CFA考试一级章节练习题精选0330-35（附详解）
　
1、A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30 percent. The stock price at which the margin call will occur is closest to:【单选题】
A.$20.57.
B.$25.20.
C.$30.86.
正确答案:A
答案解析:“Market Organization and Structure,” Larry Harris
2013 Modular Level I, Vol. 5, Reading 46, Section 5.2, Example 20
Study Session 13-46-f
Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call.
A is correct.
Initial equity (%) in the margin transaction = 1/Leverage ratio = 1/1.66 = 0.60;
Initial equity per share at the time of purchase = $36 × 0.60 = $21.60;
Price at which margin call occurs:
Equity per share/Price per share = Maintenance margin %
= ($21.60 + P - $36) ÷ P = 0.30;
0.7P = $14.40;
P = $20.57.
2、An analyst does research about price multiples and gathers the followinginformation about three companies in the same industry:

According to dividenddiscounted model (DDM), which company most likelyhas the highest price-to-earnings ratio?【单选题】
A.Company 1.
B.Company 2.
C.Company 3.
正确答案:A
答案解析:P/E = payout ratio/ (k - g) = (1 - earnings retention ratio )/(k - g)，所以 P/E 与收益留存比率（earnings retention ratio）成反比，与必要回报率成反比，如果要使P/E比例最大，则需要到最小的收益留存比率（earnings retention ratio）和必要回报率（required rate ofreturn）。
3、An investor uses the data below and Gordon’s constant growth dividend discount model to evaluate a company’s common stock. To estimate growth, she uses the average value of the:
1) compounded annual growth rate over the period 2006–2011 and
2) sustainable growth rate for the year 2011.

If her required return is 15%, the stock’s intrinsic value is closest to:【单选题】
A.$23.71.
B.$25.31.
C.$30.14.
正确答案:B
答案解析:“Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Stephen E. Wilcox
2012 Modular Level I, Vol. 5, pp. 279–281
Study Session 14-52-e
Calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate.

Dividend growth rate over the period
Sustainable growth rate for the year 2011:

g = b × ROE; g = 0.40 × 12% = 4.8%
4、The behavioral bias in which investors tend to avoid realizing losses but rather seek to realize gainsis best described as:【单选题】
A.the gambler s fallacy.
B.the disposition effect.margin rate
C.mental accounting.
正确答案:B
答案解析:Behavioral biases in which investors tend to avoid realizing losses but, rather, seek to realize gains isthe disposition effect.
CFA Level I
"Market Efficiency, by W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 5.3

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