Exam pre2
英语2报名流程
英语2报名流程Registering for the English 2 Exam: A Comprehensive Guide。
Preparing to take the English 2 exam can be a daunting task, but understanding the registration process can make it much more manageable. Below is a step-by-step guide to help you navigate through the registration process with ease.Step 1: Eligibility Check。
Before you begin the registration process, it's essential to ensure that you meet all the eligibility criteria for taking the English 2 exam. Typically, eligibility requirements include factors such as educational qualifications, age limits, and any specific prerequisites set by the exam board or institution administering the test. Make sure to review these requirements carefully to confirm your eligibility before proceeding further.Step 2: Choose Your Exam Date and Location。
Once you've confirmed your eligibility, the next step is to select a suitable exam date and location. Most exam boards offer multiple testing dates throughout the year, allowing you to choose one that aligns with your schedule and gives you ample time to prepare. Consider factors such as your availability, study timeline, and proximity to the exam center when selecting your preferred date and location.Step 3: Create an Online Account。
大学英语泛读教程2期中试卷及答案-MidtermExamA
⼤学英语泛读教程2期中试卷及答案-MidtermExamAA. VocabularyDirections: Choose the correct phrasal verb to compete the sentences. Each is used only one time.1. While playing on the river bank, the children ______ some old bones that looked like human remains.2. Meat-eating dinosaurs like velociraptor used to ______ plant eaters especially at night.3. Fire fighters had to ______ the window of the house to rescue the trapped victims.4. The President needs to announce his tax plan before ______ it ______.5. The elevators in Taipei 101 ______ at more than 1,000 meters per minute.6. The supervisor ______ her staff to work faster in order to meet a deadline.7. Frank ______ his favorite shirt and jeans before going on his date.Directions: Choose a word from the box to complete the sentences below. Each is used only one time.8. My department at work has a(n) ______ environment since it is an open space with no walls or offices.9. Solid colors, such as white for a top, will nicely ______ many types of denim jeans.10. The speed limit on this highway is ______ enforced by the police.11. Sam did not realize that his new job had a wide ______ of responsibilities.12. It was ______ to detectives as to why the burglars had broken into the mansion without taking anything.13. In order to ______ the hole in the wall, Penny filled it with plaster and painted over it.14. The ______ student was taken to the principal’s office to be punished for his outbursts.15. The police officer made a ______ to the driver to pull his car over to the side of the road.B. Grammar16. The movie was ______ good even though the actors are virtually unknown by the public. a. surprised b. surprisingly c. surprising d. surprises17. According to investigators, the murder ______ took place in another location than where thebody was found.a. supposeb. supposingc. supposedlyd. supposes18. The dog’s most important ______ allows him to detect drugs by sniffing them out of luggage atthe airport.a. instinctsb. instinctc. instinctived. instinctively19. By this time next year, I will ______ from college.a. have graduatedb. be graduatec. graduatedd. graduating20. In ten years’ time Bill will ______ made his first million dollars.a. have tob. beenc. haved. being21. Miss White ______ away on business the last ten days.a. wasb. has beenc. beend. have been22. Martin’s poor grades in math are ______ his lack of effort.a. due tob. bound toc. boundd. likely23. Some scientists believe that humans will ______ evolved into a type a robot 1,000 years from now.a. beb. have beenc. haved. have to24. The teacher ______ to have disappeared under mysterious circumstances.a. was thinkingb. is thoughtc. thinksd. thought