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分享 门槛回归基本要求(Hansen,1999)
紀沛妤 2017-6-15 14:42
rx(varlist) is the regime-dependent variable. Time-series operators are allowed. (时间序列数据被允许操作) rx() is required.(格式要求) qx(varname) is the threshold variable(门槛变量). Time-series operators are allowed. qx() is required. If. 如果门槛变量就是核心(主要)解释变量,fdi 既是门槛变量又是解释变量,命令中要写成rx(fdi)和qx(fdi) If not. xthreg y x1 x3, rx(x2) qx(x3) thnum(1) trim(0.05) grid(400) bs(1000),这样 x3是门槛变量. 应该是 x2 对 y 之效果受到 x3 是否大于或小于某一个门槛值之影响 thnum(#) is the number of thresholds.(门槛值数量)In the current version (Stata 13), # must be equal to or less than 3. The default is thnum(1).门槛值数量,在当前的Stata 13版本中,数值选取不能大于3,默认值是1 grid(#) is the number of grid points. 大样本情况下采用格点法,一般不用关注。选用默认值即可。 grid() is used to avoid consuming too much time when computing large samples. The default is grid(300). trim(numlist) is the trimming proportion(修正比例) to estimate each threshold. The number of trimming proportions must be equal to the number of thresholds specified in thnum(). The default is trim(0.01) for all thresholds. For example, to fit a triple-threshold model, you may set trim(0.01 0.01 0.05).修正比例的数量必须和门槛值数量相同。 bs(numlist) is the number of bootstrap replications. If bs() is not set, xthreg does not use bootstrap for the threshold-effect test. The number of bootstrap replications must be equal to the number of thresholds specified in thnum(). Eg: xthreg y x1 x3, rx(x2) qx(x3) thnum(2) trim(0.05 0.05) grid(400) bs(1000 1000) thlevel(#) specifies the confidence level, as a percentage, for confidence intervals of the threshold. The default is thlevel(95).gen(newvarname) generates a new categorical variable with 0, 1, 2, ... for each regime. The default is gen(_cat). noreg suppresses the display of the regression result. nobslog suppresses the iteration process of the bootstrap. thgiven fits the model based on previous results. Eg: 如果研究经济增长(x3)对二氧化碳排放(y)是否存在门槛效应,门槛变量和解释变量都设为经济增长: xthreg y x1 x2, rx(x3) qx(x3) thnum(1) trim(0.05) grid(400) bs(1000) 其中,x1,x2为其他解释变量, 那么结果就可以解释当经济增长超过门槛值时,其对二氧化碳排放的作用是多少,当经济增长低于门槛值时,其对经济增长的作用是多少。 如果以经济增长为门槛研究能源消费结构(x2)对二氧化碳排放(y)的影响, xthreg y x1 x3, rx(x2) qx(x3) thnum(1) trim(0.05) grid(400) bs(1000) 使用findit xthreg命令代码安装
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分享 chapet2
jane19828 2012-11-21 23:26
Chapter 2 Introduction to Financial Statement Analysis 2.1 The Disclosure of Financial Information 1) U.S. public companies are required to file their annual financial statements with the U.S. Securities and Exchange Commission on which form? A) 10-A B) 10-K C) 10-Q D) 10-SEC Answer: B Diff: 1 Skill: Definition 2) Which of the following is not a financial statement that every public company is required to produce? A) Income Statement B) Statement of Sources and Uses of Cash C) Balance Sheet D) Statement of Stockholdersʹ Equity Answer: B Diff: 2 Skill: Conceptual 3) The third party who checks annual financial statements to ensure that they are prepared according to GAAP and verifies that the information reported is reliable is the A) NYSE Enforcement Board. B) Accounting Standards Board. C) Securities and Exchange Commission (SEC). D) auditor. Answer: D Diff: 1 Skill: Definition 4) What is the role of an auditor in financial statement analysis? Answer: Key points: 1. To ensure that the annual financial statements are prepared accurately. 2. To ensure that the annual financial statements are prepared according to GAAP. 3. To verify that the information used in preparing the annual financial statements is reliable. Diff: 2 Skill: Conceptual Chapter 2 Introduction to Financial Statement Analysis 11 5) What are the four financial statements that all public companies must produce? Answer: 1. Balance Sheet 2. Income Statement 3. Statement of Cash Flows 4. Statement of Stockholderʹs Equity Diff: 2 Skill: Conceptual 2.2 The Balance Sheet 1) Which of the following balance sheet equations is incorrect? A) Assets - Liabilities = Shareholdersʹ Equity B) Assets = Liabilities + Shareholdersʹ Equity C) Assets - Current Liabilities = Long Term Liabilities D) Assets - Current Liabilities = Long Term