CFA考试《CFA二级》历年真题精选及详细解析1007-2

1、CFA考试CFA二级历年真题精选及详细 解析1007-3lx Based upon Observation 2, Country C is most likely to have:【单 选题】A. relatively low real asset returnsB. a relatively low real interest rateC. a relatively high real interest rate.正确答案:c答案解析:C is correct. A high growth rate of potential GDP would cause real in comes to

2、rise more rapidly and also tra nslate into higher real in terest rates and higher expected/required real asset returns The real interest rate is essentially the real return that consumers/savers demand in exchange for postponing consumption Faster growth in potential GDP means that consumers expect

3、their real income to rise more rapidly. This implies that an extra unit of future income/c on sumption is less valuable than it would be if income were expected to grow more slowly. All else the same, the real interest rate will have to be relatively high in order to induce the savi ngs required to

4、fund required/desired capital accumulatio n.2、If MavsHD plans to make $ 160 million in net investments in the curre nt year; what will be the compa ny's divide nd payout ratio using the residual divide nd model?【单选题】A. 37.3% B. 58.2% C. 62.8% 正确答案:A答案角军析:If the company plans on spending $160 mil

5、lion on net investments, then only 60% of the funds need to come from retained earnings Therefore, MavsHD needs 0.6 x 160 = $96 million in retained earnings Net income is projected to be $153 million, leavi ng $57 millio n (153 96) available to pay divide nds Thus, the divide nd payout ratio would e

6、qual 57 / 153 二 37.3%3 In a recent presentation, Doug Pearce made two statements about divide nds:Stateme nt 1 "A stock divide nd will in crease share price on the ex-divide nd date, all other things being equal/Statement 2 "One practical concern with a stock split is that it will reduce t

7、he company's price-tearnings ratio."Are Pearce's two statements about the effects of the stock divide nd and stock split correct?【单选题】A. No for both statementsB. Yes for Statement 1 and no for Statement 2.C No for Statement 1 and yes for Statement 2.正确答案:A 答案角军析：A is correct. Both state

8、ments are incorrect. A stock divide nd will decrease the price per <span style="fo nt style: "MicrosoftnnYaHei 蔦微软雅黑;share, all other things being equal. A stock split will reduce the price and earnings per <span style="font-style:nn"Microsoft YaHei",微软雅黑;">sha

9、re proportionately, leaving the price-to-earnings ratio the same- 4The Apex FuncTs three-month total return on the soybean futures trade is closest to:【单选题】A. 0.85% B. 1.30% C. 2.22% 正确答案:A答案角军析:A is correct. The total return on the trade represents the sum of three components: price return, roll re

10、turn, and collateral return.Price return = (Current price Previous price)/Previous price = (877.0 865.0)/865.0 = 1.387%.Roll return = (n ear-term futures con tract closi ng price farther-term futures contract closing price)/near-term futures con tract closi ng price x Percentage of the positi on in

11、the futures con tract being rolled.Because the entire positi on is being rolled, the percentage of the position in the futures contract being rolled is equal to 100%. So:Roll return = (877.0 883.0)/877.0 x 100% = 0.684%. Collateral return = 3 months/12 months x 0.60% = 0.25%.Total return 二 1.387% 0.684%+ 0.15% 二 0.853% 5、The term tha