CFA考试二级模拟试题精选0401-16(附详解)

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CFA考试二级模拟试题精选0401-58(附详解)

CFA考试二级模拟试题精选0401-58(附详解）1、Assuming that Dena Fund and Orient Fund both have the same information ratio, the value of MXM in Exhibit 2 must be closest to:【单选题】A.10B.12C.16正确答案:B答案解析:IR(Dena) = IR(Orient)2、Based on the ratios for operating cash flow before interest and taxes to operating income, Abay should conclude that:【单选题】A.Bickchip’s earnings are backed by cash flow.B.Bickchip’s earnings are not backed by cash flow.C.Abay can draw no conclusion due to the changes in the ratios over time.正确答案:A答案解析:A is correct. Operating cash flow before interest and taxes to operating income rises steadily3、In regard to the discussion on other approaches between Mendosa and Raman, which of the following statements that they make is most accurate? Statement:【单选题】A.1B.3C.2正确答案:B答案解析:Statement 3 by Raman is most accurate. The residual income model, also called the excess earnings method, does not have the same weakness as the FCFE approach, because it is an estimate of the profit of the company after deducting the cost of all capital: debt and equity. Further, it makes no assumptions about future earnings and dividend growth.4、Assuming the AR(1) model in Exhibit 2 is appropriate, Shears should conclude that the Quarter 1, 2009, change in sales is most likely to:【单选题】A.fall from Quarter 4, 2008, change in sales.B.rise from Quarter 4, 2008, change in sales.C.remain unchanged from Quarter 4, 2008, change in sales.正确答案:A答案解析:The mean reverting value equals the intercept divided by 1 minus slope = 20/ (1—0.10)5、Regarding Question 3, the Pres party dummy variable in the model indicates that the mean monthly value for the excess stock market return is:【单选题】A.1.43 percent larger during Democratic presidencies than Republican presidencies.B.3.17 percent larger during Democratic presidencies than Republican presidencies.C.3.17 percent larger during Republican presidencies than Democratic presidencies.正确答案:B答案解析:B is correct. The coefficient for the Pres party dummy variable (3.17) represents the increment in the mean value of the dependent variable related to the Democratic Party holding the presidency. In this case, the excess stock market return is 3.17 percent greater in Democratic presidencies than in Republican presidencies.6、Based on Exhibit 1, the results of Analysis 1 should show the yield on the 20-year bond decreasing by:【单选题】A.0.3015%.B.0.6030%.C.0.8946%.正确答案:B答案解析:B is correct. Because the factors in Exhibit 1 have been standardized to have unit standard deviations, a two standard deviation increase in the steepness factor will lead to the yield on the 20-year bond decreasing by 0.6030%, calculated as follows:7、Are Aims's two comments about the dividend yield and EBITDA ratios correct?【单选题】A.Yes.B.No. The comment about EBITDA ratios is correct, but the comment about dividend yields is incorrect.C.No. The comment about dividend yields is correct, but the comment about EBITDA ratios is incorrect.正确答案:C答案解析:Comment 1 about EBITDA ratios is incorrect. EBITDA is a pre-interest variable, so it is a flow available to all suppliers of capital, not just common shareholders. The comment about dividend yields is reasonable.8、When analyzing the probability of an LBO of Country Industries, does Boswin violate any CFA Institute Standards?【单选题】A.No.B.Yes, relating to independence and objectivity.C.Yes, relating to diligence and reasonable basis.正确答案:A答案解析:A is correct. Boswin uses her usual process in researching Country Industries. She is not in possession of material nonpublic information and she maintains her objectivity. Her use of the model provides a reasonable basis for the decision not to pursue additional research or make an investment recommendation regarding Country Industries.9、If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:【单选题】A.bankruptcy risk rises with more leverage.B.managers cannot change the value of the company by using more or less debt.C.managers cannot increase the value of the company by employing tax saving strategies.正确答案:B答案解析:B is correct. Proposition I, or the capital structure irrelevance theorem, states that the10、Eagen is most likely to take advantage of his prediction for TRTRS by:【单选题】A.purchasing CDS protection and selling the underlying stock.B.selling CDS protection and buying the underlying stock.C.buying CDS protection and buying the underlying stock.正确答案:C答案解析:Typically, an LBO will result in an increase in the probability of default due to the large increase in debt levels. An investor would, therefore, seek to buy protection, as the premium would rise along with the probability of default. Due to the takeover premium that would result from the LBO, Eagen would also benefit by going long TRTRS stock.。

CFA考试二级模拟试题精选0401-51(附详解)

CFA考试二级模拟试题精选0401-51(附详解）1、With regards to investments in Sandhirst stock and retail ETF, Dutt most likely violated:【单选题】A.B.Standard II(A) - Material and Nonpublic InformationC.Standard II(A) - Material and Nonpublic Information in正确答案:B答案解析:By transacting in Sandhirst stock, Dutt did not rely on any material nonpublic information and, therefore, is not in violation2、A two-year fixed-for-floating Libor swap is 1.00% and the two-year US Treasury bond is yielding 0.63%. The swap spread is closest to:【单选题】A.37 bps.B.100 bps.C.163 bps.正确答案:A答案解析:A is correct. The swap spread = 1.00% ? 0.63% = 0.37% or 37 bps.3、Assuming that Nolte establishes a delta hedge on Pioneer stock using 3-month call options, the gamma of this delta hedged portfolio would most likely be:【单选题】A.positive.B.negative and would increase with the stock's price.C.negative and would decrease as the stock's price increases.正确答案:B答案解析:Delta hedged portfolio consists of long position in stocks and short position in call4、Based on Statement 2, which of the following sources of perceived mispricing do active investment managers attempt to identify? The difference between:【单选题】A.intrinsic value and market price.B.estimated intrinsic value and market price.C.intrinsic value and estimated intrinsic value.正确答案:A答案解析:A is correct. The difference between the true (real) but unobservable intrinsic value and the observed market price contributes to the abnormal return or alpha which is the concern of active investment managers.5、Based on Khan’s estimate of the capitalization rate, Main Company’s preferred stock is:【单选题】A.undervalued.B.fairly valued.C.overvalued.正确答案:A答案解析:A is correct. The value of a share of Main Company’s preferred stock is6、Based on Ohalin’s estimates, the amount of the joint venture’s 31 December 2010 total assets (in $ millions) that will be included on Supreme Healthcare’s consolidated financial statements will be closest to:【单选题】6、Which of Castovan’s statements regardi ng residual income models is correct?【单选题】A.Statement 1B.Statement 2C.Statement 3正确答案:B答案解析:B is correct. The residual income model’s use of accounting income assumes that the cost of debt capital is reflected approp riately by interest expense.7、Is Berg correct about the specified change in yield needed to obtain an accurate estimate of the effective duration and effective convexity of a callable bond using a binomial model?【单选题】A.No, because the specified change in yield must be larger than the option-adjusted spread (OAS).B.No, because the specified change in yield must be smaller than the OAS.C.No, because the specified change in yield can be larger than, smaller than, or equal to the OAS.正确答案:C答案解析:8、If Smith’s statement on parity conditions is correct, future spot exchange rates are to be forecast by:【单选题】A.current spot rates.B.forward exchange rates.C.inflation rate differentials.正确答案:B答案解析:B is correct. By rearranging the terms of the equation defining covered interest rate parity, and assuming that uncovered interest rate parity is in effect, the forward exchange rate is equal to the expected future spot exchange rate, , with the expected percentage change in the spot rate equal to the interest rate differential. Thus, the forward exchange rate is an unbiased forecast of the future spot exchange rate.9、Which of the following models is most appropriate for valuing HLTV?【单选题】A.H-modelB.Three-stage DDMC.Gordon growth model正确答案:B答案解析:B is correct because HLTV is forecast to have three growth stages: the growth phase (2 years at 27%), the transition phase (10 years at 12%), and the mature phase. Because the earnings growth has three stages and the dividend payout ratio is stable, a three-stage DDM is appropriate.10、Using Jatin’s 2014 estimate for FCFE per share and his other suggested inputs for growth and required return on the stock, the intrinsic value of CRN’s stock as of 2013 is closest to:【单选题】A.$21.27.B.$19.15.C.$17.37.正确答案:B答案解析:B is correct.。

