"Equity Investments":investment strategies

來源: 正保會計網(wǎng)校編輯：大耳朵圖圖 2020/09/15 10:44:29　字體：大小

學(xué)習(xí)是一個不斷積累的過程，每天學(xué)習(xí)一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

The following table shows information on three different investment strategies with equivalent systematic risk:

		Annualized Data
Strategy	Type of Strategy	Fees and Expenses	Net Return
1	Passive	0%	15%
2	Exploits price patterns	1%	14%
3	Uses fundamental analysis	2%

The return, gross of fees and expenses that causes Strategy 3 to be most consistent with the strong form of market efficiency is:

A. 16%.

B. 18%.

C. 17%.

Questions 2:

The voting rights of an unsponsored depository receipt (DR) belong to the:

A. direct owners of the foreign common shares.

B. foreign company whose shares are held by the depository.

C. depository bank.

View answer resolution

【Answer to question 1】（C）

【analysis】

For a violation of the strong form of market efficiency to occur, the strategy based on fundamental analysis must achieve a net return higher than the net return of the passive strategy, on a riskadjusted basis. This threshold corresponds to 15% because both strategies had the same systematic risk and the passive strategy has no fees or expenses. To find the gross return on the strategy that uses fundamental analysis, the fees and expenses must be added to the net return: Gross return = Net return + Fees and expenses = 15% + 2% = 17%. Anything in excess of 17% would violate the strong form of market efficiency for the fundamental analysis strategy.

【Answer to question 2】（C）

【analysis】

In the case of unsponsored DRs, the depository bank, not the investors in the DR, retains the voting rights.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。

上一篇："Equity Investments":unsponsored deposit...

下一篇："Equity Investments":The stock’s intrin...