答案和详解如下： 1.All of the following are examples of commodity-linked equities EXCEPT: A) a gold mining company. B) a supermarket operating company. C) an oil and gas exploration company. D) a timber company. The correct answer was B) The stocks of a gold mining company, an oil and gas exploration company, and a timber company are highly correlated with commodities prices, because their values are closely linked to the price of the commodities they produce. A supermarket chain will be more diversified, and many other factors will contribute to the value of the company. 2.Commodity-linked securities may be appropriate for investors: A) desiring direct investments in commodity derivatives. B) seeking speculative profits in the commodities market. C) seeking investments that are negatively correlated with inflation. D) prohibited from owning physical assets. The correct answer was D) Commodity-linked securities are not derivatives, though their performance is linked to some commodity price. Speculative profits could best be achieved through direct investing in the commodities market or related derivatives. Commodity-linked securities are positively correlated with inflation. Commodity-linked securities are an appropriate investment for those who are prohibited from directly owning real assets such as commodities, but wish to participate in the market. 3.A portfolio manager takes a long position in commodities futures for a set amount of underlying value, and then simultaneously invests the same amount in government securities. This strategy is called a: A) collateralized futures position. B) margin position. C) total-return strategy. D) managed futures fund. The correct answer was A) A margin position in the commodities market involves buying or selling commodities futures by posing margin. The term “total-return strategy” could apply to any number of investment strategies that seek income plus capital appreciation. A managed futures fund takes positions in exchange-traded commodities and financials. A collateralized futures position involves the simultaneous investment in futures and in government securities with a value equal to that of the futures position. The investor realizes a return equal to the change in price of the futures plus the return on the government securities. 4.In periods of rising inflation, commodities can act as a hedge to a portfolio of stocks and bonds because the: A) commodities can provide current income to offset any price decreases in the stocks and bonds. B) decreases in price of the commodities will be typically be compensated by the increase in value of the stock and bond portfolio. C) commodities will not be affected by a rise in inflation. D) commodities will typically appreciate in price while the prices of the stocks and bonds may decline. The correct answer was D) In a period of rising inflation, the prices of commodities tend to go up, while the prices of stocks and bonds often tend to go down. Thus, the commodities position will act as an inflation hedge for the stock and bond portfolio. | 
发表于 2008-4-4 15:00
|