moocCFA固定收益证券_1课后答案(mooc2023课后作业答案)
22 min readmoocCFA固定收益证券_1课后答案(mooc2023课后作业答案)
绪章测试题
1、益证业答The券课 nominal risk-free rate is best described as the sum of the real risk-free rate and a
A、maturity risk premium
B、后答后作liquidity risk premium
C、案m案expected inflation premium
D、定收空
2、益证业答A bank quotes a stated annual interest rate of 4.00%. If that rate is 券课equal to an effective annual rate of 4.08%, then the bank is compounding interest
A、daily
B、后答后作quarterly
C、案m案semi-annually
D、定收空
3、益证业答The券课 value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to
A、$112,后答后作555
B、$113,案m案330
C、$113,733
D、空
4、A client requires $100,000 one year from now. If the stated annual rate is 2.50% compounded weekly, the deposit needed today is closest to
A、$97,500
B、$97,532
C、$97,561
D、空
5、An investment pays $300 annually for five years, with the first payment occurring today. The present value of the investment discounted at a 4% annual rate is closest to
A、$1,336
B、$1,389
C、$1,625
D、空
6、A sweepstakes winner may select either a perpetuity of $2,000 a month beginning with the first payment in one month or an immediate lump sum payment of $350,000. If the annual discount rate is 6% compounded monthly, the present value of the perpetuity is
A、less than the lump sum
B、equal to the lump sum
C、greater than the lump sum
D、空
7、A sports car, purchased for $200,000, is financed for five years at an annual rate of 6% compounded monthly. If the first payment is due in one month, the monthly payment is closest to
A、$3,847
B、$3,867
C、$3,957
D、空
8、Which of the following risk premiums is most relevant in explaining the difference in yields between 30-year bonds issued by the US Treasury and 30-year bonds issued by a small private issuer?
A、Liquidity
B、Maturity
C、Inflation
D、空
9、Grandparents are funding a newborn's future university tuition costs, estimated at $50,000/year for four years, with the first payment due in 18 years. Assuming a 6% effective annual rate, the required deposit today is closest to
A、$60,699
B、$64,341
C、$68,201
D、空
10、Given a stated annual interest rate of 6% compounded quarterly, the level amount that，deposited quarterly, will grow to $25,000 at the end of 10 years is closest to
A、$461
B、$474
C、$836
D、空
第一章：Fixed-Income Securities: Defining the Elements. 固定收益证券的基本要素。
第一章测试题
1、A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bonds
A、tenor is six years
B、nominal rate is 5%
C、redemption value is 102% of the par value
D、空
2、The legal contract that describes the form of the bond, the obligations of the issuer, and the rights of the bondholders can be best described as a bond’s
A、covenant
B、indenture
C、debenture
D、空
3、Which of the following is a type of external credit enhancement?
A、Covenants
B、A surety bond
C、Overcollaterization
D、空
4、An affirmative covenant is most likely to stipulate:
A、limits on the issuer's leverage ratio
B、how the proceeds of the bond issue will be used
C、the maximum percentage of the issuers gross assets that can be sold
D、空
5、Which of the following best describes a negative bond covenant? The issuer is
A、prohibited from investing in risky projects
B、required to pay taxes as they come due
C、required to maintain its current lines of business
D、空
6、A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom. These bonds can be best described as
A、Eurobonds
B、global bonds
C、foreign bonds
D、空
7、If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a
A、step-up coupon
B、inflation-linked coupon
C、cap in a floating-rate note
D、空
8、Which of the following provisions is a benefit to the issuer?
A、Put provision
B、Call provision
C、Conversion provision
D、空
9、Investors seeking some general protection against a poor economy are most likely to select a
A、deferred coupon bond
B、credit-linked coupon bond
C、payment-in-kind coupon bond
D、空
10、Relative to an otherwise similar option-free bond. a
A、putable bond will trade at a higher price
B、callable bond will trade at a higher price
C、convertible bond will trade at a lower price
D、空
第二章：Fixed-Income Markets: Issurance, Trading and Funding. 固定收益证券市场：发行、交易与融资。
第二章测试题
1、The distinction between investment grade debt and non-investment grade debt is best described by
A、tax status
B、credit quality
C、maturity dates
D、空
2、Compared with developed markets bonds, emerging markets bonds most likely
A、offer lower yields
B、exhibit higher risk
C、benefit from lower growth prospects
D、空
3、In an underwritten offering, an investment bank that underwrites a bond issue most likely
A、buys and resells the newly issued bonds to investors or dealers
B、acts as a broker and receives a commission for selling the bonds to investors
C、incurs less risk associated with selling the bonds than in a best efforts offering
D、空
4、In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n)
A、auction
B、private placement
C、best efforts offering
D、空
5、A liquid secondary bond market allows an investor to sell a bond at
A、the desired price
B、a price at least equal to the purchase price
C、a price close to the bond's fair market value
D、空
6、A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes
A、the grey market
B、a shelf registration
C、a private placement
D、空
7、Which of the following statements relating to commercial paper is most accurate?
