CFA考试《CFA三级》历年真题精选及详细解析1107-59

CFA考试《CFA二级》历年真题精选及详细解析1107-741、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】A.Market-based method.parable transactions method.C.Discounted cash flow method.正确答案:B答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】A.Keep Borgonovo on the recommended list because it plots below the SML.B.Keep Borgonovo on the recommended list because it plotsabove the SML.C.Remove Borgonovo from the recommended list because it plots below the SML.正确答案:C答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list.3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】A.the linear trend model but not the log-linear trend model.B.both the linear trend model and the log-linear trend model.C.neither the linear trend model nor the log-linear trend model.正确答案:B答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.4、In accounting for the use of derivatives against the three risks that Minor has discovered, the entire gains or losses from the。

CFA考试《CFA一级》历年真题精选及详细解析1007-21、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】A.4.5%.B.5.0%.C.6.5%.正确答案:B答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, p. 326-328Study Session 15-61-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.B is correct because LIBOR + 300 bps at the reset date equals1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】A.5.31%.B.6.45%.C.8.90%.正确答案:B答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA 2011 Modular Level I, Vol. 5, pp. 464-465Study Session 15-64-iCalculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.B is correct because the tax-equivalent yield of a tax-exempt security is3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】A.8.8%B.12.1%C.15.8%正确答案:B答案解析:在收入法之下，appraisal price = NOI/market cap rate，因而有：$3 925 000 = $475 000/market cap rate，得出market capitalization rate = 12.1%.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】A.increases.B.decreases.C.stays the same.正确答案:C答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi2012 Modular Level I, Vol. 5, pp. 359–363Study Session 15-54-gDescribe yield-curve risk, and explain why duration does not account for yield-curve risk.C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\'s taxequivalentyield is closest to:【单选题】A.2.52%B.4.86%C.12.50%正确答案:B答案解析:设税收等同收益率(tax-equivalent yield)为X，则X × (1 - 28% ) = 3.5%，算出X =4.86%。

历年CFA考试真题及答案解析1、The nominal (quoted) annual interest rate on an automobile loan is 10%. The effective annual rate of the loan is 10.47%. The frequency of compounding periods per year for the loan is closest to:【单选题】A.weekly.B.monthly.C.quarterly.正确答案:B答案解析:“The Time Value of Money,” Richard A. DeFusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2013 Modular Level I, Vol. 1, Reading 5, Section 3.3Study Session 2–5–c, dCalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding. Solve time value of money problems for different frequencies of compounding:B is correct. Use the formula for effective annual rate:Iteratively substitute the possible frequency of compounding until the EAR is 10.47%.Thus, the correct answer is monthly compounding.2、Which of the following is a constraint as defined in the International Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements?【单选题】A.NeutralityB.TimelinessC.Going concern正确答案:B答案解析:“Financial Reporting Standards,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, Karen O’Connor Rubsam, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFATimeliness is a constraint in the IFRS Framework. Neutrality is a factor that contributes to reliability and going concern is an assumption of the Framework.3、Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm's stock and the market portfolio?【单选题】A.Dividend discount modelB.Capital asset pricing modelC.Bond-yield-plus risk-premium正确答案:B答案解析:“Cost of Capital” Yves Courtois, CFA, Gene C. Lai, and Pamela Peterson Drake, CFAThe capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company's stock returns against market returns.4、For a 90-day U.S. Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?【单选题】A.Money market yieldB.Discount-basis yieldC.Bond equivalent yield正确答案:C答案解析:“Working Capital Management,” Edgar Norton, Jr., Kenneth L. Parkinson, and Pamela Peterson Drake5、An investor gathers the following data.To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 11.5% as her required rate of return, the stock's justified forward P/E is closest to:【单选题】A.10.B.12.C.21.正确答案:C答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E.Wilcox6、A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. Bond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.”Is the manager most likely correct?【单选题】A.Yes.B.No, Bond A’s nominal yield spread should be less than Bond C’s.C.No, Bond B’s nominal yield spread should be less than Bond C’s.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFAC is correct because Bond B’s embedded put option benefits the investor and the yield spread willtherefore be less than the yield spread of Bond C, which does not contain this benefit.7、Which of the following characteristics is best described that the information in financialstatements can influence user's economic decisions or affect user's evaluationof past events or forecasts of future events in accordance with the IFRSframework's definitions and recognition criteria?【单选题】A.Relevance.parability.C.Faithful representation.正确答案:A答案解析:根据IFRS的条款，财务报表的两个基本特性使得这些财务信息有用，这两个特性包括相关性（relevance）和公允陈述（faithful representation）。

