CFA一级权益投资模拟题（权益题1）
If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns?
A. Passive portfolio management.
B. Active portfolio management based on technical analysis.
C. Active portfolio management based on fundamental analysis.
Answer = C
Solution：
C is correct, If markets are not semi-strong-form efficient, then fundamental analysts are able to use publicly available information to estimate a security's intrinsic value and identify misvalued securities. Technical analysis is not able to earn abnormal returns if markets are weak-form efficient, Passive portfolio managers outperform fundamental analysis if markets are semi-strong-form efficient.
解析：
题干问的是：如果一个市场是弱势有效但是半强势无效，那么下列哪一种组合管理最有可能产生超额收益？首先，半强势无效也就是意味着未能达到半强势有效，那么基本面分析就还是有效的，另一方面，市场达到了弱势有效，那么技术面分析就是无效的，所以，基本面分析的积极的组合管理能够获得超额收益。
CFA一级权益投资模拟题（权益题2）
A British company listed on the Alternative Investment Market of the London Stock Exchange, announced the sale of 6,686,665 shares to a small group of qualified investors at ?0.025 per share. Which of the following best describes this sale?
A. Shelf registration.
B. Private placement.
C. Initial public offering.
Answer = B
Solution：
B is correct. This sale is a private placement. As the company is already publicly traded, the share sale is clearly not an initial public offering. The sale also does not involve a shelf registration because the company is not selling shares to the public on a piecemeal basis.
解析：
本题考查一级市场的相关知识，在一级市场的发行种类中，如果是未上市的公司首次在公开市场发行自己的证券，则称为首次公开发行；如果是直接将证券销售给一小部分有相关资质的投资者，则称为私募发行；如果是提前在监管机构处注册并报备完毕，随后在合适的市场时机直接进行证券的发行，则称为上架登记，目前主要是指美国的上架登记。
题目中明确了是销售给了一小部分有相关资质的投资者，因此符合私募发行的定义，选B。
CFA一级权益投资模拟题（权益题3）
An analyst screening potential equity investments to identify value stocks is most likely to exclude companies with:
A) high price-to-earnings ratios.
B) low earnings growth rates.
C) high dividend payout ratios.
Answer = A
Solution：
Value stocks are considered to be those that have low prices relative to earnings (or relative to sales, cash flow, or book value). Screens that exclude firms with low earnings growth rates or high dividend payout ratios are more likely to be used to identify growth stocks.
解析：
题干的问题是一个分析师在分析潜在的权益投资，为了找出价值股，最有可能排除的是哪些公司？
选项A：高市盈率的公司；
选项B：低的利润增长率；
选项C：高的股利支付率。
价值股的特点是与基础变量（EPS、账面价值、销售收入、现金流）相比较低的价格。因此，高市盈率的公司是一定会被排除掉的，因此，本题选A。
