2015注册金融分析师考点解析（二）

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上文为大家介绍了2015特许金融分析师考点分析（一），本文继续和大家分享2015注册金融分析师考点解析（二），分别是以下几点：

2015注册金融分析师考点解析

首先是：January effect的判断问题
Which of the following is not one of the reasons of January effect?

　　A、Tax loss

　　B、Window dressing

　　C、New information

　　Solution: C

　　January effect Calendar anomaly that stock market returns in January are significantly higher compared to the rest of the months of the year, with most of the abnormal returns reported during the first five trading days in January.  Also called turn-of-the-year effect.

　　The January effect contradicts the efficient market hypothesis because excess returns in January are not attributed to any new and relevant information or news. A number of reasons have been suggested for this anomaly, including tax-loss selling. Researchers have speculated that, in order to reduce their tax liabilities, investors sell their "loser" securities in December for the purpose of creating capital losses, which can then be used to offset any capital gains. A related explanation is that these losers tend to be small-cap stocks with high volatility.

　　Another possible explanation for the anomaly is so-called "window dressing", a practice in which portfolio managers sell their riskier securities prior to 31 December. The explanation is as follows: many portfolio managers prepare the annual reports of their portfolio holdings as of 31 December. Selling riskier securities is an attempt to make their portfolios appear less risky. After 31 December, a portfolio manager would then simply purchase riskier securities in an attempt to earn higher returns. However, similar to the tax-loss selling hypothesis, the research evidence in support of the window dressing hypothesis explains some, but not all, of the anomaly.

然后是：marginal rate substitution的判断问题
If MRSXY=2.5, and PX/PY=2.5, in order to maximize Utility, then the consumer will:

　　A、Buy more X

　　B、Buy more Y

　　C、Be indifferent between X and Y.

　　Solution: C. MRSXY代表主观评价，PX/PY代表市场状况，如果MRSXY比较大，则说明心理看重X，则在市场购买X；反之，则在市场上购买Y。如果相等，表明已经达到效用最大化的水平。

　　If MRSXY=2.0, and PX/PY=2.5, in order to maximize Utility, then the consumer will:

　　A、Buy more X

　　B、Buy more Y

　　C、Indifferent between X and Y.

　　Solution: B. MRSXY代表主观评价，PX/PY代表市场状况，如果MRSXY比较大，则说明心理看重X，则在市场购买X；反之，则在市场上购买Y。如果相等，表明已经达到效用最大化的水平。

　　If MRSXY=3.0, and PX/PY=2.5, in order to maximize Utility, then the consumer will:

　　A、Buy more X

　　B、Buy more Y

　　C、Indifferent between X and Y.

　　Solution: A. MRSXY代表主观评价，PX/PY代表市场状况，如果MRSXY比较大，则说明心理看重X，则在市场购买X；反之，则在市场上购买Y。如果相等，表明已经达到效用最大化的水平。

最后是：depository receipt是什么意思

　　存托凭证（Depositary Receipts, DR）是指在一国证券市场流通的代表外国公司有价证券的可转让凭证。

　　以股票为例，存托凭证是这样产生的：某国的一家公司为使其股票在外国流通，就将一定数额的股票，委托某一中间机构(通常为一银行，称为保管银行或受托银行)保管，由保管银行通知外国的存托银行在当地发行代表该股份的存托凭证，之后存托凭证便开始在外国证券交易所或柜台市场交易。从投资人的角度来说，存托凭证是由存托银行所发行的几种可转让股票凭证，证明一定数额的某外国公司股票已寄存在该银行在外国的保管机构，而凭证的持有人实际上是寄存股票的所有人，其所有的权力与原股票持有人相同。存托凭证一般代表公司股票，但有时也代表债券。 存托凭证的当事人，在本地有证券发行公司、保管机构，在国外有存托银行、证券承销商及投资人。按其发行或交易地点之不同，存托凭证被冠以不同的名称，如美国存托凭证(AmericanDepositoryReceipt，ADR)、欧洲存托凭证(EuropeanDepositoryReceipt,EDR)、全球存托凭证(GlobalDepositoryReceipts,GDR)、中国存托凭证（ChineseDepositoryReceipt，CDR）等。

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