证券交易员基础知识试题

来源:徐明慧 2022-08-15
止损:严格的止损是生存的必要条件。所有的系统都具备无法抵抗的系统性风险,小到币圈312事件,大到2008年金融危机,没有严格的止损机制必将失败。常用止损方法:1.固定止损:例-5%严格止损,适合新交易员训练交易纪律,战胜侥幸心理,反复执行30-100次;2.参照止损:喜欢震荡行情交易员习惯参考前期高/低点进行止损,需注意偏移一定单位避免故意扫损;3.波动率止损:牛市与熊市的波动率截然不同,止损可参考市场的波动率进行对应的放大与缩小,提升系统的可变性与适应性。

仓位管理:优秀的仓位管理机制是成熟交易员的标配,与严格的止损机制结合方为立足市场之根本;常用方法有三种:1.矩形式管理:等量管理仓位,如合约每次使用资金严格控制为总资金1%,现货每次动用仓位不超过10%;2.漏斗式管理:初次仓位较轻,逆势加倍加仓,非成熟交易员不建议;3.金字塔管理:初次仓位较重,顺势减量加仓,关键在于初次建仓点位的判断与后市加仓点。

[单选题]

A zero-coupon bond has a yield to maturity of 12% and a par value of $1,000. If the bond matures in 18 years, the bond should sell for a price of()today.

A .422.41B .$501.87C .$513.16D .$130.04E .none of the above

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[单选题]

A 10% coupon bond, annual payments, 10 years to maturity is callable in 3years at a call price of $1,100. If the bond is selling today for $975, the yield to call is().

A .10.26%B .10.00%C .9.25%D .13.98%E .none of the above

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[单选题]

Subordination clauses in bond indentures()

A .may restrict the amount of additional borrowing the firm can undertake.B .are sometimes referred to as "me-first" rules.C .provide higher priority to senior creditors in the event of bankruptcy.D .all of the above are true.E .both B and C are true.

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[单选题]

Collateralized bonds()

A .rely on the general earning power of the firm for the bond's safety.B .are backed by specific assets of the issuing firm.C .are considered the safest assets of the firm.D .all of the above are true.E .both B and C are true.

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[单选题]

A zero-coupon bond is one that()

A .effectively has a zero percent coupon rate.B .pays interest to the investor based on the general level of interest rates, rather than at a specified coupon rate.C .pays interest to the investor without requiring the actual coupon to be mailed to the corporation.D .is issued by state governments because they don't have to pay interest.E .is analyzed primarily by focusing (“zeroing in”) on the coupon rate.

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[单选题]

A convertible bond has a par value of $1,000 and a current market value of $1150. The current price of the issuing firm's stock is $65 and the conversion ratio is 15 shares. The bond's conversion premium is().

A .$40B .$150C .$175D .$200E .none of the above

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[单选题]

If a 7.5% coupon bond that pays interest every 182 days paid interest 62 days ago, the accrued interest would be

A .11.67B .12.35C .12.77D .11.98E .12.15

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[单选题]

A 9% coupon bond with an ask price of 100:00 pays interest every 182 days. If the bind paid interest 112 days ago, the invoice price of the bond would be

A .1,027.69B .1,027.35C .1,026.77D .1,027.98E .1,028.15

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[单选题]

How does the credit exposure of a long OTC put option on XYZ stock change when the stock price decreases?()

A .It increases.B .It decreases.C .It does not vary with underlying stock price.D .There is no credit exposure on long options.

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[单选题]

At issue, coupon bonds typically sell().

A .above par valueB .below parC .at or near par valueD .at a value unrelated to par

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[单选题]

Accrued interest()

A .is quoted in the bond price in the financial press.B .must be paid by the buyer of the bond and remitted to the seller of the bond.C .must be paid to the broker for the inconvenience of selling bonds between maturity dates.D .A and B.

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[单选题]

Which of the following statements is (are) true?Risk-averse investors reject investments that are fair games.Risk-neutral investors judge risky investments only by the expected returns.Risk-averse investors judge investments only by their riskiness.Risk-loving investors will not engage in fair games.()

A .I onlyB .II onlyC .I and II onlyD .II and III only

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[单选题]

In the mean-standard deviation graph, which one of the following statements is true regarding the indifference curve of a risk-averse investor?()

A .It is the locus of portfolios that have the same expected rates of return and different standard deviations.B .It is the locus of portfolios that have the same standard deviations and different rates of return.C .It is the locus of portfolios that offer the same utility according to returns and standard deviations.D .It connects portfolios that offer increasing utilities according to returns and standard deviations.

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[单选题]

Elias is a risk-averse investor.David is a less risk-averse investor than Elias.Therefore,()

A .for the same risk, David requires a higher rate of return than Elias.B .for the same return, Elias tolerates higher risk than David.C .for the same risk, Elias requires a lower rate of return than David.D .for the same return, David tolerates higher risk than Elias.

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[单选题]

Consider a risky portfolio, A, with an expected rate of return of 0.15 and a standard deviation of 0.15, that lies on a given indifference curve.Which one of the following portfolios might lie on the same indifference curve?()

A .E(r) = 0.15; Standard deviation = 0.20B .E(r) = 0.15; Standard deviation = 0.10C .E(r) = 0.10; Standard deviation = 0.10D .E(r) = 0.20; Standard deviation = 0.15

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[单选题]

The riskiness of individual assets()

A .should be considered for the asset in isolation.B .should be considered in the context of the effect on overall portfolio volatility.C .combined with the riskiness of other individual assets (in the proportions these assets constitute of the entire portfolio) should be the relevant risk measure.D .B and C.E .none of the above.

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[单选题]

The presence of risk means that()

A .investors will lose money.B .more than one outcome is possible.C .the standard deviation of the payoff is larger than its expected value.D .final wealth will be greater than initial wealth.E .terminal wealth will be less than initial wealth.

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[单选题]

An investor invests 30 percent of his wealth in a risky asset with an expected rate of return of 0.15 and a variance of 0.04 and 70 percent in a T-bill that pays 6 percent.His portfolio's expected return and standard deviation are()and(),respectively.()

A .0.114;0.12B .0.087;0.06C .0.295;0.12D .0.087;0.12E .none of the above

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[单选题]

The yield to maturity on a bond is().

A .below the coupon rate when the bond sells at a discount, and equal to the coupon rate when the bond sells at a premium.B .the discount rate that will set the present value of the payments equal to the bond price.C .based on the assumption that any payments received are reinvested at the coupon rate.D .none of the above.E .A, B, and C.

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[单选题]

The bond indenture includes()

A .the coupon rate of the bond.B .the par value of the bond.C .the maturity date of the bond.D .all of the above.E .none of the above.

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