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距離12月2日CFA考試還有一個多月，很多CFA考生在到處找題做，高頓CFA題庫可以下載練習(xí)CFA考題（題量充足，解答完整），下面高頓CFA老師給出了一級權(quán)益考題，供參考：
CFA一級權(quán)益投資模擬題（權(quán)益題1）
CFA一級權(quán)益投資模擬題（權(quán)益題1）
If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns?
A. Passive portfolio management.
B. Active portfolio management based on technical analysis.
C. Active portfolio management based on fundamental analysis.
Answer = C
Solution：
C is correct, If markets are not semi-strong-form efficient, then fundamental analysts are able to use publicly available information to estimate a security's intrinsic value and identify misvalued securities. Technical analysis is not able to earn abnormal returns if markets are weak-form efficient, Passive portfolio managers outperform fundamental analysis if markets are semi-strong-form efficient.
解析：
題干問的是：如果一個市場是弱勢有效但是半強勢無效，那么下列哪一種組合管理最有可能產(chǎn)生超額收益？首先，半強勢無效也就是意味著未能達到半強勢有效，那么基本面分析就還是有效的，另一方面，市場達到了弱勢有效，那么技術(shù)面分析就是無效的，所以，基本面分析的積極的組合管理能夠獲得超額收益。
CFA一級權(quán)益投資模擬題（權(quán)益題2）
A British company listed on the Alternative Investment Market of the London Stock Exchange, announced the sale of 6,686,665 shares to a small group of qualified investors at ?0.025 per share. Which of the following best describes this sale?
A. Shelf registration.
B. Private placement.
C. Initial public offering.
Answer = B
Solution：
B is correct. This sale is a private placement. As the company is already publicly traded, the share sale is clearly not an initial public offering. The sale also does not involve a shelf registration because the company is not selling shares to the public on a piecemeal basis.
解析：
本題考查一級市場的相關(guān)知識，在一級市場的發(fā)行種類中，如果是未上市的公司首次在公開市場發(fā)行自己的證券，則稱為首次公開發(fā)行；如果是直接將證券銷售給一小部分有相關(guān)資質(zhì)的投資者，則稱為私募發(fā)行；如果是提前在監(jiān)管機構(gòu)處注冊并報備完畢，隨后在合適的市場時機直接進行證券的發(fā)行，則稱為上架登記，目前主要是指美國的上架登記。
題目中明確了是銷售給了一小部分有相關(guān)資質(zhì)的投資者，因此符合私募發(fā)行的定義，選B。
CFA一級權(quán)益投資模擬題（權(quán)益題3）
An analyst screening potential equity investments to identify value stocks is most likely to exclude companies with:
A) high price-to-earnings ratios.
B) low earnings growth rates.
C) high dividend payout ratios.
Answer = A
Solution：
Value stocks are considered to be those that have low prices relative to earnings (or relative to sales, cash flow, or book value). Screens that exclude firms with low earnings growth rates or high dividend payout ratios are more likely to be used to identify growth stocks.
解析：
題干的問題是一個分析師在分析潛在的權(quán)益投資，為了找出價值股，最有可能排除的是哪些公司？
選項A：高市盈率的公司；
選項B：低的利潤增長率；
選項C：高的股利支付率。
價值股的特點是與基礎(chǔ)變量（EPS、賬面價值、銷售收入、現(xiàn)金流）相比較低的價格。因此，高市盈率的公司是一定會被排除掉的，因此，本題選A。
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