備考CFA考試，一定要多刷題，多練習。以下是幫考網精心為您準備的5道練習題，附答案解析，供您考前自測提升，一起來練習一下。

1、Pereira should forecast that the ROE fｏｒGlobales is likely to decline:【單選題】

A.more slowly than that of the industry competitor.

B.at the same rate as the industry competitor.

C.more rapidly than that of the industry competitor.

正確答案:A

答案解析:A is correct. Based on the principle of mean reversion, the high ROE fｏｒ both firms should revert towards the mean. Globales has a higher cash flow component to its return than the peer firm, however, so its high return on common equity should persist longer than that of the peer firm. The peer firm has a higher accruals component, so it is likely to revert more quickly.

2、How many of Yeung\\\\\'s constraints would be accurately regarded as a constraint in an investment policy statement?【單選題】

A.One.

B.Two.

C.Three.

正確答案:B

答案解析:What Yeung has identified as Constraint 1 is properly classified as a return objective ａｎｄ not a constraint. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example of liquidity constraint.

3、Based on Exhibit 4, Singh ａｎｄ Ho should conclude that under Scenario 2, shares of Bern are:【單選題】

A.undervalued.

B.fairly valued.

C.overvalued.

正確答案:A

答案解析:A is correct.The total market value of the firm is the sum of the debt, preferred stock, ａｎｄ common stock market values: 15,400 + 4,000 + 18,100 = 37,500 million.WACC = [wd × rd(1 – tax rate)] + (wp × rp) + (we × re).= [(15,400/37,500)(0.060)(1 – 0.269] + (4,000/37,500)(0.055) + (18,100/37,500)(0.11).= 7.70%.Under the assumption that Bern has a low growth rate because it did not receive regulatory approval fｏｒits new drugs, the value of Bern can be analyzed using a two-stage valuation model.Year01234g1.50%1.50%1.50%0.75%FCFFn (€ millions)3,2263,274.393,323.513,373.363,398.66Present Value Factor0.9285290.8621670.800547Present Value (€ millions)3,040.372,865.422,700.53The terminal value at the end of Year 3 is TV3 = FCFF4/(WACC – g4).TV3 = 3,398.66/(0.0770 – 0.0075) = €48,921.38 million.The total value of operating assets = (3,040.37 + 2,865.42 + 2,700.53) + 48,921.38/(1 + 0.0770)3.= 8,606.32 + 39,163.88= €47,770.20 million.

4、What is the value of the coefficient of determination?【單選題】

A.0.8261.

B.0.7436.

C.0.8623.

正確答案:B

答案解析:B is correct. The coefficient of determination is the same as R-squared.

5、A benefit of performing Task 1 is that it:【單選題】

A.enables the model to price bonds with embedded options.

B.identifies benchmark bonds that have been mispriced by the market.

C.allows investors to realize arbitrage profits through stripping ａｎｄ  reconstitution.

正確答案:A

答案解析:A is correct. Calibrating a binomial interest rate tree to match a specific term structure is important because we can use the known valuation of a benchmark bond from the spot rate pricing to verify the accuracy of the rates shown in the binomial interest rate tree. Once its accuracy is confirmed, the interest rate tree can then be used to value bonds with embedded options. While discounting with spot rates will produce arbitrage-free valuations fｏｒ option-free bonds, this spot rate method will not work fｏｒbonds with embedded options where expected future cash flows are interest-rate dependent (as rate changes impact the likelihood of options being exercised). The interest rate tree allows fｏｒthe alternative paths that a bond with embedded options might take.B is incorrect because calibration does not identify mispriced benchmark bonds. In fact, benchmark bonds are employed to prove the accuracy of the binomial interest rate tree, as they are assumed to be correctly priced by the market.C is incorrect because the calibration of the binomial interest rate tree is designed to produce an arbitrage-free valuation approach ａｎｄ such an approach does not allow a market participant to realize arbitrage profits though stripping ａｎｄ reconstitution.

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