单选题Which of the following efficient markets studies suggests that securities markets are semistrong-form efficient?
单选题Which of the following most accurately describes elasticity of supply?
Elasticity of supply is the percentage change in the quantity supplied divided
by the percentage change in:
A. price and it equals zero when supply is perfectly elastic.
B. price and it equals zero when supply is perfectly inelastic.
C. quantity demanded and it equals infinity when supply is perfectly
inelastic.
单选题Which of the following is TRUE about a bond with a deferred call provision? A. It could be called at any time during the initial call period, but not later. B. It could not be called right after the date of issue. C. Principal repayment can be deferred until it reaches maturity.
单选题Isabella Travelli, CFA, is a research analyst for Worldwide
Investments in Rome, Italy. Travelli was contacted by Seaside Partners of Milan,
Italy, a regional brokerage firm, about doing research on companies in the
beverage industry on a contract basis. Travelli may only do the contract work:
A. after receiving consent from both Worldwide and Seaside.
B. if Worldwide has no clients in the same geographic area as Seaside.
C. if Worldwide does not follow the beverage industry.
单选题A probability function: A. only applies to continuous distributions. B. specifies the probability that the random variable takes on a specific value. C. is often referred to as the "cdf. "
单选题In a discussion about the factors that determine a firm's demand for labor, Kathleen Jorgensen asserts the following: Statement 1: A firm's marginal revenue curve is equivalent to its short-run labor demand curve. Statement 2: A decrease in the equilibrium market price of a firm's product will increase the firm's demand for labor because the firm will sell more units of the product. Are Jorgensen's statements correct? Statement 1 Statement 2 ①A. Correct Correct ②B. Correct Incorrect ③C. Incorrect Incorrect
单选题The "fraud triangle" consist of: A. incentive or pressure, opportunity, and attitudes or rationalization. B. ineffective management, unstable organizational structure, and deficient internal controls. C. inappropriate ethical standards, violations of laws or regulations, and failing to correct known reportable conditions.
单选题Assume thirty percent of the CFA candidates have a degree in
economics. A random sample of three CFA candidates is selected. What is the
probability that none of them has a degree in economics?
A. 0.343.
B. 0.900.
C. 0.027.
单选题The correct set of cash flow treatments as they relate to interest and dividends received according to U. S. generally accepted accounting principles (GAAP) and International Accounting Standards (IAS) GAAP is : U.S. GAAP IAS GAAP ①A. CFI CFO ②B. CFO CFI ③C. CFO CFI or CFO
单选题Anticipating the effects of monetary policy:
A. makes monetary policy more effective as an instrument of stabilization
policy.
B. increases the resulting change in real output and employment.
C. can result in real and nominal interest rates moving in opposite
directions.
单选题A mortgage-backed security has been divided into three classes or tranches as follows: Tranche Ⅰ receives net interest and all the principal payments until it is completely paid off. Tranche Ⅱ receives its share of net interest and starts receiving all the principal repayments after Tranche Ⅰ has been completely paid off. Prior to that, it only receives interest payments. Tranche Ⅲ receives monthly net interest and starts receiving all principal repayments after Tranches Ⅰ and Ⅱ have been completely paid off. Prior to that, it only receives interest payments. For a relatively small decline in mortgage interest rates, which of the tranches has the least amount of prepayment risk?
单选题Kira Sigard, CFA and an attorney with an investment banking firm, structures a client's bond issue to include a "poison put". This is a provision that requires the issuer to redeem the bond at par in the case of a corporate takeover, a merger, or anti-takeover measure that would dissipate significant corporate assets. An investor who purchases this bond is protected from what type of risk?
单选题With respect to technical analysis, a triple-top pattern most likely suggests a: A. support line. B. resistance line. C. continuation pattern.
单选题An investor deposits $ 4000 in an account that pays 7.5 percent, compounded annually. How much will this investment be worth after 12 years?
单选题To gain insight into what portion of the companys assets is liquid, an analyst will most likely use:
单选题One disadvantage of using the price/sales (P/S) multiple for stock valuation is that:
单选题The distinction between modified convexity and effective convexity is that: A. effective convexity accounts for changes in cash flows due to embedded options, while modified convexity does not. B. modified convexity becomes less accurate as the change in yield increases, but effective convexity corrects for this. C. modified convexity is only meaningful for positive changes in yield, while effective convexity can be used for either positive or negative changes in yield.
单选题The major advantage of automatic stabilizers is that: A. they institute crowding out policy without the delays associated with policy changes that require legislative action. B. they institute countercyclical fiscal policy without the delays associated with policy changes that require legislative action. C. they institute cyclical fiscal policy without the delays associated with policy changes that require legislative action.
单选题An analyst does research about time-weighted rate of return and moneyweighted rate of return. If an investor makes an initial deposit into a new account, without any other deposits or withdrawals before closing the account, the investor's money-weighted rate of return when closing the account will be: A. less than the investor's time-weighted rate of return. B. equal to the investor's time-weighted rate of return. C. greater than the investor's time-weighted rate of return.
单选题Carlos Cruz, CFA, is one of two founders of an equity hedge fund