CFA固定收益證券智慧樹知到課后章節(jié)答案2023年下首都經(jīng)濟(jì)貿(mào)易大學(xué)

CFA固定收益證券智慧樹知到課后章節(jié)答案2023年下首都經(jīng)濟(jì)貿(mào)易大學(xué)首都經(jīng)濟(jì)貿(mào)易大學(xué)

緒論單元測(cè)試

Thenominalrisk-freerateisbestdescribedasthesumoftherealrisk-freerateanda

A:maturityriskpremiumB:expectedinflationpremiumC:liquidityriskpremium

答案:expectedinflationpremium

Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest

A:quarterlyB:dailyC:semi-annually

答案:daily

Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto

A:$112,555B:$113,330C:$113,733

答案:$113,733

aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto

A:97561B:97500C:97532

答案:97532

Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto

A:$1,389B:$1,336C:$1,625

答案:$1,389

Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis

A:greaterthanthelumpsumB:lessthanthelumpsumC:equaltothelumpsum

答案:greaterthanthelumpsum

Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto

A:3847B:3867C:3957

答案:3867

Whichofthefollowingprovisionsisabenefittotheissuer?

A:CallprovisionB:ConversionprovisionC:Putprovision

答案:Callprovision

Grandparentsarefundinganewborn'sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto

A:68201B:64341C:60699

答案:64341

Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto

A:461B:836C:474

答案:461

第一章測(cè)試

A10-yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi-annually,andiscurrentlypricedat102%ofpar.Thebonds

A:tenorissixyearsB:nominalrateis5%C:redemptionvalueis102%oftheparvalue

答案:tenorissixyears

Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s

A:indentureB:debentureC:covenant

答案:indenture

Whichofthefollowingisatypeofexternalcreditenhancement?

A:CovenantsB:AsuretybondC:Overcollaterization

答案:Asuretybond

Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris

A:prohibitedfrominvestinginriskyprojectsB:requiredtomaintainitscurrentlinesofbusinessC:requiredtopaytaxesastheycomedue

答案:prohibitedfrominvestinginriskyprojects

ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas

A:EurobondsB:foreignbondsC:globalbonds

答案:foreignbonds

If

interest

rates

are

expected

to

increase,

the

coupon

payment

structure

most

likely

to

benefit

the

issuer

is

a

A:step-up

couponB:cap

in

a

floating-rate

noteC:inflation-linked

coupon

答案:cap

in

a

floating-rate

note

Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta

A:payment-in-kindcouponbondB:credit-linkedcouponbondC:deferredcouponbond

答案:credit-linkedcouponbond

Relativetoanotherwisesimilaroption-freebond.a

A:putablebondwilltradeatahigherpriceB:convertiblebondwilltradeatalowerpriceC:callablebondwilltradeatahigherprice

答案:putablebondwilltradeatahigherprice

第二章測(cè)試

Thedistinctionbetweeninvestmentgradedebtandnon-investmentgradedebtisbestdescribedby

A:creditqualityB:maturitydatesC:taxstatus

答案:creditquality

Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely

A:exhibithigherriskB:offerloweryieldsC:benefitfromlowergrowthprospects

答案:exhibithigherrisk

Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely

A:incurslessriskassociatedwithsellingthebondsthaninabesteffortsofferingB:actsasabrokerandreceivesacommissionforsellingthebondstoinvestorsC:buysandresellsthenewlyissuedbondstoinvestorsordealers

答案:buysandresellsthenewlyissuedbondstoinvestorsordealers

Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)

A:besteffortsofferingB:privateplacementC:auction

答案:auction

Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes

A:thegreymarketB:aprivateplacementC:ashelfregistration

答案:ashelfregistration

Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?

A:Commercialpaperisasourceofinterimfinancingforlong-termprojectsB:Onlythestrongest,highlyratedcompaniesissuecommercialpaperC:Thereisnosecondarymarketfortradingcommercialpaper

答案:Commercialpaperisasourceofinterimfinancingforlong-termprojects

Fortheissuer,asinkingfundarrangementismostsimilartoa

A:bondholderputprovisionB:serialmaturitystructureC:termmaturitystructure

答案:serialmaturitystructure

Whichofthefollowingisasourceofwholesalefundsforbanks?