CFA考试试题汇编(含答案)[完整版]1. Which of the following statements about the CFA Institute's Professional Conduct Program (PCP) is least accurate?A. Possible sanctions include condemnation by a member's peers or suspension of a candidate's participation in the CFA Program.B. If the Designated Officer determines that a sanction against a member is warranted, the member must either accept the sanction or lose the right to use the CFA designation.C. Members who cooperate with a PCP inquiry by providing confidential client information to PCP staff are not in violation of Standard III(E) Preservation of Confidentiality.【答案】B2. Robert Miguel, CFA, is a portfolio manager for a large investment advisory firm. In appreciation of his impressive portfolio returns last quarter, one of his clients, Kevin Goodman, has invited Miguel and his wife to be his guests at his luxury suite for a major league baseball playoff game. Miguel, a baseball fan, accepts the invitation and attends the game. The next day at work, Miguel doesn't mention to his supervisor that he attended the game as a guest of the client. According to the Standard concerning independence and objectivity and the Standard on knowledge of the law, Miguel's actions are in violation of."A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A3. Ann Smith, CFA, calls Bill Jones, CFA, and tells him that her research shows that Biokem Company is underpriced and that earnings per share will exceed $3.00 this year. Jones had never heard of Biokem before her call but knows that Smith is widely considered to be the best analyst in her sector. Smith's research has been released publicly, and Smith tells Jones he's "welcome to it." After their conversation, Jones arranges a conference call with his firm's portfolio managers and announces that Biokem is underpriced and will likely earn over $3.00 per share this year. During the call with the portfolio managers, Jones does not reference his conversation with Smith. According to the Standards that concern misrepresentation and diligence and reasonable basis, Jones violated:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A4. Doug Watson, CFA, serves in a sales position at Sommerset Brokerage, a registered investment adviser. As part of his employment,he is expected to entertain clients. Frequently at these client outings, Watson drinks excessively. On one occasion, after dropping off a client, Watson was cited by local police for misdemeanor public intoxication. According to the Standard on knowledge of the law and the Standard on misconduct, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】B5. Kevin Richards is a performance analyst for Reliable Advisors, a retail investment advisory and consulting firm. Richards, who is a Level I CFA candidate, was hired-as part of the firm's efforts to attract CFA candidates into critical areas of the firm, such as performance measurement and attribution. Richards' supervisor instructs him to reference the firm's compliance with GIPS in marketing materials to attract more clients. For Richards' reference to the firm's GIPS compliance to be accurate, Reliable is least likely required to:A. apply GIPS compliance firm wide and not only to the specific asset classes mentioned in the marketing materials.B. claim compliance with GIPS only if it has a compliant performance history of five years or more.C. include all discretionary fee-paying accounts in composites basedon their investment objectives and/or strategies.【答案】B6. Peter Taylor, a CFA charterholder and a food industry analyst for a large investment firm, has been invited by Sweet Pineapple Co. to visit the firm's processing plants in Hawaii. The Standard concerning independence and objectivity recommends that Taylor:A. use and pay for commercial transportation, if available.B. obtain written permission from his employer before he accepts this invitation.C. decline this invitation if he issues recommendations on the firm's securities.【答案】A7. Ruth Brett, a Level I CFA candidate, is a research analyst for a large investment firm. Due to a demanding work schedule with long hours, Brett was unable to attend any sort of exam preparation class, and has only been able to study sporadically. Feeling nervous and unprepared the night before the exam, Brett writes a few key notes on the bottom of her shoe. At the exam, Brett sees the large number of proctors present and decides not to risk getting caught and does not look at her shoe. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Brett is:A. not in violation of any Standard or the Code of Ethics because shedid not use the notes.B. in violation of the Code of Ethics for bringing the notes into the examination room but is not in violation of any Standard because she did not use the notes.C. in violation of both the Code of Ethics and the Standard governing conduct as Members and Candidates in the CFA Program for taking the notes into the examination room.【答案】C8. Which of the following is least likely included in the CFA Code of Ethics? Members of CFA Institute must:A. place their clients' interests before their employer's interests.B. strive to maintain and improve the competence of others in the profession.C. use reasonable care and exercise independent professional judgment.【答案】A9. In formulating her report on GammaCorp's common stock, Barb Kramer, CFA, did a complex series of statistical tests on the company's past sales and earnings. Based on this statistical study, Kramer stated in her report that, "GammaCorp's earnings growth for the next five years will average 15% per year." Her conclusion was based in part on a regression analysis with a high level of statistical significance. Has Kramerviolated the Standard on communication with clients and prospective clients?A. Yes, because she didn't give complete details of the statistical model used.B. Yes, because she failed to indicate that 15% growth is an estimate.C. No, because her projections are within the generally accepted bounds of statistical accuracy.【答案】B10. Alpha Advisors Inc. is an investment management firm with a client base that ranges from individuals to large foundations. Which of the following firm policies is least appropriate if Alpha adopts the Code and Standards? Alpha:A. monitors the personal trading activity of firm personnel and requires them to pre-clear personal trades.B. regularly calls larger accounts first after changes in investment recommendations have been faxed to all clients.C. excludes client accounts of family members of employees from participating in IPOs.【答案】C11. Dudley Thompson is a bond salesman for a small broker/dealer in London. His firm is the lead underwriter on a new junk bond issue forthe Ibex Corporation. In order to stimulate sales of the new issue, Thompson calls all of his accounts over ￡1,000,000, many of which belong to elderly clients with low risk tolerances, and tells them that the Ibex issue is a fantastic opportunity for high returns that is not to be missed. Thompson also posts overly optimistic projections for Ibex's performance on several Internet "chat rooms" in order to increase the price of the bond issue and enhance his clients' returns on the investment. According to the Standards concerning market manipulation and suitability, Watson is in violation of:A. both of these Standards.B. neither of these Standards.C. only one of these Standards.【答案】A12. Rob Elliott, a CFA candidate, is an analyst with a large asset management firm. His personal portfolio includes a large amount of common stock of TECH Inc., a semiconductor company which his firm does not currently follow. The director of the research department has just asked Elliott to analyze TECH and write a report about its investment potential, which will be distributed to clients and prospective clients. Based on the CFA Institute Standards of Professional Conduct, the most appropriate course of action for Elliot to take would be to:A. sell his shares of TECH before completing the report.B. decline to write the report.C. disclose the ownership of the stock to his employer and in the report if he writes it.【答案】C13. Antonio Mendoza, CFA, is an investment manager in private practice under the name Mendoza Investments. Mendoza solicits new business by making brief presentations describing his investment performance record. At each presentation, he makes available a 1-page information sheet that outlines his performance history for the past ten years. His telephone number is on the sheet for prospective clients who wish to contact him for additional supporting information. At the bottom of the sheet the following is stated: "Mendoza Investments has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS?).'' Mendoza's information sheet:A. does not comply with GIPS.B. violates the Standard that concerns performance presentation.C. complies with both GIPS and the Standard that concerns performance presentation.【答案】C14. Anne Franklin, CFA, is an analyst who covers technology stocks for Medallion Investments. Franklin frequently meets with company management and makes site visits to company facilities. Cynthia Lucas,chief technology officer for Level Tech, tells several analysts, including Franklin, during a conference call that overseas shipments of the company's important new product are going to be delayed due to manufacturing defects, which she expects are correctable. This information has not been released in any other format. Medallion manages discretionary accounts for Lucas and Franklin. Subsequent to her meeting, Franklin sends a note to Medallion's investment personnel telling them to "sell the stock in all client accounts," as the shipment information is significant and contrary to recent earnings guidance from the company. Franklin's use of the information received from Lucas:A. violates the Code and Standards, as Franklin received material nonpublic information that should not have been acted upon.B. violates the Code and Standards, since she directed the sale in all client accounts instead of acting in the best interests of her own clients.C. does not violate the Code and Standards, as Franklin was adhering to her fiduciary duty to Medallion's clients by sharing the information and recommending a "Sell."【答案】A15. R.J. Young is meeting with a new client for the first time. At this meeting, he will be gathering information about the client in order to assess the client's investment objectives and constraints. As he does for all of his clients, Young will then prepare a written investment policystatement (IPS). According to the recommended procedures for complying with the Standard on suitability, which of the following statements regarding an IPS is least accurate?A. An IPS should describe the roles and responsibilities of the adviser and client.B. A member or candidate is not responsible for financial information withheld by the client.C. A client's IPS must be updated at least quarterly to reflect any changes in their investment profile.【答案】C16. For years John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Code and Standards of Professional Conduct in the firm. To not be liable for a violation of the Standards, Berger must:A. do nothing more than have the set of procedures in place as stated.B. periodically review the procedures.C. both periodically review the procedures and ensure the procedures are monitored and enforced.【答案】C17. According to the Standards of Practice Handbook, in order to fulfill the basic provision and procedure of the suitability standards,should a client’s written investment polity statement (IPS): Take performance measurement Be reviewed at least annually?benchmarks into consideration?A. Yes YesB. Yes NoC. No Yes【答案】A18. An analyst meets with a new client. During the meeting, the analyst sees that the new client’s portfolio is heavily invested in one over-the-counter stock. The analyst has been following the stock and thinks it will perform well in the long run. The analyst arranges through a brokerage firm to simultaneously sell a large number of shares of the stock via a series of cross trades from the new client’s portfolio to various existing clients. He arranges the trades to be executed at a price that approximates the current market price. This action is:A. not in violation of the Standards.B. a violation of Standard III(A), Loyalty, Prudence, and Care.C. a violation of Standard III(B), Fair Dealing.【答案】A19. An analyst gathered the following information about the monthly returns over the same time period from two diversifiedinvestment portfolios:The analyst stated that Portfolio X is negatively skewed and Portfolio Y is positively skewed. Is the analyst correct with respect to: Portfolio X?Portfolio Y?A. No NoB. No YesC. Yes No【答案】A20. A pension fund expects to pay obligations of $5, 000, 000 4 years from today. The fund will fund this obligation by making 5 annual, equal deposits into an account earning 3%, with the first deposit occurring today, and the last occurring at the time the obligation is due. What size must each annual deposit be?A. $904,874.B. $941,773.C. $1,125,662.【答案】B21. An investor plans to retire eight years from today. To maintain her standard of living through retirement, she needs to have $2.5 million accumulated when she retires. Her portfolio is currently valued at $1.2million and is expected to earn 7.0 percent annually. The minimum annual amount she must save at the beginning of each of the next eight years to achieve a retirement accumulation of $2.5 million is closest to:A. $0B. $31,875C. $39,914【答案】C22. An analyst asked an junior associate to evaluate the performance of group of mutual funds over the last 10 years. The associate calculated the following performance statistics:The analyst suspects that the associate has made some errors in calculating the performance statistics. Based only on the expected mathematical relationships between the two measures of return and between the two measures of dispersion calculated by the associate, did the associate most likely make errors in calculating the statistics associated with:Mutual Fund A?Mutual Fund B?A. No YesB. Yes NoC. Yes Yes【答案】C23. When using stock return data, a geometric mean return calculation is most likely preferred over a geometric mean calculation because:A. return data can be negative.B. return data can be less than one.C. the geometric mean return is closer in value to the arithmetic mean.【答案】A24. An analyst is investigating the distribution of the SMG stock’s return over time. He calculated the mode of 12 percent, the mean of 11 percent, and the median of 11.5 percent. The distribution can best be described as:A. positively skewed, with a long tail on the left side.B. negatively skewed, with a long tail on the left side.C. positively skewed, with a long tail en the right side.【答案】B25. An analyst collects the following set of past stock returns: -2.3%, -5.1%, 7.6%, 8.2%, 9.1%, and 9.8%. Which of the following measures of return is most likely the highest?A. Median returnB. Geometric mean returnC. Arithmetic mean return【答案】A26. An investor is considering investing in one of the three following portfolios:If the investor's minimum acceptable return is 5%, the optimal portfolio using Roy's safety-first criterion is:A. Portfolio X.B. Portfolio Y.C. Portfolio Z.【答案】C27. An analyst is testing the hypothesis that the variance of monthly returns for Index L equals the variance of monthly returns for Index M based on samples of 50 monthly observations. The sample variance of Index L returns is 0.085, whereas the sample variance of Index M returns is 0.084. Assuming the samples are independent and the returns are normally distributed, which of the following represents the most appropriate test statistic?A.B.C.【答案】A28. If the probability of event J multiplied by the probability of event K is not equal to the joint probability of events J and K, then events J and K are most likely:A. dependent events.B. independent events.C. mutually exclusive events.【答案】A29. Alan Barnes, CFA, is interested in the expected quarterly return on FTSE 100 stock index. He has data for the last five years and calculates the average return on the index over the last 20 quarters. This average return:A. is different from the statistic he is trying to estimate by the amount of the sampling error.B. overstates the return because he should divide by the square root of 20 when using a mean value.C. overstates the expected return because he should have used the geometric mean and not the simple average.【答案】A30. Which of the following statements regarding the significance level of a hypothesis test is most accurate?A. Given a significance level of 5%, a test will reject a true null hypothesis 5% of the time.B. If the significance level of a test is 5%, it will yield the correct decision about the null hypothesis 95% of the time.C. If the significance level of a test is 95%, it will yield the correct decision about the null hypothesis 95% of the time.【答案】A31. An analysis determined that approximately 99 percent of the observations of daily sales for a company were within the interval from $250,000 to $580,000 and that daily sales for the company were normally distributed. The mean daily sales and standard deviation of daily sales, respectively, for the company were closest to:Mean daily sales Standard deviation of daily salesA. $415,000$41,667B. $415,000$55,000C. $355,115$41,667【答案】B32. The joint probability of returns, for securities A and B, are as follows:The covariance of returns of A and B is:A. 6%B. 12%C. 24%【答案】A33. Does the quantity theory of money assume that in the long run:Potential GDP is influenced the price level is influencedby the quantity of money?by the quantity of money?A. No NoB. No YesC. Yes No【答案】B34. Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:A. Price controlsB. Taxes and trade restrictionsC. Perfect competition【答案】C35. Which of the following condition is least likely to be the reason that a black market is generally inefficient:A. Unenforceable contractB. Increased prices required by suppliers due to the risk of prosecutionC. Intensive control by the government【答案】C36. Which of the following describes the difference between perfect competition and monopolistic competition? Firms in monopolistic competition:A. Provide differentiated products.B. Decide on the output where marginal revenue equals marginal cost.C. Are free to enter and exit the market.【答案】A37. Generally speaking, when the Herfindahl-Hirschman Index (HHI) is calculated by summing the squared percentage market shares, how many largest firms’data is used in a industry, supposing there are a large number of firms in the industry:A. 4B. 10C. 50【答案】C38. If accurately calculated, will the amount of accounting profit fora firm generally:Be below that firm’s economic consider both that firm’s profit for the same time Defied?explicit and implicit costs?A. No NoB. No YesC. Yes No【答案】A39. The demand for a given resource will most likely decrease if the prices of its substitute resources and complementary resources, respectively:Prices of substitute resources Price of complementary resourcesA. Increase IncreaseB. Increase DecreaseC. Decrease Increase【答案】C40. With respect to the different views about short-term fluctuations in the economy, what is the primary driver of aggregate demand according to the:Keynesian view?Classical view?A. Future expectations Technological changeB. Future expectations The supply of moneyC. Current price level Technological change【答案】A41. At low wage rates, will an increase in the wage rate most likely result in:The substitution effect?An increase in the supply of labor?A. Yes YesB. Yes NoC. No Yes【答案】A42. An analyst does research about technologically efficient and economically efficient. A method of production is economically efficient when:A. it uses the most up-to-date technology.B. the cost of human capital is as low as possible.C. the cost of producing a given output is as low as possible.【答案】C43. Given the following possibilities, which one results in an increase in total consumer expenditures?A. demand is elastic and price rises.B. demand is inelastic and price falls.C. demand is inelastic and price rises.【答案】C44. Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:A. The marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.B. The average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.C. The marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.【答案】C45. In which of the following situations when recording inventory ata value greater than its historical cost is permitted?A. The value is a reversal of a pervious write-down.B. The inventory consists of agricultural products.C. Financial statements are prepared using U.S.GAAP.【答案】B31. For an asset with a price of 1000, which of the following price targets is least likely based on Fibonacci ratio?A. 618.B. 1294.C. 1618.【答案】B32. A portfolio of non-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 2002 and 31 December 2008. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 2002 was $100,000, the market value of the portfolio at the end of 2008 was closest to:A. $137,000B. $140,710C. $141,030【答案】B33. Which of the following is not true regarding to zero economic profit?A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.B. The firm is just profitable enough to make a normal return.C. The return for the firm is insufficient for the risk taken.【答案】C34. An analyst does research on price discrimination’s impact. Compared to using a single price in a market characterized by monopolistic competition, using price discrimination when two customergroups have different demand elasticities is least likely to result in:A. new productive ventures.B. an increase in total output.C. lower prices for both groups.【答案】C资料来源：文得学习网，更多考试资料题库视频，上文得学习网查找。

