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Câu 1: In fixed-income portfolio management, what are metrics like Macaulay and modified duration primarily utilized to evaluate?
- - Predict the likelihood of a corporate bond default
- - Measure the sensitivity of a bond's price to changes in interest rates
- - Calculate the exact day a bond will be called by the issuer
- - Determine the inflation rate expected over the bond's life
Câu 2: In financial market structures, how does a dealer fundamentally differ from a broker?
- - A dealer charges commissions while a broker earns the bid-ask spread
- - A dealer only handles equities while a broker handles derivatives
- - A dealer is restricted to the primary market while a broker operates in the secondary market
- - A dealer trades out of their own inventory taking market risk, whereas a broker matches buyers and sellers without taking ownership
Câu 3: Under the semi-strong form of the Efficient Market Hypothesis (EMH), which type of information is fully reflected in current stock prices?
- - Only historical price and volume data
- - All publicly available information, including past prices and fundamental data
- - Both public and strictly confidential insider information
- - Only macroeconomic indicators like GDP and inflation
Câu 4: Why would a portfolio manager purchase a Credit Default Swap (CDS) on a corporate bond?
- - To artificially inflate the credit rating of the bond to make it easier to sell to retail investors
- - To guarantee that the bond's interest rate will increase if central banks raise benchmark rates
- - To purchase protection against the risk that the bond issuer will default on its debt obligations
- - To exchange the bond's fixed interest payments for floating interest payments
Câu 5: In market microstructure, the 'bid-ask spread' represents the profit margin for a market maker. What primarily causes this spread to widen?
- - The issuance of regular dividend payments
- - High market volatility and low trading liquidity
- - Extremely high trading volumes and stable prices
- - A sudden decrease in prevailing interest rates
Câu 6: When constructing an investment portfolio, which of the following statements best describes systematic risk?
- - It only affects companies in a specific industry sector
- - It is caused by poor management within a single firm
- - It can be completely hedged by buying government bonds
- - It cannot be eliminated through portfolio diversification
Câu 7: What is the most common motivation for a corporation to enter into a plain vanilla interest rate swap?
- - To physically exchange principal amounts in different currencies
- - To speculate on the price movements of agricultural commodities
- - To insure against the default of a specific corporate bond
- - To exchange a floating-rate debt obligation for a fixed-rate obligation to hedge against rising interest rates
Câu 8: Which of the following is a primary characteristic of an Over-The-Counter (OTC) market compared to a formal exchange?
- - OTC markets have standardized contract sizes and strict clearinghouse guarantees
- - All transactions are fully transparent to the public in real-time
- - Trading occurs via a decentralized network of dealers rather than on a centralized physical or electronic matching floor
- - Only government securities are legally permitted to be traded
Câu 9: The complex process of pooling various illiquid loans, such as mortgages, and selling shares of that pool to investors as tradable securities is formally called:
- - Amortization
- - Syndication
- - Securitization
- - Hypothecation
Câu 10: Quantitative Easing (QE) is an unconventional monetary policy tool typically deployed by central banks specifically when:
- - The national economy is overheating rapidly and price inflation is dangerously high
- - The central bank desperately wants to strengthen the domestic currency against foreign exchange
- - Short-term interest rates are already at or near zero and traditional OMOs are ineffective
- - The federal government decides to significantly increase the overall corporate tax rate
Câu 11: Why do large, well-known corporations often issue commercial paper instead of obtaining short-term bank loans?
- - Commercial paper does not require any credit rating assessment
- - Commercial paper typically offers a lower cost of funds than bank loans
- - Commercial paper allows them to bypass corporate tax requirements
- - Commercial paper can be issued with maturities longer than ten years
Câu 12: When analysts review equity valuation metrics, what does the Price-to-Earnings ratio fundamentally indicate to market participants?
- - The percentage of earnings paid out as dividends
- - The total market capitalization of the company
- - How much investors are willing to pay per dollar of current earnings
- - The company's liquid assets relative to its current liabilities
Câu 13: Which operational characteristic is typically associated with alternative hedge funds rather than heavily regulated traditional mutual funds?
- - They are widely accessible to all retail investors with exceptionally low minimum investments
- - They are subject to strict government regulatory oversight regarding their specific investment strategies
- - They are legally restricted to holding only long positions in publicly traded common stocks
- - They frequently utilize high leverage, short selling, and complex derivatives
Câu 14: Compared to retail mutual funds, which of the following statements accurately describes a key characteristic of hedge funds?
