投资学模拟题80道

1、证券投资学模拟题注：请将答案统一写在答题纸上，注明题号！1) one of the major benefits of mutual funds is _. a. that they are low-risk b. that they provide instant diversification c. that they have predictable returns d. that they are easily bought and sold e. all of these answers are major benefits2) by adding stocks to a portf

2、olio that are not perfectly correlated with stocks in the portfolio, you cannot _ variability.a. eliminateb. decreasec. increased. none of these answers3) _ permits funds to deduct as much as 1.25 percent of average net assets per year to cover distribution costs. a. rule 144a b. the 12b-1 plan c. t

3、he 12b-1 act d. the new funds plan4) if the nominal rfr(risk-free rate) is .09 and the inflation rate is .05, the real rfr is _. a. .963 b. -.036 c. .555 d. .0385) which is a characteristic of an open-end investment company? a. sells no further shares b. you receive the nav price of any share sales

4、c. sells shares at a discount to nav d. its stock trades on the secondary market e. market price of its shares is determined by supply and demand6) a markowitz efficient investor is one who a. chooses the point on the efficient frontier that has the highest rate of return. b. chooses only a point on

5、 or below the efficient frontier. c. chooses a point on the efficient frontier where his utility maps are perpendicular to the efficient frontier. e. chooses a point on the efficient frontier where his utility maps are tangent to the efficient frontier.7) an investment company a. invests a pool of f

6、unds belonging to many individuals. b. lends money to other companies or individuals. c. borrows money from individuals and invests that money in securities. d. invests only in stocks.8) money market funds attempt to _.i. provide current income and safety of principalii. provide liquidityiii. hedge

7、the investor's riskiv. provide long-term capital gain a. ii only b. i & iv c. i & ii d. i & iii9) you have estimated that the expected rate of return on your investment is 10.6%. however, the capm required rate of return is 11.3%. in the context of capm, your portfolio is _. a. under

8、-priced b. under- or overpriced c. fairly priced d. overpriced10) the average discount from nav for a closed-end investment company shares _ over time. a. rises and falls b. rises c. remains constant d. falls11) two risky assets, a and b, have the following scenarios of returns:probabilityab35% 10%7

9、%35% -4%4%30% 9% -6%the covariance between the returns of a and b is _. a. 0.0036 b. 0.0600 c. 0.1052 d. 0.015412) open-end investment companies a. have shares that tend to be priced at a discount to their navs. b. will repurchase shares at their navs. c. do not typically repurchase shares. d. do no

10、t typically sell shares after their initial public offerings.13) which of the following situation(s) represent(s) an arbitrage opportunity under capm?i. a security lies above the sml.ii. a security lies below the sml.iii. a security lies above the cml.iv. a security lies below the cml. a. i only b.

11、ii only c. iii only d. i & ii e. iv only f. i & iii14) international funds a. typically have one-half of their portfolios invested in the u.s. b. typically have one-third of their portfolios invested in the u.s. c. typically have one-fifth of their portfolios invested in the u.s. d. do not i

12、nvest any portion of their portfolios in the u.s. e. typically have two-thirds of their portfolios invested in the u.s.15) _ attempt to match the composition of the market. a. composite funds b. growth funds c. balanced funds d. market index funds16) which is true when combining a risk-free asset wi

13、th a risky portfolio? a. both return and risk increase in a non-linear fashion along the capital market line. b. the standard deviation is the non-linear proportion of the standard deviation of the risky asset portfolio. c. a graph of portfolio returns and risks looks like a straight line between th

14、e two assets. d. the expected rate of return is an average weighted relatively more to the risky assets. e. all of these answers are correct.17) what would the offering price be if the nav of a fund with a 7.5% load is $10.25? a. 10.25 b. 11.31 c. 10.90 d. 10.45 e. 11.0818) the share price of a clos

15、ed-end investment company is a. generally higher than its nav. b. always equal to its nav. c. typically equal to its nav. d. generally lower than its nav.19) annual management fees compensating the professional managers typically vary from _ of the average net assets of the fund. a. one half to one

16、percent b. one quarter to one percent c. one to two percent d. two to five percent20) the "characteristic line" is _. a. the typical markowitz efficient frontier b. used to derive the total risk of an asset c. used to derive the systematic risk of an asset d. the sml21) if the correlation

17、coefficient between two assets with equal risk and expected returns is 0.5, then the expected return of the portfolio will be a. higher than that of the individual assets. b. lower than that of the individual assets. c. 78.2% of that of the individual assets. d. 50% of that of the individual assets.

