CFA考試《CFA二級(jí)》歷年真題精選及詳細(xì)解析1007-2

1、CFA考試CFA二級(jí)歷年真題精選及詳細(xì)解析1007-31、Based upon Observation 2, Country C is most likely to have:【單選題】A. relatively low real asset returns.B. a relatively low real interest rate.C. a relatively high real interest rate.正確答案:c 答案解析:C is correct. A high growth rate of potential GDP would cause real in comes to

2、rise more rapidly and alsotranslate into higher realin terest rates and higher expected/required real asset returns. The real interest rate is esse ntially the real retur n that con sumers/savers dema nd in excha nge for postponing con sum ption. Faster growth in pote ntial GDP means that con sumers

3、 exp ect their real in come to rise more rapidly. This imp lies that an extra unit of future in come/c on sum ption is less valuable than it would be if in come were expected to grow more slowly. All else the same, the real interest rate will have to be relatively high in order to induce the savi ng

4、s required to fund required/desired capital accumulati on.2、If MavsHD plans to make $ 160 million in net in vestments in the curre nt year; what will be the com pany's divide nd p ayout ratio using the residual divide nd model?【單選題】A. 373%.B. 58.2%.U62.8%.正確答案:A 答案解析:If the company pIans on spen

5、ding $160 million on net investments, then only 60% of the funds need to come from retained earnings. Therefore； MavsHD needs 0.6 x 160 = $96 milli on in retai ned earnings. Net in come is pr ejected to be $153 million, leaving $57 million (153 96) available to pay dividends.Thus, the divide nd p ay

6、out ratio would equal 57 / 153 = 373%.3、In a recent presentation, Doug Pearce made two statements about divide nds:Stateme nt 1 "A stock dividend will in crease share p rice on the ex-divide nd date, all other things being equal/'Statement 2 "One practical concern with a stock split is

7、 that it will reduce the company's price-to-earnings ratio/'ArePearce's two statements about the effects of the stock dividend and stock split correct?【單選題】A.No for both statements.B.Yes for Statement 1 and no for Statement 2.CNo for Statement 1 and yes for Statement 2.正確答案:A 答案解析:A is c

8、orrect. Both statements are incorrect. A stock divide nd will decrease the p rice p er <spa n style="f on t-style: "Microsoft YaHei寫微軟雅黑;”>share, all other things being equal. A stock split will reduce the price and earnings per <span style="font-style: "Microsoft YaHei&

9、#39; 微軟雅黑 />share proportionately, leaving the price-to-earnings ratio the same.4、The Apex Fund's three-month total return on the soybean futures trade is closest to:【單選題】A.0.85%.B 丄 30%.C222%正確答案:A 答案解析:A is correct. The total return on the trade represents the sum of three components: price

10、 return, roll return, and collateral return.Price return = (Current price - Previous price)/Previous price = (877.0 - 865.0)/865.0 = l387%Rollretu rn =(n ear-term futures con tract closi ng p rice farther-term futures con tract closi ng p rice)/nearterm futures con tract closi ng p rice x Percentage

11、 of the position in the futures con tract being rolled.Because the entire p ositi on is being rolled, the percentage of the position in the futures contract being rolled is equal to lOO%. So:Roll return = (877.0 - 883,0)/877.0 x 100% = -0684%.Collateral return = 3 months/12 months x 0.60% = 0.15%.Total return = 1.387% - 0.684%+ 0.15% = 0.853%.5、The term that Sh