ACCA - F9 Financial Management: Study Text by BPP Learning Media

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Answer (a) P/E ratio The P/E ratio measures the relationship between the market price of a share and the earnings per share. Its calculation involves the use of the share price, which is a reflection of the market's expectations of the future earnings performance, and the historic level of earnings. If Y has just suffered an abnormally bad year's profit performance which is not expected to be repeated, the market will price the share on the basis of its expected future earnings. The earnings figure used to calculate the ratio will be the historic figure which is lower than that forecast for the future, and thus the ratio will appear high.

In many markets the participants (especially the firms) may decide to maintain a system of voluntary selfregulation, possibly in order to try to avert the imposition of government controls. Areas where selfregulation often exists include the professions (eg the Law Society, the British Medical Association and other professional bodies). 3 Competition policy in the UK Overall responsibility for the conduct of policy lies with the Secretary of State for Trade and Industry. However, day to day supervision is carried out by the Office of Fair Trading (OFT), headed by its Director General (DG).

Devaluation of the currency would be necessary for a recovery. If exchange rates are fixed, any changes in (real) interest rates in one country will create pressure for the movement of capital into or out of the country. Capital movements would put pressure on the country's exchange rate to change. It follows that if exchange rates are fixed and capital is allowed to move freely between countries (ie there are not exchange controls) all countries must have consistent policies on interest rates.

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