"Portfolio Management":market risk premium

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2021/01/04 11:55:57　字體：大小

選課中心

多樣班次滿(mǎn)足需求

選課中心

資料專(zhuān)區(qū)

干貨資料助力備考

資料專(zhuān)區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

學(xué)習(xí)是一個(gè)不斷積累的過(guò)程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！

Questions 1:

The point of tangency between the capital allocation line (CAL) and the efficient frontier of risky assets most likely identifies the:

A 、optimal risky portfolio.

B 、optimal investor portfolio.

C、 global minimum-variance portfolio.

Questions 2:

The slope of the security market line is best derived from the:

A、 risk-free rate of return.

B 、beta of the security.

C、 market risk premium.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. The optimal risky portfolio lies at the point of tangency between the capital allocation line and the efficient frontier of risky assets.

B is incorrect. The optimal investor portfolio lies at the point of tangency between the investor’s indifference curve and the capital allocation line.

C is incorrect. The global minimum-variance portfolio is the left-most point on the minimum-variance frontier.

【Answer to question 2】C

【analysis】

C is correct. The security market line is a graphical representation of the CAPM with beta on the x-axis and expected return on the y-axis. The slope of the line is given by the market risk premium, the difference between the equity market return and the riskfree rate of interest.

A is incorrect. The risk-free rate of return marks the intercept term of the security market line.

B is incorrect. The beta of the security is shown on the x-axis.

成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無(wú)天才，高手都是來(lái)自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績(jī)，其成績(jī)背后無(wú)比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱(chēng)贊的“牛人”。

點(diǎn)擊了解更多CFA考試資訊>>