of25. Most fad diets are considered ______ ineffectual since they only focus on immediate weightloss.a. Xb. bec. tod. are26. The students all ______ to put on a farewell party for their teacher.a. decidedlyb. decidesc. decidingd. decided27. The famous couple was reported ______ stayed at secret location in Paris.a. Xb. to havec. haved. to28. John was ______ his motorcycle when he suddenly heard a loud crash.a. fixing upb. fixed upc. fixd. fixes up29. ______ after completing her degree, did Janet decide to seriously look for a job.a. Rarelyb. Neverc. Littled. Only30. ______ is my life that I can only afford to spend NT$300 a week on lunches.a. Rarelyb. Littlec. Suchd. ScarcelyC. Reading Comprehension(A)Directions: Read the excerpt from Forces for Change in Unit 1 of the textbook and answer the questions that follow.31. According to the passage who is Sir Tim Berners-Lee?a. an inventorb. a public speakerc. a government workerd. a business person32. What is Sir Tim Berners-Lee credited with doing?a. being unassumingb. teaching at Massachusetts Institute for Technologyc. protecting informationd. creating the Internet33. What does Sir Tim Berners-Lee worry about?a. teachers’ ri ghtsb. human rightsc. government rightsd. office workers’ righ ts34. Which statement might Sir Tim Berners-Lee most likely agree with?a. Everyone should have access to the Internet.b. No one should have access to the Internet.c. Web users should not misuse information.d. Governments are the best web users.35. Which of the following closest in meaning to the word censorship?a. freedomb. recognitionc. restrictiond. empowerment。
pet 剑桥通用英语五级系列英语证书考试的第二级
pet 剑桥通用英语五级系列英语证书考试的第二级The Preliminary English Test (PET) is the second level of the Cambridge English exams and is designed for learners who have a basic understanding of English and are able to use the language in everyday situations. This exam is suitable for individuals who can communicate in a variety of simple and routine tasks, such as exchanging information about familiar topics and activities.The PET exam consists of three papers: Reading and Writing, Listening, and Speaking. Each paper tests different skills in the English language and assesses the candidate's ability to use English in real-life situations.The Reading and Writing paper comprises of three parts. Part one tests the candidate's reading skills by providing them with short texts and questions. Part two focuses on writing, where candidates are required to write a short email, letter, or story based on a given topic. Part three tests the candidate's reading skills with longer texts and comprehension questions.The Listening paper consists of four parts. Part one tests the candidate's ability to understand short dialogues and monologues. Part two involves listening to a conversation andanswering multiple-choice questions. Part three requires candidates to listen to a longer monologue or text and answer comprehension questions. Part four tests the candidate's ability to understand a longer conversation or presentation.The Speaking paper is divided into four parts. Part one involves answering questions about familiar topics. Part two requires candidates to speak about a given topic for one minute. Part three involves a discussion with the examiner about a set of pictures. Part four requires candidates to have a conversation with their partner based on a set of pictures.To pass the PET exam, candidates must demonstrate a good level of understanding and communication in English. They must also show the ability to use the language in a variety of everyday situations. Passing the PET exam can open up a range of opportunities for individuals, including further studies and employment prospects.In conclusion, the PET exam is a valuable qualification for individuals who wish to demonstrate their proficiency in English at a basic level. By successfully completing this exam, candidates can enhance their language skills and increase their confidence in using English in real-life situations.。
