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[单选题]

A portfolio manager has been asked to take the risk related to the default of two securities A and B. She has to make a large payment if, and only if, both A and B default. For taking this risk, she will be compensated by receiving a fee. What can be said about this fee?()

A.The fee will be larger if the default of A and of B are highly correlated.

B.The fee will be smaller if the default of A and of B are highly correlated.

C.The fee is independent of the correlation between the default of A and of B.

D.None of the above is correct.

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更多“A portfolio manager has been a…”相关的问题

第1题

A fixed income portfolio manager is evaluating investments in the mortgagemarket but i

A fixed income portfolio manager is evaluating investments in the mortgage

market but is concerned about prepayment risk. The security that willmost likely

minimize prepayment risk is:

A. a mortgage passthrough security.

B. a portfolio of interest-only mortgage loans.

C. tranche B of a collateralized mortgage obligation.

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第2题

A fixed income portfolio manager owns a $4 million par value non-callable bond. The b

ond’s duration is 5.4 and the current market value is $4,125,000. The dollar duration of the bond is closest to:

A.200,000.

B.216,000.

C.222,750.

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第3题

A portfolio manager holds a default swap to hedge an AA corporate bond position. If the counter party of the default swap is acquired by the bond issuer, then the default swap ().

A.Increases in value

B.Decreases in value

C.Decreases in value only if the corporate bond is downgraded

D.Is unchanged in value

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第4题

An investment manager is given the task of beating a benchmark. Hence, the risk should be measured（）.

A.In terms of loss relative to the initial investment

B.In terms of loss relative to the expected portfolio value

C.In terms of loss relative to the benchmark

D.In terms of loss attributed to the benchmark

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第5题

A portfolio manager uses her valuation model to estimate the value of a bond as 125.4

82.Using the same model, she estimates that the value would increase to 127.723 if interest rates fell 30 bps and would decrease to 122.164 if interest rates rose 30 bps.Using these estimates, the effective duration of the bond is closest to:()。

：A.2.22

B.7.38

C.14.77

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第6题

A bond portfolio manager is considering three Bonds – A, B, and C – for his portfolio. B

ond A allows the issuer to call the bond before stated maturity, Bond B allows the investor to put the bond back to the issuer before stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, “Bond A and Bond B should have larger nominal yield spreads to a U.S. Treasury than Bond C to compensate for their embedded options.” Is the manager most likely correct？

A. Yes.

B. No, Bond A’s nominal yield spread should be less than Bond C’s.

C. No, Bond B’s nominal yield spread should be less than Bond C’s.

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第7题

A bank trust department has three portfolio managers （Diane Cole, Tomas Bermudez, and An

A bank trust department has three portfolio managers (Diane Cole, Tomas Bermudez, and Anthony Ring), who have been awarded the right to use the CFA designation, and one other employee (Diane Takao) who has registered for the Level 3 CFA exam. The bank wants to include information about these individuals in a brochure. According to CFA Institute Standards of Professional Conduct, which of the following is the mostappropriate use the designation in the brochure？

A) Anthony Ring is a Chartered Financial Analyst who has had 10 years of experience as a portfolio manager.

B) Diane Takao passed Level 2 of the CFA examination and is currently enrolled to take Level 3.

C) Tomas Bermudez is a CFA-type portfolio manager, who specializes in growth stocks.

D) Diane Cole is one of three CFAs in our trust department.

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第8题

Bill Cooper is portfolio (证券投资) manager of the $ 13 billion Value Trust Funds, one

of the best mutual funds (互惠基金) of the last decade.He is the only fund manager to perform. the best for nine years in a row.

Cooper's interests in stocks(证券) began at the age of nine, when he noticed his father reading something in the newspaper.So Bill asked his father what it was.His father explained that he was reading the financial pages.His father pointed to a column with some company's logo in it."If you owned a share of this company," he told his young boy, you have 25 cents more today than you had yesterday." Young Cooper asked, "You can make money without doing any work？" His father replied yes.So Bill responded, "Well, that's what I want to do."

With this idea, he made his way out of his secondary school and into the university.He worked very hard at his studies of finance.When he got his first job in a bank, he found that a university degree is not a sign that one in a finished product, but an indication a person is prepared for his career.He is now making big money, yet he knows clearly that is based on hard work.

21.In the last sentence of the first paragraph, the phrase "for nine years in a row" means().

A.for nine years in a line

B.for nine years continuously

C.for nine years as if rowing a boat

22.It was that Bill got an impression on finance when he was only nine years old().

A.through his father's explanation

B.from the financial pages in the newspaper

C.from his father's reading

23.It was the idea that that attracted the young boy()

A.one can make money without working in a bank

B.one can make money through buying stocks

C.one can make money without buying any stocks

24.From the passage, we know that Bill's success lied in his().

A.good luck

B.hard work

C.his father's help

25.Bill Cooper soon learnt after his graduation that a university degree().

