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1.[单选题] 纠错收藏提问移除

Which of the following factors would best justify a decision to avoid investing in a country’s sovereign debt?

A
Freely floating currency
B
A population that is not growing
C
Suitable checks and balances in policymaking

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2.[单选题] 纠错收藏提问移除

A derivative is best described as a financial instrument that derives its performance by:

A
passing through the returns of the underlying.
B
replicating the performance of the underlying.
C
transforming the performance of the underlying.

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3.[单选题] 纠错收藏提问移除

Which of the following derivatives is classified as a contingent claim?

A
Futures contracts
B
Interest rate swaps
C
Credit default swaps

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In contrast to contingent claims, forward commitments provide the:

A
right to buy or sell the underlying asset in the future.
B
obligation to buy or sell the underlying asset in the future.
C
promise to provide credit protection in the event of default.

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5.[单选题] 纠错收藏提问移除

Which of the following derivatives provide payoffs that are non-linearly related to the payoffs of the underlying?

A
Options
B
Forwards
C
Interest-rate swaps

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6.[单选题] 纠错收藏提问移除

An interest rate swap is a derivative contract in which:

A
two parties agree to exchange a series of cash flows.
B
the credit seller provides protection to the credit buyer.
C
the buyer has the right to purchase the underlying from the seller.

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7.[单选题] 纠错收藏提问移除

Forward commitments subject to default are:

A
forwards and futures.
B
futures and interest rate swaps.
C
interest rate swaps and forwards.

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8.[单选题] 纠错收藏提问移除

A credit derivative is a derivative contract in which the:

A
clearinghouse provides a credit guarantee to both the buyer and the seller.
B
seller provides protection to the buyer against the credit risk of a third party.
C
the buyer and seller provide a performance bond at initiation of the contract.

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9.[单选题] 纠错收藏提问移除

Compared with the underlying spot market, derivative markets are more likely to have:

A
greater liquidity.
B
higher transaction costs.
C
higher capital requirements.

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10.[单选题] 纠错收藏提问移除

Which of the following characteristics is least likely to be a benefit associated with using derivatives?

A
More effective management of risk
B
Payoffs similar to those associated with the underlying
C
Greater opportunities to go short compared with the spot market

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11.[单选题] 纠错收藏提问移除

Which of the following is most likely to be a destabilizing consequence of speculation using derivatives?

A
Increased defaults by speculators and creditors
B
Market price swings resulting from arbitrage activities
C
The creation of trading strategies that result in asymmetric performance

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12.[单选题] 纠错收藏提问移除

A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. At expiration, it is possible that both options will have:

A
negative values.
B
the same value.
C
positive values.

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13.[单选题] 纠错收藏提问移除

If the risk-free rate increases, the value of an in-the-money European put option will most likely:

A
decrease.
B
remain the same.
C
increase.

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14.[单选题] 纠错收藏提问移除

The value of a European put option can be either directly or inversely related to the:

A
exercise price.
B
time to expiration.
C
volatility of the underlying.

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15.[单选题] 纠错收藏提问移除

At expiration, American call options are worth:

A
less than European call options.
B
the same as European call options.
C
more than European call options.

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16.[单选题] 纠错收藏提问移除

A hedge fund has the following fee structure:

The fund has a value of $583.1 million at the beginning of the year. After one year, it has a value of $642 million before fees. The net return to an investor for this year is closest to:

A
6.72%.
B
6.80%.
C
7.64%.

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17.[单选题] 纠错收藏提问移除

Compared to shorter duration bonds, longer duration bonds:

A
have smaller bid-ask spreads.
B
are less sensitive to credit spreads.
C
have less certainty regarding future credit worthiness.

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18.[单选题] 纠错收藏提问移除

One key difference between sovereign bonds and municipal bonds is that sovereign issuers:

A
can print money.
B
have governmental taxing power.
C
are affected by economic conditions.

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19.[单选题] 纠错收藏提问移除

Which of the following statements most accurately describes a derivative security?A derivative:

A
always increases risk.
B
has no expiration date.
C
has a payoff based on an asset value or interest rate.

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20.[单选题] 纠错收藏提问移除

Which of the following statements about exchange-traded derivatives is least accurate? Exchange-traded derivatives:

A
are liquid.
B
are standardized contracts.
C
carry significant default risk.

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21.[单选题] 纠错收藏提问移除

Which of the following derivatives is a forward commitment?

A
Stock option.
B
Interest rate swap.
C
Credit default swap.

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22.[单选题] 纠错收藏提问移除

The underlying asset of a derivative is most likely to have a convenience yield when the asset:

A
is difficult to sell short.
B
pays interest or dividends.
C
must be stored and insured.

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23.[单选题] 纠错收藏提问移除

A decrease in the risk-free rate of interest will:

A
increase put and call option prices.
B
decrease put option prices and increase call option prices.
C
increase put option prices and decrease call option prices.

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答题卡

Which of the following factors would best justify a decision to avoid investing in a country’s sovereign debt?

A derivative is best described as a financial instrument that derives its performance by:

Which of the following derivatives is classified as a contingent claim?

In contrast to contingent claims, forward commitments provide the:

Which of the following derivatives provide payoffs that are non-linearly related to the payoffs of the underlying?

An interest rate swap is a derivative contract in which:

Forward commitments subject to default are:

A credit derivative is a derivative contract in which the:

Compared with the underlying spot market, derivative markets are more likely to have:

Which of the following characteristics is least likely to be a benefit associated with using derivatives?

Which of the following is most likely to be a destabilizing consequence of speculation using derivatives?

A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. At expiration, it is possible that both options will have:

If the risk-free rate increases, the value of an in-the-money European put option will most likely:

The value of a European put option can be either directly or inversely related to the:

At expiration, American call options are worth:

A hedge fund has the following fee structure: The fund has a value of $583.1 million at the beginning of the year. After one year, it has a value of $642 million before fees. The net return to an investor for this year is closest to:

Compared to shorter duration bonds, longer duration bonds:

One key difference between sovereign bonds and municipal bonds is that sovereign issuers:

Which of the following statements most accurately describes a derivative security?A derivative:

Which of the following statements about exchange-traded derivatives is least accurate? Exchange-traded derivatives:

Which of the following derivatives is a forward commitment?

The underlying asset of a derivative is most likely to have a convenience yield when the asset:

A decrease in the risk-free rate of interest will:

考试形式介绍

A hedge fund has the following fee structure:

The fund has a value of $583.1 million at the beginning of the year. After one year, it has a value of $642 million before fees. The net return to an investor for this year is closest to: