单选题Technicians use many technical techniques in analyzing the bond market as well as the stock market. What is the major difference in technical trading rules regarding the bond market vs the stock market?
单选题Michel Marchant, CFA, recently became an independent money manager. After six months, he has only ten clients, who are family and friends. To supplement his income, Marchant accepted part-time employment as an advisor at Middleton Financial Advisors. According to CFA Institute Standards of Professional Conduct, which of the following statements about Marchant's duty to his new employer is TRUE.? A. Marchant must inform Middleton about his existing clients but need not inform his existing clients about his new part-time employment with Middleton. B. Marchant must inform Middleton to keep his existing clients and must inform his existing clients of his new part-time employment at Middleton. C. Marchant need not inform Middleton about his existing clients but must inform his existing clients about his new part-time employment at Middleton.
单选题If the yield to maturity on an annual-pay bond is 7
单选题Austin Traynor is considering buying a $1000 face value, semi-annual coupon bond with a quoted price of 104.75 and accrued interest since the last coupon of $ 33.50. If Traynor pays the dirty price, how much will the seller receive at the settlement date?
单选题After repeated experiments, the average of the outcomes should converge to :
单选题When a party to a forward contract terminates the contract prior to the original expiration date by entering into a perfectly offsetting forward contract with a second eounterparty: A. the party terminating the forward contract has no default risk, but both counterparties lace default risk. B. the party terminating the contract is exposed to default risk, but has no further asset price risk. C. there is no future liability, but default risk remains for all parties until the original contract settlement date.
单选题James Woods, CFA, is a portfolio manager at ABC Securities
单选题Ananalysthasgatheredthefollowininformationaboutacompanyscapitalassets:Yearending20122011Property,plant,andequipment2,5002,500Accumulateddepreciation375250Netbookvalue2,1252,250Asoftheendof2012,theexpectedremaininglifeoftheassets,inyears,isclosestto:
单选题When an investor can borrow and invest at the risk-free rate, which of
the following statements is NOT valid?
A. Investors who borrow the risk-free asset to lever their portfolio will
move their portfolios to the right of the market portfolio on the CML.
B. Any asset/portfolio lying below the CML is inefficient.
C. The x-axis measurement of risk is the standardized covariance.
单选题Which of the following statements about monopolists is most likely correct? A. Without government intervention, monopolists will always earn profits. B. A monopolist maximizes price where marginal revenue equals marginal cost. C. Monopolists have imperfect information about demand.
单选题When yield volatility increases, the values of a putable and a callable bond will（ ）
单选题A correlation matrix of the returns for securities A, B, and C is reported below:
Security
A
B
C
A
1
单选题Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many largest firms data is used in a industry, supposing there is a large number of firms in the industry:
单选题An analyst does research about alternative investments. With respect to alternative investments, a long time horizon and intense investor participation are most likely to be required for successful investing in both : A. hedge funds and exchange traded funds. B. venture capital and distressed securities. C. commodities and commodity derivatives.
单选题On average, which of the following types of investors has the shortest investment horizon?（ ）
单选题Which of the following statements does NOT describe a characteristic of an illiquid asset or market ? A. Large block trades that do not materially affect prices. B. Wide bid-ask spreads. C. Small trading volumes.
单选题An analyst has gathered the following information about a company. The total asset turnover is 1.2. The after-tax profit margin is 10 percent. The financial leverage multiplier is 1.5. Given this information, the company' s return on equity is:
单选题Automatic stabilizers are government programs that tend to:
单选题Which of the following statements regarding forward contract dealers is FALSE? A. Forward contract dealers are often banks. B. Dealers are compensated through up-front payments by the parties to forward contracts. C. Dealers offer long and short forward contracts at different prices.
单选题An analyst does research about efficient frontier curve. As an investor continues to assume more risk and moves upward on the efficient frontier, the slope of the efficient frontier curve: A. increase and incremental return per unit of risk decrease. B. decrease and incremental return per unit of risk increases. C. decrease and incremental return per unit of risk decrease.