internet. Since brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.Since its foundation in 1971,the NASDAQ Stock Market has been the innovator. As the world's first electronic stock market,NASDAQ long ago set a precedent for technological trading innovation that is unrivaled.Now poised to become the world's first truly global market,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership.How NASDAQ help thousands of companies achieve their desired growth and successfully make the leap into public ownership?A:the environment where someone get to know something.B:By providing an efficient environment for raising capital.C:By setting a precedent for technological trading innovation that is unrivaled.D:By concentrate on trading specific stocks to reach a price for the stock.
共用题干第一篇What's NASDAQ?NASDAQ is a familiar but strange name for people.We often learn its news via different kinds of media,though quite a lot of people can not tell what exactly it means.NASDAQ,short for the National Association of Securities Dealers Automated Quotations system,is one of the largest market in the world for stocks trading. The number of companies in NASDAQ is more than that of the other stock exchange in America,including the New York Stock Exchange(NYSE)and the American Stock Exchange(AMEX).Most of the companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become recognized as the home of new technology companies,especially computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock.Different from other stock exchange,NASDAQ has no central location where trading takes place.Instead,its market makers can be found all over the country and make trades by telephone and via the Internet. Since brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.Since its foundation in 1971,the NASDAQ Stock Market has been the innovator. As the world's first electronic stock market,NASDAQ long ago set a precedent for technological trading innovation that is unrivaled.Now poised to become the world's first truly global market,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership.Which of the following is stated to be true?A:NASDAQ came into being in 1972.B:NASDAQ has been ready to become the world's first truly electronic global stock market.C:New York Stock Exchange is called an over-the-counter market.D:AMEX is the market of choice for business industry leaders worldwide.
单选题The passage mainly wants to tell us ______.Ahow to buy or sell sharesBABC of stock marketsCthe stock market is like gamblingDinvesting money in the stock market is not the safest way
单选题MRK Consulting Ltd has been operating in the global market since 1988. We have successfully placed hundreds of IT Banking professionals in leading companies in the Finance, Banking and IT industries.AMRK is a leading company in Finance and IT Industries.BThere are many IT and Banking talents working with MRK.CMRK has helped many people found good jobs.
单选题The results of that company are _____ stock market expectations.Aout of lineBin lineCin line withDin line for