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发表于 2008-9-17 16:06 | 只看该作者

Reading 41: Execution of Portfolio Decisions－LOS e

quality, criteria, market

CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 14: Execution of Portfolio Decisions
Reading 41: Execution of Portfolio Decisions
LOS e: Explain the criteria of market quality and evaluate the quality of a market when given a description of its characteristics.

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tycoon

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2#
发表于 2008-9-17 16:06 | 只看该作者

Which of the following is NOT a relevant measure of market quality?

A)Liquidity.
B)Transparency.
C)Assurity of completion.
D)
Market prevalence.

Answer and Explanation

A security market should be judged on the basis of its liquidity, transparency, and assurity of completion.

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tycoon

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3#
发表于 2008-9-17 16:07 | 只看该作者

Which of the following is NOT a characteristic of a liquid market?

A)An abundance of traders.
B)
Homogenous traders.
C)Convenience.
D)Integrity.

Answer and Explanation

The factors contributing to liquidity are an abundance and diversity of traders, convenience, and integrity. Homogenous traders are not diverse.

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tycoon

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4#
发表于 2008-9-17 16:07 | 只看该作者

Market A has average bid and ask sizes of 400 shares. Market B has average bid and ask sizes of 600 shares. Market C has average effective spreads of $0.034. Market D has average effective spreads of $0.039. Comparing A to B and C to D, which markets are of the highest quality?

A)
B and C.
B)B and D.
C)A and C.
D)A and D.

Answer and Explanation

Lower quoted and effective spreads as well as higher bid and ask sizes indicate greater liquidity and greater market quality.

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