CFA考试二级模拟试题精选0401-61(附详解)

CFA考试二级模拟试题精选0401-61(附详解）1、Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:【单选题】A.lower than the return on Raffarin’s common shares.B.the same as the return on Raff arin’s common shares.C.higher than the return on Raffarin’s common shares.正确答案:A答案解析:A is correct. Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conver sion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share pric e because the conversion price is not expected to be reached.2、Relative to the gross margins the subsidiaries report in local curr ency, Romulus’s consolidated gross margin most likely:【单选题】A.will not be distorted by currency translations.B.would be distorted if Augustus were using the same translation method as Julius.C.will be distorted because of the translation and inventory accounting methods Augustus is using.正确答案:C答案解析:C is correct. Augustus is using the temporal method in conjunction with FIFO inventory accounting. If FIFO is used, ending inventory is assumed to be composed of the most recently acquired items, and thus inventory will be translated at relatively recent exchange rates. To the extent that the average weight used to translate sales differs from the historical rate used to translate inventories, the gross margin will be distorted when translated into US dollars.3、In regard to the measures of economic activity, the comment by which one of the research team members is most accurate?【单选题】A.Bergman.B.Rajan.C.Medeva.正确答案:A答案解析:Medeva's comment is most accurate. The percentage change in stock market value equals the percentage change in GDP plus the percentage change in the share of earnings (profit) in GDP plus the percentage change in the price-to-earnings multiple. Over short to immediate horizons, all three of these factors contribute to appreciation or depreciation of the stock market. In the long run, however, the growth rate of GDP must dominate. As noted, the ratio of earnings to GDP cannot rise forever.4、Using the approach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potential GDP?【单选题】A.Country X.B.Country Y.C.Country Z.正确答案:B答案解析:Using the labor productivity growth accounting equation, Country Z indicates the highest growth rate in potential GDP.5、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】A.€6.25.B.€21.25.C.€15.00.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.6、According to the CFA Institute Standards, must Voser obtain permission from her supervisor before accepting the Greenhornfood gift basket?【单选题】A.No.B.Yes, because the value of the basket is higher than €50.C.Yes, because consent is required by the company’s compliance procedures.正确答案:A答案解析:A is correct. According to Standard I(B)–Independence and Objectivity, members must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Although it was sent to Voser’s office, the gift basket is a private gift from Voser’s sister and not likely to affect Voser’s professional activities. According to Excerpt 4 of the Crawfood compliance manual and Standard IV(B)–Additional Compensation Arrangements, employees must obtain permission from their employer before accepting gifts, compensation, or other benefits that compete with, or might create a conflict of interest with, the employer’s interests. The gift basket does not create a conflict or compete with the employer’s interests.7、Which implied market expectation most likely accounts for the discrepancy in bond pricing that Rutherford notes?【单选题】A.Inflation uncertaintyB.Interest rate riskC.Credit risk正确答案:A答案解析:A is correct. The breakeven inflation rate incorporates both premiums for expectations about inflation and for the uncertainty of the future inflation environment.8、【单选题】A.0.072.B.0.087.C.0.084.正确答案:A答案解析:A is correct. Use the single-stage Gordon growth model, P0 = D1/(r 一g), and apply the current market price provided by Filo and the information in Exhibit 1 to solve for g as shown:9、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as a:【单选题】A.hybrid approach.B.top-down approach.C.bottom-up approach.正确答案:B答案解析:B is correct. A top-down approach usually begins at the level of the overall economy. Candidate B assumes industry sales will grow at the same rate as nominal GDP but that Chrome will have a 2 percentage points decline in market share. Candidate B is not using any elements of a bottom-up approach; therefore, a hybrid approach is not being employed.10、Based on Exhibit 1, the difference between the predicted annualized returns of a growth fund and an otherwise similar value fund is to:【单选题】A.1.86%.B.2.44%.C.3.01%.正确答案:B答案解析:B is correct. The estimated coefficients for the dummy variables show the estimated difference between the returns on different types of funds. The growth dummy takes the value of 1 for growth funds and 0 for the value fund. Exhibit 1 shows a growth dummy coefficient of 2.4368. The estimated difference between the return of growth funds and value funds is thus 2.4368.。

CFA考试二级模拟试题精选0401-36(附详解)

CFA考试二级模拟试题精选0401-36(附详解）1、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, England's estimate of the 2013 economic profit for the new division (in USD millions) is closest to:【单选题】A.-0.59.B.-0.81.C.-0.87.正确答案:B答案解析:2、The best answer to Paul’s first question is to use the:【单选题】pany’s before-tax cost of debt.B.yield on high quality corporate bonds.pany’s overall cost of capital.正确答案:B答案解析:B is correct. The yield on high quality corporate bonds is the appropriate discount rate that should be used to calculate the present value of the future benefits because it represents the rate at which the defined-benefit obligation could be effectively settled.3、Lee’s statement about the assumptions of the BSM model is accurate with regard to:【单选题】A.interest rates but not continuous prices.B.continuous prices but not the return distribution.C.the stock return distribution but not the volatility.正确答案:B答案解析:B is correct. Although the BSM model assumes continuous stock prices, it also assumes that stock returns are lognormally distributed (not normally distributed).4、Which of Thorpe’s actions after the Hearing Panel presentation most likely violated CFA Institute Standards?【单选题】A.His letter to his clientsB.His complaint to the compliance officerC.His new disciplinary review consulting practice正确答案:C答案解析:5、If the price of GI stock approaches $75 over the next 30 days, which of the following changes in option parameter measures will most likely be observed?【单选题】A.Decreases in vega and the absolute value of thetaB.Increases in vega and the absolute value of thetaC.A decrease in vega and an increase in the absolute value of theta正确答案:B答案解析:B is correct. Typically, theta is negative for options. The speed of the option value decline increases, however, as time to expiration decreases. Vega is high when options are at or near the money. During the next 30 days, the options will approach expiration and approach being at the money.6、Based on Exhibit 1, residual income for SSX is closest to:【单选题】A.€40.9 million.B.€90.2 million.C.€133.9 million.正确答案:C答案解析:C is correct. The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge.7、Based on Exhibit 1, the maximum loss per share that would be incurred if Strategy 4 was implemented is:【单选题】A.€2.99.B.€3.99.C.unlimited.正确答案:B答案解析:B is correct. Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the €25.00 strike put option, Nunes would be protected from losses at QWY share prices of €25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from €28.49 to €25.00 (or, €3.49) plus the put premium paid for the put option of €0.50: S = €28.49 – €25.00 + €0.50 = €3.99.8、In a recent presentation, Doug Pearce made two statements about dividends:【单选题】A.No for both statements.B.Yes for Statement 1 and no for Statement 2.C.No for Statement 1 and yes for Statement 2.正确答案:A答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per9、Based on Exhibit 3, Ho’s FCFF sensitivity analysis should conclude that Colanari’s value is most sensitive to the:【单选题】A.FCFF growth rate.B.before-tax cost of debt.C.required rate of return for equity.正确答案:C答案解析:C is correct. Colanari’s valuation is most sensitive to the cost of equity (r10、Which of Ho’s statements regarding free cash flow is (are) correct?【单选题】A.Statement 1 onlyB.Statement 2 onlyC.Neither Statement 1 nor Statement 2正确答案:C答案解析:C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.。