Liabilities + Shareholdersʹ Equity Answer: C Diff: 2 Skill: Conceptual 2) Cash is a A) Long-term asset. B) Current Asset. C) Current Liability. D) Long-term liability. Answer: B Diff: 1 Skill: Definition 3) Accounts payable is a A) Long-term liability. B) Current Asset. C) Long-term asset. D) Current Liability. Answer: D Diff: 1 Skill: Definition 12 Berk/DeMarzo · Corporate Finance 4) A 30 year mortgage loan is a A) Long-term liability. B) Current Liability. C) Current Asset. D) Long-term asset. Answer: A Diff: 1 Skill: Definition 5) Which of the following statements regarding the balance sheet is incorrect? A) The balance sheet provides a snapshots of the firmʹs financial position at a given point in time. B) The balance sheet lists the firmʹs assets and liabilities. C) The balance sheet reports stockholdersʹ equity on the right hand side. D) The balance sheet reports liabilities on the left hand side. Answer: D Diff: 2 Skill: Conceptual Chapter 2 Introduction to Financial Statement Analysis 13 Use the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and Stockholdersʹ Equity 2006 2005 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable / short-term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long-term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long-Term Assets Long-Term Liabilities Land 66.6 62.1 Long-term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations --- --- Equipment 119.1 99.6 Total Debt 239.7 168.9 Less accumulated depreciation (56.1) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 239.1 200.7 Other long-term liabilities --- --- Goodwill 60.0 -- Total long-term liabilities 262.5 191.1 Other long-term assets 63.0 42.0 Total liabilities 406.5 323.1 Total long-term assets 362.1 242.7 Stockholdersʹ Equity 126.6 63.6 Total Assets 533.1 386.7 Total liabilities and Stockholdersʹ Equity 533.1 386.7 6) What is Lutherʹs net working capital in 2005? A) $12 million B) $27 million C) $39 million D) $63.6 million Answer: A Explanation: A) NWC = current assets - current liabilities = 144 - 132 = $12 million Diff: 2 Skill: Analytical 14 Berk/DeMarzo · Corporate Finance 7) If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then Lutherʹs Market-to-book ratio would be closest to: A) 0.39 B) 0.76 C) 1.29 D) 2.57 Answer: C Explanation: C) MTB = market cap / book value of equity = (10.2 million × 16) / 126.6 = 163.2 / 126.6 = 1.289 Diff: 2 Skill: Analytical 8) When using the book value of equity, the debt to equity ratio for Luther in 2006 is closest to: A) 2.21 B) 2.29 C) 2.98 D) 3.03 Answer: B Explanation: B) D/E = Total Debt / Total Equity Total Debt = (notes payable (10.5) + current maturities of long-term debt (39.9) + long-term debt (239.7) = 290.1 million Total Equity = 126.6, so D/E = 290.1 / 126.6 = 2.29 Diff: 2 Skill: Analytical 9) If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then using the market value of equity, the debt to equity ratio for Luther in 2006 is closest to: A) 1.71 B) 1.78 C) 2.31 D) 2.35 Answer: B Explanation: B) D/E = Total Debt / Total Equity Total Debt = (notes payable (10.5) + current maturities of long-term debt (39.9) + long-term debt (239.7) = 290.1 million Total Equity = 10.2 × $16 = 163.2, so D/E = 290.1 / 163.2 = 1.78 Diff: 2 Skill: Analytical Chapter 2 Introduction to Financial Statement Analysis 15 10) If in 2006 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share, then what is Lutherʹs Enterprise Value? A) -$63.3 million B) $353.1 million C) $389.7 million D) $516.9 million Answer: C Explanation: C) Enterprise value = MVE + Debt - Cash = 10.2 × $16 + 290.1 - 63.6 = 389.7 Diff: 2 Skill: Analytical 11) Lutherʹs current ratio for 2006 is closest to: A) 0.84 B) 0.87 C) 1.15 D) 1.19 Answer: D Explanation: D) current ratio = current assets / current liabilities = 171 / 144 = 1.19 Diff: 2 Skill: Analytical 12) Lutherʹs quick ratio for 2005 is closest to: A) 0.77 B) 1.31 C) 1.09 D) 0.92 Answer: A Explanation: A) quick ratio = (current assets - inventory) / current liabilities quick ratio = (144.0 - 42.9) / 132 = 0.77 Diff: 2 Skill: Analytical 16 Berk/DeMarzo · Corporate Finance 