下載本文檔
版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡介
1、CFA一級(jí)每日一練(含詳細(xì)解析)361、Thereturnonacommodityindexislikelytobedifferentfromreturnsontheunderlyingcommoditiesbecause:【單選題】assetsarenotmarkedtomarket.A. dataaresubjecttosurvivorshipbias.B. indicesareconstructedusingfuturescontracts.正確答案:C答案解析:IntroductiontoAlternativeInvestments,”TerriDuhon,GeorgeSpentzos
2、,CFA,andScottD.Stewart,CFA2013ModularLevelI,Vol.6,Reading66,Section6.1StudySession18-66-eDescribeissuesinvaluing,andcalculatingreturnson,hedgefunds,privateequity,realestate,andcommodities.Ciscorrect.Sincecommodityindicesareconstructedusingcommodityfuturesandnottheunderlyingcommoditiestherecanbediffe
3、rencesbetweencommodityindexreturnsandthereturnsoftheunderlyingcommodities.2、ThebondsofWhakataneandCo.arepricedforsettlementon15July2014andhavethefollowingfeatures.Parvalue$100.00Annualcouponrate8%CouponpaymentfrequencySemiannualCouponpaymentdates15Mayand15NovemberMaturitydate15November2017Daycountco
4、nventionActual/ActualAnnualyieldtomaturity5.5%Onthebasisofthisinformation,thedifferencebetweenthefullandflatpricesisclosestto:【單選題】1.333.A. 2.667.B. 0.917.正確答案:A答案角牟析:Thedifferencebetweenthefullandflatpricesistheaccruedinterest,whichiscomputedasfollows.BasedontheActual/Actualdayconvention,thenumbero
5、fdaysbetweenthecouponperiodsis183days.Also,usingtheActual/Actualdaycountconvention,thenumberofdaysbetween15May2014and15July2014is16daysremaininginMay+30daysinJune+15daysinJuly=61days.Accruedinterest(per$100parvalue)=(61/183)(8.00/2)=1.333.2014CFALevelI"IntroductiontoFixed-IncomeValuation,"
6、byJamesF.AdamsandDonaldJ.SmithSection3.13、Acompanyborrows?15millionfromabankfor1yearatarateofLIBOR,currently4.75%,plus50basispoints.Atthesametime,thecompanyentersa1-year,plainvanillainterestrateswaptopaythefixedrateof5.25%andreceiveLIBOR.Paymentsaremadeonthebasisof180daysinthesettlementperiod.Floati
7、ngpaymentsaremadeonthebasisof360daysinayearwhilefixedpaymentsaremadeonthebasisof365daysinayear.LIBORis5.00%onthefirstsettlementdate.Thecompanystotalinterestexpensefortheloanandswapforthefirstsettlementperiodisclosestto:【單選題】?388,400.A. ?425,900.B. ?444,600.正確答案:B答案解析:SwapMarketsandContracts,”DonM.Ch
8、ance2010ModularLevelI,Vol.6,pp.140-144StudySession17-71-bDefine,calculate,andinterpretthepaymentofcurrencyswaps,plainvanillainterestrateswaps,andequityswaps.Thecompanypaystheswapdealerthefixedrateof5.25%,paysthebankLiborof4.75%(assetatthebeginningoftheperiod)plus.50%andreceivesLiborof4.75%fromtheswa
9、pdealer.A. Fixedpayment:(15,000,000)(.0525)(180/365)=388,356Floatingpayment:(15,000,000)(.0475+.005-.0475)(180/360)=37,500Netinterestexpense:425,8564、Ananalystdoesresearchaboutsecuritiesmarketindices.Whichofthefollowingstatementsisleastaccuratetomakeaprice-weightedindexbiased?【單選題】Astockhasahighpric
10、e.B. Astocksplitsfrequently.C. Astockhasalargemarketcapitalization.正確答案:C答案解析:價(jià)格權(quán)重指數(shù)主要的偏差源于價(jià)格高的股票在指數(shù)中的權(quán)重較大。市值權(quán)重指數(shù)主要的偏差源于市值越大的股票在指數(shù)中的權(quán)重越高。股票拆分會(huì)增加股票數(shù)量,但由于市值不變,故并不會(huì)影響市值權(quán)重指數(shù)。股票拆分雖然會(huì)向下調(diào)整指數(shù)的除數(shù),以保持拆分前后股票指數(shù)一致,但隨著股票價(jià)格的下降,會(huì)降低該股票在指數(shù)中的權(quán)重,從而會(huì)產(chǎn)生偏差。5、EldoraLtd.recentlyissueddeferred-couponbondsforwhichnocouponpaym
11、entswillbepaidinthefirsttwoyearsofthebond'slife.Regularannualcouponpaymentsatarateof9%willthenbemadeuntilthebondsmatureattheendofsixyears.Thespotratesforvariousmaturitiesaregiveninthefollowingtable.TimetoMaturitySpotRate1year8.0%2years7.5%3years7.0%4years6.5%5years6.0%6years5.5%Onthebasisofthesespotrates,thepriceofthebondtodayisclosestto:【單選題】100.12.A. 108.20.B. 116.24.正確答案:A答案解析:Thebondp
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。
最新文檔
- 2024年用戶自行開發(fā)的專用集成電路(ASIC)項(xiàng)目建議書
- 2024年濕廁紙項(xiàng)目合作計(jì)劃書
- 2024年離子膜電解槽項(xiàng)目合作計(jì)劃書
- 2024年鉑族金屬用絡(luò)合物合作協(xié)議書
- 2024年腦病醫(yī)院項(xiàng)目合作計(jì)劃書
- 2023年重組葡激酶項(xiàng)目評(píng)估分析報(bào)告
- 2023年電子控制自動(dòng)變速箱項(xiàng)目分析評(píng)估報(bào)告
- 人教版(2019)選擇性必修第二冊(cè)Unit 2 Bridging Cultures課件
- 2023年法醫(yī)DNA檢測試劑項(xiàng)目需求分析報(bào)告
- 2024年綜合數(shù)據(jù)采集傳輸系統(tǒng)項(xiàng)目建議書
- 廣東省深圳市2024年中考英語真題(含答案)
- 外研版(三起)(2024)三年級(jí)上冊(cè)英語Unit 3《It's a colourful world!》單元整體教學(xué)設(shè)計(jì)(4課時(shí))
- 中國天眼完整版本
- 配電室試驗(yàn)報(bào)告
- 置業(yè)顧問客戶接待流程.doc
- 公民身份證號(hào)碼登記表 版
- XRD晶體粉末衍射--JCPDS卡片.doc
- 小區(qū)綠化管理表格范本.doc
- 學(xué)校教學(xué)工作考核表
- 全國第三套小學(xué)生廣播體操“七彩陽光”分解動(dòng)作詳解(大圖解)
- 安裝、拆除風(fēng)門安全技術(shù)措施
評(píng)論
0/150
提交評(píng)論