8个和考试有关的英文表达方式
8个和考试有关的英文表达方式考试要到了拖延（procrastinate）不读书到前一晚只好开夜车（pulled an all-nighter）结果成绩不及格（flunk），你知道这些和考试相关的英文单字吗？高分通过、惊险及格的英文怎么说呢？一起和Engvid的讲师Emma学习８个和考试有关的表达方式吧！1.Procrastinate 拖延耽搁快考试了，但还不想准备，先看看电视、吃东西等其他事情再开始读书，就是procrastinate。
不一定用在准备考试上，计画拖延也能用这个字。
例句: Facebook helped me procrastinate.2.Pull an all-nighter 开夜车当你procrastinate，到了考试前一晚就会整完没睡的准备考试，熬夜准备考试就可以说pull an all-nighter例句; I pulled an all-nighter.3.Cram 为考试而硬背cram和pull an all-nighter相似，都是为了考试努力把资讯填满脑袋。
但是cram时间较长，不限于晚上，可以是一整天、两三天，或是一个礼拜。
例句: I have crammed a lot for the test.4.Burn the midnight oil 挑灯夜读和pull an all-nighter相似，都是在时间不够时熬夜读书的意思。
古时候没有灯而是用蜡烛，为了读书在午夜时燃烧烛油。
虽然现在已经没有再用蜡烛了，但这个用法还是持续沿用至今。
例句: Tonight I will burn the midnight oil.5. Flunk不及格学生最害怕的结果了。
美国教育制将成绩分为ABCDF，拿到Ｆ就是Fail不及格的意思。
例句:I flunked the test.6. Pass with flying color 高分通过与颜色没有关系，这里指的是考试得高分。
拿到Ａ时绝对能说pass with the flying color。
ANSYS三维实体单元与板壳单元的组合建模研究
ANSYS 三维实体单元与板壳单元的组合建模研究3谢元丕,冯刚(大连理工大学精密与特种加工教育部重点实验室,辽宁大连 116024)摘要:在实际中经常会遇到三维连续体和薄壁板壳组成的结构,对其进行有限元分析的合理方案是将其分别离散为三维实体单元与板壳单元进行计算。
即使这两种单元在交接处有共用节点,但由于节点自由度的不同而存在转动自由度不连续的问题,导致计算结果与实际偏差很大。
ANSYS 中约束方程法与M PC 法都能够实现三维实体单元与板壳单元正确联结,文中分别说明了其原理与步骤,并结合算例的计算结果对两种方法进行了综合比较,得出了在三维实体单元与板壳单元的组合建模中M PC 法可取代约束方程法的结论。
关键词:ANSYS;实体单元;板壳单元;约束方程;MPC 中图分类号:TP391.7 文献标识码:A 文章编号:1001-2354(2009)04-0005-03 在很多工程实际中,常常遇到三维连续体和薄壁板壳组成的结构。
图1所示为某自升式海洋平台升降装置机座结构图。
其主体由钢板焊接而成,钢板中开孔已焊接轴承座,在安装升降装置后,轴承座将承受径向的载荷。
建立有限元模型时如果全部使用实体单元,首先由于结构复杂,给建模带来困难,另外将使有限元模型的节点数过多,使计算机的工作量过大。
对于这种薄壁板壳结构,使用板壳单元可以大大减少节点数量并达到很好的计算效果。
但是,由于轴承座的厚度过大,不满足壳体在厚度方向的尺度远小于其他两个方向的条件,所以完全采用板壳单元建模也是不合理的。
合理的方案是轴承座用三维实体单元建模,其余部分采用板壳单元建模。
但是这两种单元节点的自由度不同,为保证交界面上的位移协调,就要研究和解决不同类型单元的联结问题。
图1 自升式海洋平台升降装置机座结构图1 理论分析在有限元计算中,通过适当地划分网格使具有不同物理自由度的单元类型组合在交接处共用节点,这样在结构总刚度矩阵中叠加没什么问题(按下标进行叠加),但在共用节点的某些方向存在自由度不连续的问题[1]。
必修二英语第一次月考作文博客
必修二英语第一次月考作文博客英文回答：In the realm of education, assessments serve as indispensable tools for evaluating students' progress and providing feedback for improvement. As a high school student, I recently faced my first monthly exam in English, a subject that holds a profound significance for me. To encapsulate my thoughts and experiences regarding this examination, I present an in-depth analysis of the challenges, strategies, and lessons learned.One of the primary challenges I encountered was the time constraint. The exam consisted of several sections, each with its own allotted time limit. Managing my time effectively became crucial to ensure that I could complete all sections to the best of my ability. To overcome this challenge, I practiced time management techniques beforehand, prioritizing the most important sections and allocating my time accordingly.Furthermore, the exam tested a wide range of skills, from reading comprehension to grammar proficiency. To prepare for this, I engaged in comprehensive studying, reviewing course materials thoroughly and practicing different types of exercises. Additionally, I sought guidance from my teacher during extra help sessions, clarifying any concepts that posed difficulties.While the exam posed its fair share of hurdles, I also identified valuable strategies that contributed to my success. Firstly, I found it beneficial to break down the exam into smaller, manageable chunks. This allowed me to focus on one section at a time, reducing feelings of overwhelm. Additionally, I utilized the process of elimination for multiple-choice questions, eliminating options that were clearly incorrect.Beyond the practical aspects of the exam, I gained valuable lessons that will serve me well in my future academic endeavors. The importance of thorough preparation became apparent, as it instilled a sense of confidence andpreparedness. Furthermore, I learned the value of time management, realizing that effective planning can make all the difference. The experience also highlighted the significance of seeking support when needed.In conclusion, my first monthly exam in English was a challenging but rewarding experience. Through effectivetime management, comprehensive studying, and strategic approaches, I was able to demonstrate my skills and progress. The lessons learned from this exam will continueto guide me as I navigate my academic journey.中文回答：这次月考对我来说是一次既有挑战又有收获的经历。
英语二裸考蒙题技巧
英语二裸考蒙题技巧Tips for Taking the English Second Language Exam。
The English Second Language (ESL) exam is a challenging test that requires solid language skills and effective test-taking strategies. In this article, we will discuss some tips and techniques to help you excel in the ESL exam. By following these guidelines, you can boost your confidence and improve your chances of achieving a high score.1. Develop Strong Language Skills:To perform well in the ESL exam, it is crucial to have a strong foundation in the English language. Focus on improving your reading, writing, listening, and speaking skills. Read English newspapers, books, and magazines to enhance your vocabulary and comprehension. Practice writing essays and speaking in English to improve your fluency and coherence.2. Familiarize Yourself with the Exam Format:Before taking the ESL exam, it is essential to understand its format. Familiarize yourself with the different sections, such as reading comprehension, listening comprehension, grammar, and writing. Knowing the structure of the exam will help you allocate your time effectively and tackle each section with confidence.3. Time Management:Time management is crucial during the ESL exam. Allocate specific time limits for each section and stick to them. Practice solving sample papers within the given time frame to improve your speed. Remember to allocate sufficient time for proofreading and editing your answers.4. Read the Instructions Carefully:One common mistake that test-takers make is not reading the instructions carefully. Ensure that you understand the requirements of each question before attempting toanswer it. Pay attention to details such as word limits, formatting, and the number of questions to be answered.5. Skim and Scan:When faced with lengthy reading passages, it is helpful to skim and scan for key information. Skimming allows you to quickly understand the main idea of the passage, while scanning helps you locate specific details. This technique can save you time and improve your comprehension.6. Improve Your Listening Skills:Listening comprehension is a vital component of the ESL exam. Practice listening to English podcasts, news broadcasts, and movies to enhance your listening skills. Pay attention to the speaker's tone, intonation, and emphasis on certain words or phrases. Take notes while listening to improve your retention and understanding.7. Practice Grammar Exercises:Grammar plays a significant role in the ESL exam. Dedicate time to practice grammar exercises to improve your accuracy. Focus on common grammar rules, such as verb tenses, subject-verb agreement, articles, and prepositions. Understanding and applying these rules correctly will help you avoid common mistakes in the exam.8. Expand Your Vocabulary:A wide-ranging vocabulary is essential for success in the ESL exam. Learn new words regularly and practice using them in sentences. Use flashcards or vocabulary apps to memorize and review words. Additionally, make a habit of reading English texts to encounter new words in context.9. Review and Revise:Consistent review and revision are key to retaining information and improving your performance in the ESL exam. Create a study schedule that allows you to revisitpreviously learned topics regularly. Review your notes, practice sample questions, and seek feedback from teachers or peers to identify areas for improvement.10. Stay Calm and Confident:Lastly, maintain a calm and confident mindset during the exam. Stress and anxiety can hinder your performance, so practice relaxation techniques, such as deep breathing or visualization. Trust in your preparation and believe in your abilities to perform well.In conclusion, excelling in the ESL exam requires a combination of strong language skills, effective test-taking strategies, and thorough preparation. By following these tips, you can enhance your performance and achieve your desired score. Remember to practice regularly, stay focused, and maintain a positive attitude. Good luck!。
