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Chapter 07 testbank - static
Student: ___________________________________________________________________________
1. Tellite Ltd, a telecommunication company, did not pay a dividend in the last financial year. However, the
company has indicated that it expects to earn $1 per share in this financial year and to pay out 20% of these
earnings in dividends. Financial analysts expect that Tellite's earnings per share and dividend per share will
grow at a rate of 10% a year. The rate of return required by investors has been estimated at 12% per annum.
Estimate the present value of the share.
A. $11
B. $10
C. $5
D. $50
E. $5.50
2. The company share market price is $25, its next-period expected dividend is $1 and investors in that market
require a rate of return at 14% per annum. What is the implied rate of growth in dividends at this time?
A. 14%
B. 12%
C. 10%
D. 8%
E. 9%
3. Fujian Tea company shares have a current price of $20 per share and paid a dividend of $1.40 per share
during the year. Compute the dividend yield.
A. –6.25%
B. 6.25%
C. 7%
D. 12.50%
E. 14%
4. The Australian Securities Exchange (ASX):

A. is principally owned by the Reserve Bank of Australia
B. consists of a primary market only
C. is a market solely for small and medium enterprises
D. is a dealer market with a trading floor
E. is one of the world's top 10 listed exchange groups, measured by its market capitalisation
5. What is true about a preference share?
A. All of the given answers are true.
B. Holders of the preference shares usually have no voting rights.
C. The preference share is a form of equity from a legal standpoint.
D. Unpaid preference share dividends are not debts of the company.
E. The preference share has preference over ordinary shares in the payment of dividends.
6. The stock valuation process which determines the price of a stock by dividing the next period's dividend by
the discount rate less the dividend growth rate is called the:
A. pricing formula
B. stock price model
C. dividend growth model
D. gains formula
E. capital gain model
7. Next year's expected annual dividend divided by today's stock price is called the stock's:
A. required return
B. capital return
C. capital gains yield
D. maturity yield
E. dividend yield
8. The rate at which the value of an investment grows is called the:

A. required return
B. capital return
C. maturity yield
D. dividend yield
E. capital gains yield
9. The authority granted by a shareholder that permits another individual to vote that shareholder's shares is
called a:
A. statement
B. straight vote
C. proxy
D. preference
E. cumulative vote
10. The market in which new securities are originally sold to investors is called the _____ market.
A. secondary
B. open
C. initial public
D. free
E. primary
11. The market where one shareholder sells shares to another shareholder is called the _____ market.
A. secondary
B. dealer
C. free
D. open
E. primary
12. A dealer is an agent who:

A. buys and sells securities but never takes title to the securities
B. transacts buy and sell orders on a commission basis
C. arranges transactions on a fee basis
D. trades solely on behalf of a floor broker
E. buys and sells securities from inventory
13. An agent who arranges security transactions among investors is a called a:

A. specialist
B. dealer
C. member
D. floor trader
E. broker
14. The current price of a share is based:

A. solely on the anticipated future dividends
B. on the present value of all the future cash flows from that stock
C. strictly on the anticipated future stock price
D. primarily on the future value of the cash flows derived from the stock
E. on the present value of the dividends and the repayment of the principal
15. The required return:
A. tends to be low for the share of a firm which is experiencing rapid growth
B. provides an estimate of the return an investor might expect if he or she purchases a share at today's market
price
C. places more emphasis on the capital gains yield than on the dividend yield
D. is based on the assumption that a share will maintain a constant dividend
E. is based on the projected dividend and share price for next year
16. If shareholders are granted a preemptive right they will be:

A. granted shares that receive additional voting privileges
B. given the choice of receiving dividends in cash or in additional shares of stock
C. paid dividends prior to the preferred shareholders during the pre-emptive period
D. able to determine who the candidates should be for any open seats on the board
E. given the first right to purchase any new shares that are issued
17. The common stock of Connor, Inc. is selling for $16 a share and has a dividend yield of 3.5 per cent. What
is the dividend amount?
A. $0.56
B. $2.24
C. $0.46
D. $1.84
E. $0.92
18. Marble Books, Inc. is expected to pay an annual dividend of $1.80 per share next year. The required return
is 16 per cent and the growth rate is 4 per cent. What is the expected value of this stock five years from now?
A. $18.25
B. $16.80
C. $18.98
D. $15.60
E. $15.00
19. The common stock of Wetmore Industries is valued at $10.08 a share. The company increases their dividend
by 3.5 per cent annually and expects their next dividend to be $1.24. What is the required rate of return on this
stock?
A. 16.23 per cent
B. 16.53 per cent
C. 16.35 per cent
D. 16.49 per cent
E. 15.80 per cent
20. What is the name given to the model that computes the present value of a stock by dividing next year's
annual dividend amount by the difference between the discount rate and the rate of change in the annual
dividend amount?
A. dividend growth model
B. capital gain model
C. present value model
D. equity pricing model
E. stock pricing model
21. The price of a stock at year 4 can be expressed as:

