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1、CFA一级百题预测1.ETHICSANDPROFESSIONALSTANDARDS2.QUANTITATIVEMETHODS3.ECONOMICS4.FINANCIALREPORTINGANDANALYSIS5.CORPORATEFINANCE6EQUITY7.Fixedincome8.DERIVATIVES9.ALTERNATIVEINVESTMENTS10.PORTFOLIOMANAGEMENT6Equity6.1.OverviewofFinancialMarket:Function&Regulation6.1.1.重要知识点6.1.1.1.Mainfunctionsofthefinanc
2、ialmarketFulfilldifferententities*requirements;Tosavemoneyforthefuture;Toborrowmoneyforcurrentuse;Toraiseequitycapital;Tomanagerisks;Toexchangeassetsforimmediateandfuturedeliveries;Totradeoninformation.Determineinterestrates;ATheallocationofcapitaltothebestuses.6.1.1.2.Theobjectivesofmarketregulatio
3、naretoAControlfraud;AControlagencyproblems;APromotefairness;ASetmutuallybeneficialstandards;Preventundercapitalizedfinancialfirmsfromexploitingtheirinvestorsbymakingexcessivelyriskyinvestments;AEnsurethatlong-termliabilitiesarefunded.6.1.1.3.CharacteristicsofagoodmarketACompletemarkets;AOperationale
4、fficiency;AInformationalefficiency;AAllocationalefficiency.6.1.2.基础题Q-l.Accountingstandardsandreportingrequirementsthatproducemeaningfulandtimelyfinancialdisclosuresaremostcriticalforachievingwhichofthefollowingefficienciesassociatedwithawell-functioningfinancialsystem?A.AllocationalB.InformationalC
5、.OperationalQ-2.Whichofthefollowingisnotafunctionofthefinancialsystem?A.Toregulatearbitrageursprofits(excessreturns).B.Tohelptheeconomyachieveallocationalefficiency.C.Tofacilitateborrowingbybusinessestofundcurrentoperations.6.2.IntermediariesofFinancialMarkets6-2.1.重要知识点6.2.1.1.Brokersanddealers,exc
6、hangesABrokersareagentswhofillordersfortheirclients.Theydonottradewiththeirclients.Instead,theySearChfortraderswhoareWilIinRtotaketheOtherSideOftheiClientsorders.ADealersfilltheirclients*ordersbytradingWiththem.Whentheirclientswanttosellsecuritiesorcontracts,dealersbuytheinstrumentsfortheirownaccoun
7、ts.Iftheirclientswanttobuysecurities,dealerssellsecuritiesthattheyownorhaveborrowed.DealersDrofitwhentheycanbuyatpricesthatonaverageareIoWerthanthepricesatwhichtheysell.Exchangesprovideplaceswheretraderscanmeettoarrangetheirtrades.6.2.1.2.SecuritizersBuyassets,placetheminapool,andthensellsecuritiest
8、hatrepresentownershipofthepool;AThefinancialintermediaryavoidsplacingtheassetsandliabilitiesonitsbalancesheetbysettingupaspecialcorporationortrustthatbuystheassetsandissuesthesecurities.ThatcorporationortrustiscalledaSPeCialPUrPOSeVehiCIe(SPV)oralternativelyaSDeCialPUrPoSeentity(SPE).6.2.1.3.Arbitra
9、geursAThepurestformofarbitrageinvolvesbuyin,andSeHingtheSamOinstrumentintwodifferentmarkets;6.2.1.4.HedgersAHedgerstradetooffsetorinsureagainstrisksthatconcernthem;Thehedgerandtheotherentityfaceexactlytheoppositerisks,sothetransfermakesbothmoresecure.6.2.1.5.ClearinghousesandcustodiansClearinghouses
10、arrangeforfinalsettlementoftrades.Actonlyasescrowagents(transferringmoneyfromthebuyertothesellerwhiletransferringsecuritiesfromthesellertothebuyer);Guaranteecontractperformance;Requirethattheirmembershaveadequatecapitalandpost-performancebonds(margins);Limittheaggregatenet(buyminussell)quantitiestha
11、ttheirmemberscansettle.6.2.2.基础题Q-3.LisaSmithownsamanufacturingcompanyintheUnitedStates.HercompanyhassoldgoodstoacustomerinBrazilandwillbepaidinBrazilianreal(BRL)inthreemonths.SmithisconcernedaboutthepossibilityoftheBRLdepreciatingmorethanexpectedagainsttheUSdollar(USD).Therefore,sheisplanningtosell
12、three-monthfuturescontractsontheBRLThesellerofsuchcontractsgenerallygainswhentheBRLdepreciatesagainsttheUSD.IfSmithweretosellthesefuturecontracts,shewouldmostappropriatelybedescribedasa(n):A.hedger.B.investor.C.information-motivatedtrader.Q-4.Whichofthefollowingfinancialintermediariesismostlikelytop
