CFA考試二級模擬試題精選0401-24(附詳解)

1、CFA考試二級模擬試題精選 0401-24（附詳解）91、 All else equal, which of the following would most likely explain the fall in price of a particular company單選題】's shares?A. The expected inflation rate falls.B. The company 's future cash flows are expected to increase.C. The yield to maturity on real default -fr

2、ee investments rises.正確答案 :C答案解析 :C is correct. According to the fundamental pricing equation, the market value of an asset 2、Which of the following statements about the missing data in Exhibit 3 is correct? 【單選題】2.5 mult ip lied by e.A. Node 3 - 2 can be derived from Node 2B. Node 4 - 1 should be e

3、qual to Node 4C. Node 2 2 app roximates the imp lied oneyear forward rate two years from now.正確答案 :C答案解析 :C is correct. Because Node 2 2 is the middle node rate in Year 2, it will be close to the imped forward rate two years from now (asderived from the spot curve). Node 41 should be equal to the p

4、roduct of Node 45 and e ).3、The inclusion of index returns prior to 2001 would be expected to: 【單選題】A. bias the historical equity risk premium estimate upwards.B. bias the historical equity risk premium estimate downwards.C. have no effect on the historical equity risk premium estimate.正確答案 :A答案解析 :

5、A is correct. The backfilling of index returns using companies that have survived to the index construction date is expected to introduce a positive survivorshi p bias into returns.4、Based on McDonald's beliefs about Bundovian government monetary and fiscal policies, under the Mundell -Fleming m

6、odel the Bunco is most likely expected to: 【單選題】A. Depreciate.B. Appreciate.C. remain unchanged in value.正確答案 :B答案解析 :Given low capital mobility, a restrictive monetary and fiscal policy should lead to domestic currency appreciation under the Mundell -Flemingmodel.5、What is the NPV (C$ millions) of

7、the optimal set of investment decisions for Society Services including the expansion option?A. 6.34.B. 12.68.C. 31.03.正確答案 :B單選題】“ I I”high” is答案解析 :B is correct. Assume we are at time = 1. The NPV of the expansion (at time 1) if demand is 6、【單選題】A. Common equity tier 1 capital and total capital wil

8、l both remain unchanged.B. Tier 1 capital will increase and tier 2 capital will decrease.C. Other tier 1 capital will decrease and total capital will remain unchanged.正確答案 :B答案解析 :Per Exhibit 1, convertible bonds are currently part of tier 2 capital. On conversion, they would become common stock and

9、 part of common tier 1 capital, hence tier 2 capital would decrease and common tier 1 capital would increase.7、In light of the fact that several different groups of investors hold shares in MavsHD, evaluate the directors' comments regarding Nelson's proposed stock repurchase plan. 【單選題】A. On

10、ly Director 1 is correct.B. Only Director 2 is correct.C. Both Director 1 and Director 2 are correct.正確答案 :C答案解析 :Investors do not like instability in the dividendspaid by a company. Any volatility in dividends is seen as a negative sign by investors, and thecompany's stock price would be punish

11、ed as a result ofvarying dividends. According to the bird-in-the-hand theory, investors prefer the assurance ofreceiving a higher dividend today rather than waiting forreturns in the form of capital appreciation. Because of the uncertainty associated with capitalappreciation and the relative certain

12、ty of dividends, the bird-in -the -hand theory predicts that investors will reward dividend paying companies with a lowercost of equity and, thus, a higher equity value. A repurchase does not provide the same type of assurance since it is an unpredictable and possibly one-timeevent.8、 Are Singh (Sta

13、tement 1) and Kara (Statement 2) correct or incorrect regarding the usefulness of regression results described in Exhibit 1 and the value ofthe slope coefficient? 【單選題】A.Both are correct.B.One is correct, the other is incorrect.C.Both are incorrect.正確答案 :A答案解析 :Singh is correct that a change in the

14、relationship between gold prices and jewelry costs would be an example of parameter instability.9、 Positive output gaps are usually associated with: 【單選題】A.deflation.B.high unemployment.C.economic growth beyond sustainable capacity.正確答案 :C答案解析 :C is correct. An economy operating with a positive outp

15、ut gap that is, where the level of10、If Ishmael 's concern about ZipTechs po ssible earnings manipu lation is valid, the tactic the comp any is using is best desc【單選題A.channel stuffing.B.classification shifting.C.contingent selling.正確答案 :A答案解析 :A is correct. Ishmael' s concern about manipulating income is based on the calls with analysts who follow ZipTechunusually high year -end pur