单选题 Which of the following would be assessed first in a top-down valuation approach?
A. Fiscal policy.
B. Industry return on equity (ROE).
C. Company return on equity (ROE).

【正确答案】 A

【答案解析】In the top-down valuation approach, the investor should analyze macroeconomic influences first, then industry influences, and then company influences. Fiscal policy, as part of the macroeconomic landscape, should be analyzed first.