2025年CFA一级市场分析专项练习.docxVIP

2025年CFA一级市场分析专项练习

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试卷内容

1.Whichofthefollowingstatementsbestdescribestheconceptoftheefficientmarkethypothesis(EMH)?

a)Marketparticipantsareconsistentlyabletoidentifyandexploitmispricedsecurities.

b)Allavailableinformationisinstantlyreflectedinassetprices,leavingnoopportunityforabnormalreturns.

c)Marketpricesaredrivenprimarilybyinvestorsentimentandspeculativebehavior.

d)Securitypricesfollowapredictablepatternthatcanbeeasilyforecasted.

2.Therelationshipbetweenriskandreturnistypicallydepictedas:

a)Anegativecorrelation,wherehigherriskalwaysleadstolowerreturns.

b)Aninverserelationship,whereincreasedriskmustbecompensatedwithproportionallyhigherreturnstoattractinvestors.

c)Alinearrelationship,wheresmallincreasesinriskyieldproportionallylargeincreasesinreturn.

d)Abell-shapedcurve,whereriskishighestatbothverylowandveryhighreturnlevels.

3.Whenanalyzingtheimpactofachangeininterestratesonthepriceofanexistingbond,whichprincipleisprimarilybeingapplied?

a)TheModigliani-Millertheoremoncapitalstructure.

b)Theprincipleofdiversificationwithinaportfolio.

c)Theinverserelationshipbetweenbondyieldsandbondprices.

d)Theconceptofconvexityinoptionpricing.

4.Considertwostocks,StockAandStockB.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof9%andastandarddeviationof12%.Ifaninvestorholdsaportfolioconsistingsolelyofthesetwostocks,whichstatementismostlikelytrueregardingtheportfoliosriskandreturn,assumingthestocksarenotperfectlycorrelated?

a)Theportfoliosexpectedreturnwillbe10.5%,anditsriskwillbetheweightedaverageoftheindividualstockstandarddeviations.

b)Itisimpossibletoconstructaportfoliowith