标题: Reading 41: Execution of Portfolio Decisions－LOS e [打印本页]
作者: tycoon 时间: 2008-9-17 16:06 标题: [2008] Session 14－Reading 41: Execution of Portfolio Decisions－LOS e
CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 14: Execution of Portfolio Decisions
Reading 41: Execution of Portfolio Decisions
LOS e: Explain the criteria of market quality and evaluate the quality of a market when given a description of its characteristics.
作者: tycoon 时间: 2008-9-17 16:06
Which of the following is NOT a relevant measure of market quality?
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| C) | Assurity of completion. |
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Answer and Explanation
A security market should be judged on the basis of its liquidity, transparency, and assurity of completion.
作者: tycoon 时间: 2008-9-17 16:07
Which of the following is NOT a characteristic of a liquid market?
| A) | An abundance of traders. |
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Answer and Explanation
The factors contributing to liquidity are an abundance and diversity of traders, convenience, and integrity. Homogenous traders are not diverse.
作者: tycoon 时间: 2008-9-17 16:07
Market A has average bid and ask sizes of 400 shares. Market B has average bid and ask sizes of 600 shares. Market C has average effective spreads of $0.034. Market D has average effective spreads of $0.039. Comparing A to B and C to D, which markets are of the highest quality?
Answer and Explanation
Lower quoted and effective spreads as well as higher bid and ask sizes indicate greater liquidity and greater market quality.
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