Chapter 28Investment Policy and the Framework of the CFA Institute文档格式.docx

Chapter 28Investment Policy and the Framework of the CFA Institute文档格式.docx

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E. 

risktolerance;

feedback;

2. 

TheplanningphaseoftheCFAInstitute'

sinvestmentmanagementprocess 

usesdataabouttheclientandcapitalmarket.

usesdetailsofoptimalassetallocationandsecurityselection.

useschangesinexpectationsandobjectives.

usesdataabouttheclientandcapitalmarket,usesdetailsofoptimalassetallocationandsecurityselection,anduseschangesinexpectationsandobjectives.

Noneoftheseistrue.

3. 

TheexecutionphaseoftheCFAInstitute'

4. 

ThefeedbackphaseoftheCFAInstitute'

5. 

__________refertostrategiesaimedatattainingtheestablishedrateofreturnrequirementswhilemeetingexpressedrisktoleranceandapplicableconstraints. 

Investmentconstraints

Investmentobjectives

Investmentpolicies

Allofthesearetrue.

6. 

Oneincorrectbeliefthatisoftencitedasareasonforfully-fundedpensionfundstoinvestinequitiesis 

stockshavehigherrisk.

bondshavelowerreturns.

stocksprovideahedgeagainstinflation.

stockshavehigherreturns.

Alloftheseareincorrectbeliefsthatareoftencited.

7. 

__________intheprocessofassetallocation. 

Derivingtheefficientportfoliofrontierisastep

Specifyingassetclassestobeincludedintheportfolioisastep

Specifyingthecapitalmarketexpectationsisastep

Derivingtheefficientportfoliofrontierisastep,specifyingassetclassestobeincludedintheportfolioisastep,andspecifyingthecapitalmarketexpectationsisastep

8. 

Questionnairesandattitudesurveyssuggestthatrisktolerance 

increaseswithage.

decreaseswithage.

staysconstantoverthelifecycleformostinvestors.

cannotbeassessed.

9. 

__________canbeusedtocreateaperfectinflationhedge 

Gold

Realestate

CPI-linkedbonds

TheS&

P500index

10. 

Afully-fundedpensionplancaninvestsurplusassetsinequitiesprovideditreducestheproportioninequitieswhenthevalueofthefunddropsneartheaccumulatedbenefitobligation.Thisstrategyisreferredtoas 

immunization.

hedging.

diversification.

contingentimmunization.

overfunding.

11. 

Workerswhochangejobsmaywindupwithlowerpensionbenefitsatretirementthanotherwiseidenticalworkerswhostaywiththesameemployer,eveniftheemployershavedefinedbenefitplanswiththesamefinal-paybenefitformula.Thisisreferredtoas 

anaccumulatedbenefitobligation.

anunfundedliability.

indexation.

theportabilityproblem.

12. 

The__________theproportionoftotalreturnthatisintheformofpriceappreciation,the__________willbethevalueofthetax-deferraloptionfortaxableinvestors. 

greater;

greater

lower

lower;

Cannottellfromtheinformationgiven.

13. 

AnimportantbenefitofKeoghplansisthat 

theyarenottaxableuntilfundsarewithdrawnasbenefits.

theyareprotectedagainstinflation.

theyareautomaticallyinsuredbytheFederalgovernment.

theyarenottaxableuntilfundsarewithdrawnasbenefitsandtheyareprotectedagainstinflation.

theyarenottaxableuntilfundsarewithdrawnasbenefitsandtheyareautomaticallyinsuredbytheFederalgovernment.

14. 

Variablelifeinsurance 

combineslifeinsurancewithatax-deferredannuity.

providesaminimumdeathbenefitthatincreasessubjecttoinvestmentperformance.

canbeconvertedtoastreamofincome.

15. 

Endowmentfundsareheldby__________. 

charitableorganizations

educationalinstitutions

forprofitfirms

charitableorganizationsandeducationalinstitutions

educationalinstitutionsandforprofitfirms

16. 

