The Discount Rate in Terms of Evaluating Investments in Rangelands： The Case Study of Greece
CFA考试二级模拟试题精选0401-7(附详解)
CFA考试二级模拟试题精选0401-7（附详解）1、Regarding Claim 1 and Claim 2 made by Sawyer about the effects of omitted variables, which claims are correct?【单选题】A.Claim 1 only.B.Claim 2 only.C.Both Claim 1 and Claim 2.正确答案:B答案解析:Sawyer is incorrect with respect to Claim 1 and is correct with respect to Claim 2. If the omitted variables are correlated2、What would be the increase in the Herfindah卜Hirschman Index (HHI) as a result of a merger between Alertron and Carideo, and the most likely reaction by regulators to the merger?【单选题】A.Increase in the HHI: 75; Probable response by regulators: No antitrust challenge.B.C.Increase in the HHI: 300; Probable response by regulators: Potential antitrust challenge.正确答案:A答案解析:3、According to the structural model shown in Exhibit 2, the maximum amount an investor holding the bond would pay to a third party to remove the risk of default would be:【单选题】A.$0.65.B.$22.86.C.$23.51.正确答案:C答案解析:The maximum amount an investor would to pay to remove the credit risk is the present value of the expected loss.4、Using Exhibit 1, which of the following would be the best reason for the revised USD/GBP dealer quote of 1.5760/1.5768?【单选题】A.A request for a much larger transactionB.A drop in volatility in the USD/GBP marketC.A request to trade when both New York and London trading centers are opened正确答案:A答案解析:A is correct. Posted quotes are typically for transactions in 1 million units of the base currency. Larger transactions may be harder for the dealer to sell in the interbank market and would likely require the dealer to quote a wider spread (lower bid price and higher offer price).5、The most appropriate reason to choose Option 1 (direct investment) over Options 2 and 3 is that Option 1 is likely to have the ability to:【单选题】e higher leverage.B.provide greater tax advantages.C.avoid structural conflicts of interest.正确答案:C答案解析:Option 1 represents private investment in real estate, while Options 2 and 3 entail investing through public securities. Tax advantages can be enjoyed by direct investments in real estate, as well as through public securities. Similarly, use of leverage can be pursued by all three options. Option 1 does not have the problem of structural conflicts of interest that may be present in REITs (Option 2).6、Compared to the reported 2009 financial statements, if Stereo Warehouse had used the same discount rate as it used in 2007, it would have most likely reported lower:【单选题】 income.B.total liabilities.C.cash flow from operating activities.正确答案:B答案解析:B is correct. A higher discount rate (5.38 percent instead of 4.85 percent) will reduce the present value of the pension obligation (liability). In most cases, a higher discount rate will decrease the interest cost component of the net periodic cost because the decrease in the obligation will more than offset the increase in the discount rate (except if the pension obligation is of short duration). Therefore, periodic pension cost would have been lower and reported net income higher. Cash flow from operating activities should not be affected by the change.7、The ratio of operating cash flow before interest and taxes to operating income for Bickchip for 2009 is closest to:【单选题】A.1.6B.1.9C.2.1正确答案:B答案解析:B is correct. Net cash flow provided by (used in) operating activity has to be adjusted for8、The amount of Atlantic Preserve’s 2013 periodic pension cost reported in the income statement (in $ thousands) is closest to:【单选题】A.1,995.B.976.C.2,267.正确答案:C答案解析:C is correct. Under US GAAP, the periodic pension cost is calculated as follows:9、In the first approach, what proportion of the total value of the stock is represented by the value of second stage?【单选题】A.0.10.B.0.52C.0.90正确答案:C答案解析:C is correct. As shown in the above table, the value of the second stage = PV of V = C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.10、The specific relationship referred to in Baroque's remarks at the beginning of his discussion with Tremblay most accurately describes:【单选题】A.Purchasing power parity.B.The international Fisher effect.C.Interest rate parity.正确答案:B答案解析:Baroque's comments describe the international Fisher effect. The international Fisher effect states that the foreign-domestic nominal yield spread will be solely determined by the foreign-domestic expected inflation differential.。
CFA考试一级章节练习题精选0330-48(附详解)
CFA考试一级章节练习题精选0330-48（附详解）1、With respect to capital project, if the discount rate decrease, which of the followingabout the internal rate of return (IRR) and net present value (NPV) aremost accurate?【单选题】A.Both IRR and NPV increase.B.IRR remains unchanged and NPV increases.C.Both IRR and NPV remain unchanged.正确答案:B答案解析:IRR的定义是，使得NPV = 0时的折现率，计算时与项目的必要回报率无关。
而项目的必要回报率下降，会导致项目的净现值上升。
1、An analyst gathers the following information about two mutually exclusive projectsof a company:If the cost of capital used is 10% , the most appropriate decision for the companyis to accept:【单选题】A.Project 1 only.B.Project 2 only.C.both Project 1 and Project 2.正确答案:A答案解析:对于独立项目（independent project），如果NPV > 0，就可以接受该项目；如果NPV 0的项目中选择NPV最大的项目。
当IRR与NPV对作决策有冲突时，以NPV为准。
1、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1,66.The maintenance margin requirement for the position is 30%. The stock price at which the margincall will occur is closest to:【单选题】A.$25.20.B.$30.86.C.$20.57.正确答案:C答案解析:Initial equity (%) in the margin transaction=1/Leverage ratio=1/1.66=0.60;Initial equity per share at the time of purchase=$36 × 0.60=$21.60;Price (P) at which margin call occurs:Equity per share/Price per share=Maintenance margin (%)=($21.60+P-$36)/P=0.30;0.7P=$14.40;P=$20.57.CFA Level I"Market Organization and Structure," Larry HarrisSection 5.21、An analyst does research about the cost of capital and gathers the followinginformation about a company:● Current share price is $60● Current annual dividend per share is $1.50● Stable retention ratio is 40%● Historical return on equity is 12%Using the dividend discount model approach, the cost of equity is closest to:【单选题】A.7.30%B.7.42%C.9.88%正确答案:B答案解析:使用股利贴现模型（Dividend Discount Model）的计算公式：g = （return on equity）x（retention ratio），由此得：g = 12% × 0.4 = 4.8%，所以= $1.5 × （1 + 4.8%）/$60 + 4.8% = 7.42%.1、A firm is uncertain about both the number of units the market will demand and the price it will receive for them. This type of risk is best described as:【单选题】A.sales risk.B.business risk.C.operating risk.正确答案:A答案解析:“Measures of Leverage,” Pamela Peterson Drake, CFA, Raj Aggarwal, CFA, Cynthia Harrington, CFA, and Adam Kobor, CFA 2013 Modular Level I, Vol. 4, Reading 38, Section 3.1, 3.2Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.A is correct. Sales risk is associated with uncertainty with respect to total revenue, which in turn, depends on price and units sold.。
