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标题: Reading 73: Alternative Investments - LOSk~Q1-2 [打印本页]

作者: yanghon 时间: 2009-2-28 17:50 标题: [2009]Session 18 - Reading 73: Alternative Investments - LOSk~Q1-2

LOS k: Discuss the leverage and unique risks of hedge funds.

Q1. In periods of high volatility, hedge funds may encounter broker-dealers that adopt policies of extremely conservative marking-to-market of fund assets. This is called:

A) pricing risk.

B) counterparty risk.

C) settlement risk.

Q2. Which of the following strategies is least likely to be used by a hedge fund to increase leverage?

A) Borrowing external funds.

B) Margin borrowing.

C) Pursuing arbitrage opportunities.

作者: yanghon 时间: 2009-2-28 17:50 标题: [2009]Session 18 - Reading 73: Alternative Investments - LOSk~Q1-2

LOS k: Discuss the leverage and unique risks of hedge funds. fficeffice" />

Q1. In periods of high volatility, hedge funds may encounter broker-dealers that adopt policies of extremely conservative marking-to-market of fund assets. This is called:

A) pricing risk.

B) counterparty risk.

C) settlement risk.

Correct answer is A)

Counterparty risk is the exposure to the creditworthiness of the broker-dealers that hedge funds transact with. Settlement risk describes the risk that a counterparty, such as a broker-dealer, fails to deliver a security as agreed. Pricing risk occurs when broker-dealers, in order to protect themselves, adopt extremely conservative pricing policies, which in turn requires hedge funds to post a greater margin

Q2. Which of the following strategies is least likely to be used by a hedge fund to increase leverage?

A) Borrowing external funds.

B) Margin borrowing.

C) Pursuing arbitrage opportunities.

Correct answer is C)

Borrowing through a margin account and borrowing external funds are methods commonly used by hedge funds to increase leverage. Hedge funds are generally allowed to pursue arbitrage opportunities, which may or may not increase leverage.

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