A. D4 / (R-g).
B. D0 ´ (1 + R)5.
C. D0 / (R + G4).
D. D1 ´ (1 + R)5.
E. D5 / (R-g).
22. Delfino's expects to pay an annual dividend of $1.50 per share next year. What is the anticipated dividend
for year 5 if the firm increases its dividend by 2 per cent annually?
A. $1.50 ´ (1.02)4
B. $1.50 ´ (1.02)2
C. $1.50 ´ (1.02)3
D. $1.50 ´ (1.02)
E. $1.50 ´ (1.02)1
23. Computing the present value of a growing perpetuity is most similar to computing the current value of
which one of the following?
A. stock with irregular dividends
B. stock with growing dividends for a limited period of time
C. non-dividend-paying stock
D. stock with a constant growth dividend
E. stock with a constant dividend
24. Keller Metal's common stock is selling for $36 a share and has a dividend yield of 3.2 per cent. What is the
dividend amount?
A. $0.32
B. $11.52
C. $3.49
D. $1.15
E. $11.25
25. The Glass Ceiling paid an annual dividend of $2.20 per share last year. Management just announced that
future dividends will increase by 2.8 per cent annually. What is the amount of the expected dividend in year
five?
A. $2.46
B. $2.39
C. $2.41
D. $2.58
E. $2.53
26. The Pancake House pays a constant annual dividend of $1.25 per share. How much are you willing to pay
for one share if you require a 15 per cent rate of return?
A. $11.38
B. $7.86
C. $8.33
D. $11.04
E. $10.87
27. Shoreline Foods pays a constant annual dividend of $1.60 a share and currently sells for $28.50 a share.
What is the rate of return?
A. 5.39 per cent
B. 5.61 per cent
C. 6.91 per cent
D. 6.63 per cent
E. 4.56 per cent
28. Healthy Foods just paid its annual dividend of $1.45 a share. The firm recently announced that all future
dividends will be increased by 2.8 per cent annually. What is one share of this stock worth to you if you require
a 14 per cent rate of return?
A. $12.56
B. $13.68
C. $12.95
D. $14.07
E. $13.31
29. Atlas Home Supply has paid a constant annual dividend of $2.40 a share for the past 15 years. Yesterday,
the firm announced the dividend will increase next year by 10 per cent and will stay at the level through year
three, after which time the dividends will increase by 2 per cent annually. The required return on this stock is 12
per cent. What is the current value per share?
A. $25.51
B. $26.02
C. $24.57
D. $26.84
E. $26.08
30. Auto Transmissions is expected to pay annual dividends of $1.90 and $2.10 over the next two years,
respectively. After that, the company expects to pay a constant dividend of $2.30 a share. What is the value of
this stock at a required return of 15 per cent?
A. $15.60
B. $14.21
C. $15.08
D. $14.83
E. $13.67
31. General Importers announced today that its next annual dividend will be $2.60 per share. After that dividend
is paid, the company expects to encounter some financial difficulties and is going to suspend dividends for five
years. Following the suspension period, the company expects to pay a constant annual dividend of $1.30 per
share. What is the current value of this stock if the required return is 18 per cent?
A. $3.55
B. $4.88
C. $4.27
D. $3.01
E. $3.89
32. Business Services, Inc. is expected to pay its first annual dividend of $0.80 per share three years from now.
Starting in year six, the company is expected to start increasing the dividend by 2 per cent per year. What is the
value of this stock today at a required return of 12 per cent?
A. $7.22
B. $6.16
C. $6.63
D. $7.47
E. $6.47
33. New Gadgets is growing at a very fast pace. As a result, the company expects to pay annual dividends of
$0.55, 0.80, and $1.10 per share over the next three years, respectively. After that, the dividend is projected to
increase by 5 per cent annually. The last annual dividend the firm paid was $0.40 a share. What is the current
value of this stock if the required return is 16 per cent?
A. $9.67
B. $8.50
C. $12.23
D. $10.46
E. $12.49
34. The Market Place recently announced that it will pay its first annual dividend two years from today. The
first dividend will be $0.50 a share with that amount doubling each year for the following two years. After that,
the dividend is expected to increase by 4 per cent annually. What is the value of this stock today if the required
return is 15 per cent?
A. $12.47
B. $14.02
C. $11.68
D. $12.99
E. $14.94
35. A firm expects to increase its annual dividend by 20 per cent per year for the next two years and by 15 per
cent per year for the following two years. After that, the company plans to pay a constant annual dividend of
$3.00 a share. The last dividend paid was $1.00 a share. What is the current value of this stock if the required
rate of return is 12 per cent?
A. $20.50
B. $21.69
C. $18.97
D. $21.08
E. $17.71
36. Which one of the following types of securities has no priority in a bankruptcy proceeding?
A. ordinary Shares
B. senior debt
C. straight bond
D. preferred stock
E. convertible bond
37. Kate could not attend the last shareholders' meeting and thus she granted the authority to vote on her behalf
to the managers of the firm. Which one of the following terms is used to describe the method by which Kate's
shares were voted?
A. consent-form
B. in absentia
C. cumulative
D. proxy
E. straight
38. Newly issued securities are sold to investors in which one of the following markets?
A. primary
B. stated value
C. inside
D. secondary
E. proxy
39. What is the market called that allows shareholders to resell their shares to other investors?
A. inside
B. initial
C. proxy
D. secondary
E. primary
40. Ordinary shareholders have all the following rights except:

A. the right to priority in the event of company liquidation
B. the right to share proportionally in dividends paid
C. the right to share proportionally in assets remaining after liabilities have been paid in a company liquidation
D. the right to vote on matters of great importance as set out in the constitution of the company
E. the right to elect directors
41. Which one of the following generally pays a fixed dividend, receives first priority in dividend payment, and
maintains the right to a dividend payment, even if that payment is deferred?
A. cumulative preference shares
B. ordinary shares
C. non-cumulative preference shares
D. promisary notes
E. corporate bonds
42. The stream of customer instructions to buy and sell securities is called the:
A. buyer's stream
B. market maker
C. order flow
D. operations flow
E. execution stream
43. Palm Beach Beachwear has $100 preference shares that pay a dividend of $7.50 per annum. If investors
require a return of 9 per cent on shares of a similar risk what price would you expect to pay for these preference
shares?
A. $100.00
B. $120.00
C. $91.74
D. $107.50
E. $83.33
44. Palm Beach Beachwear has ordinary shares that are listed on the ASX and have just paid a dividend of
$1.25. They have announced that next year's dividend will be increased to $1.50 but that this dividend will not
change in the foreseeable future. Current investors have indicated that they expect a return of 12 per cent. Based
on this information, at what price would you expect the share to trade at immediately after this announcement?
A. $12.50
B. $10.41
C. $21.50
D. $10.00
E. $10.50
45. Manly Cove Manufacturing Company is listed on the ASX and has released information that details its
expansion plans for the next decade. The information release indicates that next year's dividend will be
increased to $1.10 and is expected to grow at a constant rate of 5% per annum thereafter. The required rate of
return for this type of company is considered to be 13 per cent. Based on this information, what price would you
expect the share to trade at after the release of the information?
A. $13.75
B. $7.50
C. $6.11
D. $22.00
E. $8.46
46. Aussie Investors Pty Ltd is considering investing in a new biotech company. The biotech company has
indicated that the first dividend payment will be at the end of year four. This maiden dividend will be $5.00 per
share and is forecast to grow at 8 per cent per year for the foreseeable future. Aussie Investors requires a rate of
return of 25 per cent on this risky investment. What is the maximum price that Aussie Investors will pay for this
share?
A. $29.41
B. $62.50
C. $20.00
D. $15.06
E. $12.05
47. Get Rich Quick, a funds management company, is considering an investment in a new pharmaceutical
company. The company will be unable to pay a dividend until the end of year six but if a new product is
successfully developed for sale at that time the dividends will be significant. The year-six dividend will be
$8.00, the year-seven dividend will be $10.00 and dividends will grow by 8 per cent thereafter. If the required
rate of return is 18 per cent, what is the maximum price Get Rich Quick should pay?
A. $100.00
B. $40.01
C. $58.75
D. $40.75
E. $38.59
48. The Oz Printing Company's ordinary shares are trading at $32.60 a share based on a 14 per cent rate of
return. What is the amount of the next annual dividend if the dividends are increasing by 2.5 per cent annually?
A. $3.57
B. $3.75
C. $3.52
D. $3.66
E. $3.48
49. The Queensland Border Company has just paid an annual dividend of $4.20 per share and is expected to pay
annual dividends of $4.40 and $4.50 per share for the next two years, respectively. After that, the firm expects
to maintain a constant dividend growth rate of 2 per cent per year. What is the value of this stock today if the
required return is 14 per cent?
A. $30.04
B. $33.33
C. $32.18
D. $35.80
E. $36.75
50. The Australian Clean Energy Company is growing fast. It has just paid a maiden dividend of $1.05. Next
year's dividend is forecast to grow by 20 per cent, followed by another 20 per cent growth in year two. The
dividend in year three will grow by 10 per cent, followed by another 5 per cent in year four. From year five
onwards dividends are expected to grow by 2 per cent per annum, indefinitely. If investors require a rate of
return of 15 per cent for investments of this type what is the maximum price you would pay for a share in this
company?
A. $12.17
B. $11.27
C. $13.07
D. $10.83
E. $13.70
Chapter 07 testbank - static Key
1. Tellite Ltd, a telecommunication company, did not pay a dividend in the last financial year. However, the
company has indicated that it expects to earn $1 per share in this financial year and to pay out 20% of these
earnings in dividends. Financial analysts expect that Tellite's earnings per share and dividend per share will
grow at a rate of 10% a year. The rate of return required by investors has been estimated at 12% per annum.
Estimate the present value of the share.
A. $11
B. $10
C. $5
D. $50
E. $5.50
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
Graduate Attribute: Problem solving
Learning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth.
Section: 7.1 Ordinary share valuation
2. The company share market price is $25, its next-period expected dividend is $1 and investors in that market
require a rate of return at 14% per annum. What is the implied rate of growth in dividends at this time?
A. 14%
B. 12%
C. 10%
D. 8%
E. 9%
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
3. Fujian Tea company shares have a current price of $20 per share and paid a dividend of $1.40 per share
during the year. Compute the dividend yield.
A. –6.25%
B. 6.25%
C. 7%
D. 12.50%
E. 14%
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
4. The Australian Securities Exchange (ASX):