- - Subject to more stringent liquidity requirements
- - Subject to less regulatory oversight and available only to accredited investors
- - Prohibited from using leverage or short selling strategies
- - Required to publish daily net asset values to the general public
Câu 15: When an investor is trading equities during a volatile session, what is the primary consequence of submitting a market order rather than a limit order?
- - Guarantees a specific price but does not guarantee execution
- - Prevents the trade from executing until the next trading day
- - Guarantees immediate execution but does not guarantee the specific price
- - Automatically cancels the order if volatility exceeds a threshold
Câu 16: When a central bank implements Quantitative Easing (QE), its primary operational mechanism involves:
- - Raising the discount rate to curb excessive corporate borrowing
- - Purchasing large-scale long-term securities from the open market to increase money supply and lower long-term interest rates
- - Printing physical banknotes to distribute directly to citizens
- - Selling short-term treasury bills to absorb excess market liquidity
Câu 17: What happens to the price of an existing fixed-rate bond when prevailing market interest rates rise?
- - The bond price increases because investors demand safer assets during periods of rising rates
- - The bond price remains unchanged since the coupon rate is locked in at issuance
- - The bond price increases directly proportionally to the percentage increase in the interest rate
- - The bond price decreases because its fixed coupon payments are less attractive compared to newly issued higher-yielding bonds
Câu 18: Which scenario best illustrates the concept of 'systemic risk' in financial markets?
- - A pharmaceutical company stock crashes after a failed drug trial
- - An investor loses money due to poor diversification in their retirement portfolio
- - A single commercial bank faces a localized run due to internal fraud
- - The collapse of a massive, highly interconnected investment bank triggers a domino effect of cascading defaults across the global financial system
Câu 19: Why do hedge funds face significantly lighter regulatory oversight compared to standard mutual funds?
- - They only invest in government-backed securities, completely eliminating the need for strict financial regulation
- - They operate entirely in offshore tax havens where no global financial regulations apply
- - They are typically restricted to accredited or high-net-worth investors who are presumed capable of understanding and bearing high risks
- - They are non-profit organizations focused purely on stabilizing volatile emerging markets
Câu 20: According to the Fisher equation, how is the nominal interest rate determined?
- - By multiplying the real interest rate by the GDP growth rate
- - By adding the real interest rate to the expected inflation rate
- - By subtracting the expected inflation rate from the real interest rate
- - By dividing the real interest rate by the central bank discount rate
Câu 21: What is the fundamental process of creating a Mortgage-Backed Security (MBS)?
- - Selling a single high-value commercial mortgage directly to an individual retail investor
- - A bank securing a direct loan from the central bank using its physical real estate as collateral
- - Pooling various individual illiquid mortgages together and issuing tradable securities backed by the cash flows from that pool
- - The process of forgiving mortgage debt for retail clients to improve a commercial bank balance sheet
Câu 22: According to the semi-strong form of the Efficient Market Hypothesis (EMH), which of the following statements is true?
- - Investors can consistently outperform the market by analyzing historical price patterns and volume
- - Stock prices only reflect past market trading data and ignore newly published financial statements
- - Corporate insiders cannot make profitable trades even when using undisclosed private company information
- - Stock prices fully reflect all publicly available information, making fundamental analysis futile for achieving abnormal returns
Câu 23: In the study of behavioral finance, the phenomenon known as 'herd behavior' describes a market situation where investors:
- - Rigorously analyze underlying fundamental data before making completely independent decisions
- - Irrationally follow the actions and decisions of a larger group of investors
- - Ignore the actions of the broader market to strictly follow a rigid contrarian strategy
- - Diversify their portfolios excessively across completely unrelated and obscure asset classes
Câu 24: An investor who purchases a 'put option' on a specific stock fundamentally expects the underlying stock price to:
- - Increase significantly before the expiration date
- - Remain highly stable with minimal volatility
- - Pay an unusually high dividend yield in the near term
- - Decrease below the strike price before expiration
Câu 25: What is a defining characteristic of Treasury bills (T-bills) in the money market?
- - They pay fixed semi-annual coupon rates
- - They are issued at a discount to par value and do not pay periodic interest
- - They have maturities longer than ten years
- - They are high-risk instruments issued by corporations