影响英语教学的学生差异_英文_
STUDY of TEACH ING L iu T ie hong/Students 'D ifferences A ffecting English Learn ing and TeachingStuden ts 'D ifferences A ffectingEnglish Learn ing and Teach ingo Liu Tiehong(F oreign Language School, UST InnerM ongolia, Baotou , China 014010)[ Abstr act] College English language teachers shou ld be consc ious of individua l differences ex isting am ong studentsas we ll as the relationsh ip between individua l differences and students ' language profic iency so as to accordingly explore proper instructiona l designs to ach ieve favorable teaching resu lts.[ K ey words] i ndividual d ifferences; language proficiency; English instruction[中图分类号] H 31913 [文献标识码] A [文章编号] 167228610( 2007) 0420152203ry. E ach of these components is tested in order topre2Introduction:It is usua l in un iversities tha t population of Eng2 lish class is rather large, in wh ich there are various kinds of learners varying in different English proficien2cy levels. Students ' language proficiency may have been in fluenced by such factors as aptitude, motiva2tion, , learn ing strategies, and even gender. These fac2tors p lay an essential role in how and how we ll studentslearn, for it is studen ts themse lveswho should take re2 sponsibility for their own learning. The aim of the arti2cle is to understand the re lationsh ip between some of individual factors and language profic iency and discuss the a lternative ways students need to be taugh.t1. Ap titudeAptitude is defined as the ability to learn an L2 in an academ ic classroom. It is common that some peop le appear to have a gift for language learning wh ile others don ,t' and there is a body of research evidence to sug2gest that som e studen ts do have more aptitude for learn2ing English than others. Two well2known language ap2 titude tests, still w idely used, are the M odern Lan2guage Aptitude T est ( MLAT ) ( Carroll and Sapon, 1955) and the P im sleur Language Aptitude Bat ery ( LAB) ( P imsleur, 1966). These generally pu t forward a multi2componentia l view of aptitude as comprising four components: auditory ability, grammatica l sensi2 tivity, inductive language learn ing ability, and memo2 d ict whether a studen t is like ly to be successfu l in learn ing a fore ign language[ 1]. Krashen argues that ap2titude relates only to learn ing [ 2] . That is, aptitude is an important factor in the type of formal study in the classroom where those learners w ith gift for forma l stud2y are likely to learn more rap id ly and it is a lso like ly toaf ect ultimate success in EFL learn ing.The problem for language teachers is what to do once recogn izing d ifferent levels of aptitude among students. Should language be taught to everybody or only to those who have suffic ient aptitude? Shou ld students varying in aptitude be placed into separate streams?' Cook suggested 3 possibilities: [ 3]2E lim inating studentsw ithout aptitude;2S team ing students according to aptitude intofastand slow class;2A rranging dif erent teach ing for learners w ith dif2ferent types of aptitude.In practical teaching process, the first possib ility doesn t' seem feasib le, for ach ievements are a lways ex2pected of every studen twhether the ir success is great orno.t A s for the second possib ility, teachers can setthesame overall goals for a ll students at each stage but al2 low them d ifferent periods of time for getting there./ Aptitude is then related to the speed w ith which students reach the final stage[ 2] 0 The th ird possib ility m ight lead to varied exercisesw ith in the class, but anyclass teach ing is a comprom ise to su it the ma jority of[作者简介]刘铁虹, 女, 内蒙古科技大学外语学院讲师, 从事英语教学及应用语言学研究, 现为内蒙古师范大学英语方向教育学同等学力研究生。
