2020年CFA考试《CFA二级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Which proposed change to Fund W would most likely decrease Candidate C’s information ratio?【单选题】

A.Change 1

B.Change 2

C.Change 3

正确答案:C

答案解析:C is correct. The IR is calculated as IR = (TC) (IC) √BR, where BR is breadth. Change 3, establishing new constraints of caps on the over- and underweight of sectors, reduces the correlation of optimal active weights with the actual active weights, which results in a decreased TC and thus a decrease in the IR. Change 1 (increasing portfolio size from 36 to 50) and Change 2 (increasing the frequency of rebalancing from annually to semiannually) would both likely have the effect of increasing the BR of the portfolio, which would increase the IR.

2、Based on the data for the AR(1) model in Exhibits 1 and 2, Martinez can conclude that the:【单选题】

A.residuals are not serially correlated.

B.autocorrelations do not differ significantly from zero.

C.standard error for each of the autocorrelations is 0.0745.

正确答案:C

答案解析:C is correct. The standard error of the autocorrelations is calculated as?

3、For Assignment 1, the yield to maturity for Bond Z is closest to the:【单选题】

A.one-year spot rate

B.two-year spot rate.

C.three-year spot rate.

正确答案:C

答案解析:C is correct. The yield to maturity, y(3), of Bond Z should be a weighted average of the spot rates used in the valuation of the bond. Because the bond’s largest cash flow occurs in Year 3, r(3) will have a greater weight than r(1) and r(2) in determining y(3).

4、Are Singh (Statement 1) and Kara (Statement 2) correct or incorrect regarding the usefulness of regression results described in Exhibit 1 and the value of the slope coefficient?【单选题】

A.Both are correct.

B.One is correct, the other is incorrect.

C.Both are incorrect.

正确答案:A

答案解析:Singh is correct that a change in the relationship between gold prices and jewelry costs would be an example of parameter instability.

5、The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of US$3.00 and paid a dividend of US$0.60 a share. This year it estimates earnings per share will be US$4.00. Find its dividend per share for this year if it has a 25% target payout ratio and uses a five-year period to adjust its dividend.【单选题】

A.US$0.68.

B.US$0.80.

C.US$0.85.

正确答案:A

答案解析:A is correct. The estimated dividend per share is US$0.68.