CFA考试二级模拟试题精选0401-42(附详解)

CFA考试二级模拟试题精选0401-42(附详解）1、When listing their names on the research report, do Brecksen and Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because Brecksen misrepresents his authorship.C.Yes, because Grohl should dissociate from the report.正确答案:A答案解析:A is correct. According to Standard V(A)–Diligence and Reasonable Basis, research report conclusions or recommendations may represent the consensus of a group and not necessarily the views of the individual members listed. If the member believes that the consensus opinion has a reasonable basis, then he need not dissociate from the report.2、【单选题】A.Lower return on assets (ROA).B.Lower net profit margin.C.Higher return on equity (ROE).正确答案:A答案解析:In 2012, Cupernico and Glace shared joint control. Cupernico must use the equity method under US GAAP; if the ownership structure had not changed, Cupernico would have continued to use the consolidation method.3、All else equal, the use of long-maturity debt is expected to be greater in those markets in which:【单选题】A.inflation is low.B.capital markets are passive and illiquid.C.the legal system’s protection of bondholders’ interests is weak.正确答案:A答案解析:A is correct. The use of long-maturity debt is expected to be inversely related to the level4、If the NexTec floater had a 3% cap, the value of this embedded cap for the issuer would be closest to:【单选题】A.1.57.B.1.09.C.0.49.正确答案:C答案解析:C is correct. Value of capped bond = Value of the straight bond – Value of embedded cap. To calculate this value, we need to calculate the value from the binomial interest rate tree, capping all cash flows at $3 (3% of $100). The valuation is highlighted below.5、Which of MacPhail's observations about the new executive compensation plan is most accurate?【单选题】A.1B.2C.3正确答案:A答案解析:6、Using the approach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potential GDP?【单选题】A.Country X.B.Country Y.C.Country Z.正确答案:B答案解析:Using the labor productivity growth accounting equation, Country Z indicates the highest growth rate in potential GDP.7、If Gronola is reclassified as available for sale, the balance sheet carrying value of Nelson's investment portfolio (in € thousands) at December 31, 2016 would be closest to:【单选题】A.128,000.B.165,000.C.134,000正确答案:C答案解析:Basin and Gronola will be measured at their market value where Cathay is measured at cost. Therefore, the value will be €26,000+34,000+74,000 = €134,000. A is incorrect because Gronola should be valued at market value. B is incorrect because held to maturity asset is valued at cost.8、【单选题】A.37.3%.B.58.2%.C.62.8%.正确答案:A答案解析:If the company plans on spending $160 million on net investments, then only 60% of the funds need to come from retained9、Which of the following analysts most likely provides the correct answer to Yusuf’s question on the contribution to active return?【单选题】A.QuekB.CerraC.Singh正确答案:B答案解析:B is correct. Cerra is correct. To determine which factor contributes most to active return, note the following:10、Based on each firm's forecasts of the estimated NPV of synergies from a merger between Alertron and Carideo, what payment method is each firm likely to prefer in the deal?【单选题】A.Both firms prefer a cash deal.B.Only Alertron prefers a cash deal.C.Only Carideo prefers a cash deal.正确答案:A。

CFA考试二级模拟试题精选0401-57(附详解)

CFA考试二级模拟试题精选0401-57(附详解）1、The type of convergence described by O’Leary in Statement 1 is best described as:【单选题】A.absolute convergence.B.free trade.C.conditional convergence.正确答案:C答案解析:C is correct. Conditional convergence means that convergence is conditional on the countries having the same savings rate, population growth rate, and production function. If these conditions hold, the neoclassical model implies convergence to the same level of per capita output as well as the same steady state growth rate.2、Which of Wu’s three observations is least likely correct?【单选题】A.Observation 3B.Observation 1C.Observation 2正确答案:A答案解析:A is correct. Observation 3 regarding consumption hedging is incorrect. Because of the pro-cyclicality of economies and corporate profits, equities are not a good hedge against bad consumption outcomes, which is one of the reasons equity investors require a risk premium.3、FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?【单选题】A.$52,122.B.$64,090.C.$97,449.正确答案:C答案解析:C is correct.4、In a recent presentation, Doug Pearce made two statements about dividends:【单选题】A.No for both statements.B.Yes for Statement 1 and no for Statement 2.C.No for Statement 1 and yes for Statement 2.正确答案:A答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per5、Based on the results depicted in Exhibit 2, DeMolay and Kamini should most likely:【单选题】A.Model the forward P/E data using an AR(1) model.B.Model the forward P/E data using a random walk model.e generalized least squares to model the forward P/E data.正确答案:C答案解析:Select and justify the choice of a particular time series model from a group of models. “Fi rst, if ARCH exists, the standard errors for the regression parameters will not be correct. In case ARCH exists, we will need to use generalized least squares to modify the model.6、The most likely effect of the change in the exchange rate between the CNY and GBP arising from GF's investment in YDYL in 2017 will be a (an):【单选题】A.adjustment loss of ￡2.70 million reported in other comprehensive income.B.adjustment gain of ￡2.41 million reported in other comprehensive income.C.re-measurement loss of ￡2.79 million reported in net income.正确答案:A答案解析:YDYL will be translated using the current rate method because the sales come from Chinese market. the functional currency is Chinese Yuan (CNY).7、Based on Exhibit 1, Varden’s best answer to Quinni’s question abou t the F-statistic is:【单选题】A.both independent variables are significant at the 0.05 level.B.neither independent variables are significant at the 0.05 level.C.at least one independent variables are significant at the 0.05 level.正确答案:C答案解析:C is correct. Exhibit 1 indicates that the F-statistic of 4.161 is significant at the 0.05 level. A significant F-statistic means at least one of theindependent variables is significant.8、Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards?【单选题】A.No, because Michelieu is not promising that he can earn a 26% return in the future.B.No, because the statement is a true and accurate description of Michelieu’s track record.C.Yes, because the statement misrepresents Michelieu’s track record.正确答案:C答案解析:The correct answer is C. This question relates to Standard I(C)–Misrepresentation. Al though Michelieu’s statement about the total return of his clients’ accounts on average may be technically true, it is misleading because the majority of the gain resulted from one client’s large position taken against Michelieu’s advice. Therefore, this s tatement misrepresents the investment performance the member is responsible for. He has not taken steps to present a fair, accurate, and complete presentation of performance. Answer B is thus incorrect. Answer A is incorrect because although Michelieu is not guaranteeing future results, his words are still a misrepresentation of his performance history.9、Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level?【单选题】A.No, because the R-squared is greater than 0.05.B.No, because the p-values of the intercept and slope are less than 0.05.C.Yes, because the p-values for F and t for the slope coefficient are less than 0.05.正确答案:C答案解析:C is correct. The p-value is the smallest level of significance at which the null hypotheses concerning the slope coefficient can be rejected. In this case the p-value is less than 0.05, and thus the regression of the ratio of cash flow from operations to sales on the ratio of10、The best response that Maturin could give to Jack Aubrey's question about the marginal tax rate on dividend income is that it was:【单选题】A.15.6%.B.32.0%.C.47.6%.正确答案:C答案解析:Explain how clientele effects and agency issues may affect a company's payout policy.。

CFA考试二级模拟试题精选0401-17(附详解)

