CFA 기출문제

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CFA 기출문제

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ential is narrowest near economic peaks and increases as the
economy(hence the market)falls.
13. Two basic assumptions of technical analysis are that security prices
adjust:
a. rapidly to new information, and liquidity is provided by securities dealers.
b. rapidly to new information, and market prices are determined by the
interaction of supply and demand.
c. gradually to new information, and liquidity is provided by securities dealers.
d. gradually to new information, and market prices are determined by the
interaction of supply and demand.
Answer to 13 : D
Technical analysis uses trendlines which assume gradual reaction of prices to
new information.
Prices are set by supply and demand not by a small group of dealers.
14. Which one of the following would be a bullish signal to a technical
analyst using contrary opinion rules?
a. Mutual funds have a relatively small cash position.
b. A large proportion of speculators expect the price of stock index futures to
rise.
c. The ratio of over the counter volume to New York Stock Exchange volume
is relatively high.
d. The ratio of odd4ot short sales to total odd4ot sales is relatively high.
Answer to 14 : D
15. A basic assumption of technical analysis in contrast to fundamental
analysis is that:
a. financial statements provide information crucial in valuing a stock.
b. a stock's market price will approach its intrinsic value over time.
c. aggregate supply of and demand for goods and services are key
determinants of stock value.
d. security prices move in patterns, which repeat over long periods.
Answer to 15 : D
16. One market-timing strategy suggests being invested in common stocks
when dividend yields are:
a. relatively low compared with bond interest rates.
b. relatively high in historical terms.
c. relatively low in historical terms and bond interest rates are relatively high.
d. trending up and bond yields are relatively high.
Answer to 16 : B
Stock prices are cheap (undervalued) when their dividend yields are high
relative to interest rates (bond yields) or to historical norms. Therefore, A and
C are obviously wrong. D is wrong because, if dividend yields are rising so as
to catch up with higher bond yields, stock price would be falling and would be
likely to continue to fall if they are still well below the normal stock/bond yield
relationship.
17. Which of the following are underlying assumptions of technical
analysis?
I. Past performance has no influence on future performance or market values.
II. Security prices adjust rapidly to stock market information.
III. Security prices move in trends, which persist for appreciable lengths of time.
The market value of any good or service is determined solely by the
interaction of supply and demand for the good or service.
a. I and II only. b. I and IV only.
c. II and III only. d. III and IV only.
Answer to 17 : D
I and II are assumptions of modern portfolio theory (MPT) analysis, which is
the antithesis of technical analysis.

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