A、There is no secondary market for trading commercial paper
B、Only the strongest, highly rated companies issue commercial paper
C、Commercial paper is a source of interim financing for long-term projects
D、空
8、For the issuer, a sinking fund arrangement is most similar to a
A、term maturity structure
B、serial maturity structure
C、bondholder put provision
D、空
9、Which of the following is a source of wholesale funds for banks?
A、Demand deposits
B、Money market accounts
C、Negotiable certificates of deposit
D、空
10、The repo margin on a repurchase agreement is most likely to be lower when
A、the underlying collateral is in short supply
B、the maturity of the repurchase agreement is long
C、the credit risk associated with the underlying collateral is high
D、空
学习通CFA固定收益证券_1
固定收益证券是指发行方按照一定比例和条件向投资者承诺支付一定利息或者利率，以及在一定期限内还本。
固定收益证券包括债券、商业票据、国债、地方债、企业债等。
债券
债券是一种定期支付利息的固定收益证券，是企业、等单位为筹集资金而发行的一种长期债务凭证。
债券的特点是：本金、利息、债券期限和偿还方式都是固定的。
债券的风险包括利率风险、信用风险和通货膨胀风险。
商业票据
商业票据是指企业在进行商业交易时发出的一种短期的借款凭证。
商业票据的特点是：金额、利率、期限和偿还方式都是固定的。
商业票据的风险包括信用风险和流动性风险。
国债
国债是指国家发行的一种固定收益证券，是国家向社会公众筹集资金的一种方式。
国债的特点是：本金、利息、债券期限和偿还方式都是固定的。
国债的风险较低，但在通货膨胀较高的情况下，国债的实际收益率可能会受到影响。
地方债
地方债是指地方发行的一种固定收益证券，是地方向社会公众筹集资金的一种方式。
地方债的特点和风险与国债类似，但由于地方的信用风险可能较大，地方债的收益率可能会较高。
企业债
企业债是指企业为筹集资金而发行的一种固定收益证券。
企业债的特点是：本金、利息、债券期限和偿还方式都是固定的。
企业债的风险包括利率风险、信用风险和通货膨胀风险。
通过学习固定收益证券，可以更好地了解投资风险和收益，以便做出更为明智的投资决策。
中国大学CFA固定收益证券
在金融领域，CFA是全球公认的金融分析师职业资格认证，拥有CFA资格证书的人员具有高级的金融分析能力和职业素质。而中国大学CFA证券投资分析大赛则是CFA协会面向大中华地区举办的最具权威的专业性证券投资分析比赛。
固定收益证券
固定收益证券是指在发行时已经约定好了收益率的证券，包括国债、企业债、可转债、金融债和短期融资券等。在当前低利率环境下，固定收益证券成为了投资者追求稳定收益的重要选择。
中国大学CFA固定收益证券投资分析竞赛
作为CFA协会主办的最具权威性的证券投资分析比赛，中国大学CFA固定收益证券投资分析竞赛旨在培养中国金融业人才，提升中国金融业的专业化水平。
比赛分为初赛和复赛两个阶段。初赛为线上比赛，复赛则为线下比赛。比赛将提供丰厚的奖金和就业机会。同时，参赛者还有机会参加CFA协会举办的各项培训和研讨活动。
比赛要求
参赛者需组成3-5人的团队，并提交完整的投资组合分析报告。报告应包括如下内容：
- 投资组合目标和策略；
- 投资组合构成和权重；
- 证券分析和评级；
- 宏观经济分析；
- 风险控制分析。
评审委员会将根据报告的原创性、深度和严密性，综合评估投资组合的收益和风险。最终，评审委员会将选择出优秀的投资组合和个人，并颁发奖项及证书。
比赛收益
参加中国大学CFA固定收益证券投资分析竞赛，将获得如下收益：
- 加深对固定收益证券的理解和认识；
- 提升金融分析能力和团队合作意识；
- 与金融界专业人士互相交流学习；
- 获得奖金和就业机会；
- 参加CFA协会的各项培训和研讨活动。
总结
中国大学CFA固定收益证券投资分析竞赛是一个提高金融专业能力、拓展金融行业人脉、获取金融就业机会的绝佳平台。通过参加比赛，可以不仅获得专业知识和实践经验，还能对自己的职业规划进行更加深入的思考和调整。
