问题
单项选择题
All else equal, a firm will have a higher Price-to-Earnings (P/E) multiple if:（）
A. retention ratio is higher.
B. risk-free rate is higher.
C. the stock's beta is lower
答案
参考答案：C
解析：
To increase P/E ratio, lower the retention ratio, lower k or increase g. A lower beta would lead to a lower stock risk premium and a lower k.
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