2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、A fund that calculates net asset value by subtracting liabilities from assets and dividing the result by a fixed number of shares is most likely:【单选题】

A.a hedge fund.

B.an open-end mutual fund.

C.a closed-end mutual fund.

正确答案:C

答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA
2011 Modular Level I, Volume 6, p. 189-190
Study Session 18-74-a
Differentiate between an open-end and a closed-end mutual fund, and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies.
C is correct. Closed-end mutual funds calculate NAV as follows:
NAV = (Assets – Liabilities)/Number of shares Outstanding

1、An analyst compared the performance of a hedge fund index with the performance of a major stock index over the past eight years. She noted that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. All the successful funds that have been in the hedge fund database continued to accept new money over the eight-year period. What biases do the risk and return measures in the database most likely have? Average return:【单选题】

A.and standard deviation are both overstated.

B.is overstated and standard deviation is understated.

C.is understated and standard deviation is overstated.

正确答案:B

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 228-230
Study Session 18-73-l
Discuss the performance of hedge funds, the biases present in hedge fund performance measurement; and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund data base.
Survivorship bias affects both the returns and the risk (standard deviation) reported for the hedge funds. Hedge funds with low or negative returns will be excluded from the index as will funds with high volatility; those funds will not survive for eight years. If only the successful funds remain in the index, the returns are overstated and risk is understated. Overstated returns and understated risk will both tend to overstate the Sharpe ratio.

1、Which attribute would a private equity firm most likely desire when deciding if a company isparticularly attractive as a leveraged buyout target?【单选题】

A.Efficient management

B.Market value exceeds intrinsic value

C.Sustainable cash flow

正确答案:C

答案解析:Private equity firms look for companies that have strong cash flows and a significant amount ofphysical assets. These physical assets can be used as security and borrowed against.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.1.2

1、Which of the following theories of the term structure of interest rates makes themost direct link between the yield curve now and future short-term interest ratesanticipated by investors?【单选题】

A.Pure expectations.

B.Liquidity preference.

C.Market segmentation.

正确答案:A

答案解析:完全预期理论认为收益率曲线取决于投资者对于当前和未来短期利率的预期。

1、When comparing investing in exchanged traded funds (ETFs) to investing in open-end mutual funds, which of these is most likely not an advantage of ETFs? ETFs:【单选题】

A.provide lower exposure to taxes related to capital gains distribution.

B.trade throughout the entire trading day at market prices that are continuously updated.

C.are a more cost effective way for large institutional investors to invest in less liquid markets.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 195-197
Study Session 18-73-b,c
Distinguish among style, sector, index, global, and stable value strategies in equity investment and among exchange traded funds (ETFs), traditional mutual funds, and closed end funds.
Explain the advantages and risks of ETFs.
Some sector and international ETFs have large bid-ask spreads and substantial expense ratios compared to managed portfolios, which may provide a more cost efficient alternative to ETFs, particularly for large institutional investors.