A. is principally owned by the Reserve Bank of Australia
B. consists of a primary market only
C. is a market solely for small and medium enterprises
D. is a dealer market with a trading floor
E. is one of the world's top 10 listed exchange groups, measured by its market capitalisation
Difficulty: Easy
Learning Objective: 07-03 Explain how the stock markets work.
Section: 7.3 The share markets
5. What is true about a preference share?

A. All of the given answers are true.
B. Holders of the preference shares usually have no voting rights.
C. The preference share is a form of equity from a legal standpoint.
D. Unpaid preference share dividends are not debts of the company.
E. The preference share has preference over ordinary shares in the payment of dividends.
Difficulty: Easy
Section: 7.2 Some features of ordinary and preference shares
6. The stock valuation process which determines the price of a stock by dividing the next period's dividend by
the discount rate less the dividend growth rate is called the:
A. pricing formula
B. stock price model
C. dividend growth model
D. gains formula
E. capital gain model
Difficulty: Easy
7. Next year's expected annual dividend divided by today's stock price is called the stock's:
A. required return
B. capital return
C. capital gains yield
D. maturity yield
E. dividend yield
Difficulty: Easy
8. The rate at which the value of an investment grows is called the:

A. required return
B. capital return
C. maturity yield
D. dividend yield
E. capital gains yield
Difficulty: Easy
9. The authority granted by a shareholder that permits another individual to vote that shareholder's shares is
called a:
A. statement
B. straight vote
C. proxy
D. preference
E. cumulative vote
Difficulty: Easy
Learning Objective: 07-02 Identify the different ways corporate directors are elected to office.
10. The market in which new securities are originally sold to investors is called the _____ market.
A. secondary
B. open
C. initial public
D. free
E. primary
Difficulty: Easy
11. The market where one shareholder sells shares to another shareholder is called the _____ market.
A. secondary
B. dealer
C. free
D. open
E. primary
Difficulty: Easy
12. A dealer is an agent who:

A. buys and sells securities but never takes title to the securities
B. transacts buy and sell orders on a commission basis
C. arranges transactions on a fee basis
D. trades solely on behalf of a floor broker
E. buys and sells securities from inventory
Difficulty: Easy
13. An agent who arranges security transactions among investors is a called a:

A. specialist
B. dealer
C. member
D. floor trader
E. broker
Difficulty: Easy
14. The current price of a share is based:
A. solely on the anticipated future dividends
B. on the present value of all the future cash flows from that stock
C. strictly on the anticipated future stock price
D. primarily on the future value of the cash flows derived from the stock
E. on the present value of the dividends and the repayment of the principal
Difficulty: Easy
15. The required return:

A. tends to be low for the share of a firm which is experiencing rapid growth
B. provides an estimate of the return an investor might expect if he or she purchases a share at today's market
price
C. places more emphasis on the capital gains yield than on the dividend yield
D. is based on the assumption that a share will maintain a constant dividend
E. is based on the projected dividend and share price for next year
Difficulty: Easy
16. If shareholders are granted a preemptive right they will be:

