单选题Paul Salyer, CFA and portfolio manager is making a presentation to a prospective client
单选题An analyst does research about fiscal policy. With respect to the balanced budget multiplies, if a government simultaneously increases spending by $10 billion and raises the same amount in new taxes to finance the spending, the impact on GDP will most likely be: A. negative. B. neutral. C. positive.
单选题In an equity swap: A. settlement is made only at swap termination. B. returns on an index can be swapped for fixed-rate payments. C. returns on two equities are swapped, at each settlement date.
单选题The mosaic theory is the idea that an analyst can: A. make investment recommendations on the basis of several pieces of nonpublic information as long as the aggregate information remains nonmaterial. B. base his recommendations on nonpublic material information only for the clients of the company, but not for the general public. C. make recommendations or trade based on several pieces of public or nonpublic information, each piece by itself being nonmaterial, but when compiled the information becomes material.
单选题An options investor purchases one stock put option with the following characteristics: Type of option: put option on Hock Underlying asset: 100 shares of WalMart Exercise price: $47.50 per share Premium : $2.00 per share Expiration date : October If the expiration-day price of WalMart stock were $5000 per share, the profit/loss for the LONG put option would be:
单选题Kelly, CFA, want to buy ETFs that invest in index futures contracts and other derivatives, which of the following types of risk is unique to it, compared with other exchange traded funds ( ETFs ) ?
单选题All other things being equal, which one of the following bonds has the greatest duration?
单选题Selected information from the financial statements of Salvo Company for the years ended December 31,2003 and 2004 is as follows ( in $ millions) :
单选题A company issued a bond with a face value of $ 67831, maturity of 4 years, and 7 percent coupon, while the market interest rates are 8 percent. What is the unamortized discount when the bonds are issued?
单选题While servicing his clients' accounts, an analyst determines that one client is probably involved in illegal activities. According to Standard Ⅲ (E) , Preservation of Confidentiality, the analyst may NOT do which of the following? A. Contact the appropriate governmental authorities about the determination. B. Contact CFA Institute about the determination. C. There are no exceptions in this list.
单选题Madeline Smith, CFA, was recently promoted to senior portfolio manager
单选题Susan Bellows is comparing the return on equity for two industries
单选题Stanley, CFA, a research analyst with a brokerage firm, decides to change his recommendation on the common stock of Vellon Company, Inc., from a buy to a sell. He mails this change in investment advice to all the firm"s clients on Thursday. The day after the mailing, a client calls with a buy order for 5000 shares of Vellon Company. In this circumstance, Stanley should:
单选题Which of the following is least likely a required financial statement disclosure according to the Financial Accounting Standards Board and the International Accounting Standards Board? A. A description of the entity including its domicile, legal form, and place of incorporation. B. Judgments made in applying accounting policies that may have a significant effect on the amounts reported in the financial statements. C. The liquidation values of equipment used in the production of goods and services for a firm that is expected to continue to operate in the foreseeable future.
单选题已知A公司与B公司签署了为期三年的货币互换协议，利息每年结算一次。其中，A公司负责借入美元资金，B公司负责借入欧元资金。A公司获得的美元贷款为固定利率贷款，B公司获得的欧元贷款为浮动利率贷款。在互换交易开始时，固定利率为5%。当前的可变利率为4%，在第一年年末的可变利率为6%，在第二年年末的可变利率为8%，在第三年年末的可变利率为7%。在互换交易开始时，交换的本金金额为300万美元，汇率为1美元=0.92欧元；在互换交易结束时，汇率为1美元=0.95欧元。在本题中，各期期末的利息支付金额所适用的利率为各期期初的利率。试根据上述条件解答问题。
单选题If a monopolistically competitive industry becomes perfectly competitive, each firm's long-run average total cost per unit sold will most likely: A. decrease. B. remain the same. C. increase.
单选题Assumethatastockspriceoverthenexttwoperiodsisasshownbelow.Theinitialvalueofthestockis$80.Theprobabilityofanupmoveinanygivenperiodis75%andtheprobabilityofadownmoveinanygivenperiodis25%.Usingthebinomialmodel,theprobabilitythatthestockspricewillbe$79.20attheendoftwoperiodsisclosestto:
单选题Which of the following is least accurate with regard to advertising for firms operating under monopolistic competition?
单选题The price of a good falls from $15 to $13
单选题According to the characteristics of the capital market, which of the following is most directly a function of primary capital markets and which is most directly a function of secondary capital markets? Primary capital markets Secondary Capital markets ①A. Source of liquidity Security underwriting ②B. Source of new capital Source of price information ③C. Source of price information Source of new capital