2020年CFA考试《CFA一级》章节练习题精选
2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Equity Investments5道练习题，附答案解析，供您备考练习。
1、A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:【单选题】
A.overvalued by $11.36.
B.undervalued by $15.13.
C.undervalued by $36.36.
正确答案:A
答案解析:Value of perpetual preferred stock
The stock is overvalued by $75.00 – 63.64 = $11.36.
2014 CFA Level I
“Equity Valuation: Concepts and Basic Tools,” by John J. Nagorniak and Stephen E. Wilcox
Section 4.1
2、A company’s selected data are as follows:
Assuming that the company experiences volatile year-end book values of equity, its ROE for the year 2012 is closest to:【单选题】
A.14.91%.
B.17.15%.
C.13.19%.
正确答案:A
答案解析:The company experiences volatile year-end book values of equity, the average book value is appropriate.
ROE = Net income/Average book value
Average book value = (11,550,000 + 15,015,000)/2 = $13,282,500
ROE = $1,980,300/$13,282,500 = 14.91%
2014 CFA Level I
"Financial Analysis Techniques,” by Elaine Henry, Thomas R. Robinson, and Jan Hendrik van Greuning
Section 4.6.2
“Overview of Equity Securities,” by Ryan C. Fuhrmann and Asjeet S. Lamba
Section 7.1
3、An analyst does research about tradingsessions.Which of the following statementsis most accurate to describe the characteristics of a call market?【单选题】
A.Dealers who provide securities liquidity engage in proprietary trading.
B.Gathering all trades to the same place at the same time makes it easier forbuyers to find sellers and vice versa.
C.A willing buyer and seller can trade at anytime the market is open.
正确答案:B
答案解析:集合竞价市场(call market)主要是撮合买卖订单来决定单一价格，该价格往往在一些小的市场或者一些大的市场决定开盘价格时使用。连续交易市场（continuous trading market)在开盘中的任何时间，交易都能够被执行。
4、An analyst does research about security market indices.Which of the followingindices is most likely subject to survivorship bias?【单选题】
A.Fixed-income indices,
B.Hedge fund index.
C.Real estate investment trust index.
正确答案:B
答案解析:对冲基金指数是自愿进行业绩报告的，业绩不佳的对冲基金通常不报告其表现，使得它们的回报不包括在指数的计算当中，因此受到生存偏差（survivorship bias）的影响。固定收益指数和房地产投资信托指数都遵循比较严格的业绩披露规范，生存偏差的情况比较少。
5、The data for two stocks in an index are as follows;
Assuming the beginning value of the float-adjusted market-capitalization-weighted equity index is100, the ending value is closest to:【单选题】
A.102.68.
B.102.06.
C.103.80.
正确答案:B
答案解析:In float-adjusted market-capitalization weighting, the weight on each constituent security isdetermined by adjusting its market capitalization for its market float. As the following computationsshow, the ending value of the index equals 102.06 (322,500/316,000).
CFA Level I
"Security Market Indices," Paul D. Kaplan and Dorothy C. Kelly
Section 3.2.3.1