A. granted shares that receive additional voting privileges
B. given the choice of receiving dividends in cash or in additional shares of stock
C. paid dividends prior to the preferred shareholders during the pre-emptive period
D. able to determine who the candidates should be for any open seats on the board
E. given the first right to purchase any new shares that are issued
Difficulty: Medium
17. The common stock of Connor, Inc. is selling for $16 a share and has a dividend yield of 3.5 per cent. What
is the dividend amount?
A. $0.56
B. $2.24
C. $0.46
D. $1.84
E. $0.92
Difficulty: Easy
18. Marble Books, Inc. is expected to pay an annual dividend of $1.80 per share next year. The required return
is 16 per cent and the growth rate is 4 per cent. What is the expected value of this stock five years from now?
A. $18.25
B. $16.80
C. $18.98
D. $15.60
E. $15.00
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
19. The common stock of Wetmore Industries is valued at $10.08 a share. The company increases their dividend
by 3.5 per cent annually and expects their next dividend to be $1.24. What is the required rate of return on this
stock?
A. 16.23 per cent
B. 16.53 per cent
C. 16.35 per cent
D. 16.49 per cent
E. 15.80 per cent
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
20. What is the name given to the model that computes the present value of a stock by dividing next year's
annual dividend amount by the difference between the discount rate and the rate of change in the annual
dividend amount?
A. dividend growth model
B. capital gain model
C. present value model
D. equity pricing model
E. stock pricing model
Difficulty: Easy
21. The price of a stock at year 4 can be expressed as:
A. D4 / (R-g).
B. D0 ´ (1 + R)5.
C. D0 / (R + G4).
D. D1 ´ (1 + R)5.
E. D5 / (R-g).
Difficulty: Easy
22. Delfino's expects to pay an annual dividend of $1.50 per share next year. What is the anticipated dividend
for year 5 if the firm increases its dividend by 2 per cent annually?
A. $1.50 ´ (1.02)4
B. $1.50 ´ (1.02)2
C. $1.50 ´ (1.02)3
D. $1.50 ´ (1.02)
E. $1.50 ´ (1.02)1
Difficulty: Easy
23. Computing the present value of a growing perpetuity is most similar to computing the current value of
which one of the following?
A. stock with irregular dividends
B. stock with growing dividends for a limited period of time
C. non-dividend-paying stock
D. stock with a constant growth dividend
E. stock with a constant dividend
Difficulty: Easy
24. Keller Metal's common stock is selling for $36 a share and has a dividend yield of 3.2 per cent. What is the
dividend amount?
A. $0.32
B. $11.52
C. $3.49
D. $1.15
E. $11.25
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
25. The Glass Ceiling paid an annual dividend of $2.20 per share last year. Management just announced that
future dividends will increase by 2.8 per cent annually. What is the amount of the expected dividend in year
five?
A. $2.46
B. $2.39
C. $2.41
D. $2.58
E. $2.53
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
26. The Pancake House pays a constant annual dividend of $1.25 per share. How much are you willing to pay
for one share if you require a 15 per cent rate of return?
A. $11.38
B. $7.86
C. $8.33
D. $11.04
E. $10.87
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
27. Shoreline Foods pays a constant annual dividend of $1.60 a share and currently sells for $28.50 a share.
What is the rate of return?
A. 5.39 per cent
B. 5.61 per cent
C. 6.91 per cent
D. 6.63 per cent
E. 4.56 per cent
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
28. Healthy Foods just paid its annual dividend of $1.45 a share. The firm recently announced that all future
dividends will be increased by 2.8 per cent annually. What is one share of this stock worth to you if you require
a 14 per cent rate of return?
A. $12.56
B. $13.68
C. $12.95
D. $14.07
E. $13.31
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
29. Atlas Home Supply has paid a constant annual dividend of $2.40 a share for the past 15 years. Yesterday,
the firm announced the dividend will increase next year by 10 per cent and will stay at the level through year
three, after which time the dividends will increase by 2 per cent annually. The required return on this stock is 12
per cent. What is the current value per share?
A. $25.51
B. $26.02
C. $24.57
D. $26.84
E. $26.08
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
30. Auto Transmissions is expected to pay annual dividends of $1.90 and $2.10 over the next two years,
respectively. After that, the company expects to pay a constant dividend of $2.30 a share. What is the value of
this stock at a required return of 15 per cent?
A. $15.60
B. $14.21
C. $15.08
D. $14.83
E. $13.67
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
31. General Importers announced today that its next annual dividend will be $2.60 per share. After that dividend
is paid, the company expects to encounter some financial difficulties and is going to suspend dividends for five
years. Following the suspension period, the company expects to pay a constant annual dividend of $1.30 per
share. What is the current value of this stock if the required return is 18 per cent?
A. $3.55
B. $4.88
C. $4.27
D. $3.01
E. $3.89
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
32. Business Services, Inc. is expected to pay its first annual dividend of $0.80 per share three years from now.
Starting in year six, the company is expected to start increasing the dividend by 2 per cent per year. What is the
value of this stock today at a required return of 12 per cent?
A. $7.22
B. $6.16
C. $6.63
D. $7.47
E. $6.47
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
33. New Gadgets is growing at a very fast pace. As a result, the company expects to pay annual dividends of
$0.55, 0.80, and $1.10 per share over the next three years, respectively. After that, the dividend is projected to
increase by 5 per cent annually. The last annual dividend the firm paid was $0.40 a share. What is the current
value of this stock if the required return is 16 per cent?
A. $9.67
B. $8.50
C. $12.23
D. $10.46
E. $12.49
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
34. The Market Place recently announced that it will pay its first annual dividend two years from today. The
first dividend will be $0.50 a share with that amount doubling each year for the following two years. After that,
the dividend is expected to increase by 4 per cent annually. What is the value of this stock today if the required
return is 15 per cent?
A. $12.47
B. $14.02
C. $11.68
D. $12.99
E. $14.94
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
35. A firm expects to increase its annual dividend by 20 per cent per year for the next two years and by 15 per
cent per year for the following two years. After that, the company plans to pay a constant annual dividend of
$3.00 a share. The last dividend paid was $1.00 a share. What is the current value of this stock if the required
rate of return is 12 per cent?
A. $20.50
B. $21.69
C. $18.97
D. $21.08
E. $17.71
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
36. Which one of the following types of securities has no priority in a bankruptcy proceeding?
A. ordinary Shares
B. senior debt
C. straight bond
D. preferred stock
E. convertible bond
Difficulty: Easy
37. Kate could not attend the last shareholders' meeting and thus she granted the authority to vote on her behalf
to the managers of the firm. Which one of the following terms is used to describe the method by which Kate's
shares were voted?
A. consent-form
B. in absentia
C. cumulative
D. proxy
E. straight
Difficulty: Easy
Learning Objective: 07-02 Identify the different ways corporate directors are elected to office.
38. Newly issued securities are sold to investors in which one of the following markets?
A. primary
B. stated value
C. inside
D. secondary
E. proxy
Difficulty: Easy
39. What is the market called that allows shareholders to resell their shares to other investors?
A. inside
B. initial
C. proxy
D. secondary
E. primary
Difficulty: Easy
40. Ordinary shareholders have all the following rights except:
A. the right to priority in the event of company liquidation
B. the right to share proportionally in dividends paid
C. the right to share proportionally in assets remaining after liabilities have been paid in a company liquidation
D. the right to vote on matters of great importance as set out in the constitution of the company
E. the right to elect directors
Difficulty: Easy
41. Which one of the following generally pays a fixed dividend, receives first priority in dividend payment, and
maintains the right to a dividend payment, even if that payment is deferred?
A. cumulative preference shares
B. ordinary shares
C. non-cumulative preference shares
D. promisary notes
E. corporate bonds
Difficulty: Easy
42. The stream of customer instructions to buy and sell securities is called the:
A. buyer's stream
B. market maker
C. order flow
D. operations flow
E. execution stream
Difficulty: Easy
43. Palm Beach Beachwear has $100 preference shares that pay a dividend of $7.50 per annum. If investors
require a return of 9 per cent on shares of a similar risk what price would you expect to pay for these preference
shares?
A. $100.00
B. $120.00
C. $91.74
D. $107.50
E. $83.33
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
44. Palm Beach Beachwear has ordinary shares that are listed on the ASX and have just paid a dividend of
$1.25. They have announced that next year's dividend will be increased to $1.50 but that this dividend will not
change in the foreseeable future. Current investors have indicated that they expect a return of 12 per cent. Based
on this information, at what price would you expect the share to trade at immediately after this announcement?
A. $12.50
B. $10.41
C. $21.50
D. $10.00
E. $10.50
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
45. Manly Cove Manufacturing Company is listed on the ASX and has released information that details its
expansion plans for the next decade. The information release indicates that next year's dividend will be
increased to $1.10 and is expected to grow at a constant rate of 5% per annum thereafter. The required rate of
return for this type of company is considered to be 13 per cent. Based on this information, what price would you
expect the share to trade at after the release of the information?
A. $13.75
B. $7.50
C. $6.11
D. $22.00
E. $8.46
AACSB: Analytic
Difficulty: Easy
EQUIS: Analyse
46. Aussie Investors Pty Ltd is considering investing in a new biotech company. The biotech company has
indicated that the first dividend payment will be at the end of year four. This maiden dividend will be $5.00 per
share and is forecast to grow at 8 per cent per year for the foreseeable future. Aussie Investors requires a rate of
return of 25 per cent on this risky investment. What is the maximum price that Aussie Investors will pay for this
share?
A. $29.41
B. $62.50
C. $20.00
D. $15.06
E. $12.05
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
47. Get Rich Quick, a funds management company, is considering an investment in a new pharmaceutical
company. The company will be unable to pay a dividend until the end of year six but if a new product is
successfully developed for sale at that time the dividends will be significant. The year-six dividend will be
$8.00, the year-seven dividend will be $10.00 and dividends will grow by 8 per cent thereafter. If the required
rate of return is 18 per cent, what is the maximum price Get Rich Quick should pay?
A. $100.00
B. $40.01
C. $58.75
D. $40.75
E. $38.59
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
48. The Oz Printing Company's ordinary shares are trading at $32.60 a share based on a 14 per cent rate of
return. What is the amount of the next annual dividend if the dividends are increasing by 2.5 per cent annually?
A. $3.57
B. $3.75
C. $3.52
D. $3.66
E. $3.48
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
49. The Queensland Border Company has just paid an annual dividend of $4.20 per share and is expected to pay
annual dividends of $4.40 and $4.50 per share for the next two years, respectively. After that, the firm expects
to maintain a constant dividend growth rate of 2 per cent per year. What is the value of this stock today if the
required return is 14 per cent?
A. $30.04
B. $33.33
C. $32.18
D. $35.80
E. $36.75
AACSB: Analytic
Difficulty: Medium
EQUIS: Analyse
50. The Australian Clean Energy Company is growing fast. It has just paid a maiden dividend of $1.05. Next
year's dividend is forecast to grow by 20 per cent, followed by another 20 per cent growth in year two. The
dividend in year three will grow by 10 per cent, followed by another 5 per cent in year four. From year five
onwards dividends are expected to grow by 2 per cent per annum, indefinitely. If investors require a rate of
return of 15 per cent for investments of this type what is the maximum price you would pay for a share in this
company?
A. $12.17
B. $11.27
C. $13.07
D. $10.83
E. $13.70
AACSB: Analytic
Difficulty: Hard
EQUIS: Analyse
Chapter 07 testbank - static Summary
Category # of Questions
AACSB: Analytic 25
Difficulty: Easy 34
Difficulty: Hard 6
Difficulty: Medium 10
EQUIS: Analyse 25
Graduate Attribute: Problem solving 25
Learning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth. 40
Learning Objective: 07-02 Identify the different ways corporate directors are elected to office. 2
Learning Objective: 07-03 Explain how the stock markets work. 8
Section: 7.1 Ordinary share valuation 35
Section: 7.2 Some features of ordinary and preference shares 7
Section: 7.3 The share markets 8
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Title: L'incantesimo
romanzo
Author: Enrico Annibale Butti
Release date: November 6, 2023 [eBook #72053]
Language: Italian
Original publication: Milano: Treves, 1897
Credits: Barbara Magni and the Online Distributed Proofreading