CFA考试二级模拟试题精选0401-17(附详解）1、【单选题】A.correct given the assumptions and method described.B.too high given the assumptions and method described.C.too low given the assumptions and method described.正确答案:C答案解析:To calculate the daily VaR from an annual VaR, the mean and standard deviation must be adjusted using the 250 trading days described.2、Based on the market price of the Tangoran government bond and the interest rates in Exhibit 1, what profitable arbitrage opportunity should Hake's algorithm most likely identify?【单选题】A.Buying the strips and selling the bondB.Buying the Year 1 and Year 2 strips and selling the Year 3 stripC.Buying the bond and selling the strips正确答案:A答案解析:3、If the volatility estimate is changed to 30% in the structural model shown in Exhibit 2, the calculated value of IMC Bond would most likely:【单选题】A.Remain the same.B.Decrease.C.Increase正确答案:B答案解析:Under the option analogy of the structural model, risky debt can be viewed as a portfolio comprising a long position in risk-free debt and a short put option on the company's asset with a strike price equal to the face value of the risky debt. When the asset volatility increases, the value of the put option increases and the value of the portfolio with short exposure to the put option will decrease. Hence the computed value of risky debt will be lower.4、The terminal year after tax non-operating cash flow (TNOCF) and the after-tax cash flow (ATOCF) in the terminal year (in BRL thousands) to be derived from the proposed distribution center are respectively closest to:【单选题】A.TNOCF = 52,200; ATOCF = 18,400.B.TNOCF = 54,200; ATOCF = 14,400.C.TNOCF = 52,200; ATOCF = 14,400.正确答案:C答案解析:The TNOCF and ATOCF for the distribution center in its terminal year (year 6) would be calculated as: Year 6:5、【单选题】A.beta.B.growth rate.C.equity risk premium.正确答案:C答案解析:C is correct. When the low/high measure of each variable is tested singly for sensitivity in predicting a range of intrinsic value while holding the other variables at the base case, the equity risk premium variable produces the largest stock price range, as shown in the following table.6、Based on the case study illustration and the effect of changing the annual compensation rate, the annual unit credit for the average participant would decrease by an amount closest to:【单选题】A.€4,349.B.€4,858.C.€5,446.正确答案:B答案解析:B is correct. The final year’s estimated earnings at the end of Year 1 for the average participant would decrease by approximately €35,747.71.7、Honoré describes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The is expected to increase, not decline, with a new independent variable. The other two potential consequences Honoré describes are correct.8、Based upon Exhibit 1, capital deepening as a source of growth was most important for:【单选题】A.Country A.B.Country B.C.Country C.正确答案:A答案解析:A is correct. The associate economist can measure the effect of pure capital deepening by measuring the difference of the growth rates of labor productivity and total factor productivity (TFP). The larger the difference, the more important capital deepening is as a source of economic growth. From 2000–2010, Country A’s labor productivity grew by 2.4% per year, of wh ich 0.6% came from TFP growth and 1.8% from capital deepening (2.4% – 0.6% = 1.8%).9、Relative to the gross margins the subsidiaries report in local currency, Romulus’s consolidated gross margin most likely:【单选题】A.will not be distorted by currency translations.B.would be distorted if Augustus were using the same translation method as Julius.C.will be distorted because of the translation and inventory accounting methods Augustus is using.正确答案:C答案解析:C is correct. Augustus is using the temporal method in conjunction with FIFO inventory accounting. If FIFO is used, ending inventory is assumed to be composed of the most recently acquired items, and thus inventory will be translated at relatively recent exchange rates. To the extent that the average weight used to translate sales differs from the historical rate used to translate inventories, the gross margin will be distorted when translated into US dollars.10、Based on Exhibit 1 and the note to Adesivo’s financial statements, the trailing P/E for Adesivo usi ng underlying EPS is closest to:【单选题】A.17.7.B.18.2.C.18.4.正确答案:C答案解析:C is correct. The EPS figure that Silveira should use is diluted trailing EPS of R$0.81。

CFA考试二级模拟试题精选0401-18(附详解)

CFA考试二级模拟试题精选0401-18(附详解）1、The bond that would most likely protect investors against a significant increase in interest rates is:【单选题】A.Bond #1.B.Bond #2.C.Bond #3.正确答案:C答案解析:C is correct. The bond that would most likely protect investors against a significant increase in interest rates is the putable bond, i.e., Bond #3. When interest rates have risen and higher-yield bonds are available, a put option allows the bondholders to put back the bonds to the issuer prior to maturity and to reinvest the proceeds of the retired bonds in higher-yielding bonds.2、At a significance level of 1%, which of the following is the best interpretation of the regression coefficients with regard to explaining ROE?【单选题】A.ESG is significant, but tenure is not.B.Tenure is significant, but ESG is not.C.Neither ESG nor tenure is significant.正确答案:C答案解析:C is correct. The t-statistic for tenure is 2.308, indicating significance at the 0.027 level but not the 0.01 level. The t-statistic for ESG is 1.201, with a p-value of 0.238, which means we fail to reject the null hypothesis for ESG at the 0.01 significance level.3、Violation of which BSM assumption is most likely to lead to gamma risk?【单选题】A.The volatility of the returns on the underlying asset is constant and known.B.Markets are frictionless; there are no transaction costs.C.The price of the underlying changes smoothly.正确答案:C答案解析:Gamma risk arises when the price of the underlying jumps abruptly (as opposed to smoothly).4、Using information in Exhibit 1, the portfolio's sensitivity to inflation is closest to:【单选题】A.-1.1.B.- 1.7.C.-2.2.正确答案:B答案解析:β=0.6(-2.2) + 0.4(-1.0) = -1.725、Cannan’s preference to use the P/E ratio over the P/S ratio is best supported by:【单选题】A.Reason 1B.Reason 2C.Reason 3正确答案:C答案解析:C is correct. The price to sales (P/S) ratio fails to consider differences in cost structures. Also, while share price reflects the effect of debt financing on profitability and risk, sales is a pre-financing income measure and does not incorporate the impact of debt in the firm’s capital structure. Earnings reflect operating and financial leverage, and thus the price-to-earnings (P/E) ratio incorporates the impact of debt in the firm’s capital structure.6、Based on each firm's forecasts of the estimated NPV of synergies from a merger between Alertron and Carideo, what payment method is each firm likely to prefer in the deal?【单选题】A.Both firms prefer a cash deal.B.Only Alertron prefers a cash deal.C.Only Carideo prefers a cash deal.正确答案:A答案解析:7、Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:【单选题】A.lower than the return on Raffarin’s common shares.B.the same as the return on Raffarin’s common shares.C.higher than the return on Raffarin’s common shares.正确答案:A答案解析:A is correct. Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conver sion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share price because theconversion price is not expected to be reached.8、For the interest rate scenario presented by Muniz, the most appropriate duration measure is:【单选题】A.key rate duration.B.one-sided up duration.C.effective duration.正确答案:A答案解析:A is correct. A bond’s sensitivity to changes in the shape of the yield curve, steepening or flattening, is captured by key rate duration. One-sided duration (up or down) is better than effective or two-sided duration at capturing the interest rate sensitivity of a callable or putable bond but only for a parallel shift in the yield curve, not for changes in the shape of the yield curve.9、【单选题】A.Price of third bond: Less than 100%; OAS of callable bond: Zero.B.Price of third bond: Equal to 100%; OAS of callable bond: Positive.C.正确答案:B答案解析:In this case, the bond is callable and puttable at the same price (100). Because Walters states that the embedded options (the issuer's call option and the holder's put option) will be exercised if the option has value (i.e., is in-the-money), the value of the bond must be 100 (plus the interest) at all times. Why? If rates fall and the computed value goes above 100, the company will call the issue at 100. Conversely, if rates increase and the computed value goes below 100, the bondholder will "put" the bond back to the issuer for 100.10、Koning realizes that an increase in the recovery rate would lead to an increase in the bond’s fair value, whereas an increase in the probability of defaultwould lead to a decrease in the bond’s fair value. He is not sure which effect would be greater, however. So, he increases bo th the recovery rate and the probability of default by 25% of their e xisting estimates and recomputes the bond’s fair value. The recomputed fair value is closest to:【单选题】A.€843.14.B.€848.00.C.€855.91.正确答案:B答案解析:B is correct. The recovery rate to be used now in the computation of fair value is 30% × 1.25 = 37.5%, whereas the hazard rate to be used is 1.50% × 1.25 = 1.875%.。