CFA考试二级模拟试题精选0401-36(附详解)
CFA考试二级模拟试题精选0401-36(附详解）1、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, England's estimate of the 2013 economic profit for the new division (in USD millions) is closest to:【单选题】A.-0.59.B.-0.81.C.-0.87.正确答案:B答案解析:2、The best answer to Paul’s first question is to use the:【单选题】pany’s before-tax cost of debt.B.yield on high quality corporate bonds.pany’s overall cost of capital.正确答案:B答案解析:B is correct. The yield on high quality corporate bonds is the appropriate discount rate that should be used to calculate the present value of the future benefits because it represents the rate at which the defined-benefit obligation could be effectively settled.3、Lee’s statement about the assumptions of the BSM model is accurate with regard to:【单选题】A.interest rates but not continuous prices.B.continuous prices but not the return distribution.C.the stock return distribution but not the volatility.正确答案:B答案解析:B is correct. Although the BSM model assumes continuous stock prices, it also assumes that stock returns are lognormally distributed (not normally distributed).4、Which of Thorpe’s actions after the Hearing Panel presentation most likely violated CFA Institute Standards?【单选题】A.His letter to his clientsB.His complaint to the compliance officerC.His new disciplinary review consulting practice正确答案:C答案解析:5、If the price of GI stock approaches $75 over the next 30 days, which of the following changes in option parameter measures will most likely be observed?【单选题】A.Decreases in vega and the absolute value of thetaB.Increases in vega and the absolute value of thetaC.A decrease in vega and an increase in the absolute value of theta正确答案:B答案解析:B is correct. Typically, theta is negative for options. The speed of the option value decline increases, however, as time to expiration decreases. Vega is high when options are at or near the money. During the next 30 days, the options will approach expiration and approach being at the money.6、Based on Exhibit 1, residual income for SSX is closest to:【单选题】A.€40.9 million.B.€90.2 million.C.€133.9 million.正确答案:C答案解析:C is correct. The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge.7、Based on Exhibit 1, the maximum loss per share that would be incurred if Strategy 4 was implemented is:【单选题】A.€2.99.B.€3.99.C.unlimited.正确答案:B答案解析:B is correct. Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the €25.00 strike put option, Nunes would be protected from losses at QWY share prices of €25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from €28.49 to €25.00 (or, €3.49) plus the put premium paid for the put option of €0.50: S = €28.49 – €25.00 + €0.50 = €3.99.8、In a recent presentation, Doug Pearce made two statements about dividends:【单选题】A.No for both statements.B.Yes for Statement 1 and no for Statement 2.C.No for Statement 1 and yes for Statement 2.正确答案:A答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per9、Based on Exhibit 3, Ho’s FCFF sensitivity analysis should conclude that Colanari’s value is most sensitive to the:【单选题】A.FCFF growth rate.B.before-tax cost of debt.C.required rate of return for equity.正确答案:C答案解析:C is correct. Colanari’s valuation is most sensitive to the cost of equity (r10、Which of Ho’s statements regarding free cash flow is (are) correct?【单选题】A.Statement 1 onlyB.Statement 2 onlyC.Neither Statement 1 nor Statement 2正确答案:C答案解析:C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.。
2018CFAlevel1知识点——QuantitativeMethods
2018CFAlevel1知识点——QuantitativeMethodsThe time value of moneyTime value of money concepts and applications/doc/bd1209418.html,pound interest (interest on interest)复利2.Future value3.Present valueUsing financial calculator1.Set up P/Y to”1”Time lines1.It is often a good idea to draw a time line before you start to solve a TVMproblem.2.Discounting贴现/doc/bd1209418.html,pounding4.Equilibrium interest rates均衡利率are the required rate of return for aparticular investment.5.Interest rates are also referred to as discount rates贴现率.6.We can also view interest rates as the opportunity cost of current consumption.7.Real risk-free rate真正的无风险利率: It is a theoretical rate on a single-periodloan that has no expectation of inflation in it.8.Nominal risk-free rate名义无风险利率= real risk-free rate+ expected inflationrate9.Default risk违约风险: The risk that a borrower will not make the promisedpayments in a timely manner.10.Liquidity risk流动性风险: The risk of receiving less than fair value for aninvestment if it must be sold for cash quickly.11.Maturity risk到期风险: The prices of longer-term bonds are more volatile不稳定的than those of shorter-term bonds. Longer maturity bonds have more maturity risk than shorter-term bonds and require a maturity risk premium.12.Required interest rate on a security= nominal risk-free rate+ default riskpremium+ liquidity premium+ maturity risk premium13.Effective annual rate (EAR) 实际年利率represents the annual rate of returnactually being earned after adjustments have been made for different compounding periods.14.EAR=(1+periodic rate)m-1Future value of a single sum1.Future value factor: (1+r)n2.FV=PV(1+r)nPresent value of a single sum1.Present value factor: 1/(1+r)n2.Annuities1.An annuity is a stream of equal cash flow that occurs at equal intervals over agiven period.2.Ordinary annuities普通年金: Cash flow occurs at the end of each period.3.Annuities due期初应付年金：Cash flow occurs at thebeginning of each period.Future value of an annuity due1.Future value of annuity due= future value of ordinary annuity*(1+n)2.做和annuity due相关的题目的时候都可以用两种方法，第一种是用计算器的BGN模式，另一种是用上面那条公式（用计算器的普通模式计算出结果，然后乘以“1+n”）。
CFA考试一级章节练习题精选0329-18(附详解)
CFA考试一级章节练习题精选0329-18（附详解）1、Given two mutually exclusive projects with normal cash flows, the points at which the net present value profiles intersect the horizontal axis are most likely to be the:【单选题】A.crossover rate for the projects.B.internal rates of return of the projects.C.the company’s weighted average cost of capital (WACC).正确答案:B答案解析:“Capital Budgeting,” John D. Stowe, CFA and Jacques R Gagné, CFA2010 Modular Level I, Vol. 4, pp. 17-23Study Session 11-44-eExplain the NPV profile, compare and contrast the NPV and IRR methods when evaluating independent and mutually-exclusive projects, and describe the problems associated with each of the evaluation methods.For a project with normal cash flows, the NPV profile intersects the horizontal axis at the point where the discount rate is equal to the IRR. The crossover rate is the discount rate at which the NPVs of the projects are equal. While it is possible that the crossover rate is equal to ea ch project’s IRR, it is not a like ly event. The IRR for both projects being the firm’s WACC will only arise when both projects have a NPV=0.2、When considering two mutually exclusive capital budgeting projects with conflicting rankings, the most appropriate conclusion is to choose the project with the:【单选题】A.higher net present value (NPV).B.shorter payback.C.higher internal rate of return (IRR).