备考CFA考试做题做了没有，进入了4月份，离5月CFA考试越来越近，不知道你知识点掌握的如何？CFA考试题是不是刷完了？

例1：Many fixed-income portfolio managers are limited in or prohibited from high-yield bond investments. When a bond is downgraded from an investment-grade to a high-yield (junk) rating, it is referred to as a fallen angel. Because of restrictions, many pension funds sell fallen angels when they are downgraded from investment grade to high yield (junk). This coordinated selling action often results in depressed prices and attractive yields for the fallen angels. Which of the following reasons best explains why fallen angel yields often exceed otherwise identical bonds?

A. The preferred habitat theory

B. The segmented markets theory

C. The local expectations theory

解析：选B。市场分割的结果是，一些固定收益基金经理被禁止或限制他们持有高收益债券的能力。这种细分给堕落天使带来了抛售压力，压低了他们的价格。


例2：The unbiased expectations theory assumes investors are:

A. risk averse.

B. risk neutral.

C. risk seeking.

解析：选B。无偏预期理论认为，不同的期限策略，如展期、期限匹配和沿收益率曲线运行，具有相同的预期收益。根据定义，风险中性的一方对预期收益相等的选择不感兴趣，即使其中一个选择风险更大。因此，该理论的预测与风险中性投资者的存在是一致的。

这两道CFA考试题是不是做对了，在这个月你是不是刷题了？有没有题库练习呢？这边有CFA题库可以帮助考生学习，有需要可以在线咨询老师。