13、rovideliquidityservicetoitsclients?A.ExchangesB.BrokersC.Dealers6.3ClassificationofAssetsandMarket6.3.1.重要知识点6.3.1.1.ClassificationofassetsFinancialassetsSecurity:Fixedincomesecurities:predeterminedpaymentschedulesthatusuallyincludeinterestandprincipalpayments.Equitysecurities:representownershipinaf
14、irmandincludecommonstock,preferredstock,andwarrants.Pooledinvestmentvehicles:includemutualfunds,trusts,depositoriesandhedgefunds.Derivativecontracts:financederivativecontracts,physicalderivativecontracts;Currency.ARealassetsCommodityRealEstate:includesuchtangiblepropertiesasrealestate,airplanes,mach
15、inery,orlumberstands;6.3.1.2.ClassificationofmarketAMoneymarketandcapitalmarketMoneymarketstradedebtinstrumentsmaturinginoneyearorless;Capitalmarketstradeinstrumentsoflongerduration,whosevaluesdependonthecredit-worthinessoftheissuersandonpaymentsofinterestordividendsthatwillbemadeinthefutureandmaybe
16、uncertain.APrimarymarketandsecondarymarketPrimarymarket:themarketwheresecuritiesarefirstsoldandtheissuersreceivetheproceeds.Secondarymarket:themarketwheresecuritiesaretradedamonginvestors.TraditionalmarketandalternativemarketTraditionalinvestmentmarkets:marketsfortraditionalinvestments,whichincludea
17、llPUblidytradeddebtsCndequitiesandShareSinPoOIedinvestmentVehiCleSthatholdpubliclytradeddebtsand/orequities.Alternativemarkets:marketforinvestmentsOtherthantraditionalsecuritiesinvestments.Thetermusuallyencompassesdirectandindirectinvestmentinrealestateandcommodities;hedgefunds,privateequity,andothe
18、rinvestmentsrequiringspecializedduediligence.6.32.基础题Q-5.Ahedgefundholdsitsexcesscashin90-daycommercialpaperandnegotiablecertificatesofdeposit.Thecashmanagementpolicyofthehedgefundisbestdescribedasusing:A.capitalmarketinstruments.B.moneymarketinstruments.C.intermediate-termdebtinstruments.Q-6.Aninve
19、storprimarilyinvestsinstocksofpubliclytradedcompanies.Theinvestorwantsrealestateproperties.Thepurchaseofrealestatewouldbestbecharacterizedasatransactioninthe:A.derivativeinvestmentmarket.B.traditionalinvestmentmarket.C.alternativeinvestmentmarket.Q-7.Whichofthefollowingismostlikelyacharacteristicofr
20、ealassets?A.SubstantialmanagementcostsB.HighliquidityC.Homogeneity6.4.PrimaryMarket6.4.1.重要知识点6.4.1.1.PrimarycapitalmarketsAThemarketsinwhichcompaniesandgovernmentsraisecapital(funds).6.4.1.2.PublicofferingAUnderWrittBnOfferinE包1:Theinvestmentbank/uaranteestheSaleOftheissueatanofferingpricethatitneg
21、otiateswiththeissuer;BeStefforts代与肖:theinvestmentbankactsonlyasbroker.Iftheofferingisundersubscribed,theissuerwillnotsellasmuchasithopedtosell.AIndicationsofinterest:theinvestmentbankgathersinvestorswhoareinterestedintheissueandwillingtobuyaportionofthem.Thisprocessofinvestmentbankslineupsubscribers
22、whowillbuythesecurityiscalledbookbuildingAOtherofferinginprimarymarketAPrivateplacement;AShelfregistration;AAdividendreinvestmentplan;ARightsoffering.6.4.2.基础题Q-8.Anoilandgasexplorationandproductioncompanyannouncesthatitisoffering30millionsharestothepublicat$45.50each.Thistransactionismostlikelyasal
23、einthe:A.futuresmarket.B.primarymarket.C.secondarymarket.Q-9.AGermanlistedcompanyhasgivenexistingshareholdersthechancetobuynewsharesinordertoraisenewcapital.Theexistingshareholderscouldpurchasetwonewsharesatasubscriptionpriceof5.28pershareforevery10sharesheld.Thisisanexampleofa(n):A.rightsoffering.B
24、.initialpublicoffering.C.privateplacement.6.5.SecondaryMarket6.5.1.重要知识点6.5.1.1.FunctionofthesecondarymarketCorporationsandgovernmentscanraisemoneyintheprimarymarketsatlowercostwhentheirsecuritieswilltradeinliquidsecondarymarkets.TradinginthesecondarymarkethelpsidentifytheDrOPerPriCefortheoffering.6