13) The change in Lutherʹs quick ratio from 2005 to 2006 is closest to: A) a decrease of .10 B) an increase of .10 C) a decrease of .15 D) an increase of .15 Answer: B Explanation: B) quick ratio in 2006 = (171.0 - 45.9)/144 = .87 quick rat io 2005 = (144.0 - 42.9) / 132 = .77 so the quick ratio increased by .87 - .77 = .10 Diff: 3 Skill: Analytical 14) If on December 31, 2005 Luther has 8 million shares outstanding trading at $15 per share., then what is Lutherʹs market-to-book ratio? Answer: market-to-book = market value of equity / book value of equity market-to-book = 8 million × $15 / $63.6 = 1.89 Diff: 2 Skill: Analytical 15) If on December 31, 2005 Luther has 8 million shares outstanding trading at $15 per share., then what is Lutherʹs enterprise value? Answer: Enterprise value = Market value of equity + Debt - Cash market value of equity = 8 million × $15 = $120 million Debt = notes payable + current maturities of long-term debt + long-term debt Debt = 9.6 + 36.9 + 168.9 = 215.4 Cash = 58.5 So, enterprise value = $120 + 215.4 - 58.5 = $276.90 Diff: 2 Skill: Analytical 2.3 The Income Statement 1) Which of the following statements regarding the income statement is incorrect? A) The income statement shows the earnings and expenses at a given point in time. B) The income statement shows the flow of earnings and expenses generated by the firm between two dates. C) The last or ʺbottomʺ line of the income statement shows the firmʹs net income. D) The first line of an income statement lists the revenues from the sales of products or services. Answer: A Diff: 2 Skill: Conceptual Chapter 2 Introduction to Financial Statement Analysis 17 2) Gross profit is calculated as A) Total sales - cost of sales - selling, general and administrative expenses - depreciation and amortization B) Total sales - cost of sales - selling, general and administrative expenses C) Total sales - cost of sales D) None of the above Answer: C Diff: 2 Skill: Conceptual 3) Which of the following is not an operating expense? A) Interest expense B) Depreciation and amortization C) Selling, general and administrative expenses D) Research and development Answer: A Diff: 2 Skill: Conceptual 18 Berk/DeMarzo · Corporate Finance Use the table for the question(s) below. Consider the following income statement and other information: Luther Corporation Consolidated Income Statement Year ended December 31 (in $ millions) 2006 2005 Total sales 610.1 578.3 Cost of sales (500.2) (481.9) Gross profit 109.9 96.4 Selling, general, and administrative expenses (40.5) (39.0) Research and development (24.6) (22.8) Depreciation and amortization (3.6) (3.3) Operating income 41.2 31.3 Other income --- --- Earnings before interest and taxes (EBIT) 41.2 31.3 Interest income (expense) (25.1) (15.8) Pretax income 16.1 15.5 Taxes (5.5) (5.3) Net income 10.6 10.2 Price per share $16 $15 Shares outstanding (millions) 10.2 8.0 Stock options outstanding (millions) 0.3 0.2 Stockholdersʹ Equity 126.6 63.6 Total Liabilities and Stockholdersʹ Equity 533.1 386.7 4) For the year ending December 31, 2006 Lutherʹs earnings per share are closest to: A) $1.01 B) $1.04 C) $1.58 D) $4.04 Answer: B Explanation: B) EPS = Net Income / Shares Outstanding = $10.6 / 10.2 = $1.04 Diff: 1 Skill: Analytical Chapter 2 Introduction to Financial Statement Analysis 19 5) Assuming that Luther has no convertible bonds outstanding, then for the year ending December 31, 2006 Lutherʹs diluted earnings per share are closest to: A) $1.01 B) $1.04 C) $1.53 D) $3.92 Answer: A Explanation: A) Diluted EPS = Net Income / (shares outstanding + options contracts outstanding + shares possible from convertible bonds outstanding) = 10.6 / (10.2 + 0.3 + 0.0) = $1.01 Diff: 2 Skill: Analytical 6) Lutherʹs Operating Margin for the year ending December 31, 2005 is closest to: A) 1.8% B) 2.7% C) 5.4% D) 16.7% Answer: C Explanation: C) Operating Margin = Operating Income / Sales OM = 31.3 / 578.3 = .054 or 5.4% Diff: 1 Skill: Analytical 7) Lutherʹs Net Profit Margin for the year ending December 31, 2005 is closest to: A) 1.8% B) 2.7% C) 5.4% D) 16.7% Answer: A