12. For four firms, the following table gives current stock price (P), sales per share (S), cash flow per share (CF) using an earnings plus noncash charges, earnings for the most recent four quarters (EPS), forecasted EPS for next year (FEPS), and the most recently reported book value per share (BVPS). The relationship between current and next year's earnings in the table reflects the predicted earnings growth trends for the companies. 12.1. Calculate trailing P/E, leading P/E, and P/B for Airedale, Bulldog, Corgi, and Dalmatian. 12.2. Suppose an analyst is comparing Airedale to Corgi on the basis of price earnings ratio. If she makes the comparison using a leading P/E on Airedale and trailing P/E for Corgi, how might her analysis be misleading? 12.3. If Bulldog is a commercial bank, which price multiple should be used for valuation purposes? Why? Explain how you may derive a target price for Bulldog bank. 12.4. You would like to determine if leading price earnings ratio explain the cross-section of stock returns. Explain how you will design a regression model controlling for market risk, size, and liquidity to test your hypothesis? 12.5. Describe the coefficient sign on leading price earnings ratio that you expect in the model you proposed in 7.4. State your reason