Advanced Investments
Textbook Exam Questions
Course Introduction
Advanced Investments delves into the theoretical frameworks and practical strategies essential for making sophisticated investment decisions in modern financial markets. The course covers portfolio management, asset pricing models, risk management techniques, and the analysis of various investment vehicles including equities, fixed income, derivatives, and alternative assets. Emphasis is placed on understanding market efficiency, behavioral finance, and quantitative tools for portfolio optimization. Through case studies and real-world data, students develop the analytical skills needed to evaluate complex investment opportunities and to construct diversified portfolios that align with specific risk-return objectives.
Recommended Textbook Fundamentals of Investment Management 9th Edition by Geoffrey A. Hirt
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Chapter 1: The Investment Setting
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Q1) To achieve maximum diversification benefits,an investor should invest in projects which are highly correlated.
A)True
B)False
Answer: False
Q2) Mutual funds are a form of direct equity claims.
A)True
B)False
Answer: False
Q3) Common stock is a good example of an investment that lacks liquidity.
A)True
B)False
Answer: False
Q4) What factors must be considered in choosing between investment alternatives?
A)Risk and liquidity
B)Interest or dividends vs.capital gains
C)Time frame for managing funds and evaluating performance and tax effects
D)Safety of principle
E)All of the above
Answer: D
Page 3
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Chapter 2: Security Markets: Present and Future
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Sample Questions
Q1) The New York Stock Exchange measures the performance of specialists based on the following criteria:
A)Price continuity
B)Price continuity,quotation spreads
C)Price continuity,quotation spreads,market depth
D)Price continuity,quotation spreads,market depth,stabilization rate
Answer: D
Q2) The accounting frauds and scandals that took place during the stock market boom of the late 1990s resulted in what significant act?
A)Sarbanes Oxley Act
B)Gramm-Leach Bliley Act
C)Glass Steagall Act
D)Honesty in Financial Reporting Act
E)Securities Exchange Act.
Answer: A
Q3) A security traded on an exchange must meet listing requirements.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Participating in the Market
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Q1) The NYSE sets margin requirements.
A)True
B)False Answer: False
Q2) The following are all value-weighted indexes,except:
A)The S&P 500
B)The Dow Jones Industrial Average
C)Midcap 400
D)The S&P Industrials (400 stocks)
E)Wilshire 5000 Answer: B
Q3) ________________ represents 75 percent of the total value of firms listed on the NYSE,while ____________________ includes 1700 individual firms.
A)The Dow Jones Industrial Average; Value Line Average
B)Wilshire 5000 Russell 2000
C)The Value Line Average; Standard and Poor's Composite
D)The Dow Jones Composite Average; the Standard and Poor's Industrials
E)The Standard and Poor's 500 Index; Value Line Average Answer: E
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Page 5
Chapter 4: Sources of Investment Information
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Q1) An investor could find consensus earnings per share for the 30 Dow Jones Industrial Companies in Barron's.
A)True
B)False
Q2) Mergent (Moody's)_____ is a quarterly reference guide containing general information on about l,000 companies,while Mergent (Moody's)____ provides quarterly dividend information.
A)Stock Survey; Dividend Record
B)Handbook of Common Stock; Dividend Record
C)Handbook of Common Stock; Stock Survey
D)Bond Facts; Bond Record
Q3) All of the following are included in a Value Line Investment Survey except:
A)Each common stock is covered by a one page summary
B)Price history patterns in graphic form
C)An evaluation of each common stock by a Value Line financial analyst
D)A breakdown of sales and profit margins by line of business
Q4) A prospectus must be issued whenever a new offering of securities is made to the public.
A)True
B)False
Page 6
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Chapter 5: Economic and Industry Analysis
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Q1) Every year since 1980,the U.S.has imported more goods than it has exported.
A)True
B)False
Q2) Which of the following statements is ?
