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1.[单选题] 纠错收藏提问移除

What is a distributed ledger technology (DLT) application suited for physical assets?

A
Tokenization
B
Cryptocurrencies
C
Permissioned networks

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2.[单选题] 纠错收藏提问移除

Tony Harris is planning to start trading in commodities. He has heard about the use of futures contracts on commodities and is learning more about them. Which of the following is Harris least likely to find associated with a futures contract?

A
Existence of counterparty risk.
B
Standardized contractual terms.
C
Payment of an initial margin to enter into a contract.

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3.[单选题] 纠错收藏提问移除

The Standard & Poor’s Depositary Receipts (SPDRs) is an investment that tracks the S&P 500 stock market index. Purchases and sales of SPDRs during an average trading day are best described as:

A
primary market transactions in a pooled investment.
B
secondary market transactions in a pooled investment.
C
secondary market transactions in an actively managed investment.

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4.[单选题] 纠错收藏提问移除

Jason Schmidt works for a hedge fund and he specializes in finding profit opportunities that are the result of inefficiencies in the market for convertible bonds—bonds that can be converted into a predetermined amount of a company’s common stock. Schmidt tries to find convertibles that are priced inefficiently relative to the underlying stock. The trading strategy involves the simultaneous purchase of the convertible bond and the short sale of the underlying common stock. The above process could best be described as:

A
hedging.
B
arbitrage.
C
securitization.

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5.[单选题] 纠错收藏提问移除

Caroline Rogers believes the price of Gamma Corp. stock will go down in the near future. She has decided to sell short 200 shares of Gamma Corp. at the current market price of €47. The initial margin requirement is 40 percent. Which of the following is an appropriate statement regarding the margin requirement that Rogers is subject to on this short sale?

A
She will need to contribute €3,760 as margin.
B
She will need to contribute €5,640 as margin.
C
She will only need to leave the proceeds from the short sale as deposit and does not need to contribute any additional funds.

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6.[单选题] 纠错收藏提问移除

A market has the following limit orders standing on its book for a particular stock. The bid and ask sizes are number of shares in hundreds.
What is the market?

A
9.73 bid, offered at 10.14.
B
9.81 bid, offered at 10.10.
C
9.95 bid, offered at 10.02.

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7.[单选题] 纠错收藏提问移除

Jim White has sold short 100 shares of Super Stores at a price of $42 per share. He has also simultaneously placed a “good-till-cancelled, stop 50, limit 55 buy” order. Assume that if the stop condition specified by White is satisfied and the order becomes valid, it will get executed. Excluding transaction costs, what is the maximum possible loss that White can have?

A
$800.00
B
$1,300.00
C
Unlimited.

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8.[单选题] 纠错收藏提问移除

In an underwritten offering, the risk that the entire issue may not be sold to the public at the stipulated offering price is borne by the:

A
issuer.
B
investment bank.
C
buyers of the part of the issue that is sold.

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9.[单选题] 纠错收藏提问移除

Consider an order-driven system that allows hidden orders. The following four sell orders on a particular stock are currently in the system’s limit order book. Based on the commonly used order precedence hierarchy, which of these orders will have precedence over others?

A
Order I (time of arrival of 9:52:01).
B
Order II (time of arrival of 9:52:08).
C
Order III (time of arrival of 9:53:04).

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10.[单选题] 纠错收藏提问移除

Zhenhu Li has submitted an immediate-or-cancel buy order for 500 shares of a company at a limit price of CNY 74.25. There are two sell limit orders standing in that stock’s order book at that time. One is for 300 shares at a limit price of CNY 74.30 and the other is for 400 shares at a limit price of CNY 74.35. How many shares in Li’s order would get cancelled?

A
None (the order would remain open but unfilled).
B
200 (300 shares would get filled).
C
500 (there would be no fill).

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11.[单选题] 纠错收藏提问移除

When creating a security market index, an index provider must first determine the:

A
target market.
B
appropriate weighting method.
C
number of constituent securities.

