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、An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of the market efficiency?【单选题】

A.Weak form

B.Strong form

C.Semi-strong form

正确答案:B

答案解析:“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
2012 Modular Level I, Vol. 5, pp. 140–144
Study Session 13-49-d, f
Contrast the weak-form, semi-strong-form, and strong-form market efficiency.
Describe identified market pricing anomalies, and explain possible inconsistencies with market efficiency.
B is correct. The observation that stocks with high above-average price-to-earnings ratios have consistently underperformed those with below-average price-to-earnings ratios is a cross-sectional anomaly. It is a contradiction to the semi-strong form of market efficiency and weak-form market efficiency because all the information used to categorize stocks by their price-to-earnings ratios is publicly available.

2、The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gains is best described as:【单选题】

A.mental accounting.

B.the disposition effect.

C.the gambler’s fallacy.

正确答案:B

答案解析:Behavioral biases in which investors tend to avoid realizing losses but, rather, seek to realize gains is the disposition effect.
2014 CFA Level I
“Market Efficiency,” by W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 5.3

3、A stock selling at $50 has a P/E multiple of 20 on the basis of the current year’s earnings. An analyst estimates that next’s earnings per share will be 10% higher and that the stock should be valued on a forward looking basis at the industry average P/E of 18. Based on the analyst’s assessment, it is most likely that the stock is currently:【单选题】

A.overvalued.

B.fairly valued.

C.undervalued.

正确答案:A

答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak, CFA, and Stephen E. Wilcox, CFA
2011 Modular Level I, Vol. 5, pp. 268-270, 288-295
Study Session 14-60-a, h
Evaluate whether a security, given its current market price and a value estimate, is overvalued, fairly valued, or undervalued by the market.
Calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value.
The stock is currently overvalued by $0.50 as its intrinsic value is $49.50 compared to the price of $50: Next year’s EPS = ($50 / 20) x 1.10 = $2.75; Intrinsic value = $2.75 x 18 = $49.50.

4、An analyst does research about security market indices.The number of freelyfloating share available is component of which of the following index weightingschemes?【单选题】

A.Fundamental weighting.

B.Price weighting.

C.Market-capitalization weighting.

正确答案:C

答案解析:市值法中有按照流通股票数量来调整的指数，对此需要知道流通股票的数量来决定权重。

5、Which of the following is most accurate concerning key characteristics of different types of preference shares?【单选题】

A.Preference shares have characteristics of both debt and equity securities.

B.Preference shareholders rank above subordinated bondholders with respect to claims on the company’s net assets upon liquidation.

C.The price of convertible preference shares tends to be more volatile than their underlying common shares because they do not allow investors to share in profits of the company.

正确答案:A

答案解析:“Overview of Equity Securities,” Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA
2013 Modular Level I, Vol. 5, Reading 49, Section 3.2
Study Session 14-49-a, b, e
Describe characteristics of types of equity securities.
Describe differences in voting rights and other ownership characteristics among different equity classes.
Compare the risk and return characteristics of types of equity securities.
A is correct. Preference shares have characteristics of both debt securities and common shares. Similar to interest payments on debt securities, the dividends on preference shares are fixed but not contractual obligations. Similar to common shares, preference shares can be perpetual and can pay dividends indefinitely.