Team at https://www.pgdp.net (This file was produced from
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*** START OF THE PROJECT GUTENBERG EBOOK

L'INCANTESIMO ***
L’INCANTESIMO.
E. A. BUTTI
L’INCANTESIMO
ROMANZO.
MILANO
FRATELLI TREVES, EDITORI
1897.
PROPRIETÀ LETTERARIA
Riservati tutti i diritti, compreso in Isvezia e in
Norvegia.
Tip. Fratelli Treves.
INDICE
ALLA MEMORIA SACRA DELLA MAMMA
4 gennaio 1895.
I.
LA SIRENA.
Nota dell’Autore.
Le idee politiche e sociali, attribuite al protagonista di questo

romanzo, sono state attinte in gran parte dagli articoli che il
compianto conte Alberto Sormani pubblicò nella Idea Liberale.
Debbo anzi soggiungere che il concetto fondamentale dell’opera
nacque e si svolse in me sùbito dopo la morte del carissimo e
nobilissimo compagno, avvenuta nella estate dell’anno 1893, —
morte che tante e sì belle speranze troncò, disperdendo, per un
oscuro capriccio del Destino, una moltitudine di possibilità
insolitamente lusinghiere.
Ne L’Incantesimo non è la Morte che distrugge. Un altro gran fatto
della Vita esercita razione dissolvitrice su l’individuo, un altro fatto
elementare, generale e continuo — come la Morte — che agisce
forse con minore lestezza, ma certo con uguale intensità e
altrettanta efficacia.
Queste cose ho voluto dire, innanzi tutto per ricordare in fronte alla
mia opera il nome dell’amico perduto, che l’ha ispirata; e poi anche,
per mettere in guardia il lettore su la conclusione di questa prima
parte, conclusione che non è definitiva.
E. A. B.
I.
L’apparizione.
Una campanella acuta e stridula singhiozzò ostinatamente nel

