CFA考试一级章节练习题精选0330-15(附详解)

1、CFA考试一级章节练习题精选 0330-15 （附详解）1、 High-water marks are typically used when calculating the incentive fee on hedge funds. They are most likely used by clients to:单选题】A.avoid prime brokerage fees.B.claw back the management fees.C.prevent paying twice for the same performance.正确答案 :C答案解析 : “ Introduction

2、to Alternative Investments” , Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA2013 Modular Level I, Vol. 6, Reading 66, Section 3.3.1Study Session 18-66-fDescribe, calculate, and interpret management and incentive fees and net -of-fees returns for hedge funds.C is correct because high -w

3、ater marks prevent clients from paying twice for the same performance. When a hedge fund's value drops, the managreceive an incentive fee until the value of the fund returns back to its previous level.2、 Relative to traditional investments, alternative investments are best characterized as havin

4、g:【单选题】A.greater liquidity.B.higher correlations.C.more unique legal and tax considerations.5正确答案 :C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 2Study Session 18-66-aCompare alternat

5、ive investments with traditional investments.C is correct because alternative investments are more likely characterized as having unique legal and tax considerations because of the broad range and单选题】complexity of the investments.3、Which of the following statements regarding biases in hedge fund per

6、formance in hedge fund databases is least likely correct?A. Only hedge fund managers with good track records enter the database, creating a positive bias.B. The correlations between asset class returns are artificially low when underlying assets trade infrequently.C. Hedge fund database administrato

7、rs decide which funds to include in the database to overcome self -selection bias.正确答案 :C答案解析 : “ Alternative Investments,” Bruno Solnik and Dennis McLeavey2292012 Modular Level I, Vol. 6, pp. 227Study Session 18-66-mDescribe the performance of hedge funds and the biases present in hedge fund perfor

8、mance measurement, and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund database.C is correct because hedge fund managers themselves, not database administrators, decide whether they want to be included in a database. Managers who have funds with an u

9、nimpressive track record will not wish to have that information exposed.单选题】4、Which of the following characteristics of a target company is likely the least attractive for a leveraged buyout?A. High leverageB. Substantial amount of physical assetsC. Strong and sustainable cash flow正确答案 :A答案解析 :Low l

10、everage is an attractive feature of a target company in a leveraged buyout. This characteristic makes it easier for an acquirer to use debt to finance a large portion of the purchase price.2014 CFA Level I "Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scot

11、t D. StewartSection 4.2.1.25、When investing in commodities through a collateralized commodity futures position, the return associated with rolling forward the maturity of a futures contract is referred to as the: 【单选题】A. collateral yield.B. spot price return.C. convenience yield.正确答案 :C” -LRieosncahldinGg . Layard答案解析 : “ Investing in Commodities, 2010 Modular Level I, Vol. 6, pp. 268 -269Study Session 18-74-bDescribe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to comm