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12.[单选题] 纠错收藏提问移除

If the price return of an equal-weighted index exceeds that of a market-capitalization-weighted index comprised of the same securities, the most likely explanation is:

A
stock splits.
B
dividend distributions.
C
outperformance of small-market-capitalization stocks.

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13.[单选题] 纠错收藏提问移除

Which of the following index weighting methods requires the most frequent rebalancing?

A
Price weighting.
B
Equal weighting.
C
Market-capitalization weighting.

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14.[单选题] 纠错收藏提问移除

Security market indices are used as:

A
measures of investment returns.
B
proxies to measure unsystematic risk.
C
proxies for specific asset classes in asset allocation models.

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15.[单选题] 纠错收藏提问移除

Uses of market indices do not include serving as a:

A
measure of systematic risk.
B
basis for new investment products.
C
benchmark for evaluating portfolio performance.

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16.[单选题] 纠错收藏提问移除

Which of the following is an example of a style index? An index based on:

A
geography.
B
economic sector.
C
market capitalization.

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17.[单选题] 纠错收藏提问移除

If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to:

A
earn abnormal returns.
B
outperform active trading strategies.
C
underperform active trading strategies.

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18.[单选题] 纠错收藏提问移除

Which of the following market anomalies is inconsistent with weak-form market efficiency?

A
Earnings surprise.
B
Momentum pattern.
C
Closed-end fund discount.

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19.[单选题] 纠错收藏提问移除

Which of the following limit buy orders would be the most likely to go unexecuted?

A
A marketable order.
B
An order behind the market.
C
An order making a new market.

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20.[单选题] 纠错收藏提问移除

Market float of a stock is best described as its:

A
total outstanding shares.
B
shares that are available to domestic investors.
C
outstanding shares, excluding those held by controlling shareholders.

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21.[单选题] 纠错收藏提问移除

Which of the following would most likely represent an inappropriate use of an index?

A
As a reflection of market sentiment.
B
Comparing a small-cap manager against a broad market.
C
Using the CAPM to determine the expected return and beta.

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22.[单选题] 纠错收藏提问移除

Most of the widely used global security indexes are:

A
price weighted.
B
equal weighted.
C
market capitalization weighted.

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23.[单选题] 纠错收藏提问移除

The weak-form EMH asserts that stock prices fully reflect which of the following types of information?

A
Market only.
B
Market and public.
C
Public and private.

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答题卡

What is a distributed ledger technology (DLT) application suited for physical assets?

Tony Harris is planning to start trading in commodities. He has heard about the use of futures contracts on commodities and is learning more about them. Which of the following is Harris least likely to find associated with a futures contract?

The Standard & Poor’s Depositary Receipts (SPDRs) is an investment that tracks the S&P 500 stock market index. Purchases and sales of SPDRs during an average trading day are best described as:

A market has the following limit orders standing on its book for a particular stock. The bid and ask sizes are number of shares in hundreds. What is the market?

In an underwritten offering, the risk that the entire issue may not be sold to the public at the stipulated offering price is borne by the:

Consider an order-driven system that allows hidden orders. The following four sell orders on a particular stock are currently in the system’s limit order book. Based on the commonly used order precedence hierarchy, which of these orders will have precedence over others?

When creating a security market index, an index provider must first determine the:

If the price return of an equal-weighted index exceeds that of a market-capitalization-weighted index comprised of the same securities, the most likely explanation is:

Which of the following index weighting methods requires the most frequent rebalancing?

Security market indices are used as:

Uses of market indices do not include serving as a:

Which of the following is an example of a style index? An index based on:

If markets are semi-strong-form efficient, then passive portfolio management strategies are most likely to:

Which of the following market anomalies is inconsistent with weak-form market efficiency?

Which of the following limit buy orders would be the most likely to go unexecuted?

Market float of a stock is best described as its:

Which of the following would most likely represent an inappropriate use of an index?

Most of the widely used global security indexes are:

The weak-form EMH asserts that stock prices fully reflect which of the following types of information?

考试形式介绍

A market has the following limit orders standing on its book for a particular stock. The bid and ask sizes are number of shares in hundreds.
What is the market?