单选题Which date in the chronology of a dividend payment is most likely determined by Securities Exchange? The:
单选题In the short run, if price is below average total cost (ATC), the firm will:
单选题An analyst gathers the following information about three equipment sales that a company made at the end of the year:
单选题The holding period yield for a T - Bill maturing in 110 days is I. 90 percent. What are the equivalent annual yield (EAY) and the money market yield (MMY)? EAY MMY ①A. 5.25% 5.59% ②B. 6.90% 6.80% ③C. 6.44% 6.22%
单选题Which of the following is most likely a recommended procedure for compliance with the Standards of Professional Conduct relating to loyalty, prudence, and care? Members should: A. make their clients aware of all forms of manager compensation. B. seek best execution for their clients in any circumstance. C. diversify investments to reduce the risk of loss in any circumstance.
单选题An analyst does research about calculating relative yield spread and gathered the following yield information about two bonds: Issue Yield 5 year on-the-run Treasury 5.10% 5 year A-rated security 6.35% The relative yield spread between these two bonds is closest to: A. 4.5% B. 19.7% C. 24.5%
单选题The mean and standard deviation of four portfolios are listed below in percentage terms. Using Roy's safety- first criteria and a threshold of 4 percent, select the mean and standard deviation that corresponds to the optimal portfolio. Mean Standard Deviation ①A. 14 20 ②B. 8 10 ③C. 19 28
单选题An analyst needs to inform his supervisor in writing of which of the
following?
A. A client and the analyst alternate paying for lunch at a local sandwich
shop.
B. Both the lunch and the bonus mentioned in the other answers.
C. An annual bonus, sent to the analyst by a client, which varies with the
performance of the client's portfolio that the analyst manages as an employee
even though no verbal or written agreement exists about the bonus.
单选题An analyst reviews a corporate bond indenture that contains these two covenants:
1) The borrower will pay interest semi-annually and principal at maturity
单选题An analyst does research about a sensitivity analysis to determine about a potential real estate investment and gathers the following information: Discounted Rate Present Value of After-tax Cash Flows 21% $144712 25% $124343 31% -$107747 33% -$121350 If the purchase price is $500000 with debt financing, the yield (internal rate of return) of the investment is most likely greater than: A. 21% but less than 25%. B. 25% but less than 31%. C. 31% but less than 33%.
单选题If the price of a U
单选题For a given change in yields, the difference between the actual change
in a bond's price and that predicted using the duration measure will be greater
for:
A. a bond with greater convexity.
B. a short-term bond.
C. inverse convexity.
单选题An analyst compares two companies that are identical except that Company X capitalizes its leases and Company Y writes them off as operating leases. The analyst would expect Company X' s debt-to-equity ratio, relative to Company Y's, to be:
单选题An analyst does research about the financial leverage about a company and gathers the following information: ·Operating income is $180000 ·Tax expense is $75000 ·Interest expense is $80000 ·Tax rate is 35% The company's degree of financial leverage is closest to: A. 1.4 B. 1.7 C. 1.8
单选题An analyst does research about market efficiency. Which of the following statements least likely explains why a market mispricing may persist? A. Arbitrage is encouraged to produce riskless profits. B. A price discrepancy is insufficient large to leave the investor with a profit. C. Short selling is limited or restricted.
单选题A financial contract offers to pay 1,200 per month for five years with the first payment made today
单选题All else equal, the difference between the nominal spread and the Z-spread for a non-Treasury security will most likely be larger when the:
单选题A coupon bond: A. does not pay interest on a regular basis, but pays a lump sum at maturity. B. can always be converted into a specific number of shares of common stock in the issuing company. C. pays interest on a regular basis (typically semi-annually).
单选题An analyst gathered the following data about a company:
Net sales
$4000
Dividends declared
170
Cost of goods sold
2000
Other cash expenses for inputs
500
Long-term debt principal repayment
250
Cash tax payments
200
Purchase of new equipment
300
Inventory increased by
100
Accounts payable increased
300
Depreciation expense
75
单选题Buying an interest-rate cap and selling an interest-rate floor is equivalent to: A. buying a series of interest-rate calls and selling a series of interest-rate puts. B. buying a series of interest-rate puts and selling a series of interest rate calls. C. buying a series of interest-rate puts and calls.