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　　26. Calculate the estimated default frequency (EDF) for a KMV credit risk model using the data given below (all figures in millions). Assets Liabilities Market value 195 185 Book value 180 165 Standard deviation 25 15 of returns
　　A. 11.5%.
　　B. 27.4%.
　　C. 34.5%.
　　D. 57.9%.
　　Correct answer： A
　　The distance between the current value of the assets and the book value of the liabilities = 195- 165 = 30. Using the standard deviations in the return on assets this distance = 30 / 25 = 1.2 standard deviations. Thus the probability of default = cumulative probability of standard normal distribution below -1.2， i.e. 11.5%.
　　27. Most credit derivatives contracts： (This question did not count when theexam was graded)
　　A. Are based upon English law
　　B. Are written on a one-off basis
　　C. Have a clause about restructuring
　　D. Are based upon ISDA agreement
　　Correct answer： C
　　28. What is the most general way accounting discrepancies are dealt with？ These are：
　　A. Imperatively corrected within the day
　　B. Transferred to other books
　　C. Corrected within the day if significantly affecting daily P&L
　　D. Generally corrected if discrepancies are big， otherwise left in suspense accounts
　　Correct answer： D
　　29. Which is closer to a definition of money laundering？ Money laundering is the process to：
　　A. Make money from vice appear in more tolerant countries.
　　B. Make money used for weapons trade more discrete， for political. purposes
　　C. Make proceeds of crime into apparently legitimate capital.
　　D. Get drugs-related proceeds to escape tax.
　　Correct answer： C
　　30. Convertible bonds are justified as a financial instrument because：
　　A. For an investor there is an upside but limited downside； for the issuer， the equity is sold at a higher price.
　　B. Both investor and issuer benefit from a better tax and regulatory treatment.
　　C. The investor can buy the equity with a ‘trial period’； the issuer can spread the dilution effect in time， which is better against unwanted takeovers.
　　D. The issuer can sell the volatility of the equity， which he knows better than the investor does.
　　Correct answer： D
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