CFA一级每日一练(含详细解析)108

CFA一级每日一练（含详细解析）108
1、Which of the following will most likely result in an increase in a company’s sustainable growth rate?【单选题】
A.Higher tax burden ratio
B.Lower interest burden ratio
C.Higher dividend payout ratio
正确答案:A
答案解析:“Financial Analysis Techniques,” Elaine Henry, Thomas R. Robinson, and Jan Hendrik van GreuningA higher tax burden ratio (Net income/Earnings before tax) implies that the company can keep a higher percentage of pretax profits; this implies a lower tax rate and a higher ROE. The interest burden ratio is earnings before tax to EBIT, and a lower ratio means that the company has higher borrowing costs (it gets to keep a lower pre-tax income from a given EBIT), implying a lower ROE and sustainable growth.
2、When interest rates fall, the price of a callable bond will:【单选题】
A.fall less than an option-free bond.
B.rise less than an option-free bond.
C.rise more than an option-free bond.
正确答案:B
答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi, CFAB is correct because when interest rates fall, the price of the embedded call option increases. Since, price of a callable bond = price of option-free bond – price of embedded call option, the price of the callable bond will not increase as much as an option-free bond since the price of the call option is increasing. As interest rates fall, the bond is more likely to be called, limiting the upside price increase potential.
3、An pharmaceutical industry analyst gathers the following information about acompany during 2011.The net income is $ 23 000.The total assets are$ 140 000 on January 1, 2011.The total assets are $ 180 000 on 31 December, 2011.The cash dividends paid on common stock this year are $ 8 000,and the financial leverage is 2.5.The company's sustainable growth rate isclosest to:【单选题】
A.9.4%
B.20.8%
C.23.4%
正确答案:C
答案解析:average total assets = ( $ 140 000 + $ 180 000)/2 = $ 160 000g = [ $ 23 000/ $ 160 000] ×2.5 ×(1 - $ 8 000/ $ 23 000) = 14.375% ×2.5 × 0.652 =23.4%。

4、In a strategic asset allocation, assets within a specific asset class are least likely to have:【单选题】
A.low paired correlations.
B.low correlations with other asset classes.
C.similar risk and return expectations.
正确答案:A
答案解析:In a strategic asset allocation, assets within a specific asset class have high paired correlations andlow correlations with other asset classes.Section 3.2
5、An investor has a portfolio that lies on the capital market line (CML) , and theportfolio's expected return is more than expected return on the market portfolio.That investor's portfolio is best described as:【单选题】
A.a lending portfolio.
B.a borrowing portfolio.
C.having more unsystematic risk than the market portfolio.
正确答案:B
答案解析:根据CML，一部分资产投资于无风险证券，另一部分投资于市场组合，此时的收益率介于无风险收益率与市场组合收益率之间，这类投资组合称为出借组合（lendingportfolio)。

以无风险收
益率进行融资，并且全部投资于市场组合，此时的收益率大于市场组合收益率，该类投资组合称为融资组合（borrowing portfolio），此时的总风险高于市场组合，而不是非系统性风险高于市场组合。