CFA考试二级模拟试题精选0401-56(附详解)

CFA考试二级模拟试题精选0401-56(附详解）1、Suppose HiFly acquires Sky Systems for the stated terms. The gain to Sky Systems shareholders resulting from the merger transaction would be closest to:【单选题】A.$25 million.B.$160 million.C.$375 million.正确答案:A答案解析:2、With regards to investments in Sandhirst stock and retail ETF, Dutt most likely violated:【单选题】A.B.Standard II(A) - Material and Nonpublic InformationC.Standard II(A) - Material and Nonpublic Information in正确答案:B答案解析:By transacting in Sandhirst stock, Dutt did not rely on any material nonpublic information and, therefore, is not in violation3、Based on Exhibit 3, if Nelson's long-term debt to equity ratio on Dec 31, 2016 was calculated using different methods, which method would result in the lowest result?【单选题】A.Equity method.B.Consolidation with full goodwill.C.Consolidation with partial goodwill.正确答案:A答案解析:If the equity method is used, long-term debt to equity = 160/640 = 0.25. If the consolidation method is used, long-term debt to equity = long-term debt/equity = (160+120)/(640+300) = 0.30. Equity includes the €300 non-controlling interest under either consolidation. It does not matter if the full or partial goodwill method is used since there is no goodwill in this case.4、How many of Yeung's constraints would be accurately regarded as a constraint in an investment policy statement?【单选题】A.One.B.Two.C.Three.正确答案:B。

CFA考试二级模拟试题精选0401-39(附详解)

CFA考试二级模拟试题精选0401-39(附详解）1、As a result of Thorpe’s admission he traded in Savanna shares, which CFA Institute Standard of Practice will Okada least like ly investigate for a possible violation?【单选题】A.ProfessionalismB.Duties to ClientsC.Integrity of Capital Markets正确答案:B答案解析:B is correct. Okada is least likely to investigate CFA Institute Standard III: Duties to Clients. When trading in Savanna shares, Thorpe likely displayed loyalty, prudence, and care by putting the interests of his clients before his own, as required under Standard III: Duties to Clients. Thorpe, however, likely violated Standard II: Integrity of Capital Markets when he traded on information that could be considered material and non-public. Despite insider trading being legal in Thorpe’s jurisdiction, as a CFA candidate, he is required under Standard I: Professionalism to uphold the stri cter standard, which in this case is the CFA Institute Code and Standards. By violating Standard II: Integrity of Capital Markets, he has likely violated Standard I: Professionalism.2、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, England's estimate of the 2013 economic profit for the new division (in USD millions) is closest to:【单选题】A.-0.59.B.-0.81.C.-0.87.正确答案:B答案解析:3、Based on the Modigliani and Miller (MM) propositions with corporate taxes, Aquarius’s WACC is closest to:【单选题】A.3.38%.B.7.87%.C.11.25%.正确答案:B答案解析:4、In her response to Silverman regarding the characteristics of the three valuation approaches, Lin is least likely correct with respect to the:【单选题】A.DCF approach.B.sales comparison approach.C.正确答案:A答案解析:A is correct. Although Lin is correct that the DCF method takes into account the cash flows that investors care about, she is not correct in stating that DCF takes into account the cyclical nature of the real estate market.5、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】。

CFA考试二级模拟试题精选0401-49(附详解)

CFA考试二级模拟试题精选0401-49(附详解）1、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】A.€6.25.B.€21.25.C.€15.00.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.2、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】A.a clawback provision.B.carried interest.C.a ratchet clause.正确答案:A答案解析:A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund but subsequent exits are less profitable, the GP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders and the management team of the private equity controlled company.3、DeMolay's caution given in condition ⑴is best described as:【单选题】A.Correct.B.incorrect, because only the dependent variable series needs to be tested for the absence of a unit root.C.incorrect, because only the independent variable series needs to be tested for the absence of a unit root.正确答案:A答案解析:When working with two time series in a regression analysis, both of the series must be tested for the presence of a unit root. If neither series has a unit root, we can safely use linear regression.4、Compared to Nelson's reported earnings before taxes in 2016, if Basin had been classified as a held for trading security, the earnings before taxes (in € thousands) would have been:【单选题】A.the same.B.€2,000 higher.C.€4,000 lower.正确答案:B答案解析:Unrealized gains and losses are securities are classified as held there was an unrealized gain of id in income statement5、In the current interest rate environment, using a required return estimate based on the short-term government bond rate and a historical equity risk premium defined in terms of a short-term government bond rate would be expected to:【单选题】A.bias long-term required return on equity estimates upwards.B.bias long-term required return on equity estimates downwards.C.have no effect on long-term required return on equity estimates.正确答案:A答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term interest rate (as a result of the normal upward sloping yield curve), and the current value of the rate being used to represent the risk-free rate. The short-term rate is currently higher than the long-term rate, which will also increase the required return estimate. The short-term interest rate, however, overstates the long-term expected inflation rate. Using the short-term interest rate, estimates of the long-term required return on equity will be biased upwards.6、Which of Singh’s statements regarding the information ratio is correct?【单选题】A.Only Statement 1B.Only Statement 2C.Both Statement 1 and Statement 2正确答案:C答案解析:C is correct. The information ratio for a portfolio of risky assets will generally shrink if cash is added to the portfolio. Because the diversified asset portfolio is an unconstrained portfolio, its information ratio would be unaffected by an increase in the aggressiveness of active weights.7、The measure of central tendency that Ritter will most likely recommend is the:【单选题】A.median.B.harmonic mean.C.arithmetic mean.正确答案:B答案解析:B is correct. The harmonic mean is sometimes used to reduce the impact of large outliers—which are typically the major concern in using the arithmetic mean multiple—but not the impact of small outliers (i.e., those close to zero). The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.8、Considering Exhibit 1, the【单选题】A.3.22.B.8.06.C.30.79.正确答案:C答案解析:9、Which of the following statements is correct under the Code and Standards?【单选题】A.CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.正确答案:B答案解析:The correct answer is B. Under Standard IV(A)–Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not includea complete prohibition against undertaking independent practice.10、In his response to Yusuf, Cerra’s characterization of the portfolio manager’s investment style, using Exhibit 1, is most likely correct with respect to having a:【单选题】A.growth bias.B.contrarian strategy.rge-cap orientation.正确答案:A答案解析:A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.。

CFA考试二级模拟试题精选0401-52(附详解)

CFA考试二级模拟试题精选0401-52(附详解）1、Based on the regression output in Exhibit 3 and sales data in Exhibit 4, the forecasted value of quarterly sales for March 2016 for PoweredUP is closest to:【单选题】A.$4.193 billion.B.$4.231 billion.正确答案:B答案解析:C is correct. The quarterly sales for March 2016 is calculated as follows:2、Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?【单选题】A.Free cash flowB.Dividend discountC.P/E relative valuation正确答案:A答案解析:A is correct. The broad criteria for model selection are that a valuation model be consistent with the characteristics of the company being valued, appropriate given the availability and quality of the data and consistent with the purpose of the valuation. VEGA currently has negative earnings, making the use of P/E relative valuation difficult if not impossible. As VEGA does not pay a dividend and is not expected to for the foreseeable future; this would make the application of a dividend discount model problematic. However, the lack of a dividend would not be an obstacle to free cash flow valuation. Furthermore, the director of research has advised that the possibility that competitors may seek to acquire VEGA be taken in to account in valuing VEGA. The reading states that free cash flow valuation can be appropriate in such circumstances. Thus, the director of research would be most likely to recommend free cash flow valuation.3、Investors may prefer companies that repurchase their shares instead of paying a cash dividend when:【单选题】A.capital gains are taxed at lower rates than dividends.B.capital gains are taxed at the same rate as dividends.C.the company needs more equity to finance capital expenditures.正确答案:A答案解析:A is correct. When capital gains are taxed at lower rates than dividends, investors may4、The contribution of the equity portfolio to Foster's net income for the year is closest to:【单选题】A.$18,000.B.$26,000.C.$7,000.。