18、 e. the same as that of the individual assets.22) if the average annual after tax cash flow was $5,101, the after tax net proceeds from sales was $89,514, the initial equity was $60,000 and n was 5, then what is the approximate yield? a. 15.7% b. 14.7% c. 15.2% d. 16.9%23) systematic risk is defined

19、 as a. risk that can be diversified away. b. risk that is diversified away in the market portfolio. c. the variability of all risky assets caused by macroeconomic variables. d. the variability of all risky assets caused by conditions unique to individual assets.24) the major duties of an investment

20、management company are:i. handling of redemptions and dividendsii. investment research and portfolio managementiii. recommending stocks and bonds to investorsiv. arranging bank loans for fund investors a. i, ii & iii b. ii only c. i & ii d. i, ii, iii & iv25) individuals with near-term,

21、high-priority goals should select: a. high risk, short term investments. b. high risk, long term investments. c. low risk, short term investments. d. low risk, long term investments.26) a portfolio that has a negative beta: a. has an expected return less than the risk-free rate. b. cannot exist. c.

22、none of these answers. d. has an expected return more than the market's expected rate.27) two countries, gaziabad and jhumritalayya, have well-developed stock markets. the covariance between their national market indices is 0.04. gaziabad's index has a 20% standard deviation while jhumritala

23、yya displays a standard deviation of 27%. gaziabad's index has an expected return of 31% while that of jhumritalayya has an expected return of 42%. an international investor who invests 35% of his wealth in gaziabad and the rest in jhumritalayya can expect an expected return of _ and a standard

24、deviation of _. a. 38%; 23% b. 39%; 25% c. 33%; 26% d. 35%; 26.5%28) which of the following is not one of the four decisions to be made in an individual's investment strategy? a. determine the regulatory constraints governing the investment process. b. assign policy weights to each eligible asse

25、t class. c. decide on which specific securities will be purchased. d. identify the asset classes to be used for investments.29) the _ interest rate represents the pure time value of money. a. long-term borrowing b. risk-free c. nominal d. compounded30) the _ of an investment company depends on the c

26、ompany's portfolio of stocks. a. none of these answers b. liquidity of the shares c. value of the shares d. bond-rating31) the basic interest rate assuming no inflation and no uncertainty about cash flow is called the _ risk-free rate. a. subjective b. nominal c. real d. objective32) if investor

27、s become more risk averse, and expected real growth increases, the slope of the security market line (sml) will _ and will shift _. a. increase; upwards b. increase; downwards c. decrease; upwards d. decrease; downwards33) stock a's variance is 25% and its covariance with stock b is 20%. if the

28、correlation coefficient between the stocks is 0.3, the variance of stock b is _. * 1,778% * 177.8% * 1.778% * 17.78%34) given that the risk premium on the market is 14%, and the beta on an asset is 0, what would be the risk premium on the asset? a. 4.4% b. not enough information c. 0% d. 2%35) the c

29、apital market line reflects risk in terms of a. sharpe ratio. b. coefficient of variation. c. beta. d. standard deviation.36) the excess return on stock z with beta of 0.88 is 6.3%. if the market's expected return is 13.2%, the risk-free rate equals _. a. 6.19% b. 6.04% c. 5.76% d. 5.91%37) as a

30、 portfolio manager of an asia pacific equity fund, which of the following affect your decision on investments in portfolio which replicates the returns of the nikkei index. (assume redemptions = new investment).i. business riskii. liquidity riskiii. exchange rate riskiv. country risk a. i & ii b

31、. i, ii, iii, & iv c. i, ii, & iv d. iii & iv e. ii, iii, & iv38) the correlation coefficient between a risk-less asset and the market portfolio over the investment horizon equals _. a. one b. none of these answers c. zero d. indeterminate39) portfolio theory assumes that a. investor

32、s are risk averse. given a choice between investing in two assets with the same returns, they will invest in the asset with the lower risk. the purchase of insurance is an indication of risk aversion. b. investors are risk averse. given a choice between investing in two assets with the same returns,

33、 they will invest in the asset with the lower risk. the few investors who are not risk averse are the cause of the curved shape of the efficient frontier. c. investors are risk averse. given a choice between two assets, they will choose the asset with the lower risk. the fact that they are risk aver

34、se causes the parabolic shapes of the efficient frontier and their utility curve. d. some investors are risk averse. given a choice between investing in two assets, they will invest in the asset with the lower risk. the purchase of insurance is an indication of risk aversion.40) the expected return

35、on security a is twice that on security b. then, under capm, a has a beta that is _ that of b. a. half b. insufficient information c. twice d. none of these answers41) which is not a major assumption in the arbitrage pricing theory (apt)? a. investors always prefer more wealth to less wealth with ce

36、rtainty. b. a market portfolio that contains all risky assets and is mean-variance efficient. c. the stochastic process generating asset returns can be represented as a k factor model. d. capital markets are perfectly competitive.42) the _ can only take values between -1 and 1. a. variance b. none o

37、f these answers c. correlation coefficient d. standard deviation43) as more stocks are added to a portfolio, the risk keeps _ at _ rate. a. rising; a decreasing b. falling; an increasing c. falling; a decreasing d. rising; an increasing44) there is a _ relationship between the real growth rate of th