CFA考试《CFA三级》历年真题精选及详细解析1007-261、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses for the trip, including costs of meals, hotel room, and air transportation. Which of the following actions would be the best course for Ward to take under the Code and Standards?【单选题】A.Accept the expense-paid trip and write an objective report.B.Pay for all travel expenses, including costs of meals and incidental items.C.Accept the expense-paid trip but disclose the value of the services accepted in the report.正确答案:B答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence and Objectivity is to avoid a conflict of interest whenever possible. Therefore, for Ward topay for all his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.2、Are the three compliance procedures reviewed by Campanelli consistent with both the required and recommended standards of the CFA Institute Asset Manager Code of Professional Conduct?【单选题】A.No, the procedures regarding record retention are inconsistent.B.No, the procedures regarding portfolio review are inconsistent.C.No, the procedures regarding investigation of complaints are inconsistent.正确答案:C答案解析:C is correct. According to the recommendations of Section D(2) of the Asset Manager Code,where possible, the CCO should be independent from the investment and operations personnel and should report directly to the CEO orthe board of directors.3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【单选题】A.rotate from consumer non-cyclical to consumer cyclical sectors.B.increase exposure to the crossover sector.C.shift the portfolio’s positions to shorter duration corporate bonds.正确答案:C答案解析:Curve-adjustment trades take place when the portfolio manager expects credit spreads will widen (either overall or in a particular sector). The specific strategy is to shift the portfolio’s exposure to shorten spread duration by selling longer maturity corporate bonds and buying shorter maturity bonds, which lowers the contribution to spread duration.4、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【单选题】tingB.Frequency of marking to marketC.Limiting counterparty exposure正确答案:B答案解析:Sigma typically enters two-year contracts and doesnot mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party for whom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.5、Based on Exhibit 1, Kiest’s liabilities would be classified as:【单选题】A.Type I.B.Type II.C.Type III.正确答案:A答案解析:A is correct. Type I liabilities have cash outlays with known amounts and timing. The dates and amounts of Kiest’s liabilities are known; therefore, they would be classified as TypeI liabilities.6、If Motelli’s current investment account of €250,000 is invested in an asset which is expected to earn annual interest of 6.5 percent and no capital gains, what is his expected after tax accumulation in 15 years?【单选题】A.€578,664.B.€586,547.C.€642,960.正确答案:B答案解析:B is correct. The after tax wealth accumulation for annually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,5477、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【单选题】A.Portfolio 1B.Portfolio 2C.Portfolio 3正确答案:B答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s Macaulay duration with the horizon date. DFC has a single liability of $500 million due in nine years.Portfolio 2 has a Macaulay duration of 8.9, which is closer to 9 than that of either Portfolio 1 or 3.Therefore, Portfolio 2 will best immunize the portfolio against the liability.8、Ng’s response to Kepler’s question about the most efficient portfolio management strategy should be:【单选题】A.full replication.B.active management.C.an enhanced indexing strategy.正确答案:C答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full set of index constituents but still matches the original index’s primary risk factors. This strategy replicates the index performance under different market scenarios more efficiently than the full replication of a pure indexing approach.9、Considering Zubov’s statements to the investment committee regarding Hoven University’s endowment, he is least likely correct with respect to:【单选题】A.liquidity need.B.total return objective.C.risk tolerance.正确答案:C答案解析:The endowment’s risk tolerance is low to moderate, not high, because the endowment’s contribution represents 25% of the university’s operating budget. Thus, a modest drop in the endowment’s value may have a significant impact on university operations. Another factor supporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance for short-termportfolio risk. Although a return objective of 7%–7.5% may ostensibly be used to support a higher risk tolerance, the risk of a short-term drawdown poses a much larger risk and thus, on balance, a low to moderate risk tolerance is more appropriate for the endowment.10、Are Pearson\\\\\\\\'s statements regarding the disadvantages of the historical method for estimating VaR most likely correct?【单选题】A.No, the second statement is not a disadvantage.B.No, the first statement is not a disadvantage.C.Yes.正确答案:B答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.。

