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

1、Which of the following most accurately describes the basis for construction of nearly all bond market indices?【单选题】

A.Dealer prices

B.Model prices

C.Market prices

正确答案:A

答案解析:Firms (dealers) are assigned to specific securities and are responsible for creating liquid markets for those securities by purchasing and selling them from their inventory. In addition, many securities do not trade frequently and, as a result, are relatively illiquid. As a result, index providers must contact dealers to obtain current prices on constituent securities to update the index, or they must estimate the prices of constituent securities using the prices of traded fixed-income securities with similar characteristics.
2014 CFA Level I
“Security-Market Indices,” by Paul D. Kaplan and Dorothy C. Kelly
Section 6.1

2、The type of efficiency that exists in an economy that uses resources in such a way that they are most valuable is best described as:【单选题】

A.operational.

B.allocational.

C.informational.

正确答案:B

答案解析:“Market Organization and Structure,” Larry E. Harris
2011 Modular Level I, Vol. 5, pp. 62-63
Study Session 13-55-k
Describe the characteristics of a well-functioning financial system.
Economies that use resources in such a way that they are most valuable are allocationally efficient.

3、An analyst wants to calculate an appropriate price to earnings (P/E) ratio for acompany that operated in mining industry using the following information.Thecompany's average return on equity was determined to be 13.3 percent during thefour-year period ending in 2011, and that the company's book value per share was$8.45 at the beginning of that period but had increased to $ 12.36 in 2011.Ifthe company's stock is priced at $40 per share, the appropriate P/E isclosest to:【单选题】

A.24.3

B.28.9

C.56.4

正确答案:A

答案解析:如果对于盈利比较波动的公司，我们在计算P/E时有两种方法：一种是将过去几年的收益（earnings）移动平均，另外一种是将ROE移动平均，再乘以最近一年的每股净资产（book value），前者没有考虑公司规模的改变，后者考虑了公司规模的改变，但都可以用于平滑市盈率，使其显得不那么波动。$40/（13.3% × $12.36） = 24.3。

4、An analyst does research about security market indices.Which of the followingindices is most likely subject to survivorship bias?【单选题】

A.Fixed-income indices,

B.Hedge fund index.

C.Real estate investment trust index.

正确答案:B

答案解析:对冲基金指数是自愿进行业绩报告的，业绩不佳的对冲基金通常不报告其表现，使得它们的回报不包括在指数的计算当中，因此受到生存偏差（survivorship bias）的影响。固定收益指数和房地产投资信托指数都遵循比较严格的业绩披露规范，生存偏差的情况比较少。

5、An analyst does research about well-function financial systems.In a well-functionalsecurities market, if the prices of the assets and contracts reflect allavailable information related to fundamental values, the financial systems arebest described as:【单选题】

A.complete markets.

B.operationally efficiency.

C.informationally efficiency.

正确答案:C

答案解析:如果资产或合约价格能反映所有关于基本面价值的可获得信息，该金融市场就是信息有效的。如果交易的成本比较低，该金融市场就是运作有效的。如果金融市场满足了良好运作的某些特征，解决了制度性的一些问题，该金融市场则被认为是完整市场。