備考CFA考試做題做了沒有，進(jìn)入了4月份，離5月CFA考試越來越近，不知道你知識(shí)點(diǎn)掌握的如何？CFA考試題是不是刷完了？

例1：Many fixed-income portfolio managers are limited in or prohibited from high-yield bond investments. When a bond is downgraded from an investment-grade to a high-yield (junk) rating, it is referred to as a fallen angel. Because of restrictions, many pension funds sell fallen angels when they are downgraded from investment grade to high yield (junk). This coordinated selling action often results in depressed prices and attractive yields for the fallen angels. Which of the following reasons best explains why fallen angel yields often exceed otherwise identical bonds?

A. The preferred habitat theory

B. The segmented markets theory

C. The local expectations theory

解析：選B。市場(chǎng)分割的結(jié)果是，一些固定收益基金經(jīng)理被禁止或限制他們持有高收益?zhèn)哪芰?。這種細(xì)分給墮落天使帶來了拋售壓力，壓低了他們的價(jià)格。


例2：The unbiased expectations theory assumes investors are:

A. risk averse.

B. risk neutral.

C. risk seeking.

解析：選B。無偏預(yù)期理論認(rèn)為，不同的期限策略，如展期、期限匹配和沿收益率曲線運(yùn)行，具有相同的預(yù)期收益。根據(jù)定義，風(fēng)險(xiǎn)中性的一方對(duì)預(yù)期收益相等的選擇不感興趣，即使其中一個(gè)選擇風(fēng)險(xiǎn)更大。因此，該理論的預(yù)測(cè)與風(fēng)險(xiǎn)中性投資者的存在是一致的。

這兩道CFA考試題是不是做對(duì)了，在這個(gè)月你是不是刷題了？有沒有題庫練習(xí)呢？這邊有CFA題庫可以幫助考生學(xué)習(xí)，有需要可以在線咨詢老師。