silenzio.
Il giovine conte Aurelio Imberido, allo squillo subitaneo, si scosse
con un moto brusco su la sedia a sdrajo, dov’era caduto in sopore
mentre studiava e meditava con un grosso volume di economia
politica tra le mani; fissò per un attimo, istintivamente, gli occhi ancor
torpidi su la pagina aperta del libro; poi lo scagliò d’un tratto lontano,
verso una tavoletta d’ebano già tutta ingombra di fascicoli e di fogli
scritti. Il libro cadde a terra in piatto, sollevando un romor secco
d’esplosione e un nuvolo di polvere.
Era l’ora del tramonto: dalle stecche delle persiane richiuse, un livido
chiarore penetrava a pena nella camera, come una triste luce lunare.
A poco a poco l’aria ambiente era andata imbrunendo durante il
sonno del giovine, e al richiamo della campanella questi con suo
ingrato stupore s’era trovato là disteso e immemore, avvolto in una
semioscurità che non gli permetteva più di distinguere i caratteri del
libro in lettura. Egli ebbe nel levarsi un gesto d’ira, quasi di sdegno
contro il suo frale organismo che gli aveva rubato per riposarsi un
tempo prezioso; e si diresse a passi concitati verso il vano del
balconcino.
Spalancò le persiane con violenza, e uscì fuori all’aperto. La stanza
da studio guardava a levante, incontro alla collina e al vecchio
giardino del palazzo dagli alti abeti, dai grandi cedri svettati, dalle
innumerevoli statue bianche. In quel chiuso paesaggio i rossori del
tramonto non mandavano un riflesso; ogni tinta vi si ammorbidiva,
assumendo tonalità viepiù discrete e quietanti.
Il cielo appariva già cupo, sebben non anche solcato da stella; le
piante nell’orto, le vigne serpeggianti lungo i lividi scaglioni, le
praterie presso i culmini parevan fresche e umide come dopo una
pioggia; soltanto, dietro la linea pacata dei colli, la nuda solitaria
piramide del Sasso del Ferro si slanciava verso l’azzurro, ancor
rosea e calda dell’ultimo bacio solare.
Aurelio, appoggiato con le braccia alla ringhiera, guardò la montagna
luminosa con uno sguardo corrucciato, in cui una punta d’invidia
pareva. Era pertinace il suo dispetto; egli non poteva perdonarsi
quelle due ore d’incoscienza, che il suo corpo aveva pur dritto
d’esigere dopo una notte insonne. La sua paradossale opposizione
alle leggi della Natura aveva sofferto un’altra piccola sconfitta: egli
s’era imposto di studiare fino all’ora del pranzo, e non l’aveva potuto
perché il sonno gli era piombato sopra d’improvviso, strappandolo
alla sua volontà. — Il giovine, com’era abituato dalla solitudine e
dalla vita contemplativa alle riflessioni larghe e sintetiche, pensò a
questo duello strano, disperante che la sua tempra di ribelle gli
imponeva anche contro l’Invincibile; e sorrise mestamente, non
senza però un certo fondo di simpatia e d’ammirazione per la sua
bellicosa debolezza.
Aurelio Imberido contava a quel tempo venticinque anni o poco più.
Di statura media e alquanto esile, se non eran le sue forme
complessive quelle del perfetto tipo virile, aveva egli bensì una testa
singolarmente nobile, che sola bastava a designarlo come il prodotto
d’una razza superiore, diretta da secoli per una serie di generazioni
progressive verso le sommità della Specie. Il naso lungo, profilato,
regolarissimo, partiva dalla fronte estesa, alta e ben lunata,
disegnando una linea diritta, a pena un po’ prona su la fine; la bocca
era larga, sincera, senza pieghe malinconiche o amare; sotto la
breve barba nera a punta, il mento e l’arco dell’osso mascellare, a
bastanza sviluppati, chiudevano armonicamente ed energicamente
l’ovale del suo viso. Contrastavano con la forza e la purezza di tutti i
suoi lineamenti gli occhi e il color della pelle: gli occhi piccoli e
glauchi, che parevan coperti come da una tenue velatura lattea, nel
rossore delle palpebre e della cornea accese da un’ostinata
infiammazione; il color della pelle, ch’era femmineo, bianchissimo,
anzi pallido, d’un pallor tenero e unito senza irradiazioni rosee e
senza livide ombre.
Il portamento altero del capo, la foga del gesto, certi sguardi
profondi, investigatori, talvolta quasi molesti nella loro velata fissità,
l’uso assiduo d’abiti oscuri e di cappelli flosci caratterizzavan così la
sua persona, che vista una sola volta non si poteva dimenticare mai
più.
Estremo discendente d’una famiglia aristocratica, che aveva dato
alla storia più nomi illustri di capitani e di diplomatici, il conte
Imberido dai primi anni di giovinezza aveva sentito il bisogno di
dominare, di farsi largo tra la folla, d’empire il mondo della sua
persona e delle sue virtù. La sua famiglia, un tempo doviziosissima,
aveva attraversato nell’ultimo secolo un periodo disastroso: le
rivoluzioni avevan sottratto gran parte delle antiche ricchezze all’avo
suo Gian Franco, morto gloriosamente in esilio dopo aver sacrificato
ai nuovi ideali democratici anche le tradizioni della sua stirpe,
sposando per amore la figlia d’un martire, povera e di modestissime
origini. Il padre suo Alessandro, superbo e sensuale, forse per
nascondere la sua ruina agli altri e a sè stesso, aveva sperperato in
lusso e in vizii il resto del patrimonio avito e quasi intera la dote della
moglie, un’assai nobile donna che il primo parto aveva condotta
irrimediabilmente al sepolcro. In fine anch’egli, ebete e distrutto,
s’era spento ancor giovine, lasciando nelle strettezze il figliuolo poco
più che trilustre e la vecchia madre sessantenne.
Aurelio rimase così, orfano e quasi miserabile, erede d’una secolare
tradizion di grandezza, in faccia all’avvenire fosco e minaccioso. Il
suo spirito si temprò nella sventura e nell’abbandono. Egli comprese
sùbito che lo studio, solamente lo studio nei tempi nostri avrebbe
potuto renderlo degno del suo nome e capace di riaccendere intorno
a questo una nuova aureola di superiorità e di potenza. Si nudrì
adunque di letture varie e profonde, esercitò il suo ingegno in ogni
campo dello scibile, sviluppò le sue preziose facoltà con le
meditazioni più acute e le ricerche più diligenti. E, sfuggendo ogni
occasione di svago e di riposo, s’appartò in una specie di chiostro
intellettuale dove gli echi del mondo non gli giungevan che affiochiti
come voci sotterranee e irreali.
Fu in una siffatta solitudine che si precisarono a poco a poco le sue
ingenite tendenze di dominatore: gli insegnamenti della filosofia
positiva e sopra tutto quelli della sociologia e dell’economia politica
gli aprirono un vasto orizzonte d’azione e di ridenti possibilità. Eran
le lotte della vita pubblica, che lo chiamavano, che promettevano al
suo sogno d’effettuarsi: per esse non avrebbe mancato, con la sua
intelligenza, la sua coltura e la sua forza morale, di togliersi
dall’oscurità in cui era immeritatamente caduto e divenire una