正确答案:A答案解析:The project with the higher NPV should be undertaken because it measures the increase in wealth as a result of taking the project. For mutually exclusive projects, IRR may give incorrect decisions as a result of scale and/or cash flow timing effects. Payback is not an economically sound method for evaluation of capital projects.2014 CFA Level I“Discounted Cash Flow Applications,” by Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. RunkleSection 2.3“Capital Budgeting,” by John D. Stowe and Jacques R. GagnéSection 43、The following information is available for a firm:The firm's degree of total leverage (DTL) is closest to:【单选题】A.1.43.B.2.86.C.2.00.正确答案:B答案解析:DTL=Revenue-Variable cost/Net income=￡800,000-￡400,000/￡140,000=2.86.CFA Level I"Measures of Leverage, Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and AdamKobor Section 3.54、The market price of a company's stock is $5 per share with 50 million shares outstanding. Thecompany decides to use its cash reserves to undertake a $10 million share buyback. Just prior to thebuyback, the company reports total assets of $650 million and total liabilities of $450 million. Thecompany's book value per share after the share buyback is closest to:【单选题】A.$3.96.B.$4.17.C.$3.80.正确答案:A答案解析:CFA Level I"Dividends and Share Repurchases: Basics," George H. Troughton, and Gregory NoronhaSection 4.2.25、Which action is most likely considered a secondary source of liquidity?【单选题】A.Increasing the availability of bank lines of creditB.Increasing the efficiency of cash flow managementC.Renegotiating current debt contracts to lower interest payments正确答案:C答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA2013 Modular Level I, Vol. 4, Reading 40, Sections 2.1.1, 2.1.2.Study Session 11-40-aDescribe primary and secondary sources of liquidity and factors that influence a company’s liquidity position.C is correct. Renegotiating debt contracts is a secondary source of liquid ity because it may affect the company’s operating and/or financial positions.。
2015校园IMA模拟大赛案例
THE COMPANYXYZ Company was formed in the United States seven years ago by Jim Smith, Marsha Chang, and Earl Watson, who together purchased a commercial machine shop that had been in business for more than 40 years but, at the time of the acquisition, was feeling pressure from a variety of new entrants into the markets in which the machine shop competed. Smith had a distinguished military career and felt he could use the skills he acquired in the military to help this business return to its previously highly profitable state. Smith currently serves as the president and CEO of the company.XYZ produces three primary product lines, all of which are made of brass and are water-related: flow controllers, valves, and pumps. Marsha Chang, a long-time friend of Smith and his family, and a practicing CPA (Certified Public Accountant) and CMA® (Certified Management Accountant), joined the company as its CFO shortly before the formation of XYZ. Earl Watson, a high school friend of Smith, had worked as the manufacturing supervisor at the company for the past 10 years and, at the request of Smith, decided to stay onboard after the formation of XYZ. Over the past several years, Watson had toyed with the idea of introducing more technologically up-to-date equipment that, he thought, could help ameliorate the competitive position of the company.Recently, Chang instituted an activity-based costing (ABC) system and a “bare-bones” Enterprise Resource Planning (ERP) system that, among other things, helped the company assess customer profitability and price its products more competitively. A new marketing manager, Maria Sanchez, was hired last year to develop and implement an aggressive product-promotion plan.These combined changes helped turn the company around. T wo years ago, to raise capital needed for an expansion of the plant and the modernization of certain equipment key to the manufacturing process, the company went public. The company was enjoying a renewed reputation as a producer of high-quality brass products, sold principally in the southeast region of the U.S. XYZ was, in fact, profitable in each of the past four years.1 At the endof the most recent year, total assets were approximately $10 million. Over the past two years, sales for the company amounted to approximately $25 million per year. The company’s fiscal year corresponds to the calendar year.ISSN 1940-204XXYZ Company: An Integrated Capital Budgeting Instructional CaseDavid E. Stout Andrews Chair in Accounting Lariccia School ofAccounting & Finance Williamson College ofBusiness Administration Youngstown State University destout@ Raymond J. ShafferLariccia School ofAccounting & FinanceWilliamson College ofBusiness AdministrationYoungstown State Universityrjshaffer@Jeremy T. SchwartzLariccia School ofAccounting & FinanceWilliamson College ofBusiness AdministrationYoungstown State Universityjtschwartz@THE PROPOSED INVESTMENT:AN ASSET-REPLACEMENT DECISIONAssume that it is sometime in the fourth quarter of 2014. Watson has presented to Smith and Chang a proposal to purchase a replacement to a machine used to manufacture one of the three products. The existing machine was purchased on January 1, 2013. Assume that the asset replacement, if it occurs, will take place on January 1, 2015. Thus, the issue before Smith, Chang, and Watson is whether to keep the existing machine or to replace it with a new, more technologically advanced machine.2 ADDITIONAL ASSUMPTIONS REGARDING THE CAPITAL BUDGETING DECISIONXYZ uses two discounted cash flow (DCF) models—net present value (NPV) and internal rate of return (IRR)—to assess capital investment proposals, including the current asset-replacement decision. Because XYZ has been a listed company for only a short period of time and is thinly traded, Chang has recommended that, for discounting purposes,the company should use 10% (an estimate of XYZ’s after-tax weighted average cost of capital [WACC]). In conjunction with your evaluation of the investment proposal at hand, you can assume the following additional facts:•T he tax law that governs this decision is the U.S. income tax law that is (or was) in effect for 2015.•T he proposed acquisition date is January 1, 2015, which can therefore be considered “time period 0” for purposes of your DCF analysis.•D epreciation on the proposed investment for tax purposeswill be calculated using the appropriate rates (to bedetermined by you) under MACRS half-year convention.As previously noted (see Endnote #2), this means that ahalf-year’s worth of depreciation is taken in the year ofasset disposal, regardless of the date of sale within the year.For financial reporting purposes, the straight-line (S/L)method is used to record depreciation charges.