38、e economy and the risk-free rate. a. positive b. causal c. dialectic d. negative45) the risk-free rate prevailing in nirvania is about 6.5%. nirvania's market risk premium has been estimated at 8.9%. if the market's excess return per unit of risk is 0.77, the risk-to-reward ratio of an effic

39、ient portfolio, p, which consists of 35% invested in the risk-less asset equals _. a. 0.44 b. 1.33 c. 0.75 d. 0.6146) a portfolio that "dominates" another portfolio a. has a higher rate of return than the other portfolio. b. has either a higher rate of return for equal risk or lower risk f

40、or an equal rate of return. c. has lower risk and a higher rate of return than the other portfolio. d. has lower risk than the other portfolio.47) the _ should equal the long-run growth rate of the economy with an adjustment for short-term liquidity. a. gnp deflator b. beta coefficient c. inflation

41、rate d. interest rate e. none of these answers f. risk-free rate48) which of the following is/are true about the taxes an individual investor must pay on bond investments?i. government securities are exempt from state taxes.ii. interest income on municipal bonds is exempt from all federal taxes.iii.

42、 municipal bonds are exempt from all state and local taxes. a. i & iii b. i only c. iii only d. ii only e. i & ii49) a and b are efficient portfolios. then, a. if a has a higher expected return, it must have a lower risk. b. a and b must have the same risk. c. a and b have the same risk-to-r

43、eward ratio. d. a combination of investments in a and b is necessarily an efficient investment.50) as you add more stocks to a portfolio, the systematic risk of the portfolio _. a. may rise or fall b. remains unaffected c. rises d. falls51) the major barrier to international diversification can gene

44、rally be thought of as a. lack of adequate financial information. b. currency controls. c. exchange risk. d. lack of liquidity. e. tax regulations.52) stocks a and b are perfectly positively correlated and have the same variance. then, doubling the amount invested in a will a. halve the variance. b.

45、 not affect the variance. c. double the variance. d. quadruple the variance.53) variance is a. a measure of volume. b. a measure of expected return. c. a measure of change. d. a measure of risk.54) the line of best fit for a scatter diagram showing the rates of return of an individual risky asset an

46、d the market portfolio of risky assets over time is called the a. characteristic line. b. capital asset pricing model. c. line of least resistance. d. market line. e. security market line.55) an investor chooses a. any point on or below the efficient frontier. b. the lowest point on the efficient fr

47、ontier. c. the highest point on the efficient frontier. d. a point along the efficient frontier based on his utility function.56) a closed-end investment company a. typically repurchases shares on demand. b. has stock that trades on a secondary market. c. will typically offer more share issues after

48、 the initial share offering. d. is a type of mutual fund.57) _ is the capacity to buy or sell an investment rapidly without a substantial price concession. a. composite b. liquidity c. risk d. exchange e. country-risk58) the _ portfolio is the efficient portfolio with the highest utility for an inve

49、stor. a. positive covariance b. independent c. optimal d. correlated e. neutral f. more diversified59) an asset's risk premium is determined by a. rate of return. b. its beta. c. standard deviation. d. its beta and the prevailing market risk premium. e. the prevailing market risk premium.60) whi

50、ch of the following statements is true? a. three-quarters of all mutual funds are 95% or more diversified, providing one of their most important benefits. studies also have found that most mutual funds have maintained the stability of their correlation with the market, but not of their risk class. b

51、. three-quarters of all mutual funds are 90% or more diversified, providing one of their most important benefits. studies also have found that most mutual funds have maintained the stability of their correlation with the market, and of their risk class. c. three-quarters of all mutual funds are 80%

52、or more diversified, providing one of their most important benefits. but studies also have found that most mutual funds have not maintained the stability of their correlation with the market, or of their risk class. d. one-half of all mutual funds are 95% or more diversified, providing one of their

53、most important benefits. studies have also found that most mutual funds have maintained the stability of their correlation with the market, and of their risk-adjusted returns.61) the _ investment strategy is appropriate when investors want the portfolio to grow in real terms over time to meet some f

54、uture need. a. capital preservation b. total return c. capital appreciation d. current income62) _ is a measure of an asset's systematic risk. a. eta b. alpha c. gamma d. beta e. delta63) both portfolio theory and capital market theory indicate that investors should use a(n) _ measure of risk. a

55、. heterogeneous b. external market c. self-determined d. internal market63) markowitz believes that any asset or portfolio of assets can be described by _ parameter(s). a. three b. four c. two e. one64) zeta-jones, inc.'s stock has a beta of 1.3. the risk-free rate equals 7% and the market premi

56、um is 6%. if zeta-jones's stock had a return of 16%, it _ the market on a risk-adjusted basis. a. under-performed b. outperformed c. performed the same as d. insufficient information to answer the question.65) securities that plot _ the sml are considered overpriced. a. above b. to the left of c. on d. below66) the security market line experiences a(n) _ shift in response to a change in the real risk-free rate or the expected rate of inflation. a. upward b. downward c. leftward d. parallel e. rightward67) which of the following is not a measure of risk? a. va