CFA金融分析師考試試題：資產(chǎn)估值的市場和儀器

唯學(xué)網(wǎng) • 中國教育電子商務(wù)平臺

唯學(xué)網(wǎng)小編提醒：要獲得CFA金融分析師考試認(rèn)證，依次通過三個級別的考試;具有CFA 認(rèn)可的與投資決策過程相關(guān)的專業(yè)工作經(jīng)驗四年或以上;提交業(yè)內(nèi)的推薦函;申請成為CFA及所在協(xié)會的會員資格;遞交職業(yè)品行陳述報考CFA需要一定的先決條件。CFA課程是一個考慮學(xué)士學(xué)位畢業(yè)生而設(shè)的課程。課程中有關(guān)課本及CFA考試中的問題均專為預(yù)備應(yīng)付"碩士"水平的人士而設(shè)。希望考生都能順利通過金融分析師考試。

十二 Asset Valuation: Market and Instruments

1: Preliminary Reading Selecting Investments in Global Market

a: Discuss the characteristics of fixed-income securities available to investors, including US Treasury securities, corporate bonds, and Eurobonds.

Fixed income investments have a contractual repayment schedule. By purchasing a fixed-income security, you are lending money to the issuer. The money lent out is called the principal. In return, the borrower promises to make periodic interest payments and, at maturity, pay back the principal.

U.S. Treasury securities are bills, notes, and bonds. Government obligations are considered riskless because there is little chance of default, and they are very liquid.

Corporate bonds are fixed-income securities issued by businesses. The bond’s indenture lists the terms of the loan, which includes the payment schedule and any call or refunding provisions that allow the bond to be redeemed prior to maturity. The indenture also specifies sinking fund provisions. These require the issuer to redeem a given percentage of the outstanding issue prior to maturity to protect the bondholders. Bonds are generally categorized by the type of security they offer their holders.

A Eurobond is an international bond denominated in a currency other than that of the country where the bond is issued. Eurobonds include Eurodollar bonds and Euroyen bonds. A Eurodollar bond is denominated in U.S. dollars and sold outside the U.S. to non-U.S. investors.

b: Discuss the characteristics of equity securities available to investors, including classes of stock and American Depository Receipts.

Common stock represents ownership of the firm. Owners of the common stock of a firm share in the company’s successes and failures. Investing in common stock is a relatively risky investment compared with fixed-income securities.

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