•O ver the past two years, the marginal income tax ratespaid by XYZ are: local 5%, state 10%, and federal 25%.For analysis purposes, assume that marginal tax rates for XYZ will, during the years covered by this case, remain constant and equal to the preceding amounts.•U nless otherwise noted, assume that the companydoes NOT elect to take advantage of write-offs (ifany) allowed by Internal Revenue Code (IRC) §179,“Election to expense certain depreciable businessassets,” but DOES decline to take “bonus depreciation”(if applicable, and as outlined in IRC §179).•P rior to considering the capital budgeting decision athand, the company has already committed to $2 million of other capital expenditures for 2015.•F or simplicity, the timing convention for discountingestimated after-tax cash flows to present value is:• A ll pre-tax operating cash flows, taxes on pre-taxcash flows, and income tax effects from depreciationdeductions occur at the end of each year. For example,time-period-1 operating cash flows are assumed to bereceived by XYZ on December 31, 2015. Likewise,taxes on these cash flows as well as time-period-1 taxsavings due to MACRS-based depreciation deductionsare assumed to occur on December 31, 2015.• O pportunity costs (if any) associated with the decisionto replace the existing asset are assumed to occur at theend of year 1 (that is, on December 31, 2015).• I f the old asset is sold, the pre-tax cash inflow from thissale is assumed to occur at the point of sale (at timeperiod zero, January 1, 2015). By contrast, tax savingsassociated with the half-year depreciation deduction onthe old asset under MACRS are assumed to occur at theend of the year, December 31, 2015.BASE-CASE ANALYSIS: KEEP OR REPLACE THE EXISTING MACHINE?The current machine, which is being considered for replacement, was purchased on January 1, 2013, for $120,000 with an estimated useful life of 12 years and zero salvage value for financial reporting purposes.3 The estimated disposal value of this machine on January 1, 2015, is $36,000. If not disposed of (i.e., if not sold outright), it is estimated that the current machine could be used for another 10 years (i.e., the same total number of years as its original estimated useful life).The base purchase price for the replacement machineis $170,000.4 Delivery cost for the machine, to be born separately by XYZ, is estimated as $5,000. Installationand testing costs for the new machine are estimated tobe $25,000. In the past, XYZ has “charged” each major investment project with an administrative fee equal to 10% of the purchase price of the asset (investment). This imputed fee represents an allocation of corporate headquarters’ (i.e., “overhead”) expense.During the discussion of the proposed investment, Watson pointed out that if the company purchases the replacement machine, it is likely to lose some business during the time the old machine is being removed and thereplacement machine is installed (and tested). His best guess—and it is only a guess—is that the contribution margin lost during this time would be $5,000 (pre-tax).5If the replacement asset is purchased, pre-tax operating cash flows are expected to increase by $35,000 per year.6The new machine is technologically advanced, which is expected to provide two benefits: (1) a reduction in annual cash operating expenses and (2) an increase in sales volume. The latter is attributable to the greater output capacity of the replacement machine. The new machine has an expected useful life of 10 years.7DEALING WITH UNCERTAINTY: SENSITIVITY ANALYSISThe decision team is aware that many assumptions willbe going into the DCF analysis of the present asset-replacement decision.8 T eam members are therefore curious as to how sensitive the replacement decision is with respect to each of the following issues or considerations:•T he discount rate (WACC) used to estimate the present value of after-tax cash flows;•T he amount of annual after-tax operating cash inflowassociated with each investment alternative (keep vs. replace);•T he estimated useful life of each of the two assets (i.e., these lives may be different); and•T he possible need to account for an additionalinvestment in (net) working capital should the company purchase the replacement machine.In terms of the assumed discount rate, Watson offered the following observations at a recent business meeting with Smith and Chang: “OK, we see that on the basis of our DCF analysis one decision option is preferable (in a present-value sense). This analysis assumed an after-tax discount rate (i.e., a WACC) of 10%. Is this the correct amount? Does the rate we use‘matter’ in terms of our assessment of the present investment proposal? Over the weekend, I came across a Harvard Business Review article that suggested we might have to give more thought to this issue.9 What do you folks think?”At the next planning meeting, Watson raised another sensitivity-analysis issue: “Well, we addressed the issue of how sensitive our recommended course of action would be in terms of the assumption regarding the discount rate used in our DCF decision models. It seems to me, however, that there are other areas of concern regarding the numbers we used in our base-case analysis. Key concerns among these might be the ‘guestimates’ we are making—and up to 10 years out!—regarding the annual pre-tax operating cash inflows associated with each decision alternative. I thinkwe have a pretty good handle on the operating cash flows associated with the existing asset. After all, we’ve been using that machine now for two years. The operating cash flow estimate associated with the replacement asset, on the other hand, was determined in conjunction with the discussions we had with the sales agent for the new machine, which suggests to me the possibility that those estimates could be, well, overly optimistic. I know we are dealing with a lot of assumptions here. T o keep the analysis manageable, let’s go with the discount rate we used in our base-case analysis, 10% (after-tax), and let’s assume the use of NPV as our decision model. I’m curious as to how sensitive our recommendation is with respect to the assumption we are making regarding the amount of annual pre-tax operating cash inflows associated with the replacement asset. Perhaps we can rely on Excel to help us explore this issue.”At that point, Watson said: “T wo-plus years ago I was involved in the decision to purchase the existing asset. At the time, I remember we factored into the decision the amount of ‘net working capital’ we thought necessary to support the increased sales volume associated with our investment. I also remember that the amount was something like $20,000. I’m not really sure what this is all about, but I’m thinking that we should at least address this issue. At a minimum, I think we should answer some questions: (1) Conceptually, do we need to amend our base-case analysis to incorporate this information? Why or why not? (2) Assuming we replace the existing asset with the new machine, we would have to commit another $20,000 of (net) working capital to support the anticipated increase in sales. Would this affect our recommended course of action?”Before the meeting concluded, Smith commented: “Since we’re on the subject, does anyone here think it’s strange that we’re assuming, in our base-case analysis, that the useful life of each asset—both the existing asset andthe replacement asset—are equal, that is, 10 years? I would agree that the existing asset is likely to last another 10 years. But I’m not so sure about the replacement asset. Yes, it’s supposed to be more efficient, and it’s supposed to increase our sales volume—hence the additional projected pre-tax operating cash inflows each year. But I did some researchon my own recently, and, on the basis of this research, I feel that a more conservative estimate of the useful life of the replacement asset may be eight rather than 10 years. So, if this is true, we’re now left with the unfortunate situation of having to compare two assets of unequal lives. How do we do this analytically?”The meeting then concluded. All three team members felt comfortable that the team had identified the primary sources of uncertainty regarding the NPV analyses they were about to conduct. At the request of Chang, the next team meeting would be devoted to raising tax-related questions regarding the proposed acquisition.ADDITIONAL TAX CONSIDERATIONSAt the end of the following week, the team reconvened to discuss three tax-related issues that arose from their informal conversations during the week: (1) the issue of “like-kind exchanges,” (2) the possibility of taking an accelerated write-off, and (3) the possible use of a “STARKER escrow” for the sale of the existing machine (if the decision were made to replace that machine).Smith began the meeting by saying: “Well, we’ve covered a lot of ground here so far, but I wonder whether we’re missing something important from a tax standpoint. For example, our baseline DCF analysis assumes that we’re going to sell the existing asset outright in the open market. In fact, we have a firm offer from a reputable buyer for the existing machine. But I wonder: (1) Would there be any tax advantage to trading in (rather than selling outright) the old asset, under the assumption that the trade-in amount would be equal to, say, the agreed-upon external sales price, $36,000? (2) If we were to negotiate a trade-in value, what would the breakeven value be? That is, can we come up with the trade-in value that would make us indifferent between keeping and replacing the existing asset? T o make the analysis tractable, let’s assume data associated with our base-case scenario and the use of NPV analysis to address this question.” Chang agreed that Smith’s point was interesting and worth exploring. She pointed out that the relevant tax law pertaining to this issue is covered in IRC §1031, “Exchange of property held for productive use or investment.”Smith continued, “I also recall that two years ago,when we purchased the existing machine, we talked about expensing the machine immediately, under (I think) IRC§179. I don’t remember the details, but I do remember someone making the point that this election could have saved us more than a trifling amount in terms of our tax bill. I really can’t remember why we chose not to go that route. Chang, in your opinion, is this option available this year? Would it benefit us? Why or why not? I think we need to address these questions as we evaluate the present investment opportunity.” Chang replied, “I remember an article from a couple of years ago that dealt with these very issues.10 I’ll retrieve and reread it—it may be relevant to the present decision analysis.”Chang continued, “Speaking of additional tax-related issues, I recently read something—in the Bozeman Daily Chronicle of all places!—that might apply to our situation: using a so-called STARKER escrow in conjunction with a possible disposal of our existing asset. I never heard of such a thing, but I’m intrigued about this possible tax-related option. I wonder whether this STARKER thing would apply to our situation.”STRATEGIC/QUALITATIVE CONSIDERATIONS: BEYOND THE “NUMBERS”Then, Smith commented: “I think we’ve done a pretty good job covering all of the financial dimensions of the present decision, including some interesting income tax considerations. As agreed to in our earlier meetings, our base-case analysis will be supplemented with various sensitivity analyses. At this point, I think we should ask ourselves whether we’ve covered all relevant aspects of the proposed decision. Why don’t we call in Mark Callaway to see whether we are missing something here—something that goes beyond the ‘numbers’? I’m concerned, for example, about whether we have properly considered any pertinent strategic or qualitative considerations.”Smith knows that, at a minimum, it will be prudent to consult with Mark Callaway, director of Investor Relations for XYZ. After hearing the back story for the proposaland examining the underlying data discussed thus far bythe team, Callaway skeptically responds, “We have been profitable the past two years with the current machine. What you are proposing is giving me a public relations headache—if we sell the old machine, we could very well take a hit on our published financial statements for the first quarter of 2015 and perhaps beyond.”Smith interjects, “On paper, Callaway. The sale of the existing machine would actually provide a tax benefit.”Callaway responds, “Yes, we record a loss for financial reporting purposes, but it’s truly a loss since we paid $120,000 for the machine, used it for only two years, and now will receive only $36,000 for it. That’s quite a rental fee!”Smith concedes, “You have a point there.”Callaway continues, “We are also pushing aside business during the transition period.”Watson speaks up. “T emporarily, this should only be a minor delay.”Callaway retorts, “So you say. Forgive me for my skepticism, but I would be concerned about how long this‘minor’ delay will be. You were the one who promoted the current machine, which is supposed to last another decadebut now isn’t good enough? T wo years ago we raised capital in part by promising profits through use of the current machine, which profits you have delivered thus far. Now, you’re asking the company to cough up even more money for a replacement machine, which may or may not be more profitable. As well, you’re telling me