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周教授CFA金融课程:2021年CFA一二三级系列课程

Reading 52: Organization and Functioning of Securities Ma

Q1. A primary market transaction involves:

A)   the direct trading of securities between institutional investors.

B)   the sale of new securities to investors.

C)   primarily preferred stocks.

Q2. Which of the following statements about bonds, indexes, markets, and market efficiency is least accurate?

A)   The bulk of all bond trading takes place on organized exchanges.

B)   A price-weighted index assumes the investor holds an equal number of shares of the stocks in the index.

C)   Tests of market efficiency find that stock exchange specialists derive above-average returns.

Q3. Which of the following statements about securities markets is least accurate?

A)   A market that features low transactions costs is said to have internal efficiency.

B)   In a continuous market, a security can trade any time the market is open.

C)   Initial public offerings (IPOs) are sold in the secondary market.

Q4. Which of the following is least likely a service provided by an underwriter in the primary market?

A)   Diversification.

B)   Origination.

C)   Risk Bearing.

Q5. Which of the following statements regarding primary and secondary markets is least accurate?

A)   Secondary market transactions occur between two investors and do not involve the firm that originally issued the security.

B)   Prevailing market prices are determined by primary market transactions and are used in pricing new issues.

C)   New issues of government securities can be sold on the primary market.

Q6. Which of the following statements about primary and secondary markets is least accurate?

A)   The proceeds from a sale in the secondary market go to the issuer.

B)   A primary market is a market in which new securities are sold.

C)   The primary market benefits from the liquidity provided by the secondary market.

答案和详解如下:

Q1. A primary market transaction involves:

A)   the direct trading of securities between institutional investors.

B)   the sale of new securities to investors.

C)   primarily preferred stocks.

Correct answer is B)

A primary market is a market for new issues of securities.

Q2. Which of the following statements about bonds, indexes, markets, and market efficiency is least accurate?

A)   The bulk of all bond trading takes place on organized exchanges.

B)   A price-weighted index assumes the investor holds an equal number of shares of the stocks in the index.

C)   Tests of market efficiency find that stock exchange specialists derive above-average returns.

Correct answer is A)

The bulk of all bond trading takes place in the over-the-counter bond markets.

Q3. Which of the following statements about securities markets is least accurate?

A)   A market that features low transactions costs is said to have internal efficiency.

B)   In a continuous market, a security can trade any time the market is open.

C)   Initial public offerings (IPOs) are sold in the secondary market.

Correct answer is C)

IPOs are sold in the primary market.

Q4. Which of the following is least likely a service provided by an underwriter in the primary market?

A)   Diversification.

B)   Origination.

C)   Risk Bearing.

Correct answer isA)

The underwriter provides the following services to the issuer:

§   Origination, which involves the design, planning, and registration of the issue.

§   Risk bearing, which means the underwriter guarantees the price by purchasing the securities.

§   Distribution, which is the sale of the issue.

Q5. Which of the following statements regarding primary and secondary markets is least accurate?

A)   Secondary market transactions occur between two investors and do not involve the firm that originally issued the security.

B)   Prevailing market prices are determined by primary market transactions and are used in pricing new issues.

C)   New issues of government securities can be sold on the primary market.

Correct answer is B)

Prevailing market prices are determined by the transactions that take place on the secondary market. This information is used to determine the price of new issues sold on primary markets.

Q6. Which of the following statements about primary and secondary markets is least accurate?

A)   The proceeds from a sale in the secondary market go to the issuer.

B)   A primary market is a market in which new securities are sold.

C)   The primary market benefits from the liquidity provided by the secondary market.

Correct answer is A)

Proceeds in a primary market go to the issuing firm. Proceeds from a sale in the secondary market go to the current owner who is selling the securities.

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上一主题:Reading 56: An Introduction to Security Valuation- LOS c(
下一主题:Reading 60: Equity Valuation: Concepts and Basic Tools-LOS h