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Chapter
Chapter 26 Investment Policy and the Framework of the CFA Institute
PAGE
PAGE #
Multiple Choice Questions
refer to strategies aimed at attaining the established rate of return
requirements while meeting expressed risk tolerance and applicable constraints.
Investment constraints
Investment objectives
Investment policies
All of the above
None of the above
Answer: C Difficulty: Moderate
Rationale: Objectives are goals, constraints refer to actions the investor is unwilling to take; both objectives and constraints determine policies.
One incorrect belief that is often cited as a reason for fully-funded pension funds to invest in equities is
stocks have higher risk.
bonds have lower returns.
stocks provide a hedge against inflation.
stocks have higher returns.
all of the above are incorrect beliefs that are often cited.
Answer: C Difficulty: Moderate
Rationale: Nominal returns on stocks are highly correlated with inflation, yet many pension managers cite inflation protection as a reason for investing in equities.
in the process of asset allocation.
Deriving the efficient portfolio frontier is a step
Specifying asset classes to be included in the portfolio is a step
Specifying the capital market expectations is a step
All of the above are steps
None of the above is a step in the asset allocation process.
Answer: D Difficulty: Easy Rationale: A, B, and C determine asset allocation.
Questionnaires and attitude surveys suggest that risk tolerance
increases with age.
decreases with age.
stays constant over the life cycle for most investors.
cannot be assessed.
none of the above
Answer: B Difficulty: Easy
Rationale: The life-cycle view of investment behavior suggests that investors are more risk tolerant when they are younger, and surveys support this view.
can be used to create a perfect inflation hedge
Gold
Real estate
CPI-linked bonds
The SP 500 index
None of the above
Answer: C Difficulty: Moderate
Rationale: The CPI is the rate of inflation, thus CPI-l
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