"Equity Investments":Securities market index

下载正保会计网校APP 订阅最新报考消息

来源: 正保会计网校编辑：小鞠橘桔 2021/03/18 09:32:23　字体：大小

学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！

Questions 1:

Security market indexes can be used to calculate alphas, which are best described as:

A 、the systematic risk of a security, using the index as a proxy for the entire market.

B、 a measure of market sentiment.

C、 the difference between the return of the actively managed portfolio and the return of the passive portfolio.

Questions 2:

A market index has the following information:

By the end of Quarter 3, which of the following statements is most accurate?

A 、The value of the price return index is 998.1.

B 、The value of the total return index is below 1,000.

C、 The price return is 1.26%.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Security market indexes serve as market proxies when measuring risk-adjusted performance. Alpha, the difference between the return of the actively managed portfolio and the return of the passive portfolio, is a measure of risk-adjusted return.

A is incorrect. Beta, not alpha, measures the amount of systematic risk.

B is incorrect. The collective opinion of market participants indicates sentiment whereas alpha is a measure of risk-adjusted return

【Answer to question 2】A

【analysis】

A is correct. The value of the price return index is 998.1. The value calculations for the price return index and the total return index are based on the geometrical link of the respective series of index returns as follows:

Equity Investments:Securities market index