__________centeronthetrade-offbetweenthereturntheinvestorwantsandhowmuchrisktheinvestoriswillingtoassume. 

17. 

Thestageanindividualisinhis/herlifecyclewillaffecthis/her__________. 

returnrequirements

risktolerance

assetallocation

returnrequirementsandrisktolerance

returnrequirements,risktolerance,andassetallocation

18. 

Aremaindermanis__________. 

astockbrokerwhoremainedworkingonWallStreetafterthe1987crash

anemployeeofatrustee

onewhoreceivesinterestanddividendincomefromatrustduringtheirlifetime

onewhoreceivestheprincipalofatrustwhenitisdissolved

19. 

__________areboundariesthatinvestorsplaceontheirchoiceofinvestmentassets. 

20. 

Theinvestmenthorizonis:

theinvestor'

sexpectedageatdeath.

thestartingdateforestablishinginvestmentconstraints.

basedontheinvestor'

srisktolerance.

thedateatwhichtheportfolioisexpectedtobefullyorpartiallyliquidated.

21. 

Liquidityis 

theeasewithwhichanassetcanbesold.

theabilitytosellanassetforafairprice.

thedegreeofinflationprotectionanassetprovides.

theeasewithwhichanassetcanbesoldandtheabilitytosellanassetforafairprice.

22. 

Theobjectivesofpersonaltrustsnormallyare__________inscopethanthoseofindividualinvestorsandpersonaltrustmanagerstypicallyare__________thanindividualinvestors. 

broader;

moreriskaverse

lessriskaverse

morelimited;

23. 

Whenacompanysetsupadefinedcontributionpensionplan,the__________bearsalltheriskandthe__________receivesallthereturnfromtheplan'

sassets. 

employee;

employee

employer

employer;

cannottell;

Dependsontheeconomicenvironment.

24. 

Supposethatthepre-taxholdingperiodreturnsontwostocksarethesame.StockAhasahighdividendpayoutpolicyandstockBhasalowdividendpayoutpolicy.Ifyouareanindividualinahighmarginaltaxbracketanddonotintendtosellthestocksduringtheholdingperiod,__________. 

stockAwillhaveahigherafter-taxholdingperiodreturnthanstockB

theafter-taxholdingperiodreturnsonstocksAandBwillbethesame

stockBwillhaveahigherafter-taxholdingperiodreturnthanstockA

Itisimpossibletodeterminewhichstockwillhaveahigherafter-taxholdingperiodreturngiventheinformationavailable.

25. 

Theprudentinvestorrulerequires__________. 

executivesofcompaniestoavoidinvestinginoptionsofcompaniesbywhichtheyareemployed

executivesofcompaniestodisclosetheirtransactionsinstocksofcompaniesbywhichtheyareemployed

professionalinvestorswhomanagemoneyforotherstoavoidallriskyinvestments

professionalinvestorswhomanagemoneyforotherstoconstraintheirinvestmentstothosethatwouldhavebeenapprovedbytheprudentinvestor

26. 

Thelongesttimehorizonsarelikelytobesetby 

banks.

propertyandcasualtyinsurancecompanies.

pensionfunds.

banksandpensionfunds.

propertyandcasualtyinsurancecompaniesandpensionfunds.

27. 

endowmentfunds.

banksandendowmentfunds.

propertyandcasualtyinsurancecompaniesandendowmentfunds.

28. 

Theshortesttimehorizonsarelikelytobesetby 

banksandpropertyandcasualtyinsurancecompanies.

29. 

U.S.mutualfundsarerestrictedtoholdingnomorethan__________ofanypubliclytradedcorporation. 

1%

5%

10%

25%

Thereisnorestrictiononpercentageownership.

30. 

Institutionalinvestorswillrarelyinvestinwhichoftheseassetclasses?

Bonds

Stocks

Cash

Preciousmetals

31. 

Foranindividualinvestor,thevalueofhomeownershipislikelytobeviewed 

a