CFA考试历年真题精选3（附详解）CFA考试历年真题精选3（附详解）1、A company that wants to determine its cost of equity gathers the following information：【单选题】A.13.1%.B.12.6%.C.7.5%.正确答案:A答案解析:CAPM: Cost of equity = Risk free rate + Beta × Market risk premium = 3.5% + 1.6 × (6.0%) = 13.1%.Section 3.3.12、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【单选题】A.purchase the stock because the pattern indicates a bullish signal.B.avoid trading the stock because the pattern indicates a sideways trend.C.sell the stock because the pattern indicates a bearish signal.正确答案:A答案解析:2014 CFA Level I“Technical Analysis,” by Barry M. Sine and Robert A. StrongSection 3.3.2.13、A company, which prepares its financial statements according to IFRS, owns several investment properties on which it earns rental income. It values the properties using the fair value model based on prevailing rental markets. After two years of increases the market softened in 2012 and values decreased. A summary of the properties’ valuations is as fo llows:Which of thefollowing best describes the impact of the revaluation on the 2012 financial statements?【单选题】A.€6.5 million charge to net incomeB.€6.5 million charge to revaluation surplusC.€4.5 million charge to revaluation surplus and €2.0 million charge to net income正确答案:A答案解析:"Long-Lived Assets,” Elaine Henry, CFA and Elizabeth A. GordonA is correct. For investment properties, when using the fair value model of revaluing assets, all increases and decreases affect net income.4、Under IFRS, the costs incurred in the issuance of bonds are most likely:【单选题】A.expensed when incurred.B.included in the measurement of the bond liability.C.deferred as an asset and amortized on a straight-line basis.正确答案:B答案解析:Under IFRS, debt issuance costs are included in the measurement of the bond liability.Section 2.1 5、Prices of a futures contract for five consecutive trading-days are provided in the table below. The initial margin requirement is set at $6.00 per contract and the maintenance margin is $3.60 per contract.On day 0, a trader enters into a short position for 15 contracts. The ending balance for the margin account on day 5 is closest to:【单选题】A.$15.B.$60.C.$210.正确答案:B答案解析:“Futures Markets and Contracts”, Don M. Chance,CFAOn day 0, the trader must deposit an initial margin of $90 (= $6 × 15). Subsequent gains and losses on the short position are reflected in the ending margin balance for the day. The ending balance on day 4 is $45, which is below the maintenance margin of $54 (= $3.60 × 15). On any day in which the amount of money in the margin account at the end of the day falls below the maintenance margin requirement, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. Therefore, the trader must deposit $45 on day 5 to bring the margin balance up to $90. After reflecting a loss of $30, the ending balance on day 5 is $60.6、David Donnigan enrolled to take the Level II CFA examination in the current year, but he did not takethe exam. Donnigan advised his employer that he passed Level II. Subsequently, he registered totake the Level II exam the next year. Which CFA Institute Standards of Professional Conduct didDonnigan least likely violate? The standard related to:【单选题】A.referencing candidacy in the CFA Program.B.duty to employer.C.professional misconduct.正确答案:A答案解析:Because he registered to take the exam in the next year, Donnigan still qualifies to state he is acandidate in the CFA Program. He would not, however, be authorized to reference that he is a LevelIII candidate and, if asked, would need to specifiy that he is a Level II candidate.Standard I(D), Standard IV(A)7、An investor purchases a bond for $989.00.After 180 days the investor receives aninterest payment of $25.10 and sells the bond for $1036.40.The investor's effectiveannual yield is closestto:【单选题】A.14.66%B.15.20%C.15.42%正确答案:C答案解析:由题意可知，- 1 = 15.42%。