CFA考试二级模拟试题精选0401-20（附详解）

CFA考试二级模拟试题精选0401-20（附详解）CFA考试二级模拟试题精选0401-20(附详解）1、The normalized earnings after tax for FAMCO is closest to:【单选题】A.$32,940,000.B.$34,260,000.C.$34,860,000.正确答案:C答案解析:C is correct. The new interest level is $2,000,000 instead of $1,000,000. SG&A expenses are reduced by $1,600,000 ( = $5,400,000 –$7,000,000) to $21,400,000 by salary expense savings. Other than a calculation of a revised provision for taxes, no other changes to the income statement results in normalized earnings before tax of $58,100,000 and normalized earnings after tax of $34,860,000.2、The hypothetical Orion trade generated an approximate:【单选题】A.loss of ￡117,000.B.gain of ￡117,000.C.gain of ￡234,000.正确答案:B答案解析:B is correct. The gain on the hypothetical Orion trade is ￡117,000, calculated as follows.3、What is the value per share of High Tech stock using the discounted cash flow approach if the terminal value of High Tech is based on using the cash flow multiple method to determine terminal value?【单选题】A.$35.22.B.$40.56.C.$41.57.正确答案:B答案解析:B is correct. The estimated stock price is $40.56.4、Dobson is wondering what the consequences would be if the duration of the first stage was assumed to be 11 years instead of 8, with all the other assumptions/estimates remaining the same. Considering this change, which of the following is true?【单选题】A.In the second approach, the proportion of the total value of the stock represented byB.The total value estimated using the third approach would increase.C.正确答案:B答案解析:B is correct. If the extraordinary growth rate of 14 percent is expected to continue for a longer duration, the stock’s value would increase. Choice A is false because given that the first stage is longer (11 years instead of 8), the terminal value is being calculated at a later point in time. So, its present value would be smaller. Moreover, the first stage has more years and contributes more to the total value. Overall, the proportion contributed by the second stage would be smaller. Choice C is false because the intrinsic value of the stock would be higher and the appropriate conclusion would be that the stock would be undervalued to a greater extent based on the first approach.5、When removing the multi-factor analysis from his research report, does Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because he no longer has a reasonable basis for his recommendation.C.Yes, because he is required to make full and fair disclosure of all relevant正确答案:A答案解析:A is correct. Removing the multi-factor analysis from the research report does not constitute a violation. Grohl diligently prepared the internal document according to the firm’s traditional format with a complete fundamental analysis and recommendation—indicating diligence and a reasonable basis for his recommendation. It would be wise for Grohl to retain records of the multi-factor analysis but he need not retain the analysis in the research report to comply with Standards V(A)–Diligence and Reasonable Basis or V(C)–Record Retention.6、The divestiture technique that Lee is recommending is most likely:【单选题】A.a spin-off.B.a split-off.C.an equity carve-out.正确答案:C答案解析:C is correct. An equity carve-out involves sale of equity in a new legal entity to outsiders, and would thus result in a cash inflow for Moonbase. A spin-off or a split-off does not generate a cash flow to the firm.7、Based on Note 16, after reclassifying pension components to reflect economic income or expense, the net adjustment to profit before taxation is:【单选题】A.–€205 million.B.–€94 million.C.+€129 million.正确答案:B答案解析:B is correct. Operating income is adjusted to includeonly the current service costs, the interest cost component is reclassified as interest expense, and the actual return on plan assets is added as investment income. Profit before taxation adjusted for actual rather than expected return on plan assets will decrease by €94 million (205 – 299).8、The value of Position 2 is closest to:【单选题】A.–￥149,925.B.–￥150,000.C.–￥150,075.正确答案:A答案解析:A is correct. The value of Troubadour’s euro/JGB forward position is calculated as9、【单选题】A.B.C.正确答案:C答案解析:The 7-year, 7.25% convertible bond has a market price of $947 (given) and, therefore, does not qualify (as it is below par).10、Which of the following statements regarding the consolidation of WMC's Ukrainian subsidiary for the next year is least likely correct? Compared to the temporal method, the Ukrainian subsidiary's translated:【单选题】/doc/b76000341.html, income before translation gains or losses would be higher using the current rate method.B.Debt-to-equity ratio would be higher using the current rate method.C.Gross profit margin would be lower using the current ratemethod.正确答案:C答案解析:Under both the current rate and temporal methods, the revenues for the Ukrainian subsidiary would be translated using the average rate. Cost of goods sold (COGS) would be translated using the historical rate for the temporal method and the average rate for the current rate method. When a currency is depreciating, the COGS based on historical cost (temporal method) will be higher than COGS translated at the average rate (current rate method) since the average rate will incorporate the historical exchange rate and the most recent (depreciated) exchange rate, decreasing the COGS. Since translated sales are the same under both methods, gross profit and the gross profit margin will be higher under the current rate method.。

CFA考试二级模拟试题精选0401-23(附详解)

