CFA一级押题 equity 权益投资 1页版
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Solution: A This is an example of right offering. Right offering refers to the right for exist shareholders of purchasing new shares at a specific price. The purchasing volume is depend on the number of holding shares.
11-32
Equity（9）
Which of the following statements concerning a security market index is most accurate? A. The divisor will be adjusted to prevent changes not related to prices of constituent securities. B. At inception, the total return version of an index will be greater than the price version of an index. C. Estimated market prices of constituent securities are not used to calculate the index value.
10-32
Equity（8）
Which of the following orders are validity instructions? A. Kill or fill orders. B. Iceberg orders. C. All or nothing orders.
Solution: A Kill or fill orders also known as immediate or cancel orders are good only upon receipt by the broker or exchange. If they cannot be filled in part or in whole, they cancel immediately. They are one of the validity instructions.
4-32
Equity（3）
An oil and gas exploration and production company announces that it is offering 30 million shares to the public at $45.50 each. This transaction is most likely a sale in the: A. futures market. B. primary market. C. secondary market.
Solution: C The purchase of real estate properties is a transaction in the alternative investment market.
7-32
Equity（6）
An investor purlars on margin. The initial margin he deposited to his broker is 40%. The broker will make a margin call when the margin account is less than 25%. The price that will cause a margin call is closest to: A. 30.0. B. 45.6. C. 23.0.
Solution: A
An index provider will adjust the value of the divisor as necessary to avoid
changes in the index value that are unrelated to changes in the prices of
Solution: B This transaction is a sale in the primary market. It is a sale of shares from the issuer to the investor and funds flow to the issuer of the security from the purchaser.
9-32
Equity（7）
Solution: C The return is 50 percent. If the position had been unleveraged, the return would be 20% = ($60 −$ 50)/ $50. Because of leverage, the return is 50% = 2.5 × 20%. From another way to think about it: The minimum margin requirement is 40%=1/2.5, so he contribute $4000=40% × (200 shares × $50) to the margin. Six month later, the amount in the margin is $6000=$4000 + ($60 − $50) × 200 shares. Hence, the return is 50% = ($6000 − $4000)/$4000
Solution: B
Trigger
price
=
P0
1-initial margin 1-maintenance margin
=57
1-40% 1-25%
=45.6
8-32
Equity（7）
A trader has purchased 200 shares of a non-dividend-paying firm on margin at a price of $50 per share. The leverage ratio is 2.5. Six months later, the trader sells these shares at $60 per share. Ignoring the interest paid on the borrowed amount and the transaction costs, what was the return to the trader during the six-month period? A. 20%. B. 33.33%. C. 50%.
Solution: C The service that dealers provide is liquidity. Liquidity is the ability to buy or sell with low transaction costs when investors want to trade. By allowing their clients to trade when they want to trade, dealers provide liquidity to them.
5-32
Equity（4）
A German publicly traded company, to raise new capital, gave its existing shareholders the opportunity to subscribe for new shares. The existing shareholders could purchase two new shares at a subscription price of €4.58 per share for every 15 shares held. This is an example of a(n): A. rights offering. B. private placement. C. initial public offering.
6-32
Equity（5）
An investor primarily invests in stocks of publicly traded companies. The investor wants to increase the diversification of his portfolio. A friend has recommended investing in real estate properties. The purchase of real estate would best be characterized as a transaction in the: A. derivative investment market. B. traditional investment market. C. alternative investment market.
2-32
Equity（1）
Solution: A Smith is a hedger. The short position on the BRL futures contract offsets the BRL long position in three months. She is hedging the risk of the BRL depreciating against the USD. If the BRL depreciates, the value of the cash inflow goes down in USD terms but there is a gain on the futures contracts.
Equity
1812CFA一级押题
。 syjo/加叶训5丫。冰Py 挪sio丽
Equity（1）
Lisa Smith owns a manufacturing company in the United States. Her company has sold goods to a customer in Brazil and will be paid in Brazilian real (BRL) in three months. Smith is concerned about the possibility of the BRL depreciating more than expected against the US dollar (USD). Therefore, she is planning to sell three-month futures contracts on the BRL. The seller of such contracts generally gains when the BRL depreciates against the USD. If Smith were to sell these future contracts, she would most appropriately be described as a(n): A. hedger. B. investor. C. information-motivated trader.