CFA考试《CFA三级》历年真题精选及详细解析1007-191、Based on Craig's statement about types of traders and preferred order types, Placid's preference is most likely a trader that is:【单选题】rmation motivated.B.value motivated.C.liquidity motivated.正确答案:B答案解析:Value-motivated traders trade only when the price moves into their value range. Their motivation is to take advantage of perceived valuation errors. With respect to trade execution, their preference is price (versus time). They often use limit orders.2、The explicit cost component of the total implementation shortfall for the Nano Corporation trade is closest to:【单选题】A.0.15%.B.0.25%.C.0.35%.正确答案:A答案解析:Implementation shortfall can be decomposed into explicit costs, realized profit/loss, delay costs, and missed trade 3、DAM is most likely to be characterized as:【单选题】A.B.C.正确答案:A答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between4、Based on Exhibit 1, the effective spread for the executed ABC stock trade is most likely:【单选题】A.equal to the quoted bid–ask spread.B.greater than the quoted bid–ask spread.C.less than the quoted bid–ask spread.正确答案:C答案解析:Effective spread is a measure of execution costs that captures both the effects of price improvements and market impact. The effective spread is two times the deviation of the actual execution price from the midpoint of the market quote at the time an order is entered.5、Using the trade blotter provided in Exhibit 3, theimplementation shortfall cost for the GHI stock trade is closest to:【单选题】A.86 bps.B.119 bps.C.91 bps.正确答案:C答案解析:Implementation shortfall is 91 bps and is calculated as follows.。

CFA考试《CFA三级》历年真题精选及详细解析1107-491、Based on Delta\\\\\'s expectations regarding currencies, and assuming that interest rate parity holds, should Delta most likely recommend using forward contracts to hedge the portfolio\\\\\'s British pound exposure?【单选题】A.No, because the euro is expected to depreciate by more than0.35%B.YesC.No, because the euro is expected to appreciate by more than0.35%正确答案:B答案解析:Using interest rate parity, the euro is expected to depreciate by 3.25% –2.50% = 0.75%. Delta\\\\\'s strategists believe that the euro will depreciate by only 0.35%. Based onexpected returns alone, Delta should hedge the currency risk using a forward contract and lock in a 0.75% gain in British pounds.2、Is Markov correct regarding the necessary conditions to immunize the GIC portfolio for his client?【单选题】A.No, he is incorrect regarding durationB.YesC.No, he is incorrect regarding the bond portfolio characteristics 正确答案:C答案解析:To immunize a portfolio\\\\\'s target value or target yield against a change in the market yield, a manager must invest in a bond or a bond portfolio whose (1) duration is equal to the investment horizon and (2) initial present value of all cash flows equals the present value of the future liability. Thus, investing in a bond portfolio with a yield to maturity equal to the target yield and a maturity equal to the investment horizon。

cfa考试题及答案1. 以下哪项是CFA考试中经常考察的财务分析指标？A. 市盈率（P/E Ratio）B. 市净率（P/B Ratio）C. 股息率（Dividend Yield）D. 所有上述选项答案：D. 所有上述选项2. 在CFA考试中，下列哪个选项不是有效市场假说（Efficient Market Hypothesis, EMH）的类型？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 完全有效市场答案：D. 完全有效市场3. CFA考试中，关于投资组合理论，以下哪个说法是不正确的？A. 投资组合可以降低非系统性风险B. 投资组合的预期收益是其组成资产预期收益的加权平均C. 投资组合的总风险是其组成资产风险的总和D. 投资组合的最优权重取决于投资者的风险偏好答案：C. 投资组合的总风险是其组成资产风险的总和4. 在CFA考试中，以下哪个财务报表分析方法不涉及比较分析？A. 水平分析B. 垂直分析C. 比率分析D. 趋势分析答案：B. 垂直分析5. CFA考试中，关于宏观经济学，以下哪个因素不是影响货币供给的因素？A. 基础货币B. 货币乘数C. 利率D. 银行准备金答案：C. 利率6. 在CFA考试中，下列哪个不是固定收益证券的特点？A. 利息收入稳定B. 价格波动性较低C. 与经济周期相关性高D. 到期还本付息答案：C. 与经济周期相关性高7. CFA考试中，关于衍生品，以下哪个说法是错误的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约涉及两个方在特定日期交换现金流D. 衍生品总是用于投机目的答案：D. 衍生品总是用于投机目的8. 在CFA考试中，以下哪个不是企业价值评估中常用的方法？A. 折现现金流（DCF）分析B. 市盈率（P/E）比较C. 经济增加值（EVA）分析D. 资产负债表比较答案：D. 资产负债表比较9. CFA考试中，关于行为金融学，以下哪个不是常见的认知偏差？A. 过度自信B. 代表性启发C. 风险规避D. 锚定效应答案：C. 风险规避10. 在CFA考试中，以下哪个不是国际投资中的风险类型？A. 汇率风险B. 利率风险C. 政治风险D. 系统性风险答案：D. 系统性风险。

CFA考试《CFA三级》历年真题精选及详细解析1107-551、Are Northrup’s comments about fund of funds’lock-up periods and lower fees most likely correct?【单选题】A.No.B.Yes, for lower fees only.C.Yes, for lock-up periods only.正确答案:A答案解析:A is correct. Contrary to Northrup’s comment, fund of funds usually do not impose lock-up periods (or minimum initial holding period) and their fees are higher as investors pay two layers of fees: one to the FOF and the other to the underlying hedge fund managers.2、The monthly VaR that Stulz wants to estimate for the Stimsonportfolio is closest to:【单选题】A.€0.8 million.B.€2.9 million.C.€3.9 million.正确答案:C答案解析:C is correct. The monthly return is 9.6%/12 = 0.8%.The monthly standard deviation is The percent VaR is 0.8% – 1.65 (5.196%) = –7.7734%.The dollar VaR is 7.7734% (€50 million) = €3.8867 million, or €3.9 million.3、Based on Exhibits 2 and 3, what can Smith most likely determine about MCAM\\\\\\\'s investment style over time? MCAM\\\\\\\'s style has:【单选题】A.not drifted.B.drifted from value to growth.C.drifted from growth to value.正确答案:C答案解析:The active equity strategy was not value oriented because the returns-based style analysis indicates a growth orientation given a 0.65 coefficient of determination with respect to growth returns. The current holdings, however, depict a value orientation when compared with the manager\\\\\\\'s normal benchmark given the differences in dividend yield and P/E. MCAM\\\\\\\'s style has drifted over time from growth to value.4、What is Kaplan’s after-tax accumulation after 20 years?【单选题】A.€196,438.B.€220,521.C.€230,521.正确答案:A答案解析:A is correct. The taxable account will accumulate toFVi = €50,000[1 + r(1 –ti)]n= €50,000[1 + 0.04(1 –0.4)]20= €80,347The tax deferred account will accumulateFVTDA = €50,000(1 + r)n(1 –Tn)= €50,000(1.07)20(1 –0.40)= €116,091Total = €196,4385、Based on the data in Exhibit 2, modifying the duration of the fixed-income allocation to its target will require an interest rate swap that has notional principal closest to:【单选题】A.$11,030,000.B.$17,777,000.C.$9,412,000.正确答案:A答案解析:where; NP = notional principalB = bondportfolioMDURt = duration target of portfolioMDURb = duration of bond portfolioMDURs = duration of swap6、Disregarding the initial cost of the Hop collar strategy, the value per share of the strategy at expiration with the stock at $26.90 is:【单选题】A.$26.05.B.$26.20.C.$26.90.正确答案:C答案解析:C is correct. If the stock price at expiration of the options is $26.90, the put will expire worthless, the call will expire worthless, and the value of the strategy will reflect solely the value of the stock.7、Which of the statements made about meeting Gladys\\\\\\\' stated goal is most accurate? The statement regarding:【单选题】A.fixed annuity productsB.revised asset allocationC.variable annuity products正确答案:C答案解析:A jointly owned variable payout lifetime annuity product would provide cash flows until the end of the surviving spouse\\\\\\\'s lifetime. Therefore, the Jones family will not outlive the assets. It is true there is less certainty regarding the cash flows because they are linked to the performance of the underlying investments.8、With respect to Viewmont\\\\\\\'s goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【单选题】A.KemigisaB.BazlamitC.Montero正确答案:C答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.9、In the previous question, suppose DiCenzo sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. What is the total tax savings assuming DiCenzo does not reinvest the tax savings?【单选题】A.€0.B.€7,500.C.€15,000.正确答案:A答案解析:A is correct. Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.10、The yield curve expectation that Abram’s supervisor targets with Scenario 1 is most likely a:【单选题】A.flattening yield curve.B.reduction in yield curve curvature.C.100 bps parallel shift downward of the yield curve.正确答案:A答案解析:A is correct. Scenario 1 is an extreme barbell and is typically used when the yield curve flattens. In this case, the 30-year bond has larger price gains because of its longer duration and higher convexity relative to other maturities. If the yield curve flattens through rising short-term interest rates, portfolio losses are limited by the lower price sensitivity to the change in yields at the short end of the curve while the benchmark’s middle securities will perform poorly.。

