单选题If the U.S. Federal Reserve (the Fed) sells government securities, what will most likely be the impact on the real interest rate, inflation rate, employment rate, and real GDP in the short run? Inflation Rate Real Interest Rate Real GDP Employment Rate ①A. Decrease Increase Decrease Decrease ②B. Decrease Decrease Decrease Increase ③C. Increase Decrease Increase Increase
单选题The cost of which source of capital most likely requires adjustment for taxes in the calculation of a firms weighted average cost of capital?
单选题Which of the following statements best explains the importance of the timing of changes in discretionary fiscal policy? Changes in discretionary fiscal policy must be timed properly if they are going to:
单选题Which of the following statements regarding the seller of a call and a put is TRUE? A call writer:
单选题Afundmananaercompilesthefollowincgdataontwocompanies:CompanyACompanyBReturnonassets(ROA)10.9%9.0%Returnonequity(ROE)15.4%14.3%Dividendpavoutratio0.350.30Requiredrateofreturn13.0%12.4%Weightedaveragecostofcapital11.8%11.7%ThebestconclusionthefundmanagercanmakeisthatCompanyAsstockismoreattractivethanCompanyBsstockbecauseofits:
单选题The short-run effects of unanticipated expansionary monetary policy are most likely to include: A. a decrease in the real interest rate. B. a decrease in the inflation rate. C. a decrease in real output and employment.
单选题Which of the following best describes the relationship between the Herfindahl-Hirschman Index and the indicated type of market?
Market type Herfindahl-Hirschman Index
①A. Perfect competition 1800
②B. Monopolistic competition 100
③C. Monopoly 10000
A. ①B. ② C. ③
单选题According to AIMR Standards of Professional Conduct Standard, which of the following activities violates Standard Ⅳ(B), Priority of Transactions? An analyst: A. buys shares for his personal account after all the firm's clients have been informed and their trades completed. B. buys stock for his own account on a personal instinct while not doing so for his clients. C. makes trades for his firm's account before handling the client trades.
单选题Which of the following statements about hypothesis testing is most
accurate?
A. The probability of a Type I error is equal to the significance level of
the test.
B. If you can disprove the null hypothesis, then you have proven the
alternative hypothesis.
C. To test the claim that X is greater than zero, the null hypothesis would
be Ho : X＞0.
单选题The cash conversion cycle is the:
单选题The one-year spot rate is 6 percent and the one-year forward rates starting in one, two and three years respectively are 6.5 percent, 6.8 percent and 7 percent. What is the four-year spot rate?
单选题Which of the following statements about arbitrage and market anomalies is most accurate? A. Investors of the funds that arbitrageurs and traders use are generally too patient and fail to remove funds in a timely manner when trades go against them. B. Arbitrageurs have more capital at their disposal than they require enabling them to pursue any security mispricing. C. In pairs trading, where an arbitrageur purchases the underpriced security and shorts the overpriced security, stock-specific risk remains.
单选题Which of the following is least likely the reason that floating rate bonds may trade at prices different from their par values? A. Resetting interest rates makes floating rate bonds more susceptible to the price risk that results from changing interest rates. B. A time lag exists between the rate change in the market and the time when the coupon rate is reset. C. The fixed quoted margin on the floating rate security may differ from the margin required by the market.
单选题Which of the following would most likely indicate deterioration of a firm's working capital management? A. Increased asset turnover. B. An increase in days of payables outstanding. C. An increase in days of receivables outstanding.
单选题Which of the following statements about NPV and IRR is least accurate?
单选题Adealerquotesaforwardrateagreement(FRA)expiringin30days,forwhichtheunderlyingis90-dayLIBOR,at4.5%.Aninvestorshortsthecontractandthedealergoeslongforanotionalprincipalof$15million.AttheexpirationoftheFRAtherateon90-dayLIBORis4.0%.Theinvestorismostlikelyto:
单选题Gordon is a CFA charter holder and the pension fund manager for a worker's union. The union president informed him that during a union meeting today with Zinc Limited he learned that Zinc will announce several plant closings tomorrow. Because the worker's union pension has a sizable position in Zinc, the union president wants Gordon to sell the pension's holdings in Zinc today before the announcement is made public. Gordon should: A. inform AIMR in writing of the union president's request. B. contact the Justice Department and tell them about the union president's request. C. tell the union president that this action is illegal and refuse to sell the stock until after the announcement.
单选题An investor accumulated the following financial data:
●current 1-year rate =4.8%
●
1
f
1
=6.3%
●
1
f
2
=7.5%
Using annual compounding, the value of a 3-year, zero-coupon, $1000 par value bond would be:
单选题Compared to CDs, bankers acceptances:
单选题Sergio Morales, CFA believes he has found evidence his supervisor is engaged in fraudulent activity concerning a clients account