2020年CFA考试《CFA二级》每日一练0413
2020年CFA考试《CFA二级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。
1、Based on Exhibit 1, combining Fund W with a fund that replicates the benchmark would produce a Sharpe ratio closest to:【单选题】
A.0.44.
B.0.56.
C.0.89.
正确答案:B
答案解析:B is correct. Given the IR for Fund W of 0.35 and the benchmark’s SR of 0.44, the combination of the benchmark portfolio and Fund W would produce an SR of 0.55, calculated as follows:SRP2 = SRB2+ IR2SRP = (0.442 + 0.352)0.5 = 0.56
2、If the expected growth rate in dividends for stocks increases by 75 basis points, which of the following would benefit the most? An investor who:【单选题】
A.is short futures contracts on the equity index.
B.is long futures contracts on the equity index.
C.has a long position in put options on the equity index.
正确答案:B
答案解析:An increase in the growth rate in dividends for stocks would increase the spot price of the equity index. As the spot price increases, the futures price for a given maturity also increases (holding interest rates constant). Higher dividends during the short period of time until maturity of the futures contract would have only a minimal negative impact on the futures price.
3、Which of the following defenses best describes the role of HiFly in the acquisition scenario?【单选题】
A.Crown jewel.
B.Pac-Man.
C.White knight.
正确答案:C
答案解析:C is correct. HiFly is a white knight.
4、The retirement benefits paid during the year were closest to:【单选题】
A.280.
B.3,000.
C.4,000.
正确答案:C
答案解析:C is correct. The retirement benefits paid during the year were closest to 4,000. The beginning obligation plus current and past service costs plus interest expense plus increase in obligation due to actuarial loss less ending obligation equals benefits paid (= 42,000 + 200 + 120 + (42,000 × 0.07) + 460 – 41,720 = 4,000). Beginning plan assets plus contributions plus actual return on plan assets less ending plan assets equals benefits paid (= 39,000 + 1,000 + 2,700 – 38,700 = 4,000).
5、Which of the following is the best characterization of OUT's takeover defense tactic in response to TLGO's takeover bid five years ago?【单选题】
A.Greenmail.
B.White Squire defense.
C.White Knight defense.
正确答案:B
答案解析:OUT's takeover defense seeking an angel investor, who bought a substantial minority stake of its stock, enough to block our hostile takeover bid—is consistent with the White Squire defense.