CFA Level 1 －模考试题(1)(AM) Q76-80

日记

Question 76

Which of the following practices is most likely to be permitted by a strong corporate code of ethics?

A) Board members that simultaneously serve on the board of more than one firm.

B) Paying finders fees for merger or acquisition targets to relatives of board members.

C) The personal use of company assets by board members.

D) Awarding consultancy contracts to board members.

Question 77

Returns on firms’ investments in short-term securities are best stated as which of the following types of yields?

A) Discount-basis yields.

B) Money market yields.

C) Discount-basis yields × (365/360).

D) Bond equivalent yields.

Question 78

A country risk premium must be added to the CAPM when estimating the cost of equity in a developing country. Which of the following is least likely to be useful to U.S. investors when computing a developing country risk premium?

A) The annualized standard deviation of the S& 500 Index.

B) The 10-year government bond yield for the developing country.

C) The U.S. Treasury bond yield.

D) The annualized standard deviation of the U.S. dollar return on sovereign bonds.

Question 79

The following information is available for the stock of Park Street Holdings:

The price today (P₀) equals $45.00.
The expected price in one year (P₁) is $55.00.
The stock's beta is 2.31.
The firm typically pays no dividend.
The 3-month Treasury bill is yielding 4.25%.
The historical average S& 500 return is 12.5%.

Park Street Holdings stock is:

A) undervalued by 1.1%.

B) overvalued by 1.1%.

C) overvalued by 3.7%.

D) undervalued by 3.7%.

Question 80

Which of the following statements about portfolio management is most accurate?

A) The order of the four step investment process is: analyze current financial and economic conditions, specify goals and constraints, allocate assets across asset classes, and monitor and rebalance the portfolio as needed.

B) An investor's portfolio should contain a sizable portion of equities to preserve capital over the long term.

C) Investment constraints include liquidity, time horizon, taxes, legal and regulatory concerns, and unique characteristics such as concern for social issues.

D) Investment performance should be judged based on the raw portfolio return minus fees.

[此贴子已经被作者于2008-11-7 17:40:27编辑过]