学术教育
雅思双向听力法真题词汇学术教育attendance 出勤exemption 免休re-sit 重考补考report 报告set exercise 固定的练习reference 参考书目bibliography 参考书目plagiarism 剽窃抄袭cheat 作弊high distinction 优异distinction 良好credit 合格pass 及格fail 不及格arts 文科science 理科core books 核心书目freshman 大学一年级学生sophomore 大学二年级学生junior 大学三年级学生senior 大学四年级学生auditorium 大礼堂recreation centre 娱乐中心loose spiral notebook 活页本curriculum vitae 履历tertiary education 高等教育preparatory year 预科drop out 辍学curriculum 课程draft 草稿enrollment 注册register/enroll 登记，报到student union office 学生会办公室opening ceremony开学典礼orientation meeting 新生学校综合介绍会application form 申请表letter of recommendation 推荐信credit/point/credit point 学分credit system学分制mark/ score/ grade分数，成绩assessment 对学生的学习情况进行评估handout 分发的印刷品assignment 作业presentation专题发言project课外课题paper/ thesis/ dissertation 毕业论文essay 短论文deadline 截止时期extension 延期journal每周要做的作业participation 课堂参与情况tutorial 个别辅导讨论课office hour （教授与学生）面谈的时间secondary education中等教育higher education高等教育adult education成人教育open admission免试入学制kindergarten/ day-care center幼儿园nursery school托儿所primary/elementary school小学secondary school中学junior high school初中senior high school高中attached middle school附中technical school技校polytechnic institute 理工学院/ 科技大学key school重点中学graduate school研究生院open university夜大、函大independent/private school私立学校public school公立学校school of arts and sciences 文理学院auditor/guest student 旁听生boarder住宿生undergraduate 本科postgraduate 研究生Bachelor 学士Master 硕士Doctor 博士alumnus/ alumna 男/ 女校友alma mater母校graduation appraisal毕业评估graduation ceremony/ commencement 毕业典礼diploma/ graduation certificate毕业证书degree学位associate diploma专科证书certificate 证书qualification 资格expert专家consultant 顾问faculty 教职员工的总称teaching assistant 助教dean学校分院长，系主任principal/ president 校长coordinator 课程协调人/ 班主任lecturer 讲师assistant professor 助理教授associate professor副教授professor 教授school counselor 校辅导员supervisor 论文指导老师career advisor 职业指导官adviser/ mentor 导师chancellor 名誉校长president 大学校长coeducation男女生同校制度term/semester学期blue-book考卷academic year 学年final-examination期末考核quiz小测验oral test口试open-book exam开卷考pop test抽考placement test 入学分级考试aptitude test 学能测试teaching facilities教学设施sponsor 赞助人discipline 科目English proficiency 英语流利程度supplementary reading material 补充阅读材料prescribed textbook 指定课本methodology 教学法debate 辩论seminar 研讨会lecture 讲座conference hall 会议厅venue 场地grant 助学金loan 贷款stipend 固定奖学金tuition 学费scholarship 本科奖学金fellowship 研究生奖学金student union 学生会schedule/ school timetable 课程表course arrangement 课程安排presentation 课上口头表达project 研究项目课题report 报告defense 答辩syllabus 教学大纲extracurricular 课外课程。
剑桥英语二级冲刺指南
剑桥英语二级冲刺指南Preparing for the Cambridge 英文版:First, familiarize yourself with the test format. Understand the sections: Reading and Writing, Listening, and Speaking. Knowing what to expect will reduce anxiety and increase confidence.Second, practice regularly. Consistent practice is key to improving language skills. Use past papers to get a feel for the types of questions you'll encounter.Third, don't neglect the speaking part. Find a partner to practice conversations, or use language exchange apps to converse with native speakers.Next, expand your vocabulary. A wide range of words will help you understand and respond to various questions. Use flashcards or apps to learn new words daily.Furthermore, immerse yourself in English. Watch English movies, listen to podcasts, and read books. This will improve your listening and reading comprehension skills.Additionally, focus on grammar. Review essential grammar rules and practice using them in sentences. This will enhance your writing and speaking abilities.Lastly, stay positive and motivated. Set achievable goals and celebrate your progress. Remember, every step you take brings you closer to your goal.With dedication and the right strategies, you can ace the Cambridge English: Key exam. Good luck on your journey to mastering English!。
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A: Gordon Model:
P0=d0 (1+g)/(r-g). Where r>g.
