CFA一级模块练习_权益投资03.docxVIP

全球最大的CFA(特许金融分析师)培训中心  PAGE \* MERGEFORMAT 5 总部地址：上海市虹口区花园路171号A3幢高顿教育 电话：400-600-8011 网址：HYPERLINK /  微信公众号：gaoduncfa CFA一级模块练习-权益投资03 　　1 . Other things equal,which of the following types of stock has the most risk from the investor’sperspective? 　　A)Callable preferredshare. 　　B)Putable commonshare. 　　C)Callable commonshare. 　　The correct answer wasC 　　Callable shares havemore risk than putable shares because the issuer can exercise the call option(which limits the investor’s potential gains) while the investor can exercisethe put option (which limits the investor’s potential losses, assuming the firmis able to meet its obligation). Preferred shares have less risk for theinvestor than common shares because preferred shares have a higher priorityclaim on the firm’s assets in the event of liquidation, and because preferreddividends typically must be paid before common dividends may be paid. 　　2 . Technologicalchanges are most likely to result in which of the following effects? Evolvingtechnology is likely to result in changes in: 　　A)educationalcurriculum only. 　　B)educationalcurriculum and the relative demand for various products. 　　C)the relative demandfor various products only. 　　The correct answer wasB 　　If technologicalchanges result in changes in the set of skills required of workers, this islikely to lead to changes in educational curriculum (and possibly delivery).Such changes often result in the production and demand for new or differentproducts. 　　3 . An analystgathered the following data for the Parker Corp. for the year ended December31, 2005: 　　§ EPS2005 = $1.75 　　§ Dividends2005 = $1.40 　　§ Beta Parker = 1.17 　　§ Long-term bond rate = 6.75% 　　§ Rate of return SP500 = 12.00% 　　The firm has changedits dividend policy and now plans to pay out 60% of its earnings as dividendsin the future. If the long-term growth rate in earnings and dividends isexpected to be 5%, the appropriate p