A)Its open-market activity is believed by many to be an excellent indicator of the Federal Reserve's attitude toward the economy
B)Money market funds and consumer behavior restrict the ability of the Federal Reserve to control the money supply
C)In the early 1980s the Federal Reserve reversed its historical policy by emphasizing the growth of the money supply rather than only influencing interest rates
D)All of the above are true
Q3) Subjective beliefs and judgments are usually eliminated from economic forecasts.
A)True
B)False
Q4) The Federal Open Market Committee (FOMC)determines the monetary policy for the U.S.economy.
A)True
B)False
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Chapter 6: Industry Analysis
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Sample Questions
Q1) The method that starts the stock valuation process with an economic analysis is called the "top-down" approach.
A)True
B)False
Q2) Which of the following characteristics is not usually found in industries that are oligopolies?
A)Barriers to entry
B)Intense competition between competitors
C)Increasing foreign competition
D)No differentiation between products
Q3) Investors usually anticipate movements in the economy before they actually happen.
A)True
B)False
Q4) Why do industries usually enter the decline stage?
A)Product innovation has not increased the product base over the years
B)Low dividend payout ratios have kept spending in research and development down
C)Economic recessions have lowered sales
D)Competition from foreign producers has limited profits
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Chapter 7: Valuation of the Individual Firm
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Q1) Application of the Economic Value Added (EVA.concept should
A)Help companies maximize stockholders wealth
B)Tell the market which management teams add the most value to their companies' stock
C)Not be used in growth
D)A and b
Q2) As inflation increases,the required rate of return on common stocks falls as well as the prices.
A)True
B)False
Q3) The general dividend valuation model assumes the investor knows the _______ and the discount rate.
A)Exact dividend to be paid in each and every year
B)Current year's dividend,the anticipated annual dividend growth rate
C)Investor's required rate of return
D)Book value per share of the company
Q4) The problem with the pure short-term earnings model is that the stock value is highly sensitive to short-term swings in
A)True
B)False
Page 9
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Chapter 8: Financial Statement Analysis
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Sample Questions
Q1) Price Printing Co.had sales of $10 million,Operating Income of $3 million; After-tax income of $1 million; assets of $8 million; Stockholders' equity of $5 million; and a total debt of $3 million.If we measure Price's financial leverage we would most likely use which of the following ratios from chapter 8?
A)Debt to equity (60%)and Debt to Sales (30%)
B)Debt to equity (60%)and equity to assets (62.5%)
C)Debt to equity (60%)and debt to assets (37.5%)
D)Equity to assets (62.5%)and after-tax income to debt (33.3%)
Q2) A conservative investor or analyst might prefer examining the fixed charge coverage ratio rather than just the times interest earned ratio.
A)True
B)False
Q3) An increase in assets is considered a source of funds. A)True B)False
Q4) Debt utilization ratios do not consider current liabilities. A)True B)False
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Page 10
Chapter 9: A Basic View of Technical Analysis and Market Efficiency
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Sample Questions
Q1) The support level is the stock price that generates new demand,while the resistance level is the price at which investors begin to sell in order to take a profit.
A)True
B)False
Q2) When short sellers are bearish,it is thought to be a bullish signal.
A)True
B)False
Q3) Divergence between advances and declines in a breadth of the market indicator and the Dow Jones Industrial Average may signal a reversing trend in the market.
A)True
B)False
Q4) The Barron's Confidence Index is based on the premise that bond traders,being more sophisticated than stock traders,pick up trends more quickly.
A)True
B)False
Q5) Barron's Confidence Index has only a mixed record of success. A)True
B)False
11
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Chapter 10: Investment in Special Situations and Anomalies
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Sample Questions
Q1) Abnormal returns refer to gains beyond what the market would normally provide after adjustment for risk.
A)True
B)False
Q2) Institutional investors often take advantage of the small firm effect.
A)True
B)False
Q3) The strong form of the efficient market hypothesis states that
A)A market is more than highly efficient; it is actually perfect
B)It is easy to beat the market
C)Mutual fund mangers are superior performers
D)None of the above
Q4) To be guilty of insider trading,one must be an officer of the company involved.