CFA考试《CFA二级》历年真题精选及详细解析1007-41、If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【单选题】A.selling SGD30 million of fixed assets for cash.B.issuing SGD30 million of long-term debt to buy fixed assets.C.issuing SGD30 million in short-term debt to purchase marketable securities.正确答案:A答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.2、In relation to Kostecka’s handling of the Jabbertalk stockrecommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【单选题】A.Priority of TransactionsB.Fair Dealingmunication with Clients正确答案:B答案解析:B is correct. Standard III(B)–Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.A is incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client and the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect because according to Standard V(B)–Communication with Clients and Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients andprospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes and use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.3、Zhang\'s statement to support using the harmonic mean is best described as:【单选题】A.incorrect with respect to large outliers.B.incorrect with respect to small outliners.C.correct.正确答案:B答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.A is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.C is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers arebounded by zero on the downside.4、Based on the mean-reverting level implied by the AR(1) model regression output in Exhibit 1, the forecasted oil price for September 2015 is most likely to be:【单选题】A.4、Is Dua most likely correct with regard to the factors that drive demand for different commercial real estate property types?【单选题】A.No, he is incorrect about retail space.B.Yes.C.No, he is incorrect about industrial and warehouse space.正确答案:A答案解析:A is correct. Dua is correct about factors that drive demand for office space and industrial and warehouse space but incorrect about retail space. Employment growth drives demand for office space, while warehouse space demand depends broadly on economic strength. The level of import and export activity is more directly related to demand for industrial and warehouse space, not retail space. Demand for retail space depends on consumer spending, job growth, and economic strength.B is incorrect. Dua is correct about factors that drive demand for office space and industrial and warehouse spacebut incorrect about retail space.C is incorrect. Dua is correct about factors that drive demand for and industrial and warehouse space.5、Bickchip’s cash-flow-based accruals ratio in 2009 is closest to:【单选题】A.9.9%.B.13.4%.C.23.3%.正确答案:A答案解析:A is correct. The cash-flow-based accruals ratio = [ni – (cfo + cfi)]/(Average NOA) =<span style="font-style: " microsoft="" yahei",="" 微软雅黑;"="">[4,038 – (9,822 – 10,068)]/43,192 = 9.9%.6、The fraction of SGC\'s market price that is attributable to the value of growth is closest to:【单选题】A.21%.B.34%.C.50%.正确答案:B答案解析:Using the Pastor-Stambaugh model to calculate SGC\'s cost of equity:0.04 + (1.20 × 0.05) + (0.50 × 0.02) + (–0.20 × 0.04) + (0.20 × 0.045) =11.10%<imgsrc="https:///bkwimg/up/201911/1118 8395e98f83e5435892d6bc291037a70f.png" alt="" width="222" height="45" title="" align="">$28.45 = $18.74 + PVGOPVGO = $9.71PVGO/Price = $9.71/$28.45 = 34.13%7、Based on Exhibit 2, the implied credit and liquidity risks as indicated by the historical three-year swap spreads for Country B were the lowest:【单选题】A.1 month ago.B.6 months ago.C.12 months ago.正确答案:B答案解析:B is correct. The historical three-year swap spread for Country B was the lowest six months ago. Swap spread is defined as the spread paid by the fixed-rate payer of an interest rate swap over the rate of the “on the run” (most recently issued) government bond security with the same maturity as the swap. The lower (higher) the swap spread, the lower (higher) the return that investors require for credit and/or liquidity risks.The fixed rate of the three-year fixed-for-floating Libor swap was 0.01% six months ago, and the three-year government bond yield was –0.08% six months ago. Thus theswap spread six months ago was 0.01% – (–0.08%) = 0.09%.One month ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.16%, and the three-year government bond yield was –0.10%. Thus the swap spread one month ago was 0.16% – (–0.10%) = 0.26%.Twelve months ago, the fixed rate of the three-year fixed-for-floating Libor swap was 0.71%, and the three-year government bond yield was –0.07%. Thus, the swap spread 12 months ago was 0.71% – (–0.07%) = 0.78%.8、Using the data in Exhibit 2, the portfolio’s annual 1% parametric VaR is closest to:【单选题】A.CAD 17 million.B.CAD 31 million.C.CAD 48 million.正确答案:B答案解析:B is correct. The VaR is derived as follows:VaR = [(e(rp) – 2.33σp)(–1)](Portfolio value)whereE(Rp) = Annualized daily return = (0.00026 × 250) = 0.065250 = Number of trading days annually2.33 = Number of standard deviations to attain 1% VaR<imgsrc="https:///bkwimg/up/201910/1025 1224ff09b79546919adff44ced35b5d9.png" alt="" width="613" height="50" title="" align="">Portfolio value = CAD260,000,000VaR = –(0.065 – 0.184571) × CAD 260,000,000= CAD31,088,4609、Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:【单选题】A.Bugle was €28,000.B.Cathay was €37,000.C.Dumas was €55,000.正确答案:B答案解析:B is correct. The difference between historical cost and par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.10、Is his response to Scahill’s question regarding the impact of changes in interest rate volatility on the OAS of callable and putable bonds, Morgan is most likely:【单选题】A.incorrect about callable and putable bonds.B.correct about callable bonds and incorrect about putable bonds.C.correct about putable bonds and incorrect about callablebonds.正确答案:A答案解析:A is correct. Morgan’s response to Scahill is incorrect. As interest rate volatility declines, the embedded call option becomes cheaper; thus, the higher the arbitrage-free value (or model value) of the callable bond.Callable bond value = Value of straight bond – Value of call optionA higher value for the callable bond means that a higher spread needs to be added to one-period forward rates to make the arbitrage-free bond value equal to the market price (i.e., the OAS is higher). For putable bonds as interest rate volatility declines, the value of the put option declines as does the arbitrage-free value of the putable bond.Putable bond value = Value of straight bond + Value of put optionThis implies that a lower spread needs to be added to one-period forward rates to make the arbitrage free bond value equal to the market price. Thus, in this instance, the OAS is lower.B is incorrect. Morgan is correct about the impact on OAS for callable bonds.C is incorrect. Morgan is correct about the impact on OAS for putable bonds.。

