CFA一级每日一练(含详细解析)37

CFA一级每日一练（含详细解析）37
1、In general, which of the following institutions will most likely have a high need for liquidity and a short investment time horizon?【单选题】
A.Banks
B.Endowments
C.Defined benefit pension plans
正确答案:A
答案解析:“Portfolio Management: An Overview”, by Robert M. Conroy and Alistair Byrne.
2011 Modular Level I, Vol. 4, pp. 286-292
Study Session 12-51-b
Discuss the types of investment management clients and the distinctive characteristics and needs of each.
A is correct. Banks have a short term horizon and high liquidity needs. See Exhibit 14, page 291.
2、An analyst gathered the following information about a company:
If markets are in equilibrium, which of the following statements best describes the company’s price-to- earnings (P/E) ratio? The company’s P/E ratio based on the infinite period dividend discount model (DDM) is:【单选题】
A.less than the company’s trailing P/E ratio.
B.the same as the company’s trailing P/E ratio.
C.greater than the company’s trailing P/E ratio.
正确答案:A
答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 142-143, 148-150
“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA
2010 Modular Level I, Vol. 5, p. 198-200
Study Session 14-56-d; 14-59-b
Show how to use the DDM to develop an earnings multiplier model and explain the factors in the DDM that affect a stock’s price-to-earnings (P/E) ratio.
Calculate and interpret P/E, P/BV, P/S, and P/CF.
The trailing P/E ratio is computed as the current stock price divided by the current or trailing 12-months’ EPS. On the other hand, the P/E ratio based on the infinite period dividend discount model is computed as (D/E) / (k – g).
If markets are in equilibrium, the price per share reflects the value determined by the constant growth dividend. Using the constant growth model the stock's value is ($2.40)(1.08) / 0.07 = $37.03;
The trailing P/E = 37.03 / 6 = 6.17. The DDM P/E is the dividend payout ratio divided by k-g = 0.4 / 0.07 = 5.71. Another way of computing DDM P/E is: Current Market Price/Expected 12-month earnings: 37.03/(6.00 x 1.08) = 5.71. (see p. 148)
3、An analyst does research about future contracts.A commodity futures accounthas the following margin balances:
The variation margin is closest to:【单选题】
A.$1 800
B.$4 400
C.$6 200
正确答案:C
答案解析:$18 700 - $12 500 = $6 200，当保证金余额低于维持保证金时，要增加保证金到初始保证金的额度，增加的部分被称为变动保证金。

4、An analyst does research about yield spread.All other factors being equal, willthe yield spread for an option-free corporate bond over the benchmark bond mostlikely decrease :【单选题】
A.
B.
C.
正确答案:C
答案解析:当经济处于衰退期时，人们对于风险更加厌恶，投资者会要求有更高的收益率溢价。

当债券的信用评级被调低时，则该债券有更大的风险，投资者会要求有更高的收益率溢价。

5、An analyst does research about a floating-rate security.All else being equal, thecap on a floating-rate security is most likely to benefit the:【单选题】
A.issuer if interest rates fall.
B.issuer if interest rates rise.
C.bondholder if interest rates rise.
正确答案:B
答案解析:浮动利率的利率顶对于债券的发行人有利，它限制了票面利率上涨的最高幅度，锁定了发行人的利息支出。