A)True
B)False
Q5) The "January Effect" refers to the observation that in January small stocks seem to under-perform the market.
A)True
B)False
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Chapter 11: Bond and Fixed Income Fundamentals
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Sample Questions
Q1) Commercial paper represents a short-term credit instrument.
A)True
B)False
Q2) Yankee bonds are issued by foreign governments,corporations or are traded in the U.S.and denominated (payable)in U.S.dollars.
A)True
B)False
Q3) Income bonds specify that interest is to be paid only to the extent that it is earned in current income.
A)True
B)False
Q4) Preferred stock dividends are tax deductible to the corporation,and also provide tax advantages to the corporate investor.
A)True
B)False
Q5) Interest on federally sponsored credit agency issues (such as the Federal Home Loan Bank)is not tax free to the recipient.
A)True
B)False
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Chapter 12: Principles of Bond Valuation and Investment
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Q1) If an investor needs to increase the quality of his portfolio during the low-confidence periods of a recession,he can enjoy usually high returns on lower-grade instruments relative to higher grades.
A)True
B)False
Q2) The Feldstein and Eckstein classic study found all of the following about bond yields except they are
A)Inversely related to the money supply
B)Directly related to economic activity
C)Directly related to the level of inflation
D)Directly related to the supply of loanable funds by the government
Q3) Which of the following bond pricing rules is incorrect?
A)Bond prices and interest rates are inversely related
B)Prices of long-term bonds are less sensitive to changes in interest rates than short-term bonds
C)Bond price sensitivity increases at a decreasing rate as maturity increases
D)Bond prices are more sensitive to a decline in market yield to maturity
Q4) Inflationary expectations have their greatest impact on short-term rates.
A)True
B)False
Page 14
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Chapter 13: Duration and Reinvestment Concepts
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Sample Questions
Q1) The duration of a 20-year zero coupon bond is equal to the maturity regardless of the market rate.
A)True
B)False
Q2) Compute the duration for the data in this problem using a discount rate of 12%.
\[\begin{array} { | c | c | }
\hline & \text { Cash } \\
\hline \text { Year, t } & \text { Flow } \\
\hline 1 & 90 \\
\hline 2 & 90 \\
\hline 3 & 90 \\
\hline 3 & 1000 \\
\hline
\end{array}\]
A)3.00 years
B)2.95 years
C)2.85 years
D)2.75 years
E)2.65 years
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Page 15
Chapter 14: Convertible Securities and Warrants
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Q1) The shorter the term to maturity,the higher the conversion premium for the bond.
A)True
B)False
Q2) The premium of warrants tends to decrease as the stock price rises.
A)True
B)False
Q3) What is the conversion ratio of a $1,000 bond convertible at $27 per share? The coupon rate is 10 percent and the market rate 12 percent.This company's common stock is currently trading at $23 per share.
A)37.04 shares
B)43.478 shares
C)83 shares
D)35.2 shares
Q4) Pure bond value is the conversion price multiplied by the market price.
A)True
B)False
Q5) If the stock price is low or declining,the pure bond value is not very important in determining the bond price.
A)True
B)False
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Chapter 15: Put and Call Options
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Sample Questions
Q1) Under what circumstances can the writer of a call option expect to profit?
A)Stock price declines
B)Stock prices remain the same
C)The increase in stock price is less than the speculative premium
D)All of the above
Q2) If you buy one option and write one option on the same underlying stock,you are creating a "spread"
A)True
B)False
Q3) Generally,the longer the exercise period,the lower the speculative premium.
A)True
B)False
Q4) Option trading thrives under volatile pricing conditions and uncertainty.
A)True
B)False
Q5) The speculative premium of a put as a percent of stock price represents the percent decline in the stock price necessary to break even.
