4. The PE ratio multiple shows its limitations when: a. There are significant extraordinary incomes or expenses b. Many comparables have negative earnings c. Firms in the industry have very different financial leverages d. All of the above e. None of the above 5. (ABN Amro case) We didn't value ABN Amro as a bank because... a. It had significant trading activities b. It had a substantial insurance arm c. A significant part of its debt was in an SPV d. All of the above e. None of the above 6. The main advantage of the ECF method over the APV method is... a. The real tax shield can be evaluated each year b. It allows the separate calculation of the cost of distress c. The cash flows are easier to compute All of the ch