A:DemanddepositsB:MoneymarketaccountsC:Negotiablecertificatesofdeposit

答案:Negotiablecertificatesofdeposit

Therepomarginonarepurchaseagreementismostlikelytobelowerwhen

A:thematurityoftherepurchaseagreementislongB:theunderlyingcollateralisinshortsupplyC:thecreditriskassociatedwiththeunderlyingcollateralishigh

答案:theunderlyingcollateralisinshortsupply

第三章測(cè)試

Aportfoliomanagerisconsideringthepurchaseofabondwitha5.5%couponratethatpaysinterestannuallyandmaturesinthreeyears.Iftherequiredrateofreturnonthebondis5%,thepriceofthebondper100ofparvalueisclosestto

A:106.43B:101.36C:98.65

答案:101.36

abondoffersanannualcouponrateof4%,withinterestpaidsemiannually.Thebondmaturesintwoyears.Atamarketdiscountrateof6%,thepriceofthisbondper100ofparvalueisclosestto

A:100B:96.28C:103.81

答案:96.28

TwobondsAandBbothhave5yearstomaturity.BondA’scouponrateis6%andBondB’scouponrateis8%.Bothbondsarecurrentlytradingatparvalue.RelativetoBondB,fora200basispointsdecreasesintheyield,BondAwillmostlikelyexhibita(n):

A:smallerpercentagepricechangeB:equalpercentagepricechangeC:greaterpercentagepricechange

答案:greaterpercentagepricechange

BondAisasemi-annualcouponbondwithacouponrateof5%.ItpaysinterestonApril10andOctober10eachyearanditsmaturitydateisOct10,2020.IfitsYTMis4%and30/360day-countconventionmethodisused,whatisitsfullpriceonJune16,2018?

A:102.36B:103.10C:103.65

答案:103.10

Theaccruedinterestper100ofparvalueforBondAinQuestion4on16June2018isclosestto

A:0.46B:0.73C:0.92

答案:0.92

TheflatpriceforBondAinQuestion4on16June2018isclosestto

A:104.02B:103.10C:102.18

答案:102.18

Matrixpricingallowsinvestorstoestimatemarketdiscountratesandpricesforbonds

A:withdifferentcouponratesB:withdifferentcreditqualityC:thatarenotactivelytrade

答案:thatarenotactivelytrade

Atwo-yearfloating-ratenotepays6-monthLiborplus80basispoints.Thefloaterispricedat97per100ofparvalue.Current6-monthLiboris1.00%.Assumea30/360day-countconventionandevenlyspacedperiods.Thediscountmarginforthefloaterinbasispointsisclosestto

A:420bpsB:236bpsC:180bps

答案:236bps

Thebondequivalentyieldofa180-daybanker'sacceptancequotedatadiscountrateof4.25%fora360-dayyearisclosestto

A:4.34%B:4.4%C:4.31%

答案:4.4%

The2-yearand4-yearspotratesare3.5%and4.2%,respectively.Whatistheimplied2-yearforwardrate2-yearfromnow,iftherateissemi-annuallycompounded?

A:0.04905B:0.04902C:0.05025

答案:0.04902

第四章測(cè)試

Securitizationbenefitsfinancialmarketsby

A:establishingabarrierbetweeninvestorsandoriginatingborrowersB:increasingtheroleofintermediariesC:allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneeds

答案:allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneeds

Inasecuritization,thespecialpurposeentity(SPE)isresponsibleforthe

A:issuanceoftheasset-backedsecuritiesB:collectionofpaymentsfromtheborrowersC:recoveryofunderlyingassetsfromdelinquentborrowers

答案:issuanceoftheasset-backedsecurities

Inasecuritization,timetranchingprovidesinvestorswiththeabilitytochoosebetween

A:seniorandsubordinatedbondclassesB:extensionandcontractionrisksC:fullyamortizingandpartiallyamortizingloans

答案:extensionandcontractionrisks

Ifinterestratesincrease,aninvestorwhoownsamortgagepass-throughsecurityismostlikelyaffectedby

A:creditriskB:extensionriskC:contractionrisk

答案:extensionrisk

Thetranchesinacollateralizedmortgageobligation(CMO)thataremostlikelytoprovideprotectionforinvestorsagainstbothextensionandcontractionriskare

A:supporttranchesB:plannedamortizationclass(PAC)tranchesC:sequential-paytranches

答案:plannedamortizationclass(PAC)tranches

Creditriskisanimportantconsiderationforcommercialmortgage-backedsecurities(CMBS)becausetheCMBSarebackedbymortgageloansthat

A:havecallprotectionB:haveprepaymentpenaltypointsC:arenon-recourse

答案:arenon-recourse

Whichofthefollowingbestdescribesthecashflowthatownersofcreditcardreceivableasset-backedsecuritiesreceiveduringthelockoutperiod?

A:NocashflowB:OnlyprincipalpaymentscollectedC:Onlyfinancechargescollectedandfees

答案:Onlyfinancechargescollectedandfees

Adebtsecuritythatiscollateralizedbyapoolofthesovereigndebtofseveraldevelopingcountriesismostlikelya

A:CDOB:CMOC:CMBS

答案:CDO

ResidentialmortgagesthatmaybeincludedinagencyRMBSareleastlikelyrequiredtohave

A:aminimumloan-to-valueratioB:aminimumpercentagedownpaymentC:insuranceonthemortgagedproperty

答案:aminimumloan-to-valueratio

Supporttranchesaremostappropriateforinvestorswhoare

A:concernedabouttheirexposuretoextensionriskB:willingtoacceptprepaymentriskinexchangeforhigherreturnsC:concernedabouttheirexposuretoconcentrationrisk

答案:willingtoacceptprepaymentriskinexchangeforhigherreturns

第五章測(cè)試

A“buy-and-hold”investorpurchasesafixed-ratebondatadiscountandholdsthesecurityuntilitmatures.Whichofthefollowingsourcesofreturnisleastlikelytocontributetotheinvestor’stotalreturnovertheinvestmenthorizon,assumingallpaymentsaremadeasscheduled?