Explanation: A) Net Profit Margin = Net Income / Total Sales = 10.2 / 578.3 = .018 or 1.8% Diff: 1 Skill: Analytical 20 Berk/DeMarzo · Corporate Finance 8) Lutherʹs earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year ending December 31, 2006 is closest to: A) 19.7 million B) 37.6 million C) 41.2 million D) 44.8 million Answer: D Explanation: D) EBITDA = EBIT + Depreciation Amortization = 41.2 + 3.6 = $ 44.8 million Diff: 1 Skill: Analytical 9) Lutherʹs return on equity (ROE) for the year ending December 31, 2006 is closest to: A) 2.0% B) 6.5% C) 8.4% D) 12.7% Answer: C Explanation: C) ROE = Net income / shareholdersʹ equity = 10.6 / 126.6 = .084 or 8.4% Diff: 2 Skill: Analytical 10) Lutherʹs return on assets (ROA) for the year ending December 31, 2006 is closest to: A) 2.0% B) 6.5% C) 8.4% D) 12.7% Answer: A Explanation: A) ROA = Net income / total assets. This is a little tricky in that total assets arenʹt given in the problem. The student must remember the basic balance sheet equation A = L + SE. Total Liabilities and Shareholdersʹ Equity is given and this is the same as total assets. So ROA = 10.6 / 533.1 = .020 or 2.0% Diff: 3 Skill: Analytical Chapter 2 Introduction to Financial Statement Analysis 21 11) Lutherʹs price - earnings ration (P/E) for the year ending December 31, 2006 is closest to: A) 7.9 B) 10.1 C) 15.4 D) 16.0 Answer: C Explanation: C) P/E = Price / EPS or Market Cap / Earnings = (10.2 × $16) / $10.6 = 15.4 Diff: 3 Skill: Analytical 12) Calculate Lutherʹs return of equity (ROE), return of assets (ROA), and price-to-earnings ratio (P/E) for the year ending December 31, 2005. Answer: ROE = NI / shareholder equity = 10.2 / 63.6 = .160 or 16.0% ROA = NI/ total assets Here total assets are not given, but we know that Total Assets = Total Liabilities + Shareholder Equity, so ROA = 10.2 / 386.7 = .026 or 2.6% P/E = price / EPS or Market Cap / NI = (8.0 × $15) / $10.2 = 11.8 Diff: 2 Skill: Analytical 13) If Lutherʹs accounts receivable were $55.5 million in 2006, then calculate Lutherʹs accounts receivable days for 2006. Answer: Accounts receivable days = accounts receivable sales / 365 = 55.5 610.1/365 = 33.2 days Diff: 2 Skill: Analytical 2.4 The Statement of Cash Flows 1) Which of the following is not a section on the cash flow statement? A) Income generating activities B) Investing activities C) Operating activities D) Financing activities Answer: A Diff: 1 Skill: Conceptual 22 Berk/DeMarzo · Corporate Finance 2) Which of the following statements regarding net income transferred to retained earnings is correct? A) Net income = net income transferred to retained earnings - dividends B) Net income transferred to retain earnings = net income + dividends C) Net income = net income transferred to retain earnings + dividends D) Net income transferred to retain earnings - net income = dividends Answer: C Diff: 2 Skill: Conceptual 3) Which of the following is not a reason why cash flow may not equal net income? A) Amortization is added in when calculating net income. B) Changes in inventory will change cash flows but not income. C) Capital expenditures are not recorded on the income statement. D) Depreciation is deducted when calculating net income. Answer: A Diff: 1 Skill: Conceptual 4) Which of the following adjustments to net income is not correct if you are trying to calculate cash flow from operating activities? A) Add increases in accounts payable B) Add back depreciation C) Add increases in accounts receivable D) Deduct increases in inventory Answer: C Diff: 2 Skill: Conceptual 5) Which of the following adjustments is not correct if you are trying to calculate cash flow from financing activities? A) Add dividends paid B) Add any increase in long term borrowing C) Add any increase in short-term borrowing D) Add proceeds from the sale of stock Answer: A Diff: 2 Skill: Conceptual Chapter 2 Introduction to Financial Statement Analysis 23 Use the tables for the question(s) below. Consider the following financial information: Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and Stockholdersʹ Equity 2006 2005 