If growth rate>cost of Equity, formula doesn’t work.
Re=d0 (1+g)/p0+g.
Where Re=cost of equity, p0=current share price, d0=current dividend, g= growth rate.
B: Two Stage Gordon: =twostagegordon(B2,B3,B5,B6,B7)
B2: End-1999 equity value, P0
B3: End 1999 total equity payout
B5: High growth rate, ghigh
B6: Number of high-growth years, m
B7: Normal growth rate, gnormal
C: Alpha & Beta: （Y轴为考察公示，X轴为SP500）
1. 根据对应时间以及price(本公司, sp500)算出对应的return (本公司, sp500)
第一个日期那一行空着，第二行return(本公司)= ln(本日期price(本公司)/上日期price(本)) 第二行returen(sp500)=ln(本日期（sp500）/上日期（sp500）)以此类推做好数组
2.求五个东西：
1. Alpha：=INTERCEPT (return (本公司:所有),return(sp500:所有))
2. Beta：Using Excel's Slope function: =SLOPE (:,:)
Using Cov/Var：=COVAR(y:y,x:x)/ VARP(x:x)
3. R-squared：=RSQ (:,:)
4. t-statistic for alpha：=tintercept
5. t-statistic for beta：=tslope
6. 回归分析（regression）:数据-数据分析-回归 y是公司 x是sp500,最后选择在哪输出结果D: THE COST OF EQUITY:
1. Classic CAPM: rE = rf + b*[ E(rM)-rf ]
B=beta, rf=risk free rate, E(rM)=Expected market return, rE=cost of equity
2. Tax-adjusted CAPM: rE = rf (1-TC) + b*[ E(rM)-rf (1-TC) ], TC= tax rate of the company
3. COMPUTING company’s TAX RATE:关键在一串数字中找到需要的量
Tax rate= Provision for taxes/ Income before taxes
4. Expected market return, E(rM) = Equity cash flow payout ratio*(1+ Anticipated growth of market equity cash flow)/ Market price/earnings multiple, August 2006+ Anticipated growth of market equity cash flow
E: WACC
1. WACC based on Gordon per-share dividends and interest from financial statements
2. WACC based on Gordon equity payouts and interest from financial statements
3. WACC based on classic CAPM and interest from financial statements
4. WACC based on tax-adjusted CAPM and interest from financial statements
WACC=$E/($E-$D)*rE+$D/($E-$D)*rD*(1-$Tc)
E=Equity value, D =Net debt, rE =Cost of equity, rD= Cost of debt, TC =Tax rate
F: CFO method & EBIT method, FCFF & FCFE
1. FCFF (Free cash flows to firm) based on CFO model=Net Income +Depreciation-Increase in Non-cash Working Capital +Interest Paid-Interest Paid*Marginal Tax rate-Capital Expenditure
2. FCFF (Free cash flows to firm) based on EBIT model=EBIT +Depreciation-Marginal Tax Rate*EBIT-Increase in Non-cash Working Capital-Capital Expenditure
3. FCFE (free cash flows to equity holders) =FCFF-Interest Paid +Marginal Tax Rate*EBIT
+Increase in Debt Financing
G: Monte Carlo Simulation:。