that the new machine may actually have a shorter useful life than the existing machine it’s supposed to replace.”Watson rejoins, “It will be more profitable. As noted in the DCF analysis we performed, we anticipate having both operational cost savings and increased sales volume due to increased capacity of the new machine.”Callaway shakes his head, saying, “Look, I think it’s great that you’re looking for ways to increase the value the company and our bottom line. I’m concerned, however, that you’re being overly optimistic. Do you have a handle on how many more units we can sell? Will the cost savings allow us to reduce price to the point where we maintain margins? Best-case scenario, we take a step back only in the next quarter, entirely due to changing the machines. Worst-case, the new machine enables us to produce much more than we can sell, and we’re stuck squeezing margins to move our products.”Smith intercedes, “But, we have a real opportunity for growth with the new equipment.”Callaway responds, “Yes, but is bigger really better? I’m leery of making this proposed financial commitment. So much has to go right for us. Let’s assume that Watson is right about the cost savings from using the new machine. That would be great, but for what production range will that be valid? Will we really be able to sell enough to make it worthwhile?”Watson remains emboldened, “I guarantee that the replacement machine will be worth it. You’re focusing too narrowly on the short-term adjustment period.”Callaway replies, “Yeah, but how do I know that you won’t come back again in two years asking the shareholders to buy another toy that you say will last 10 years?”Smith brings the matter to a close. “Callaway, we’ll take your concerns under advisement. I’m confident that you’ll be effective in explaining to our investors any short-term hiccups in profits. But we’re putting the cart before the horse here. I think that Watson, Chang, and I need to run the numbers to assess the short-term financial-reporting effect of our decision.”As Callaway walks off, Smith turns to Chang and Watson: “Our earlier discussion with Callaway has made me step back a bit and think more broadly about the decision we’re facing. My sense is that it would be worthwhile for us to supplement our financial analysis with a listing of strategic and/or qualitative factors that are associated with this decision. I guess my concern is whether ‘the numbers’ capture all pertinent aspects of this decision. What do you think? At a minimum,I suggest we address the following questions: (1) Are there important strategic considerations associated with each decision alternative? If so, what are they? (2) If the answer is ‘yes,’ have we already captured the effect of these factors in our financial analysis? If not, what exactly do we do with this information? That is, is there a way for us to incorporate both financial and nonfinancial information formally into our decision process?” Chang and Watson agreed that these were legitimate questions to address in conjunction with the proposed acquisition.PROJECT EVALUATION SUMMARYAt the conclusion of the meeting, Watson said: “We’ve really covered a lot of territory here, to the point that we now have what might be viewed as a bewildering array of facts, figures, and calculations. Can we put our heads together and craft a useful summary of our analyses—perhaps in the form of a table?I know I’d find this very helpful. I think this would be a nice way to prepare for the final meeting, at which time we’ll make a decision regarding the asset replacement.” Smith and Watson agreed to work with Chang over the next few days to prepare a project evaluation summary report that could be used to guide the discussion scheduled for the following week.CASE REQUIREMENTS1. B ase-case analysis:11 Should the replacement asset bepurchased? That is, does it make economic (financial) sense for XYZ to replace the existing machine? Support youranswer by clearly showing the tax basis of the replacement asset (if purchased and under the assumption that theexisting asset would be sold outright rather than tradedin) and the annual after-tax cash flows associated withboth decision options. Remember to record appropriatedepreciation expense under MACRS for the existingasset, assuming it is sold January 1, 2015. Recall that thepre-tax cash flow from the disposal of the existing asset isassumed to occur on January 1, 2015, while the tax savings due to depreciation deductions under MACRS, as well astax-related effects of the disposal (if any), are assumed tobe realized at the end of 2015. Base your recommendation on both an NPV analysis and a comparison of the IRRassociated with each of the two investment alternatives(keep vs. replace). Comment on your comparative results.Round all calculations, including intermediate calculations, to whole numbers (i.e., to zero decimal points).2. Dealing with Uncertainty/Sensitivity Analysis:a. I ssues related to the discount rate: How (conceptually)is the discount rate for capital budgeting purposesdefined and calculated? Is this number appropriate foranalyzing the asset-replacement decision at hand? Whyor why not? What impact, if any, would a rate below orabove 10% have on the recommended course of actionfor XYZ Company? T o address this issue, first preparea schedule in Excel showing what the NPV results ofthe base-case analysis would be after letting the WACCvary from a low of 8% to a high of 13%, in incrementsof 1%. For each discount rate, recalculate the differencein NPV of the two investment alternatives. Next, usethe Data T able option in Excel to perform and presentthe results of this sensitivity analysis. Finally, using theGoal Seek option in Excel, determine the “breakeven”discount rate, that is, the rate that would make XYZindifferent between the two decision options (based onan NPV analysis of the base-case facts).b. E stimates of annual pre-tax cash inflows of thereplacement machine: Use the Goal Seek option inExcel to determine the breakeven operating pre-taxcash inflow associated with the replacement asset (i.e.,the annual pre-tax cash inflow for the replacementmachine that would make XYZ indifferent betweenkeeping vs. replacing the existing machine). What keenmanagerial insight is yielded from this analysis?c. A ddressing incremental investment in (net) workingcapital: Respond to the two queries raised by Watsonregarding the possible need to make an up-frontcommitment of additional (net) working capital ifthe replacement machine is purchased: (1) Does thebase-case anºalysis need to be changed? Why or whynot? (2) If the team replaces the machine, XYZ wouldhave to commit to incremental (net) working capital of$20,000. Would this incremental investment affect therecommended course of action? (Show calculations.)d. U nequal asset lives: Under the assumption that theuseful lives of the two assets differ, a possibility notedby Smith, and based on the use of the NPV decisionmodel, provide a recommendation as to which assetXYZ should choose. Support your answer withappropriate calculations and citations to the literature. 