CFA考試一級(jí)章節(jié)練習(xí)題精選0331-25(附詳解)

1、CFA考試一級(jí)章節(jié)練習(xí)題精選 0331-25 （附詳解）1、 The real estate index most likely to suffer from sample selection bias is a(n):【單選題】A. REIT index.B. repeat sales index.C. appraisal index.正確答案 :B答案解析 :Only properties that sell in each period and are included in the index and vary over time which maynot be representat

2、ive of the whole market.CFA Level I "Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. StewartSection 5.31、 Which of the following hedge fund strategies is most likely categorized as an event-driven strategy?【單選題】A. Quantitative DirectionalB. Fixed-Inc

3、ome Convertible ArbitrageC. Merger Arbitrage正確答案 :C答案解析 :Merger arbitrage is an event-driven strategy that involves buying the stock of the company being acquired and selling the stock of the acquiring company when the merger and acquisition (M&A) transaction is announced.2014 CFA Level I "

4、Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. StewartSection 3.1 1、 A 2-year, zero-coupon U.S.Treasury note is least likely to have: 【單選題】A. inflation risk.B. currency risk.C. volatility risk.正確答案 :C答案解析 :2 年期的美國零息國債仍然有購買力風(fēng)險(xiǎn)。若非本幣為美元的投資者， 仍會(huì)有匯率風(fēng)險(xiǎn)。 但最不會(huì)受到

5、波動(dòng)性風(fēng)險(xiǎn)，波動(dòng)性風(fēng)險(xiǎn)主要影響可贖回債券( callable bond )和可回售債券( putable bond )。1、 When investing in commodities through a collateralized commodity futures position, the return associated with rolling forward the maturity of a futures contract is referred to as the: 【單選題】A. collateral yield.B. spot price return.C. conv

6、enience yield.正確答案 :C” Ronald G. Layard-Liesching答案解析 : “ Investing in Commodities, 2010 Modular Level I, Vol. 6, pp. 268-269Study Session 18-74-bDescribe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.C is correct becau

7、se the roll or convenience yield is the return from rolling forward the maturity of the derivatives position. The roll yield can be either negative or positive.1、 Which of the following is least likely an aggregation vehicle for real estate ownership?【單選題】A. Leveraged equity rightsB. Real estate inv

8、estment trusts (REITs)C. Real estate limited partnerships (RELPs)正確答案 :A答案解析 : “ Alternative Investments,” Bruno Solnik and Dennis McLeavey42022012 Modular Level I, Vol. 6, pp. 201Study Session 18-66-eDescribe the forms of real estate investment, and explain their characteristics as an investable asset class. A is correct because leveraged equ