2008 CFA Level 1 － Sample 样题(3)－Q49 class, spa, following, stocks

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49、A price-weighted series is composed of the following three stocks:

Stock     Number of Shares Outstanding  Price

A    1,000,000     $10

B     5,000,000     $20

C    6,000,000     $60

If stock C completes a two-for-one stock split, the value of the index after the split will be closest to:

A. 20.

B. 30.

C. 97.

D. 157.

     

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答案和详解如下：

49、Correct answer is B

"Security-Market Indexes," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 42-44

Study Session 13-53-a

compare and contrast the characteristics of, and discuss the source and direction of bias exhibited by, each of the three predominant weighting schemes used in constructing stock market indexes, and compute a price-weighted, value-weighted, and unweighted index series for three stocks

The value is the same both before and after the split. The divisor is adjusted to make the value constant. Before the split: 10 + 20 + 60 = 90 / 3 = 30. After the split: 10 + 20 + 30 = 60 / X = 30. New divisor = 2.

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