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Claritas.zip
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本附件包括：- Chap 1.pdf
- Chap 10.pdf
- Chap 11.pdf
- Chap 12.pdf
- Chap 13.pdf
- Chap 14.pdf
- Chap 15.pdf
- Chap 16.pdf
- Chap 17.pdf
- Chap 18.pdf
- Chap 19.Investor Needs and Investment Policy.pdf
- Chap 2.pdf
- Chap 20.Asset Allocation.pdf
- Chap 21.Active and Passive Investment Management.pdf
- Chap 3.pdf
- Chap 4.pdf
- Chap 5.pdf
- Chap 6.pdf
- Chap 7.pdf
- Chap 8.pdf
- Chap 9.pdf
- Claritas Glossary.pdf
http://www.cfainstitute.org/programs/claritas/Pages/index.aspx
易错知识点梳理：(我的考前最后笔记)
Increased regulation promotes disclosure and transparency.The markup is the amount the producer can charge above cost. Thus the production cost is not a component of the markup. The markup is determined by the forces of uniqueness and substitutability.
The central bank sells its domestic currency to weaken it and help to maintain the currency's value within a prescribed range. (premise: domestic currency appreciats against X during turmoil)
The collection of accounts receivable (amounts owed to the company from customers for previously made and recorded sales) would increase the cash from operations on the statement of cash flows but would not affect net income or total assets. However, accounts receivables are on the income statement.
To understand the changes in a company's long-term assets over the year, an investor would review the company's cash flow statement.
Computing the value of a security using the formula "dividend divided by the discount rate" is the correct approach for which of the following securities? Preferred shares
A straight bond has a finite life; a coupon rate and par value do not change over time.
Basis interest rate sawp: floating rate in exchange for another floating rate
Investors may gain exposure to commodity investment through the purchase of: derivatives
The investment strategy of a fund-of-funds manager may include using models to identify potential future successful investment strategies.
Call markets commonly use which of the following trade-pricing rules? Uniform, in which a single price is selected to allow the maximum number of trades.
The expected loss from credit exposure is a function of three elements: the amount the lender has exposed to a particular borrower, the probability that the borrower defaults, and the loss that would be incurred if the borrower defaults.
The SEC defines accredited investors as individuals with net worth in excess of $1 million and/or yearly income in excess of $200,000.
Monopolistic competition is most likely characterized by: product diffrentiation (monoplistic is not monopoly!)
Imports are outflows of money and exports are inflows of money from and to the balance of payments account. (current account)
The purchase of a capital (long-term) asset would decrease cash from investing by the cost of the asset.
Investment-grade bonds are rated AAA, AA, A, and BBB, whereas high-yield bonds are rated BB, B, and CCC.
A family office is a private company that manages the financial affairs of one or more members of a family or of multiple families.
Equity-linked annuities are popular with investors saving for retirement because they provide exposure to equity returns, which can be higher than the returns on fixed-income investments. If the linked equity drops in value, the equity-linked note will simply return the original principal to the investor.
In business continuity planning, the outsourcing of non-core activities to specialist service providers can pose risks that: can be addressed through service-level agreements.
A procedure document will most likely provide the stated need to identify compliance breaches in order to ensure stakeholder confidence (a guiding principle from a policy document) and will lead to process documents to provide detailed instructions for identifying compliance breaches.
The approach a quant would use to identify market inefficiencies employs: historical characteristics of outperforming securities.
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Operation leverage=FC/(VC+FC) Financial leverage=D/(D+E)
The fiduciary standard requires the adviser to assess the client's objectives and constraints and recommend the best product for the client.
It is often difficult to convict a portfolio manager for manipulating share prices because it is difficult to prove or determine the: intent on the part of the market manipulator.
Systemic failure of financial markets is caused by the higher proportion of debt funding used in the financial services industry and the interconnections among industry participants.
Government taxes are not a component of GDP in the calculation using the expenditure approach; the components used in the expenditure approach are consumer spending, gross business investment, government spending, and net exports.
