单选题Using the following sample results drawn as 25 paired observations fTom their underlying distribution s, test whether the m ean retu rns of the two porteolios differ from each other at the 1% level of statistical significance. Assume th e underlying distributions of returns for each portfolio are normal and that their population variances are not known.
Based on the paired comparisons test of the two portfolios, the most appropriate conclusion is that HL should be:
单选题An increase in a firm's stock price will, all else equal, cause the price to cash flow (P/CF) ratio to: A. decrease. B. remain the same. C. increase.
单选题Which of the following is not an effect of restrictive monetary
policy?
A. higher real interest rates.
B. lower real output.
C. higher employment.
单选题Selected data from Douglas Company"s balance sheet at the end of the year follows:
Investment in Corrision Company, at fair value
Deferred taxes
Common stock, $1 par value
Preferred stock, $100 par value
Retained earnings
Accumulated other comprehensive income
$150000
$86000
$550000
$175000
$893000
$46000
The investment in Corrision Company had an original cost of $120000. Assuming the investment in Corrision is classified as available-for-sale, Douglas Company"s total owners" equity at year-end is closest to:
单选题Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers' differing demand elasticities? A. The monopolist shares the total surplus with consumers. B. The price for marginal unit is less than the price for other units. C. The output increases to the point at which price equals the marginal cost.
单选题In general, which of the following institutions will most likely have a high need for liquidity and a short investment time horizon?
单选题If the tax base of an asset exceeds the asset"s carrying value and a reversal is expected in the future:
单选题The eight major provisions of Global Investment Performance Standards
(GIPS) include all of the following except:
A. Input data, Calculation Methodology, and Real Estate.
B. Fundamentals of Compliance, Composite Construction, and Disclosure.
C. Calculation Methodology, Composite Construction, and Alternative
Estate.
单选题Which of the following statement is least likely a violation of
Standard Ⅵ (B), Priority of Transactions?
A. An analyst trades for her own account before her firm announces a change
in a recommendation.
B. An analyst trades for her daughter's trust account, which is not a firm
account, on the day after her firm changes recommendation.
C. An analyst takes a position for her own outside account in a stock one
week after she published a buy recommendation for the stock.
单选题The best description of the measure of cash flow to use when estimating the total value of a firm is:
单选题Which of the following statements regarding a futures trade of a deliverable contract is FALSE? A. The long is obligated to purchase the asset. B. The short is obligated to deliver the asset. C. Equilibrium futures price is known only at the end of the trading day.
单选题An analyst does research about price-to-earnings ratio and gathers the following information about a company: Current stock price $75.00 One-year price target $85.00 Most recent four quarters earnings per share $5.50 Expected next four quarters earnings per share $6.50 The trailing price-to-earnings ratio for this stock is close.st to: A. 11.5 B. 13.6 C. 15.5
单选题Baetica Company reported the following selected financial statement data for the year ended December 31, 20×7 :
单选题Lynn Hampton, CFA, is a well-respected private wealth manager in her community with a diversified client base. The local government decides to construct a large factory manufacturing chemical raw materials near her community, which results in a demonstration protesting the decision. She is arrested and convinced of her conduct, and immediately released. After she pays a fine, she returns to work. She is most likely violated the Professional Conduct Standards? A. No. B. Yes, relating to misconduct. C. Yes, relating to knowledge of the law.
单选题An analyst has calculated the following ratios for a firm: Sales/Total Assets: 2.8 Net Profit Margin (%): 4 Return on Total Assets (%): 11.2 Total Asset/Equity: 1.6 The return on equity for this firm would be closest to: A. 4.48%. B. 6.40%. C. 17.92%.
单选题An analyst identifies the following cash flows for an average-risk project: Year 0 - $ 5000 Years 1-2 $ 1900 Year 3 $ 2500 Year 4 $ 2000 The project's discounted payback period if the company's cost of capital is 12% , and internal rate of return of the project, are closest to: Discounted payback period IRR A. 3.0 years 13.3%
B. 3.0 years 23.2%
C. 3.9 years 13.3%
单选题Consider a $1 million FRA with a contract rate of 4% on 90-day LIBOR. If 90-day LIBOR is 5% at settlement, the long will:
单选题Party A enters into a plain vanilla 1-year interest rate swap agreement with Bank B in which he will make fixed-rate payments in exchange for receiving floating-rate payments based on LIBOR plus 100 basis points. Assume that payments are made quarterly in arrears based on a 360-day year. The fixed rate on the swap is 6.5 percent. The current interest rates on 90, 180, 270, and 360-day LIBOR are 5.2 percent, 5.5 percent, 5.8 percent, and 6.0 percent, respectively. If the notional principal is $100 million, what will Party A's net cash flow at the end of the first quarter equal?
单选题The stock of GBK Corporation has a beta of 0.65
单选题Christy Pasley, CFA, is the Chief Investment Officer for Risen Investment Funds (RIF) a mutual fund organization