答案和详解如下： Answer 116 The correct answer was D) The June $55.00 call is an in-the-money option. The June $55.00 call option is out-of-the money. It gives the purchaser the right to buy Printer, Inc. for $55.00 when they would only have to pay $50.00 in the market. This question tested from Session 17, Reading 73, LOS a, (Part 1)
Answer 117 The correct answer was D) NOI = $850,000 – ($850,000 x 0.035) – $35,000 – $40,000 – $25,000 – $75,000 = $645,250. This question tested from Session 18, Reading 76, LOS f, (Part 1)
Answer 118 The correct answer was D) Buy index futures contracts with $30 million in underlying value and buy Treasury securities with a market value of $30 million. A collateralized commodity futures position is established by going long a futures contract and collateralizing this position by buying Treasury securities with a market value equal to the futures contract value. This question tested from Session 18, Reading 76, LOS r
Answer 119 The correct answer was C) counterparty credit risk, liquidity risk, and potential for mispricing. Hedge funds face a number of unique risks, including liquidity risk, potential mispricing, counterparty credit risk, settlement errors, forced covering of short positions, and margin calls. Hedge fund returns actually have exhibited a lower standard deviation than traditional equity investments. This question tested from Session 18, Reading 76, LOS k
Answer 120 The correct answer was B) Buy steel futures. In times of recession, commodity prices tend to decline by a larger percentage than finished goods prices. Buying steel futures will only magnify the funds’ expected losses. However, selling steel futures may provide a partial hedge. Buying utility stocks can diversify the fund’s risk exposure as utilities are less cyclical and should be less affected by the recession. Buying put options can hedge the fund’s exposure to the auto industry because a decline in the prices of auto stocks will increase the value of the put options. This question tested from Session 18, Reading 76, LOS p | 
发表于 2008-11-12 21:47
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