2025年CFA一级投资分析习题集.docxVIP

2025年CFA一级投资分析习题集

考试时间：______分钟总分：______分姓名：______

Instructions:Readeachquestioncarefullyandchoosethebestanswer.

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsofassetswithanexpectedreturnof8%andastandarddeviationof10%.Whichofthefollowingstatementsismostlikelytrueregardingtheimpactofaddingthisstocktotheportfolio?

A.Theexpectedreturnoftheportfoliowilldecrease.

B.Thestandarddeviationoftheportfoliowilldefinitelyincrease.

C.Thecorrelationbetweenthestocksreturnsandtheportfoliosreturnsispositive,leadingtoapotentialdecreaseintheportfoliosoverallrisk.

D.Thecorrelationbetweenthestocksreturnsandtheportfoliosreturnsisnegative,indicatingthestockwouldbeaperfecthedgefortheportfolio.

2.Acompanyhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthiscompanysequity?

A.6%

B.9%

C.13%

D.15%

3.Whichofthefollowingmethodsismostcommonlyusedforvaluingacompanysequitywhenthecompanydoesnotpaydividendsorwhendividendsareexpectedtobehighlyvariable?

A.DividendDiscountModel(DDM)

B.ComparableCompanyAnalysis

C.PrecedentTransactionAnalysis

D.FreeCashFlowtoEquity(FCFE)ValuationModel

4.Abondwithafacevalueof$1,000andacouponrateof6%paidsemi-annuallyispricedat$980inthemarket.Thebondhas5yearsremainingtomaturity.Whatistheapproximateyieldtomaturity(YTM)ofthebond?

A.6.00%

B.6.12%

C.6.18%

D.6.25%

5.Whichofthefollowingstatementsbestdescribestherelationshipbetweenabondspriceanditsyieldtomaturity(YTM)?

A.ThereisnorelationshipbetweenthebondspriceanditsYTM.

B.