A)True
B)False
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Chapter 16: Commodities and Financial Futures
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Q1) An investor may be asked to put up more margin if
A)The price of the commodity goes up in a long position
B)The price of the commodity goes down in a short position
C)The price of the commodity goes up in a short position
D)If the contract has less than one week to run
Q2) As opposed to a farmer,a miller (processor of wheat)is likely to go __________ in the futures market.
A)Long
B)Short
C)Long and short
D)Around in circles
Q3) Margin requirements on commodities contracts
A)Are much higher than those on common stock transactions
B)Vary over time and even among exchanges for a given commodity
C)Typically are 2 to 10 percent of the value of the contract
D)None of the above are true
Q4) As in the stock and bond markets,interest is paid on a margined commodity contract.
A)True
B)False
Page 18
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Chapter 17: Stock Index Futures and Options
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Q1) In order to effectively hedge a stock portfolio,the portfolio manager must know the total dollar value of the portfolio,the current index futures price and
A)The number of contracts available in the market
B)The portfolio P/E ratio
C)The relative volatility of the portfolio to the market
D)More than one of the above
Q2) Stock index futures provide the portfolio manager a realistic alternative to selling part or all of the portfolio in a declining market.
A)True
B)False
Q3) Options generally allow for a more efficient hedge than futures.
A)True
B)False
Q4) The overuse of portfolio insurance in the market may be dangerous because
A)A large amount of selling may take place simultaneously
B)A small amount of arbitraging may take place simultaneously
C)In a down market,the insurance companies may not be able to pay for the losses
D)All of the above
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Chapter 18: Mutual Funds
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Q1) A characteristic of a closed-end fund:
A)Stands ready at all times to sell the investor new shares or buy back the old ones
B)Is that the method of purchase is the stock exchange or over-counter-market
C)Is that the closed-end fund does not deal with shareholders
D)It trades shares at the Net Asset Value
Q2) The growth fund category of funds would include
A)Equity growth funds and aggressive growth
B)Dividend paying equities with growing dividends
C)Convertible securities that are convertible into growth stocks
D)Funds that specialize in a high growth industry such as technology
Q3) Index funds are created to imitate a popular stock index such as the S&P 500 index.
A)True
B)False
Q4) A load is
A)A commission paid to a selling agent
B)Paid directly from investors capital
C)Typically 3% to 4% on a stock fund
D)A and B
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Chapter 19: International Securities Markets
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Q1) By combining foreign securities with domestic securities,investors increase their portfolio risk because foreign securities are more volatile than United States securities.
A)True
B)False
Q2) Which of the following are benefits of diversification into foreign securities?
A)Diversification offers opportunities for higher returns than a single country portfolio
B)Diversification reduces portfolio volatility
C)Returns between countries are not highly correlated
D)All of the above
Q3) When looking at the list of countries in the emerging market list,
A)China has the biggest market capitalization
B)Korean has the biggest market capitalization
C)Russia has the biggest market capitalization
D)Taiwan has the biggest market capitalization
Q4) Currency fluctuations and rates of return are the only really important things to consider when investing internationally.
A)True
B)False
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Chapter 20: Investment in Real Assets
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Q1) The only tax benefit for real estate owners is depreciation allowances.
A)True
B)False
Q2) Which of the following is NOT a characteristic of real estate investment trusts?
A)Similar to mutual funds,they pool investor funds and invest directly in real estate or make construction or mortgage loans
B)They provide a tax shelter to wealthy investors
C)It is the most liquid type of real estate investment
D)All of the above are characteristics of REITs
Q3) A limited partnership can be either private or public in nature.
A)True
B)False
Q4) Common date gold coins may trade at ________ their pure bullion value.
A)50-75 percent of
B)100 percent of
C)2 to 3 times
D)50 to 100 times
Q5) A major advantage of real estate over other real assets is its liquidity.
A)True
B)False
22
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Chapter 21: A Basic Look at Portfolio Management and Capital Market Theory
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Q1) Points above the efficient frontier have superior risk-return characteristics to those along the efficient frontier,but are not part of the feasible set.
