单选题One advantage of price/sales (P/S) multiples over price to earnings (P/E) and price-to-book value (PBV) multiples is that :
单选题All of the following are poor examples of supervisory responsibility EXCEPT: A. Proper supervision is not exercised because the supervisor's income is partially based on unsupervised or improper trading activity. B. Poor procedures allow a portfolio manager to designate a trade to an account or portfolio after the outcome of the trade is known. C. Incorporating a professional conduct evaluation as part of an employee's performance review.
单选题The zero volatility spread (Z-spread) is the spread that: A. is added to the yield to maturity of a similar maturity Treasury bond to equal the yield to maturity of the risky bond. B. is added to each spot rate on the Treasury yield curve that will cause the present value of the bond's cash flows to equal its market price. C. results when the cost of the call option in percent is subtracted from the option adjusted spread.
单选题An analyst does research about future contracts. A commodity futures account has the following margin balances: Initial margin requirement $18700 Maintenance margin requirement $14300 Margin balance $12500 The variation margin is closest to: A. $1800 B. $4400 C. $6200
单选题An analyst does research about margin transaction. With respect to purchasing stocks using borrowed funds, the minimum equity percentage of the value of the asset that must be maintained by the investor is best described as the: A. leverage ratio. B. initial margin requirement. C. maintenance margin requirement.
单选题Bill Yates, CFA, is evaluating NanoSoft, Inc. , a high tech company with impressive sales growth but no earnings. Yates' supervisor, a firm believer in relative valuation, instructs him to use the price-to-sales multiple to determine the value of NanoSoft. In an e-mail to his supervisor, Yates weighs the pros and cons of the price-to-sales multiple. All of his statements about price-to-sales ratios are correct EXCEPT: A. profit margin is a key variable not considered. B. price-to-sales is a poor valuation technique for growth companies. C. sales growth drives all subsequent earnings and cash flows.
单选题Which of the following is NOT an objective of the Global Investment
Performance Standards GIPS) ?
A. To ensure accurate and consistent investment performance data for
reporting, record keeping, marketing, and presentation.
B. To promote fair, global competition among investment firms for all
markets without creating barriers to entry for new firms.
C. To obtain worldwide recognition by securities regulators of a standard
for the calculation and presentation of investment performance in a fair,
comparable format that provides full disclosure.
单选题An investor purchases ABC stock at $71 per share and executes a protective put strategy
单选题Which of the following statements about risk and return is FALSE?
单选题Anke Sash, CFA, is a portfolio manager. One day he buys 200 shares of Stock A at the market price of $100 on full margin. The initial margin requirement is 40 percent and the maintenance margin requirement is 25 percent. If the shares of stock later sold for $ 200 per share, what is the rate of return on this margin transaction for Sash?
单选题In regulating a natural monopoly, the most commonly adopted pricing
rule by a regulator is the:
A. total cost pricing rule.
B. average cost pricing rule.
C. marginal cost pricing rule.
单选题A financial analyst utilizing his analytical expertise and up-to-date information buys a companys stock
单选题Which type of analysis requires the most subjective judgment on the
part of the analyst to be successful?
A. Technical analysis.
B. Fundamental analysis.
C. Financial statement analysis.
单选题根据以下信息解答问题。
机器设备总额 3500000美元
折旧费用 500000美元
累积折旧 2300000美元
厂商使用直线折旧法。
单选题Within an informationally efficient securities market, new information results in profit-maximizing investors making price adjustments that are best described as:
单选题The average age of plant and equipment is:
单选题Risk factors related to opportunities for fraud invlude:
单选题Which of the following theories of the term structure of interest rates makes the most direct link between the yield curve now and future short-term interest rates anticipated by investors? A. Pure expectations. B. Liquidity preference. C. Market segmentation.
单选题According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT: A. distribute a detailed, written research report to clients with each recommendation. B. analyze the client's investment needs. C. maintain files to support investment recommendations.
单选题An analyst does research about capital asset pricing model. Which of the following statements is most accurate? The security market line (SML): A. is a graphical representation of the capital asset pricing model that plots expected retum versus beta for any security. B. includes all possible combinations of the risk-free asset and any risky portfolio. C. includes all possible combinations of the risk-free asset and the market portfolio.