CFA一级每日一练(含详细解析)37

1、CFA 级每日一练（含详细解析）375【单选题】1、In general, which of the following institutions will most likely have a high need for liquidity and a short investment time horizon?A. Ba nksB. E ndowme ntsC. Defi ned ben efit pension plans正确答案:A 答案解析：Portfolio Management: An Overview ”，by Robert M. Conroy and Alistair Byr

2、ne.2011 Modular Level I, Vol. 4, pp. 286-292Study Session 12-51-bDiscuss the types of in vestme nt man ageme nt clie nts and the dist in ctive characteristics and n eeds of each.A is correct. Banks have a short term horiz on and high liquidity n eeds. See Exhibit 14, p age 291.2、An analyst gathered

3、the following information about a company:Current annual eaniitigs per share (Eq) reported$6.00Current annual dividend per share (Do) paid on the companys common stock$2.40Required rate of return on the com partys common stock15.0%Expected constant growth rate in earnings and dividends8,0%If markets

4、 are in equilibrium, which of the followi ng stateme nts best describes the companyp rice-to- earnings (P/E) ratio? The companyP/E ratio based on the infin ite【单选题】p eriod divide nd disco unt model (DDM) is:A. less tha n the company traili ng P/E ratio.B. the same as the company traili ng P/E ratio.

5、C. greater tha n the company traili ng P/E ratio.正确答案:A答案解析：An Introduction to Security Valuation.” Frank K. Reilly, CFA and Keith C. Brown, CFA2010 Modular Level I, Vol. 5, pp. 142-143, 148-150fhtroductio n to Price Multi pies,” Joh n D. Stowe, CFA, Thomas R. Robi nson, CFA, Jerald E. Pin to, CFA,

6、and Dennis W. McLeavey, CFA2010 Modular Level I, Vol. 5, p. 198-200Study Session 14-56-d; 14-59-bShow how to use the DDM to devel op an earnings mult ip lier model and exp lai n the factors in the DDM that affect a stockp rice-to-earni ngs (P/E) ratio.Calculate and in terpret P/E, P/BV, P/S, and P/C

7、F.The traili ng P/E ratio is compu ted as the curre nt stock p rice divided by the curre nt or traili ng 12-m on ths EPS. On the other hand, the P/E ratio based on the infin ite p erioddivide nd disco unt model is compu ted as (D/E) / (k-g).If markets are in equilibrium, the p rice per share reflect

8、s the value determ ined by the con sta nt growth divide nd.Using the con sta nt growth model the stocks value is($2.40)(1.08) / 0.07 = $37.03;The traili ngP/E = 37.03 / 6 = 6.17. The DDMP/E is the divide nd payout ratio divided by k-g = 0.4 / 0.07 = 5.71. Ano ther way of computing DDMP/E is:Curre nt

9、 MarketPrice/Ex pected 12-mo nth earni ngs: 37.03/(6.00 x 1.08) = 5.71. (see p. 148)3、An analyst does research about future contracts.A commodity futures accounthas the following margin balances:Initial margin requirememS 18 TIM)iMaincenance margin requirementS 14 3IH)Margin bibnceS 12 .讪)The variat

10、i on margin is closest to:【单选题】A.$1 800B.$4 400C.$6 200正确答案:C答案解析:$18 700 - $12 500 = $6 200,当保证金余额低于维持保证金时，要增加保证金到初始保证金的额度，增加的部分被称为变动保证金。4、An analyst does research about yield spread.All other factors being equal, willthe yield spread for an option-free corporate bond over the benchmark bond mostli

11、kely decrease :【单选题】A.during an economiccontract ionIf the bonds creditNorating is lowered?YesYesNoNoNoA.during an economiccontractionIf the bonds creditNorating is lowered?YesB,YesNoC.B.NoNoduring an economiccontract ionIf the bonds creditratingis loweredA.NoYesB,YesNoC.C.正确答案:CNoNo答案解析：当经济处于衰退期时，人们对于风险更加厌恶，投资者会要求有更高的收益率溢价。5、An an alyst does research about a float in g-rate security.AII else being equal, theca p on a float in g-rate security is most likely to ben efit the:A.issuer if in terest ra