"Portfolio Management":risk transfer
学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!
Questions 1:
An example of risk transfer combined with self-insurance is most likely:
A、 a bond portfolio hedged with an interest rate option.
B 、an insurance policy with a deductible.
C、 a bank that establishes a loan loss reserve fund.
Questions 2:
A company’s $100 par value perpetual preferred stock has a dividend rate of 7% and a required rate of return of 11%. The company’s earnings are expected to grow at a constant rate of 3% per year. If the market price per share for the preferred stock is $75, the preferred stock is most appropriately described as being:
A、 overvalued by $11.36.
B、 undervalued by $15.13.
C、 undervalued by $36.36.
B is correct. Risk transfer is accomplished through an insurance policy. A deductible in an insurance policy means the insured is bearing some of the risk of loss and thereby (partially) self-insuring. Hedging with derivatives accomplishes risk shifting, not risk transfer. A bank loan loss reserve is a form of self-insurance combined with diversification, but it does not include risk transfer.
A is incorrect because hedging with derivatives accomplishes risk shifting, not risk transfer.
C is incorrect because a bank loan loss reserve is a form of self-insurance combined with diversification, but it does not include risk transfer.
A is correct.
The stock is overvalued by $100.00 – 63.64 = $36.36.
成功=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。