25、.5.1.2.Callmarkets&continuousmarkets(重点)CallMarketsContinuousMarketsAtspecifictimesAtanytimewhenmarketisopenAllbidsandasksaregatheredandthenanegotiatedpriceisproducedtomakethedemandquantityascloseaspossibletothesupplyquantity.Thepriceisdeterminedeitherbyanauctionprocessorthroughadealerbid-askprocess
26、.6.5.1.3.Quote-driveMarket,orderdrivenmarketandbrokeredmarketQuote-drivenmarket:Adealermarket,aprice-drivenmarketoranover-the-countermarket.Individualdealersprovideliquidityforinvestorsbybuyingandsellingthesharesofstockforthemselves.Order-drivenmarkets:Amarket(generallyanauctionmarket)thatusesrulest
27、oarrangetradesbasedontheordersthattraderssubmit;intheirpureform,suchmarketsdonotmakeuseofdealers;ABrokeredmarkets:Amarketinwhichbrokersarrangetradesamongtheirclients.Brokeredmarketsarecommonfortransactionsofuniqueinstruments,suchasrealestateproperties,intellectualproperties,orlargeblocksofsecurities
28、.6.5.2.基础题Q-10.Asecuritymarketinwhichallthebidsandasksforastockaregatheredtoarriveatasinglepricethatsatisfiesmostoftheordersisbestdescribedasa:A.callmarket.B.dealermarket.C.primarymarket.Q-ll.AJapaneseexporterwillsellU.S.dollarsforJapaneseYeninthequote-drivencurrencymarkets.Whichofthefollowingstatem
29、entsbestdescribeshercurrencyexchangetransactions?A.Hercounterpartiesaredealers.B.Thiscurrencyexchangetransactiontakesplaceinorganizedexchanges.C.Shewillpaycommissionsforexchangeservices.Q-12.Themarketwheresecuritiesaretradedamonginvestorsisbelongto:A.primarymarket.B.secondarymarket.C.bothprimaryands
30、econdarymarket.Q-13.Atraderseekingtosellaverylargeblockofstockforherclientwillmostlikelyexecutethetradeina(n):A.order-drivenmarket.B.quote-drivenmarket.C.brokeredmarket.6.6.Long&ShortPositioninTransaction6.6.1.重要知识点6.6.1.1.ShortSaIe的作用，掌握过程AShortsellersborrowsecuritiesfromsecuritylenderswhoarelongho
31、lders.Theshortsellersthenselltheborrowedsecuritiestoothertraders;Shortsellersclosetheirpositionsbyrepurchasingthesecuritiesandreturnin区themtothesecuritylenders;LendersrequirethattheshortsellerleavetheproceedsoftheshortsaleondepositwiththemascollateralforthestockloanTheshortsellerswillpaythelongselle
32、rsalldividendsOrinterestthattheyotherwisewouldhavereceivedhadtheynotlenttheirsecurities.Lend SeCUritieS SeCUrity Iender Deposit cash and EarginBrokerShort sellerI Paymq dividends I ivet ISell securitiesPay interest minus servicing fe and interest paid to broker6.6.2.基础题Q-14.Whichofthefollowingstatem
33、entsismostaccurateconcerningashortpositionof200sharesofastockat$65pershare?A.Maximumlossof$13,000B.Maximumgainof$13,000C.UnlimitedmaximumgainQ-15.Whichofthefollowingistheleastaccuratestatementabouttheshortsaleofstocks?A.Theshortsellermustpayalldividendsorinteresttothelenderofshares.B.Shortsalesinvol
34、vetimelimitsforreturningthesharesborrowedtothelender.C.Ashortsalecanbemadeonlyonanuptickorazeroupticktradeiftheprevioustradewasanupticktrade.6.7LeveragePositioninTransaction671重要知识点6.7.1.1.Margintransaction掌握概念及计算概念：Margintransactionsinvolvebuyingsecuritieswithborrowedmoney.A计算Triggerpricemarginoflo
35、ngposition=P(4liv)IM=initialmarginMM=maintenancemargin6.7.1.2.LeverageratioALeverageRatio=AssetEquity=lMargin6.7.2.基础题Q-16.Anonlinebrokeragefirmhassettheminimummarginrequirementat55percent.Whatisthemaximumleverageratioassociatedwithapositionfinancedbythisminimummarginrequirement?AL55.B.1.82.C.2.22.Q
36、-17.Alexhaspurchased100sharesofanon-dividend-payingfirmonmarginatapriceof$55pershare.Theleverageratiois2.FivemonthsIaterzAlexsellsthesesharesat$66pershare.Whatisthetradersreturninfivemonths,regardlessofborrowinginterestandtransactioncost?A,20%.B.33.33%.C.40%.6.8.ExecutionInstructions6.8.1.重要知识点6.8.1
