Which of the following statements about hedge funds is true? 选项： A

1.A large investment management firm manages two funds – a distressed hedge fund and a fund that invests mainly in high-yield bonds. During the investment committee meeting, the high- yield bond fund manager states that the return of the high-yield bond fund and the distressed hedge fund should mimic each other as both funds invests in corporations with very low credit ratings. However, when the returns are analyzed, some evidence of non-linearity is observed between the returns of the high-yield bond fund and the distressed hedge fund. The reason for the non-linearity of return is: 选项： A: The securities owned by the distressed hedge fund are more liquid those owned by the high-yield bond fund B: The securities owned by the distressed hedge fund are less liquid than those owned by the high-yield bond fund C: The securities owned by the distressed fund have higher credit risk than those owned by the high-yield bond fund D: The securities owned by the distressed fund have lower credit risk than those owned by the high-yield bond fund

2.An investment company that invests in a number of hedge funds to provide diversification to investors is called a/an: 选项： A: fund of funds. B: asset management company. C: limited partnership.

3. A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets, often with complicated portfolio-construction and risk management techniques. ( ) 25.0 分

4.1.Wealthy investors have been shifting money out of the market and hedge funds and into direct investment such as property, which accounted for 16 per cent of allocations this years, compared with just under 9 per cent in 2012.

5.When measuring risk in hedge funds that hold illiquid assets using monthly data, certain biases can create a misleading picture. For example, these hedge funds might have the appearance of low systematic risk. Which of the following represents an appropriate means of correction? 选项： A: Account for negative serial correlation of returns by first differencing the data when extrapolating risk to longer time horizons. B: Account for positive serial correlation of returns by aggregating the data. C: Use regressions with fewer lags of the market factors and sum the coefficients across lags. D: Use regressions with additional lags of the market factors and sum the coefficients across lags.

6.The manager of a typical limited partnership hedge fund is called a:

7.Which of the following statements is true about fund managers? 选项： A、Fund managers generally provide payment services and investment products. B、Fund managers provide a ‘safe haven’ for investors’ funds. C、Fund managers earn an interest rate spread. D、Fund managers have both low- and high-risk investment products. E、None of these.

8.Daisy Singh recently attended an investor awareness programme which sensitized the general public to consider equity investment as an avenue for generating wealth. While she was excited to invest in stocks, Singh was a bit apprehensive about her expertise in stocks selection. While discussing the issue with her friend, she was informed about the mutual fund industry and how professionals in the mutual fund industry skillfully select stocks and bonds thus making an investment in mutual funds much easier for beginner investors like her.As Singh starts looking for a mutual fund in which to invest her money, she notices that most of the funds had highlighted and advertised specific fund managers as the sole reason behind the fund’s impressive performance. Though Singh was confident enough and was willing to invest money in mutual funds, she wondered what effect the change in fund manager would have on the returns generated by the mutual fund.Daisy Singh is wary of management changes and is not willing to take any chances. As a financial-savvy risk manager, what alternative would you suggest? 选项： A: She should invest in an index fund B: She should invest in other assets but avoid mutual funds C: She should invest in bonds and stocks, and select them herself D: She must not invest in stocks herself

9.The prime brokerage arm of an investment bank may provide financing and security lending services to hedge funds.选项： A:正确; B:错误

10.Which of the following is not true? 选项： A: Open-end fund companies must have at least one independent director. B: Licensee or registered person may not accept goods or services from a broker C: The senior management of a licensed corporation may be regarded as the head of a core function. D: An intermediary shall process the trading instructions of its clients in the order in which they are received

11.Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called选项： A:commodity markets; B:fund-available markets; C:derivative exchange markets; D:financial markets

12.Which of the following hedge fund strategies is most likely categorized as an event-driven strategy? 选项： A:Fixed-income convertible arbitrage B:Quantitative directional C: Merger arbitrage

13.Which of the following statements is not an algorithm feature?( ) 选项： A、finiteness B、certainty C、Must have one or more inputs D、at least one output

14.The securities investment fund issues funds manager concentrated by fund units to (　　) for management and use. 选项：A、FundB、FundC、ManagerD、Fund

15.Which of the following is true about perpetuities? 选项： A、All else equal, the present value of a perpetuity is higher when the periodic cash flow is higher. B、All else equal, the present value of a perpetuity is higher when the interest rate is lower. C、 If two perpetuities have the same present value and the same interest rate, they must have the same cash flows. D、All of the above are true statements.

16.All of the following statements about corporations are true except （）选项： A:corporations are generally more expensive to form than sole proprietorships B:The death of an owner of a corporation does not terminate the company C:corporations must have at least one owner with unlimited liability D:all options are wrong

17.Which of the following statements of US Senate or Senator are true? 选项： A:The Senate has 100 members. Each of the 50 states elects two Senators. B:A senator must be over 20 years old, a resident in the state which they represent. C: The term for Senators is six years, but one third of them are elected every two years. D:A senator must have been an American citizen for at least nine years.

18.Production Planner WantedApplicants for the post of Production Planner should be college graduates with at least two years’ work experience in production management. Being fluent in English and excellent at mathematics are essential. Applicants must have strong communication and team building skill. Our company offers good salary and other benefits. Please send a complete resume in English with one recent photo and expected salary to Post Office Box 67809, Hong Kong.

19. Which of the following statements about the money market are true? 选项： A、 Not all commercial banks deal for their customers in the secondary market. B、 Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds. C、 The single most influential participant in the U.S. money market is the U.S. Treasury Department. D、 All of the above are true. E、 Only (a) and (b) of the above are true.

20.The following statements about the characteristics of assets are correct选项： A:Must be owned or controlled by the company; B:Must be able to measure its value in currency; C:The property must be used for resale; D:Must be tangible property materials; E:Must have the potential to serve the economic benefits of the enterprise

21.Which of the following statements is not true about the law of one price 选项： A:investors prefer more wealth to less B:investments that offer the same return in all states must pay the risk-free rate C:if two investment opportunities offer equivalent outcomes, they must have the same price D:investors are risk neutral E:none of the above