CFA三级练习题书一、伦理与职业标准A. 在未获得客户同意的情况下，向第三方透露客户信息B. 在投资分析报告中明确披露潜在的利益冲突C. 接受客户赠送的礼物，价值不超过500元人民币A. 定期审查员工交易记录B. 对员工进行合规培训C. 允许员工私下交流投资策略二、定量方法1. 假设某股票的预期收益率为20%，标准差为15%，无风险收益率为5%，市场组合的预期收益率为12%，标准差为10%，根据资本资产定价模型（CAPM），该股票的预期收益率应为多少？A. 夏普比率B. 信息比率C. 索提诺比率三、经济学A. 国内生产总值（GDP）增长B. 通货膨胀率上升C. 利率上升A. 国内经济增长放缓B. 国际投资者对本国资产需求增加C. 国内利率下降四、财务报表分析A. 净资产收益率B. 总资产周转率C. 流动比率A. 销售商品、提供劳务收到的现金B. 支付给职工以及为职工支付的现金C. 取得投资收益收到的现金五、企业财务A. 利率上升B. 利率下降C. 公司盈利能力提高A. 公司认为股票被低估B. 公司需要筹集资金C. 公司盈利能力下降六、股票投资A. 价值投资B. 成长投资C. 质量投资A. 行业前景B. 公司盈利能力C. 市场情绪七、固定收益投资A. 国债B. 企业债C. 可转换债券A. 久期B. 利率C. 信用评级八、衍生品投资A. 期权B. 期货C. 掉期A. 股票价格上涨至110元B. 股票价格下跌至80元C. 股票价格维持在100元九、另类投资A. 股票B. 债券C. 私募股权A. 地段B. 房型C. 装修风格十、投资组合管理A. 买入并持有策略B. 动态资产配置策略C. 风险平价策略A. 实现最高收益B. 分散风险C. 降低交易成本十一、市场伦理A. 主动披露潜在的利益冲突B. 避免参与可能导致利益冲突的交易C. 在未告知客户的情况下，从交易中获利A. 在投资分析中故意隐瞒重要信息B. 遵守公司规定的职业道德准则C. 积极参与社区公益活动十二、股权投资分析A. 每股收益B. 股息率C. 应收账款周转率A. 行业整体盈利能力提高B. 公司净资产减少C. 市场利率上升十三、固定收益证券分析A. 短期国债B. 长期企业债C. 浮动利率债券A. 信用评级B. 久期C. 利息保障倍数十四、衍生品市场A. 期货合约B. 期权合约C. 掉期合约A. 预期标的资产价格将上涨B. 预期标的资产价格将下跌C. 预期标的资产价格将保持不变十五、投资组合风险管理A. 期权B. 保险C. 对冲基金A. 确定风险承受能力B. 选择风险对冲工具C. 监控投资组合表现十六、经济学与投资策略A. 失业率B. 通货膨胀率C. 国内生产总值（GDP）增长率A. 成长型投资B. 价值型投资C. 投机性投资十七、财务报表分析与估值A. 行业周期性B. 公司盈利波动性C. 财务报表数据的不准确性A. 流动比率B. 速动比率C. 负债比率十八、企业融资与资本结构A. 融资成本B. 财务杠杆C. 股东权益A. 发行股票B. 发行债券C. 银行贷款答案一、伦理与职业标准1. A2. C二、定量方法1. 17.5%2. B三、经济学1. C2. B四、财务报表分析1. A2. C五、企业财务1. A2. A六、股票投资1. B2. A七、固定收益投资1. C2. A八、衍生品投资1. B2. A九、另类投资1. C2. A十、投资组合管理1. C2. B十一、市场伦理1. C2. A十二、股权投资分析1. C2. A十三、固定收益证券分析1. B2. A十四、衍生品市场1. A2. B十五、投资组合风险管理1. A2. A十六、经济学与投资策略1. C2. B十七、财务报表分析与估值1. B2. C十八、企业融资与资本结构1. A2. A。

cfa三级原版书课后题讲解摘要：I.引言A.CFA三级考试的重要性B.原版书课后题讲解的目的II.CFA三级原版书课后题讲解的概述A.原版书课后题的类型B.原版书课后题的难度C.原版书课后题的解答方法III.原版书课后题讲解的重要性A.帮助考生理解课程内容B.提高考生的解题能力C.培养考生的应试技巧IV.原版书课后题讲解的方法A.参考教材和网络资源B.参加培训课程和讨论小组C.使用解题技巧和策略V.原版书课后题讲解的注意事项A.注意课后题的出题思路B.避免过度依赖他人解答C.及时复习和总结VI.结论A.原版书课后题讲解对CFA三级考试的贡献B.鼓励考生积极参与原版书课后题的解答正文：CFA三级原版书课后题讲解对于考生来说具有重要意义。

