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　　Course 6: Spring 2005 - 20 - GO ON TO NEXT PAGE
　　Morning Session
　　May2005ExamC
　　16-20. Each of questions 16 through 20 consists of two lists. In the list at the left are two items,
　　lettered X and Y. In the list at the right are three items, numbered I, II and III. ONE of
　　the lettered items is related in some way to EXACTLY TWO of the numbered items.
　　Indicate the related items using the following answer code:
　　Lettered Item
　　Is Related to Numbered Items
　　(A)
　　X
　　I and II only
　　(B)
　　X
　　II and III only
　　(C)
　　Y
　　I and II only
　　(D)
　　Y
　　I and III only
　　(E)
　　The correct answer is not given by (A), (B), (C) or (D).
 
　　16. X. Bonds I. Residual claim
　　Y. Common stock II. Limited liability
　　III. Maturity date
 
　　17. X. Combination by formula I. Equivalent to purchasing an option
　　Y. Multiple asset performance II. Assumes that the immunization
　　target return exceeds either the
　　minimum return or the expected
　　worst case active return
　　III. Active management proportion will
　　vary inversely with the minimal
　　acceptable return
　　Course 6: Spring 2005 - 21 - GO ON TO NEXT PAGE
　　Morning Session
 
　　18. X. Immunization strategy I. Transactions are a function of
　　volatility and time
　　Y. Total-return strategy II. Explicitly considers real-world
　　constraints such as tax effects,
　　regulatory restrictions and GAAP
　　accounting
　　III. Manager may take advantage of a
　　perceived change in value in the
　　market
 
　　19. X. Rainbow options I. Knockout options
　　Y. Barrier options II. Based on the maximum or minimum
　　of the values of several assets
　　III. Often arise as part of a structured
　　security
 
　　20. X. Spread analysis I. Compares the total return and
　　duration of various assets
　　Y. Relative return value analysis II. Analyzes prices and yields by bond
　　market sector
　　III. Uses regression to determine
　　portfolio expectations
　　Course 6: Spring 2005 - 22 - GO ON TO NEXT PAGE
　　Morning Session
 
　　21-26. Questions 21 through 26 consist of an assertion in the left-hand column and a reason in
　　the right-hand column. Code your answer to each question by blackening space:
　　(A) If both the assertion and the reason are true statements, and the reason is a correct
　　explanation of the assertion.
　　(B) If both the assertion and the reason are true statements, but the reason is NOT a
　　correct explanation of the assertion.
　　(C) If the assertion is a true statement, but the reason is a false statement.
　　(D) If the assertion is a false statement, but the reason is a true statement.
　　(E) If both the assertion and the reason are false statements.
　　高顿网校之名人哲学：在朋友交谈之间，语言需要当心。成年人更要步步为营，不传坏话，便可促进双方的友谊。减少是非是促进人际关系重要的一环，好话要多传，坏话一句也不传。 —— 三毛