A)True
B)False
Q2) According to the text,a risk averse investor
A)Demands a premium for assuming risk
B)Will only participate in low risk or risk-free investments
C)Is one of a small minority in the United States
D)More than one of the above
Q3) If the market rate of return is 10 percent and the beta on a particular stock is .78,the return on the stock will be
A)Greater than 10 percent
B)Greater or less than 10 percent,depending on the risk free rate of return
C)Less than 10 percent
D)Dependent on some other factor
Q4) An investment has the following range of outcomes and probabilities.
Q5) In general,the greater the dispersion of outcomes,the lower the risk.
A)True
B)False
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Chapter 22: Measuring Risks and Returns of Portfolio Managers
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Q1) Using the Jensen approach to portfolio valuation rank the three portfolios.The market rate of return (Km)is 12 percent.
Q2) The term,EXCESS,returns is commonly defined as
A)Total portfolio returns minus the market rate
B)Total portfolio returns minus the risk-free rate
C)(portfolio returns minus the risk-free rate)/beta
D)None of the above
Q3) A firm that evaluates portfolios uses the Sharpe approach to measuring performance.How would it rank these three portfolios?
Q4) Asset allocation is generally ________________ important then stock selection. A)Less
B)More
C)Of equal
D)None of the above are true
Q5) Most funds' performance in terms of R2is poor.
A)True
B)False
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Chapter 23: Sustainable Growth Model
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Q1) Based on the sustainable growth model,an increase in the dividend payout ratio (1the retention ratio)will increase the growth in earnings per share in the future.
A)True
B)False
Q2) A firm had earnings per share of $3.25 for the year.The book value per share at the beginning of the year was $13.What was the firm's return on equity for the year?
A)25%
B)20%
C)42.25%
D)75%
E)40%
Q3) Based on the sustainable growth model,a decrease in the dividend payout ratio (1the retention ratio)will increase the growth in earnings per share in the future.
A)True
B)False
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Chapter 24: a Black Scholes Option Pricing Model
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Q1) The Black and Scholes option pricing model makes an assumption that the stock pays dividends during the time the option is outstanding.
A)True
B)False
Q2) The Black and Scholes option pricing model makes an assumption that the option could be exercised before maturity.
A)True
B)False
Q3) The Black and Scholes option pricing model makes an assumption that markets have taxes and transactions costs.
A)True
B)False
Q4) For put options,the price is always positively related to
A)The stock's price changes
B)The time to maturity
C)The strike price and the volatility of the stock price changes
D)Riskless rate of interest
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Chapter 26: A Comprehensive Analysis for Real Estate
Investment Decisions
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Q1) An apartment complex has net operating income of $15,000,depreciation of $8,000,and interest expense of $13,000.The tax rate is 30 percent.
(a)What is taxable income or loss?
(b)what is the tax shield benefit or tax owed?
Q2) A duplex was purchases for $120,000 and depreciation of $3,300 has been taken for the last seven years.The net proceeds from the sale of the property is $135,000.
(a)Assuming the property qualifies for capital gains treatment at a 15% rate,what is the tax owed?
(b)What are the net funds from the sale?
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Chapter 25: Unit Investment Trusts Uits
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Q1) Unit investment trusts have all of the following features except
A)They usually invest in tax-exempt municipals
B)Stipulated end to the life of the fund
C)Little interest rate risk
D)Actively trading the bonds in the portfolio
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Chapter 27: The Makeup of Institutional Investors
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Q1) Pension funds represent a declining segment of the institutional market.
A)True
B)False
Q2) Organizations responsible for bringing together large pools of capital for purposes of reinvestment are called:
A)Individual investors
B)Institutional investors
C)Social security clubs
D)B and C
Q3) Foundations represent profitable organizations set up to accomplish social,educational,or charitable purposes.
A)True
B)False
Q4) Which of the following are NOT examples of institutional investors?
A)Mutual funds and pension funds
B)Insurance companies
C)Commercial Banks
D)All of the above are institutional investors
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