标题: Reading 53: Security-Market Indices LOS b习题精选 [打印本页]
作者: honeycfa 时间: 2010-4-22 11:20 标题: [2010]Session 13-Reading 53: Security-Market Indices LOS b习题精选
LOS b: Compare and contrast major structural features of domestic and global stock indices, bond indices, and composite stock-bond indices.
Which of the following indexes is a price weighted index?
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A) |
The New York Stock Exchange Index. | |
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C) |
The Standard and Poor's Index. | |
The Nikkei Dow Index is a price-weighted index. The other two are market value-weighted indexes.
作者: honeycfa 时间: 2010-4-22 11:21
With regard to stock market indexes, it is least likely that:
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A) |
a value-weighted index must be adjusted for stock splits but not for dividends. | |
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B) |
the use of price weighting versus market value weighting produces a downward bias on the index. | |
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C) |
buying 100 shares of each stock in a price-weighted index will result in a portfolio that tracks the index quite well. | |
A price-weighted index needs to be adjusted for stock splits, but a value-weighted index does not. Neither type of index considers dividend income.
Price weighting produces a downward bias compared to market weighting because firms that split their stocks (which tend to be the more successful firms) decrease in weight within a price-weighted index. The returns on a price-weighted index can be matched by purchasing a portfolio with an equal number of shares of each stock in the index.
作者: honeycfa 时间: 2010-4-22 11:21
Which of the following statements about bond and stock market indexes is least accurate?
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A) |
When a company splits its stock, it loses weight in a price-weighted index. | |
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B) |
Bond market indexes have been in existence virtually as long as the major stock indexes such as the Dow Jones Industrial Average (DJIA). | |
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C) |
A small number of very large firms can dominate a value-weighted index. | |
Bond market indexes are relatively new.
作者: honeycfa 时间: 2010-4-22 11:21
Which of the following sets of indexes are price-weighted?
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A) |
Dow Jones World Stock Index and Russell Index. | |
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B) |
S& 500 Index and Dow Jones Industrial Average. | |
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C) |
Dow Jones Industrial Average and Nikkei Dow Jones Stock Market Average. | |
The Dow Jones World Stock Index, the Russell Index, the S& 500 Index, and Morgan Stanley Capital International Index are all market-value weighted. Only the Dow Jones Industrial Average and the Nikkei Dow Jones Stock Market Averages are price-weighted.
作者: honeycfa 时间: 2010-4-22 11:21
Which of the following regarding bond market indexes is least accurate?
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A) |
Unlike stocks, bonds lack continuous price trading data. | |
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B) |
The bond universe is more stable than the stock universe. | |
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C) |
There are more bond issues than stocks. | |
One reason why the creation of a bond index is more difficult than a stock index is due to the fact that the universe of bonds is constantly changing because of numerous new issues, bond maturities, calls, and bond sinking funds.
作者: honeycfa 时间: 2010-4-22 11:22
Which of the following is NOT a reason bond market indexes are more difficult to create than stock market indexes?
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A) |
The universe of bonds is much broader than that of stocks. | |
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B) |
Bond deviations tend to be relatively constant. | |
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C) |
There is a lack of continuous trade data available for bonds. | |
Bond prices are quite volatile as measured by the bond’s duration.
作者: honeycfa 时间: 2010-4-22 11:22
What are the three basic categories of bond indexes?
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A) |
Secured; unsecured; subordinated offerings. | |
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B) |
Corporate; government; municipal. | |
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C) |
Investment grade; high yield; global. | |
The three categories include investment grade, high-yield (weaker than investment grade) and global.
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