2020 Mock Exam B - Morning Session 53题 老师好，请帮忙将以下题目考察的知识点再帮我梳理一下。 53 Which of Dwelley’s characteristics of the DDM and NAVPS methods is most likely correct? A Characteristic 3 B Characteristic 2 C Characteristic 1 A is correct. Characteristic 3 is correct because the discount rate (cap rate) used in NAV calculation is based on private valuation of comparable properties. The discount rate used in DDM calculation is based on the discount rate for a public equity investment. B is incorrect. NAV is based on projections of NOI, including expected growth rate for the next 12 months. C is incorrect. DDM is based on dividends, which is the fraction of income paid out to investors, not all earned income. NAV is based on all relevant income, not just income retained by the company.

2020 Mock Exam B - Morning Session 50题 老师好，请将以下题目考察的知识点，再帮我梳理一下： 50 Which of Schulman’s reasons regarding her preferred approach to valuing REITs is most likely correct? A Reason 3 B Reason 1 C Reason 2 A is correct. Reason 3 is correct. NAVPS is preferable to BVPS in valuing REITs because of the use of the market value of assets. Although accounting values based on the fair value method also serve as a useful valuation metric, those based on historical cost are generally not relevant. B is incorrect. NAVPS is calculated by capitalizing the rental income streams. Property that is not generating income (e.g., because it is undeveloped) has no contribution to NAV. C is incorrect. Neither BVPS nor NAVPS include intangibles in their calculation.

百题183第四题，为什么div增长率上升股票价格会上涨，我理解为div增长率上去了，发出去的股利多了，留下的少了， 那股票价格不应该下降吗？......

2020 Mock Exam B - Morning Session 49题 老师好，能把这道题所考察的知识点再详细帮我梳理一下吗？ 49 Which of the account managers’ justifications in Exhibit 1 regarding the selection of each of the three REITs is most likely correct? A The justification for REIT 1 B The justification for REIT 3 C The justification for REIT 2

能认真回答一下问题么？

distribution怎么计算呢 搞不清关系了

老师，第三题，A选项为什么不对，求解？

百题183页第二题，问一下B的表述哪里有问题....我感觉也很对诶

2020 Mock Exam B - Morning Session 第31题， 请帮忙详细告知一下解题思路（最简单的解题技巧） 31 Using the information in Exhibit 2, comparing Armishaw’s approach to terminal value to Stack’s approach, Stack’s assumption leads to a 2024 value that is approximately: A $6.50 lower than Armishaw’s approach. B $6.74 lower than Armishaw’s approach. C $26.30 higher than Armishaw’s approach.

老师，收购方的gain，是收购带来的synergy减去收购方支付的成本，这里的成本，是超过标的公司公允价值的溢价部分，即synegy-（Pt-Vt),我不理解为什么是Pt-Vt这个premium作为成本，而不是直接将Pt考虑作为成本？