An analyst wants to determine the function of the financial system. Which of the following is not a function of the financial system?
A. To adjust speculators' excess returns.
B. To promote the economy’s allocational efficiency.
C. To facilitate borrowing by businesses to fund current operations.
CFA一级固定收益真题2、The market value of stock invested is $80 million, and the equity amount of the investor is $30million, the initial margin is 50%, the leverage ratio is:
CFA一级固定收益真题3、A country whose financial markets are in an early stage of development. Consider preparation a list of the objectives of market regulation. Which of the following is least likely to be included in this list of objectives?
A. Minimize agency problems in the corporate.
B. Ensure that financial markets are fair and orderly.
C. Ensure that investors in the stock market achieve a rate of return that is at least equal to the risk-free rate of return.
CFA一级固定收益真题4、What are the differences between open-end and closed-end funds. Which of the following statement is most correct?【CFA直播】
A. Closed-end funds cannot be sold to new investors.
B. When investors sell the shares of an open-end fund, they can receive a discount or a premium to the fund's net asset value.
C. Investors in an open-end fund sell the shares back to the fund whereas investors in a closed-end fund sell the shares to others in the secondary market.