3. A dditional T ax-Related Issues:a. L ike-kind exchanges, IRC §1031: Prepare a response withsupporting calculations (if appropriate) to the two tax-related questions raised by Smith in conjunction with thepossibility of trading in rather than selling the existingmachine outright (if the new machine were purchased):(1) Would there be any tax advantage to trading in (ratherthan selling) the old asset? (2) What would the breakevenvalue of the trade in be? Note: When responding toSmith’s second question, assume base-case data. Forpurposes of responding to this question, you can ignorethe incremental investment in net working capital (if any) that would be required if the new asset is purchased.b. A pplicability of IRC §179: Prepare a response, withappropriate authoritative support, to the two questionsraised by Smith regarding the provisions of IRC §179, asit pertains to expensing of the cost of the replacementasset: Does XYZ have this option? What are the benefitsof this option (if any)?c. U se of a STARKER escrow in conjunction with thedisposal of the existing asset: Prepare a response, withauthoritative support, to Chang’s issue regarding theSTARKER escrow: What is it and is it applicable tothe present situation?4. S trategic and/or Qualitative Considerations/Multi-CriteriaDecision Models:a. I ncentive effects: Calculate the book loss (i.e., the loss forfinancial reporting purposes) that Callaway referencesregarding the disposal (i.e., the outright sale) of the oldmachine. What effect should the book value have on thedecision to purchase the new machine? How will externalusers, such as shareholders, likely react to this information?What incentive does Watson have in representing thelength of time for retooling? How might the presentdecision affect customer relations? What general issueregarding incentive effects and the design of managementaccounting control systems is raised by this example?b. D emand and pricing-related considerations: Expand onCallaway’s criticisms from a strategic perspective. Forexample, what does he mean by “squeezing margins”?What economic assumption regarding price elasticityof demand is XYZ making for its products? How doesXYZ balance its desire to gain market share throughcost efficiencies with the “commitment” it made toshareholders regarding the original machine?。
CFA考试二级模拟试题精选0401-49（附详解）
CFA考试二级模拟试题精选0401-49（附详解）CFA考试二级模拟试题精选0401-49(附详解）1、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】A.€6.25.B.€21.25.C.€15.00.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.2、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】A.a clawback provision.B.carried interest.C.a ratchet clause.正确答案:A答案解析:A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund but subsequent exits are less profitable, the GP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders andthe management team of the private equity controlled company.3、DeMolay's caution given in condition ⑴is best described as:【单选题】A.Correct.B.incorrect, because only the dependent variable series needs to be tested for the absence of a unit root.C.incorrect, because only the independent variable series needs to be tested for the absence of a unit root.正确答案:A答案解析:When working with two time series in a regression analysis, both of the series must be tested for the presence of a unit root. If neither series has a unit root, we can safely use linear regression.4、Compared to Nelson's reported earnings before taxes in 2016, if Basin had been classified as a held for trading security, the earnings before taxes (in € thousands) would have been:【单选题】A.the same.B.€2,000 higher.C.€4,000 lower.正确答案:B答案解析:Unrealized gains and losses are securities are classified as held there was an unrealized gain of id in income statement5、In the current interest rate environment, using a required return estimate based on the short-term government bond rate and a historical equity risk premium defined in terms of a short-term government bond rate would be expected to:【单选题】A.bias long-term required return on equity estimates upwards.B.bias long-term required return on equity estimates downwards.C.have no effect on long-term required return on equity estimates.正确答案:A答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term interest rate (as a result of the normal upward sloping yield curve), and the current value of the rate being used to represent the risk-free rate. The short-term rate is currently higher than the long-term rate, which will also increase the required return estimate. The short-term interest rate, however, overstates the long-term expected inflation rate. Using the short-term interest rate, estimates of the long-term required return on equity will be biased upwards.6、Which of Singh’s statements regarding the information ratio is correct?【单选题】A.Only Statement 1B.Only Statement 2C.Both Statement 1 and Statement 2正确答案:C答案解析:C is correct. The information ratio for a portfolio of risky assets will generally shrink if cash is added to the portfolio. Because the diversified asset portfolio is an unconstrained portfolio, its information ratio would be unaffected by an increase in the aggressiveness of active weights.7、The measure of central tendency that Ritter will most likely recommend is the:【单选题】A.median.B.harmonic mean.C.arithmetic mean.正确答案:B答案解析:B is correct. The harmonic mean is sometimes used to reduce the impact of large outliers—which are typically the major concern in using the arithmetic mean multiple—but not the impact of small outliers (i.e., those close to zero). The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.8、Considering Exhibit 1, the【单选题】A.3.22.B.8.06.C.30.79.正确答案:C答案解析:9、Which of the following statements is correct under the Code and Standards?【单选题】A.CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.正确答案:B答案解析:The correct answer is B. Under Standard IV(A)–Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit incompetition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not includea complete prohibition against undertaking independent practice.10、In his response to Yusuf, Cerra’s characterization of the portfolio manager’s investment style, using Exhibit 1, is most likely correct with respect to having a:【单选题】A.growth bias.B.contrarian strategy./doc/a0936773.html,rge-cap orientation.正确答案:A答案解析:A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.。
CFA二级练习题精选及答案0601-5
