单选题For a company that prepares its financial statements under International Financial Reporting Standards (IFRS), for which of the following assets is it most likelythat the company could report using the fair value model?

单选题The refunding provision found in nonrefundable bonds allows bonds to be retired unless: A. the funds come from the sale of new common stock. B. the funds come from a lower cost bond issue. C. market interest rates have increased substantially.

单选题Pamela Gee is a portfolio manager. She is planning to establish her own money management firm. She has already informed her employer, Branford, Inc., about her plans. In her remaining time at Branford, she can（ ）

单选题Which of the following statements about the constant growth dividend discount model (DDM) in its application to investment analysis is FALSE? The model: A. is best applied to young, rapidly growing firms. B. can't be applied when g > K. C. can't handle firms with variable dividend growth.

单选题All of the following are part of the portfolio-management process EXCEPT: A. limiting the portfolio's tax liability. B. allocating assets for the portfolio and rebalancing the portfolio. C. identifying the investor's goals and constraints.

单选题UsethefollowingvaluesfromStudentst-distributiontoestablisha95%confidenceintervalforthepopulationmeangivenasamplesizeof10,asamplemeanof6.25,andasamplestandarddeviationof12.Assumethatthepopulationfromwhichthesampleisdrawnisnormallydistributedandthepopulationvarianceisnotknown.Degreesoffreedomp=0.10p=0.05p=0.025p=0.0191.3831.8332.2622.821101.3721.8122.2282.764111.3631.7962.2012.718The95%confidenceintervalisclosestto:

单选题Cameron Inc. has $10 million of bonds outstanding that are convertible into common shares. The current price per share is $ 44 and the stated conversion price is $ 49 per share. Cameron also has exchangeable bonds issued for $ 20 million that are to be exchanged for shares of Adam Inc. worth $ 20 million (therefore no gain or loss is realized on the exchange). Based solely on the facts provided above, what effect should the convertible bonds and exchangeable bonds have on an analyst' s assessment of Cameron' s fundamental debt to total capital ratio? Convertible Bonds Exchangeable Bonds ①A. Increase Decrease ②B. No effect Decrease ③C. No effect No effect

单选题Fundamental analysis studies indicate that: A. the bottom up approach to analysis will not yield superior results if the analysis only looks at past and current information. B. the top down approach to analysis will not yield superior results if the analysis only looks at past and current information. C. the top down approach to analysis will not yield superior results if the analysis looks at past, current and future information.

单选题The effect of a price ceiling set above the equilibrium price is most accurately described by which of the following statements? A. It will have no effect on equilibrium price and quantity. B. It will affect equilibrium price, but not equilibrium quantity. C. Quantity demanded will exceed quantity supplied.

单选题The policy tool the Federal Reserve uses most often is:

单选题Ananalysthasestablishedthefollowingpriorprobabilitiesregardingacompanysnextquartersearningspershare(EPS)exceeding,equaling,orbeingbelowtheconsensusestimate.PriorprobabilitiesEPSexceedconsensus25%EPSequalconsensus55%EPSarelessthanconsensus20%Severaldaysbeforereleasingitsearningsstatement,thecompanyannouncesacutinitsdividend.Giventhisinformation,theanalystreviseshisopinionregardingthelikelihoodthatthecompanywillhaveEPSbelowtheconsensusestimate.HeestimatesthelikelihoodsthecompanywillcutthedividendgiventhatEPSexceed/meet/fallbelowconsensusasreportedbelow.ProbabilitiesthecompanycutsdividendsconditionalonEPSexceeding/equaling/fallingbelowconsensusP(Cutdiv|EPSexceed)5%P(Cutdiv|EPSequal)10%P(Cutdiv|EPSbelow)85%Bayesformula:UpdatedprobabilityofeventgiventhenewinformationUsingBayesformula(givenabove),theupdated(posterior)probabilitythatthecompanysEPSarebelowtheconsensusisclosestto:

单选题The following data pertains to an investor's stock: The stock will pay no dividends for two years. The dividend three years from now is expected to be $1. Dividends are expected to grow at a 7% rate from that point onward. If the investor requires a 17 percent return on their investments, how much will the investor be willing to pay for this stock now? A. $6.24. B. $7.31. C. $8.26.

单选题Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources: A. Price controls B. Taxes and trade restrictions C. Perfect competition

单选题Mary Kim, CFA, practices in the established country of Oldasia as well as in the emerging country of Newasia. By regulation, Oldasia prohibits licensed investment advisors from trading in securities ahead of their clients. Newasia has no laws or regulations in this area. Mary Kim may: A. trade ahead of her clients in Newasia only. B. trade simultaneously with her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this. C. not trade ahead of her clients in either country.

单选题Shawn Crane, CFA, is the Chief Information Officer (CIO) for Blind Trust (BT). Dunder recently assigned one of his portfolio managers, Doug Spader, to manage several accounts that primarily invest in thinly traded micro-cap stocks. Crane soon notices that Spader places many stock trades for these accounts on the last day of the month, towards the market's close. Crane finds this trading activity unusual and speaks to Spader, who explains that the trading activity was completed at the client's request. Crane does not investigate further. Six months later regulatory authorities sanction BT for manipulating micro-cap stock prices at month-end in order to boost account values. According to the Standards of Practice Handbook, did Crane violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he failed to reasonably supervise Spader. C. Yes, because he did not report his findings to regulatory authorities.

单选题An investor gathers the following information about three U. S. Treasury annual coupon bonds: Bond 1 Bond 2 Bond 3 Maturity 2 - year 1 - year 2 - year Price $10000 $476.19 $9500 Coupon 5% 0% 0% Par Value $10000 $500 $10500 Misvaluation $o $o 9 If bond price converge to their arbitrage-free value, what should happen to the price of Bond 3? A. Selling pressure should decrease its value. B. Buying pressure should increase its value. C. Selling pressure should increase its value.

单选题Which of the following is least accurate? An interest rate collar is: A. a combination of a long cap and a short floor. B. a combination of a short cap and a long floor. C. a combination of a long cap and a long floor.

单选题A stock has a beta of 0.9 and an estimated return of 10%. The risk-free rate is 7%, and the expected return on the market is 11%. According to the CAPM, this stock: A. is overvalued. B. is undervalued. C. is properly valued.

单选题If left open until expiration, the type of futures contract that is most likely settled in cash is

单选题A U.S. institutional money manager prefers to invest in depository instruments of non-domestic equity securities that are privately placed in the U.S. and not subject to the foreign ownership and capital flow restrictions. The type of security that is most appropriate for this investor is: