单选题An analyst does research aboutembedded options. Which of the following embedded options is least likely to increase in value when interest rates increase? A. The right toput an issue. B. The cap on a floater. C. An accelerated sinking fund provision.
单选题Consider the following tour options on the same underlying instrument:
Option 1 : September call, exercise price = $55.
Option 2 : September call, exercise price = $60.
Option 3 : December put, exercise price = $75.
Option 4 : December put, exercise price = $80.
What is most likely the relationship among the values of these options?
September calls December puts
①A. Option 1 ＞ Option 2 Option 3 ＞ Option 4
②B. Option 1 ＞ Option 2 Option 4 ＞ Option 3
③C. Option 2 ＞ Option 1 Option 4 ＞ Option 3
单选题Which of the following is the most likely reason for an analyst to choose the direct method rather than the indirect method for analyzing a firms operating cash flows?
单选题Using the firms income statement presented
单选题A stock is currently worth $ 75. If the stock was purchased one year ago for $ 60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return?
单选题A U.S
单选题The characteristic of a regional exchange is such that: A. it competes with and supplements the national exchanges by providing primary markets for the stocks of smaller companies. B. it competes with and supplements the national exchanges by providing secondary markets for the stocks of smaller companies . C. it competes with and supplements the national exchanges by providing primary markets for the stocks of larger companies.
单选题An investor makes a $2.45 million investment in a venture capital project that has an expected payoff of $7 million at the end of three years. The cost capital is 15%. If the conditional annual failure probabilities over the first three years are 25%, 15%, and 12%, the expected NPV of the project is closest to:
单选题Which of the following statements least accurately describes the
advantages and disadvantages of valuation with the P/S multiple?
A. Advantage: P/S is meaningful, even for companies in financial
distress. Disadvantage: Sales growth is not always an indicator of
profitability.
B. Advantage: Sales forecasts are not susceptible to distortion from revenue
recognition practices. Disadvantage: Reported sales figures are
easier to manipulate than earnings or book values.
C. Advantage: P/S ratios are particularly appropriate for valuing stocks in
mature or cyclical industries. Disadvantage: P/S ratios do not
capture differences in cost structures across companies.
单选题Which of the following is NOT part of the CFA Institute Code of Ethics?
单选题An analyst does research about portfolio diversification. Which of the following statement is least accurate? Portfolio diversification: A. decreases the diversification ratio. B. decreases the standards deviation of returns. C. eliminates downside risk.
单选题A strategy designed to match the growth rate of the monetary base to the long-term growth rate of real GDP plus the target inflation rate is:
单选题Standard Ⅳ (A) Loyalty contains rules that protect a member's employer. Which of the following statements is FALSE? A. Written approval from the employer is required only for anticipated independent practice arrangements in competition with the employer. B. An employee must receive employer's written consent before entering into an agreement for independent practice in competition with his or her employer. C. A member must secure written permission from both employer and outside party to undertake independent practice.
单选题After extensive research, retired portfolio manager, Ryan Wang, CFA, purchased 20000 shares of a small public company
单选题When a reliable estimate of costs exists, ultimate payment is assured,
and revenue is earned as costs are incurred. Which of the following revenue
recognition methods should be used?
A. Installment sales method.
B. Cost recovery method.
C. Percentage-of-completion method.
单选题Stock splits potentially cause a downward bias in which of the following index weighting schemes?
单选题Which of the following statements is most accurate?
单选题The return in excess of the return on a benchmark, default-free
security demanded by investors to compensate them for the risk of buying a risky
security is called:
A. default risk premium.
B. downgrade risk premium.
C. reinvestment risk premium.
单选题Ananalystdoesresearchabouthedgefund.Whichofthefollowingdescriptionsofahedgefund'stypicallegalstructureandinvestmentobjective,respectively,aremostaccurate?
单选题A U.S. Treasury Bill with a face value of $100000 and 256 days until maturity is selling for $94300. The money market yield on this security is closest to（ ）