CFA课后习题：权益.docx

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1、PRACTICEPROBLEMS1AkihikoTakabehasdesignedasophisticatedforecastingmodel,whichpredictsthemovementsintheoverallstockmarket,inthehopeofearningareturninexcessofafairreturnfortheriskinvolved.Heusesthepredictionsofthemodeltodecidewhethertobuy,hold,orsellthesharesofanindexfundthataimstoreplicatethemovement

2、softhestockmarket.Takabewouldbestbecharacterizedasa(n):Ahedger.Binvestor.Cinformation-motivatedtrader.2JamesBeachisyoungandhassubstantialwealth.Asignificantproportionofhisstockportfolioconsistsofemergingmarketstocksthatofferrelativelyhighexpectedreturnsatthecostofrelativelyhighrisk.Beachbelievesthat

3、investmentinemergingmarketstocksisappropriateforhimgivenhisabilityandwillingnesstotakerisk.WhichofthefollowinglabelsmostappropriatelydescribesBeach?AHedger.BInvestor.CInformation-motivatedtrader.3LisaSmithownsamanufacturingcompanyintheUnitedStates.HercompanyhassoldgoodstoacustomerinBrazilandwillbepa

4、idinBrazilianreal(BRL)inthreemonths.SmithisconcernedaboutthepossibilityoftheBRLdepreciatingmorethanexpectedagainsttheUSdollar(USD).Therefore,sheisplanningtosellthree-monthfuturescontractsontheBRL.ThesellerofsuchcontractsgenerallygainswhentheBRLdepreciatesagainsttheUSD.IfSmithweretosellthesefuturecon

5、tracts,Shewouldmostappropriatelybedescribedasa(n):,hedger.Binvestor.(information-motivatedtrader.1Whichofthefollowingisnotafunctionofthefinancialsystem?AToregulatearbitrageursprofits(excessreturns).BIbhelptheeconomyachieveallocationalefficiency.CTofacilitateborrowingbybusinessestofundcurrentoperatio

6、ns.5Aninvestorprimarilyinvestsinstocksofpubliclytradedcompanies.Theinvestorwantstoincreasethediversificationofhisportfolio.Afriendhasrecommendedinvestinginrealestateproperties.Thepurchaseofrealestatewouldbestbecharacterizedasatransactioninthe:AderivativeinvestmentmarketBtraditionalinvestmentmarket.1

7、alternativeinvestmentmarket.6Ahedgefundholdsitsexcesscashin90-daycommercialpaperandnegotiablecertificatesofdeposit.Thecashmanagementpolicyofthehedgefundisbestdescribedasusing:Acapitalmarketinstruments.2019CFAInstitute.Allrightsreserved.Bmoneymarketinstruments.Cintermediate-termdebtinstruments.7Anoil

8、andgasexplorationandproductioncompanyannouncesthatitisoffering30millionsharestothepublicat$45.50each.ITIiStransactionismostlikelyasaleinthe:Afuturesmarket.Bprimarymarket.Csecondarymarket.8Consideramutualfundthatinvestsprimarilyinfixed-incomesecuritiesthathavebeendeterminedtobeappropriategiventhefund

9、,sinvestmentgoal.Whichofthefollowingisleastlikelytobeapartofthisfund?AWarrants.BCommercialpaper.(Repurchaseagreements.9Afriendhasaskedyoutoexplainthedifferencesbetweenopen-endandclosed-endfunds.Whichofthefollowingwillyoumostlikelyincludeinyourexplanation?AClosed-endfundsareunavailabletonewinvestors.

10、BWheninvestorssellthesharesofanopen-endfund,theycanreceiveadiscountorapremiumtothefundsnetassetvalue.(Whensellingshares,investorsinanopen-endfundsellthesharesbacktothefundwhereasinvestorsinaclosed-endfundsellthesharestoothersinthesecondarymarket.1011eusefulnessofaforwardcontractislimitedbysomeproble

11、ms.Whichofthefollowingismostlikelyoneofthoseproblems?AOnceyouhaveenteredintoaforwardcontract,itisdifficulttoexitfromthecontract.BEnteringintoaforwardcontractrequiresthelongpartytodepositaninitialamountwiththeshortparty.(Ifthepriceoftheunderlyingassetmovesadverselyfromtheperspectiveofthelongparty,per

12、iodicpaymentsmustbemadetotheshortpart)r.HTonyHarrisisplanningtostarttradingincommodities.Hehasheardabouttheuseoffuturescontractsoncommoditiesandislearningmoreaboutthem.WhichofthefollowingisHarrisleastlikelytofindassociatedwithafuturescontract?AExistenceofcounterpartyrisk.BStandardizedcontractualterm

13、s.(Paymentofaninitialmargintoenterintoacontract.12AGermancompanythatexportsmachineryisexpectingtoreceiveSlOmillioninthreemonths.Thefirmconvertsallitsforeigncurrencyreceiptsintoeuros.Thechieffinancialofficerofthecompanywishestolockinaminimumfixedrateforconvertingthe$10milliontoeurobutalsowantstokeept

14、heflexibilitytousethefuturespotrateifitisfavorable.WhathedgingtransactionismostIikCIytoachievethisobjective?ASellingdollarsforward.BBuyingputoptionsonthedollar.ISellingfuturescontractsondollars.13Abookpublisherrequiressubstantialquantitiesofpaper.Thepublisherandapaperproducerhaveenteredintoanagreeme

15、ntforthepublishertobuyandtheproducertosupplyagivenquantityofpaperfourmonthslateratapriceagreedupontoday.ThiSagreementisa:Rfuturescontract.Bforwardcontract.Ccommodityswap.14TheStandard&Poor,sDepositaryReceipts(SPDRs)isaninvestmentthattrackstheS&P500stockmarketindex.PurchasesandsalesofSPDRSduringanave

16、ragetradingdayarebestdescribedas:Aprimarymarkettransactionsinapooledinvestment.Bsecondarymarkettransactionsinapooledinvestment.(secondarymarkettransactionsinanactivelymanagedinvestment.15TheStandard&PoorsDepositaryReceipts(SPDRs)isanexchange-tradedfundintheUnitedStatesthatisdesignedtotracktheS&P500stockmarketindex.ThelatestpriceOfashareofSPDRsis$290.Atraderhasjustboughtca