A.meant nothing in a bank

B.did mean that one was finished

C.only indicated that one was ready to start his career

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第9题

Project managers are change agents: they make project goals their own and use their skil

ls and expertise to inspire a sense of shared purpose within the project team. They enjoy new challenges and the responsibility of driving business results. They work well under pressure and are comfortable with change and complexity in dynamic environments. They can shift readily between the "big picture" and the small-but-crucial details, knowing when to concentrate on each. Project managers cultivate the people skills needed to develop trust and communication among all of a project' s stakeholders: its sponsors, those who will make use of the project' s results, those who command the resources needed, and the project team members.

They have a broad and flexible toolkit of techniques, resolving complex,interdependent activities into tasks and sub-tasks that are documented, monitored and controlled. They adapt their approach to the context and constraints of each project, knowing that no "one size" can fit all the variety of projects. And they are always improving their own and their teams' skills through lessons-learned reviews at project

completion. Project managers are found in every kind of organization -- as employees, managers, contractors and independent consultants. With experience, they may become program managers (responsible for multiple related projects) or portfolio managers (responsiblefor selection, prioritization and alignment of projects and programs with an organization' s strategy) . And they are in increasing demand worldwide. For decades, as the pace of economic and technological change has quickened, organizations have been directing more and more

of their energy into projects rather than routine operations.

(1) .Which of the following is NOT enjoyed by projectmanagers？

A、Challenges.

B、Responsibility

C、Status quo

(2) .Which of the following is NOT concerned by project managers？

A、Theoverall situation

B、The non-crucial details

C、The crucial details

(3) .Which of the following is a TRUE statement about projectmanagers？

A、They do not need to keep contact with all of a project’ sstakeholders

B、They use one model to solve problems in various projects

C、Theyimprove their skills after completion of each project

(4) .Which of the following is NOT mentioned as a career possibility for experienced project manager？

A、Becoming general manager of anorganization

B、Running several projects at the same time

C、Allocating projects to other project managers

(5) .Which of the following can be an alternative title for thepassage？

A、Requirements of project managers

B、Future development of projectmanagers

C、Career development of project managers

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第10题

What is the best estimate of the country risk premium for Zuflak？

James Sigmund, CFA, is the Head of International Equity for Pell Global Advisors (PGA). Sigmund is considering investing in the country of Zuflak as part of an emerging market portfolio. Sigmund is aware of the risks in investing in emerging markets and is preparing a valuation report regarding this investment. He estimates that Zuflak government debt would be rated BB, and has gathered the following market information for use in analyzing Zuflak.

Local Government Bond Yield= 11.50%

U.S. 10 year Treasury Bond Yield= 4.50%

U.S. BB rated Corporate Bond Yield= 7.75%

Local Inflation Rate= 6.50%

U.S. Inflation Rate= 3.00%

To assist in his analysis of Zuflak, Sigmund has asked Stefano Testorf, CFA, to estimate a value for Kiani Corporation (Kiani), Oleg Industries (Oleg), and Malik Incorporated (Malik) - the three primary companies domiciled in Zuflak that Sigmund has determined to have adequate liquidity for inclusion in PGA’s client portfolios. Testorf gives Sigmund a rough draft of his report and tells Sigmund that in order to account for country specific emerging market risks, he used a probability-weighted scenario analysis to adjust cash flows. Sigmund asks him, “Why didn’t you simply adjust the discount rate？” Testorf replies with three reasons:

Reason 1: The country risk attributable to Zuflak can be diversified away according to modern finance theory, and should not be included in the cost of capital.

Reason 2: Companies in emerging markets tend to exhibit wild price swings both up and down, therefore adjusting cash flows is the best way to account for these symmetrical country risks.

Reason 3: Although Kiani, Oleg, and Malik are all domiciled in Zuflak, each of these companies will tend to respond differently to country risks. This makes it virtually impossible to adjust the discount rate for country specific risk and come up with an accurate valuation estimate.

After careful analysis by Sigmund and his team, Sigmund decides that he wants to have exposure to Zuflak in his international portfolios. He is still unsure however, what the best way would be to establish the exposure. Sigmund discusses his concerns with Steve Solak, another portfolio manager with PGA. Solak suggests that Sigmund consider using a closed-end country fund to invest in Zuflak. Solak hands Sigmund a copy of a note that he had provided to a client listing facts about country-specific closed end funds. The note contained the followingstatements:

Closed-end country funds provide an excellent means to access local foreign markets. Even nations that have restrictions on foreign investment are sometimes accessible using closed-end country funds.

Closed-end country funds issue a fixed number of shares and are a great way to diversify a U.S.-dollar stock portfolio because of their low correlation with the U.S. stock market.

Sigmund thanks Solak for the information and heads back to his office. As he is leaving, Solak asks him if he would have time later that afternoon to discuss the use of American Depository Receipts (ADRs).

Part 1)

What is the best estimate of the country risk premium for Zuflak？

A)0.25%.

B)1.50%.

C)2.75%.

D)6.00%.

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