2020年CFA考试《CFA二级》章节练习题精选

2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Fixed Income (1)5道练习题，附答案解析，供您备考练习。

1、Based on Exhibit 1, the results of Analysis 2 should show the yield on the five-year bond:【单选题】

A.decreasing by 0.8315%.

B.decreasing by 0.0389%.

C.increasing by 0.0389%.

正确答案:C

答案解析:C is correct. Because the factors in Exhibit 1 have been standardized to have unit standard deviations, a one standard deviation decrease in both the level factor and the curvature factor will lead to the yield on the five-year bond increasing by 0.0389%, calculated as follows:

2、【单选题】

A.Theoretical shift A.

B.Theoretical shift B.

C.Theoretical shift C.

正确答案:C

答案解析:

3、Based on Exhibits 3 and 4, the price for Bond D is closest to:【单选题】

A.97.4785.

B.103.3230.

C.106.3230.

正确答案:B

答案解析:B is correct. The price of Bond D is closest to 103.3230 and can be calculated using backward induction.

4、Based on the data in Exhibit 2, the most profitable arbitrage opportunity would be to buy the bond in:【单选题】

A.Mumbai and sell it in Hong Kong.

B.Hong Kong and sell it in New York.

C.New York and sell it in Hong Kong.

正确答案:B

答案解析:B is correct. Of the three markets, the New York bond has the lowest yield to maturity and, correspondingly, the highest bond price. Similarly, the Hong Kong bond has the highest yield to maturity and the lowest bond price of the three markets. Therefore, the most profitable arbitrage trade would be to buy the bond in Hong Kong and sell it in New York.

5、Madison’s views on the term structure of interest rates are most consistent with the:【单选题】

A.local expectations theory.

B.segmented markets theory.

C.liquidity preference theory.

正确答案:C

答案解析:C is correct. Liquidity preference theory asserts that investors demand a risk premium, in the form of a liquidity premium, to compensate them for the added interest rate risk they face when buying long-maturity bonds. The theory also states that the liquidity premium increases with maturity.