CFA考试二级模拟试题精选0401-23(附详解）1、When preparing the initial draft for Brecksen’s review, does Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because he used Brecksen’s research reports without permission.C.Yes, because he did not use reasonable judgment in identifying which factors were正确答案:A答案解析:A is correct. Grohl exercised diligence, independence, and thoroughness in analyzing the company and its competitors. Brecksen provided his research reports for Grohl’s use and using the reports as a guide was appropriate. Standard V(A) requires that members distinguish between fact and opinion in communicating investment recommendations to clients. The Standard does not apply to investment recommendations communicated to supervisors or internal investment committees.2、In reference to the Cobb-Douglas function, N'Diarra's conclusion is best described as:【单选题】A.Incorrect because increased TFP is not subject to the law of diminishing returns.B.Incorrect because the Cobb-Douglas functions does not exhibit constant returns to scale.C.Correct.正确答案:C答案解析:The stated conclusion is accurate in its entirety. The Cobb-Douglas function exhibits constant returns to scale, which means that if all inputs are increased at the same percentage, then output rises at that percentage. Diminishing marginal productivity exists with respect to each individual input (if the other input is held constant). Continued growth in per capita output is possible even in the steady state as long as there is ongoing technological progress (increases in TFP).3、Based on Exhibit 2, relative to the estimated value of Property #1 under the discounted cash flow method, the estimated value of Property #1 using the direct capitalization method is:【单选题】A.equal.B.lower.C.higher.正确答案:C答案解析:C is correct. The direct capitalization method estimate of value for Property #1 is $52,873,143 (= Year 1 NOI/Going-in Cap Rate = $2,775,840/0.0525), which is greater than the estimated DCF4、Varden’s best answer to Quinni’s question about overall significance is:【单选题】A.RB.adjusted RC.the F-statistics正确答案:C答案解析:C is correct. In a multiple linear regression (as compared with simple regression), R does not necessarily indicate that the regression is well specified in the sense of including the correct set of variables. The F-test is an appropriate test of a regression’s overall significance in either simple or multiple regressions.5、Based on Exhibit 1, the 2011 year-end share price of Baldwin was closest to:【单选题】A.$13.23.B.$21.73.C.$30.36.正确答案:B答案解析:B is correct. Baldwin’s FFO per share in 2011 was $1.89, and the resulting share price was $21.73. First, calculate FFO per share in 2011, and then apply the year-end P/FFO multiple of 11.5x.6、Regarding the statements made by McDonnell on the comparison of private firms and public firms, are both statements correct?【单选题】A.Yes.B.No, both statements are incorrect.C.No, one statement is correct, but the other statement is incorrect.正确答案:C答案解析:Statement 1: McDonnell is correct. Private firms are usually smaller than public firms and, thus, thought to be riskier. Accordingly, private firms are usually assigned higher risk premiums and required returns than public firms. The lack of access to liquid public equity markets can also limit a private firm's growth.7、Based on Exhibit 2, Smith and Johansson should conclude that over the past three years, ABC Bank’s:【单选题】A.liquidity position has declined.B.capital adequacy has improved.C.sensitivity to market risk has improved.正确答案:C答案解析:C is correct. Over the past three years, there has been a downward trend in the two VaR measures—total trading VaR (all market risk factors) and total trading and credit portfolio VaR. This trend indicates an improvement in ABC Bank’s sensitivity, or a reduction in its exposure, to market risk. The two liquidity measures—the liquidity coverage ratio and the net stable funding ratio—have increased over the past three years, indicating an improvement in ABC Bank’s liquidity position. Trends in the three capital adequacy measures—common equity Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio—indicate a decline in ABC Bank’s capital adequacy. While the total capital ratio has remained fairly constant over the past t hree years, the common equity Tier 1 capital ratio and the Tier 1 capital ratio have declined. This trend suggests that ABC Bank has moved toward using more Tier 2 capital and less Tier 1 capital, indicating an overall decline in capital adequacy.8、When downloading the model from Greenfield Financial Corporation, does Acertado violate any CFA Institute Standards of Practice and Professional Conduct?【单选题】A.No.B.Yes, because he does not have written permission from Boswin.C.Yes, because he does not have permission from Greenfield Financial Corporation.正确答案:C答案解析:C is correct. Boswin, as an employee, developed the model on behalf of Greenfield. Therefore, Greenfield, not Boswin, is the owner of the model. Acertado violates Standard IV(A) Duties to Employers: Loyalty when he downloads the model without proper written permission from Greenfield Financial.Acertado is misappropriating employer assets.9、Topmaker’s influence on Rainer’s business activities can be best described as:【单选题】A.significant.B.controlling.C.shared control.正确答案:A答案解析:A is correct. Topmaker’s representation on the Rainer board of directors and participation in Rainer’s policymaking process indicate significant influence. Significant influence is generally assumed when the percentage of ownership interest is between 20% and 50%. Topma ker’s represe ntation on the board of directors and participation in the policymaking process, however, demonstrate significant influence despite its 15% equity interest.10、A switch from straight-line to accelerated depreciation would:【单选题】A.increase the NPV and decrease the first year operating income after taxes.B.increase the first year operating income after taxes and decrease the NPV.C.increase both the NPV and first year operating income after taxes.正确答案:A答案解析:A is correct. Accelerated depreciation shifts depreciation expense toward the earlier years so that firstyear operating income after taxes will be lower. However, because depreciation is a noncash expense, it must be added back to operating income after taxes in order to obtain after-tax operating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV.。

cfa二级考试题目

选择题关于有效市场假说，以下哪个描述是正确的？A. 在有效市场中，投资者可以通过分析信息来获得超额收益。

B. 有效市场假说认为市场总是错误的，因此投资者应忽视市场信息。

C. 有效市场假说认为市场价格反映了所有可用信息，因此无法通过分析获得超额收益。

（正确答案）D. 有效市场仅适用于股票市场，不适用于债券市场。

在评估公司的资本结构时，以下哪个因素不是考虑的重点？A. 公司的债务与股权比例。

B. 公司的盈利能力。

C. 公司的行业特点。

（正确答案）D. 公司的现金流稳定性。

以下哪个是衡量公司运营效率常用的财务指标？A. 市盈率B. 存货周转率（正确答案）C. 资本充足率D. 杠杆比率在进行股票估值时，以下哪个模型是基于公司未来现金流的贴现值？A. 市盈率模型B. 市净率模型C. 贴现现金流模型（正确答案）D. 相对估值模型关于固定收益证券，以下哪个描述是错误的？A. 固定收益证券的收益率与市场利率变动呈反向关系。

B. 固定收益证券的信用风险通常低于股票。

C. 固定收益证券的价格波动通常小于股票。

（正确答案）D. 固定收益证券的到期收益率考虑了利息再投资的风险。

在投资组合管理中，以下哪个策略旨在通过分散投资来降低风险？A. 市场时机选择策略B. 资产配置策略（正确答案）C. 股票选择策略D. 集中投资策略以下哪个不是衡量投资组合风险的常用指标？A. 标准差B. β系数C. 夏普比率D. 跟踪误差（正确答案）关于期权定价，以下哪个模型是最常用的？A. 费雪方程式B. 黑-斯科尔斯模型（正确答案）C. 有效市场假说D. 卡普兰-米尔斯模型在进行宏观经济分析时，以下哪个指标不是常用的先行指标？A. 制造业订单B. 失业率（正确答案）C. 建筑许可D. 消费者预期指数。

CFA考试二级模拟试题精选0401-60(附详解)

CFA考试二级模拟试题精选0401-60(附详解）1、The appropriate factor used to describe the type of models mentioned in Statement 3 is:【单选题】A.inflation.B.price level changes.C.risk premium adjustments.正确答案:B答案解析:C is correct. Risk premiums are more closely associated with the portfolio-balance approach. The portfolio balance approach addresses the impact of a country’s net foreign asset/liability position. Under the portfolio balance approach, investors are assumed to hold a diversified portfolio of assets including foreign and domestic bonds. Investors will hold a country’s bonds as long as they are compensated appropriately. Compensation may come in the form of higher interest rates and/or higher risk premiums.2、Which of Multifam Equity Partners’ properties listed in Exhibit 2 most likely has the highest assumed growth rate?【单选题】A.Multifam IB.Multifam IIC.Multifam III正确答案:C答案解析:C is correct. Multifam III has the highest assumed growth rate. According to the discounted cash flow method approach to valuation, the relationship between the discount rate and the cap rate is3、Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?【单选题】A.Equities.B.Short-dated, default-free government bonds.C.Long-dated, default-free government bonds.正确答案:B答案解析:B is correct. The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.4、Which of the following is an example of a conflict of interest that an effective corporate governance system would mitigate or eliminate?【单选题】A.A majority of the board is independent of management.B.Directors identify with the managers’ interests rather than those of the shareholders.C.Directors have board experience with companies regarded as having sound governance practices.。

CFA考试二级模拟试题精选0401-45(附详解)

CFA考试二级模拟试题精选0401-45(附详解）1、All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?【单选题】A.The expected inflation rate falls.B.The company’s fu ture cash flows are expected to increase.C.The yield to maturity on real default-free investments rises.正确答案:C答案解析:C is correct. According to the fundamental pricing equation, the market value of an asset2、All other things being equal, the payment of an internally financed cash dividend is most likely to result in:【单选题】A.a lower current ratio.B.a higher current ratio.C.the same current ratio.正确答案:A答案解析:A is correct. By reducing corporate cash, a cash dividend reduces the current ratio,3、Based upon Exhibit 1, which of the following statements regarding Property A is most accurate?【单选题】A.The going-in capitalization rate is 13.5%.B.It appears the riskiest of the three properties.C.The net operating income in the first year is ￡298,000.正确答案:B答案解析:B is correct. Property A has been assigned the highest discount rate (11.5%) and thus is considered to be the riskiest investment of the three alternatives. This may be because of the reliance on a single tenant. The going-in capitalization rate is 9.5% (cap rate = discount rate – growth rate). The net operating income (NOI) is ￡580,500 (= rental income + other income – property management fee = ￡575,000 + ￡27,000 –￡21,500).4、Based on the regression output in Exhibit 2, what should lead Busse to conclude that the Regression 3 equation is not correctly specified?【单选题】A.The Durbin–Watson statisticB.The t-statistic for the slope coefficientC.The t-statistics for the autocorrelations of the residual正确答案:C答案解析:C is correct. The regression output in Exhibit 2 suggests there is serial correlation in the residual errors. The fourth autocorrelation of the residual has a value of 0.6994 and a t-statistic of 4.3111, which is greater than the t-statistic critical value of 2.02. Therefore, the null hypothesis that the fourth autocorrelation is equal to zero can be rejected. This indicates strong and significant seasonal autocorrelation, which means the Regression 3 equation is misspecified.5、Nowak’s most likely response to Lin’s question is that the typ e of real estate security she prefers:【单选题】A.offers a high degree of operating flexibility.。