37、.1.Executioninstructions的分类Marketordersaretheorderstobuyorsellasecurityatthebestcurrentprice,isthemostfrequenttypeoforder.ALimitordersspecifythebuyorsellorder.Limitorderswaitingtoexecutearecalledstandinglimitorders.Makeanewmarket:ifthebuyorderisplacedabovethebestbidbutbelowthebestoffer,traderssaythe
38、ordermakesanewmarketbecauseitbecomesthenewbestbid.Makethemarket:abuyorderplacedatthebestbid.Takethemarket:thosewhotradewiththematpostedpricesaresaidto.Behindthemarket:pricesspecifiedinordersthatareworsethanthebestcurrentprice.Farfromthemarket:sameasbehindthemarketbutthepriceismuchfurtherfromthebestb
39、id/askprice.All-or-nothingordersexecuteonlyifthewholeordercanbefilled.Hiddenordersareexposedonlytothebrokersorexchangesthatreceivethem.Theseagenciescannotdisclosehiddenorderstoothertradersuntiltheycanfillthem.Icebergorders:anyadditionalsizeishiddenfromthepublicbutcanbefilledifasuitablylargeorderarri
40、ves.6.8.2.基础题Q-18.TherearefollowinglimitordersforastockAstandingonthebookofamarket.Thebidandasksizesarenumberofsharesinhundreds.Whatisthemarket?BidSizeLimitPrice()OfferSize710.21101034510.68810.9711.01611.121511.246A.10.21bid,offeredat11.24.B.1034bidzofferedat11.12.C.10.97bid,offeredat11.01.Q-19.Con
41、sideranorder-drivenmarketthatallowshiddenorders.ThefollowingfoursellordersofthestockAarecurrentlyinthemarketslimitorderbook.Whichoftheodertakesprecedenceovertheothers,basedonthecommonlyusedorderprecedencehierarchy?OrderTimeofArrival(HH:MM:SS)LimitPrice()SpecialInstruction(IfAny)I13:52:0145.45Il13:52
42、:0845.20HiddenorderIII13:53:0445.20IV13:53:4945.20A,OrderI(timeofarrivalof13:52:01).B.OrderIl(timeofarrivalof13:52:08).C.Orderlll(timeofarrivalof13:53:04).Q-20.Considerthefollowinglimitordersforaparticularstock.Thebidandasksizesarenumberofsharesinhundreds.BidSizeLimitPrice($)OfferSiZe666.401666.5086
43、6.5967.501468.901268.9114Anewbuylimitorderisplacedfor300sharesat$66.65.Thislimitorderissaidto:A.takethemarket.B.makethemarket.C.makeanewmarket.6.9.ValidityInstructions6.9.1.重要知识点6.9.1.1.Validityinstructions的分类ADayorders:ordersaregoodforthedayonwhichitissubmitted.Ifithasnotbeenfilledbythecloseofbusin
44、ess,theorderexpiresunfilled.Good-till*cancelledorders(GTC):orderswillcontinuetoworkuntiltheorderfillsoriscanceled.Immediateorcancelorders:ordersarecancelledunlesstheycanbefilledimmediately.TheyarealsoknownasfillOrkillorders.Good-on-closeorders:orderscanonlybefilledatthecloseoftrading.AGood-on-openor
45、ders:ordersareonlyfilledattheopenofthetradingday.AStopordersareordersinwhichtradershavespecifiedastoppricecondition.Thestopordermaynotbefilleduntilthestoppriceconditionhasbeensatisfied.Stop-sellorder:thestoppriceconditionsuspendsexecutionoftheorderuntilatradeoccursatorbelowthestopprice.Afterthattrad
46、e,thestopconditionissatisfiedandtheorderbecomesvalidforexecution,subjecttoallotherexecutioninstructionsattachedtoit;Stop-buy:abuyorderwithastopconditionbecomesvalidonlyafterapricerisesabovethespecifiedstopprice.6.9.2.基础题Q-21.Youhaveplacedasellmarket-on-openorderamarketorderthatwouldautomaticallybesu
47、bmittedatthemarketsopentomorrowandwouldfillatthemarketprice.Yourinstruction,tosellthesharesatthemarketopen,isa(n):A.executioninstruction.B.validityinstruction.C.clearinginstruction.Q-22.Whichofthefollowingordersarevalidityinstructions?A.Killorfillorders.B.Icebergorders.C.Allornothingorders.Q-23.Youownsharesofacompanythatarecurrentlytradingat$30ashare.Yourtechnicalanalysisofthesharesindicatesasupportlevelof$27.50.Thatis,if
