CFA考试一级章节练习题精选0331-15(附详解)
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CFA考试一级章节练习题精选0331-15（附详解）
1、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】
A.REIT index.
B.repeat sales index.
C.appraisal index.
正确答案:B
答案解析:Only properties that sell in each period and are included in the index and vary over time which maynot be representative of the whole market. CFA Level I
"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 5.3
1、Which of the following hedge fund strategies is most likely categorized as an event-driven strategy?【单选题】
A.Quantitative Directional
B.Fixed-Income Convertible Arbitrage
C.Merger Arbitrage
正确答案:C
答案解析:Merger arbitrage is an event-driven strategy that involves buying the stock of the company being acquired and selling the stock of the acquiring company when the merger and acquisition (M&A) transaction is announced.
2014 CFA Level I
"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 3.1
1、A 2-year, zero-coupon U.S.Treasury note is least likely to have:【单选题】
A.inflation risk.
B.currency risk.
C.volatility risk.
正确答案:C
答案解析:2年期的美国零息国债仍然有购买力风险。若非本币为美元的投资者，仍会有汇率风险。但最不会受到波动性风险，波动性风险主要影响可赎回债券（callable bond）和可回售债券（putable bond）。
1、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
答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2010 Modular Level I, Vol. 6, pp. 268-269
Study Session 18-74-b
Describe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.
C is correct because the roll or convenience yield is the return from rolling forward the maturity of the derivatives position. The roll yield can be either negative or positive.
1、Which of the following is least likely an aggregation vehicle for real estate ownership?【单选题】
A.Leveraged equity rights
B.Real estate investment trusts (REITs)
C.Real estate limited partnerships (RELPs)
正确答案:A
答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 201–202
Study Session 18-66-e
Describe the forms of real estate investment, and explain their characteristics as an investable asset class.