CFA考试一级章节练习题精选0329-34(附详解)

1、6CFA考试一级章节练习题精选0329-34 （附详解）1、An observation that stocks with aboveaverage price -to -earnings ratios have consistently underperformed those with below average price -to -earnings ratios least likely contradicts which form of the market efficiency? 【单选题】A. Weak formB. Strong formC. Semi-strong form正

2、确答案 :B答案解析 : “ Market Efficiency,144” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake2012 Modular Level I, Vol. 5, pp. 140Study Session 13-49-d, fContrast the weak -form, semi -strong -form, and strong -form market efficiency.Describe identified market pricing anomalies, and explain po

3、ssible inconsistencies with market efficiency.B is correct. The observation that stocks with high above -average price -to -earnings ratios have consistently underperformed those with below -average price -to -earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi - strong f

4、orm of market efficiency and weak -form market efficiency because all the information used to categorize stocks by their price -to -earnings ratios is publicly available.2、 The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gains is best described as:【单选

5、题】A. mental accounting.B. the disposition effect.C. the gambler 's fallacy.正确答案 :B答案解析 :Behavioral biases in which investors tend to avoid realizing losses but, rather, seek to realize gains is the disposition effect.2014 CFA Level IMarket Efficiency,” by W. Sean Cleary, Howard J. Atkinson, and

6、Pamela Peterson DrakeSection 5.3's earnings. An analyst estimates that next3、 A stock selling at $50 has a P/E multiple of 20 on the basis of the current year higher and that the stock should be valued on a forward looking basis at the industry average P/E of 18. Based on the analyst that the st

7、ock is currently: 【单选题】A. overvalued.B. fairly valued.C. undervalued.正确答案 :A答案解析 : “ Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA, and Stephen E. Wilcox, CFA2011 Modular Level I, Vol. 5, pp. 268 -270, 288-295Study Session 14-60-a, hEvaluate whether a security, given its curren

8、t market price and a value estimate, is overvalued, fairly valued, or undervalued by the market.Calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value.The stock is currently overvalued by $0.50 as its i

9、ntrinsic value is $49.50 compared to the price of $50: Next year's EPS = ($50 / 2value = $2.75 x 18 = $49.50.4、 An analyst does research about security market indices.The number of freelyfloating share available is component of which of the following indexweightingschemes? 【单选题】A.Fundamental wei

10、ghting.B.Price weighting.C.Market -capitalization weighting.正确答案 :C答案解析 :市值法中有按照流通股票数量来调整的指数，对此需要知道流通股票的数量来决定权重。5、 Which of the following is most accurate concerning key characteristics of different types of preference shares?单选题】A.Preference shares have characteristics of both debt and equity secur

11、ities.B.Preference shareholders rank above subordinated bondholders with respect to claims on the company's net assets upon liquidation.C.The price of convertible preference shares tends to be more volatile than their underlying common shares because they do not allow investors to share inprofit

12、s of the company.正确答案 :A答案解析 : “ Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA2013 Modular Level I, Vol. 5, Reading 49, Section 3.2Study Session 14-49-a, b, eDescribe characteristics of types of equity securities.Describe differences in voting rights and other ownership characteristics among different equity classes.Compare the risk and return characteristics of types of equity securities.A is correct. Preference shares have characteristics of both debt securities and common shares. Similar to interest p