CFA课后习题：权益.docx

PRACTICEPROBLEMS1AkihikoTakabehasdesignedasophisticatedforecastingmodel,whichpredictsthemovementsintheoverallstockmarket,inthehopeofearningareturninexcessofafairreturnfortheriskinvolved.Heusesthepredictionsofthemodeltodecidewhethertobuy,hold,orsellthesharesofanindexfundthataimstoreplicatethemovementsofthestockmarket.Takabewouldbestbecharacterizedasa(n):Ahedger.Binvestor.Cinformation-motivatedtrader.2JamesBeachisyoungandhassubstantialwealth.Asignificantproportionofhisstockportfolioconsistsofemergingmarketstocksthatofferrelativelyhighexpectedreturnsatthecostofrelativelyhighrisk.Beachbelievesthatinvestmentinemergingmarketstocksisappropriateforhimgivenhisabilityandwillingnesstotakerisk.WhichofthefollowinglabelsmostappropriatelydescribesBeach?AHedger.BInvestor.CInformation-motivatedtrader.3LisaSmithownsamanufacturingcompanyintheUnitedStates.HercompanyhassoldgoodstoacustomerinBrazilandwillbepaidinBrazilianreal(BRL)inthreemonths.SmithisconcernedaboutthepossibilityoftheBRLdepreciatingmorethanexpectedagainsttheUSdollar(USD).Therefore,sheisplanningtosellthree-monthfuturescontractsontheBRL.ThesellerofsuchcontractsgenerallygainswhentheBRLdepreciatesagainsttheUSD.IfSmithweretosellthesefuturecontracts,Shewouldmostappropriatelybedescribedasa(n):,'hedger.Binvestor.(information-motivatedtrader.1Whichofthefollowingisnotafunctionofthefinancialsystem?AToregulatearbitrageurs'profits(excessreturns).BIbhelptheeconomyachieveallocationalefficiency.CTofacilitateborrowingbybusinessestofundcurrentoperations.5Aninvestorprimarilyinvestsinstocksofpubliclytradedcompanies.Theinvestorwantstoincreasethediversificationofhisportfolio.Afriendhasrecommendedinvestinginrealestateproperties.Thepurchaseofrealestatewouldbestbecharacterizedasatransactioninthe:AderivativeinvestmentmarketBtraditionalinvestmentmarket.1alternativeinvestmentmarket.6Ahedgefundholdsitsexcesscashin90-daycommercialpaperandnegotiablecertificatesofdeposit.Thecashmanagementpolicyofthehedgefundisbestdescribedasusing:Acapitalmarketinstruments.©2019CFAInstitute.Allrightsreserved.Bmoneymarketinstruments.Cintermediate-termdebtinstruments.7Anoilandgasexplorationandproductioncompanyannouncesthatitisoffering30millionsharestothepublicat$45.50each.ITIiStransactionismostlikelyasaleinthe:Afuturesmarket.Bprimarymarket.Csecondarymarket.8Consideramutualfundthatinvestsprimarilyinfixed-incomesecuritiesthathavebeendeterminedtobeappropriategiventhefund,sinvestmentgoal.Whichofthefollowingisleastlikelytobeapartofthisfund?AWarrants.BCommercialpaper.(Repurchaseagreements.9Afriendhasaskedyoutoexplainthedifferencesbetweenopen-endandclosed-endfunds.Whichofthefollowingwillyoumostlikelyincludeinyourexplanation?AClosed-endfundsareunavailabletonewinvestors.BWheninvestorssellthesharesofanopen-endfund,theycanreceiveadiscountorapremiumtothefundsnetassetvalue.(Whensellingshares,investorsinanopen-endfundsellthesharesbacktothefundwhereasinvestorsinaclosed-endfundsellthesharestoothersinthesecondarymarket.10"11eusefulnessofaforwardcontractislimitedbysomeproblems.Whichofthefollowingismostlikelyoneofthoseproblems?AOnceyouhaveenteredintoaforwardcontract,itisdifficulttoexitfromthecontract.BEnteringintoaforwardcontractrequiresthelongpartytodepositaninitialamountwiththeshortparty.(Ifthepriceoftheunderlyingassetmovesadverselyfromtheperspectiveofthelongparty,periodicpaymentsmustbemadetotheshortpart)r.HTonyHarrisisplanningtostarttradingincommodities.Hehasheardabouttheuseoffuturescontractsoncommoditiesandislearningmoreaboutthem.WhichofthefollowingisHarrisleastlikelytofindassociatedwithafuturescontract?AExistenceofcounterpartyrisk.BStandardizedcontractualterms.(Paymentofaninitialmargintoenterintoacontract.12AGermancompanythatexportsmachineryisexpectingtoreceiveSlOmillioninthreemonths.Thefirmconvertsallitsforeigncurrencyreceiptsintoeuros.Thechieffinancialofficerofthecompanywishestolockinaminimumfixedrateforconvertingthe$10milliontoeurobutalsowantstokeeptheflexibilitytousethefuturespotrateifitisfavorable.WhathedgingtransactionismostIikCIytoachievethisobjective?ASellingdollarsforward.BBuyingputoptionsonthedollar.ISellingfuturescontractsondollars.13Abookpublisherrequiressubstantialquantitiesofpaper.Thepublisherandapaperproducerhaveenteredintoanagreementforthepublishertobuyandtheproducertosupplyagivenquantityofpaperfourmonthslateratapriceagreedupontoday.ThiSagreementisa:Rfuturescontract.Bforwardcontract.Ccommodityswap.14TheStandard&Poor,sDepositaryReceipts(SPDRs)isaninvestmentthattrackstheS&P500stockmarketindex.PurchasesandsalesofSPDRSduringanaveragetradingdayarebestdescribedas:Aprimarymarkettransactionsinapooledinvestment.Bsecondarymarkettransactionsinapooledinvestment.(secondarymarkettransactionsinanactivelymanagedinvestment.15TheStandard&Poor'sDepositaryReceipts(SPDRs)isanexchange-tradedfundintheUnitedStatesthatisdesignedtotracktheS&P500stockmarketindex.ThelatestpriceOfashareofSPDRsis$290.Atraderhasjustboughtca