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable / short-term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long-term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long-Term Assets Long-Term Liabilities Land 66.6 62.1 Long-term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations --- --- Equipment 119.1 99.6 Total Debt 239.7 168.9 Less accumulated depreciation (56.1) (52.5) Deferred taxes 22.8 22.2 Net property, plant, and equipment 239.1 200.7 Other long-term liabilities --- --- Goodwill 60.0 -- Total long-term liabilities 262.5 Other long-term assets 63.0 42.0 Total liabilities 406.5 323.1 Total long-term assets 362.1 242.7 Stockholdersʹ Equity 126.6 63.6 Total Assets 533.1 386.7 Total liabilities and Stockholdersʹ Equity 533.1 386.7 24 Berk/DeMarzo · Corporate Finance Luther Corporation Consolidated Income Statement Year ended December 31 (in $ millions) 2006 2005 Total sales 610.1 578.3 Cost of sales (500.2) (481.9) Gross profit 109.9 96.4 Selling, general, and administrative expenses (40.5) (39.0) Research and development (24.6) (22.8) Depreciation and amortization (3.6) (3.3) Operating income 41.2 31.3 Other income --- --- Earnings before interest and taxes (EBIT) 41.2 31.3 Interest income (expense) (25.1) (15.8) Pretax income 16.1 15.5 Taxes (5.5) (5.3) Net income 10.6 10.2 Dividends Paid 5.1 5.0 Price per Share $16 $15 Shares outstanding (millions) 10.2 8.0 Stock options outstanding (millions) 0.3 0.2 Stockholders’ Equity 126.6 63.6 Total Liabilities and Stockholders’ Equity 533.1 386.7 6) For the year ending December 31, 2006 Lutherʹs cash flow from operating activities is ? Answer: Operating cash flow = NI + Depreciation - chg in AR + chg in AP - chg in INV Operating cash flow = 10.6 + 3.6 - (55.5 - 39.6) + (87.6 - 73.5) - (45.9 - 42.9) = 9.4 Diff: 3 Skill: Analytical Chapter 2 Introduction to Financial Statement Analysis 25 7) For the year ending December 31, 2006 Lutherʹs cash flow from financing activities is? Answer: Cash flow from financing: - dividends paid (5.1) + sale or (purchase) of stock 57.5* + increase in ST borrowing 3.9 + increase in LT borrowing 70.8 Cash flow from financing 127.1 NI transferred to RE(2006) = NI - Dividends paid = 10.6 - 5.1 = 5.6 sale of stock = Equity(2006) - NI transferred to RE(2006) - Equity(2005) = 126.6 - 5.5 - 63.6 = 57.5 increase in ST borrowing = chg in notes payable + chg in current portion of LT debt = (10.5 - 9.6) + (39.9 - 36.9) = 3.9 increase in LT borrowing = 239.7 - 168.9 = 70.8 Diff: 3 Skill: Analytical 2.5 Other Financial Statement Information 1) In addition to the balance sheet, income statement, and the statement of cash flows, a firmʹs complete financial statements will include all of the following except: A) Management discussion and Analysis B) Notes to the financial statements C) Securities and Exchange Commissionʹs (SEC) commentary D) Statement of stockholdersʹ equity Answer: C Diff: 1 Skill: Conceptual 2) Off-balance sheet transactions are required to be disclosed A) in the management discussion and analysis. B) in the auditorʹs report. C) in the Securities and Exchange Commissionʹs commentary. D) in the statement of stockholdersʹ equity. Answer: A Diff: 2 Skill: Conceptual 26 Berk/DeMarzo · Corporate Finance 3) Details of acquisitions, spin-offs, leases, taxes, and risk management activities are given A) in the management discussion and analysis. B) in the Securities and Exchange Commissionʹs commentary. C) in the auditorʹs report. D) in the notes to the financial statements. Answer: D Diff: 2 Skill: Conceptual 2.6 Accounting Manipulation 1) In response to corporate scandals such as Enron and WorldCom, in 2002 congress passed a law that requires, among other things, that CEOs and CFOs certify the accuracy and appropriateness of their firmʹs financial statements and increases he penalties against them if the financial statements later prove to be fraudulent. The name of this act is? A) The Glass-Steagall Act B) The Sarbanes-Oxley Act C) The Accuracy in Accounting Act D) The McCain-Feingold Act Answer: B Diff: 1 Skill: Definition
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