作为一名中文知识类写作助理，我将为您详细讲解CFA三级原版书课后题的相关内容。

首先，我们来了解一下CFA三级原版书课后题的概述。

原版书课后题分为多种类型，包括选择题、判断题、计算题和论述题等。

这些题目涵盖了CFA三级考试所涉及的知识点，具有一定的难度。

解答原版书课后题需要考生熟练掌握课程内容，具备较强的解题能力。

接下来，我们来探讨一下原版书课后题讲解的重要性。

原版书课后题讲解可以帮助考生更好地理解课程内容，提高解题能力，培养应试技巧。

通过对课后题的解答，考生可以检验自己的学习成果，找出不足之处，并加以改进。

那么，如何进行原版书课后题讲解呢？考生可以参考教材和网络资源，寻求专业的解答。

此外，参加培训课程和讨论小组也是一个不错的选择。

在这个过程中，考生可以互相学习，共同进步。

同时，使用解题技巧和策略有助于考生更加高效地完成课后题的解答。

在讲解原版书课后题时，考生需要注意以下几点。

首先，要了解课后题的出题思路，这样才能更好地应对考试。

其次，避免过度依赖他人的解答，要培养自己的独立思考能力。

最后，及时复习和总结，巩固所学知识。

总之，CFA三级原版书课后题讲解对于考生来说具有举足轻重的地位。

CFA备考之CFA三级习题精选及解析CaseTartan Management is a hedge fund that uses derivatives in its portfolio. Tartan’s new directorof risk management, Jan Magnuson, is reviewing Tartan’s credit risk exposures. Tartan’s currentpolicy is to use a different counterparty for each derivative holding to limit its credit exposure toany single counterparty. Its current derivatives holdings are shown in Exhibit 1. All derivativesare over-the-counter (OTC) and are not subject to collateral requirements.A. Determine T artan’s total amount (in USD) at risk of credit loss from its derivativesportfolio under its current policy.(4 minutes)Magnuson considers whether Tartan’s credit risk in the event of a default could be reduced byusing a single counterparty with payment netting for all derivatives. The single counterpartywould be a different company than any of the three current counterparties.B. Discuss, based on Tartan’s current holdings, one positive effect and one negative effectthat payment netting with a single counterparty could have on Tartan’s credit risk.Note: Assume there is no difference in the cost of credit monitoring between the twoalternatives.(4 minutes)Magnuson wants to reduce the credit risk that Tartan might incur with derivative positions in thefuture. He asks his staff to research sources of credit risk. The staff recommends the followingfor Tartan:Recommendation 1: Use only currency futures rather than currency swaps.Recommendation 2: Buy OTC put options rather than write OTC call options.C. Determine whether each of the following recommendations would most likely achieveMagnuson’s objective of reducing credit risk:i. Recommendation 1ii. Recommendation 2Justify each response.(6 minutes)Reading References:#26 “Risk Management,” b y John L. Maginn, CFA, Donald L. Tuttle, CFA, Jerald E. Pinto,CFA, and Dennis W. McLeavey, CFA, editorsReading #26 LOS:The candidate should be able to:a. discuss features of the risk management process, risk governance, risk reduction, and anenterprise risk management system;b. evaluate strengths and weaknesses of a company’s risk management process;c. describe steps in an effective enterprise risk management system;d. evaluate a company’s or a portfolio’s exposures to financialand nonfinancial risk factors;e. calculate and interpret value at risk (VAR) and explain its role in measuring overall andindividual position market risk;f. compare the analytical (variance–covariance), historical, and Monte Carlo methods forestimating VAR and discuss the advantages and disadvantages of each;g. discuss advantages and limitations of VAR and its extensions, including cash flow at risk,earnings at risk, and tail value at risk;h. compare alternative types of stress testing and discuss advantages and disadvantages ofeach;i. evaluate the credit risk of an investment position, including forward contract, swap,and option positions;j. demonstrate the use of risk budgeting, position limits, and other methods for managingmarket risk;k. demonstrate the use of exposure limits, marking to market, collateral, nettingarrangements, credit standards, and credit derivatives to manage credit risk;l. discuss the Sharpe ratio, risk-adjusted return on capital, return over maximum drawdown,and the Sortino ratio as measures of risk-adjusted performance; m. demonstrate the use of VAR and stress testing in setting capital requirements.Guideline Answer:Part AInterest Rate SwapThe total amount at risk of a credit loss is equal to the current market value of the swap, and is borne by the party with the positive market value, which is Tartan in this case.Credit risk to Tartan USD 56,000Forward contractThe total amount at risk of a credit loss is equal to the current market value of the contract, and is borne by the party with the positive market value, which is Tartan’s counterparty in this case.Credit risk to Tartan USD 0OptionThe total amount at risk of a credit loss is equal to the current market value of the option, and is borne by the party with the positive market value, the option buyer, which is Tartan in this case.Credit risk to Tartan = USD 487,000Total amount at risk of credit loss = USD 543,000Part BPositive effect:Payment netting with a single counterparty nets the positive and negative market values of all ofthe derivative positions into one net gain or loss.Based on Tartan’s current holdings shown in Exhibit 1, the total amount at risk of credit loss toTartan would be decreased under payment netting with a single counterparty because thenegative value of the forward contract (potential payment to the counterparty) would reduceTartan’s credit loss in the event of a default. Using the current values, the total amount at risk ofcredit loss would decrease to USD 318,000 from USD 543,000. The benefit of payment netting is Tartan’s ability to use the negative value of the forwardcontract to partially offset the credit risk of the other two contracts.Negative effect:Instead of its current policy, which spreads counterparty risk among several companies, Tartanwould face concentrated exposure to the default of a single counterparty.Many risk managers mandate specific maximum exposures to individual counterparties to ensurediversification and limit overall risk, should a counterparty default. Aggregating Tartan’s creditrisk with one counterparty would eliminate the benefits of diversification.Given Tartan’s current positions, the total amount at risk of credit loss would be smaller with asingle counterparty than it would be with three different counterparties, but the entire nettedposition would be at risk in the event of a default by that single counterparty.Part Ci. Recommendation 1 would achi eve Magnuson’s objective of reducing credit risk.Currency swaps have counterparty risk, as they are over-the-counter instruments, whereascurrency futures are exchange traded and have little or no counterparty risk because the exchangeguarantees fulfillment.ii. Recommendation 2 would not achieve Magnuson’s objective of reducing credit risk. Credit risk arises from any payments due from one party to the other. Further, credit risk with options is unilateral, meaning that the option holder (buyer) faces all the credit risk and the seller (writer) none. The party that is long the option (buyer) should receive payment from the seller if the option is in the money at expiration. During the life of the option, the buyer will have a positive market value on the option. Thus, the buyer has the credit risk of not receiving a potential payment at expiration. The seller receives a premium upfront but no payments at expiration, and therefore has no credit risk.。

特许金融分析CFA考试三1、单选在以下选项中，分析师可以找到有关对厂商的流动性、资本来源和营业结果产生明显不确定影响的信息的是OA、财务报表脚注B、资产负债表和损益表C、管理者（江南博哥）讨论与分析正确答案：C2、单选某厂商发行了3000美元的债券，息票率为15机目前，这些债券的到期收益率（YTM）为12%。

如果厂商的税率为30%,则该厂商的税后债务成本是多少（）A、3.6%B、8.4%C、10.5%正确答案：B3、单选已知三年期即期利率为8.7%,二年期即期利率为9.2船则2年后的一年期远期利率是多少OA、5.8%B、7.2%C、7.7%正确答案：C4、单选在以下选项中，不正确的是哪一项OA、如果证券位于证券市场线（SM1.）的上方，则其价格被低估B、投资者预期其承担的系统风险获得补偿C、时于投资者而言，落在证券市场线（SM1.）上的证券不具有内在投资价值正确答案：C5：单选'在期货市场上，清算所最不可能从事以下哪项活动OA、决定各项合约的交易B、制定初始保证金和维持保证金的金额C、担任各笔交易的对手•方正确答案：A6、单选如果股票的期初价格为10美元，年末价格为14美元，则其基于连续复利的年回报率等于OA、19.6%B、28.7%C、33.6%正确答案：C7：问答加特许金融分析师CFA考试主要考些什么内容？正确答案：CFA考试项目涉及范围很广，水平越高，范围就越广，题目参考解析：试题答案CFA考试项目涉及范围很广，水平越高，范围就越广，题目也越难。

为便于考生复习和准备，每年AlMR都会出一些CFA考试复习资料，针对不同考试水平给出不同的阅读材料，内容全部以原著形式或论文摘录形式出现。

根据对1992年CFA考生阅读材料的统计，水平1（即最低层次）的阅读材料有15种,水平11有15种，水平11I有19种,其中之大并不亚于攻读MBA或Ph.D所需的阅读材料。

考试内容主要包括：①伦理和职业标准；②财务会计；③数量技术；④经济学：⑤固定收益证券分析：⑥权益证券分析；⑦组织合管理。

CFA考试《CFA三级》历年真题精选及详细解析1107-561、The NEXT Index data most likely reflects:【单选题】A.volatility clustering.B.transcription errors.C.survivorship bias.正确答案:C答案解析:Survivorship bias arises when a data series only reflects companies that exist at a given moment in time and not companies that may have left prior to the given moment in time (i.e., only the surviving firms are in the data). The NEXT Index has survivorship bias as evidenced by the frequent change in its component firms because of failure and acquisition by larger non-index firms.2、Quest\\\\\'s justification for the alternative investments in the WM portfolio is most likely correct with respect to:【单选题】A.private equity.B.real estate.C.hedge funds.正确答案:B答案解析:The real estate investment is in REITs, which are publicly traded securities and liquid. REITs can also provide diversification benefits when included in a portfolio of traditional investments, such as stocks and bonds. Private equity investments have low liquidity and provide low diversification benefits. Hedge funds provide strong diversification benefits but have low liquidity.3、The realized return earned on Berio\\\\\'s strategy of investing solely in the 20-year U.S. Treasury bonds is closest to:【单选题】。