1. Which of the following is not an example of an intrinsic approach to equity valuation?
   1. Using the book value of AirBNBs shares to estimate AirBNBs value
   2. Using the liquidation value of Tesla to estimate Teslas value
   3. Using the valuation of Wendys to estimate the value of McDonalds
   4. Using the replacement cost of all Apples assets to estimate Apples value
2. According to the constant growth discounted dividend model, which of the following will not increase the implied value of the company?
   1. The dividend per share that was just paid was higher than expected, but the expected dividend in one year remains the same
   2. The market capitalization rate decreases
   3. The dividend growth rate increases
   4. The dividend that was just paid was lower than expected, but the expected dividend per share in 1-year increases
3. Assume that you want to make an investment, and the only thing you care about is that it must have a low likelihood of extreme negative returns. If you assume that all of the following investment option have the same mean and standard deviation, then which investment would you prefer?
   1. An investment with high kurtosis, and positive skew
   2. An investment with low kurtosis, and negative skew
   3. An investment with low kurtosis, and positive skew
   4. An investment with high kurtosis, and negative skew