CFA考试《CFA二级》历年真题精选及详细
解析1007-3
1、Based upon Observation 2, Country C is most likely to have:【单选题】
A.relatively low real asset returns. B.a relatively low real interest rate. C.a relatively high real interest rate. 正确答案:C
答案解析:C is correct. A high growth rate of potential GDP would cause real incomes to rise more rapidly and also translate into higher real interest rates and higher expected/required real asset returns. The real interest rate is essentially the real return that consumers/savers demand in exchange for postponing consumption. Faster growth in potential GDP means that consumers expect their real income to rise more rapidly. This implies that an extra unit of future income/consumption is less valuable than it would be if income were expected to grow more slowly. All else the same, the real interest rate will have to be relatively high in order to induce
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the savings required to fund required/desired capital accumulation.
2、If MavsHD plans to make $ 160 million in net investments in the current year, what will be the company\\'s dividend payout ratio using the residual dividend model?【单选题】 A.37.3%. B.58.2%. C.62.8%. 正确答案:A
答案解析:If the company plans on spending $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 million in retained earnings. Net income is projected to be $153 million, leaving $57 million (153 - 96) available to pay dividends. Thus, the dividend payout ratio would equal 57 / 153 = 37.3%. 3、In a recent presentation, Doug Pearce made two statements about dividends:Statement 1 “A stock dividend will increase share price on the ex-dividend date, all other things being equal.”Statement 2 “One practical concern with a stock split is that it will reduce the company’s price-to-earnings ratio.”Are Pearce’s two statements about the effects of the stock dividend and stock split correct?【单选题】
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A.No for both statements.
B.Yes for Statement 1 and no for Statement 2. C.No for Statement 1 and yes for Statement 2. 正确答案:A
答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per 答案解析:A is correct. The total return on the trade represents the sum of three components: price return, roll return, and collateral return.Price return = (Current price – Previous price)/Previous price = (877.0 – 865.0)/865.0 = 1.387%.Roll return = [(near-term futures contract closing price – farther-term futures contract closing price)/near-term futures 1 contract closing price] × Percentage of the position in the futures contract being rolled.Because the entire position is being rolled, the percentage of the position in the futures contract being rolled is equal to 100%. So:Roll return = [(877.0 – 883.0)/877.0] × 100% = –0.684%.Collateral return = [3 months/12 months] × 0.60% = 0.15%.Total return = 1.387% – 0.684% + 0.15% = 0.853%. 5、The term that Shepard cannot recall is most likely:【单选题】 A.active total risk. B.active risk squared. C.alpha risk. 正确答案:B 答案解析:Active risk squared = active factor risk + active specific risk. 1
CFA考试《CFA二级》历年真题精选及详细解析1007-2