persona insigne, un condottiere d’uomini inermi, come già qualche
suo avo era stato d’uomini armati.
Uscì a vent’anni, gravido di scienza e d’illusioni, dalla sua biblioteca,
dove omai gli pareva di soffocare, e si gittò tosto perdutamente nella
mischia, tra la folla, alla dolorosa conquista d’una gloria. La sua
ingenua sincerità, la singolarità delle sue idee, lo splendore della sua
dottrina non tardarono ad attirare su lui l’attenzione malevola di tutti
quanti già combattevano nella lizza politica, sciupati dal contagio
popolare, corrotti dall’esperienza, avvelenati da una vanità
insodisfatta o dalle umili esigenze della vita quotidiana. La Rivista di
sociologia, ch’egli aveva fondata con quattro o cinque coetanei
trascinati dal vento del suo entusiasmo, fu accolta da costoro con
l’indifferenza beffarda che schiaccia senza toccare: essi risero
discretamente alle sue spalle, malignarono un poco sul suo gran
nome e su la sua povertà, lo giudicarono uno spirito eccentrico e
malfermo, poi continuarono tranquilli la loro via senza più curarsi di
lui o di quanto egli scrivesse.
Questo primo insuccesso tra le persone più autorevoli della città non
fece che spronare il giovine a proseguir la sua campagna con
maggior pertinacia e con miglior discernimento: abituato in solitudine
a giudicar tutto e tutti indipendentemente dall’opinione comune, egli
si sentì onorato dalla sorda ostilità e dal disdegno, che gli venivan
tributati da gente ambigua, spregevole, senza coltura e senza
convinzioni di sorta. E, più che non mai fiducioso nel suo programma
che sapeva fondato sopra solide affermazioni della scienza e della
filosofia, si diede ben tosto a ricercare altrove il suo pubblico di
seguaci e d’ammiratori.
Era una grande opera di restaurazione sociale ch’egli aveva
meditata e voleva pazientemente iniziare. — Gli statuti, le leggi, le
formule correnti e le teorie preferite nei tempi nostri minacciavano,
secondo lui, il progresso avvenire della Specie, poiché tendevano a
soffocare la lotta per l’esistenza, a rinnegare il principio ereditario, a
distribuire i diritti e i poteri e i beni con criterii astrattamente numerici
in opposizione agli esempii della Natura. Le torbide condizioni della
società contemporanea, abbandonata omai all’arbitrio delle masse,
dipendevano sopra tutto dall’acquiescenza quasi criminosa delle
classi superiori, che avevano piegato il capo sotto la violenza o si
eran morbosamente commosse alle declamazioni e ai sofismi della
democrazia. Rassegnati o apóstati, gli uomini che, affinando il corpo
ed elevando lo spirito con le più aspre discipline, avevan già tenuto
nelle loro mani i destini della razza, erano in atto d’abbandonare
armi e insegne a coloro, che una lunga servitù e una secolare
ignoranza rendevano indegni nonché di governare e di giudicare gli
altri, anzi di godere della stessa loro libertà d’azione e di pensiero.
Occorreva dunque risvegliare dal letargo o dal sogno quei nobili
immemori della loro storia; occorreva chiamare sollecitamente a
raccolta tutti quelli che si erano adattati al presente stato di cose, per
debolezza, per inerzia o per disdegno; occorreva ricostituire una
nuova aristocrazia battagliera con i resti dell’antica e i doviziosi e gli
eletti, per arrestare a forze riunite il cammino della barbarie plebea,
ebra dei successi ottenuti, bramosa di devastazioni e di rapine.
Con un programma così audace e insolente, esposto però con sottile
abilità, senza precipitazione e senza intemperanza di parole, la
Rivista dell’Imberido trovò alfine un pubblico di curiosi e
d’apprezzatori laddove appunto egli desiderava, tra le persone cólte
e facoltose, tra gli uomini di scienza, tra i filosofi, tra gli artisti. La
cerchia dei collaboratori venne man mano allargandosi; la polemica
con gli avversarii, sopra tutto socialisti, s’accese vivace e cortese;
uno scambio elevato d’idee si determinò tra i due campi,
precisandone gli intendimenti, lumeggiandone la profonda
divergenza di principii, preludendo pacificamente alla gran lotta che i
tempi maturano e l’avvenire dovrà decidere in favore degli uni o degli
altri.
Ma il giovine non poteva appagarsi del successo di curiosità ottenuto
dal periodico, né della effimera nomea che gli davano i suoi articoli
succosi e cristallini. Egli voleva lasciare una traccia più notevole e
più duratura di sè; egli voleva organizzare in un libro il complesso
delle idee che spargeva disordinatamente e a seconda delle
occasioni nella Rivista.
Ottimo consiglio gli parve, poiché omai il periodico aveva conquistato
pubblico e fortuna, il ritrarsi dalla lotta viva, per qualche tempo; molto
più che la stagione calda incominciava, e la città era divenuta
intollerabile sotto un sole assiduo che fiaccava forza, volontà e
ingegno. Durante la sua assenza, i compagni senza difficoltà
avrebber potuto continuare l’opera da lui intrapresa, e al bisogno
egli, anche da lontano, li avrebbe sorvegliati e consigliati a dovere.
Dopo aver raccomandato la Rivista alla direzione d’uno de’ suoi più
ardenti collaboratori, il giovine avvocato Zaldini, egli, con un’enorme
cassa di libri e di carte, si ritirò in un piccolo villaggio del Verbano, a
Cerro, dove contava di passare l’estate e l’autunno in un assoluto
isolamento.
Il palazzo, di cui l’Imberido aveva preso a fitto soltanto l’ala sinistra,
era un antico monasterio divenuto più tardi dimora padronale.
Seduto maestosamente a mezzo del villaggio su un rialto erboso,
esso apriva le sue rade finestre e i suoi due rozzi balconi laterali a
una vista superba, di fronte alla massima estensione del lago, che ivi
s’ingolfa profondamente verso la valle del fiume Toce e le creste del
Sempione. Era un’architettura primitiva, quasi immutata dal tempo in
cui i monaci l’avevan costrutta: liscia, densa, disadorna nel suo
esterno, s’alleggeriva e s’aggraziava internamente dove un cortile
recinto da un doppio ordine di portici diceva ancora il gusto e la
possanza degli antichi proprietarii. Le stanze eran tutte a vólta,
semplicissime, ben quadrate, sebbene un po’ tenebrose per la
scarsità e l’angustia delle luci. A pian terreno un pertugio a mo’ di
grotta metteva in comunicazione il cortile col primo spianato d’un
giardino veramente mirabile.
Il palazzo confinava da una parte col letto d’un torrente sempre
gravido d’acque, dove i pallidi armenti scendevano al meriggio per
dissetarsi; dall’altra parte, con la piazza principale del Comune, una
ristretta superficie inclinata verso il lago, cui facevan corona alcuni
abituri addossati l’uno all’altro in disordine e l’umile prospetto della
chiesa parrocchiale. Il villaggio poi era quieto, muto, come
spopolato; un rifugio di pescatori insociabili, che parevan uscire
