CFA考試一級(jí)章節(jié)練習(xí)題精選0331-46(附詳解)

1、5CFA考試一級(jí)章節(jié)練習(xí)題精選 0331-46附詳解）1、 All else being equal, the floor on a floating -rate security is most likely to benefitthe : 【單選題】A. issuer if interest rates fall.B. bondholder if interest rates fall.C. bondholder if interest rates rise.正確答案 :B答案解析 :對(duì)于浮動(dòng)利率證券的利率底，意味著當(dāng)利率下跌低于利率底時(shí)，該浮動(dòng)利率證券還是以利率底來(lái)支付利息，鎖定了債券持

2、有人獲得利息回報(bào)的最低下限，對(duì)于債券持有人是有利的。track record i1、 An index provider has created a new investable index that tracks the hedge fund industry. Any fund that follows a long/short equity strategy can enter the單選題】index. The index provider places new constituents in the index at the end of each year and incorpor

3、ates the new funds the following is least likely a bias that might distort the historical performance of the index?A. Backfilling.B. Self-selection.C. Tracking error.正確答案 :C答案解析 : “ Alternative Investments,” Bruno Solnik and Dennis McLeavey2011 Modular Level I, Vol. 6, pp. 227 -229Study Session 18-7

4、4-lDiscuss the performance of hedge funds, the biases present in hedge fund performance measurement, and explain the effect of survivorshipbias on thereported return and risk measures for a hedge fund database.C is correct because this is not a bias that is associated with distorting the performance

5、 of a hedge fund index. Tracking error is a risk more commonlyassociated with mutual funds and ETFs when their investments deviate significantly from those in the index it is benchmarkedagainst. Many hedge fundspursue absolute returns and may deviate materially from indices.1、 High Plains Capital is

6、 a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets undermanagement is $541,500,000. The hedge fund charges a 1.5% management fee based on the end -of-year portfolio value, and a10% incentive fee. If theincentive fee and management

7、fee are calculated independently, the effective return for a hedge fund investor is closest to:單選題】A.10.89%.B.11.06%.C.12.29%.正確答案 :A答案解析 : “ Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA2013 Modular Level I, Vol. 6, Reading 66, Section 3.3.1S

8、tudy Session 18-66-fX 0.015 = $8,122,500Describe, calculate, and interpret management and incentive fees and net -of-fees returns to hedge funds.A is correct. The management fee = $541,500,000The incentive fee = ($541,500,000 - $475,000,000) X 0.10 = $6,650,000Total fees = $14,772,500Return = ($541,

9、500,000 - $475,000,000 - $14,772,500)/$475,000,000 = 0.1089 or 10.89%.1、U.S. farmers have become concerned that the future supply of wheat production will exceed demand. Any hedging activity to sell forward would most likely protect against which market condition? 【單選題】A. ContangoB. Full carryC. Bac

10、kwardation正確答案 :C” , -RLoiensaclhdinGg. Layard答案解析 : “ Investing in Commodities 2013 Modular Level I, Vol. 6, Reading 67, Section 1Study Session 18-67-aExplain the relationship between spot prices and expected future prices in terms of contango and backwardation.C is correct because when a commodity

11、 market is in backwardation, the futures price is below the spot price because market participants believe the spot price will be lower in the future. When futures prices are above spot prices, the market is said to be in contango.1、Venture capital investments used to provide capital for companies i

12、nitiating commercial manufacturing and sales are most likely to be considered a form of:單選題】A.first -stage financing.B.mezzanine financing.C.second-stage financing.正確答案 :A答案解析 : “ Alternative Investments,” Bruno Solnik and Dennis McLeavey2010 Modular Level I, Vol. 6, p. 214Study Session 18-73-gExplain the stages in venture capital investing, venture capital investment characteristics, and cha