A:PrincipalpaymentB:CapitalgainC:Reinvestmentofcouponpayments

答案:Capitalgain

Whichofthefollowingsourcesofreturnismostlikelyexposedtointerestrateriskforaninvestorofafixed-ratebondwhoholdsthebonduntilmaturity？

A:RedemptionofprincipalB:ReinvestmentofcouponpaymentsC:Capitalgainorloss

答案:Reinvestmentofcouponpayments

Aninvestorpurchasesabondatapriceaboveparvalue.Twoyearslater,theinvestorsellsthebond.Theresultingcapitalgainorlossismeasuredbycom-paringthepriceatwhichthebondissoldtothe:

A:carryingvalue.B:originalpurchasepricevalueplustheamortizedamountofthepremium.C:originalpurchaseprice.

答案:carryingvalue.

Aninvestorbuysathree-yearbondwitha5%couponratepaidannually.Thebond,withayield-to-maturityof3%,ispurchasedatapriceof105.657223per100ofparvalue.Assuminga5-basispointchangeinyield-to-maturity,thebond’sapproximatemodifieddurationisclosestto:

A:2.86B:2.78C:5.56

答案:2.78

Aninvestorbuysa6%annualpaymentbondwiththreeyearstomaturity.Thebondhasayield-to-maturityof8%andiscurrentlypricedat94.845806per100ofpar.Thebond’sMacaulaydurationisclosestto:

A:2.78B:2.62C:2.83

答案:2.83

Whichofthefollowingismostappropriateformeasuringabond’ssensitivitytoshapingrisk?

A:keyratedurationB:modifieddurationC:effectiveduration

答案:keyrateduration

Theinterestrateriskofafixed-ratebondwithanembeddedcalloptionisbestmeasuredby:

A:MacaulaydurationB:ModifieddurationC:Effectiveduration

答案:Effectiveduration

Assumingnochangeinthecreditriskofabond,thepresenceofanembeddedputoption:

A:doesnotchangetheeffectivedurationofthebond.B:reducestheeffectivedurationofthebond.C:increasestheeffectivedurationofthebond.

答案:reducestheeffectivedurationofthebond.

Alimitationofcalculatingabondportfolio’sdurationastheweightedaverageoftheyielddurationsoftheindividualbondsthatcomposetheportfolioisthatit:

A:islessaccuratewhentheyieldcurveislesssteeplysloped.B:assumesaparallelshifttotheyieldcurve.C:isnotapplicabletoportfoliosthathavebondswithembeddedoptions.

答案:assumesaparallelshifttotheyieldcurve.

Abondwithexactlynineyearsremaininguntilmaturityoffersa3%couponratewithannualcoupons.Thebond,withayield-to-maturityof5%,ispricedat85.784357per

100ofparvalue.Theestimatedpricevalueofabasispointforthebondisclosestto:

A:0.0086B:0.0648C:0.1295

答案:0.0648

第六章測(cè)試

Theriskthatabond’screditworthinessdeclinesisbestdescribedby:

A:creditmigrationriskB:marketliquidityriskC:spreadwideningrisk

答案:creditmigrationrisk

StedsmartLtdandFignermoLtdarealikewithrespecttofinancialandoperatingcharacteristics,exceptthatStedsmartLtdhaslesspubliclytradeddebtoutstandingthanFignermoLtd.StedsmartLtdismostlikelytohave

A:highermarketliquidityriskB:lowermarketliquidityriskC:nomarketliquidityrisk

答案:highermarketliquidityrisk

Intheeventofdefault,debentures’claimswillmostlikelyrank:

A:belowthatofsecureddebtholdersB:abovethatofsecureddebtholdersC:thesameasthatofsecureddebtholders

答案:belowthatofsecureddebtholders

Intheeventofdefault,therecoveryrateofwhichofthefollowingbondswouldmostlikelybethehighest?

A:FirstmortgagedebtB:JuniorsubordinatedebtC:Seniorunsecureddebt

答案:Firstmortgagedebt

Duringbankruptcyproceedingsofafirm,thepriorityofclaimswasnotstrictlyadheredto.Whichofthefollowingistheleastlikelyexplanationforthisoutcome?

A:ThevalueofsecuredassetswaslessthantheamountoftheclaimsB:Ajudge’sorderresultedinactualclaimsnotadheringtostrictpriorityofclaimsC:Seniorcreditorscompromised

答案:Thevalueofsecuredassetswaslessthantheamountoftheclaims

Afixedincomea