soltanto a vespro dalle dimore per mettere, su la riva già ottenebrata,
mobili profili neri, simili a fantasmi.
La campanella acuta e stridula squillò un’altra volta, anche più a
lungo nel silenzio. Aurelio, ch’era rimasto immobile al balconcino, gli
sguardi perduti nel vuoto, forse oppresso ancora dai residui della
sonnolenza, si scosse. Quel secondo richiamo era dedicato a lui
che, come d’abitudine, tardava a presentarsi alla mensa; ed egli,
dallo strappo vibrato, disuguale, sebbene un po’ debole, che moveva
la campana, riconobbe esser la nonna medesima che lo sollecitava.
Con un atto neghittoso si passò le mani su gli occhi, quasi si fosse
risvegliato in quel punto, rientrò a passo incerto nella camera già
invasa dall’ombra, raccattò il libro caduto a terra, e poi si risolse non
senza sforzo a discendere per il pranzo.
La mensa era preparata nel mezzo d’una gran sala umida e tetra a
pian terreno, assai più lunga che larga, le cui pareti tra le
scrostature, le livide macchie e le pallide emanazioni del salnitro
mostravan qua e là brani a pena decifrabili di pitture a fresco. Quella
piccola tavola rettangolare, così bianca nella bianca tovaglia su cui
piombavan concentrandosi di sotto al paralume opaco i raggi bronzei
della lampada, pareva fosforescente nella vasta oscurità del luogo.
Aurelio, dopo un breve indugio su la soglia, entrò.
Donna Marta, che stava già seduta al suo posto di fronte all’uscio e
mangiava, alzò il viso dalla scodella fumante per gittargli uno
sguardo gonfio di rimproveri. Era una vecchia donna d’oltre
settant’anni, magra, distrutta, rattrappita, pallida d’un pallor cereo,
quasi orrida nei lineamenti che l’età e l’indole impulsiva avevan
devastati: un gran naso aquilino, cartilaginoso, spiccava in maniera
grottesca nel mezzo della sua faccia; il mento, troppo forte e
sporgente, faceva sì che il labbro di sotto soverchiasse quello di
sopra fin quasi a coprirlo; i capelli grigi e copiosi, inanellati alla foggia
antica, ondeggiavanle a cernecchi intorno alle orecchie e su
l’occipite con una triste caricatura di giovinezza. Eppure ella non era
fastidiosa nè ripugnante a vedersi, specialmente se la si osservava
con un poco d’attenzione e di continuità. In fatti nel lampo degli
occhi, due grandi occhi nerissimi dilatati da una lunga malattia al
cuore, e nel facile sorriso che scopriva la dentatura ancor ricca, e
nella mobilità vertiginosa delle espressioni, donna Marta possedeva
una specie di grazia affascinante che accattivava la simpatia di
chiunque la conoscesse.
— È almeno mezz’ora che t’aspetto! — ella brontolò sordamente,
fissandolo con la faccia scura. — Come sempre, mi son dovuta
risolvere a pranzar sola. Nessuno al mondo, per tua norma, non mi
ha mai fatto aspettar tanto: nè il tuo povero padre, nè il mio povero
marito. Essi però mi rispettavano, mentre tu non hai proprio alcun
riguardo per me!...
Era la solita occhiata minacciosa che lo riceveva quand’egli
compariva in ritardo su quella soglia; eran le solite parole aspre con
le quali s’inaugurava troppo spesso il pasto familiare. Senz’aprir
bocca, con un lieve sorriso benevolente su le labbra, il giovine
sedette a tavola, versò flemmaticamente la sua parte di zuppa nella
scodella e incominciò a mangiare.
Egli aveva fatto l’abitudine a queste brusche accoglienze. Egli d’altra
parte sapeva che l’umore dell’avola non poteva avere stabilità e tra
poco ella medesima si sarebbe dimenticata d’essere in urto con lui.
In quel cervello bizzarro le idee, le imagini, le volizioni si
rincorrevano con una singolare rapidità, senza un nesso
determinato, per un principio di degenerazion nervosa che la
rendeva intollerante di qualunque stato fisso dello spirito. Tacere
adunque, in aspettazione della prossima crise psichica, era ancora il
miglior sistema per vivere in concordia e in armonia con lei.
Un silenzio seguì. Fu donna Marta che parlò prima; e parlò
amabilmente con la sua voce chiara e giovenile dei momenti buoni,
che tanto contrastava con la decrepitezza della sua figura.
— Aurelio, sai dunque la gran novità?
— Che novità? — domandò il giovine, sorridendo.
— Eh, càspita, sono arrivati i nostri vicini, or fa una mezz’ora. È stata
una festa per questo paese! Cerro è tutto in fermento: la spiaggia
d’avanti al palazzo sembra un magazzeno di casse, di cassette, di
bauli, di valige! Tu vedessi: la popolazione vi si è riversata in massa
per assistere allo sbarco, per prender parte all’opera di sgombero
che continua ancora. E il ricevimento degli ospiti fu clamoroso,
addirittura trionfale: ò visto alcune contadine che sventolavano i
fazzoletti, mentre i monelli grandi e piccini gittavano in aria i berretti,
urlando a squarciagola: «Evviva, evviva!» Ti garantisco: una scena
curiosa che mi à divertita più che a teatro!
La vecchia parlava assai forte, alternando le intonazioni basse della
voce con le acute, sottolineando le frasi con certi gesti enfatici che la
mettevan tutta scompostamente in agitazione. A ogni tratto però era
costretta a interrompersi per riprendere il fiato; e lo sforzo era
visibilmente penoso.
— E perché tanto chiasso per alcuni villeggianti che arrivano? —
chiese Aurelio con un’aria d’indifferenza. — Per noi non si è fatto
niente di simile, mi pare.
— Càspita, si capisce! Tutti li conoscono qui in paese: sono ormai
dieci anni che vengono a passar l’estate e l’autunno a Cerro. E poi
l’ingegnere, lo sai, è amministratore di tutte le possessioni che ha nei

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4. The Australian Securities Exchange (ASX):

8. The rate at which the value of an investment grows is called the:

12. A dealer is an agent who:

13. An agent who arranges security transactions among investors is a called a:

14. The current price of a share is based:

16. If shareholders are granted a preemptive right they will be:

21. The price of a stock at year 4 can be expressed as:

40. Ordinary shareholders have all the following rights except:

4. The Australian Securities Exchange (ASX):

5. What is true about a preference share?

8. The rate at which the value of an investment grows is called the:

12. A dealer is an agent who:

13. An agent who arranges security transactions among investors is a called a:

15. The required return:

16. If shareholders are granted a preemptive right they will be:

Author: Enrico Annibale Butti

Release date: November 6, 2023 [eBook #72053]

Original publication: Milano: Treves, 1897

Credits: Barbara Magni and the Online Distributed Proofreading

*** START OF THE PROJECT GUTENBERG EBOOK

Le idee politiche e sociali, attribuite al protagonista di questo

Una campanella acuta e stridula singhiozzò ostinatamente nel

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