2019年CFA考试《CFA一级》考试共240题，分为单选题。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、Justin Blake, CFA, a retired portfolio manager owns 20,000 shares of a small public company that he would like to sell. He posts messages on several Internet bulletin boards. The messages read, "This stock is going up once the pending patents are released so now is the time to buy. You would be crazy to sell anything below $3 in a few months from now. The stock is a buy at anything below $3. I have done some close research on these guys." According to the Standards of Practice Handbook, Blake most likely violated the Standard or Standards associated with:【单选题】

A.Integrity of Capital Markets and Conflicts of Interest.

B.Integrity of Capital Markets, but not Conflicts of Interest.

C.Neither Integrity of Capital Markets nor Conflicts of Interest

正确答案:A

答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Blake violated the Standard regarding Conflicts of Interest because he did not disclose his ownership of shares in his message. He also violated the standard relating to Integrity of Capital Markets by engaging in a practice that is likely to artificially inflate trading volume. Standard II (B), Standard VI (A).

2、The dollar discount on a U.S. Treasury bill with 91 days until maturity is $2,100. The face value of the bill is $100,000. The bank discount yield of the bill is closest to:【单选题】

A.8.31%.

B.8.40%.

C.8.58%.

正确答案:A

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA2011 Modular Level I, Vol. 1, p. 327Study Session 2-6-eCalculate and interpret the bank discount yield, holding period yield, effective annual yield, and money market yield for a U.S. Treasury bill.Solve for bank discount yield using:

3、An investor purchases a 5% coupon bond maturing in 15 years for par value. Immediately after purchase, the yield required by the market increases. The investor would then most likely have to sell the bond at:【单选题】

A.par.

B.a discount.

C.a premium.

正确答案:B

答案解析:“Risks Associated with Investing in Bonds,” Frank J. FabozziB is correct because the bond would sell below par or at a discount if the yield required by the market rises above the coupon rate. Because the bond initially was purchased at par, the coupon rate equals the yield required by the market. Subsequently, if yields rise above the coupon, the bond’s market price would fall below par.

4、The null hypothesis is most appropriately rejected when the p-value is:【单选题】

A.close to one.

B.close to zero.

C.negative.

正确答案:B

答案解析:The p-value is the smallest level of significance at which the null hypothesis can be rejected. The smaller the p-value, the stronger the evidence against the null hypothesis. P-values close to zero strongly suggest that the null hypothesis should be rejected.Section 2

5、After the public announcement of the merger of two firms, an investor makes abnormal returns bygoing long on the target firm and short on the acquiring firm. This most likely violates which form ofmarket efficiency?【单选题】

A.Semi-strong form only

B.Semi-strong and strong forms

C.Weak and semi-strong forms

正确答案:B

答案解析:In a semi-strong efficient market, prices adjust quickly and accurately to new information. In this case,prices would quickly adjust to the merger announcement, and if the market is a semi-strong efficientmarket, investors acting after the merger announcement would not be able to earn abnormal returns.Therefore, the market is not semi-strong-form efficient. A market that is not semi-strong-form efficientis also not strong-form efficient. Thus, violating the semi-strong-form efficiency also implies violatingthe strong-form efficiency. However, the market could still be weak-form efficient because past pricesare not being used to make abnormal profits. Thus, we cannot say that the weak-form marketefficiency has been violated.Section 3.2