3-32
Equity（2）
Which of the following financial intermediaries is most likely to provide liquidity service to its clients? A. Exchanges B. Brokers C. Dealers
11-32
Equity（9）
Which of the following statements concerning a security market index is most accurate? A. The divisor will be adjusted to prevent changes not related to prices of constituent securities. B. At inception, the total return version of an index will be greater than the price version of an index. C. Estimated market prices of constituent securities are not used to calculate the index value.
10-32
Equity（8）
Which of the following orders are validity instructions? A. Kill or fill orders. B. Iceberg orders. C. All or nothing orders.
Solution: A Kill or fill orders also known as immediate or cancel orders are good only upon receipt by the broker or exchange. If they cannot be filled in part or in whole, they cancel immediately. They are one of the validity instructions.
4-32
Equity（3）
An oil and gas exploration and production company announces that it is offering 30 million shares to the public at $45.50 each. This transaction is most likely a sale in the: A. futures market. B. primary market. C. secondary market.
Solution: C The purchase of real estate properties is a transaction in the alternative investment market.
7-32
Equity（6）
An investor purlars on margin. The initial margin he deposited to his broker is 40%. The broker will make a margin call when the margin account is less than 25%. The price that will cause a margin call is closest to: A. 30.0. B. 45.6. C. 23.0.
Solution: A
An index provider will adjust the value of the divisor as necessary to avoid
changes in the index value that are unrelated to changes in the prices of
Solution: B This transaction is a sale in the primary market. It is a sale of shares from the issuer to the investor and funds flow to the issuer of the security from the purchaser.
9-32
Equity（7）
Solution: C The return is 50 percent. If the position had been unleveraged, the return would be 20% = ($60 −$ 50)/ $50. Because of leverage, the return is 50% = 2.5 × 20%. From another way to think about it: The minimum margin requirement is 40%=1/2.5, so he contribute $4000=40% × (200 shares × $50) to the margin. Six month later, the amount in the margin is $6000=$4000 + ($60 − $50) × 200 shares. Hence, the return is 50% = ($6000 − $4000)/$4000
Solution: B
Trigger
price
=
P0
1-initial margin 1-maintenance margin
=57
1-40% 1-25%
=45.6
8-32
Equity（7）
A trader has purchased 200 shares of a non-dividend-paying firm on margin at a price of $50 per share. The leverage ratio is 2.5. Six months later, the trader sells these shares at $60 per share. Ignoring the interest paid on the borrowed amount and the transaction costs, what was the return to the trader during the six-month period? A. 20%. B. 33.33%. C. 50%.
Solution: C The service that dealers provide is liquidity. Liquidity is the ability to buy or sell with low transaction costs when investors want to trade. By allowing their clients to trade when they want to trade, dealers provide liquidity to them.
5-32
Equity（4）
A German publicly traded company, to raise new capital, gave its existing shareholders the opportunity to subscribe for new shares. The existing shareholders could purchase two new shares at a subscription price of €4.58 per share for every 15 shares held. This is an example of a(n): A. rights offering. B. private placement. C. initial public offering.
6-32
Equity（5）
An investor primarily invests in stocks of publicly traded companies. The investor wants to increase the diversification of his portfolio. A friend has recommended investing in real estate properties. The purchase of real estate would best be characterized as a transaction in the: A. derivative investment market. B. traditional investment market. C. alternative investment market.
2-32
Equity（1）
Solution: A Smith is a hedger. The short position on the BRL futures contract offsets the BRL long position in three months. She is hedging the risk of the BRL depreciating against the USD. If the BRL depreciates, the value of the cash inflow goes down in USD terms but there is a gain on the futures contracts.
Equity
1812CFA一级押题
。 syjo/加叶训5丫。冰Py 挪sio丽
Equity（1）
Lisa Smith owns a manufacturing company in the United States. Her company has sold goods to a customer in Brazil and will be paid in Brazilian real (BRL) in three months. Smith is concerned about the possibility of the BRL depreciating more than expected against the US dollar (USD). Therefore, she is planning to sell three-month futures contracts on the BRL. The seller of such contracts generally gains when the BRL depreciates against the USD. If Smith were to sell these future contracts, she would most appropriately be described as a(n): A. hedger. B. investor. C. information-motivated trader.
3-32
Equity（2）
Which of the following financial intermediaries is most likely to provide liquidity service to its clients? A. Exchanges B. Brokers C. Dealers