Class designations for common stock usually denote different voting rights.
A commodity investment product that attempts to replicate exposure to a commodity is most likely a commodity: structured product.
A financial intermediary is an organization that connects investors with borrowers and creates new instruments that are based on cash flows of other existing instruments.
Standard contracts for options (options contracts, equity options) trade on exchanges and alternative trading systems that use order-driven trading systems. Opetions are traded on quote-driven market.
Settlement is when cash and securities are exchanged between parties.
Business continuity planning refers to the creation of plans to keep business processes running, and disaster recovery planning refers specifically to the technical systems side of contingency planning.
Conflict of interest: compliance risk
The time-weighted return measure improves on the simple holding period return measure by: calculating separate returns for each sub-period.
The holding period return takes into account income received and capital gains or losses.
Although educate and communicate are objectives of documentation, interpret is not. Proper documentation removes ambiguity and the need for interpretation.
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Negative cross-price elasticity of demand: complementary products
A natural correction to a current account deficit (imports exceeding exports) is a depreciation of the domestic currency, making imports more expensive, thus lower imports scale.
Open-end mutual funds do not trade on secondary markets; investors purchase or redeem shares directly from the fund at the end of the business day.
Best quality of portfolio manager performance: sharp ratio
Risk tolerance is considered an objective, not a constraint, when developing an investment policy statement.
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Liquid secondary markets result in: investors paying higher transaction costs for the benefit of the liquidity.
Low cost in trading block securites/A market with many people interested in trading the same instrument is operationally efficient where buyers and sellers can easily find each other: operational risk
A bond portfolio manager will most likely execute trades on behalf of clients in a: quota-driven market
Documents facilitating a regular review process that contain obligations, past actions, and future or outstanding requirements are called: registers
The written procedure for contracting with and the payment of a vendor is an example of: derived document
The value of a swap contract changes with the passage of time. Swaps trade on the over-the-counter market and have an initial net value of zero.
The ability to produce higher returns than the benchmark index within a particular asset class is evidence of an ability to earn excess returns from security selection.
Tracking error reflects how the portfolio performance deviates from the performance of its benchmark.
A term sheet and prospectus are examples of offering documentation that are generally a part of the marketing efforts of a firm in regard to its products.
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When there is low competition among buyers and sellers, the prices of investment products and services may be higher than necessary, which harms individual investors.
Government agencies create regulation, not legislative bodies.
Message protocols, standardization of documentation, and an efficient dispute resolution system all help to increase economic efficiency.
Ratio analysis does not measure a company's market value.
Asset-backed securities are much easier to trade (more liquid) than the underlying assets.
Low transaction cost: operational efficiency
In the context of investment industry, documentation that "educates" helps provide information or instructions.
For a typical pension plan, the need for liquidity is primarily a function of the institution's liabilities.
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Which of the following does [not] accurately describe debt securities? A fixed-income security can have a coupon rate that: is linked to the market price. (no, should be par value)
Beneficiaries of defined contribution plans are responsible for: determining their individual asset mix.
Liquid secondary markets result in: companies raising money in the primary markets at lower costs of capital.
A benchmark's future return is not known in advance.
Which of the following is not a rationale investment firms use to differentiate individual investors by level of affluence? Apply appropriate regulatory restrictions.
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The implicit GDP deflator is the current dollar GDP divided by constant dollar GDP and is the broadest-based measure of a nation's inflation rate.
A company's reported profits will be lower than its cash flow for the same period if the company: owes employees wages at the end of the period.
Institutional investors are the dominant investors in most markets throughout the world.
Automatic stabilizers are fiscal policies that stimulate or depress the economy automatically without any deliberate policy implementation required. Unemployment insurance, welfare payments, and income tax revenues are typical examples.
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Fixed costs: not change with production level (e.g. executive salary)
A period of persistent and pronounced decreases in the prices of most goods and services in the economy is referred to as deflation.
An investment consultant who provides an institution with investment performance measurement services would be considered a buy-side consultant.
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