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NEW QUESTION: 1
George Armor, CFA, is a new stock analyst for Pedad Investments. One tool that Pedad uses to compare stock valuations is the dividend discount model (DOM). In particular, the firm evaluates stocks in terms of
"justified" multiples of sales and book value. These multiples are based on algebraic manipulation of the DDM. Over time, these multiples seem to provide a good check on the market valuation of a stock relative to the company's fundamentals. Any stock which is currently priced below its value based on a justified multiple of sales or book value is considered attractive for purchase by Pedad portfolio managers. Exhibit 1 contains financial information from the year just ended for three stable companies in the meat-packing industry: Able Corp, Baker, Inc., and Charles Company, from which Armor will derive his valuation estimates.

One of Pedad's other equity analysts, Marie Swift, CFA, recently held a meeting with Armor to discuss a relatively new model the firm is implementing to determine the P/E ratios of companies that Pedad researches. Swift explains that the model utilizes a cross-sectional regression using the previous year-end data of a group of comparable companies' P/E ratios against their dividend payout ratios (r), sustainable growth rates (g), and returns on equity (ROE). The resulting regression equation is used to determine a predicted P/E ratio for the subject company using the subject company's most recent year-end data. Swift has developed the following model, which has an R-squared of 81%, for the meat packing industry (16 companies):
Predicted P/E = 2.74 + 8.21(r) + 14.21(g) + 2.81(ROE)
(STD error) (2.11) (6.52) (9.24) (2.10)
After Swift presents the model to Armor, she points out that models of this nature are subject to limitations.
In particular, multicollinearity, which appears to be present in the meat packing industry model, can create great difficulty in interpreting the effects of the individual coefficients of the model. Swift continues by stating that in spite of this limitation, models of this nature generally have known and significant predictive power across different time periods although not across different stocks.
Armor has been asked to identify the relative valuation merits of the three stocks. Which of the following statements is correct?
A. Charles Company is the best investment because the stock is priced below book value.
B. Able Corp is the best investment because it has the highest ROE.
C. Able Corp's earnings should grow the fastest due to its high ROE and retention ratio.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
A high ROE does not make a company a good investment, nor does a high book value. However, Able Corp does have the highest potential growth rate. Because the justified values for Charles Company are near the market price, there does not appear to be any problem with the valuation inputs (e.g., required return). The similarity between the justified P/B value and market price of Charles indicates that it is fairly priced and not an especially attractive investment. (Study Session 12, LOS 42.k)

NEW QUESTION: 2
あなたは、データを複数の出力フォーマットに変えるアプリケーションを開発しています。
アプリケーションは、次のコードが含まれています。（行番号は参考のために含まれるだけです。）

あなたは、タブ区切りの出力を生成するコードセグメントを開発しています。 すべての出力ルーチンは、次のインターフェイスを実装しています：

あなたはGetOutput（）メソッドの完了時間を最小化する必要があります。 あなたはライン06でどのコードセグメントを挿入するべきですか？

A. Option C
B. Option A
C. Option B
D. Option D
Answer: C
Explanation:
Explanation
A String object concatenation operation always creates a new object from the existing string and the new data.
A StringBuilder object maintains a buffer to accommodate the concatenation of new data. New data is appended to the buffer if room is available; otherwise, a new, larger buffer is allocated, data from the original buffer is copied to the new buffer, and the new data is then appended to the new buffer.
The performance of a concatenation operation for a String or StringBuilder object depends on the frequency of memory allocations. A String concatenation operation always allocates memory, whereas a StringBuilder concatenation operation allocates memory only if the StringBuilder object buffer is too small to accommodate the new data. Use the String class if you are concatenating a fixed number of String objects. In that case, the compiler may even combine individual concatenation operations into a single operation. Use a StringBuilder object if you are concatenating an arbitrary number of strings; for example, if you're using a loop to concatenate a random number of strings of user input.
http://msdn.microsoft.com/en-us/library/system.text.stringbuilder(v=vs.110).aspx

NEW QUESTION: 3
You work as a Software Developer for ABC Inc. The company uses Visual Studio .NET as its application development platform. You create a method to call a COM component using the .NET Framework. You want to use declarative security to request the runtime to run a complete stack walk. You need to ensure that all callers be obliged to level of trust for COM interop before the callers execute the method. Which of the following attributes will you place on the method to accomplish the task?
A. [SecurityPermission(SecurityAction.Demand,
Flags=SecurityPermissionFlag.UnmanagedCode)]
B. [SecurityPermissionSecurityAction.LinkDemand,
Flags=SecurityPermissionFlag.UnmanagedCode)]
C. [SecurityPermission(SecurityAction.Deny,
Flags = SecurityPermissionFlag.UnmanagedCode)]
D. [SecurityPermission(SecurityAction.Assert,
Flags = SecurityPermissionFlag.UnmanagedCode)]
Answer: A

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