CFA一级相关知识权益.pdfVIP

© CFA Institute. For candidate use only. Not for distribution. 268 Reading 36 ■ Market Organization and Structure PRACTICE PROBLEMS 1 Akihiko Takabe has designed a sophisticated forecasting model, which predicts the movements in the overall stock market, in the hope of earning a return in excess of a fair return for the risk involved. He uses the predictions of the model to decide whether to buy, hold, or sell the shares of an index fund that aims to replicate the movements of the stock market. Takabe would best be character- ized as a(n): A hedger. B investor. C information-motivated trader. 2 James Beach is young and has substantial wealth. A significant proportion of his stock portfolio consists of emerging market stocks that offer relatively high expected returns at the cost of relatively high risk. Beach believes that investment in emerging market stocks is appropriate for him given his ability and willingness to take risk. Which of the following labels most appropriately describes Beach? A Hedger. B Investor. C Information-motivated trader. 3 Lisa Smith owns a