CFA考试二级模拟试题精选0401-15(附详解)

CFA考试二级模拟试题精选0401-15附详解）1、In his phone conversation with Boswin, Acertado least likely violates the CFA Institute Standard relating to:【单选题】A.suitability.B.integrity of capital markets.C.preservation of confidentiality.正确答案:A答案解析:A is correct. Acertado least likely violates Standard III(C), which relates to suitability during his phone conversation with Boswin. According to the Standard, members in an advisory relationship with a client must determine an investment’s suitability within the context of the client’s portfolio. The Standard also requires that members make reasonable inquiries into a client or prospective client’s investment experience; ri sk and return objectives; and financial constraints prior to making investment recommendations. Boswin is neither a client nor a prospective client, thus Acertado is not bound by the Standard of Suitability during their conversation. Acertado is, however, in jeopardy of violating other Standards—specifically those relating to Integrity of Capital Markets and?2、The Standard least likely to provide guidance for Telline when working with the clients’ investment policy statements would b e the Standard relating to:【单选题】A.suitability.B.fair dealing.C.loyalty, prudence, and care.正确答案:B答案解析:B is correct. Telline is not likely to receive appropriate guidance on developing or revising investment policy statements from the Standard relating to Fair Dealing. Standard III(B) provides members with guidance on treating clients fairly when making investment recommendations, providing investment analysis, or taking investment action. Telline could obtain guidance from the Standards relating to Loyalty, Prudence, and Care and Suitability. Both Standard III(A) and (C) provide guidance for members in determining client objectives and the suitability of investments.3、Based on Exhibit 1, the 2011 year-end share price of Baldwin was closest to:【单选题】A.$13.23.B.$21.73.C.$30.36.正确答案:B答案解析:B is correct. Baldwin’s FFO per share in 2011 was $1.89, and the resulting share price was $21.73. First, calculate FFO per share in 2011, and then apply the year-end P/FFO multiple of 11.5x.4、Which one of the following factors is the least likely to affect the individual investor's ability to accept risk?【单选题】A.Required spending needs.B.Financial strength.C.Behavioral factors.。

CFA二级模拟试题及解析

CFA二级模拟试题及解析Reading 7Correlation and RegressionThe following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance FRegression10.0290.02900063.810 Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.Suppose that you deleted several of the observations that had small residual values. If you re-estimated the regression equation using this reduced sample, what would likely happen to the standard error of the estimate and the R-squared?Standard Error of the Estimate R-SquaredA Decrease DecreaseB Decrease IncreaseC Increase Decreaseis the correlation between X and Y?−0.7436.0.7436.0.8623.Where did the F-value in the ANOVA table come from?You look up the F-value in a table. The F depends on the numerator and denominator degrees of freedom.Divide the “Mean Square” for the regression by the “Mean Square” of the residuals.The F-value is equal to the reciprocal of the t-value for the slope coefficient.If the ratio of net income to sales for a restaurant is 5 percent, what is the predicted ratio of cash flow from operations to sales?0.007 + 0.103(5.0) = 0.524.0.077 −0.826(5.0) = −4.054.0.077 + 0.826(5.0) = 4.207.Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level? No, because the R-squared is greater than 0.05.No, because the p-values of the intercept and slope are less than 0.05.Yes, because the p-values for F and t for the slope coefficient are less than 0.05.The following information relates to Questions 11–16Howard Golub, CFA, is preparing to write a research report on Stellar Energy Corp. common stock. One of the world’s largest companies, Stellar is in the business of refining and marketing oil. As part of his analysis, Golub wants to evaluate the sensitivity of the stock’s returns to various economic factors. For example, a client recently asked Golub whether the price of Stellar Energy Corporation stock has tended to rise following increases in retail energy prices. Golub believes the association between the two variables to be negative, but he does not know the strength of the association.Golub directs his assistant, Jill Batten, to study the relationships between Stellar monthly common stock returns versus the previous month’s percent change in the US Consumer Price Index for Energy (CPIENG), and Stellar monthly common stock returns versus the previous month’s percent change in the US Producer Price Index for Crude Energy Materials (PPICEM). Golub wants Batten to run both a correlation and a linear regression analysis. In response, Batten compiles the summary statistics shown in Exhibit 1 for the 248 months between January 1980 and August 2000. All of the data are in decimal form, where 0.01 indicates a 1 percent return. Batten also runs a regression analysis using Stellar monthly returns as the dependent variable and the monthly change in CPIENG as the independent variable. Exhibit 2 displays the results of this regression model.Exhibit 1.Descriptive StatisticsMonthly Return Stellar Common StockLagged Monthly ChangeCPIENG PPICEMMean0.01230.00230.0042Standard0.07170.01600.0534 DeviationCovariance,−0.00017Stellar vs. CPIENGCovariance,−0.00048Stellar vs. PPICEMCovariance,0.00044CPIENG vs. PPICEMCorrelation,−0.1452Stellar vs. CPIENGExhibit 2.Regression Analysis with CPIENGRegression StatisticsMultiple R0.1452R-squared0.0211Standard error ofthe estimate0.0710Observations248CoefficientsStandardErrort-StatisticIntercept0.01380.0046 3.0275Slope coefficient−0.64860.2818−2.3014Batten wants to determine whether the sample correlation between the Stellar and CPIENG variables (−0.1452) is statistically significant. The critical value for the test statistic at the 0.05 level of significance is approximately 1.96. Batten should conclude that the statistical relationship between Stellar and CPIENG is: significant, because the calculated test statistic has a lower absolute value than the critical value for the test statistic.significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.not significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.Did Batten’s regression analyze cross-sectional or time-series data, and what was the expected value of the error term from that regression?Data Type Expected Value of Error TermA Time-series0B Time-seriesεiC Cross-sectionalBased on the regression, which used data in decimal form, if the CPIENG decreases by 1.0 percent, what is the expected return on Stellar common stock during the next period?0.0073 (0.73 percent).0.0138 (1.38 percent).0.0203 (2.03 percent).Based on Batten’s regression model, the coefficient of determination indicates that:Stellar’s returns explain 2.11 percent of the variability in CPIENG.Stellar’s returns explain 14.52 percent of the variability in CPIENG.Changes in CPIENG explain 2.11 percent of the variability in Stellar’s returns.For Batten’s regression model, the standard error of the estimate shows that the standard deviation of:the residuals from the regression is 0.0710.values estimated from the regression is 0.0710.Stellar’s observed common stock returns is 0.0710.For the analysis run by Batten, which of the following is an incorrect conclusion from the regression output?The estimated intercept coefficient from Batten’s regression is statistically significant at the 0.05 level.In the month after the CPIENG declines, Stellar’s common stock is expected to exhibit a positive return.Viewed in combination, the slope and intercept coefficients from Batten’s regression are not statistically significant at the 0.05 level.习题答案The following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance F Regression10.0290.02900063.810Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280 Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.答案：B is correct. The coefficient of determination is the same as R-squared.解析：R2=0.7436,即为coefficient of determination。