题目
The investor should be aware of the limitations of the financial statement analysis()the annual report.
A. based on
B. basing on
C. base on
第1题
A. Yes.
B. No, Bond A’s nominal yield spread should be less than Bond C’s.
C. No, Bond B’s nominal yield spread should be less than Bond C’s.
第2题
听力原文: It's no secret that throughout history common stock has outperformed most financial instruments. If an investor plans to have an investment for a long period of time, then their portfolio should be comprised mostly of stocks ; however, investors who don't have this kind of time should diversify their portfolios. For this reason, the concept of "asset allocation" was developed. Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories. The underlying principle of asset allocation is that the older a person gets, the less risk he or she should face. After you retire you may have to depend on your savings as your only source of income.
28. Throughout history, what kind of stock has outperformed most financial instruments?
29.What is the purpose of asset allocation?
30.What is the principle underlying the concept of asset allocation?
(28)
A.preferred stock
B.common stock
C.concept stock
D.cynical stock
第3题
Leche Capital,LLP's bonds urently sll for $985. They pay a 9% semianual coupon,have 15-ycars to maturit,and a S10000 par value,but they can be clled in 8 years at S1100.
Assume that no costs other than the call premium would be icurred to call and refund the bonds,and also asume that the yield curve is horizontal,with rates expected to remain at crrent levels on into the future.
Lucchese资本有限合伙公司的债券目前的价格是S985。每六个月支付一次9%的利息,期限是15年,票面价值是S1000,但是在八年之后能以S1100赎回。假设赎回这支债券除了赎回溢价不会产生其他费用,同时假设收益曲线是水平的,未来也不会发生变化。
a. What is the bond's yield to maturity (YTM)?债券的到期收益率是多少?
b. What is the bond's yield to call (YTC)?债券的赎回收益率是多少?
C. Which yield, the YTM or the YTC,should an investor expect to earn on this bond?
投资者对这支债券的预期收益率应该是到期收益率还是赎回收益率?
第4题
1 The board of Worldwide Minerals (WM) was meeting for the last monthly meeting before the publication of the yearend
results. There were two points of discussion on the agenda. First was the discussion of the year-end results;
second was the crucial latest minerals reserves report.
WM is a large listed multinational company that deals with natural minerals that are extracted from the ground,
processed and sold to a wide range of industrial and construction companies. In order to maintain a consistent supply
of minerals into its principal markets, an essential part of WM’s business strategy is the seeking out of new sources
and the measurement of known reserves. Investment analysts have often pointed out that WM’s value rests principally
upon the accuracy of its reserve reports as these are the best indicators of future cash flows and earnings. In order to
support this key part of its strategy, WM has a large and well-funded geological survey department which, according
to the company website, contains ‘some of the world’s best geologists and minerals scientists’. In its investor relations
literature, the company claims that:
‘our experts search the earth for mineral reserves and once located, they are carefully measured so that the company
can always report on known reserves. This knowledge underpins market confidence and keeps our customers
supplied with the inventory they need. You can trust our reserve reports – our reputation depends on it!’
At the board meeting, the head of the geological survey department, Ranjana Tyler, reported that there was a problem
with the latest report because one of the major reserve figures had recently been found to be wrong. The mineral in
question, mallerite, was WM’s largest mineral in volume terms and Ranjana explained that the mallerite reserves in
a deep mine in a certain part of the world had been significantly overestimated. She explained that, based on the
interim minerals report, the stock market analysts were expecting WM to announce known mallerite reserves of
4·8 billion tonnes. The actual figure was closer to 2·4 billion tonnes. It was agreed that this difference was sufficient
to affect WM’s market value, despite the otherwise good results for the past year. Vanda Monroe, the finance director,
said that the share price reflects market confidence in future earnings. She said that an announcement of an incorrect
estimation like that for mallerite would cause a reduction in share value. More importantly for WM itself, however, it
could undermine confidence in the geological survey department. All agreed that as this was strategically important
for the company, it was a top priority to deal with this problem.
Ranjana explained how the situation had arisen. The major mallerite mine was in a country new to WM’s operations.
The WM engineer at the mine said it was difficult to deal with some local people because, according to the engineer,
‘they didn’t like to give us bad news’. The engineer explained that when the mine was found to be smaller than
originally thought, he was not told until it was too late to reduce the price paid for the mine. This was embarrassing
and it was agreed that it would affect market confidence in WM if it was made public.
The board discussed the options open to it. The chairman, who was also a qualified accountant, was Tim Blake. He
began by expressing serious concern about the overestimation and then invited the board to express views freely. Gary
Howells, the operations director, said that because disclosing the error to the market would be so damaging, it might
be best to keep it a secret and hope that new reserves can be found in the near future that will make up for the
shortfall. He said that it was unlikely that this concealment would be found out as shareholders trusted WM and they
had many years of good investor relations to draw on. Vanda Monroe, the finance director, reminded the board that
the company was bound to certain standards of truthfulness and transparency by its stock market listing. She pointed
out that they were constrained by codes of governance and ethics by the stock market and that colleagues should be
aware that WM would be in technical breach of these if the incorrect estimation was concealed from investors. Finally,
Martin Chan, the human resources director, said that the error should be disclosed to the investors because he would
not want to be deceived if he were an outside investor in the company. He argued that whatever the governance codes
said and whatever the cost in terms of reputation and market value, WM should admit its error and cope with
whatever consequences arose. The WM board contains three non-executive directors and their views were also
invited.
At the preliminary results presentation some time later, one analyst, Christina Gonzales, who had become aware of
the mallerite problem, asked about internal audit and control systems, and whether they were adequate in such a
reserve-sensitive industry. WM’s chairman, Tim Blake, said that he intended to write a letter to all investors and
analysts in the light of the mallerite problem which he hoped would address some of the issues that Miss Gonzales
had raised.
Required:
(a) Define ‘transparency’ and evaluate its importance as an underlying principle in corporate governance and in
relevant and reliable financial reporting. Your answer should refer to the case as appropriate. (10 marks)
第5题
Many public service providers have developed management information systems to morutor and control the services that they provide. Both the US (73) UK Social Security agencies have developed MIS to report on the welfare payments and services that they provide . The British public healthcare system has also been a major investor in MIS as it 1ries to control healthcare costs and simultaneously improve delivery standards .
Individual schools can also(74)use of MIS. Hobmoor Junior and Infant School, a public school in Birmingham, UK, introduced a computerised attendance system to produce MIS reports that monitor pupil attendance. This improved the Principal's ability to understand and control absence patterns, resulting in a 2.5 per cent (75) in attendance rates.
(71) A.what
B.that
C.which
D.this
(72) A.look
B.understand
C.get
D.familar
(73) A.with
B.and
C.also
D.to
(74) A.make
B.get
C.take
D.go
(75) A.pass
B.increase
C.decrease
D.rise
第6题
第7题
When an investment advisor attempts to determine an investor's risk tolerance,which factor would they be least likely to assess?()
A.the investor's prior investing experience
B.the investor's degree of financial security
C.the investor's tendency to make risky or conservative choices
D.the level of return the investor prefers
E.the investor's feeling about loss
第8题
All of the following are behavioral investor types identified by Pompian EXCEPT the:
A) active accumulator.
B) guardian.
C) friendly follower.
第9题
The variable (A) in the utility function represents the:()
A.investor's return requirement.
B.investor's aversion to risk.
C.certainty-equivalent rate of the portfolio.
D.minimum required utility of the portfolio.
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