答案和详解如下： 1.Which of the following is generally the first general step in the portfolio management process? A) Specify capital market expectations. B) Develop an investment strategy. C) Write a policy statement. D) Specify strategic asset allocations. The correct answer was C) The policy statement is the foundation of the entire portfolio management process. Here, both risk and return are integrated to determine the investor’s goals and constraints.
2.Which of the following is NOT one of the four general steps in the portfolio management process?
A) Specifying strategic asset allocations. B) Implementing the plan. C) Monitoring and updating the investor’s needs and market conditions. D) Developing an investment strategy. The correct answer was A) Specifying strategic asset allocations is a specific step contained within the third step, implementing the plan.
3.Which of the following statements about the steps in the portfolio management process is FALSE?
A) Developing an investment strategy is based on an analysis of historical performance in financial markets and economic conditions. B) Rebalancing the investor’s portfolio is done on an as-needed basis, and should be reviewed on a regular schedule. C) Implementing the plan is based on an analysis of the current and future forecast of financial and economic conditions. D) Writing a policy statement involves determining the risks that an investor is willing to bear in order to achieve his/her investment goals. The correct answer was A) Developing an investment strategy is based primarily on an analysis of the current and future financial market and economic conditions. Historical analysis serves to help develop an expectation for future conditions.
4.All of the following are part of the portfolio-management process EXCEPT:
A) limiting the portfolio’s tax liability. B) rebalancing the portfolio. C) allocating assets for the portfolio. D) identifying the investor’s goals and constraints. The correct answer was Limiting the tax liability may be a wise move depending on an investor’s circumstances, but it should not be the primary objective of the portfolio management process. Satisfying the investor’s risk, return, liquidity, and other constraints are primary objectives. Addressing the tax liability should be addressed after the primary objectives have been satisfied. Rebalancing the portfolio is part of the “monitor and update” step. Allocating assets is part of the “implement the plan” step. Identifying goals and restraints is part of the “write a policy statement” step. 5.Which of the following concerning the steps in the portfolio management process is least accurate?
A) Investment strategy Short-term and intermediate term market expectations
Construct a strategy based on the policy statement B) Implementation Current and future market conditions Identify risk tolerance C) Monitoring Feedback loop Update investor’s needs D) Policy statement Investor’s short-term and long-term objectives Specify investor’s goals and constraints The correct answer was B) The implementation process focuses on putting the plan that has been devised to work. The portfolio is constructed and assets are allocated based on the investment strategy and market forecasts. The identification of the risk tolerance should be accomplished during the development of the investor’s policy statement, which should occur prior to the implementation of the investment plan. | 
发表于 2008-4-7 14:23
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