CFA二级练习题精选及答案0601-51、In regard to calculating Wadgett's FCFF, the comment that is most appropriate is the one dealing with:【单选题】A.working capital adjustments.B.treatment of all non-cash charges.C.treatment of net borrowing.正确答案:A答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel's first comment is correct. EBITDA has the non-cash charges ofdepreciation and amortization added back, so Covey's statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel's second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).2、Honorédescribes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honorédescribes are correct.3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】A.108 bps.B.101 bps.C.225 bps.正确答案:A答案解析:A is correct. The corporate bond’s fair value iscomputed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation for IRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in the solution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation for IRR:The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is3.26% – 2.18% = 1.08%, or 108 bps.B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.4、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】A.ESG onlyB.10.957%.C.Tenure onlyD.Neither ESG nor tenure正确答案:C答案解析:B is correct. The t-statistic for tenure is 2.308, which is significant at the 0.027 level. The t-statistic for ESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05 level.5、Based on Exhibit 1 and Tyo’s expectations, which country’s term structure is currently best for traders seeking to ride the yield curve?【单选题】A.Country AB.Country BC.Country C正确答案:A答案解析:A is correct. Country A’s yield curve is upward sloping—a condition for the strategy—and more so than Country B’s.6、To correct the problem Hake encounters when using a Monte Carlo simulation, he would most likely:【单选题】A.adjust the volatility assumption.B.increase the number of simulations.C.add a constant to all interest rates on all paths.正确答案:C答案解析:Using a Monte Carlo simulation, the model will produce benchmark bond values equal to the market prices only by chance. A constant is added to all interest rates on all paths such that the average present value for each benchmark bond equals its market value.A is incorrect because adjusting the volatility assumption will generate another random value not equal to the benchmark bond value. The benchmark bond is option-free, so its value should not be affected by interest rate volatility.B is incorrect because increasing the model beyond 2000 paths will not lead to a different average value for the benchmark bond.7、Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a:【单选题】A.one-year loan beginning in two years.B.two-year loan beginning in two years.C.three-year loan beginning in two years.正确答案:C答案解析:C is correct. There is no spot rate information to provide rates for a loan that terminates in five years. That is f(2,3) is calculated as follows: The equation above indicates that in order to calculate the rate for a three-year loan beginning at the end of two years you need the five year spot rate r(5) and the two-year spot rate r(2). However r(5) is not provided.8、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking for a new job, she uses the filesshe saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.正确答案:A答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted thefiles. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.9、Based on the data in Exhibit 1, current real short-term interest rates would most likely be highest in:【单选题】A.Country #1.B.Country #2.C.Country #3.正确答案:B答案解析:B is correct. Real short-term interest rates arepositively related to both real GDP growth and the volatility of real GDP growth. Country #1 and Country #2 have the highest real GDP growth, as estimated by the difference between nominal GDP growth and average inflation (6.5% – 4.0% = 2.5% and 5.0% – 2.5% = 2.5%, respectively), while Country #3 has the lowest real GDP growth (3.5% – 2.0% = 1.5%). Looking at the volatility of real GDP growth, Country #2 has high real GDP growth volatility, whereas Country #1 and Country #3 have low real GDP growth volatility. Therefore, Country #2 would most likely have the highest real short-term interest rates.10、Which approach would an appraiser most likely use for valuing Property #2?【单选题】A.Cost approach.B.Income approach.C.Sales comparison approach.正确答案:B答案解析:Property #2 is an older office building with unique characteristics that could not be easily reproduced using current architectural designs and materials. Therefore, the cost approach would be less appropriate than the income approach as a basis for appraisal. The sales comparison approach would also be less suitable as the property is relatively unique.。
CFA考试一级章节练习题精选0330-58(附详解)
CFA考试一级章节练习题精选0330-58（附详解）1、An analyst does research about spot and forward rate.The 4-year spot rate is 9.45%, and the 3-year spot rate is 9.85%.What is the 1-year forward rate 3years from today?【单选题】A.8.3%B.8.7%C.9.4%正确答案:A答案解析:1、An investor purchases ABC stock at $71 per share and executes a protective put strategy. The putoption used in the strategy has a strike price of $66, expires in two months, and is purchased for$1.45. At expiration, the protective put strategy breaks even when the price of ABC is closest to:【单选题】A.$64.55.B.$67.45.C.$72.45.正确答案:C答案解析:To break even, the underlying stock must be at least as high as the amount expended up front toestablish the position. To establish the protective put, the investor would have spent $71+$1.45=$72.45.CFA Level I"Risk Management Applications of Option Strategies," Don M. ChanceSection 2.2.21、An analyst does research about moneyness of an option.An investor owns aput option with the following terms:If the underlying is currently priced at $ 75.21, the moneyness of the optionfor this investor is closest to:【单选题】A.- $ 0.73B.$ 0C.$ 6.55正确答案:C答案解析:期权的价值(moneyness)要看其行权价和当前价格，以及该期权是看涨还是看跌，不考虑期权本身的价格。
ACCA P2(INT)最新考试内容变化
临床医药文献电子杂志Electronic Journal of Clinical Medical Literature2019 年第 6 卷第 93 期2019 Vol.6 No.9349探讨盐酸坦洛新缓释胶囊在输尿管结石体外冲击波碎石术后排石效果刘德荣（山西省朔州市中心医院，山西朔州 036000）【摘要】目的 探讨在输尿管结石体外冲击波碎石术之后采用盐酸坦洛新缓释胶囊对排石的影响效果。
方法 选入我院2014年10月～2015年11月期间所收治的208例输尿管结石患者为本次研究对象，采用数字随机数表法的形式将其平分为观察组和参照组，各104例。
参照组行基础的抗生素治疗，观察组在此基础上加行服用盐酸坦洛新缓释胶囊，对比两组患者排石率和再发肾绞痛率。
结果 观察组下段排结石概率、总体排结石概率高于参照组（P＜0.05），其余指标两组间无差异（P＞0.05）。
结论 盐酸坦洛新缓释胶囊对于进行输尿管结石体外冲击波碎石术患者而言，可降低手术后肾绞痛的发生，取得效果较为理想，可推广和应用。
【关键词】盐酸坦洛新缓释胶囊；输尿管；体外冲击波碎石术；排石效果【中图分类号】R693+.4 【文献标识码】A 【文章编号】ISSN.2095-8242.2019.93.49.01体外冲击波碎石术是治疗肾、输尿管结石的常见方式，操作便捷、损伤小，被广泛使用，配合一定的治疗药物对治疗效果起到一定的促进作用[1]。
1 资料和方法1.1 基本资料将我院于2014年10月～2015年11月期间所收治的208例输尿管结石患者随机分为观察组104例，参照组104例。
纳入依据：以急性肾绞痛为主要疾病，通过泌尿系CT检查等，确诊为输尿管上段或者下段结石的患者；患者对实验知情，且签订了知情同意书。
排除依据：处于妊娠期或者哺乳期的女性；有药物过敏；患有慢性输尿管结石、肾积水等；服用过盐酸坦洛新缓释胶囊的患者。
参照组男52例，女52例，年龄在21～55周，年龄平均在（36.4±12.1）岁，结石长径在0.7～1.4厘米，平均（0.92±0.32）厘米，上段结石36例，下段结石68例；观察组男60例，女44例，年龄在18～59周，年龄平均在（36.1±11.2）岁，结石长径在0.5～1.6厘米，平均（0.73±0.33）厘米，上段结石50例，下段结石54例，对比两组患者基础资料无统计学意义（P＞0.05）。