CFA一级每日一练（含详细解析）74
1、Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Grafton's least appropriate action is to allocate the execution prices:【单选题】
A.across the participating client accounts pro rata on the basis of account size. B.across the participating client accounts at the same execution price.
C.on a first-in, first-out basis with consideration of bundling orders for efficiency. 正确答案:A
答案解析:According to Standard III (B) best practices include allocating pro rata on the basis of order size, not account size. All clients participating in the block trade should receive the same execution price and be charged the same commission. 2014 CFA Level I \
2、Three firms operate under perfect competition, producing 900 units of the same product but using different production technologies. Each company’s cost structure is indicated below:Which of the following statements is most accurate? If the unit selling price is:【单选题】 A.$6.00, all firms should exit the market in the long run.
B.$3.50, firm X should continue to operate in the short run, but firms Y and Z should shut down production.
C.$4.50, all firms should continue to operate in the short run, but exit the market in the long run if these conditions are expected to persist. 正确答案:B 答
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解
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:“Demand
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Gary
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Richard
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3、Based on best practices in corporate governance procedures, it is most appropriate for a company’s compensation committee to:【单选题】 A.include a retired executive from the firm. B.link compensation with long-term objectives.
C.include a representative from the firm’s external auditor. 正确答案:B
答案解析:“The Corporate Governance of Listed Companies: A Manual for Investors,” Kurt Schacht, James C. Allen, and Matthew OrsaghB is correct. Under appropriate corporate governance procedures, the compensation committee should link compensation with long-term objectives.
4、A European stock index call option has a strike price of $1,160 and a time to expiration of 0.25 years. Given a risk-free rate of 4 percent, if the underlying index is trading at $1,200 and has a multiplier of 1, then the lower bound for the option price is closest to:【单选题】 A.$28.29.
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B.$40.00. C.$51.32. 正确答案:C
答案解析:“Option Markets and Contracts”, Don M. Chance
5、An analyst observes that the historic geometric returns are 9% for equities, 3% for treasury bills, and 2% for inflation. The real rate of return and risk premium for equities are closest to:【单选题】 A.5.8% and 3.7%. B.6.9% and 3.8%. C.6.9% and 5.8%. 正确答案:B
答案解析:“Portfolio Risk and Return: Part I,” Vijay Singal, CFAB is correct. (1 + 0.09)/(1 + 0.02) – 1 = 6.9% (1 + 0.069)/(1 + 0.03) – 1 = 3.8%
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CFA一级每日一练(含详细解析)74
