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1、CFA一级百题预测1.ETHICSANDPROFESSIONALSTANDARDS2.QUANTITATIVEMETHODS3.ECONOMICS4.FINANCIALREPORTINGANDANALYSIS5.CORPORATEFINANCE6EQUITY7.Fixedincome8.DERIVATIVES9.ALTERNATIVEINVESTMENTS10.PORTFOLIOMANAGEMENT6Equity6.1.OverviewofFinancialMarket:Function&Regulation6.1.1.重要知识点6.1.1.1.Mainfunctionsofthefinanc
2、ialmarketFulfilldifferententities*requirements;Tosavemoneyforthefuture;Toborrowmoneyforcurrentuse;Toraiseequitycapital;Tomanagerisks;Toexchangeassetsforimmediateandfuturedeliveries;Totradeoninformation.Determineinterestrates;ATheallocationofcapitaltothebestuses.6.1.1.2.Theobjectivesofmarketregulatio
3、naretoAControlfraud;AControlagencyproblems;APromotefairness;ASetmutuallybeneficialstandards;Preventundercapitalizedfinancialfirmsfromexploitingtheirinvestorsbymakingexcessivelyriskyinvestments;AEnsurethatlong-termliabilitiesarefunded.6.1.1.3.CharacteristicsofagoodmarketACompletemarkets;AOperationale
4、fficiency;AInformationalefficiency;AAllocationalefficiency.6.1.2.基础题Q-l.Accountingstandardsandreportingrequirementsthatproducemeaningfulandtimelyfinancialdisclosuresaremostcriticalforachievingwhichofthefollowingefficienciesassociatedwithawell-functioningfinancialsystem?A.AllocationalB.InformationalC
5、.OperationalQ-2.Whichofthefollowingisnotafunctionofthefinancialsystem?A.Toregulatearbitrageursprofits(excessreturns).B.Tohelptheeconomyachieveallocationalefficiency.C.Tofacilitateborrowingbybusinessestofundcurrentoperations.6.2.IntermediariesofFinancialMarkets6-2.1.重要知识点6.2.1.1.Brokersanddealers,exc
6、hangesABrokersareagentswhofillordersfortheirclients.Theydonottradewiththeirclients.Instead,theySearChfortraderswhoareWilIinRtotaketheOtherSideOftheiClientsorders.ADealersfilltheirclients*ordersbytradingWiththem.Whentheirclientswanttosellsecuritiesorcontracts,dealersbuytheinstrumentsfortheirownaccoun
7、ts.Iftheirclientswanttobuysecurities,dealerssellsecuritiesthattheyownorhaveborrowed.DealersDrofitwhentheycanbuyatpricesthatonaverageareIoWerthanthepricesatwhichtheysell.Exchangesprovideplaceswheretraderscanmeettoarrangetheirtrades.6.2.1.2.SecuritizersBuyassets,placetheminapool,andthensellsecuritiest
8、hatrepresentownershipofthepool;AThefinancialintermediaryavoidsplacingtheassetsandliabilitiesonitsbalancesheetbysettingupaspecialcorporationortrustthatbuystheassetsandissuesthesecurities.ThatcorporationortrustiscalledaSPeCialPUrPOSeVehiCIe(SPV)oralternativelyaSDeCialPUrPoSeentity(SPE).6.2.1.3.Arbitra
9、geursAThepurestformofarbitrageinvolvesbuyin,andSeHingtheSamOinstrumentintwodifferentmarkets;6.2.1.4.HedgersAHedgerstradetooffsetorinsureagainstrisksthatconcernthem;Thehedgerandtheotherentityfaceexactlytheoppositerisks,sothetransfermakesbothmoresecure.6.2.1.5.ClearinghousesandcustodiansClearinghouses
10、arrangeforfinalsettlementoftrades.Actonlyasescrowagents(transferringmoneyfromthebuyertothesellerwhiletransferringsecuritiesfromthesellertothebuyer);Guaranteecontractperformance;Requirethattheirmembershaveadequatecapitalandpost-performancebonds(margins);Limittheaggregatenet(buyminussell)quantitiestha
11、ttheirmemberscansettle.6.2.2.基础题Q-3.LisaSmithownsamanufacturingcompanyintheUnitedStates.HercompanyhassoldgoodstoacustomerinBrazilandwillbepaidinBrazilianreal(BRL)inthreemonths.SmithisconcernedaboutthepossibilityoftheBRLdepreciatingmorethanexpectedagainsttheUSdollar(USD).Therefore,sheisplanningtosell
12、three-monthfuturescontractsontheBRLThesellerofsuchcontractsgenerallygainswhentheBRLdepreciatesagainsttheUSD.IfSmithweretosellthesefuturecontracts,shewouldmostappropriatelybedescribedasa(n):A.hedger.B.investor.C.information-motivatedtrader.Q-4.Whichofthefollowingfinancialintermediariesismostlikelytop
13、rovideliquidityservicetoitsclients?A.ExchangesB.BrokersC.Dealers6.3ClassificationofAssetsandMarket6.3.1.重要知识点6.3.1.1.ClassificationofassetsFinancialassetsSecurity:Fixedincomesecurities:predeterminedpaymentschedulesthatusuallyincludeinterestandprincipalpayments.Equitysecurities:representownershipinaf
14、irmandincludecommonstock,preferredstock,andwarrants.Pooledinvestmentvehicles:includemutualfunds,trusts,depositoriesandhedgefunds.Derivativecontracts:financederivativecontracts,physicalderivativecontracts;Currency.ARealassetsCommodityRealEstate:includesuchtangiblepropertiesasrealestate,airplanes,mach
15、inery,orlumberstands;6.3.1.2.ClassificationofmarketAMoneymarketandcapitalmarketMoneymarketstradedebtinstrumentsmaturinginoneyearorless;Capitalmarketstradeinstrumentsoflongerduration,whosevaluesdependonthecredit-worthinessoftheissuersandonpaymentsofinterestordividendsthatwillbemadeinthefutureandmaybeuncertain.APrimarymarketandsecondarymarketPrimarymarket:themarketwheresecuritiesarefirstsoldandtheissuersreceivetheproceeds.Secondarymarket:themarketwheresecuritiesaretradedamonginvestors.TraditionalmarketandalternativemarketTraditionalinvestmentmarkets:marke
